WAM Capital Ltd. · ASX:WAM
WAM Capital — WAM Global — FY2026 Earnings Presentation
16 slides from WAM Capital's earnings presentation, Sep 15, 2026
Slide 1: FY2026 Full Year Results Q&A Webinar
Online meeting with solid fill Watch the recording Watch therecording FY2026 Full Year Results Q&A Webinar Tuesday 15 September 2026 Catriona Burns Nick Healy William Liu Lead Portfolio Manager 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. However, no warranty (express or implied) is made as to the accuracy, complete
Slide 3: FY2026 Full Year Results: WAM Global in a snapshot
FY2026 Full Year Results: WAM Global in a snapshot Performance of the Performance of the 110.1 cps Dividends paid since inception, investment portfolio in investment portfolio per including franking credits the 12 months to 30 annum since inception June 2026* (Jun -18)* Dividend coverage# 5.2 years
Slide 4: FY2026 Market dynamics
FY2026 Market dynamics 90 61 • FY2026 characterised by narrow,-driven AI markets 33 30 • 4 of 25 industry groups drove > 80% of industry return 27 25 23 21 20 19 15 13 8 6 5 5 4 • Including Korean KOSPI Index +176% • Philadelphia Semiconductor Index (SOX) +157% -2 -5 -6 -7 -7 -9 -10 < 40% index weig
Slide 5: FY2026 Stock detractors
FY2026 Stock detractors • Given FY2026 market dynamics across software and business services, unsurprisingly key detractors were software and business services holdings • Concentrated impact: 8 holdings across software and exchanges/financials represented over 75% of relative underperformance 15pts)
Slide 6: Software as a Service
Software as a Service Forward earnings growth is expected to be strong for our software holdings however share prices fell. The drawdowntion is aevent, valua not earnings. Financial Year 2027 projected Earnings Per Share growth (EPSg) Why we believe earnings remain durable 50% SAP (ETR: SAP) +44% •
Slide 7: Exchanges & Data
Exchanges & Data Similarly, our Exchanges and Data holdings have proven to deliver resilient compound earnings growth over time. Financial Year 2027 projected Earnings Per Share growth (EPSg) Why we believe earnings remain durable 25% Intercontinental Exchange (NYSE: ICE) • Owns the benchmark: Brent
Slide 8: FY2026 Decomposition
FY2026 Decomposition Over the long term, returns are driven by growth in earnings power, while -term shorter changes in market sentiment create opport unities to add value. Our focus is on owning companies that continue to grow their earnings power. WGB Investment Portfolio (FY2026) Portfolio earnin
Slide 9: Investment portfolio – quality
Investment portfolio – quality Revenue growth (2FY/1FY) Gross margin 20 80 15 60 12 50 10 40 37 7 5 20 0 0 MXWO MXWO WGB WGB EPS growth (2FY/1FY) Net income margin 40 50 40 30 30 20 17 21 13 20 14 10 10 0 0 MXWO MXWO WGB WGB Data as at 30 June 2026. 9
Slide 10: Acquisitions as a catalyst
Acquisitions as a catalyst Portfolio Holding Acquired By Premium Paid ~38% ~49% ~32% 10
Slide 11: Undervalued growth with a catalyst
Undervalued growth with a catalyst Identifying Takes advantage undervalued Undervalued Exposure to of mispricing international growth quality global Catalyst mispricing opportunities companies with a companies opportunities in the global market. catalyst. Catalyst: a major event that alters the mark
Slide 12: FY2026 WAM Global company meetings
FY2026 WAM Global company meetings 12
Slide 13: Investment portfolio – size, geography and sector exposures
Investment portfolio – size, geographyandsector exposures Portfolio MSCI Size 80 72% • WAM Global invests across all market caps 60 • Opportunities are driven via bottom -up analysis 40 39% 37% 28% • Small to mid-cap bias over life of the fund 20% 20% 20 11% 7% • Willingness to own large cap compani
Slide 14: Investment portfolio – positioning and themes
Investment portfolio – positioning and themes AI Infrastructure Digital Enterprise Innovative Health Critical Assets Data and Marketplaces Multi-year tailwinds • Accelerated compute • Agentic AI workflows and • Ageing demographics • Reshoring • Analog to electronic demand and connectivity automation
Slide 15: Q&A
Q&A Join more Get in touch [email protected] (02) 9247 6755 than 100,000 www.wilsonassetmanagement.com.au weekly readers Subscribe to our investmentandmarketinsights
Slide 16: Shareholder Presentations
Shareholder Presentations 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 register your attenda