Q4 2026 Plato Income Maximiser Ltd Earnings Call

September 7, 2026

Don Hamson: marketplace, especially when it is paid regularly like a monthly Plato or PL8 dividend. Move to the market update. Before I really get stuck in the market, I just want to note that this strategy has ideally been targeted towards retirees. We expect the bulk or a large proportion of the investors in this are likely retirees who want regular income, although it is also very good for charities and foundations, and I know some of the investors in this fund are actually charities or foundations. They too get a full refund of franking credits, and also, charities generally have an income requirement, so it is good to match that income received with the income they have to pay out. I think the good news from the budget for retirees is there was no change to superannuation rules.

Speaker #1: Supplies, especially where it's paid regularly, like the monthly Plato or PLA dividend. Moving to the market update, and before I really get stuck into the market, I just want to note that this strategy is ideally targeted toward retirees.

Speaker #1: We expect the bulk, or a large proportion, of the investors in this are likely retirees who want regular income. Although, it is also very good for charities and foundations, and I know some of the investors in this fund are actually charities or foundations.

Speaker #1: They too get a full refund of franking credits, and also charities generally have an income requirement, so it's good to match that income received with the income they have to pay out.

Speaker #1: I think the good news from the budget for retirees is there was no change to superannuation rules. Franking credit is still fully refundable. And the transfer balance cap actually rose to $2.1 million from the 1st of July this year.

Don Hamson: Franking credits are still fully refundable, and the transfer balance cap actually rose to AUD 2.1 million from 1 July this year. You can see from this slide now, looking at the after-tax value of different types of returns, the dark blue bar in the first column there is the value of a fully franked dividend from the perspective of a tax-exempt investor such as pension phase, superannuation, or a charity. If you receive a AUD 1 fully franked dividend, it is actually worth about AUD 1.43, so there is about a AUD 0.43 franking credit that is attached to a AUD 1 fully franked dividend. That has not changed. Pension phase superannuation and Australian resident charities still get a full refund. That is the good news.

Speaker #1: So you can see from this slide now, looking at the after-tax value of different types of returns, the dark blue bar in the first column there is for the value of a fully franked dividend from the perspective of a tax-exempt investor, such as pension-phase superannuation or a charity.

Speaker #1: And if you receive a $1 fully franked dividend, it's actually worth about $1.43. So there's about a 43-cent franking credit that is attached to a $1 fully franked dividend. That hasn't changed, and pension-phase superannuation and charities—an Australian resident charity—still get a full refund.

Speaker #1: So that's the good news. I'm not going to focus too much on the bad news, which is changes to capital gains tax, but I think the reality is the budget is, in a relative sense, quite friendly to income strategies such as PL8, and that's probably good news for investors.

Don Hamson: I am not going to focus too much on the bad news, which is changes to capital gains tax, but I think the reality is the budget is quite, in a relative sense, friendly to income strategies such as PL8, and that is probably good news for investors in PL8. If we now turn to just the headline on the recent reporting season, because we are always trying to keep people up to date. It was actually a pretty good reporting season. For the first time in four years, and this is harking back to my comment before, we have maintained the level of dividends in PL8, constant levels for the last four years. Four years ago was the peak dividend period for the S&P/ASX 200.

Speaker #1: In PL8, if we now sort of turn to just the headline on the report, the recent reporting season—because we're always trying to keep people up to date—it was actually a pretty good reporting season.

Speaker #1: For the first time in four years—and this harks back to my previous comment—we've maintained the level of dividends in PL8 at constant levels for the last four years.

Don Hamson: Basically, dividends have fallen for the last three financial years, or 2023, 2024, and 2025, and it is only now in the last financial year, FY26, that we are finally seeing a turnaround in the dividend environment. You look at those numbers on the chart, the average dividend increase for the large cap companies that we follow is a 25% increase in dividends. I have got to warn people that a simple average, and that is what that number is, can be skewed by a few large numbers. In fact, there were some very big dividends by some of the gold stocks and also by a couple of those petrol stocks, Viva Energy and Ampol. Ampol had a 370-odd percent or 63% dividend increase. That skews the numbers.

The level of dividends has been in place at constant levels for the last 4 years. Four years ago was the peak dividend period for the ASX 200. Basically, dividends—uh, dividends have fallen for the last 3 financial years: 2023, 2024, and 2025. And it's only now, in the last financial year, FY26, that we are finally seeing a turnaround in the dividend environment. Um, and if you look at those numbers on the chart, the average dividend increase for the large-cap companies that we follow is at 25%.

