Interim report
Page 1
L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) ABN 51 063 975 431 Interim Financial Report For the half‑year ended 31 December 2025 For personal use only
Page 2
Page Heading Continued General Information The interim financial report is presented in Australian dollars, which is L1 Global Long Short Fund Limited’s (formerly Platinum Capital Limited’s) functional and presentation currency. L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) is a listed public company limited by shares, incorporated and domiciled in Australia. The Company’s registered office and principal place of business is: Level 45, 101 Collins Street, Melbourne VIC 3000 The interim financial report was authorised for issue, in accordance with a resolution of Directors, on 23 February 2026. Corporate Directory 3 Directors’ Report 4 Auditor’s Independence Declaration 8 Interim Financial Report Statement of Profit and Loss and Other Comprehensive Income 9 Statement of Financial Position 10 Statement of Changes in Equity 11 Statement of Cash Flows 12 Notes to the Financial Report 13 Directors’ Declaration 23 Independent Auditor’s Review Report to the Members 24 Contents 2 For personal use only
Page 3
Corporate Directory Directors Rachel Grimes AM (appointed 2 October 2025) David Gray (appointed 2 October 2025) Douglas Farrell (appointed 2 October 2025) Katrina Glendinning (appointed 5 August 2025) Joanne Jefferies Margaret Towers (resigned 2 October 2025) Ian Hunter (resigned 2 October 2025) (the “Directors”) Company secretary Joanne Jefferies Investment manager Platinum Investment Management Limited (terminated 28 November 2025) L1 Capital Pty Ltd (appointed 28 November 2025) Shareholder liaison Andrew Stannard Registered office Level 45, 101 Collins Street Melbourne VIC 3000 Phone: +61 3 9286 7000 Share registrar MUFG Corporate Markets (AU) Limited Liberty Place Level 41, 161 Castlereagh Street Sydney NSW 2000 Phone +61 2 8280 5000 Auditors PricewaterhouseCoopers One International Towers Sydney Watermans Quay Barangaroo NSW 2000 Securities exchange listing ASX code: GLS Ordinary shares (formerly PMC) Website www.L1.Capital/GLS INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 3 For personal use only
Page 4
The Directors present their report, together with the interim financial report of L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) (the “Company”) for the half-year ended 31 December 2025. Directors The following persons were Directors of the Company during the half-year and up to the date of this report, unless otherwise stated: Rachel Grimes AM Chairperson and Non-Executive Director David Gray Independent Non-Executive Director Douglas Farrell Independent Non-Executive Director Katrina Glendinning Independent Non-Executive Director Joanne Jefferies Executive Director Principal activities The Company is a listed investment company established to provide investors with access to an absolute return fund that offers a highly diversified portfolio of long and short positions based on a fundamental bottom-up research process. The Company’s investment objective is to deliver strong, positive, risk-adjusted returns over the long term whilst seeking to preserve shareholder capital. Operating and financial review For the 6 months to 31 December 2025, the profit before income tax was $82,692,000 (31 December 2024: profit of $11,591,000) and profit after income tax was $57,485,000 (31 December 2024: profit of $8,110,000). For the 6 months to 31 December 2025, the Company delivered a return of 9.2% (2024: 2.6%)1 (measured by its pre-tax NTA) which outperformed the return of 8.7% (2024: 13.9%) for the benchmark, the MSCI All Country World Net Index in A$ terms (“MSCI”).2 This return was achieved with an average net invested position of 90%. Over the period, the long portfolio contributed positively to the return with the strongest performers in the IT, communication services and healthcare. The Directors consider that the pre-tax net tangible asset backing per share, after the deduction of fees and expenses, adjusted for deferred taxes accrued and any capital flows, and assuming the reinvestment of dividends (“pre-tax NTA”), is a better measure of performance of the Company than its reported profits or losses. This is because the pre-tax NTA is the most accurate way to assess the investment performance of the Company’s investment portfolio. For the 6 months to 31 December 2025, the Company’s pre-tax NTA increased from $1.5151 per share to $1.6540. The increase includes the payment of 3 cents per share in dividends paid and 1 cent per share in tax paid during the half-year. On 5 December 2025, following the transition from Platinum Investment Management Limited (“PIML ”) to L1 Capital Pty Ltd (“L1 Capital”) as the Investment Manager, the Company changed the method applied for calculating the pre-tax NTA. The pre-tax NTA is now calculated before the provision for deferred tax on unrealised gains and losses. Prior to this, the reported pre-tax NTA did not include provision for tax on both realised or unrealised gains or losses. Directors’ Report 1 Source: Platinum Investment Management Limited (the Company’s returns), Rimes and FactSet Research Systems (MSCI returns). Returns have not been calculated using the Company’s share price. Past performance is not a reliable indicator of future performance. 2 MSCI Disclaimer: The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 4 For personal use only
Page 5
Continued Directors’ Report Total Shareholder Return (“TSR”) for the half-year, based on share price movement and grossed up dividends, between 1 July 2025 and 31 December 2025 was 29.2%. The TSR is higher than the pre-tax NTA return of 9.2% primarily due to a decrease in the discount of the share price to pre-tax NTA since 30 June 2025. The Company’s portfolio was transitioned to a geographically unconstrained, global version of L1 Capital’s flagship Australia-biased L1 Capital Long Short Strategy which targets a long-term net return of 10% p.a., whilst seeking to provide better downside protection than the market. The portfolio holds 40-80 positions across a combination of longs and shorts in developed markets (typically U.S., Europe, U.K., Canada and Hong Kong) selected through L1 Capital’s rigorous, fundamental stock research and bottom-up portfolio construction. On the half-year performance to 31 December 2025, L1 Capital Pty Ltd made the following comments: “Over the second half of calendar 2025, portfolio returns were boosted by IT, Communications Services and Health holdings. In tech, U.S. companies including Alphabet, Micron Technology, Lam Research and Broadcom all contributed positively to returns. TSMC – the world-leading specialist semiconductor manufacturer was also a strong contributor. Amongst our Healthcare picks IQVIA and Merck added