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Annual General MeetingPresentationOctober 2025For personal use only
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6 DisclaimerMirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as to the accuracy, completeness or reliability of any statements, estimates or opinions or other information contained in these materials (any of which may change without notice) and to the maximum extent permitted by law, the Disclosers disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence on the part of any or all of the Disclosers) for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from these materials.These materials have been prepared solely for the purpose of information and do not constitute, nor are they intended to constitute advice nor an offer or invitation to any person to subscribe for, buy or sell any shares or any other securities.ABN 31 085 290 928For personal use only
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Our Purpose and ApproachFor personal use only
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8 Our Investment Approach For personal use only
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Mirrabooka’s Record Sees it Well Supported in the Market – Share Price Premium/Discount to NTA 9 For personal use only
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Financial Year in SummaryFor personal use only
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11 Full-Year Result Summary For personal use only
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Portfolio Performance For personal use only
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13 1 July 2021 – Your Future Your Super Performance Test introduced.Redefined risk assessment for equity funds management industry.Super funds called out for underperformance – loss of ability to accept flows if it persists.Industry response •More money allocated to index funds. •Small/midcap stock performance – heavily influenced by index considerations.•Active managers forced to be more focussed on short term performance – can’t fall behind.Mirrabooka response •Continue to define risk fundamentally – risk of making poor investments with your money.•Our differentiation through long term investing remains – resisting straying into same index focussed pressures of others.•Looking for opportunities – more cases of share price deviation from long term fundamentals. Equity Market Structure Has Changed – Mirrabooka Has NotFor personal use only
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14* Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculate after management fees, income tax and capital gains tax on realised sales of investments. It should be noted that Index returns for the market do not include management expenses or tax.Past performance is not indicative of future performance. Mirrabooka Portfolio Performance – Per Annum Returns to 31 August 2025* For personal use only
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15 Gold is 16% of Smallcap index 0% of Mirrabooka Factors Behind 1 Year Portfolio Underperformance Portfolio performance factorsNon portfolio performance factors (-3.8%)-1.7%CGT not yet paid out as franking-1.6%Capital raising dilution-0.5%Management expensesGold stocks not owned (-3.7%)Material positive contributors (+6.2%)Material negative contributors (-10.3%) For personal use only
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16 We’ve seen similar cycles before:•our relative performance rebounded; and •buoyant resource stocks that we didn’t own proved cyclical.Our transactions have continued to add value.Our portfolio is in good shape: with encouraging reporting season updates from key holdings.Despite our recent underperformance, we retain long term confidence in the portfolio, as: Our Confidence in the Long Term Portfolio Outlook Remains StrongFor personal use only
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17 August 2025 is the fifth time since inception that Mirrabooka has fallen <10% behind its benchmark indices over 12 months.The most common factors in these instances were: Buoyant equity markets – with Mirrabooka lagging strong 12-month benchmark returns. Mid and small resource stocks strongly outperforming industrials. Cycling an immediately prior 12-month period where Mirrabooka had strongly outperformed. Mirrabooka holding elevated cash – struggling to find compelling value. We Have Seen These Cycles BeforeFor personal use only
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18 Subsequent 3-year Relative Performance?MIR Holding Elevated Cash?MIR Cycling Strong Outperformance?Resources Outperforming?Buoyant Market?12 months to:+6.6% pa Mar 06+0.7% paDec 16+8.1% paOct 17+4.9% paMay 22+5.1% pa8%+6%+41%+18%Average (prior 4)11%+8%+31%+23%Aug 25 Prior periods where Mirrabooka underperformed its benchmark by >10% over 12 monthsWe Have Seen These Cycles Before For personal use only