Uh, increase in dividends. Um, now I've got to warn people or—

That's a simple average, and that's what that number is.

Don Hamson: I actually often prefer to look at the median number, which is the blue bar in the chart, and that was a healthy 9.2% increase in dividends. That was way ahead of the inflation rate. Remember, the median is if you sort of rank stocks from the biggest increase to the worst increase, and take the one in the middle, that is the median. The typical company, if you like, the one in the middle in Australia, increased dividends by 9.2%. The other good news about the result is the last column, which is the dollar value of dividends paid. That dollar value for the first financial year since 2022 has actually increased, and it increased by 13% August compared to August last year.

Can be skewed, uh, by a few large numbers. And in fact, there were some very, very big dividends by some of the gold stocks and also a couple of those uh uh Patrol stocks Viva energy and Ample, Ample had a 3070 odd percent, or 63% dividend increase, uh, that skews the numbers. So, I actually often prefer to look at the median number, which is the blue bar in the chart and, um, that was a healthy 9.2% increase in dividends. So, um, way ahead of the inflation rate and remember the median is, if you sort of rank stocks from the, the biggest increase to the worst increase to take the 1 in the middle. That is the median so that typical company. If you like 1 in the middle uh in Australia, increased dividends by 9.2%. But the other good news about the result is glass column which is a dollar value of dividends paid and that bar value for the First Financial year. Since 2022 has actually increased

Don Hamson: That is very good for PL8 because we had been running down our franking balance, not really my own earnings, but certainly our franking balance a bit because dividends had been rather lean for 3 years. Resources came through big time. I have already mentioned gold, some big increases there. The big Australian and Rio had some reasonable increases and generally speaking, it was a pretty good reporting season. Some of the commentary, particularly around consumer-focused stocks, consumer discretionary stocks, was a little weak, and so a few of them sold off in the reporting season. Generally speaking, particularly from a dividend point of view, we felt it was very good. I am now going to hand over to the other doctor, Dr. Peter Gardner, to go into more detail on some of the company results for FY26.

And an increase by 13% in August compared to August last year, and that is very good for PL8 because we had been running down our franking balance. And, um,

I'm now going to hand over to Dr. Peter Gardner to go into more detail on some of the Conquering results for FY26.

Peter Gardner: All right. Thanks, Don. I might start with CBA, the second-largest stock in the Australian market at the moment. As you are all very aware of, the budget has caused a big change in the property market from May onwards. The property market already had started falling a little bit as a result of the interest rate changes that the RBA put in, but now that has been kind of accelerated. Despite that, it was actually quite a strong result from CBA. Their profit increased by 7% on the previous financial year, which was kind of 1% to 2% above expectations. They increased their dividends by 4%, which equates to a 4.1% annual gross yield, so almost as much as the market, which is kind of a little bit surprising for a bank.

All right, thanks, John. So, I might start with, um, CBA, which is the second largest stock in the Australian market at the moment. Um, and so, yeah, as you're all very aware, um, the budget has caused a big change in the property market.

Peter Gardner: Generally, the banks are producing higher yields than the market, but given the price of CBA, its yield is slightly below the market at the moment. It is paying out 77% of its earnings, which is at the upper end of its target. Now that it cannot do off-market buybacks, it is basically paying out as many dividends as it can in order to pay out those franking credits to investors. They did decide to discontinue the buyback, so I guess they have thrown in the towel on that one. I think their shares are a bit too expensive to justify them buying them back. Overall, it was a good result from CBA. Their margin was up slightly, had a good capital ratio.

From May onwards, probably like it already had. It started falling a little bit as a result of their interest rate changes at the RBA put in, um, but now that's been kind of accelerated but despite that, um, it was actually quite a strong result from CBA their profit increased by 7% um, on the previous Financial year which was kind of 1 to 2% above expectations. They increased their dividends by 4%, which equates to a 4.1%, annual gross yield. So almost as much as the market, um, which is kind of a little bit surprising for a bank. Generally, the banks are producing higher yields in the market, but given the price of CBA, its yield is slightly below the market at the moment. It's paying out 77% of its earnings, which is at the upper end of its Target. Now that it can't do special dividend. I mean, sorry. Now it can't do off-market BuyBacks. It's basically paying out, um, as many dividends as it can, in order to pay out those franking credits to investors. Um, they did decide to discontinue the buyback. Um, so I guess they have thrown in the towel on that 1 that they think their Shares are a bit too expensive to just

Peter Gardner: But I guess the most important chart on this one that impacted all the banks' returns over reporting season was the bottom right chart that you can see there. That is looking at the application volumes for new home loans. You can see that since the budget on 12 May, the new volumes are down 15% since May and 17% since the PCP period. The banks, when they all announced their results, they were anywhere from 12% to 20% reductions in their application volumes. You see, and those reductions are basically coming from the investor segment. The impact of getting rid of negative gearing on all the new properties has meant that there is a lot less investors in the market since the budget. Those application volumes have fallen.

