WAM Active Ltd. · ASX:WAA
WAM Active — Investor Presentation (January 2026)
28 slides from WAM Active's investor presentation, Jan 30, 2026
Slide 1: WAM Active Entitlement Offer
For personal use only WAM Active Entitlement Offer A two (2) for three (3) pro rata non -renounceable Entitlement Offer in WAM Active Limited (ASX: WAA) | January 2026
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer This investor presentationPresentation ( ) is dated 30 January 2026 and has been prepared by WAM Active Limited (ACN 126 420WAM 719) ( Activeor theCompany) and MAM Pty Limited, part of the Wilson Asset Management group (ACN 100 276 542) (AFSL 223231)Investment (
Slide 3: Important Information and Disclaimer (continued)
Important Information and Disclaimer (continued) Future performance This Presentation may contain certain forward-looking statements. The words “anticipate”, “believe”, “expect”, “project”, ast”,“forec “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other si
Slide 4: Important Information and Disclaimer (continued)
Important Information and Disclaimer (continued) Offer booklet The offer booklet for the Entitlement Offer will be available to eligible shareholders following its lodgement with Any theeligible ASX. shareholder who wishes to participate in the Entitlement Offer should consider the offer booklet in
Slide 5: Highlights of the Offer
Highlights of the Offer For personal use only 2 for 3 $1.00 7.8% 3.2 cps 2 New Shares for every 3 WAM Active Shares held per New Share Issue price discount to current share price 1 1.0 cps + Receive the fully franked interim and special dividend 2 +40.6% +7.0% 6.4% 9.1% Investment portfolio Investme
Slide 6: Key details of the Offer
Key details of the Offer Offer Structure 2 New Shares for every • Entitlement Offer comprises a pro -rata non-renounceable offer of two(2) New Shares for every three (3) existing shares Ratio in WAM Active Limited (ASX: WAA) to Eligible Shareholders 1 at an IssuePrice of $1.00 per New Share, a 7.8%
Slide 7: How to Participate?
How to Participate? Watch the FY2026 interim results Q&A webinar recording here. How to participate in the Entitlement Offer: • An Offer Booklet containing further details of the Entitlement Offer (including eligibility criteria and how to participate) is expected to be released to the ASX and dispa
Slide 8: Key Dates
Key Dates* Announcement of the Entitlement Offer Friday 30 January 2026 For personal use only Ex-date for Entitlement Offer Tuesday 3 February 2026 Record Date for Entitlement Offer Wednesday 4 February 2026 at 7:00pm (Sydney time) Dispatch of Offer Booklet and Entitlement and Acceptance Form Friday
Slide 9: FY2026 Interim Results
FY2026 Interim Results Strong outperformance of the market For personal use only +41.4% +31.4% The investment portfolio outperformed the Accumulation Indexin the 12 and six Bloomberg AusBond Bank Bill Index (Cash) and theS&P/ASX All Ordinaries -month periods by37.4%and Investment portfolio Investmen
Slide 10: Fully franked dividends since inception
Fully franked dividends since inception 3.2 cps 1.0 cps 5.9% 8.4% +28.7% For personal use only Fully franked interim Special fully franked Annualised fully franked Grossed-up Total shareholder dividend FY2026 dividend FY2026 interim dividend yield1 dividend yield1 return FYTD Cents per share Interim
Slide 11: Drivers of Outperformance
Drivers of Outperformance For personal use only
Slide 12: Our proven investment process
Our proven investment process Market Driven Process For personal use only Takes advantage of short-term mispricing opportunities in the Australian equity market. Opportunities are derived from initial public offerings, placements, block trades, rights issues, corporate transactions (such as takeover
Slide 13: RBA interest rate expectations
RBA interest rate expectations The path of domestic interest rates has shifted rapidly in the past 3 months; the market is now pricing in ~55bps (~2) For personal use only rate hikes in 2026 compared to 30bps of cuts at the beginning of October 2025 = 80bps swing. Policy is now diverging with key of
Slide 14: Interest rate expectations have caused a rotation towards resources
