Why Is WAM Active (ASX:WAA) Paying a Final and a Special Dividend, and What Are the Dates?

Key highlights

• WAM Active Ltd (ASX:WAA) has a fully franked final dividend of 3.2 cents per share (ex-dividend 17 November 2026) and a fully franked special dividend of 2.0 cents per share (ex-dividend 4 December 2026).
• The investment portfolio rose a record 75.5% in the year to 30 June 2026, and operating profit before tax was $48.1 million.
• Total fully franked dividends for FY2026 are 9.4 cents per share, including special dividends of 3.0 cents.

WAM Active Ltd (ASX:WAA) is a listed investment company managed by Wilson Asset Management that has been listed since January 2008. As at 19 October 2026, it has two upcoming dividends: a fully franked final dividend of 3.2 cents per share and a fully franked special dividend of 2.0 cents per share. On 28 August 2026, the company announced its FY2026 results and dividends.

About the company

WAM Active follows a market-driven, flexible approach to investing in Australian small and mid-cap shares, actively managing its cash position. In February 2026, it completed a 2 for 3 pro-rata entitlement offer that raised a total of $70.7 million including the shortfall offer and a placement, and the announcement says the funds were deployed into investment opportunities.

Upcoming dividend details

Total fully franked FY2026 dividends are 9.4 cents per share: an increased full year dividend of 6.4 cents and special dividends of 3.0 cents, which include a 1.0 cent special dividend announced in January 2026 and paid on 30 June 2026.

FY2026 results

The investment portfolio increased a record 75.5% in the financial year, outperforming the Bloomberg AusBond Bank Bill Index and the S&P/ASX All Ordinaries Accumulation Index by 71.6% and 69.8% respectively. Operating profit before tax rose 360% to $48.1 million, and operating profit after tax rose 355.4% to $33.8 million. Total shareholder return was 40.2%, or 44.4% including the value of franking credits.

Portfolio commentary

The company attributes performance to four themes: critical minerals, electrification and grid infrastructure, precious metals and artificial intelligence. Cash peaked at 35.5% during February. The portfolio managers describe elevated market volatility, rapid shifts in macroeconomic expectations and sector rotation over the year, which created dislocations in smaller, less well-covered companies.

The announcement adds details of the managers’ views. They say the portfolio’s outperformance was driven by four themes, being critical minerals, electrification and grid infrastructure, precious metals and artificial intelligence, and that conditions created opportunities in smaller and less well-covered companies. They also refer to China’s property and electrification trends supporting copper demand.

The company’s February 2026 entitlement offer of two new shares for every three held raised $70.7 million, and the announcement says the larger capital base improved the liquidity of the shares. Investment portfolio performance is quoted before expenses, fees and taxes, which is why it differs from the operating profit figures reported for the company.

How the dividend timetable works

The ex-dividend date of 17 November 2026 is the first trading day on which shares change hands without the right to the upcoming dividend of 3.2 cents per share. Shares bought before that date carry the entitlement, subject to the record date and settlement timing, while shares bought on or after it do not. Payment follows on 30 November 2026, 13 days after the ex-dividend date. The ex-dividend date falls 29 days after 19 October.

The dividend is fully franked, which means franking credits equal to the Australian company tax paid on the underlying profit are attached. How much those credits are worth depends on each shareholder’s own tax position, which this article does not assess.

A dividend is a distribution of profit that the board decides to pay, and the amounts quoted are per share. The total cash paid depends on the number of shares on issue at the record date, which can change if a company issues new shares or repurchases existing ones. Dates and amounts can change if the company announces an update.

Factors shareholders may weigh

The FY2026 result was described by the company as the best in its history, and listed investment company results change with markets, so a future year may differ. Special dividends are not regular dividends, and their size depends on realised profits and available franking credits.

Dividends are paid from profits reserves and franking credits, which depend on tax paid on realised profits. Investment performance quoted in the announcement is before expenses, fees and taxes.

What’s next

The final dividend goes ex on 17 November 2026 and is paid on 30 November 2026. The special dividend goes ex on 4 December 2026 and is paid on 17 December 2026.