If you look at them, buying them back. Um, but overall, it was a good result from CBA. Their margin was up slightly, had a good capital ratio. Um, but I guess the most important chart on this one that impacted all the banks and returns over reporting season was the bottom right chart that you can see there. And that's looking at the application volumes for new home loans. Um, and you can see that since the budget on the 12th of May, the new volumes are down 15% since May and 17% since the PCP period.

Peter Gardner: Now, it will not immediately impact CBA's profits, as you can see by this result, because they have a large back book of loans. But it potentially will reduce the amount they can grow, they will grow going forward. That is likely to impact all the banks. You saw them underperform quite a bit during reporting season. The other big stock, largest stock in the Australian market was BHP, and as Don mentioned, they had a very strong result. Their profit was up 30% above last year and 4% above earnings expectations. They were able to increase their dividends by 51% in USD or 49% in AUD, which equates to an annual gross yield of 5.6%.

Um, and so, yeah, and the banks, when they all announced their results, they were anywhere from 12% to 20%, reductions in their application volumes. So you see, and and those reductions are basically coming from the investor segment. And so the impact of kind of getting rid of negative gearing on all that new properties has meant that. There's a lot less investors in the market, um, since the budget. Um, and so those application volumes have fallen. Now, it won't immediately impact, um, cba's profits, as you can see by this result, um, because they have a large bakbuk of loans, um, but it potentially will reduce the amount they can grow, they will grow going forward and that's likely to impact all the banks. And so, you saw them underperform quite a bit during reporting season.

Um, the other big stock, the largest stock in the Australian market, was BHP and as Don mentioned, they had a very strong result. Their profit was up 30%, a lot above last year and, um, 4% above earnings expectations. Um, they're able to increase their dividends by 51% in US dollars, or 49% in Australian dollars.

to create some annual gross yield of

Peter Gardner: They were able to do that, increase their dividends by more than their profits, given they increased their payout ratio, which shows they are a bit more confident about earnings going forward as well, being able to pay the CapEx that they need to fund their future development programs whilst increasing their dividends as well. The big thing that is worth noting out of BHP now, which we have noted in the last results as well, is that copper now makes up 54% of their group earnings, and the copper price has gone up pretty significantly over the last year. When you look at the iron ore, which is obviously what BHP has primarily been known for, the iron ore price fell back over the last year. You saw a dividend cut coming out of Fortescue of around 23% from last year.

Peter Gardner: But because BHP has those copper earnings behind it, which are on a margin of 70%, then they were able to actually increase their dividends and their earnings quite significantly, and we will expect that to continue going forward as BHP concentrates on that copper part of their portfolio. If we look at the consumer, which Don mentioned as well, that was a lot more challenged. JB Hi-Fi's result was actually pretty decent for FY26. Sales were up 5%, earnings up 6%, which is marginally above expectations. They were able to increase their dividends, in terms of their non-special, like their normal dividends were up 21%, albeit they did not pay a special dividend, which they did last year. Dividends are down at 38% when you include the special dividend they paid last year. But they are still on a good yield.

dividends by more than their profits. Um, given they increase their pay ratio, which shows they're a bit more confident about um, earnings going forward as well. Being able to pay the capex that they need to fund their future development programs, whilst increasing their dividends as well. And the big thing that's worth noting out at BHP now which we've noted in the last results as well. Is the copper now makes up 54% of the group earnings and the copper price has gone up pretty significantly over the last year. When you look at the iron ore which is obviously what BHP has primarily been known for the Arnold price fell back over the last year and so you saw a dividend cut coming out of Border skew of around 23% from last year. But because BHB has those copper earnings behind it which are on a margin of 70%. Um then they are able to actually increase their dividends and their earnings quite significantly and we'll expect that to continue going forward as BHP concentrates on on that copper part of their portfolio.

