WAM ACTIVE LIMITED — Interim / Quarterly Report 2025

Apr 13, 2025

Investment Update March 2025

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ASX: WAA

Mispricing opportunities in the Australian market.

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Net Tangible Assets (NTA) per share before tax

The March NTA figure is March 2025 78.69c before the fully franked interim dividend of 3.0 cents per share payable on 30 April February 2025 82.78c 2025. The shares trade ex-dividend on 14 April 2025.

The net current and deferred tax asset/(liability) position of the Company for March 2025 is 9.74 cents per share. This includes 9.83 cents per share of income tax losses available to the Company in future periods.

Dividend highlights

6.0c

98.7c

141.0c

Annualised fully franked interim dividend (per share)

Dividends paid since inception (per share)

Dividends paid since inception, when including the value of franking credits (per share)

7.0%

10.0%

17.7c

Annualised fully franked interim dividend yield[*]

Grossed-up dividend yield[*]

Profits reserve (per share)

Assets

$60.4m

Investment portfolio performance[^] (pa since inception January 2008)

10.8%

Month-end share price (at 31 March 2025)

$0.855

Bloomberg AusBond Bank Bill Index: 2.9%

*Based on the 31 March 2025 share price and the annualised FY25 fully franked interim dividend of 6.0 cents per share. Grossed-up dividend yield includes the value of franking credits and is based on a tax rate of 30%.

^Investment portfolio performance is before expenses, fees and taxes to compare to the relevant index which is also before expenses, fees and taxes.

WAM Active Limited (ASX: WAA)

ABN: 49 126 420 719

Glossary

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The WAM Active (ASX: WAA) investment portfolio decreased during the month. Global ship building company Austal (ASX: ASB) was a contributor to the investment portfolio performance, while financial services company HUB24 (ASX: HUB) was a detractor.

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Austal is Australia’s global shipbuilder, specialising in the design, construction and sustainment of defence vessels. In March, Austal announced a $200 million institutional placement and a $20 million share purchase plan at $3.80 per share to expand its shipbuilding capacity in the US. The funds will contribute to the infrastructure expansion project at its shipyard in Mobile, Alabama which is a highly strategic site for the US Navy, whilst reconfirming its FY2025 earnings before interest and taxes (EBIT) guidance of $80 million at a minimum. Subsequent to the raise, South Korean conglomerate Hanwha Group acquired a substantial interest in the company at $4.45 per share. Hanwha is seeking to become a long-term partner to the Australian shipbuilder and will engage with Austal about board representation.

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HUB24 delivers integrated platform, technology and data solutions to the Australian wealth industry. As a platform provider, HUB24’s earnings profile is inextricably linked to the broader capital market confidence, and as such, the share price declined amidst broader market weakness during the month. Operationally, HUB24 continues to strengthen its position as Australia’s best platform in the industry, delivering impactful new enhancements to advisers, as evidenced by surpassing AustralianSuper as the leading fund for competitive superannuation flow. Longer term, we remain confident in HUB24’s outlook, underpinned by the strength of their relative position in the platform market.

Fully franked dividends since inception

The Board declared a fully franked interim dividend of 3.0 cents per share payable on 30 April 2025.

Cents per share

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10.0
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8.0
6.0
4.0
2.0
0.0
2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25
Fully franked dividends Return of capital Annualised fully franked interim dividend
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WAM Active Limited (ASX: WAA)

ABN: 49 126 420 719

Interim Financial Report

Interim Result

Our proven investment process

Market Driven Process

Takes advantage of short-term mispricing opportunities in the Australian equity market.

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Generate market-driven
investment idea
Catalyst
Identify Analyse risk,
mispricing return and
liquidity
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A major event that alters the market’s perception of a company or its earnings potential which leads to a rerating of the investee company’s share price.

Top 20 holdings (in alphabetical order)

Code Company Name 360 Life360 Inc. A2M The a2 Milk Company ABB Aussie Broadband ALQ ALS BGA Bega Cheese CAT Catapult Group International CDA Codan CKF Collins Foods DVP Develop Global GDG Generation Development Group HUB HUB24 INA Ingenia Communities Group JDO Judo Capital Holdings KBC Keybridge Capital QOR Qoria SRG SRG Global SUM NZ Summerset Group Holdings SYL Symal Group TUA Tuas n/a Xpansiv

Diversified investment portfolio by sector

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17.0%
22.2%
11.4%
3.1%
5.4%
5.8% 11.3%
6.2%
6.6% 11.0%
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Financials: 17.0% Communication services: 11.4% Information technology: 11.3% Industrials: 11.0% Consumer discretionary: 6.6% Consumer staples: 6.2% Materials: 5.8% Health care: 5.4% Real estate: 3.1% Cash: 22.2%

WAM Active Limited (ASX: WAA)

ABN: 49 126 420 719

About the Investment Manager

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Wilson Asset Management has a track record of making a difference for shareholders and the community for 27 years.

As the investment manager for eight leading listed investment companies (LICs) and two unlisted funds, Wilson Asset Management has a diversified offering of Australian and global listed equities and alternative assets.

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.

Listed Investment Companies

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>$5.9 billion

130,000

>250 years

11

in funds under management

retail and wholesale investors

combined investment experience

investment products

Key contacts

Geoff Wilson AO Jesse Hamilton Chairman & Chief Chief Financial Officer Investment Officer 0401 944 807 X (Twitter) Camilla Jones @GeoffWilsonWAM (02) 9247 6755 Corporate Affairs Manager

Camilla Jones Corporate Affairs Manager 0407 407 062

Kate Thorley Chief Executive Officer (02) 9247 6755

For more information visit: wilsonassetmanagement.com.au

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Zenith Disclaimer: The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (ASX:WAA assigned June 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

Independent Investment Research (IIR) Disclaimer: The rating ascribed by IIR is provided under the Annual LIC Research Participation Scheme whereby the LIC Manager provides information and IIR rating is monitored on a monthly basis to ensure its currency. The manager is a participant and as such this rating is current. Please note an ascribed rating does not constitute advice in any form. We recommend to any reader that no investment decisions are made on this fund without seeking advice from your Wealth Manager.

WAM Active Limited (ASX: WAA)

ABN: 49 126 420 719