WAM ACTIVE LIMITED — AGM Information 2025

Nov 18, 2025

Annual General Meeting Chairman’s Address

19 November 2025 ASX announcement

Introduction and welcome

Good afternoon and welcome to the 18[th] WAM Active Limited (ASX: WAA) Annual General Meeting (AGM). My name is Geoff Wilson, Chairman of the Board of Directors. WAM Active provides investors with exposure to an active trading style with the aim of achieving a sound return with low correlation to traditional markets. The Company’s investment objectives are to deliver a regular income stream via fully franked dividends, provide a positive return with low volatility, after fees, over most periods of time, and to preserve capital.

This is a hybrid meeting, held both online and in person here at the Museum of Sydney. The hybrid meeting format allows those that cannot join us in person to ask questions and actively participate. This is very important to us at Wilson Asset Management.

I acknowledge the Gadigal people of the Eora nation and pay my respects to Elders past and present.

Thank you for joining us and for your continued support of WAM Active. I am joined today by my fellow Board members, Karina Kwan and Simon Poidevin. Kate Thorley is an apology today. Richard King, a representative from WAM Active’s auditor, Pitcher Partners Sydney, will be available to address any questions relating to the Company’s financial statements.

We are also joined by Joint Company Secretary and Wilson Asset Management Finance Manager Linda Kiriczenko, who will moderate today’s meeting, and assist in addressing any questions received online or in person during the meeting.

FY2025 in review

Financial results

The WAM Active investment portfolio increased 26.4%[*] in the financial year to 30 June 2025, outperforming the Bloomberg AusBond Bank Bill Index (Cash) by 22.0% and the S&P/ASX All Ordinaries Accumulation Index by 13.2%. The investment team have been highly active in their approach to the trading of key mispricing events, turning over the portfolio at increased levels.

Lead Portfolio Manager Oscar Oberg, Deputy Portfolio Manager Shaun Weick and the WAM Active investment team have taken a more dynamic approach portfolio construction, supported by improved capital markets activity, demonstrating the benefits of WAM Active’s flexible investment mandate.

This active trading approach enabled the team to adjust positioning and take advantage of trading opportunities across corporate actions, market mispricing opportunities and volatility events to deliver exceptional investment portfolio performance. The investment portfolio outperformance demonstrates the strength of our market-driven process, which offers shareholders access to a highly active investment strategy.

WAM Active participated in 41 equity capital markets deals during the 2025 financial year, compared to 18 in 2024. Key contributors to investment portfolio performance included Life360 Inc. (ASX: 360), HUB24 (ASX: HUB), and Catapult Sports (ASX: CAT). Since inception in 2008, the investment portfolio has increased 11.6%[*] per annum, outperforming the Bloomberg AusBond Bank Bill Index (Cash) by 8.6% per annum and the S&P/ASX All Ordinaries Accumulation Index by 5.5% per annum as at 30 June 2025. This long-term investment portfolio outperformance has been achieved with WAM Active’s proven and flexible investment mandate, allowing the team to be nimble in all market cycles to consistently drive returns for shareholders.

*Investment portfolio performance is before expenses, fees and taxes to compare to the relevant indexes which are also before expenses, fees and taxes.

WAM Active Limited (ASX: WAA) ABN 49 126 420 719 wilsonassetmanagement.com.au

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The investment portfolio performance contributed to the Company’s operating profit before tax of $10.5 million (FY2024: $11.6 million) and an operating profit after tax of $7.4 million (FY2025: $8.3 million) for the year.

The Board declared a fully franked final dividend of 3.0 cents per share, bringing the FY2025 fully franked full year dividend to 6.0 cents per share. The fully franked full year dividend represents a dividend yield of 7.5% and a grossed-up dividend yield of 10.7%[^] on the 30 June 2025 share price of $0.80 per share. The dividend yield on the Company’s pre-tax net tangible assets (NTA) at 30 June 2025 is 7.0%, with a grossed-up dividend yield of 10.0%[^] .

FY2026 update and outlook

Company update

In the 12 months to 31 October 2025, the investment portfolio increased 51.5%[] , outperforming both the Bloomberg AusBond Bank Bill Index (Cash) and the S&P/ASX All Ordinaries Accumulation Index by 47.4% and 39.0% respectively. In the first four months of the 2026 financial year, the WAM Active portfolio increased 35.3%[] , outperforming the Bloomberg AusBond Bank Bill Index (Cash) by 34.1% and the S&P/ASX All Ordinaries Accumulation Index by 29.5%.

Markets have rebounded sharply in FY2026 from the lows seen in April 2025, with rising demand for equity capital markets deals and attractive opportunities to actively trade sentiment and themes. The Trump administration’s ‘America First’ agenda, which emphasises protectionism, supply chain resilience, defence investment and energy self-sufficiency, has created trading opportunities in critical minerals, additive manufacturing, metals recycling and defence. Onshoring and reorganisation of supply chains are themes likely to continue.

