WAM Capital Ltd. · ASX:WAM
WAM Capital — FY2026 Earnings Presentation
15 slides from WAM Capital's earnings presentation, Sep 23, 2026
Slide 1: FY2026 Full Year Results Q&A Webinar
rsonal use only Watch the recording FY2026 Full Year Results Q&A Webinar Tuesday 22 September 2026 Oscar Oberg Tobias Yao Lead Portfolio Manager Portfolio Manager
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. rsonal use only However, no warranty (express or implied) is made as to the ac
Slide 3: WAM Capital Dividend overview FY2026 and FY2027 target
WAM Capital Dividend overview FY2026 WAM Capital Dividend overview FY2027 target FY2026 full year dividend FY2027 full year dividend target rsonal use only 15.5 cps 7.75 cps 8.0 cps 4.0 cps Full year dividend, 60% franked Final dividend, 60% franked Full year dividend target, Interim dividend target
Slide 4: FY2026 Full Year Results
FY2026 Full Year Results WAM Capital WAM Microcap WAM Research WAM Active rsonal use only -10.5% +0.1% -18.0% +75.5% Investment portfolio performance Investment portfolio performance Investment portfolio performance Investment portfolio performance in the 12 months to 30 June 2026* in the 12 months
Slide 5: FY2026 macro headwinds impacting small-to-medium industrial companies on the ASX
FY2026 macro headwinds impacting small-to-medium industrial companies on the ASX rsonal use only Interest rate cutting cycle Geopolitical risks fueling inflation reversed into an interest rate and driving up commodity prices hiking cycle and energy costs Artificial intelligence impacting Federal bud
Slide 6: All Ords vs Small Industrials – through rate cutting cycle
All Ords vs Small Industrials – through rate cutting cycle Cumulative total return (left axis) vs RBA cash rate (right axis) 2010 to 2018 – rate cutting cycle 180 5 rsonal use only 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 Indus
Slide 7: All Ords vs Small Industrials – through rate hiking cycle
All Ords vs Small Industrials – through rate hiking cycle Cumulative total return (left axis) vs RBA cash rate (right axis) 2019 to 2026 - cuts, then rate hiking 180 5 rsonal use only 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 In
Slide 8: Positive signs for small-cap companies
Positive signs for small-cap companies rsonal use only 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 ba
Slide 9: CY2026 Team travel
CY2026 Team travel The investment team have attended more than 2000 company meetings this year so far. rsonal use only 9
Slide 10: Historical investment portfolio performance
Historical investment portfolio performance Financial year WAM Capital investment portfolio performance FY2020 -2.8% rsonal use only 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% Investm
Slide 11: Stock picks
Stock picks rsonal use only Cedar Woods Properties Megaport FDC Consolidated Holdings Maas Group Holdings Residential and commercial Data and network Construction and building Infrastructure, construction and property company interconnection services services company property company (ASX: CWP) (ASX
Slide 12: Q&A
Q&A rsonal use only Join more Get in touch [email protected] than 100,000 (02) 9247 6755 www.wilsonassetmanagement.com.au weekly readers Subscribe to our investment and market insights 12
Slide 13: Shareholder Presentations
Shareholder Presentations rsonal use only Wollongong Gold Coast Tuesday, 20 October 2026 Thursday, 29 October 2026 Newcastle Geelong Thursday, 22 October 2026 Tuesday, 17 November 2026 Noosa Tuesday, 27 October 2026 Toowoomba Wednesday, 28 October 2026 Scan the QR code for event details and to regis
Slide 14: Appendix
rsonal use only Appendix 14
Slide 15: Profits reserve and dividend coverage
Profits reserve and dividend coverage Pre-tax Share Premium/ Profits reserve FY2026 final Profits reserve Dividend coverage Listed investment company Ticker NTA Price (Discount) to (per share) dividend ex-div ex-div rsonal use only 31 August 2026 21 September 2026 NTA 31 August 2026 (per share) (per