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Platinum Asset Management Limited ABN 13 050 064 287 Platinum Asset Management Limited Analyst Briefing Published on 27 August 2025 for briefing on 28 August 2025 For personal use only
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2 Agenda ■ FY25 Highlights ■ PTM/L1 Capital Proposed Merger summary and update ■ FY25 Financial Review ■ Q & A For personal use only
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3 Highlights – FY2025 ■ Shareholder vote on PTM/L1 Capital Merger proposal scheduled for 22 September 2025 * Capstone event effectively completes the PTM reset program started in early 2024 * Creates a leading position in long short equities, merged AuM $16.5B1 * Powerful combination of investment, distribution and client service capability * Highly earnings accretive2 deal for PTM shareholders ■ FY 2025 results show improvement in certain areas * Investment performance improved for most services, albeit International strategy still lagging * Strong expense control enabled adjusted3 operating profit margins to remain strong at 44% ■ Net client outflows remained elevated ■ 20 cent per share special dividend paid in Dec 2024 Notes: (1) Platinum and L1 Capital. (2) Based on pro forma synergies, Visible Alpha consensus earnings forecasts for Platinum and management forecasts from L1 Capital. Also, this assumes no significant unforeseeable Platinum / L1 Capital specific or market downturn, and excludes any amortisation that might arise from the recognition of finite life intangible assets as a result of acquisition accounting. (3) Adjusted operating profit margin excludes the turnaround program implementation costs. For personal use only
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4 Key merger elements (subject to shareholder approval) To be rebranded “L1 Group” (ASX: L1G) becoming a leading player in Alternative Asset Management Platinum Asset Management (ASX: PTM) to acquire First Maven Pty Ltd (L1 Capital being the trading name) ■ 26% ownership by existing Platinum shareholders ■ 74% ownership by existing L1 Capital Shareholders ■ The merged company will also receive “in perimeter” performance fee revenues relating to the first 3.5% of absolute returns (gross performance fees net of management fees) per financial year generated by the L1 Capital Long Short funds and mandates Substantial efficiency benefits from the proposed merger* ■ Targeting 22% to 26% of operating cost reductions off current run-rate merged cost base of ~$134m which includes: ■ Platinum's pre-planned cost-saving initiatives prior to the merger; ■ Circa $20m of annual pre-tax synergies expected to arise over the first 12–18 months post-completion Materially EPS accretive transaction for Platinum shareholders** ■ Based on pro-forma $20m of annual pre-tax synergies**, the proposed transaction is expected to be materially EPS accretive for Platinum shareholders over the near to medium term. Merged entity to be renamed L1 Group “L1G” and remain listed on the ASX post completion. ■ Funds to retain existing “Platinum” and “L1” brands * Source: Notice of Meeting and Explanatory Memorandum 21 August 2025. Annual pre-tax net synergy and cost savings benefits exclude one-off costs. ** Based on pro forma synergies, Visible Alpha consensus earnings forecasts for Platinum as of 8 July 2025 and management forecasts from L1 Capital. Assumes no significant unforeseeable Platinum / L1 Capital specific or market downturn and excludes any amortisation that might arise from the recognition of finite life intangible assets as a result of acquisition accounting. For personal use only
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A broader and more diversified Global Asset Manager, deriving 87% of FUM from non institutional clients Merged Pro-Forma AUM by Asset Class Merged Pro-Forma AUM by Client Type ■ Combination of listed equities and alternative investment strategies in Australia and globally ■ Diversified mix of institutional, wholesale, HNW and retail clients with strengths in each sector Notes: Latest available AUM breakdown. Contains some rounding effects. Source: Platinum, L1 Capital, GTCF analysis, Company announcements Retail, 47% LIC's, 17% Institutional, 13% Wholesale, 10% High Net Worth, 8% Staff, 5% Australian Equities, 39% International Equities, 33% Asia ex Japan Equities, 13% Specialist Equities, 6% Multi-Strategy HF, 4% Other Regions Equities, 3% Direct Property, 2% Assets Under Management by client & asset class 5 For personal use only