to portfolio returns and the portfolio was also boosted by a strong performance by the South African platinum miner Valterra. U.S. stocks were the dominant source of returns with Taiwan (home to TSMC), South Africa and Canada also contributing. Chinese stocks were positive contributors with tech giant Alibaba the best of the Chinese picks.” For more information and the Company’s most recent results please refer to: www.L1.Capital/GLS Significant changes in the state of affairs On 8 July 2025, the ultimate parent entity of PIML, Platinum Asset Management Limited (ASX:PTM) (“PTM”) announced it had entered into a merger implementation deed (“MID”) with the shareholders of First Maven Pty Ltd (“First Maven”). The MID contained the binding terms of the proposed merger between PTM and First Maven (“Merger”). The PTM shareholders approved the MID at a general meeting on 22 September 2025, and on 1 October 2025 the merger was implemented and PTM was renamed L1 Group Limited (ASX:L1G) (“L1G”). On 5 August 2025, the Company announced that it had received a non-binding indicative proposal from L1 Capital Pty Ltd to replace PIML as the Company’s investment manager (L1 Capital Proposal) and that it would be withdrawing the scheme of arrangement with Platinum International Fund Active ETF (ASX: PIXX) due to insufficient shareholder support. This was followed by an announcement on 14 August 2025 that the Company had received a non-binding, indicative proposal from Wilson Asset Management Limited (WAM), also to replace PIML as the Company’s investment manager (WAM Proposal). The L1 Capital Proposal was accompanied by a notice pursuant to s249D of the Corporations Act 2001 (Cth) requiring the Company to convene a meeting of Shareholders to consider resolutions to appoint three new directors nominated by L1 Capital Pty Ltd, being Rachel Grimes AM, Douglas Farrell and David Gray (the L1 Nominees). The WAM Proposal was also accompanied by nominations for three new directors. A meeting of Shareholders was subsequently convened on 1 October 2025 resulting in the L1 Nominees being appointed to the Board on 2 October 2025, and the resignations of Margaret Towers and Ian Hunter as directors of the Company on the same date. The Board comprised of three independent non-executive directors, being Katrina Glendinning, David Gray and Douglas Farrell, and two non-independent directors, being Rachel Grimes AM and Joanne Jefferies, formed an independent Board committee (IBC) to assess the proposals received from each of L1 Capital Pty Ltd and WAM. The change of investment manager from PIML to L1 Capital Pty Ltd was subsequently approved by shareholders at the annual general meeting held on 28 November 2025 on the recommendation of the IBC. With effect from 28 November 2025, the Company, Platinum Capital Limited changed its name to L1 Global Long Short Fund Limited. Concurrently, the investment manager changed from Platinum Investment Management Limited to L1 Capital Pty Ltd, following which the portfolio was liquidated in preparation for transition to the new investment strategy under L1 Capital Pty Ltd. At the end of December 2025, the Company commenced the reinvestment of the cash held, and in January 2026 the portfolio became fully invested. On 28 November 2025 (“Commencement Date”), the PIML investment management agreement was terminated and the investment management agreement with L1 Capital (the “L1 IMA”) came into effect, L1 Capital is entitled to receive a management fee for investment services provided in accordance with the L1 IMA. The L1 IMA provides for no management fee to be payable for a period of 12 months from the Commencement Date. Thereafter, a management fee will be payable monthly and calculated at 1.4% plus GST per annum of the portfolio value. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 5 For personal use only
Page 6
Continued Directors’ Report Under the L1 IMA, a performance fee is payable for each performance period, the first performance period (being the Commencement Date to the earlier of the date of termination and 30 June 2026, thereafter each full 6 month period commencing on either 1 July or 1 January) equivalent to 20% of the amount by which the portfolio’s value (adjusted for any taxes paid/refunded, dividends paid and capital flows) exceeds the portfolio value calculated at the last business day of the last performance period. Where the portfolio’s performance for a performance period is less than the portfolio value of the last business day of the last performance period, the amount of the underperformance is aggregated, carried forward and deducted from the performance in the subsequent performance period before calculating any performance fee for that performance period. The aggregate underperformance is carried forward until a performance fee becomes payable. Effective 28 November 2025, the Company transitioned from using State Street Australia Limited as its custodian to a prime brokerage arrangement with Goldman Sachs International and Morgan Stanley & Co International Plc and Apex Fund Services Pty Ltd became the Company’s appointed administrator. On 3 December 2025, the ASX ticker changed to GLS (previously PMC). In the opinion of the Directors, there were no other significant changes in the state of affairs of the Company that occurred during the half- year ended 31 December 2025. Capital management On 11 July 2025, the Company announced a notice of meeting to seek approval for an on-market buy-back (“Buy-back”) of up to 50% of the Company’s issued share capital. At the general meeting on 12 August 2025, the shareholders approved the Buy-back and the Company commenced the Buy-back on 21 August 2025. During the half-year ended 31 December 2025, the Company bought back 43,886,918 shares. The Company is authorised to Buy-back up to 104,454,924 additional shares until 11 August 2026. On 2 December 2025, the Company announced a pro-rata non-renounceable entitlement offer (“Entitlement Offer”) of 1 fully paid ordinary share in the Company for every existing fully paid ordinary share, at an offer price of $1.63 per new share to raise up to $415 million. Eligible shareholders who took up their full entitlement could also apply for additional new shares in excess of their entitlement at the offer price through a top-up facility under the Entitlement Offer (“Top-up facility”). The scale-back and the allocation of new shares under the Top-up facility was at the sole discretion of the Company. On the same date, the Company announced that certain wholesale investors were also invited to apply for new shares not subscribed for under the Entitlement Offer and Top-up facility, under a shortfall offer (“Shortfall Offer”). On 4 December 2025, the Company announced that it would undertake an institutional placement (“Placement”) at the conclusion of the Entitlement Offer to enable further participation for investors in the Shortfall Offer bookbuild, who were otherwise subject to scale-back. The Placement settled on 24 December 2025 along with the new shares issued under the Entitlement Offer and Shortfall Offer. Matters subsequent to the end of the period Other than the dividend determined on 23 February 2026, no other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Company’s operations, the results of those operations, or the Company’s state of affairs in future financial years. Rounding of amounts The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to “rounding-off”. Amounts in this report have been rounded off in accordance with this Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 6 For personal use only
