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Full-Year Results Presentation July 2025
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Full Year Results – July 2025 2 Disclaimer Mirrabooka 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.
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Full Year Results – July 2025 3 About Mirrabooka
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Full Year Results – July 2025 4 Full-Year Result Summary
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Full Year Results – July 2025 5 * 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 30 June 2025*
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Full Year Results – July 2025 6 Market volatility – we have seen greater opportunities arise in early 2025, positioning for more Replenishing capital – since our first special dividend in 2013, $81 mil paid out in cash dividends and Capital Gains Tax, net of capital raised through DRPs and SPPs Investment flexibility – tax effective portfolio repositioning as selected stock weightings can be reduced without selling down holdings Mirrabooka shareholders have consistently expressed interest in supporting further capital raising Significant franking credit reserves to support dividend capacity on additional shares Scale – absence of FUM linked fees means shareholders benefit from reduced MER Rationale for Raising Additional Capital
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Full Year Results – July 2025 Outcome of the Capital Raising Successfully raised $85.1 million Total take up for New Shares under the Entitlement Offer and Top Up Facility was approximately 119% Scale back was completed based on a multiple relative to existing entitlement and a minimum for those who had small number of shares but applied for a large multiple of entitlement Shares are trading well above share offer price of $3.06 New Shares entitled to upcoming final dividend of 6.5 cents per share 7
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Full Year Results – July 2025 Material Contributors to Mirrabooka’s Recent Performance Temple & Webster +127% Hub 24 +93% Life360 +97% Pinnacle Investment Mgmt. +47% ResMed +36% EVT +48% Objective +61% Netwealth +52% IDP Education -75% Macquarie Technology -30% Reece -42% OFX -67% (exited) 8 Contributors – FY25 Detractors – FY25
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Full Year Results – July 2025 9 Financial Year Investment Portfolio Activity New to the Portfolio Additions to Existing Holding Exiting the Portfolio Reductions in Ongoing Holdings Purchases $5m and above Sales $5m and above
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Full Year Results – July 2025 10 * Indicates that options were outstanding against part of the holding. Company % of Portfolio Ownership Period 5.6% 4.1% 4.0% 3.6% 3.4% 3.2% 3.1% 2.7% 2.9% 2.6% 8.5 yrs 8 yrs Company % of Portfolio Ownership Period 2 yrs 2.5% 2.1% 2.2% 2.2% 2.2% 2.0% 1.9% 1.8% 2.0% 1.7% 14.5 yrs 13.5 yrs 19.5 yrs 7.5 yrs 3 yrs 20* 19 18 17* 16 15* 14 13 12* 11* 10* 9 8 7 6 5 4 3 2* 1 5 yrs Note: ResMed, Breville Group, Vista Group, IDP Education, James Hardie and REA Group have been held previously by Mirrabooka. 6.5 yrs 9.5 yrs 1.5 years 7.5 yrs 9.5 yrs 14.5 yrs 19.5 yrs 10 yrs 19 yrs 6 yrs 2 yrs Mirrabooka Top 20 Holdings – 30 June 2025
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Full Year Results – July 2025 Outlook We enter the new financial year with a continued focus on patience and discipline in our investment approach. While the additional capital raised in recent months leaves us with a significant cash holding of 11% of the portfolio value, this is not unprecedented for Mirrabooka. The key to our successful long term investment track record is to buy where we see attractive medium to long term value, which means we are comfortable holding excess cash. We have confidence that our investment process will uncover opportunities to invest, and we will only act on those where we can build significant conviction. In our experience, market volatility invariably creates buying opportunities for the sufficiently patient mid and small cap investor. 11