If we look at the consumer domains as well, that was a lot more challenged now. JB Hi-Fi's result was actually pretty decent for FY26. Sales were up 5% and EBIT up 6%, which is marginally above expectations. They were able to increase their dividends, in terms of

their, um,

Peter Gardner: But one of the reasons why they fell during the reporting season, was that their sales, when you look across the whole group, were actually down on last year, which I think is the first time their sales have fallen during this period, since around somewhere between 2013, 2015. And they put that down to consumer sentiment falling, people wanting to shop only during sales periods. That is a common occurrence now in retail land. Also the fact that their suppliers of their technology products, such as Apple, raised their prices quite significantly as we are seeing this AI boom, that is causing the prices of both computer chips and memory, to go up significantly. And so that is causing an increase in price of those consumer products as well. Ampol had a really good dividend.

Non-special, like their normal dividends are up 21%, but they didn't pay a special dividend, which they did last year. And so, given them to down 38% when you include the special dividend they paid last year, but that's still on a good year. But one of the reasons why they failed during the reporting season was that their sales, when you look across the whole group, were actually down on last year, which I think is the first time their sales have fallen during this period since around somewhere between 2013 and 2015.

Parents now, in retail land, and also the fact that their suppliers of their technology products, such as Apple, raised their prices quite significantly.

We're seeing this AI boom, and that's causing the prices.

Of the computer chips and memory, um, to go up significantly, and so that's causing an increase in price for those consumers.

Peter Gardner: As Don said, it was up 363% on profits up 376%, which equates to an 8.4% annual gross yield, and their payout ratio is just 50%. So if they were increasing their payout ratio, they could obviously increase the dividends a fair amount, and they are obviously benefiting from what is happening with the Strait of Hormuz being closed. What is happening in Russia because Ukraine is hitting the Russian refineries, with their drones, and the fact that China is deciding not to export as much refined products, whether petrol or diesel or jet fuel, because they are keeping it more for domestic use given the current environment we are in. So all of those are putting pressure on refining margins, which are going up, which is not good for us at the bowser, but it is obviously good for Ampol's profits. I will also talk about Coles and Woolworths.

Um, Aole had a really good dividend that's done—said it was up 363% on profits up 376%, which equates to an 8.4% annual growth yield, and their payout ratio is just 50%. So, if they were increasing their payout ratio, they could obviously increase their dividends a fair amount. And they're obviously benefiting from what's happening with the State Street up, formulas being closed, what's happening in Russia, because Ukraine is, um,

Yeah, is hitting the Russian refineries um with their drones. And the fact that China is deciding not to export as much refined products, whether it's petrol or diesel or jet fuel because they're keeping it more for domestic. Use given the current environment or into all of those are putting pressure on refining margins, which are going out, which isn't good for us at the browser, but there's obviously a good

Peter Gardner: Whereas we saw consumer spending drop significantly in some of those more discretionary items, and particularly those related to property market, we actually saw spending in supermarkets quite strong during this period. So their sales were up about 3% or 4% for Coles and Woolworths respectively. But both of them were able to increase their profits by kind of mid-double digits, so 13.7% in the case of Coles or 15.5% in the case of Woolworths. And that allowed them both to increase their dividends by 16%. So that was actually a really good result, and one of the notable things that came out of the result was that the Ooshies campaign that Woolworths have done in kind of July, August period actually caused their food sales to go up 7.6%. So they won significantly during that period.

Um, also talk about Coles and Woollies. So, whereas we saw consumer spending drop significantly in some of those more discretionary items, and particularly those related to the property market, we actually saw spending in supermarkets quite strong during this period. So, their sales were up about 3% or 4% for Coles and Woollies, respectively.

Both of them are able to increase their profits by kind of mid double digits, so that ended up at 7% in the case of Coles or 15.5% in the case of Woollies, and that allowed them both to increase their dividends by 16%.

Peter Gardner: Lots of parents, such as myself, were being told by our kids to shop at Woolworths. And so that helped Woolworths, and Coles actually did not announce what their sales were because they did not want the market to read too much into that. They did say that their sales had gone back to normal at the end of the Ooshies campaign. But you can see the impact that that actually has on sales going forward. Now, it was not all positive. Obviously, there are always some results, some stocks cutting their dividends, and here were three dividend traps that we had identified and did not hold in our portfolio. So Endeavour Group which sells, well, has hotels, but also sells a lot of alcohol through Dan Murphy's.

Um, so that was actually a really good result and 1 of the notable things that came out of the result, was that um was that the Yoshi's campaign that Woolworths have done in kind of July August period actually caused their food sales to go up 7.6%. So they won significantly during that period lots of parents such as myself where being told by our kids to shop at woollies.

And so that helps Woolies, and Coles actually didn't announce what their sales were because they didn't want the market to read too much into that. They did say that their sales are going back to normal at the end of the day, which is a key point.