Page 7
Continued Auditor’s Independence Declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page. This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors Rachel Grimes AM Katrina Glendinning Chair Director 23 February 2026 Melbourne Directors’ Report INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 7 For personal use only
Page 8
PricewaterhouseCoopers, ABN 52 780 433 757 One International Towers Sydney, Watermans Quay, BARANGAROO NSW 2000, GPO BOX 2650 SYDNEY NSW 2001 T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Auditor’s Independence Declaration As lead auditor of L1 Global Long Short Fund Limited (formerly Platinum Capital Limited)’s interim financial report for the half-year ended 31 December 2025 I declare that to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation t o the review of the interim financial report; and b) no contraventions of any applicable code of professional conduct in relation to the review of the interim financial report. Adrian Gut Sydney Partner 23 February 2026 PricewaterhouseCoopers For personal use only
Page 9
For the half-year ended 31 December 2025 Statement of Profit and Loss and Other Comprehensive Income Half‑year ended Notes 31 December 2025 $’000 31 December 2024 $’000 Investment income Dividends 2,147 3,029 Interest income 1,205 484 Net gain/losses on financial assets 87,967 9,740 Net foreign exchange gains/(losses) 503 2,059 Total investment income 91,822 15,312 Expenses Management fees 13 (2 ,113) (2,495) Performance fees provision 13 (3,302) – Custody (137) (80) Share registry (92) (62) Continuous reporting disclosure (50) (93) Directors' fees (98) (74) Auditor’s remuneration and other services (104) (104) Interest expense (212) (7) Brokerage costs (2,460) (121) Transaction costs – (50) Insurance (132) (137) Other expenses (430) (498) Total expenses (9,130) (3,721) Profit/(loss) before income tax (expense)/benefit 82,692 11, 591 Income tax (expense)/benefit (25,207) (3,481) Profit/(loss) after income tax (expense)/benefit for the half-year attributable to the owners of L1 Global Long Short Fund Limited 57,485 8 ,110 Other comprehensive income for the half-year, net of tax – – Total comprehensive income/(loss) for the half-year attributable to the owners of L1 Global Long Short Fund Limited 57,485 8 ,110 Basic earnings per share 9 20.96 2.74 Diluted earnings per share 9 20.96 2.74 The above Statement of Profit and Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 9 For personal use only
Page 10
Statement of Financial Position Notes 31 December 2025 $’000 30 June 2025 $’000 ASSETS Cash at bank 11 606 8 Cash on deposit held within the portfolio 11 458,338 41,734 Receivables 6 77,609 1,742 Financial assets at fair value through profit or loss 3 1,248,302 415,538 Total assets 1,784,855 459,022 LIABILITIES Payables 7 254,671 4,810 Financial liabilities at fair value through profit or loss 3 602,412 4,725 Income tax payable 2(a) 21,786 1,256 Deferred tax liabilities 2(b) 4,230 8,188 Total liabilities 883,099 18,979 Net assets 901,756 440,043 EQUITY Issued capital 8 809,352 396,378 Accumulated losses (75,060) (75,060) Dividend profit reserve 4 167,464 118 ,725 Total equity 901,756 440,043 The above Statement of Financial Position should be read in conjunction with the accompanying notes. As at 31 December 2025 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 10 For personal use only
Page 11
Statement of Changes in Equity For the half-year ended 31 December 2025 Notes Issued capital $’000 Accumulated losses $’000 Reserves $’000 Total $’000 Balance as at 1 July 2025 396,378 (75,060) 118 ,725 440,043 Profit/(loss) after income tax (expense)/benefit for the half-year – 57,485 – 57,485 Other comprehensive income/(loss) for the half-year, net of tax – – – – Total comprehensive income/(loss) for the half-year – 57,485 – 57,485 Transfer of profit to the dividend profit reserve 4 – (57,485) 57,485 – Transactions with owners in their capacity as owners: Proceeds from the issue of shares associated with the dividend reinvestment plan and unclaimed dividends 8 2,524 – – 2,524 Net proceeds from issue of shares associated with entitlement offer and placement 8 477,072 – – 477,072 Shares acquired under buy-back 8 (66,622) – – (66,622) Dividend paid 5 – – (8,746) (8,746) Balance as at 31 December 2025 809,352 (75,060) 167,464 901,756 Balance as at 1 July 2024 394,622 (75,060) 126,767 446,329 Profit/(loss) after income tax (expense)/benefit for the half-year – 8 ,110 – 8 ,110 Other comprehensive income/(loss) for the half-year, net of tax – – – – Total comprehensive income/(loss) for the half-year – 8 ,110 – 8 ,110 Transfer of profit to the dividend profit reserve 4 – (8 ,110) 8 ,110 – Transactions with owners in their capacity as owners: Proceeds from the issue of shares associated with the dividend reinvestment plan and unclaimed dividends 8 905 – – 905 Net proceeds from issue of shares associated with exercise of options 8 – – – – Dividend paid 5 – – (8,863) (8,863) Balance as at 31 December 2024 395,527 (75,060) 126,014 446,481 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 11 For personal use only
Page 12
For the half-year ended 31 December 2025 Statement of Cash Flows Half‑year ended Notes 31 December 2025 $’000 31 December 2024 $’000 Cash flows from operating activities Payments for purchase of financial assets (1,100,596) (172,106) Proceeds from sale of financial assets 1,123,539 158,942 Dividends received 3,526 3,619 Interest received/(paid) 993 612 Management fees paid 13 (2,525) (2,493) Other expenses paid (4,505) (818) Income tax paid (8,635) (1,597) Net cash from/(used) in operating activities 11,797 (13,841) Cash flows from financing activities Dividends paid – net of dividend re-investment plan 5,8 (6,247) (7,988) Proceeds from issue of shares in relation to unclaimed dividends 8 25 30 Proceeds from issue of shares in relation to entitlement offer and placement 8 477,072 – Payments for share buy-backs 8 (66,622) – Net cash from/(used) in financing activities 404,228 (7,958) Net increase/(decrease) in cash and cash equivalents 416,025 (21,799) Cash and cash equivalents at the beginning of the half-year 41,742 56,687 Effects of exchange rate changes on cash and cash equivalents 1,177 2,059 Cash and cash equivalents at the end of the half-year 458,944 36,947 The above Statement of Cash Flows should be read in conjunction with the accompanying notes. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 12 For personal use only