The WAM Active investment team has participated in 42 capital markets transactions so far in the financial year to 31 October 2025. Markets have rewarded companies pursuing earnings-accretive acquisitions, with noteworthy performance from Eagers Automotive (ASX: APE), NRW Holdings (ASX: NWH) and SRG Global (ASX: SRG). The investment portfolio is well positioned to capitalise on further merger and acquisition activity across various sectors.

Market outlook

Capital markets are rewarding an active approach to stock picking, benefitting WAM Active’s portfolio construction. This is evident in the increased levels of portfolio turnover in the 2026 financial year. The team is optimistic a more positive macroeconomic environment will benefit the WAM Active investment portfolio in the year ahead. In FY2026, the investment team will continue to employ a market-driven approach, providing investors access to active strategies that capitalise on emerging opportunities, including takeovers, restructurings, capital raisings, block trades and discount-to-assets arbitrages.

Shareholder advocacy

As part of our commitment to delivering value for both shareholders and the broader community, we continue to prioritise advocacy on behalf of retail investors in the Australian equity market. So far in FY2026, Wilson Asset Management has contributed submissions to the Economic Reform Roundtable and the Productivity Commission. The team continues to consult shareholders, the government and policy experts, and this work is underpinned by our core belief that all Australian investors should be treated equitably. We have been focusing on these key areas:

• Taxing unrealised gains in superannuation

• Australia’s evolving capital markets

• Phase out of ‘bank hybrids’

• Sophisticated investor test (wholesale investor and wholesale client tests)

• Virtual Annual General Meetings

*Investment portfolio performance is before expenses, fees and taxes to compare to the relevant indexes which are also before expenses, fees and taxes.

^Grossed-up dividend yield includes the value of franking credits and is based on a tax rate of 30.0%.

WAM Active Limited (ASX: WAA) ABN 49 126 420 719 wilsonassetmanagement.com.au

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For more information

Further information on WAM Active can be found in the FY2025 Annual Report and on our website . Thank you

Thank you for your support and for entrusting us with your capital. I would also like to thank the Wilson Asset Management team and my fellow Board members.

WAM Active Limited (ASX: WAA) ABN 49 126 420 719 wilsonassetmanagement.com.au

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About

WAM Active

WAM Active Limited (ASX: WAA) provides investors with exposure to an active trading style with the aim of achieving a sound return with low correlation to traditional markets. The Company’s investment objectives are to deliver a regular income stream via fully franked dividends, provide a positive return with low volatility, after fees, over most periods of time, and to preserve capital.

All major platforms provide access to WAM Active, including Asgard eWRAP Investment, BT Panorama, BT Wrap, Colonial First State FirstWrap, Hub24, IOOF Pursuit Select Investment Service, Macquarie Investment Manager / Consolidator, MLC Wrap IDPS and SMS, Netwealth Wrap and North Investment.

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Listed

January 2008

WAM Active receives coverage from the following independent investment research providers:

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This announcement has been authorised by the Board of WAM Active Limited.

About Wilson Asset Management

Wilson Asset Management has a track record of making a difference for shareholders and the community for over 27 years. As the investment manager for nine leading LICs: WAM Capital (ASX: WAM), WAM Leaders (ASX: WLE), WAM Global (ASX: WGB), WAM Microcap (ASX: WMI), WAM Alternative Assets (ASX: WMA), WAM Income Maximiser (ASX: WMX), WAM Research (ASX: WAX), WAM Active (ASX: WAA) and WAM Strategic Value (ASX: WAR); and three unlisted funds: Wilson Asset Management Leaders Fund, Wilson Asset Management Founders Fund and Wilson Asset Management Equity Fund, Wilson Asset Management invests over $6.0 billion on behalf of more than 130,000 retail and wholesale investors.

Wilson Asset Management created and is the lead supporter of the first LICs to deliver both investment and social returns: Future Generation Australia (ASX: FGX) and Future Generation Global (ASX: FGG), as well as Future Generation Women. Wilson Asset Management advocates and acts on behalf of retail investors, is a member of the global philanthropic Pledge 1% movement, is a significant funder of many Australian charities and provides all team members with $10,000 each year to donate to charities of their choice. All philanthropic investments are made by Wilson Asset Management and not the LIC.

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$6.0 billion in funds under management

250 years combined investment experience

+27 years making a difference for shareholders

12 investment products

For more information visit www.wilsonassetmanagement.com.au or contact:

Geoff Wilson AO Kate Thorley Jesse Hamilton Chairman & Chief Executive Officer Chief Financial Officer Chief Investment Officer (02) 9247 6755 (02) 9247 6755 (02) 9247 6755 X (Twitter): @GeoffWilsonWAM 0401 944 807 LinkedIn: @Geoff Wilson

Alexandra Hopper Irwin Senior Manager, Corporate Affairs & Marketing (02) 9247 6755

WAM Active Limited (ASX: WAA) ABN 49 126 420 719 wilsonassetmanagement.com.au

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