Wam Leaders (WLE) H1 2026 earnings summary

Executive summary

• Operating profit before tax rose to $137.0 million, up 185.4% year-over-year, with after-tax profit at $99.94 million, up 157.2%.

• Investment portfolio returned 8.4% for the half-year to 31 Dec 2025, outperforming the S&P/ASX 200 by 4.8%.

• Total shareholder return for the half was 16.8%, including franking credits, with share price discount to NTA narrowing from 7.8% to near parity.

• Fully franked interim dividend increased to 4.8 cents per share, with an annualised yield of 7.0%.

• Since inception, annualised portfolio return is 12.1%.

Financial highlights

• Net realised and unrealised gains on investments and FX were $124.07 million.

• Pre-tax NTA per share was $1.32 at 31 December 2025.

• Calendar year 2025 portfolio return was 11.1%, outperforming the index by 0.8%.

• Annualised fully franked interim dividend yield is 7%; grossed up yield is 10%.

• Total dividends paid since inception reached 62.75 cents per share, with 26.89 cents in franking credits.

Outlook and guidance

• Remain constructive on equities, pivoting towards quality stocks due to shortened cyclical uptick.

• Portfolio remains fully invested, supported by central bank liquidity and low volatility.

• Management continues to focus on market inflection points and disciplined investment process.

• No changes to principal investment activity or strategy anticipated.

• Expect continued volatility and recommend nimble, quality-focused positioning.