WAM MICROCAP LIMITED — Net Asset Value 2026

May 12, 2026

Investment Update

April 2026

Wilson

Asset Management

W|A|M Microcap ASX: WMI

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

Net Tangible Assets (NTA) per share before tax

April 2026 128.99c

March 2026 123.78c

The April NTA figure is before the fully franked interim dividend of 5.35 cents per share payable on 29 May 2026. The shares will trade ex-dividend on 15 May 2026.

The net current and deferred tax asset/(liability) position of the Company for April 2026 is 4.11 cents per share.

Dividend highlights

| 10.7c
Annualised fully franked interim dividend (per share) | 75.35c
Dividends paid since inception (per share) | 107.6c
Dividends paid since inception, when including the value of franking credits (per share) |
| --- | --- | --- |
| 6.9%
Annualised fully franked interim dividend yield | 9.9%
Grossed-up dividend yield | 55.4c
Profits reserve (per share) |

Assets

$361.9m

Investment portfolio performance* (pa since inception June 2017)

14.2%

SGP/ASX Small Ordinaries Accumulation Index: 7.1%

Month-end share price (at 30 April 2026)

$1.55

*Based on the 30 April 2026 share price and the annualised FY2026 fully franked interim dividend of 10.7 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

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W|A|M Microcap

Glossary

Read Shaun Weick's comments in the AFR on GenusPlus, IPD Group and Tasmea

?

Watch Oscar Oberg at the 2026 National Shareholder Presentation

The WAM Microcap (ASX: WMI) investment portfolio increased in April, outperforming the S&P/ASX Small Ordinaries Accumulation Index. Specialist health insurance software provider FINEOS Corporation Holdings (ASX: FCL) and communications infrastructure and services provider GenusPlus Group (ASX: GNP) were contributors to the investment portfolio outperformance.

FINEOS

FINEOS Corporation Holdings develops software used by global health insurers to manage core functions such as policy administration, claims handling and customer billing. The company's share price rose during the month after a solid quarterly update that supported confidence in improving cash generation and contract momentum. FINEOS Corporation Holdings reported free cash flow of EUR11.1 million and a closing cash balance of EUR47.1 million (up EUR19.3 million on the prior quarter), highlighting continued progress towards its FY2026 profitability and cash targets. New contract wins including a North American client and the Motor Accidents Insurance Board of Tasmania, also demonstrated continued demand for the platform. Guidance was reaffirmed for FY2026 revenue of EUR147 million to EUR152 million. We believe the April share price strength reflects growing confidence in the company's ability to increase cash generation, and translate contract wins into sustainable earnings.

GENUS

GenusPlus Group is a national power and communications infrastructure contractor. The company's share price rose in April, as investors gained confidence in the company's near-term earnings upgrade potential and exposure to large-scale energy infrastructure projects. GenusPlus Group has approximately $2.5 billion in confirmed orders and continues to bid for major transmission projects, including the Hunter, Gippsland Offshore Wind and New England Renewable Energy Zone (REZ) developments. Potential contract awards through 2026 remain important near-term catalysts. We believe the April share price performance reflects growing confidence in GenusPlus Group's earnings outlook, supported by a strong pipeline of work linked to Australia's energy transition.

Fully franked dividends since inception

The Board declared a fully franked interim dividend of 5.35 cents per share payable on 29 May 2026.

Cents per share

WAM Microcap Limited (ASX: WMI)

ABN: 34 617 838 418

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W|A|M Microcap

Interim Result

3

Interim Financial Report

3

Diversified investment portfolio by sector

Industrials: 23.1%
Financials: 14.0%
Health care: 6.8%
Real estate: 3.7%
Utilities: 2.0%
Energy: 0.1%

Consumer discretionary: 16.8%
Information technology: 11.9%
Materials: 5.5%
Communication services: 3.0%
Consumer staples: 0.1%
Cash: 13.0%

Top 20 holdings (alphabetical order)

Code	Company Name
AIH	Advanced Innergy Holdings
ASG	Autosports Group
AYA	Artrya
COG	COG Financial Services
CWP	Cedar Woods Properties
EDU	EDU Holdings
EOL	Energy One
FCL	FINEOS Corporation Holdings
GDG	Generation Development Group
GNP	GenusPlus Group
GTK	Gentrack Group
IDX	Integral Diagnostics
IMR	Imricor Medical Systems
IPG	IPD Group
KGN	Kogan.com
LGI	LGI
SYL	Symal Group
TUA	Tuas
VYS	Vysarn
n/a	Xpansiv

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.

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

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About the Investment Manager

W

Wilson Asset Management

Wilson Asset Management has a track record of making a difference for shareholders and the community for over 28 years.

As the investment manager for nine leading listed investment companies (LICs) and four 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.

$6.0 billion	in funds under management
130,000	retail and wholesale investors
>250 years	combined investment experience
13	investment products

Listed Investment Companies

W|A|M Capital
W|A|M Leaders
W|A|M Global
W|A|M Microcap
W|A|M Income Maximiser
W|A|M Alternative Assets
W|A|M Strategic Value
W|A|M Research
W|A|M Active

Key contacts

Geoff Wilson AO
Chairman & Chief Investment Officer
X (Twitter)
@GeoffWilsonWAM
(02) 9247 6755

Kate Thorley
Chief Executive Officer
0405 115 644

Jesse Hamilton
Chief Financial Officer
0401 944 807

Alexandra Hopper Irwin
Head of Corporate Affairs and Marketing
0431 381 295

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" (s7668 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 POS 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