WAM MICROCAP 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 eighth WAM Microcap Limited (ASX: WMI) Annual General Meeting (AGM). My name is Geoff Wilson, Chairman of the Board of Directors. WAM Microcap provides investors access to a portfolio of undervalued micro-cap growth companies with a market capitalisation of less than $300 million at the time of acquisition. WAM Microcap also provides exposure to relative value arbitrage and market mispricing opportunities. WAM Microcap’s investment objectives are to deliver a stream of fully franked dividends, provide capital growth over the medium-to-long term and 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 Microcap. I am joined today by my fellow Board members, Jacqueline Sullivan and Adrian Siew. Kate Thorley is an apology today. Chris Chandran, a representative from WAM Microcap’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 2025 financial year marked the eighth consecutive year since inception that the WAM Microcap investment portfolio outperformed the S&P/ASX Small Ordinaries Accumulation Index. The WAM Microcap investment portfolio increased 18.8%[] during the 12-month period to 30 June 2025, outperforming the Index by 6.5%. Since inception, WAM Microcap has achieved an investment portfolio return of 16.3%[] per annum, outperforming the Index by 9.5% per annum. This investment portfolio outperformance has been achieved through WAM Microcap’s diligent and proven investment approach, which focuses on identifying undervalued micro-cap growth companies with a catalyst.

The WAM Microcap investment team consider the 2025 financial year the toughest environment for investing they had seen, most notable during the tariff uncertainty in April created by the Liberation Day announcement from the US. Heightened geopolitical risks and uncertainty around the macroeconomic environment have directed investments in larger or more liquid companies. Given these substantial headwinds, the WAM Microcap investment team is pleased to have delivered investment portfolio outperformance in FY2025 for shareholders by applying the proven Wilson Asset Management investment process. Companies that contributed to the investment portfolio outperformance included Generation Development Group (ASX: GDG) and GenusPlus Group (ASX: GNP).

The Board declared a FY2025 fully franked full year dividend of 10.6 cents per share, which represented a 7.3% fully franked dividend yield on the Company’s 30 June 2025 share price of $1.45 per share and a grossed-up dividend yield of 10.4%[^] .

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

WAM Microcap Limited (ASX: WMI) ABN 34 617 838 418 wilsonassetmanagement.com.au

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Since inception in June 2017, WAM Microcap has paid 107.6 cents per share in fully franked dividends when including the value of franking credits to shareholders. This has resulted in an average fully franked dividend yield on the initial public offering price of 9.1%, and a grossed-up dividend yield of 13.0%[^] when including the value of franking credits.

WAM Microcap reported an operating profit before tax of $59.7 million for the year (FY2024: $46.9 million) and an operating profit after tax of $43.6 million (FY2024: $34.2 million).

FY2026 outlook and update

Company update

In the four months to 31 October 2025, the investment portfolio increased 15.2%[*] , while the S&P/ASX Small Ordinaries Accumulation Index increased 17.5%. The rapid rise of the resources sector, a sector that the WAM Microcap investment portfolio has historically had minimal exposure to, has led to this underperformance.

The investment team has seen many cycles and identified a number of undervalued growth companies that are yet to participate in the rally we have seen since the lows of the market in April 2025. The investment team will remain diligent in applying the Wilson Asset Management investment process and sees a more buoyant environment to benefit microcap companies in the year ahead.

Market outlook

The WAM Microcap investment portfolio has outperformed the S&P/ASX Small Ordinaries Accumulation Index over the last eight years across varying macroeconomic conditions, and today has a favourable outlook for the 2026 financial year with headwinds experienced in the 2025 financial year beginning to reverse.

Improved confidence in the macroeconomic environment has notably increased the deal environment, with the WAM Microcap investment portfolio participating in 25 deals in the first four months of the 2026 financial year, more than the 2024 and 2025 financial years combined. The WAM Microcap investment team sees a strong pipeline of initial public offerings (IPOs) building and are excited about the outlook for these companies. The WAM Microcap investment team also anticipates that a more positive macroeconomic environment will provide a strong tailwind for companies within the investment portfolio, by increasing investor confidence towards less liquid micro-cap companies as well as supporting the capital markets activity that allows these businesses to grow.

In FY2026, the WAM Microcap investment team remains diligent in applying the proven Wilson Asset Management investment process. We are positive on the undervalued micro-cap growth companies held within the portfolio and their ability to benefit from the market rally and improving macroeconomic conditions.

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 index which is 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%.

WAM Microcap Limited (ASX: WMI) ABN 34 617 838 418 wilsonassetmanagement.com.au

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For more information

Further information on WAM Microcap 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 Microcap Limited (ASX: WMI) ABN 34 617 838 418 wilsonassetmanagement.com.au

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About

WAM Microcap

WAM Microcap Limited (ASX: WMI) provides investors access to a portfolio of undervalued micro-cap growth companies with a market capitalisation of less than $300 million at the time of acquisition. WAM Microcap also provides exposure to relative value arbitrage and market mispricing opportunities. WAM Microcap’s investment objectives are to deliver a stream of fully franked dividends, provide capital growth over the medium-tolong term and preserve capital.

All major platforms provide access to WAM Microcap, 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 June 2017

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

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This announcement has been authorised by the Board of WAM Microcap 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

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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 Microcap Limited (ASX: WMI) ABN 34 617 838 418 wilsonassetmanagement.com.au

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