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UPDATE May 2025 Whitefield Industrials Year End Whitefield Income Mid Year For personal use only
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Experience Efficiency Innovation Reliability Integrity For over 100 years Whitefield has provided Australian investors with an avenue for efficient wealth creation. Whitefield Industrials - launched 1923 Whitefield Income – launched 2025 Our longevity is testament to our successful formula, a process that has benefitted our shareholders year after year. For personal use only
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31 Mar 25 Financial Year End _Strong outcomes across many dimensions • 10% increase in EPS • Dividends increased to 10.5 cents per six months • 8.3% FY25 investment return including franking • Strong outperformance vs benchmark • Good risk control: no periods of sustained or material underperformance over last 40 years 3 Angus Gluskie Chairman For personal use only
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31 Mar 2025 Earnings and Dividends _Earnings • +10% NPAT to $22.4m • +10% EPS to 18.7 cps 4 Angus Gluskie Chairman _Dividends • 10.5 cents per half (up from 10.25 cents) • Paid Dec 24, Jun 25 • Fully franked • 20% attributed to LIC Discount Gains (provides additional tax deduction for CGT discount) 0 2 4 6 8 10 12 14 16 18 20Cents EPS 10Yr Moving Avg 0 3 6 9 12 15 18 21Cents DPS 10Yr Moving Avg For personal use only
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31 Mar 2025 Net Asset Backing 5 Angus Gluskie Chairman $5.86 $0.22 ($0.03) ($0.00) ($0.02) ($0.21) ($0.01) $6.04 $0.22 Opening Net Assets Income Expenses Finance Costs Investment Revaluation Tax Incurred Dividends Paid to Holders Capital Raising Impact Closing Net Assets $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 Whitefield Industrials Ltd NET ASSET BACKING PER SHARE Year to 31 March 25 Increase Decrease Total $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Whitefield Industrials Ltd NET ASSET BACKING PER SHARE NAB 10 Year Moving Avg For personal use only
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31 Mar 2025 Investment Returns _Notes Past performance reflects economic conditions and management over the years shown and should not be considered a forecast of future outcomes. Performance for periods greater than 1 year shown as annualised equivalent. Portfolio performance is before leverage, expenses and company tax. 6 Will Seddon Director Returns to 31 Mar 2025 1 Yr 3 Yr pa 7 Yr pa 40 Yr pa Portfolio Returns (Before tax, costs, leverage and other company level actions) Whitefield Portfolio 7.45% 7.78% 8.42% 10.85% Benchmark Index 6.72% 7.60% 8.43% 10.27% S&P/ASX200 Accumulation Index 2.84% 5.62% 8.64% 10.24% * Benchmark is S&P/ASX200 Industrials Accumulation from 2003 and ASX200 Accumulation prior Shareholder Returns Inclusive of Franking Credits (after costs) Whitefield NAB and Dividends 8.27% 8.50% 9.20% 12.31% Whitefield Share Price and Dividends 5.35% 4.14% 7.84% 13.52% * NAB is Pre-Deferred Tax Net Asset Backing 0% 2% 4% 6% 8% 10% 1 Yr 3 Yr pa 7 Yr pa 40 Yr pa Whitefield Industrials Ltd INVESTMENT RETURNS TO MAR 2025 (Before costs, tax and franking credits) Whitefield Portfolio Benchmark Index S&P/ASX200 Accumulation Index For personal use only
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31 Mar 2025 Exposures 7 Will Seddon Director 0% 5% 10% 15% 20% 25% 30% 35% Banks Non Bank Financials Health Care Industrials Consumer Discretionary Real Estate Consumer Staple Communication Services Information Technology Materials Utilities Whitefield Industrials Ltd SECTORAL EXPOSURES At 31 March 2025 (1.2%) (0.8%) (0.4%) 0.0% 0.4% 0.8% 1.2% Banks Non Bank Financials Health Care Industrials Consumer Discretionary Real Estate Consumer Staple Communication Services Information Technology Materials Utilities Whitefield Industrials Ltd NET SECTORAL OVER/UNDER WEIGHT At 31 March 2025 For personal use only
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31 Mar 2025 Net Asset Backing v Market Price 8 _The WHF share price has not yet caught up with the 2023-24 rally in asset backing • Reflects current investor caution on equities • Creates the periodic opportunity for interested buyers of WHF shares to acquire below NAB Angus Gluskie Chairman For personal use only
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31 Mar 2025 Long Term Outcomes _Notes Past performance reflects economic conditions and management over the years shown and should not be considered a forecast of future outcomes. Portfolio and Benchmark performance are before expenses and company tax and do not include franking. 9 Angus Gluskie Chairman _Opportunities to acquire shares at favourable prices have historically contributed to additional outperformance for long term investors • WHF portfolio has outperformed its benchmark over many decades • Buyers of WHF shares at favourable prices have received additional outperformance • E.g. WHF shares could be purchased below asset backing in 1985, at the start of this chart • Franking has also been included to illustrate the total gross return received by an investor $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021 2025 Whitefield Industrials Ltd LONG TERM PERFORMANCE Value of $100 invested : 40 Years 1985-2025 Benchmark Index Accumulation WHF Share Price, Divs and Franking Accumulation WHF Portfolio Accumulation * Benchmark is S&P/ASX200 Industrials from 2003 and S&P/ASX200 prior For personal use only
