Earnings release
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Quarterly Update Issued November 2025 For personal use only
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2 A structured and disciplined investment strategy consistently applied over time. Whitefield Industrials’ 2026 financial year is progressing well. The portfolio has again outperformed its benchmark and 3 year returns amount to 17% per annum. Income and Profit Whitefield Industrials reports a preliminary unaudited Net Profit after Tax of $10.5m for the six months ended 30 September 2025. This outcome equates to earnings per share of 8.7 cents. Excluding the one-off items noted below, dividend and distribution income from the Company’s investments grew by approximately 1% reflecting the generally positive conditions experienced in the Australian domestic economy over this period. Reported net profit however is slightly lower than the equivalent six months in the prior year, with the decrease attributable to three specific items: (a) A decrease in the company’s portfolio size, following the buy-back of preference share capital in November 2024; (b) The non-repeat of the Westpac Bank special dividend in the prior year (while noting that Westpac’s core dividend was increased); (c) Premier Investments decision not to pay a June interim dividend following their Myer demerger dividend in February. Companies maintaining or increasing their dividends amounted to over 70% of dividend paying stocks in the half year. Notable increases came from companies such as Helia, Soul Pattinson, Commonwealth Bank, APA, CSL, QBE, Magellan Financial, Suncorp, and Aristocrat. Preliminary Unaudited Results 6 Months to 30 Sep 25 ($‘000) 6 Months to 30 Sep 24 ($,000) % Change RevenueA $12,822 $13,279 (3%) ProfitA before Tax $11,261 $11,671 (4%) Income Tax Expense ($782) ($755) 3% ProfitA after Tax $10,479 $10,916 (4%) Earnings1 Per Share 8.7 cps 9.0 cps (3%) A Revenue, Profit and Earnings include investment distributions and dividends but do not include movements in the value of investments or capital gains.. Dividends to Shareholders Continuing Whitefield Industrial’s long history of regular six-monthly dividend payments, the Company expects to pay a half-year dividend of 10.5 cents fully franked**. The dividend will be payable in mid-December 2025. (1) The current half-year dividend equates to an annualised yield of 5.3% (inclusive of franking credits) on the Company’s quarter-end share price. 5.3%pa Gross dividend yield(1) 17.1%pa 3 year investment portfolio return For personal use only
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3 Investment Returns At 30 Sep 2025 One Qtr One Yr Three Yr pa Portfolio Return [Before tax and costs] Investment Portfolio Return 1.4% 12.7% 17.1% Benchmark [ASX200 Ind XJIAI] 1.1% 11.4% 16.8% Shareholder Return [After tax and costs, gross of franking credits] NAB & Dividends1 1.1% 12.8% 18.0% Share Price & Dividends 0.7% 7.1% 8.5% 1 Net Asset Backing (before deferred tax) and dividends Outperforming over both the long and short terms The investment portfolio generated a return of 1.4% for the quarter, 12.7% over a rolling one year and 17.1%pa over the last three years. The one-year return of 12.7% reflects 1.3% outperformance compared to the company’s S&P/ASX200 Industrials Accumulation benchmark. Whitefield Industrial’s portfolio has now outperformed its benchmark index over the quarter, 1 year and 3 years and over the long term (40 years). Stronger returns in the period came from holdings in TechnologyOne, Life360, Promedicus, Challenger, HUB24, NextDC, Charter Hall, Downer and Seek. Net Asset Backing 30 Sep 20251 Net Asset Backing [NAB] (Pre-Deferred Tax) $810m Ordinary Shares on Issue 120,468,912 Net Asset Backing per Share (Pre-Deferred Tax) $6.71 Share Price $5.64 (Discount)/Premium to NAB (Pre-Tax) (16.0%) 1 Asset Backing Releases after this date are made available on the company’s website or ASX Announcements Investment Exposures At quarter-end the company maintained overweight exposures to consumer discretionary, heavy industrial, insurance and real estate investment sectors. During the quarter adjustments to investment exposures included: • Increasing exposure to stocks in the heavy industrial, real estate development, telecommunications and consumer staple sectors. • Decreasing exposure to stocks in the finance, high technology and general industrial sectors TOP TWENTY HOLDINGS As at 30 September 2025 Commonwealth Bank of Australia 13.1% Westpac Banking Corporation 6.5% National Australia Bank Limited 6.4% Wesfarmers Limited 4.6% ANZ Group Holdings Limited 4.5% CSL Limited 4.4% Macquarie Group Limited. 3.5% Goodman Group 3.0% Telstra Group Limited 2.6% Aristocrat Leisure Limited 2.3% Transurban Group Limited 1.9% Brambles Limited 1.8% QBE Insurance Group Limited 1.8% Coles Group Limited 1.6% ResMed Inc. 1.4% Computershare Limited 1.3% Origin Energy Limited 1.2% Woolworths Group Limited 1.2% Suncorp Group Limited 1.2% Xero Limited 1.1% SECTOR BREAKDOWN At 30 September 2025 Financials 43.0% Industrials 10.3% Consumer Discretionary 10.2% Health Care 9.4% Real Estate 8.5% Communication Services 5.3% Consumer Staples 4.6% Information Technology 4.0% Utilities 1.7% Materials 1.5% Cash & Cash Equivalents 1.3% For personal use only
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4 Market Outlook At this time the outlook for the Australian economy into the 2026 calendar year appears favourable. While there has been some recent softening in employment and consumer spending, the combination of moderately firm continuing business conditions and accommodative interest rates are likely to prove supportive for consumer activity moving forward. Residential, commercial and infrastructure construction activity remains robust. Government, healthcare and educational spending is continuing to rise. Manufacturing and service indicators are stronger now than in prior years. Financial services revenues are buoyant, credit conditions are benign and the slight lowering of the official cash rate and the consequent drop in bond yields is of assistance to borrowers. The Trump Administration’s trade initiatives in the USA do constitute a globally significant change in international trade relations. Such a material change is likely to cause some level of disruption to business in the US and its trading partners, however to date Australia has been relatively insulated from the direct effects of these policies. We continue to see some risk that the introduction of widespread trade tariffs by the US may contribute to higher inflation in the US and it will be important to see whether this transpires as the 2026 year develops. The inherent value of Whitefield’s equity investments comes from the underlying businesses’ abilities to generate and grow their income over time. With the Australian economy remaining firm, we continue to be encouraged by the positive outlook for Australian business into the 2026 year. Angus Gluskie Managing Director _Contact details Level 19, 68 Pitt Street Sydney NSW 2000 Phone +61 2 8215 7900 Email mail@whitefield.com.au Whitefield Industrials Limited ABN 50 000 012 895 IMPORTANT INFORMATION General, Limited Commentary: This document contains information about Whitefield and the markets in which it operates. The document is limited in scope and 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 does not take account the specific situation, financial situation or particular needs of any individual investor. Before making an investment decision an investor should consider all relevant information and may wish to seek professional advice. Past performance reflects the specific circumstances and decisions that applied over the time frame shown. The past 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 information contained in these materials. To the extent permitted by law, all liability and responsibility 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. For personal use only