Page 13
Notes to the Financial Report For the half‑year ended 31 December 2025 1. Basis of preparation of the interim financial report These financial statements for the interim reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34: Interim Financial Reporting. These financial statements for the half-year ended 31 December 2025 do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. Comparative information has been revised where appropriate to enhance comparability. Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current period. New Accounting Standards and Interpretations AASB 18 was issued in June 2024 and replaces AASB 101 Presentation of Financial Statements. The new standard introduces new requirements for the Statements of Comprehensive Income, including new categories for the classification of income and expenses into operating, investing and financing categories, and presentation of subtotals for “operating profit” and “profit before financing and income taxes”. Additional disclosure requirements are introduced for management-defined performance measures and new principles for aggregation and disaggregation of information in the notes and the primary financial statements and the presentation of interest and dividends in the Statements of Cash Flows. The new standard is effective for annual years beginning on or after 1 January 2027 and will apply to the Company for the financial year ending 30 June 2028. This new standard is not expected to have an impact on the recognition and measurement of assets, liabilities, income and expenses, however there will likely be changes in how the Statements of Comprehensive Income and Statements of Financial Position line items are presented as well as some additional disclosures in the Notes to the Financial Statements. The Company is in the process of assessing the impact of the new standard. A number of new standards, amendments and interpretations are effective for annual reporting periods beginning on or after 1 July 2026, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Company. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 13 For personal use only
Page 14
Notes to the Financial Report For the half‑year ended 31 December 2025 2. Income tax (a) Income tax (payable)/receivable The income tax (payable)/receivable as disclosed in the statement of financial position is comprised of: As at 31 December 2025 $’000 30 June 2025 $’000 Current income tax provision (before foreign & domestic tax credits) (29,234) (4,727) Foreign & domestic tax credits utilised 279 731 Current income tax provision (28,955) (3,996) Prepaid income tax 7,169 2,740 Income tax (payable)/receivable (21,786) (1,256) (b) Deferred tax asset/(liability) The deferred tax asset/(liability) figure in the statement of financial position is comprised of: As at 31 December 2025 $’000 30 June 2025 $’000 Unrealised (gains)/losses on investments (4,091) (8,072) Dividends accrued (133) (111) Expense accruals (11) (15) Other 5 10 Deferred tax asset/(liability) (4,230) (8,188) The realised tax balance will depend on the actual gains or losses generated as and when the investments are sold. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 14 For personal use only
Page 15
Notes to the Financial Report For the half‑year ended 31 December 2025 3. Financial assets and liabilities at fair value through profit or loss As at 31 December 2025 $’000 30 June 2025 $’000 Equity securities 1,242,840 415,538 Derivatives financial instruments 5,462 – Financial assets 1,248,302 415,538 Equity securities 601,716 – Derivatives financial instruments 696 4,725 Financial liabilities 602,412 4,725 4. Dividend profit reserve The Company may set aside some or all of its undistributed profits to a separate dividend profit reserve, to facilitate the payment of future franked dividends, rather than maintaining these profits within accumulated losses. The current period profit after tax was transferred to the dividend profit reserve. The balance of this reserve is as follows. As at 31 December 2025 $’000 30 June 2025 $’000 Opening balance 1 July 2025 (1 July 2024) 118 ,725 126,767 Transfer of profit after income tax expense 57,485 9,703 Dividends paid (8,746) (17,745) Closing balance 167,464 118 ,725 5. Dividends Half‑year ended 31 December 2025 $’000 Half‑year ended 31 December 2024 $’000 Final dividend paid for the 2024 financial year (3 cents per ordinary share) – 8,863 Final dividend paid for the 2025 financial year (3 cents per ordinary share) 8,746 – Dividends 8,746 8,863 Dividends not recognised at half-year end. On 23 February 2026, the Directors determined to pay a 2026 fully-franked interim dividend of 1 cent per share ($5,471,888) with a record date of 6 March 2026 and payable to shareholders on 20 March 2026, out of the dividend profit reserve. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 15 For personal use only
Page 16
Notes to the Financial Report For the half‑year ended 31 December 2025 5. Dividends (continued) Franking credits 31 December 2025 $’000 30 June 2025 $’000 Franking credits available at the balance date based on a tax rate of 30% 5,424 537 Franking (debits)/credits that will arise from the tax (receivable)/payable at balance date based on a tax rate of 30% 21,786 1,256 Franking credits available for future franked dividends based on a tax rate of 30% 27,210 1,793 Franking credits generated post balance sheet date prior to dividend payment date – 2,121 Franking debits that will be utilised from the payment of dividends determined subsequent to the balance date based on a tax rate of 30% – (3,814) Net franking credits available based on a tax rate of 30% 27,210 100 The available franking credit balance after providing for the 2026 interim dividend would enable the payment of future fully-franked dividend of up to 10.6 cents per share. 6. Receivables Receivables include proceeds from the sale of financial assets. Trading post transition commenced at the end of December, resulting in receivables from brokers which settled after the December reporting period. As at 31 December 2025 $’000 30 June 2025 $’000 Receivables for securities sold 76,770 – Dividends receivable – 1,379 Other receivables 839 363 Receivables 77,609 1,742 7. Payables Payables include payments for the purchase of financial assets. Trading post transition commenced at the end of December, resulting in payables to brokers which settled after the December reporting period. As at 31 December 2025 $’000 30 June 2025 $’000 Payables for securities purchased 251,190 3,693 Scheme related payables – 551 Other payables 3,481 566 Payables 254,671 4,810 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 16 For personal use only
