Whitefield Income Reports $25.1M Gross Income, Completes $108M Oversubscribed Capital Raise for FY2026

Whitefield Income Posts $25.1 Million Gross Income in First Full Year Since ASX Listing

Whitefield Income Limited completed its second financial year since listing on the ASX in December 2024, reporting for the first time on a full 12-month operating period. The company recorded gross income inclusive of franking credits of $25.1 million for the year ended 30 June 2026, compared to $10.3 million in the prior corresponding period, which covered only seven months from December 2024 to June 2025. Preliminary unaudited net profit after tax for FY2026 was $16.0 million, up from $7.8 million previously. Earnings per share rose to 7.9 cents from 4.9 cents in the shorter prior period.

The company noted that the prior period earnings reflected just seven months of operations, making direct comparisons imprecise. The FY2026 full-year figures provide a baseline for assessing the company’s annualised income-generating capacity. The results highlight Whitefield Income’s systematic equity income approach, with full-year gross income representing 10.1% of the underlying portfolio value. These preliminary figures are unaudited and subject to final confirmation.

Fully Franked Monthly Dividends of 0.583 Cents Per Share Declared for July to September 2026

Whitefield Income declared fully franked monthly dividends of 0.583 cents per share for each month in the July, August, and September 2026 quarter. Ex-dividend dates are 14 July, 14 August, and 15 September 2026, with payment dates on 31 July, 31 August, and 30 September 2026 respectively. The company’s dividend structure combines regular monthly base dividends with half-yearly top-up dividends to provide a consistent, tax-effective income stream.

Additionally, a fully franked half-yearly top-up dividend of 0.300 cents per share was declared, with an ex-dividend date of 15 September 2026 and payment on 30 September 2026. This top-up dividend is calculated after each half-year considering net profit, dividends already paid, franking credits, and capital base. The annualised gross dividend yield stands at 9.0%, based on the latest monthly and six-monthly dividends relative to the month-end net asset backing per share. This yield is attractive amid current interest rate conditions, appealing to income-focused investors seeking franked dividends from an ASX-listed entity.

Oversubscribed June 2026 Capital Raise Brings $108 Million in New Funds

Whitefield Income successfully completed its June 2026 capital raising, which was oversubscribed and raised the full $108 million offer amount. Existing shareholders subscribed to a pro-rata entitlement of new shares, with additional applications accepted from both existing and new investors. The company did not disclose the issue price or number of shares issued.

This capital raise significantly expands Whitefield Income’s investable asset base, now at $374 million as of 30 June 2026, enhancing the portfolio management team’s capacity to deploy capital within its systematic equity income strategy. The oversubscription reflects strong investor demand for the company’s income-focused investment offering. A larger asset base may improve cost efficiency over time, though no specific guidance was provided. The successful raise also strengthens Whitefield Income’s position in the Australian listed investment company sector.

Portfolio Outperforms Benchmark with 6.6% Return for FY2026

For the 12 months ending 30 June 2026, Whitefield Income’s portfolio delivered a net return of 6.6%, surpassing the benchmark S&P/ASX300 Equally Weighted Franking Credit Adjusted Total Return Index’s 6.4% return. The portfolio returned 4.2% over the quarter, beating the benchmark’s 3.9% by 0.3 percentage points. Since listing 19 months ago, the portfolio has achieved an annualised return of 6.3%, 1.3% above the benchmark. Since the strategy’s inception on 20 January 2021 (approximately 5.5 years), the portfolio has returned 8.4% per annum, outperforming the benchmark’s 4.8% per annum by 3.6%.

Income returns including franking credits were 10.1% for FY2026 and annualised 10.7% since listing. Since inception, annualised income return reached 12.4%. Total returns combining share price appreciation and dividends were 5.9% for the year and 10.0% per annum since listing. The company cautions that past performance is not indicative of future results.

