WAM MICROCAP LIMITED — Net Asset Value 2026

Jan 8, 2026

Investment Update December 2025

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ASX: WMI

The most exciting undervalued growth opportunities in the Australian micro-cap market.

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December 2025

NTA NTA (before tax payment) (after tax payment) Tax paid 149.82c 149.64c 0.18c

149.82c

Net Tangible Assets (NTA) per share before tax

152.73c

November 2025

The December 2025 NTA (after tax payment) is after the payment of $0.5m (0.18 cents per share) in tax during the month.

The net current and deferred tax asset/(liability) position of the Company for December 2025 is (2.34) cents per share.

Dividend highlights

10.6c

75.35c

107.6c

Fully franked full year dividend (per share)

Dividends paid since inception (per share)

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

6.6%

9.4%

55.4c

Fully franked dividend yield[*]

Grossed-up dividend yield[*]

Profits reserve (per share)

Assets

$419.8m

Investment portfolio performance[^] (pa since inception June 2017)

16.7% S&P/ASX Small Ordinaries Accumulation Index: 8.4%

Month-end share price (at 31 December 2025) $1.61

*Based on the 31 December 2025 share price and the FY25 fully franked full year dividend of 10.6 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 Microcap Limited (ASX: WMI)

ABN: 34 617 838 418

Glossary

Watch Shaun Weick and Cooper Read Shaun Weick’s comments in The Rogers’ episode of ‘Talking Stocks’ Australian on the outlook for micro-caps

The WAM Microcap (ASX: WMI) investment portfolio decreased during the month. Australian medical technology company Artrya (ASX: AYA) was a contributor to the investment portfolio performance, while provider of specialised trade skilled services Tasmea (ASX: TEA) was a detractor.

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Artrya is a medical technology company focused on the detection and management of coronary artery disease and utilises artificial intelligence (AI) to deliver accurate and non-invasive diagnoses in emergency and primary care settings. The company’s share price increased in December after Artrya announced it had secured its second US commercial customer, signing a three-year agreement with Northeast Georgia Health System (NGHS), one of its US foundation partners. The agreement has a minimum value of USD0.3 million for the Salix Coronary Anatomy platform, with additional upside from per-scan fees for add-on modules. It also supports Artrya’s US growth strategy by moving a foundation partner into a paying customer and creating a reference site for further hospital contract wins. Importantly, the Salix platform is expected to be rolled out across NGHS’ five hospitals and broader network, signalling scope for wider adoption beyond an initial implementation. Artrya also pointed to its Atlanta-based Customer Success team as a key enabler of smooth deployment and scalable customer onboarding as it grows in the US. The approval of Artrya’s Heartflow Analysis module and additional customer contract wins are key near-term catalysts.

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Tasmea operates a portfolio of trade-skilled services businesses, including electrical, mechanical, civil and water/fluids services. In December, the company announced that it had completed the acquisition of WorkPac Group, a leading provider of workforce solutions in Australia. The deal was high single digit earnings accretive, with a number of long-term benefits including revenue and cost synergies that will support multi-year earnings growth. Despite this, the company’s share price declined with the broader market and what we understand were concerns that the acquisition is “off strategy”. We believe the market is underestimating emerging pressures within the east coast labour market, with the WorkPac Group acquisition positioning the company strongly to capitalise on an expected surge in activity associated with the Brisbane Olympics. The broader commodity price backdrop remains supportive for demand within core verticals.

Fully franked dividends since inception

Cents per share

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WAM Microcap Limited (ASX: WMI)

ABN: 34 617 838 418

Full Year Result

Annual Report

Diversified investment portfolio by sector

Top 20 holdings (alphabetical order)

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0.1%
1.8%
2.4%
8.4%
2.6%
21.5%
6.1%
6.8%
19.2%
12.5%
18.6%
Industrials: 21.5% Consumer discretionary: 19.2%
Financials: 18.6% Information technology: 12.5%
Health care: 6.8% Materials: 6.1%
Communication services: 2.6% Real estate: 2.4%
Utilities: 1.8% Energy: 0.1%
Cash: 8.4%
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Top 20	holdings (alphabetical order)
Code	CompanyName
AIM	AI-Media Technologies
ASG	Autosports Group
AYA	Artrya
BBN	BabyBuntingGroup
BLX	Beacon LightingGroup
COG	COG Financial Services
CWP	Cedar Woods Properties
EML	EML Payments
FCL	FINEOS Corporation Holdingsplc
GDG	Generation Development Group
GNP	GenusPlus Group
KLS	Kelsian Group
LIN	Lindian Resources
MYG	Mayfield GroupHoldings
PLT	Plenti Group
SGI	Stealth GroupHoldings
SNL	SupplyNetwork
SYL	Symal Group
TUA	Tuas
VYS	Vysarn

Our proven investment process

Research and market driven process across undervalued micro-cap growth companies with a market capitalisation of less than $300 million at the time of acquisition.

Diligent and deep research on undervalued micro-cap growth companies that focuses on free cash flow, return on equity, meeting management and the quality of a company.

Catalyst

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

Catalyst: a major event that alters the market’s perception of a company or its earnings momentum which will lead to a rerating of the investee company’s share price.

WAM Microcap Limited (ASX: WMI)

ABN: 34 617 838 418

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 over 27 years.

As the investment manager for nine leading listed investment companies (LICs) and three 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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>$6.0 billion

130,000

>250 years

12

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) Alexandra Hopper Irwin @GeoffWilsonWAM (02) 9247 6755 Head of Corporate Affairs

Alexandra Hopper Irwin Head of Corporate Affairs and Marketing (02) 9247 6755

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: WMI assigned June 2025) 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 Microcap Limited (ASX: WMI)

ABN: 34 617 838 418