WAM Capital Ltd. · ASX:WAM
WAM Capital — FY2026 Earnings Presentation
15 slides from WAM Capital's earnings presentation, Sep 1, 2026
Slide 1: FY2026 Results and Dividend Q&A Webinar
FY2026 Results and Dividend Q&A Webinar Geoff Wilson AO Oscar Oberg Chairman and Lead Portfolio Manager Chief Investment Officer Watch the recording
Slide 2: Disclaimer
Disclaimer Wilson Asset Management and their related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as to the accuracy, complete
Slide 3: Dividend overview FY2026
Dividend overview FY2026 FY2026 full year dividend 15.5 cps 7.75 cps Investment portfolio performance since COVID 7 yr %pa Full year dividend, 60% franked Final dividend, 60% franked WAM Capital Investment Portfolio* 8.5% S&P/ASX All Ordinaries Accumulation Index 8.1% 15.9% 4.4% Outperformance +0.4%
Slide 4: Dividend overview FY2027 target
Dividend overview FY2027 target FY2027 full year dividend target 8.0 cps 4.0 cps + 4.0 cps Full year dividend target, 60% franked Interim dividend target, 60% franked Final dividend target, 60% franked 5.7 cps Estimated profits reserve at 31 August 2026, 6.5% 8.2% after the payment of FY2026 final d
Slide 5: Dividends since inception
Dividends since inception 478.0 cps dividends paid Cents per share since inception, when including the value of franking credits 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 1999/00 2001/02 2003/04 2005/06 2007/08 2009/10 2011/12 2013/14 2015/16 2017/18 2019/20 2021/22 2023/24 2025/26 2026/27 Ordinary fu
Slide 6: WAM Capital pre-tax NTA movement since COVID
WAM Capital pre-tax net tangible assets (NTA) movement since COVID +$0.11 $1.41 +$0.93 Dividends paid Portfolio to shareholders performance 108.5cps $1.84 Franking credits generated 32.5cps $0.09 $0.12 $0.04 $1.22 Start of Portfolio Capital raising Dividends paid Performance Management Company relat
Slide 7: Share price discount/premium to NTA over 27 years
Share price discount/premium to NTA over 27 years 40% 30% 20% 10% 0% -10% -20% -30% -40% IPO 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1999 7
Slide 8: Profits reserve and dividend coverage
Profits reserve and dividend coverage Pre-tax Share Premium/ Profits reserve FY2026 final Profits reserve Dividend Listed investment company Ticker NTA Price (Discount) to (cps) dividend ex-div coverage 31 July 2026 1 September 2026 NTA 31 July 2026 (cps) (cps) (years) 0.7 years (based WAM $1.212 $1
Slide 9: FY2026 Portfolio Performance
FY2026 Portfolio Performance
Slide 10: FY2026 macro headwinds impacting small-to-medium industrial companies on the ASX
FY2026 macro headwinds impacting small-to-medium industrial companies on the ASX Geopolitical risks fueling inflation and Interest rate cutting cycle reversed into driving up commodity prices and energy an interest rate hiking cycle costs Artificial intelligence impacting the Federal budget and poli
Slide 11: Cumulative return: All Ords vs Small Industrials – rate cutting cycle
All Ords vs Small Industrials – through rate cutting cycle Cumulative total return (left axis) vs RBA cash rate (right axis) 2010 – 2018 – rate cutting cycle 180 5 160 4.5 140 4 120 3.5 100 Cumulative return 3 RBA Cash Rate 80 2.5 60 2 40 1.5 20 0 1 -20 0.5 -40 0 S&P/ASX Small Industrials Accumulati
Slide 12: Cumulative return: All Ords vs Small Industrials – rate hiking cycle
All Ords vs Small Industrials – through rate hiking cycle Cumulative total return (left axis) vs RBA cash rate (right axis) 2019–2026 - cuts, then rate hiking 180 5 160 4.5 140 4 120 3.5 100 Cumulative return 3 RBA Cash Rate 80 2.5 60 2 40 1.5 20 0 1 -20 0.5 -40 0 S&P/ASX Small Industrials Accumulat
Slide 13: Positive signs for small-cap companies
Positive signs for small-cap companies Four reasons the long-term outlook for undervalued small-cap industrials is improving Decade-low valuations 1 Small-cap industrial companies are trading at decade-low valuations, with several companies in our portfolio now trading below asset backing — e.g. Ced
Slide 14: Historical Investment Portfolio Performance
Historical Investment Portfolio Performance Financial Year WAM Capital investment portfolio performance FY2020 -2.8% Investment portfolio performance in the 12 months to 30 June 2020 FY2021 +37.5% Investment portfolio performance in the 12 months to 30 June 2021 FY2022 -18.8% Investment portfolio pe
Slide 15: Q&A
Q&A Get in touch Join 100,000 info@wilsonassetmanagement.com.au (02) 9247 6755 weekly readers www.wilsonassetmanagement.com.au 15