Page 17
Notes to the Financial Report For the half‑year ended 31 December 2025 8. Issued capital Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital. Every member is entitled to one vote and upon a poll, each share shall have one vote. Where the Company purchases its own issued shares under a Buy-back, the consideration paid, including any directly attributable transaction costs, is deducted from issued capital and any shares purchased are cancelled. Buy‑back On 11 July 2025, the Company announced a notice of meeting to seek approval for an on-market buy-back (“Buy-back”) of up to 50% of the Company’s issued share capital. At the general meeting on 12 August 2025, the shareholders approved the Buy-back and the Company commenced the Buy-back on 21 August 2025. During the half-year ended 31 December 2025, the Company bought back 43,886,918 shares. The Company is authorised to Buy-back up to 104,454,924 additional shares until 11 August 2026. Entitlement offer On 2 December 2025, the Company announced a pro-rata non-renounceable entitlement offer (“Entitlement Offer”) of 1 fully paid ordinary share in the Company for every existing fully paid ordinary share, at an offer price of $1.63 per new share to raise up to $415 million. Eligible shareholders who took up their full entitlement could also apply for additional new shares in excess of their entitlement at the offer price through a top-up facility under the Entitlement Offer (“Top-up facility”). The scale-back and the allocation of new shares under the Top-up facility was at the sole discretion of the Company. On the same date, the Company announced that certain wholesale investors were also invited to apply for new shares not subscribed for under the Entitlement Offer and Top-up facility, under a shortfall offer (“Shortfall Offer”). Placement On 4 December 2025, the Company announced that it would undertake an institutional placement (“Placement”) at the conclusion of the Entitlement Offer to enable further participation for investors in the Shortfall Offer bookbuild, who were otherwise subject to scale-back. The Placement settled on 24 December 2025 along with the new shares issued under the Entitlement Offer and Shortfall Offer. Shares on issue as at 31 December 2025 (and 30 June 2025) were as follows: 31 December 2025 Shares 30 June 2025 Shares 31 December 2025 $’000 30 June 2025 $’000 Ordinary shares – fully paid 547,188,803 296,678,367 809,352 396,378 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 17 For personal use only
Page 18
Notes to the Financial Report For the half‑year ended 31 December 2025 8. Issued capital (continued) Movements in ordinary share capital during the half-year were as follows: 31 December 2025 Date Shares $’000 Balance 1 Jul 2025 296,678,367 396,378 Dividend reinvestment plan 22 Sep 2025 1,698,875 2,499 Shares acquired under buy-back 21 Aug 2025 to 31 Dec 2025 (43,886,918) (66,622) Reinvestment of unclaimed dividends (a) 14 Oct 2025 16,096 25 Shares issued from the entitlement offer 29 Dec 2025 254,506,420 414,845 Shares issued from the placement 29 Dec 2025 38,175,963 62,227 31 Dec 2025 547,188,803 809,352 (a) Dividends that remain unclaimed after 6 months from payment date are automatically reinvested into additional shares in the Company. 31 December 2024 Date Shares $’000 Balance 1 Jul 2024 295,430,882 394,622 Dividend reinvestment plan 20 Sep 2024 628,083 875 Reinvestment of unclaimed dividends (a) 14 Oct 2024 21,032 30 31 Dec 2024 296,079,997 395,527 (a) Dividends that remain unclaimed after 6 months from payment date are automatically reinvested into additional shares in the Company. 9. Earnings per share Half‑year ended 31 December 2025 $’000 Half‑year ended 31 December 2024 $’000 Profit/(loss) after income tax attributable to the owners of L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 57,485 8 ,110 Number Number Weighted average number of ordinary shares used in calculating basic and diluted earnings per share 274,319,187 295,791,502 Cents Cents Basic earnings per share 20.96 2.74 Diluted earnings per share 20.96 2.74 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 18 For personal use only
Page 19
Notes to the Financial Report For the half‑year ended 31 December 2025 10. Statement of post‑tax net tangible asset backing (NTA) Reconciling net tangible asset backing (post-tax) in the statement of financial position to that reported to the ASX. As at 31 December 2025 $’000 30 June 2025 $’000 Post-tax net tangible asset backing per statement of financial position 901,756 440,043 Less: Brokerage/selling costs adjustment (968) – Post-tax net tangible asset backing as reported to the ASX 900,788 440,043 1 1. Notes to the statements of cash flows For the purpose of the statement of cash flows, cash and cash equivalents includes cash at bank, deposits held at call with financial institutions, cash held as collateral in margin accounts by derivatives clearing houses and counterparties, and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash which are subject to an insignificant risk of changes in value. Payments and receipts relating to the purchase and sale of investment securities are classified as “cash flows from operating activities” as realised and unrealised gains (and losses) on financial assets and liabilities and represent the Company’s main operating activity. As at 31 December 2025 $’000 30 June 2025 $’000 Components of cash and cash equivalents Cash at bank 606 8 Cash on deposit held within the portfolio* 458,338 41,734 Cash and cash equivalents 458,944 41,742 * As at 31 December 2025, included in the balance above, the maximum value of the Company’s gross assets available to Morgan Stanley for its lending and financing activities is $30,555,000 (June 2025: Nil). Cash on deposit includes $Nil (2025: $13,047,000) to cover margin transferred on derivative contracts. Morgan Stanley & Co International Plc and Goldman Sachs International (“Prime Brokers”) have a charge over the assets of the Company. The contractual credit risk of assets is represented by the net payments or receipts that remain outstanding, and the cost of replacing the derivative position in the event of a counterparty default. There are no financial assets that are past due or impaired as at balance date. As at the date of this report, Morgan Stanley & Co International Plc has a credit rating of A+ (S&P) for long term and a rating of A-1 for short term debt. Goldman Sachs has a credit rating of BBB+ (S&P) for long term and a rating of A for short term debt. The terms of the Morgan Stanley & Co International Plc prime brokerage agreement provide that it may utilise custodial assets for its own lending and financing purposes (including to borrow, lend, charge, re-hypothecate, and dispose of). Under the terms of the agreement with Morgan Stanley & Co International Plc, it is obliged to return to the Company the equivalent custodial assets regardless of any transactions or arrangements Morgan Stanley may have with third parties. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 19 For personal use only
