WAM Alternative Assets (WMA) AGM 2025 summary

Opening remarks and agenda

• The AGM was held as a hybrid event, with all board members present and a quorum established to proceed.

• Shareholders were welcomed, and the meeting agenda and voting procedures were outlined, including online participation and polling on all resolutions.

Financial performance review

• FY2025 portfolio performance was 5.3% p.a. gross, with net returns in the 3% range after fees and costs, considered weak in a bullish market.

• Over the last three years, post-cost performance averaged around 4% p.a.; since Wilson Asset Management took over, gross returns were 8.9%, netting to about 7%.

• NTA declined from AUD 1.20 to AUD 1.17 over the year, with dividends exceeding after-cost returns, resulting in a partial return of capital.

• Since inception, gross portfolio performance was 9% p.a., net 8% p.a., and TSR (including franking credits) was 8.1% p.a.

Board and executive committee updates

• Nick Kelly was welcomed as the new portfolio manager, succeeding Dania Zinurova, who was acknowledged for her role in portfolio repositioning.

• The board highlighted the challenges in repositioning the portfolio post-Blue Sky and the improved quality and alignment of the current shareholder register.