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Growth and Efficiency Opportunities to Deliver Value Source: Total assets under management of Platinum and L1 Capital as at 30 June 2025. *Annual pre-tax net synergy and cost savings benefits excludes one-off costs and are expected to be delivered in the 12 to 18 months following Completion. Greater scale ■ Expanded range of investment strategies, products and clients ■ Market leading position servicing institutional, wholesale, HNW and retail investors with combined AUM of $16.5bn1 Expected growth through market leading investment performance and distribution ■ The merged entity will provide Platinum clients access to a wider range of products and differentiated investment capability, with a strong track record of market leading performance ■ The investment teams can accelerate the potential launch of new investment strategies for the merged entity ■ Significantly improved platform, focused on investment services that generate high returns for skill and performance Streamlining of operations ■ Creating a leading investment platform under a new name, with Platinum funds to retain their trusted brand ■ Premier distribution / client service and highly efficient institutional grade infrastructure / technology ■ L1 Capital has identified an expected $20m of annual pre-tax net revenue and cost synergies* to unlock significant operating efficiencies and support continued profitability Balance sheet strength ■ Access to capital expected to support future investment in potential growth opportunities 6 For personal use only
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8 July 2025: Merger Implementation Deed signed and announced 4 August 2025: Submitted Notice of Meeting, Explanatory Memorandum and Independent Expert Report to ASIC and ASX 21 August 2025: Despatched Notice of Meeting, Explanatory Memorandum and Independent Expert Report to Platinum shareholders 22 September 2025: Extraordinary general meeting for Platinum shareholders to vote on merger resolutions 27 August 2025: Platinum reports FY25 financial results July 2025: Prepared Notice of Meeting, Explanatory Memorandum and Independent Expert Report 1 October 2025: Completion date 7 Transaction Timeline Today For personal use only
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Progress since merger announcement 8 Proposed senior leadership team being finalised Repositioning of flagship Platinum International strategy complete Synergy opportunities identified L1 Capital plan for Platinum Capital Limited (ASX: PMC) announced ■ Board appointments made, more to be announced ■ CEO, CFO and COO announced ■ Senior investment team and leadership team being finalised ■ Sub-advisory arrangement with L1 International in place, to be implemented on merger completion ■ Asset consultants and major clients fully briefed ■ Roadshow planning underway ■ Initial review confirms achievability of synergy opportunities ■ Targeting 22% to 26% of operating cost reductions off current run-rate merged cost base of ~$134m which includes Platinum's pre-planned cost-saving initiatives prior to the merger and circa $20m of annual pre-tax synergies expected to arise over the first 12–18 months post-completion* ■ Proposal to merge Platinum Asia Investment Limited (ASX: PAI) into ETF (ASX: PAXX) approved by PAI shareholders, completion by end of August 2025 ■ Platinum Capital Limited (ASX: PMC) buyback approved by shareholders. A refreshed PMC board to consider L1 Capital proposal to replace manager with L1 Capital and new Global Long Short strategy. Competing proposals will also be assessed Significant business momentum ** Source: Notice of Meeting and Explanatory Memorandum 21 August 2025. Annual pre-tax net synergy and cost savings benefits exclude one-off costs. Refer to Platinum's ASX announcement dated 8 July 2025 entitled "PTM Investor Briefing and Presentation Slides". Run-rate reflects Platinum pro forma management fees based on Closing Jun-25 AuM of ~$8.1 billion and Dec-24H average fee revenue of 1.16% per annum. Run-rate L1 Capital management fees are based on Closing Jun-25 AuM of ~$8.4 billion and average fee revenue of 1.10% per annum. Run-rate L1 Capital performance fees reflect in-perimeter long short performance fees of ~$34 million (based on Long short AuM of ~$4.5 billion multiplied by 3.5% investment performance), and performance fees from other strategies, based on historical performance, of ~$10 million For personal use only
