Increased interim dividend, strong total shareholder return

• Increased interim dividend of 3.0 cents per share, partially franked at 60%
• Total shareholder return of 9.4% in the six months to 31 December 2025, or 10.8% including franking credits
• Investment portfolio increased 4.9% in the six months to 31 December 2025

WAM Alternative Assets Limited (ASX: WMA) has declared an increased interim dividend of 3.0 cents per share, partially franked at 60%, an increase on the FY2025 interim dividend of 2.7 cents per share. The increased interim dividend represents an annualised interim dividend yield of 5.9% and a grossed-up dividend yield of 7.4% when including the value of franking credits. The Company's total shareholder return (TSR) was 9.4% in the six months to 31 December 2025, or 10.8% when including the value of franking credits, driven by the investment portfolio performance and a narrowing of the share price discount to net tangible assets (NTA) throughout the period. The investment portfolio increased 4.9% in the six months to 31 December 2025, with the private equity and infrastructure components of the portfolio being the key drivers.Since the appointment of Wilson Asset Management as Investment Manager in October 2020, the investment portfolio has increased 9.0% per annum. The Company expects at least two more exits from the private equity component of the investment portfolio to occur before the end of the 2026 financial year, with proceeds to be deployed into new growth opportunities.

The Company expects the FY2026 final dividend will be at least 3.0 cents per share, partially franked at 60%.