Interest rate expectations have caused a rotation towards resources 7,000 For personal use only 7% 6,000 5,000 6% AU 10-year interest rates began rising from mid-October; 4,000 ASX 300 Industrial companies have underperformed as rates 5% moved higher whilst resource 3,000 companies have rallied stro
Slide 15: Portfolio positioning & sector weightings
Portfolio positioning & sector weightings For personal use only Dec-25 Jun -25 Change 11.3x WAM Active Portfolio Weighting (%) (%) (%) Materials 34.8 10.2 +24.6 portfolio turnover in 2025 Utilities 2.2 - +2.2 Health Care 5.9 4.4 +1.5 Consumer Discretionary 5.7 6.0 -0.3 69% increase from 6.7x turnove
Slide 16: 2026 Outlook
For personal use only 2026 Outlook
Slide 17: Key themes and stock examples
Key themes and stock examples For personal use only Energy transition Artificial Trump’s Structural uplifting and electrification intelligence “America First” in defence spending GNP, MYG, TEA Firmus, AYA, EIQ LIN, IPX, Commodities CDA, EOS Commodities - United States Precious metals Catalyst -drive
Slide 18: Stock picks
Stock picks For personal use only Mayfield Group Lindian Stealth Group Firmus Holdings Resources Holdings Technologies (ASX: MYG) (ASX: LIN) (ASX: SGI) Pre-IPO Electrical infrastructure Critical Minerals (REE) Industrial products distributionCloud and AI factory solutions provider entering productio
Slide 19: Key Risks of the Offer
Key Risks of the Offer For personal use only
Slide 20: Key risks of the Offer
This section identifies the areas the Directors regard as the main risks associated with an investment in the Company. le Shareholders Eligib should be aware that an investment in the Company involves many risks, which may be higher than the risks associated with an investment in other companies. El
Slide 21: Specific Risks (continued)
Specific Risks (continued) All investments carry the risk that their value may be affected by changes in laws and regulations especially taxation Regulatory laws. risk includes risk associated with variations in the Regulatory risk taxation laws of Australia or other jurisdictions in which the Compa
Slide 22: Appendix: About Wilson Asset Management
Appendix: About Wilson Asset Management For personal use only
Slide 23: A diversified portfolio
Wilson Asset Management was established in A diversified portfolio offering 1997 with a purpose of making a difference for our shareholders and the community. We invest over $6.0 billion on behalf of more than 130,000 retail and wholesale investors. For personal use only Listed investment companies
Slide 24: Investment team
Investment team Small-mid cap For personal use only Oscar Oberg Tobias Yao Shaun Weick Cooper Rogers Chris Marsden Lead Portfolio Manager Portfolio Manager Deputy Portfolio Manager Senior Investment Dealer Investment Dealer 18 years 19 years 12 years 12 years 11 years Experience Experience Experienc
Slide 25: Experienced Board of Directors
Experienced Board of Directors For personal use only Geoff Wilson AO Kate Thorley Karina Kwan Simon Poidevin Chairman Director Independent Director Independent Director 45 years 26 years 37 years 41 years of markets experience of experience experience in financial services of experience in global fi
Slide 26: An experienced management team
An experienced management team For personal use only Geoff Wilson AO Kate Thorley Catriona Burns Matthew Haupt Oscar Oberg Chairman & Chief Executive Officer Lead Portfolio Manager Lead Portfolio Manager Lead Portfolio Manager Chief Investment Officer 26 years’ experience WAM Global WAM Leaders, WAM
Slide 27: An industry leading investment team
An industry leading Geoff Wilson AO Chief Investment Officer investment team BSc GMQ FFINSIA FAICD Founded Wilson Asset Management in 1997 Lead Portfolio Managers Matthew Haupt Oscar Oberg Catriona Burns For personal use only WAM Leaders (Australian large caps), WAM Capital, WAM Microcap, WAM Resear
Slide 28: Get in touch
For personal use only Get in touch Oscar Oberg www.wilsonassetmanagement.com.au Lead Portfolio Manager (02) 9247 6755 0401 495 081 [email protected] [email protected] Join more Martyn McCathie Investment Specialist Shaun Weick Deputy Portfolio Manager than 100,000 04