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2025 Review 9 For personal use only
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2024/2025 ABSOLUTE RETURN CY 2025 YTD RELATIVE RETURN CY 2024 RELATIVE RETURN CY 2023 RELATIVE RETURN FUND TO MSCI INDEX TO CASH +5% TO MSCI INDEX TO CASH +5% TO MSCI INDEX TO CASH +5% Platinum International Fund (PIF) (1) 3.09 -3.49 -3.95 -21.64 -1.51 -17.25 -4.69 Platinum Asia Fund 16.25 -2.68 1.07 -2.38 11.66 -6.39 -9.95 Platinum European Fund 21.26 5.54 6.67 -16.23 6.22 -5.42 5.27 Platinum Japan Fund 16.29 -7.25 4.78 -2.85 0.03 -5.18 5.22 Platinum International Brands Fund 22.03 -3.63 -4.09 -8.48 11.65 -27.34 -14.78 Platinum International Health Sciences Fund -5.71 -5.74 -14.68 -5.69 -3.66 7.53 1.58 Platinum International Technology Fund 16.52 3.67 2.16 -15.10 20.57 -25.16 16.04 10 Investment Performance 2023 - 2025 Excluding PIF, increasingly solid absolute returns and improving relative returns to MSCI indices. Source: Platinum for Fund returns and Factset Research Systems for index and RBA cash returns. Index returns and cash plus returns are shown for comparative purposes only. Platinum does not invest having regard to the index or a cash plus return. The references to the MSCI index for each Fund are to the relevant MSCI nominated index as set forth in the latest Platinum Trust® Fund product disclosure statement. Investment returns are calculated using each Fund’s NAV unit price (i.e. exclude a buy/sell spread), and represent the combined income and capital returns in the specified period. All returns are pre-tax, net of fees (including any accrued performance fee) and costs and assume the reinvestment of distributions. Past performance is not a reliable indicator of future returns. All data where MSCI is referenced is the property of MSCI Limited (“MSCI”). This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions. You should also read the latest Platinum Trust® Funds product disclosure statement and target market determination before making any decision to acquire units in the fund, copies of which are available at www.platinum.com.au/Investing-with-Us/New-Investors. (1) Change of PM and investment team being enacted. New PM has top quartile returns over 3 and 5 years and since inception. For personal use only
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11 Reset will be delivered Proposed L1 Capital merger will complete turnaround goals Previously announced actions Positive results 1. Performance improvement across fund line-up. 4 of 7 Platinum Trust Funds beating MSCI nominated index and/or cash plus over 1 year, up from 2 of 8 at start of 2024. Sub-advisory agreement with L1 International to strengthen capability 2. *Margin protected at 44%; expense reduction achieved, ahead of plan (*adjusted to exclude turnaround implementation costs) 3. Sub-scale products and channels now closed 4. Significant uplift in client engagement through FY25 5. Back and middle office simplification now complete 6. New GW&K sub-advisory product launched 7. Balance sheet efficiency increased, large 20cps special dividendpaid 8. New remuneration plans implemented, aligned to shareholder outcomes 1. Inorganic opportunities assessed. Merger with L1 Capital proposed 2. Integration with L1 Capital expected to provide investment talent uplift LONGER-TERM INITIATIVES 1. Consider opportunistic inorganic activities 2. Refresh culture In progress Complete/on track CORE ACTIVITIES: RESET AND GROW 1. Improve investment performance 2. Resize cost base for scale of business 3. Simplify product line 4. Expand client outreach 5. Outsource and simplify back and middle office 6. Launch new capabilities and expand distribution 7. Improve balance sheet management 8. Amend remuneration program Source: Platinum. “PT Funds” means the Platinum Trust® Funds. References to index returns and cash returns are for comparative purposes only. Platinum does not invest having regard to any index or a cash plus return. Cash returns are the RBA cash rate plus 5%. The references to the MSCI index are to each Fund’s relevant MSCI nominated index as set forth in the latest Platinum Trust® Fund product disclosure statement. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions. You should also read the latest Platinum Trust® Funds product disclosure statement and target market determination before making any decision to acquire units in the fund, copies of which are available at www.platinum.com.au/Investing-with-Us/New-Investors. Past performance is not a reliable indicator of future returns. For personal use only
