WAM Alternative Assets (WMA) investor relations material

Executive summary

• Net tangible assets (NTA) per share is AUD 1.18, with the share price trading at a discount around AUD 0.99, presenting a buying opportunity at roughly 15% below NTA.

• Operating profit before tax rose to $9.38 million for the half year ended 31 December 2025, up from $6.59 million in the prior year period, with after-tax profit at $6.47 million, up from $4.62 million year-over-year.

• Portfolio delivered a 4.9% return over the half year and a long-term annualized return of 9% since 2020.

• Dividend increased to three cents per share, partially franked at 60%, with a strong profit reserve covering 2.4 years of dividends.

• Portfolio is positioned for low volatility and resilience, with a 0.01 correlation to listed markets.

Financial highlights

• Net realised and unrealised gains on financial investments were $7.74 million, with other operating revenue at $3.39 million.

• Earnings per share increased to 3.29 cents from 2.36 cents year-over-year.

• Net assets at 31 December 2025 were $227.97 million, up from $226.96 million at June 2025.

• 15 portfolio exits since 2020 have averaged a 33% premium to NTA.

• Cash and cash equivalents at period end were $282,829, with $22.2 million invested in a new treasury solution (FRIF) classified under financial assets.

Outlook and guidance

• Management targets 8%-10% annualized returns with low volatility over the medium term.

• Three exits are expected in the next six months, supporting future franking and profit reserves.

• Real estate allocation is expected to increase from 12% toward 20% as new opportunities arise.

• Board remains committed to paying fully franked dividends, subject to profit reserves and franking credits, but future dividends may be partially franked or unfranked if insufficient credits are generated.

• The board aims for the share price to reflect NTA, expecting the discount to close over time.