WAM Income Maximiser Posts $2.18M Profit and Raises $148M in Capital Boost
WAM Income Maximiser Limited has reported a robust first half-year since its April 2025 ASX listing, posting a net profit of $2.18 million and raising over $148 million through placement and share purchase plans. The company also declared rising fully franked monthly dividends, signalling confidence in its income-generating strategy.
- Net profit after tax of $2.18 million for six months to December 2025
- Investment portfolio grew 8.3%, outperforming benchmark by 4.9%
- Raised $148 million via placement and Share Purchase Plan
- Declared increasing fully franked monthly dividends up to 0.55 cents per share
- Net tangible asset backing rose to $1.61 per share before tax
Strong Financial Performance in First Half-Year
WAM Income Maximiser Limited, a newly listed investment company on the ASX since April 2025, has released its half-year results ending 31 December 2025, showcasing a promising start. The company reported revenue of $4.72 million and a net profit after tax of $2.18 million, reflecting the solid performance of its diversified investment portfolio.
The portfolio increased by 8.3% over the six months, comfortably outperforming its benchmark by 4.9%. Since inception, the portfolio’s growth stands at 11.6%, indicating effective investment management and a strong market entry.
Capital Raising and Shareholder Returns
Capital management has been a key focus, with WAM Income Maximiser successfully raising over $148 million through a $120.2 million placement and a $28 million Share Purchase Plan (SPP). The placement was priced at $1.602 per share, closely aligned with the company’s net tangible asset (NTA) backing, while the SPP was offered at a slight discount to encourage shareholder participation.
Shareholders have benefited from a steady stream of fully franked monthly dividends, which have progressively increased from 0.20 cents per share in August 2025 to 0.55 cents per share declared for March 2026. This dividend policy underscores the company’s commitment to delivering consistent income alongside capital growth.
Net Tangible Assets and Portfolio Strategy
The company’s NTA per share rose to $1.61 before tax and $1.59 after tax by the end of December 2025, up from the IPO price of $1.50. This growth, alongside the portfolio’s outperformance, highlights effective capital deployment and portfolio management by Wilson Asset Management (International) Pty Limited.
WAM Income Maximiser’s investment approach focuses on high-quality ASX-listed companies and investment-grade corporate debt, aiming to balance income generation with capital preservation. The company targets a total income return of the Reserve Bank of Australia’s cash rate plus 2.5% per annum, including franking credits, a goal it is on track to meet.
Risk Management and Governance
The company acknowledges a range of material risks, including market volatility, economic shifts, and governance challenges related to its investment manager relationship. Notably, the investment in Corporate Travel Management Limited has been reclassified to a lower valuation tier due to suspension from the ASX, reflecting prudent risk assessment.
Governance structures include a board with independent and non-independent directors, and a comprehensive risk management framework overseen by the board and implemented by the investment manager. Cybersecurity, operational, and privacy risks are actively managed to safeguard shareholder interests.
Outlook and Market Positioning
With a strong capital base, a growing portfolio, and a clear dividend policy, WAM Income Maximiser is well positioned to continue delivering value to shareholders. The company’s strategy to focus on income-producing assets while preserving capital aligns with investor demand for reliable returns in a fluctuating market environment.
As the company moves beyond its inaugural half-year, market participants will be watching closely to see how it navigates ongoing economic uncertainties and sustains its performance momentum.
Bottom Line?
WAM Income Maximiser’s solid debut half-year sets a confident tone, but sustaining dividend growth amid market risks will be the next test.
Questions in the middle?
- How will WAM Income Maximiser manage the valuation uncertainty around its suspended Corporate Travel Management investment?
- Can the company maintain its dividend growth trajectory as it scales its portfolio and capital base?
- What impact will the recent capital raising have on shareholder composition and future strategic flexibility?