Net Asset Backing of $1.21 Per Share with Share Price Trading at 9.1% Premium

As of 30 June 2026, Whitefield Income reported a net asset backing (NAB) per share of $1.21 before deferred tax. The share price was $1.32, representing a 9.1% premium to NAB. Deferred tax reflects the notional tax liability or benefit if the entire portfolio were disposed. Investable gross assets stood at $374 million.

The share price premium indicates market confidence in the management’s ability to deliver above-benchmark returns and reliable franked income, or reflects scarcity of quality income-focused listed vehicles in Australia. Premiums may fluctuate due to market conditions and company performance. No guidance was provided on future premium movements following the capital raise.

Top Ten Holdings Led by Transurban, Metcash, and GPT Group as of 30 June 2026

Whitefield Income’s diversified portfolio includes top ten holdings as of 30 June 2026: Transurban Group (TCL) at 5.1%, Metcash Limited (MTS) at 4.1%, GPT Group (GPT) at 4.1%, Charter Hall Group (CHC) at 3.4%, QBE Insurance Group Limited (QBE) at 2.6%, Stockland (SGP) at 2.4%, Rio Tinto Limited (RIO) at 2.1%, ALS Limited (ALQ) at 1.7%, Charter Hall Retail REIT (CQR) at 1.6%, and Regis Resources Limited (RRL) at 1.4%.

This selection reflects a systematic equity income approach with emphasis on dividend-paying companies across infrastructure, property, insurance, resources, and consumer staples. Exposure to real assets like Transurban and Charter Hall entities provides stable income streams, while materials sector holdings like Rio Tinto and Regis Resources represent the portfolio’s largest sector allocation at 25.6%. This diversified income-oriented positioning aligns with the company’s investment strategy.

Materials and Real Estate Dominate Sector Allocation at 48.8% as of 30 June 2026

Sector allocation as of 30 June 2026 shows materials leading at 25.6%, followed by real estate at 23.2%, together comprising 48.8% of the portfolio. Industrials represent 15.5%, consumer discretionary 7.6%, financials 7.5%, consumer staples 7.1%, information technology 6.8%, health care 3.7%, communication services 1.5%, and cash 1.5%.

The high materials allocation reflects sensitivity to commodity prices, Chinese economic conditions, and currency fluctuations, which can cause volatility. The significant real estate exposure is influenced by interest rates and domestic property market conditions. The company noted recent Australian changes to negative gearing and capital gains tax rules have softened house prices, aiding monetary policy stability. The diversified sector spread and small cash holding support a systematic income-focused investment approach over concentrated high-conviction investing.

Managing Director Angus Gluskie Highlights Geopolitical and Domestic Economic Challenges for H2 2026

In his quarterly outlook, Managing Director Angus Gluskie emphasized ongoing uncertainty in both Australian and global economies as Whitefield Income enters the second half of 2026. The continuing Middle East conflict is a key near-term risk, with potential to drive fuel prices and inflation higher if unresolved, or ease energy costs and inflation expectations if resolved, likely benefiting markets.

Domestically, economic growth drivers remain strong, with robust housing and infrastructure construction demand, and solid healthcare, education, business, and industrial services sectors. However, consumer demand has softened due to higher energy costs and tighter monetary policy. The company noted that recent tax changes have improved housing affordability by softening prices. Despite uncertainties, Gluskie expressed optimism that fundamental economic strength combined with eventual geopolitical resolution will benefit many portfolio companies. The company looks forward to updating investors throughout the year.

Annual Dividend Summary and Shareholder Email Communication Encouraged

Whitefield Income reminded investors to update their share registry communication preferences to email for improved efficiency. Shareholders can do this online via Computershare at www.computershare.com.au, the company’s share registry provider.

Additionally, the company will provide an Annual Dividend Summary at year-end detailing all dividends paid during the financial year. This aims to simplify tax reporting for shareholders receiving fully franked monthly and top-up dividends. Given the frequency of dividend payments—up to twelve monthly base dividends plus two half-yearly top-ups annually—this summary offers practical assistance for tax return preparation. The company did not specify the summary’s format or delivery method beyond confirming it will be provided at year-end.