WAM FINANCIAL STATEMENTS

WAM Capital Ltd — balance sheet, income statement and cash flow trends

WAMWAM Capital Ltd

🇦🇺 Australia · AU · Financial Services · Asset Management

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue143 M A$-52.8%

Gross Profit130.5 M A$-56.9%

Operating Income146.7 M A$-46.8%

EBITDA125.1 M A$-54.0%

Net Income93.9 M A$-52.9%

Peer Comparison· Asset Management

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
WAM	—	—	—	65.7%
VRTS	—	—	—	14.6%
TRHOL	—	—	—	-39.1%
PAX	—	—	—	18.0%
VERUS	-45.9%	-3.2%	83.3%	-66.7%
SII	—	—	—	22.4%
Industry median	22.3%	3.0%	127.9%	16.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity1.8 B A$96%
Current Liabilities30.2 M A$2%
Long-term Liabilities41.3 M A$2%

Key Figures

YoY change

Total Assets1.9 B A$+1.5%

Total Liabilities41.3 M A$-43.7%

Total Equity1.8 B A$+3.4%

Cash & ST Investments205.4 M A$-87.5%

Total Debt——

Net Debt-205.4 M A$—

Peer Comparison· Asset Management

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
WAM	7.12	—	—	97.8%
VRTS	1.08	310.3%	7.04	20.1%
TRHOL	0.51	3.3%	4.40	33.8%
PAX	1.70	42.3%	1.08	34.8%
VERUS	3.82	14.0%	-5.71	82.6%
SII	2.98	—	—	75.4%
Industry median	3.81	18.1%	0.18	64.6%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
WAM	7.12	—	—	97.8%
MFG	54.63	0.4%	-0.66	93.6%
WLE	41.68	—	—	97.6%
GDG	—	7.4%	—	11.3%
PPT	40.46	65.5%	1.74	48.1%
MXT	—	—	—	99.3%
Industry median	3.81	18.1%	0.18	64.6%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow166.2 M A$-7.6%

Capital Expenditures3 A$-25.0%

Free Cash Flow51.5 M A$-71.3%

Dividends Paid140.9 K A$-99.6%

Peer Comparison· Asset Management

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
WAM	116.3%	36.0%	0.0%	177.0%
VRTS	-3.4%	-3.4%	1.4%	-23.5%
TRHOL	-144.9%	-9.4%	-4.1%	370.9%
PAX	54.4%	46.8%	7.6%	302.9%
VERUS	-69.7%	-3.2%	5.0%	104.5%
SII	33.9%	33.4%	0.5%	151.2%
Industry median	18.7%	17.4%	0.6%	68.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
WAM	116.3%	36.0%	0.0%	177.0%
MFG	51.0%	50.9%	0.1%	103.5%
WLE	53.5%	10.0%	0.0%	84.9%
GDG	—	—	—	—
PPT	18.3%	16.6%	1.6%	-1,553.4%
MXT	-35.1%	—	0.0%	-36.6%
Industry median	18.7%	17.4%	0.6%	68.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
WAM	—	—	—	65.7%
MFG	—	—	—	49.3%
WLE	—	—	—	63.0%
GDG	—	—	—	—
PPT	—	—	—	-1.2%
MXT	—	—	—	95.8%
Industry median	22.3%	3.0%	127.9%	16.7%