The, the impact that that

That was an all positive. Obviously, there's always some results—some stocks cutting their dividends—and here were three dividend traps that we'd identified and didn't hold in our portfolio.

Peter Gardner: They had to cut their dividends by 81%, so they were on a historical dividend yield of 7.5%, but obviously their dividend yield going forward dropped significantly after that 81% cut. People are consuming a lot less alcohol at the moment, especially younger age groups, and that's putting pressure on all the kind of alcohol-related stocks on the Australian market. Beach Energy, even though it should be pretty positive in this kind of environment, they had some production issues, and they actually cut their dividends by two-thirds. Orora, which is a packaging company, despite being on a yield of 7.2%, cut its dividends 20%. We just, again, warn investors to not trust historical yields.

So Endeavor group um which sells um or has hotels, but also sells a lot of alcohol through Dan Murphy's, they had to cut their dividends by 81%. Um, so they were on a historical dividend yield of 7.5%, but also they divided in dividend yield going forward. Dropped significantly after that 81% cut. People are consuming a lot less alcohol at the moment, especially the younger age groups, and that's putting pressure on all the alcohol related stocks on the Australian Market, Beach energy, even though it should be pretty positive in this kind of environment, and they have some production issues. Um, and so

Peter Gardner: You can look at the yield that a company paid last year, but if its share price has fallen significantly during that time, the market's usually telling you something; that they're likely to cut their dividends going forward because their earnings are under pressure. That's what we pick up in our model. When we aggregate that model at the market level, which is what this chart does, it calculates the kind of average chance of a dividend cut across all the Australian market. You can see when this number is high, there's actually more stocks cutting their dividends or likely to cut their dividends according to our model. You can see the big spike during COVID and then the reduction post-COVID as government spending came out.

Actually cut the dividends by two-thirds, and Aurora, which is a packaging company, despite being on a yield of 7.2%, cut its dividends 20%. So we just again warn investors not to trust historical yields. You can look at that yield that a company paid last year, but if its share price has fallen significantly during that time, the market's usually telling you something—that they're likely to cut their dividends going forward, because their earnings are under pressure.

Peter Gardner: Over the last few years, since 2022, when Don mentioned, we've been forecasting kind of more stocks cutting their dividends than the average line through the middle there. You can see over the last few years, it's generally that dividend cut model's been above average, and we've seen a slight reduction in dividends over the last few years. But you can see over the last year, as commodity prices have risen, even though there's more pressure on the consumer at the moment, that chance of a dividend cut's actually come down. We've seen that flowing through to results with a lot of companies increasing their dividends in this current reporting season. Overall, how are we seeing it? Well, we're terming ourselves as cautiously optimistic. Obviously, there is pressure on the consumer. Interest rates are rising again.

So that's what we pick up in our model and and when we aggregate that model at the market level, which is what this chart does and it calculates the kind of average chance of of the dividend cut across the all the Australian Market. You can see when this number is high there's actually more stocks cutting their dividends or likely to cut their dividends. According to our model, you can see the big spike during Co and then the reduction postco there's government spending came out and over the last few years since 2022. When Don mentioned we've been forecasting kind of more stocks cutting their dividends than the average line through the middle there.

So you can see, over the last few years, generally that dividend cut model has been above average, and we've seen a slight reduction in dividends over the last few years. But you can see, over the last year, as commodity prices have risen—even though there's more pressure on the consumer at the moment—that chance of a dividend cut's actually come down. We've seen that flowing through to results, with a lot of companies increasing their dividends in this current reporting season.

Peter Gardner: There may be one more rise the market's now forecasting in Australia. Along with the falls in property prices, that's going to pressure the Australian consumer, particularly in those discretionary items. Albeit most people that have a home loan do actually have a fair buffer in their offset accounts, when the banks report that. That should keep spending intact a little bit, but we do see that as being under pressure. But then on the other side, we're seeing commodity prices rising significantly, which is helping the mining companies, the mining service companies, to increase their dividends. In this kind of environment, we think it's pretty critical to have active management in order to move around the market to the places where the dividends are increasing going forward. Now, that's the end of my presentation.

But we do see that as being under pressure. On the other side, we've seen commodity prices rising significantly, which is helping the mining companies and the mining service companies to increase their dividends. So in this kind of environment, we think it's pretty critical to have active management in order to move around the market to the places where the dividends are increasing going forward.

Peter Gardner: I think we are moving on to questions after this, if that is right, Jamie. If there are any questions.