Page 20
Notes to the Financial Report For the half‑year ended 31 December 2025 12. F air value measurement Fair value hierarchy ASB 13: Fair Value Measurement requires the Company to classify those assets and liabilities measured at fair value through profit or loss, using the following fair value hierarchy model (consistent with the hierarchy model applied to financial assets and liabilities at 30 June 2025): • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Unobservable inputs for the asset or liability. The following table details the Company’s assets and liabilities, measured as disclosed at fair value, using the three- level hierarchy model. At 31 December 2025 Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 Assets Equity securities 1,242,840 – – 1,242,840 Derivatives financial instruments – 5,462 – 5,462 Total assets 1,242,840 5,462 – 1,248,302 Liabilities Equity securities 601,716 – – 601,716 Derivatives financial instruments – 696 – 696 Total liabilities 601,716 696 – 602,412 At 30 June 2025 Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 Assets Equity securities 415,538 – – 415,538 Derivatives financial instruments – – – – Total assets 415,538 – – 415,538 Liabilities Derivatives financial instruments – 4,725 – 4,725 Total liabilities – 4,725 – 4,725 Valuation process The valuation of each investment that the Company holds is the primary responsibility of the Investment Manager. PIML’s Securities Pricing Committee has authority to review and approve valuation methodologies to be applied to determine the fair values of portfolio securities and other assets held by the Company for which no quoted market price is readily available, and to make recommendations to the Board. The Securities Pricing Committee also assesses whether an adjustment is required to the quoted market price of any security, if it is considered that the quoted market price is not reasonable (for example securities with a so-called “stale” price). A register is maintained documenting the valuation used and the basis for the valuation of any security or investment that may be manually adjusted or manually priced. The Securities Pricing Committee meets on a quarterly basis, and also on an ad hoc basis as is required. Fair value of financial instruments not carried at fair value The carrying value of trade receivables and trade payables are assumed to approximate their fair values. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 20 For personal use only
Page 21
Notes to the Financial Report For the half‑year ended 31 December 2025 13. Investment manager fees Platinum Investment Management Limited Prior to 28 November 2025, while PIML acted as Investment Manager, PIML received a monthly management fee for investment services provided in accordance with the investment management agreement (the “PIML IMA”). The PIML IMA provides for a management fee payable monthly and calculated at 1.1% plus GST (June 2025: 1.1% plus GST) per annum of the adjusted portfolio value (which includes cash and deposits and adjusted for any taxes paid/refunded, dividends paid and capital flows). A performance fee is payable for each financial year ending 30 June equivalent to 15% of the amount by which the portfolio’s annual performance exceeds the return achieved by the MSCI All Country World Net Index in $A (“MSCI”) for that financial year. Where the portfolio’s annual performance is less than the MSCI, the amount of the underperformance is aggregated, carried forward and deducted from the annual performance in the subsequent year before calculating any performance fee for that year. The aggregate underperformance is carried forward until a performance fee becomes payable. For the period 1 July 2025 to 28 November 2025, pre-tax performance of the portfolio was 15.4% and the corresponding MSCI was 9.9%. This represents an outperformance of 5.5% against the MSCI for the 4 month period. Taking into account the aggregate underperformance of 69.91% from the prior periods, no performance fee has been accrued. On the termination of the IMA by the Company, PIML was eligible to receive a termination fee equivalent to the management fee of 1.1% plus GST of the portfolio value (adjusted for any taxes paid/refunded, dividends paid and capital flows) and the performance fee plus GST (calculated as set forth above) if any, for the period from the first business day of the month in which termination is effective to the date which is the first anniversary of that date. PIML waived its entitlement to this termination fee on the termination of the IMA on 28 November 2025. L1 Capital Pty Ltd On 28 November 2025 (“Commencement Date”), the PIML IMA was terminated and the investment management agreement with L1 Capital Pty Ltd (the “L1 IMA”) came into effect, L1 Capital Pty Ltd is entitled to receive a management fee for investment services provided in accordance with the L1 IMA. The L1 IMA provides for no management fee to be payable for a period of 12 months from the Commencement Date. Thereafter, a management fee will be payable monthly and calculated at 1.4% plus GST per annum of the portfolio value. A performance fee is payable for the performance period, (the first performance period being the Commencement Date to the earlier of the date of termination and 30 June 2026, thereafter each full 6 month period commencing on either 1 July or 1 January) equivalent to 20% of the amount by which the portfolio’s value (adjusted for any taxes paid/ refunded, dividends paid and capital flows) exceeds the portfolio value calculated at the last business day of the last performance period. Where the portfolio’s performance for a performance period is less than the portfolio value of the last business day of the last performance period, the amount of the underperformance is aggregated, carried forward and deducted from the performance in the subsequent performance period before calculating any performance fee for that performance period. The aggregate underperformance is carried forward until a performance fee becomes payable. The accumulated underperformance under the PIML IMA outlined above was not carried forward under the L1 IMA. In the period between 28 November 2025 and 31 December 2025, the Company’s portfolio value exceeded the portfolio value calculated as at 28 November 2025 by $16.1m, resulting in a performance fee provision at 31 December 2025 of $3.3m. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 21 For personal use only
