Whitefield Income Limited · ASX:WHI
Whitefield Income — Investor Presentation (May 2026)
22 slides from Whitefield Income's investor presentation, May 21, 2026
Slide 1: Update May 2026
For personal use only UPDATE May 2026 Whitefield Industrials Year End Whitefield Income Q3
Slide 2: Presenting today
Presenting today: For personal use only Angus Gluskie Will Seddon Chairman Executive Director _Contact Details Level 19, 68 Pitt Street Sydney NSW 2000 Phone +61 2 8215 7900 Email: contact@whitefield.com.au whitefield.com.au Whitefield Capital Management Pty Ltd ABN 76 074 709 210 2
Slide 3: Experience, Efficiency, Innovation, Reliability, Integrity
Experience For over 100 years Whitefield has provided Australian investors with an avenue for efficient wealth creation. For personal use only Efficiency Whitefield Industrials - launched 1923 Whitefield Income – launched 2024 Innovation Our longevity is testament to our successful formula, a proces
Slide 4: A diverse exposure to the Australian business and domestic economy
A diverse exposure to the Australian business and domestic economy For personal use only Aims to provide investors WHF provides this The Australian economy That are important for exposure and enhances it with returns through: has fundamentally • Six monthly dividends wealth accumulation through a st
Slide 5: Operating Profit
Operating Profit _Earnings For personal use only • NPAT to $21.1m • EPS to 17.5 cps Approximately 65% of investments maintained or increased dividends. However net profit was slightly below the prior year as a result of: a) Non-repeat of special dividends in the prior year b) Lower exposure to highe
Slide 6: Dividends to shareholders
Dividends to shareholders _June Dividend maintained For personal use only • 10.5 cents fully franked final (No attribution to LIC Discount Gains) • Total dividends for year 21 cents • Gross annual dividend yield 6.1% 6
Slide 7: Investment Returns
Investment Returns Outperforming over short and long terms • Lower 1 year return due to soft equity market in Mar For personal use only 26 from Iran/US conflict _Notes Past performance reflects economic conditions and management over the years shown and should not be considered a forecast of future
Slide 8: Exposures & Outlook
Exposures & Outlook AUST economic activity is currently supported by several resilient contributors to underlying For personal use only demand, however businesses and consumers are currently exposed to the spike in costs from the Middle East conflict • Demand for construction, infrastructure, health
Slide 9: Net Asset Backing v Market Price
Net Asset Backing v Market Price _Investors remain cautious on the For personal use only equity market outlook and equity valuation metrics in a period of heightened geo-political risk • Closed end pure-equity funds in Aus, UK and US trading at cheapest levels in 20 years • Creating an opportunity f
Slide 10: Long Term Outcomes
Long Term Outcomes _A practical example of the return benefit from acquiring shares at a discount can For personal use only be seen in the 40 year chart Investors buying WHF in 1986 have benefitted from: • The ASX200 Industrials return • The WHF portfolio outperforming the ASX200 Industrials • Acqui
Slide 11: Strength of return from a systematic dividend focused strategy
Strength of return from a systematic dividend focused strategy For personal use only Aims to provide investors with: _Systematic _Diverse Invests in ASX300 equities over • High monthly franked 70-100 holdings (ASX300) the faster period of return Quality bias through exposure to dividends generation
Slide 12: The Pattern of Income Recognition in Share Prices
The Pattern of Income Recognition in Share Prices Patterns of income recognition Patterns of income recognition are robust across different are robust across different For personal use only industries. company sizes. Income is recognised in share prices unevenly across the typical six-month income g
Slide 13: Income and Profit
Income and Profit _Income generation Monthly Gross Portfolio Income For personal use only remained firm in Q3 4.0% • Gross Income 9 mths(1) $20.1m 3.5% Pre-IPO Post-IPO Rolling 3m avg • NPAT (ex franking) 9 mths $13.0m 3.0% • EPS 9 mths 7.0 cps 2.5% • Income generation strong and consistent with the
Slide 14: Dividends
Dividends 7.9%pa For personal use only Gross dividend yield (1) Whitefield Income pays regular franked monthly base dividends and may supplement these with half yearly top-up dividends. The half yearly top-up dividends are variable and are determined after considering net profit, monthly dividends a
Slide 15: Investment Returns
Investment Returns For personal use only Source: Whitefield Capital Management. Past performance is not a reliable indicator of future performance. 15
Slide 16: Investment Holdings & Sectoral Exposures
Investment Holdings & Sectoral Exposures SECTOR EXPOSURES TOP 15 EXPOSURES For personal use only Materials NAB ANZ Financials WBC Industrials SOL Consumer Discretionary BXB A2M Information Technology NHC Real Estate NWH TNE Consumer Staples CRN Health Care HVN Communication Services HLI EVN Energy W
Slide 17: Monthly Exposures
Monthly Exposures 100.0% EXPOSURES SINCE STRATEGY INCEPTION Materials For personal use only 90.0% Real Estate 80.0% Industrials 70.0% Financials 60.0% Consumer Discretionary 50.0% Consumer Staples Communication 40.0% Services Energy 30.0% Health Care 20.0% Information 10.0% Technology Utilities 0.0%
Slide 18: Net Asset Backing [NAB]
Net Asset Backing [NAB] _WHI shares have been trading at a For personal use only premium to net asset backing • Confidence in the dividend profile • A growing base of investors Notes: Estimated NAB is the estimated net asset backing before deferred tax per share based on the market value of the comp
Slide 19: Entitlement Offer Details
Entitlement Offer Details Raising Size (up to) $108m For personal use only New Shares (up to) 88.1m $1.22 (Equates to estimated before deferred tax asset backing plus franking credits) Issue Price Issue price represents an 11.4% discount to 5 day volume weighted average price to 18 May 2026 New Shar
Slide 20: Timetable
Timetable For personal use only Announcement of Entitlement Offer Tuesday, 19 May 2026 Shortfall Offer Bookbuild date Tuesday, 19 May 2026 Record date of Entitlement Offer 7:00pm (Sydney time) Friday, 22 May 2026 Entitlement Offer opens Tuesday, 20 May 2026 Entitlement Offer closes 5.00pm (Sydney ti
Slide 21: Any questions?
For personal use only Any questions? 21
Slide 22: Important Information
_Important Information General, Limited Commentary: This document contains information about Whitefield and the markets in which it operates. The document is limited in scope and accordingly may not contain all the information necessary for an investor to make an investment decision. It is not a per