That's the end of my presentation. I think we're moving on to questions after this, if that's right. Jamie.

[Company Representative] (Plato): Perfect. Thank you, Don, and thank you, Peter, for the update. Also, thank you to the PL8 shareholders for the questions. I will kick it off for you, Don. There have been a few questions about your thoughts on the share purchase plan. I know a lot of people are wondering if Plato is going to do another one, but I will leave that to you to answer.

[Company Representative] (Plato Income Maximiser Ltd): Perfect. Thank you, Don, and thank you, Peter, for the update. Also, thank you to the PL8 shareholders for the questions. I will kick it off for you, Don. There have been a few questions about your thoughts on the share purchase plan. I know a lot of people are wondering if Plato is going to do another one, but I will leave that to you to answer.

Don Hamson: Well, thanks, Jamie. It is a common question that we get asked, actually. Even though the stock price is trading at a significant premium, we would. Normally, you would say, well, if it is trading at a significant premium, maybe we should increase the supply of capital and do a raise or a share purchase plan. The reality is that the Plato domestic income strategy is over AUD 3 billion now. It is quite an intensive, we trade around dividend events, so it is quite a high turnover strategy. We think we are fairly close to capacity, so we are not looking to, unfortunately, do a share raise into the marketplace. We know some of our competitors are, et cetera, but they are much smaller. I think the reality is it is easy for fund managers to take more capital and do these raises, et cetera, and grow for growth's sake.

So, if there are any questions—perfect. Thank you, Don, and thank you, Peter, for the update. Also, thank you to the Plato shareholders for the questions. I'll kick it off for you, Don. There have been a few questions about your thoughts on the share purchase plan. I know a lot of people are wondering if Plato is going to do another one, but I'll leave that to you to answer.

Yeah. Thanks Jamie. Um, it's common question that we get asked actually look the even though the the stock price is trading at a significant premium we and you know, normally you'd say well if it's trading at significant premium, maybe we should increase the supply of of capital and do a do a raise, or a share purchase, right? The reality is that um uh The Plato um income straight domestic income. Strategy is uh over 3 billion dollars. Now it is quite an intensive, you know, we trade around dividend events so that's quite High turnover strategy. And we think we're fairly close to capacity so we're not looking to uh unfortunately do a share share raise into the marketplace.

You know, some of our competitors are etc., but they are much smaller. Um, you know, and I think, um,

Don Hamson: If you get too big for your boots, then it is going to make us hard to actually continue to deliver the high levels of income that we have. We feel at the moment that it is best that we do not do a capital raise. We have been saying this for the last couple of years. It has not changed, really, that story.

You know, the reality is, it's easy for fund managers to take more capital and do these raises, etc., and grow for growth's sake. But if you get too big for your boots, it's going to make it hard to actually continue to deliver the high levels of income that we have.

[Company Representative] (Plato): Perfect. Thank you, Don. A question for you, Pete. We covered quite a few sectors in the market, but is there any areas you are avoiding or more cautious of more broadly?

[Company Representative] (Plato Income Maximiser Ltd): Perfect. Thank you, Don. A question for you, Pete. We covered quite a few sectors in the market, but is there any areas you are avoiding or more cautious of more broadly?

So we feel at the moment that, uh, it's best that we don't do a capital raise, and we've been saying this for the last couple of years. That story hasn't really changed.

Perfect. Thank you, Don. And a question for you people: we covered quite a few sectors in the market, but are there any areas you're avoiding or more cautious of more broadly?

Peter Gardner: So probably the areas that are exposed to the Australian property market are the ones where we have got our biggest kind of underweight in our portfolio. Areas like the banks, with their earnings potentially not growing as strong as they have been. Consumer discretionary, we are also underweight, and then also underweight property, so those REIT stocks. I would say that is probably the area that we are avoiding the most.

[Company Representative] (Plato): Perfect. Ooh, it is a little dark in my background, but that is okay. Don, a question for you. To your point, you mentioned that dividends have been so consistent and so stable in the history of PL8. Does PL8 pay out any capital or is that purely from the income generated in the strategy?

[Company Representative] (Plato Income Maximiser Ltd): Perfect. Ooh, it is a little dark in my background, but that is okay. Don, a question for you. To your point, you mentioned that dividends have been so consistent and so stable in the history of PL8. Does PL8 pay out any capital or is that purely from the income generated in the strategy?

Don Hamson: No, it is purely income generated from the strategy. We do not believe we should be paying out capital.