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19 Why are we structurally underweight resources stocks? Resources stock observations:1. Our benchmark lacks bottom quartile cash cost resources business – down cycles hit higher cost resources stocks harder.2. Cash margins are typically squeezed following a commodity price peak – production costs follow commodity prices up in a boom.3. Resource stocks are now 20% of our benchmark vs <1% of Mirrabooka’s portfolio.4. The Midcap Resources index has delivered strong long term performance – but only because iron ore, fertilizer, mineral sands and lithium stocks moved into the 50 Leaders Index before prior cycles peaked.020004000600080001000012000Feb-95May-96Aug-97Nov-98Feb-00May-01Aug-02Nov-03Feb-05May-06Aug-07Nov-08Feb-10May-11Aug-12Nov-13Feb-15May-16Aug-17Nov-18Feb-20May-21Aug-22Nov-23Feb-25Small Resources Accumulation050001000015000200002500030000Feb-95Jun-96Oct-97Feb-99Jun-00Oct-01Feb-03Jun-04Oct-05Feb-07Jun-08Oct-09Feb-11Jun-12Oct-13Feb-15Jun-16Oct-17Feb-19Jun-20Oct-21Feb-23Jun-24Mid Cap 50 Resources Accumulation For personal use only
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20 Transactions – 1 year to 31 August 25+$19 mil (including divs)$169 mil purchases-$14 mil (including divs)$175 mil sales+$5 mil net value addedTransactions – 3 years to 31 August 25+$86 mil (inc divs)$398 mil purchases-$63 mil (inc divs)$380 mil sales+$23 mil net value addedThat detracted >$3 mil of value for MIRPurchases – 3 years to 31 August 25That added >$3 mil of value to MIR Our Transactions Have Continued to Add ValueFor personal use only
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21 Data centre expansion on time and on budgetNow only 12 months awayDemand/supply dynamic strengtheningUS acquisition reached profitability before expectationsARB product pull through benefit to comeHave never enjoyed a stronger market positionUtilising this position by investing in stimulating direct from the consumer demandContinuing to rapidly capture market shareInvesting in further building brand recognition Reporting Season Strategic Updates on Key Stocks Were Encouraging For personal use only
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22 Advertising monetisation strategy starting to take shapeProduct expansions (pets, elderly) to improve customer retentionEvolving from an app to a resilient businessSupply chain being de-risked in response to tariffsContinuing to methodically expand into large global marketsCoffee market outlook remains attractiveAccelerating investment to meet growth in customer cloud migration demandUplift in revenue provides strongly visible profit growth outlookNewer products (Build, Reg Solutions) progressing wellTransitioning these products from heavy investment to monetisation – strong profit margin outlook Reporting Season Strategic Updates on Key Stocks Were Encouraging For personal use only
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The Mirrabooka Portfolio and its Outlook For personal use only
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24* Indicates that options were outstanding against part of the holding. Company% of PortfolioOwnership Period6.1%4.6%3.4%3.3%2.8%2.6%2.6%2.4%2.4%2.4%9 yrs8.5 yrsCompany% of Portfolio Ownership Period2.2%1.9%2.1%1.9%2.2%1.8%1.7%1.7%1.9%1.7%15 yrs3.5 yrs 201918171615141312*1110987*65*43*21 Note: ResMed, Breville Group, Cleanaway, IDP Education, Worley and Vista Group have been held previously and re-purchased by Mirrabooka. 6 yrs 1.5 years20 yrs10 yrs 5.5 yrs3 yrs Mirrabooka Top 20 Holdings – 31 August 2025 14 yrs19.5 yrs15 yrs2 yrs8 yrs10 yrs2 yrs4.5 yrs3.5 yrs11 yrs For personal use only
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OutlookWe continue to hold no edge in predicting markets, macroeconomic trends, political developments.But can make the following fundamental observations:•It’s currently challenging to find investments in quality companies with a compelling risk adjusted return outlook.•There are plenty of speculative indicators (AI driven technology hype, crypto, meme stocks, ‘hot’ commodities, highly valued yet unproven businesses) to warrant caution.When market valuations become stretched, the range of possible short-term outcomes is wide (momentum often propels bull markets higher).But in the long term, high starting valuations invariably weigh on subsequent returns.Our long-term experience and fixed capital structure remind us to be patient – better opportunities will ultimately emerge.25 For personal use only
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26 Interesting New Stocks in the Portfolio For personal use only
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