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Full Year Results July 2026
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Full Year Results – July 2026 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. ABN 31 085 290 928
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Full Year Results – July 2026 3 Agenda Introduction and Welcome Alison Gibson Our Purpose and Approach Kieran Kennedy Results Summary for Financial Year 2026 Andrew Porter Portfolio Performance Kieran Kennedy Mirrabooka Portfolio Stuart Low Market Observations Kieran Kennedy Outlook Kieran Kennedy
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Full Year Results – July 2026 Our Purpose and Approach
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Full Year Results – July 2026 5 Our Investment Approach
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Full Year Results – July 2026 Strategy has Delivered Outperformance Over the Long-term 6
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Full Year Results – July 2026 Results Summary for Financial Year 2026
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Full Year Results – July 2026 8 Results Summary for Financial Year 2026
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Full Year Results – July 2026 Annual Dividends Declared Since Listing 9
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Full Year Results – July 2026 Share Price Relative to Net Tangible Assets (NTA) Discount as at 24 July 2026: -1.1%* 10 *Based on share price and announced estimated NTA at 24 July 2026.
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Full Year Results – July 2026 Portfolio Performance
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Full Year Results – July 2026 Portfolio Performance – Per Annum Returns to 30 June 2026 Past performance is not indicative of future performance. 12
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Full Year Results – July 2026 Resources Driving the Mid and Small Cap Market Rolling 12-month Combined Mid and Small Industrials vs. Resources Above the line – Industrials outperforming Resources Below the line – Industrials underperforming Resources 13
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Full Year Results – July 2026 14 Key Drivers of Relative Portfolio Performance Positive Contributors Negative Contributors Companies Owned Companies Not Owned
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Full Year Results – July 2026 Mirrabooka Portfolio
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Full Year Results – July 2026 16 Top 20 Holdings as at 30 June 2026 Company % of Portfolio Ownership Period 7.0% 3.7% 3.0% 3.7% 2.9% 2.7% 2.5% 2.7% 2.9% 2.4% 10 yrs Company % of Portfolio Ownership Period 2.4% 2.2% 1.9% 2.1% 1.9% 2.0% 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 1.5 years 20.5 yrs 2 yrs 11 yrs 4 yrs 1.8% 2.0% 2.3% 2.2% 6.5 yrs 9.5 yrs 15.5 yrs 7 yrs 7.5 yrs 0.5 years 9 yrs 15 yrs 3 yrs 15.5 yrs 2 yrs 20 yrs 6.5 yrs 7 yrs Note: Breville Group, ResMed, Cleanaway, James Hardie Industries and REA Group have been held previously and re-purchased by Mirrabooka.
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Full Year Results – July 2026 17 Major Transactions in Financial Year 2026 Net Acquisitions Net Disposals Other Material Transactions* *Stocks with material sales and then purchases.
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Full Year Results – July 2026 Market Observations
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Full Year Results – July 2026 19 The Structure of Equity Markets has Changed Increased flows to passive funds: has seen an increase in the proportion of transaction activity that is driven by the index weighting of a stock versus those transacting based on a fundamental assessment. This increases the pro cyclical nature of share price activity across equity markets. Many active managers are under pressure: as a result of this dynamic, fundamental, bottom-up investment funds have become much more alert to momentum dynamics with their investors having little tolerance for underperforming managers. Share price volatility is heightened: these factors have led to companies with positive operating momentum moving to higher share prices and valuation levels than in the past, with profit downgrades leading to more significant share price falls.
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Full Year Results – July 2026 20 How are we Responding to these Changes Our fundamental investment approach remains unchanged: Remain focused on investing in quality companies. In the long term, share prices follow earnings. Higher quality businesses are better placed to navigate competition, cycles and shocks. Quality outperforms over the long term. Investment timing remains key: Short term business operating momentum and index weighting considerations (which are related) are making share price movements more pronounced. Optimising timing can require more buying patience when short term setbacks occur in preferred stocks. Sector weightings are important: Dispersion of returns across sectors has widened with thematics driving capital allocation across the market. This volatility presents opportunities for long term investors.
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Full Year Results – July 2026 Outlook
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Full Year Results – July 2026 22 Outlook Near-term visibility remains limited in a market shaped by volatile macroeconomic and geopolitical conditions, and by investor behaviour that appears increasingly short-term focused, and momentum driven. We remain confident that: the LIC structure provides the ability to look through cycles and invest for the long term. sustained earnings growth from durable competitive advantages remains the most effective path to attractive, tax-effective equity returns; the portfolio provides diversified exposure to businesses we believe are well placed to deliver growth over time; the recent de-rating across several core holdings strengthens our conviction that future earnings growth can more directly translate into attractive share price returns for many core holdings; and the portfolio’s 11.6% per annum return (when franking is included) since inception over 27 years reflects an investment process that has been proven across different market conditions.