Um, so probably the areas that are exposed to the Australian property market are the ones where we've got that biggest kind of underweight in our portfolio. So, areas like the banks, with their earnings potentially not growing as strongly as they have been. Consumer discretionary is also underweight and then also underweight property, so those REIT structures and stocks. So I'd say that's probably the area that we're avoiding the most. Perfect, well, it's all dark in my background but that's okay. And Don, a question for you. To your point, you mentioned that dividends have been so consistent and so stable in the history of PL8. Does PL8 pay out any capital or is that purely from the income generated in the strategy?

[Company Representative] (Plato): Okay. Perfect. Thank you, Don. In a few more minutes, we will do a bit of a rapid fire. Pete, you talked about the dividend cut model, and Sally asked this: Does that only work in what has already happened or does that predict the future dividends of the companies as well?

[Company Representative] (Plato Income Maximiser Ltd): Okay. Perfect. Thank you, Don. In a few more minutes, we will do a bit of a rapid fire. Pete, you talked about the dividend cut model, and Sally asked this: Does that only work in what has already happened or does that predict the future dividends of the companies as well?

No, it's purely income generated from the strategy, so we don't, uh, believe we should be paying out capital.

Peter Gardner: Yeah, that is looking ahead to the next dividend for each of the companies. It is kind of like it is not looking ahead over 3 or 5 years, but it is looking ahead over the next 6 months for what the next dividend is likely to be.

Okay, perfect. Thank you, Don. And, uh, a few more minutes—we'll do a bit of a rapid fire. Uh, Pete, you talked about the dividend cut model, and Sally asked if that only works on what has already happened, or does that predict the future dividends of the companies as well?

Yeah, that's looking ahead to the next dividend for each of the companies. So, it's kind of like—it’s not looking ahead over three or five years, but it's looking at how, over the next six months, what the next dividend is.

[Company Representative] (Plato): Okay. Perfect. Thank you, Peter. Don, you talked about turnover in terms of the strategy. What is the turnover of the underlying portfolio? Maybe speak about some of the rotations of how the stock portfolio works.

[Company Representative] (Plato Income Maximiser Ltd): Okay. Perfect. Thank you, Peter. Don, you talked about turnover in terms of the strategy. What is the turnover of the underlying portfolio? Maybe speak about some of the rotations of how the stock portfolio works.

Don Hamson: Yeah. As I mentioned, we actively trade to get dividends. About half of the portfolio is turned over about 4 times a year. The turnover is between 150% and 200%. That is why you want to be cautious, not like a buy and hold strategy. If it was buy and hold, we could probably raise more money. Given that we are trading in and out of stocks around these events, we want to make sure that we can move in and out fairly easily, quickly, and without overly influencing share prices.

Thank you, Peter and Don. You talked about turnover in terms of the strategy. What is the turnover of the underlying portfolio, and could you maybe speak about some of the rotations—how the stock portfolio works?

Yeah, so, um, as I mentioned, we actively trade to get dividends, so about half of the portfolio is turned over.

[Company Representative] (Plato): Okay, great. Thank you, Don. Pete, you talked about CBA, but a shareholder has asked to hear your views on Westpac. Maybe it might be worthwhile digging into some of your thoughts there.

[Company Representative] (Plato Income Maximiser Ltd): Okay, great. Thank you, Don. Pete, you talked about CBA, but a shareholder has asked to hear your views on Westpac. Maybe it might be worthwhile digging into some of your thoughts there.

Or turned over about four times a year. So the turnover is between 150% and 200%. Um, and that's why, you know, you want to be cautious. It's not like a buy and hold strategy. If it was buy and hold, we could probably raise more money, but given that we're trading in and out of stocks around these events, we want to make sure that we can move in and out fairly easily and quickly, and without, uh, overly influencing share prices.

Great, thank you, Don. And then, hey, you talked about CBA, but a shareholder's asked to hear your views on Westpac.

Peter Gardner: We put most of the banks in the same boat, in a sense. We definitely have our preferred banks. At the moment, ANZ is probably the bank that ranks highest in our process, followed by Westpac and CBA, and then NAB. I do not have anything specific to say about Westpac per se. They are obviously going through a bit of a process now of trying to reduce their costs, as they integrate their systems. They have finally gone through that integration of St. George in terms of systems. That is putting a bit of, I guess, pressure on them, going through that process, which obviously causes internal instability. We think in terms of where the share price is at the moment, that it is fairly in line with the other banks in terms of where it should be for us.