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30 Apr 25 5th Year of strategy operation 5 Months since ASX listing _Whitefield Income is an ASX investment company, listed in Dec 2024. The company’s strategy was also operated as an unlisted fund for 4 years prior to listing. 10 Angus Gluskie Chairman A systematic and structured strategy Systematically and actively invests in S&P/ASX300 Equities over key points in their income generation and dividend payment periods A differentiated way to generate return and outperformance Benefits from the faster patterns of income recognition in listed share prices as income is earned and dividends paid. Benefits from “quality” – continuous portfolio rotation into profitable, dividend paying, cash flow positive businesses as the economy changes over time. Monthly Dividends Distributes return to investors as regular monthly franked dividends For personal use only
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30 Apr 25 5th Year of strategy operation 5 Months since ASX listing _Whitefield Income has generated a strong gross income, outperformed benchmark and commenced monthly dividends 11 Angus Gluskie Chairman Prospectus Objective Outcome Gross Income High level of gross income including franking 5.1% over 5 months since listing 13.1% pa (since Jan 21 prior unlisted fund plus listed company) Outperformance Outperform over rolling 3 years +1.6% outperformance vs benchmark over 5 months +4.2%pa outperformance vs benchmark (since Jan 21 prior unlisted fund plus listed) Dividends Regular monthly dividends Apr 25 Monthly dividends commenced Apr 25 Base rate 8%pa on IPO price inclusive of franking credits For personal use only
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30 Apr 25 5th Year of strategy operation 5 Months since ASX listing 12 Angus Gluskie Chairman _The Whitefield Income strategy has delivered consistently solid outcomes • Strong income generation • Strong outperformance • Strong share price performance For personal use only
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The extent of the Trump 2.0 policy agenda has caught many investors by surprise and created uncertainty as to its impact. 13 Will Seddon Director Most Americans do not believe tariffs are a good thing. Using tariffs as a bargaining chip creates risk and uncertainty… …and strains an already fractured global trade system. For personal use only
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Most Americans recognise the need to resolve key risks to their economy over the longer term; Trump 2.0 is one approach. 14 Will Seddon Director Twin deficits continue to widen under the current economic model. The offshoring of manufacturing has not improved the lives of all Americans... ...while enabling the accumulation of unsustainable government debt levels. For personal use only
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We expect uncertainty to remain elevated creating short and longer term opportunities. 15 Will Seddon Director Near term market moves will be dictated by the ebb-and-flow of trade negotiations. Over time there may be some more positive elements which emerge. Near term economic risk as businesses and consumers postpone decisions in the face of uncertainty about: • What the ultimate agreements might be. • How long agreements may take to come to fruition. • What elements of the agenda we have not yet seen. • Negotiated outcomes amount to de-escalation. • Investment is flowing back into the more stable Australian economy. • Economic activity will recover once a new equilibrium is established. • Policies may achieve some of their stated aims. Reduced visibility favours higher quality company fundamentals over uncertain growth stories. Wide price swings on policy announcements and related news flow create more contrarian opportunities than normal, supporting the importance of value measures. Over time, new economic trends become evident in earnings momentum indicators. Nervous and noisy markets tended to support fundamental investment criteria in the past. For personal use only
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Any questions? 16 For personal use only
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Any questions? 17 For personal use only
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Thank you for your attendance. 18 For personal use only
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_Important Information 19 General, Limited Commentary: This document contains information about Whitefield and the markets in which it operates. The document is limited in scope and accordingly may not contain all the information necessary for an investor to make an investment decision. It is not a personal investment recommendation, it is not investment advice, and accordingly does not take account of the financial situation or particular needs of any individual investor. Before making an investment decision an individual should consider all other relevant information, including (but not limited to) information as to their specific circumstances and needs, the risks of investing, other investment alternatives and consider whether they should seek professional advice in forming their decision. Information regarding past performance reflects the specific circumstances and decisions that transpired across the time frames shown. Past performance may not be indicative of the future and should not be relied upon as a guide or guarantee of future outcomes. Disclaimer: Whitefield and its officers and agents have prepared the information in good faith. However no warranty (express or implied) is made as to the accuracy, completeness or reliability of any statements, estimates or opinions or other information contained in these materials. To the extent permitted by law, all liability and responsibility (including liability from fault or negligence) is disclaimed for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from these materials. _Contact Details Suite 19.01 Level 19, 68 Pitt Street Sydney NSW 2000 Phone +61 2 8215 7900 Email: info@whitefield.com.au whitefield.com.au Whitefield Capital Management Pty Ltd ABN 76 074 709 210 For personal use only