Wam Alternative Assets Limited

Market Data

Latest Earnings

Appendix 4D and Financial Report

27 February 2026

WAM Alternative Assets (WMA) delivered a strong first half to December 2025, with revenue up 32.6% to $11.1M and net profit after tax up 40.0% to $6.5M, driven primarily by unrealised gains on the alternative assets portfolio which rose 4.9% during the period. The Board declared an interim dividend of 3.0 cents per share (partially franked at 60%), consistent with the prior final dividend, while total shareholder return reached 10.8% for the half including the benefit of the NTA discount narrowing from 18.6% to 14.2%. The company continues to actively deploy capital into private equity, private debt, infrastructure and real estate, with $22.2M invested into the new Fortlake Real-Income Fund treasury solution reclassified from cash into financial assets. Key points: Net profit after tax of $6.47M, up 40.0% on the prior corresponding period (pcp of $4.62M); Investment portfolio increased 4.9% in the six months to 31 December 2025 and 6.6% over 12 months; 9.0% p.a. since manager appointment in October 2020; Total shareholder return of 10.8% for the half (9.4% ex franking credits), driven by portfolio gains and NTA discount narrowing from 18.6% to 14.2%