Um, so I mean, we put kind of most of the banks in the same boat, um, in a sense. So we definitely have our kind of preferred banks at the moment. ANZ is probably the bank that ranks

Process followed by Westpac and CBA and then NAB. Um, yeah. So I don't have anything specific to say about Westpac, um, per se. Um, they're going through a bit of a process now of

That integration of St. George in terms of system, so that's putting a bit of, kind of, I guess pressure on them. Yeah, going through that process obviously causes kind of internal instability. But yeah, we think in terms of where the share price is at the moment, that it's kind of—

[Company Representative] (Plato): Perfect. I have got one more stock question, and then we will see how we go for time, Pete. One more is on Goodman, if you have any views on that. It has been obviously a long-term capital growth story in the Australian market, so interested to hear your thoughts.

[Company Representative] (Plato Income Maximiser Ltd): Perfect. I have got one more stock question, and then we will see how we go for time, Pete. One more is on Goodman, if you have any views on that. It has been obviously a long-term capital growth story in the Australian market, so interested to hear your thoughts.

Fairly in line with the other banks in terms of where it should be for us.

Peter Gardner: Goodman, going forward, is pretty reliant on their data center development program that they have got going, and that is looking fairly positive. They are still in the very early stages of it, and so one of the question marks the market has had with them is the fact that they have not signed up a lot of hyperscalers. When I spoke with management, a couple of weeks ago, they said that was entirely part of their plan, and that they think if they sign up the contracts to the data centers now, so your kind of Apples, your Googles, and Metas, those kind of companies, and if they sign them now, then the price that they will be asking for is probably a lot cheaper.

Perfect. And then I've got one more stock question, and then we'll see how we go for time payment. One more is on Goodman. If you have any views on that, it's been, obviously, a long-term capital growth story in the Australian market, so interested to hear your thoughts.

Yeah, so Goodman. Um, going forward, uh I'm pretty reliant on the kind of data center development program that they've got going and that's looking fairly positive. They're still in the very early stages of it. And so they've only, so 1 of the kind of question marks for the market has had with them is the fact that they haven't signed up a lot of hyperscalers, but they've actually, when I spoke with management, um, a couple of weeks ago actually, and, um, and they said that was, um, entirely part of their plan and that they think if they sign up the contracts to the data, um, that

Peter Gardner: It's a lot harder for them to work out because they haven't actually built the data centers yet, so you want to be able to guarantee that you've got the supply. They'll look to sign up those customers once the actual projects have started, and that they have a good idea of the timeline that's going forward. We're still fairly positive about Goodman long term, albeit in the short term, they could come under pressure, especially as interest rates rise, as all those property stocks do, because they're very exposed to moves in long-term bond yields.

[Company Representative] (Plato): Perfect. Thank you, Peter. I see we're about to approach 2:30 PM, so I might pause there and first of all say thank you to all the PL8 shareholders that have dialed in today, and also thank you to Don and Pete for your insights. For those who we didn't get a chance to answer your question, we'll reach out on email and we'll go from there. Also, this will be recorded and sent to all PL8 shareholders. Thank you all.

[Company Representative] (Plato Income Maximiser Ltd): Perfect. Thank you, Peter. I see we're about to approach 2:30 PM, so I might pause there and first of all say thank you to all the PL8 shareholders that have dialed in today, and also thank you to Don and Pete for your insights. For those who we didn't get a chance to answer your question, we'll reach out on email and we'll go from there. Also, this will be recorded and sent to all PL8 shareholders. Thank you all.

Now, if you kind of apple your Googles, and Facebooks those kind of companies and if they sign them, now, then the price that they'll be asking for is probably a lot cheaper. It's a lot harder for them to work out like because they haven't actually built the data centers yet. And so you want to be able to kind of guarantee that you've got the supply and so they'll look to sign up those customers. Um, once the actual projects are started, um, and they have a good idea of the timeline that's going forward. And so we're still fairly positive about and Goodman long term albeit in the short term, they could come under process, especially as interest rates rise as all those property stocks do because they're very exposed to kind of Moves In long term bond yields.

Perfect. Thank you, Peter. I see we're about to approach 2:30, so I might pause there and, first of all, say thank you to all the Plato shareholders that have dialed in today, and also thank you to Don and Pete.

For your insights. For those whose questions we didn't get a chance to answer, we'll reach out by email and

We'll go from there. Also, this will be recorded and sent to all Plato Income Maximiser shelters.

Thank you. All.

Peter Gardner: Thanks, everyone.

Don Hamson: Thanks, everyone.

Thanks everyone.

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Q4 2026 Plato Income Maximiser Ltd Earnings Call

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