Wam Income Maximiser Limited

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Appendix 4D and Financial Report

27 February 2026

WAM Income Maximiser Limited (ASX: WMX), a listed investment company that only listed on ASX in April 2025, reported its maiden half-year result for the six months to 31 December 2025, delivering an operating profit after tax of $2.18M on revenue of $4.72M. The investment portfolio gained 8.3% over the half-year period, outperforming its blended benchmark (60% S&P/ASX 300 Accumulation Index / 40% Bloomberg AusBond Bank Bill Index +1%) by 4.9%, with pre-tax NTA rising to $1.61 per share from the $1.50 IPO price. The company successfully completed a $148M placement and SPP during the period, nearly doubling its asset base, and declared escalating monthly fully franked dividends now running at 0.55 cents per share for March 2026, on track to meet its target income return of RBA Cash Rate plus 2.5% p.a. Key points: Investment portfolio gained 8.3% over the half-year, outperforming its blended benchmark by 4.9%; up 11.6% since April 2025 inception.; Pre-tax NTA increased to $1.61 per share at 31 December 2025, up from the $1.50 IPO price, after paying 1.50 cents per share in fully franked dividends during the period.; Successfully completed a $148M capital raise (placement at $1.602/share + SPP at $1.572/share), issuing 92.8M new shares and nearly doubling total assets to $315M.