Page 22
Notes to the Financial Report For the half‑year ended 31 December 2025 For the half-year ended 31 December 2025 13. Investment manager fees (continued) Management fees and performance fees paid and payable for the half-year ended 31 December 2025 are shown below: Half‑year ended 31 December 2025 Half‑year ended 31 December 2024 Management fees expense 2,1 12,519 2,495,161 Management fees paid 2,524,907 2,493,253 Management fees payable – 417,096 Performance fees expense 3,301,552 – Performance fees payable 3,301,552 – In the event of termination of the L1 IMA by the Company, the Investment Manager will be eligible to receive a termination fee equal to the sum of all Management Fees paid, or accrued but unpaid, to the Investment Manager in respect of the 12 month period up to the date of termination. The L1 IMA has an initial term of 10 years commencing from 28 November 2025. L1 Capital Pty Ltd is required to provide a minimum of six months written notice to the Company to terminate the L1 IMA for convenience. However, either party may terminate the L1 IMA for cause at any time by written notice to the other party in certain instances. 14. Significant changes in the state of affairs On 8 July 2025, the ultimate parent entity of PIML, Platinum Asset Management Limited (ASX:PTM) (“PTM”) announced it had entered into a merger implementation deed (“MID”) with the shareholders of First Maven Pty Ltd (“First Maven”). The MID contained the binding terms of the proposed merger between PTM and First Maven (“Merger”). The PTM shareholders approved the MID at a general meeting on 22 September 2025, and on 1 October 2025 the merger was implemented and PTM was renamed L1 Group Limited (ASX:L1G) (“L1G”). On 5 August 2025, the Company announced that it had received a non-binding indicative proposal from L1 Capital Pty Ltd to replace PIML as the Company’s investment manager (L1 Capital Proposal) and that it would be withdrawing the scheme of arrangement with Platinum International Fund Active ETF (ASX: PIXX) due to insufficient shareholder support. This was followed by an announcement on 14 August 2025 that the Company had received a non-binding, indicative proposal from Wilson Asset Management Limited (WAM), also to replace PIML as the Company’s investment manager (WAM Proposal). The L1 Capital Proposal was accompanied by a notice pursuant to s249D of the Corporations Act 2001 (Cth) requiring the Company to convene a meeting of Shareholders to consider resolutions to appoint three new directors nominated by L1 Capital Pty Ltd, being Rachel Grimes AM, Douglas Farrell and David Gray (the L1 Nominees). The WAM Proposal was also accompanied by nominations for three new directors. A meeting of Shareholders was subsequently convened on 1 October 2025 resulting in the L1 Nominees being appointed to the Board on 2 October 2025, and the resignations of Margaret Towers and Ian Hunter as directors of the Company on the same date. The Board comprised of three independent non-executive directors, being Katrina Glendinning, David Gray and Douglas Farrell, and two non-independent directors, being Rachel Grimes AM and Joanne Jefferies, formed an independent Board committee (IBC) to assess the proposals received from each of L1 Capital Pty Ltd and WAM. The change of investment manager from PIML to L1 Capital Pty Ltd was subsequently approved by shareholders at the annual general meeting held on 28 November 2025 on the recommendation of the IBC. With effect from 28 November 2025, the Company, Platinum Capital Limited changed its name to L1 Global Long Short Fund Limited. Concurrently, the investment manager changed from Platinum Investment Management Limited to L1 Capital Pty Ltd, following which the portfolio was liquidated in preparation for transition to the new investment strategy under L1 Capital Pty Ltd. At the end of December 2025, the Company commenced the reinvestment of the cash held, and in January 2026 the portfolio became fully invested. INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 22 For personal use only
Page 23
For the half-year ended 31 December 2025 Directors’ Declaration On 28 November 2025 (“Commencement Date”), the PIML investment management agreement was terminated and the investment management agreement with L1 Capital (the “L1 IMA”) came into effect, L1 Capital Pty Ltd is entitled to receive a management fee for investment services provided in accordance with the L1 IMA. The L1 IMA provides for no management fee to be payable for a period of 12 months from the Commencement Date. Thereafter, a management fee will be payable monthly and calculated at 1.4% plus GST per annum of the portfolio value. Effective 28 November 2025, the Company transitioned from using State Street Australia Limited as its custodian to a prime brokerage arrangement with Goldman Sachs International and Morgan Stanley & Co International Plc and Apex Fund Services Pty Ltd became the Company’s appointed administrator. On 3 December 2025, the ASX ticker changed to GLS (previously PMC). In the opinion of the Directors, there were no other significant changes in the state of affairs of the Company that occurred during the half- year ended 31 December 2025. 15. Events after the reporting period Other than the dividend determined on 23 February 2026, no other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Company’s operations, the results of those operations, or the Company’s state of affairs in future financial years. In the Directors’ opinion: • the attached financial statements and notes, set out on pages 9 to 22, comply with the Corporations Act 2001, Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; • the attached financial statements and notes give a true and fair view of the Company’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and • there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of Directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the Directors Rachel Grimes AM Katrina Glendinning Chair Director 23 February 2026 Melbourne INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) 23 For personal use only
Page 24
PricewaterhouseCoopers, ABN 52 780 433 757 One International Towers Sydney, Watermans Quay, Barangaroo NSW 2000, GPO BOX 2650 Sydney NSW 2001 T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. pwc.com.au Independent auditor's review report to the members of L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) Report on the interim financial report Conclusion We have reviewed the interim financial report of L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) (the Company) which comprises the statement of financial position as at 31 December 2025, the statement of changes in equity, statement of cash flows, statement of profit or loss and other comprehensive income, for the half-year ended on that date, selected explanatory notes and the directors‘ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying interim financial report of L1 Global Long Short Fund Limited does not comply with the Corporations Act 2001 including: 1. giving a true and fair view of the Company‘s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; 2. complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor's responsibilities for the review of the interim financial report section of our report. For personal use only
