Plato Income Maximiser Ltd. · ASX:PL8
Plato Income Maximiser — FY2025 Earnings Presentation
25 slides from Plato Income Maximiser's earnings presentation, Sep 1, 2025
Slide 1: Company Full-Year FY25 Results
COMPANY FULL-YEAR FY25 RESULTS PLATO INCOME MAXIMISER LIMITED ASX: PL8 1
Slide 2: Disclaimer
Disclaimer Note: Past performance is not a reliable indicator of future performance. This communication has been prepared by Plato Income Maximiser Limited ABN 63 616 746 215 (PL8). Nothing contained in this communication constitutes investment, legal, business, taxation or other advice. This commun
Slide 3: Agenda
Agenda 01 PL8 Company Update 02 Market update 03 Questions 3
Slide 4: PL8 Company Update
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Slide 5: FY25 results highlights
FY25 results highlights CONTINUING TO DELIVER ON COMPANY OBJECTIVES • FY25 operating profit after tax of $83.6 million (+$17.7 million to FY24) • Total dividends of $0.066 per share, equivalent to annualised distributed yield of 7.5%1,4, , +3.0% compared to benchmark of 4.5% (and +2.4% p.a. to bench
Slide 6: PL8 NTA performance breakdown for FY25
PL8 NTA performance breakdown for FY25 PRE-TAX NTA PER PL8 SHARE* Source: Plato. *Excludes franking credits. Portfolio performance is net of management fees. 6
Slide 7: PL8 investment portfolio performance
PL8 investment portfolio performance PERFORMANCE AS AT 30 JUNE 2025 AFTER FEES AND COSTS PORTFOLIO PERFORMANCE1 3 MTHS 1 YR P.A. INCEPT. P.A. Total return2 9.5% 15.5% 10.3% Income3 1.8% 7.5% 7.6% Benchmark total return2 9.7% 15.1% 10.2% Excess total return2 -0.2% 0.4% 0.1% Excess income3 1.1% 3.0% 2
Slide 8: PL8 delivering high income
PL8 delivering high income 12 month realised yield* 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% S&P/ASX 200 PL8 CASH 3.4 5.2 FRANKING 1.1 2.2 *to 31 July 2025, Plato, Bloomberg 8
Slide 9: PL8 portfolio outperforming the Benchmark over full investment cycle
PL8 portfolio outperforming the Benchmark over full investment cycle Plato Aust. Shares Income Fund v S&P/ ASX200 Accumulation Series (incl. Franking Credits) $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17
Slide 10: Delivering consistent monthly income
Delivering consistent monthly income MONTHLY DIVIDENDS STEADY AT HIGHER LEVEL OF $0.0055 PER SHARE Source: Plato. While monthly income has been consistent since October 2017, this may change in the future. The declaration of dividends by the company is at the full discretion of the board (unlike tru
Slide 11: Share price at a premium to NTA
Share price at a premium to NTA PL8 PRICE VERSUS PRE-TAX NTA SINCE LISTING Source: Plato, IRESS. Past performance is illustrative only and not indicative of future performance. 11
Slide 12: Market Update
Market Update 12
Slide 13: Retirees are different
Retirees are different • Retirees are different to accumulators • They need to live off the income from their investments: • Investment income replaces regular salary • They are taxed differently: • The first $2m in pension phase superannuation is tax free whereas accumulation superannuation is taxe
Slide 14: Pension phase super tax rates are different
Pension phase super tax rates are different (what about that super cap?) $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $- Pension/Tax Exempt (0%) Super (15%) Super (30%) Individual (39%)# Top Individual (47%)* Fully Franked Dividend Long Term Capital Gain Short Term Capital Gain Unfranked Income T
Slide 15: Results season August 2025 - Dividends
Results season August 2025 - Dividends DIVIDENDS FALLING IN RESOURCES BUT POSITIVE ELSEWHERE • Over $34bn in dividends have been declared. AUG 2025 CHANGE IN DIVIDENDS PCP • New dividends from Regis and Gusman and Gomez. Average Median $ Value • Special dividends: Nine Entertainment, JB Hi-fi, Super
Slide 16: Reporting Season Analysis: CBA
Reporting Season Analysis CBA • In-line result, FY25 Cash NPAT of $10,252m, up 4% from PCP. • Final Dividend 260c vs 250c last year, up 4%. Equates to 4.1% annual gross yield. • Payout Ratio 79% of 1H FY25 Earnings, upper end of 70-80% target. • Net Interest Margin unchanged at 2.08%. CET1 Capital R
Slide 17: Reporting Season Analysis: CBA
Reporting Season Analysis CBA Source: CBA 17 *Companies mentioned on this slide are illustrative only and not a recommendation to buy or sell any particular security
Slide 18: Reporting Season Analysis: JB Hi-Fi
Reporting Season Analysis JB HI-FI • 1H FY25 sales up 10.0%, EPS up 5.4%, marginally above expectations. Driven by higher sales in all divisions. • Final Dividend 105c + 100c Special Dividend vs 103c +80c last year (up 12%). Equates to 4.6% annual gross yield (incl. special). 65% payout ratio (of re
Slide 19: Reporting Season Analysis: Telstra
Reporting Season Analysis telstra store - telstra stock pictures, royalty-free photos images TELSTRA • Good result, FY25 NPAT of $2,343m up 31% from PCP as expenses fell 6%. • Final Dividend 9.5c vs 9.0c pcp (up 5.6%). Equates to 5.6% annual gross yield. EPS was 18.9cps so now covering dividends. •
Slide 20: Reporting Season Analysis: Insurers
Reporting Season Analysis INSURERS • FY25 Cash earnings* of $1486m, up 8.3% and 4% • Adj. 1H25 Net Profit of $997m, up 28% on last year above expectations due to benign period for natural as premiums were up 6%. hazards ($205m less than allowance). • Final dividend 31c up 29% on last year (25% • Fin
Slide 21: Reporting Season Analysis: BHP Group
Reporting Season Analysis BHP GROUP • FY25Underlying NPAT of US$10.2b down 26% vs pcp, copper outperformed, iron ore disappointed. • Dividend declared was US60c, 19% lower than last year, but 20% higher than interim dividend, which equates to an annual gross dividend yield of 5.8%. Payout ratio 60%.
Slide 22: Top Dividend Traps
TOP DIVIDEND TRAPS BE CAREFUL LOOKING AT HISTORICAL YIELD HIST. ANNUAL DIVIDEND STOCK YIELD % (30 JUN CUT • Dividend Cuts: 2025) – Accent 67% – Aurizon 11% 10.2% 67% – Whitehaven 54% 6.8% 11% 5.8% 54% Source: Plato *Companies mentioned on this slide are illustrative only and not a recommendation to
Slide 23: Dividend outlook within normal range
Dividend outlook within normal range AVERAGE % CHANCE OF DIVIDEND CUTS FOR AUSTRALIAN MARKET Div Cut Probability - Australia Dec 2001 - Aug 2025 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 01/02 07/03 01/05 07/06 01/08 07/09 01/11 07/12 01/14 07/15 01/17 07/18 01/20 07/21 01/23 07/24 Source: Plato, ba
Slide 24: The income summary – Cautiously Optimistic
The income summary – Cautiously Optimistic Caution: Tariffs are impacting global trade and confidence but impacts on Australia are relatively small Optimism: Dividends have fallen but are still strong Active fund management critical in delivering income, total return & avoiding dividend traps 24
Slide 25: Questions
Questions THANK YOU 25
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