H.265 is currently under consideration for a future release. I do not have a timeline regarding when this may be available. Presently, we're tracking customer requests for H.265 compressed video & also tracking the devices which implement h.265 players. I'll make a note to our product management team letting them know that you're interested.
Wowza does support H.264 video with the Profile: High. If the device you're trying to play back on doesn't support High profile streams you would need to use the
Wowza transcoder AddOn but this is currently restricted to live streaming only.