Page 25
We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Responsibilities of the directors for the interim financial report The directors of the Company are responsible for the preparation of the interim financial report, in accordance with Australian Accounting Standards and the Corporations Act 2001, including giving a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of the interim financial report that is free from material misstatement whether due to fraud or error. Auditor's responsibilities for the review of the interim financial report Our responsibility is to express a conclusion on the interim financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the interim financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company‘s financial position as at 31 December 2025 and of its performance for the half- year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a interim financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. PricewaterhouseCoopers Adrian Gut Sydney Partner 23 February 2026 For personal use only
Page 26
For more insights, visit www.L1.Capital/GLS For personal use only
Page 27
L1 Global Long Short Fund Limited ACN 063 975 431 Level 45, 101 Collins Street, Melbourne, VIC 3000, Australia Phone +61 3 9286 7000 Fax +61 3 9286 7099 www.L1.Capital/GLS 23 February 2026 Dear Shareholder, I am delighted to write to you as the new Chair of L1 Global Long Short Fund Limited (Company). Over the last six months the Company has undergone significant change, with a refresh of the Board following the shareholder meeting on 1 October 2025 and change of investment manager to L1 Capital Pty Ltd (Investment Manager) on 28 November 2025, which was approved by shareholders at the annual general meeting. The Board in place currently is comprised of three independent non-executive directors, being Katrina Glendinning, David Gray and Douglas Farrell, and two non-independent directors, being myself and Joanne Jefferies. The Board and Investment Manager are grateful for your trust, confidence and investment in the Company following its transition to the new L1 Capital Global Long Short investment strategy. Following the equity raise that concluded in December 2025, the Investment Manager gradually invested the funds during December and January and they were fully deployed by the end of January. GLS has started well, with the portfolio delivering a net return of 1.2% (MSCI World 0.8%) from inception to 31 December 20251. We are excited about the potential for GLS, which is run in alignment with the L1 Capital Global Long Short Fund strategy that achieved a net return of 78.2%(MSCI World 21.1%) from its inception on 1 January 2025 to 31 December 20252. With the change of Board, Investment Manager and subsequent equity raise, the Company was significantly reset during the December 2025 half year. The Board believes it is appropriate for the Company’s dividend to also reflect that reset. The intention of the Board is to provide a sustainable and growing stream of fully franked dividends over time, commencing with the determination to pay a fully franked interim dividend of 1 cent per share payable on 20 March 2026. If you have not already, we invite you to participate in the Company’s Dividend Reinvestment Plan (DRP), which is available to shareholders who hold fully paid ordinary shares in the Company and have a registered address in Australia or New Zealand at the relevant dividend record date. Participation in the DRP is optional. Shareholders are strongly encouraged to seek financial 1 Based on returns achieved by the L1 Global Long Short Fund Limited (ASX:GLS) since inception on 28 November 2025 (being the date that L1 Capital assumed the role of investment manager of the Company). Prior to this date, data is that of the L1 Capital Global Long Short Fund – Daily Class since inception (1 January 2025) which is subject to a higher fee. Past performance should not be taken as an indicator of future performance 2 Based on the returns achieved by the L1 Capital Global Long Short Strategy since inception 1 January 2025 in AUD. MSCI World Accumulation Index is shown in US$. For personal use only
Page 28
L1 Global Long Short Fund Limited ACN 063 975 431 Level 45, 101 Collins Street, Melbourne, VIC 3000, Australia Phone +61 3 9286 7000 Fax +61 3 9286 7099 www.L1.Capital/GLS advice before electing to participate and to read both the full terms and conditions in the rules of the DRP and the frequently asked questions. These are available on the Company website at www.L1.Capital/GLS under the ‘Dividend Reinvestment Plan (DRP)’ section. We note that participation may be varied or terminated at any time in accordance with the rules of the DRP. Key features of the DRP includes the ability to: • Choose whether to reinvest either all or part of your dividend payments. • Increase your shareholding free of brokerage, commission or other transaction costs. • Select whether you participate in the DRP for each dividend that is paid. • Receive a statement detailing the shares you receive. To include the upcoming dividend payment on 20 March 2026 in your DRP, we must receive your DRP election before the deadline of Wednesday 9 March 2026 at 5:00 pm (AEDT). You can download the form at www.L1.Capital/GLS or elect online through your MUFG investor account at au.investorcentre.mpms.mufg.com. If you have not yet set up a MUFG account, please click the ‘Register’ button and follow the prompts to do so. You can also register for electronic communications using the link above to receive information on your investment in the Company as soon as it is released. The Company publishes relevant information about the DRP on its website for each dividend, including the DRP election date and information on the allocation price when available. Please visit www.L1.Capital/GLS and click on ‘ASX Announcements’ for details on the dividend announced on 23 February 2026. Thank you again for your continued support of GLS. We look forward to sharing the Company’s progress with you through our regular reports, webinars and in-person events, details of which are available at www.L1.Capital/GLS. Yours sincerely, Rachel Grimes AM Chair, L1 Global Long Short Fund Limited For personal use only