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Financial Performance 12 For personal use only
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Source: Platinum. 1. Expenses adjusted to exclude turnaround implementation costs. 2. Adjusted operating profit margin excludes the turnaround program implementation costs. 13 Financial Summary ■ Fee revenues down largely in line with lower average FUM ■ Adjusted expenses1 meaningfully reduced despite inflationary and investment related pressures ■ Attractive operating margins retained, adjusted EBIT 2 margin down slightly to 44% ■ Statutory profit adversely impacted by non deductable turnaround implementation costs ■ 21.5cps fully franked dividends paid in FY25, equates to $125 million cash distribution to shareholders. Year ended 30 June 2025 (A$M) 30 JUNE 25 30 JUNE 24 % VAR. Average FUM (A$b) 10.8 15.3 (29)% Management fees 125.8 174.4 (28)% Performance fees 0.0 0.0 n/a Total Revenue 125.8 174.4 (28)% Adjusted expenses1 (70.9) (91.5) (23)% Adjusted EBIT 54.9 82.9 (34)% Interest income 8.6 9.4 (9)% Adjusted operating profit before tax 63.5 92.3 (31)% Other income 6.6 1.2 Large Turnaround implementation costs (42.5) (20.4) Large Statutory net profit before tax 27.6 73.1 (62)% Tax (21.3) (28.0) (24)% Statutory net profit after tax 6.3 45.1 (86)% Basic EPS (cents) 1.1 8.0 (6.9) Adjusted EBIT margin 44% 48% (8)% For personal use only
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14 Revenue ■ Retail outflows increase includes PGTX closure and some one-off redemptions but mostly reflecting challenged investment performance relative to index ■ Revenue fall largely reflects changes in FUM ■ Average fee bps increased due to FUM mix shifts away from lower fee institutional mandates ■ Interest income decrease consistent with lower interest rates and lower cash balance post December 2024 special dividend ■ Net gains from seed investments and share of associates higher than prior period off improved absolute fund performance Year-ended 30 June 2025 JUNE 25 JUNE 24 $ VAR. Net retail outflows (A$m) (3,160) (2,365) (795) Net institutional outflows (A$m) (2,383) (2,531) 148 Average FUM (A$b)* 10.8 15.3 (4.5) Average fee (bps)** 116 114 2 (A$M) Management fees 125.8 174.4 (48.6) Performance fees 0.0 0.0 0.0 Sub-Total: Fee Revenue 125.8 174.4 (48.6) Interest income 8.6 9.4 (0.8) Distributions & dividends 1.9 2.3 (0.4) Underlying Revenue 136.3 186.1 (49.8) Net gain/(loss) on financial assets at fair value through profit and loss 0.3 (0.1) 0.4 Net share of profit/(loss) of associates 4.3 (0.6) 4.9 Foreign exchange gains/(losses) on overseas bank accounts 0.0 (0.4) 0.4 Statutory Revenue 140.9 185.0 (44.1) * Average FUM excludes impact of annual distributions. ** Annualised average management fee, excluding performance fees. Source: Platinum. For personal use only
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15 Expenses ■ June 2025 costs fell 21% versus December 2024 half and 40% versus June 2023 half ■ Adjusted expenses1 down despite inflationary pressures and selective investments in the business (+$2.0m) ■ Fixed cost reduction largely due to net decrease in headcount. Variable compensation reflective of lower profitability (now better aligned to shareholders) ■ Fund administration expense decrease due to change of custodian and lower FUM ■ Reductions in discretionary advertising, sponsorship and travel spend ■ Occupancy and depreciation cost increase driven by Sydney lease term extension (lower cost than moving) and increased software amortisation charges ■ Statutory expenses include one-off turnaround expenses, largely people and non-cash STI and LTI plan 2 related Year ended 30 June 2025 (A$M) JUNE 25 JUNE 24 % VAR. Staff costs 28.3 32.9 (14%) Variable remuneration, incl. share-based payments expense 17.3 26.2 (34%) Fund administration costs 3.3 6.1 (46%) Business development costs 4.7 7.0 (33%) Technology, research & data 6.7 7.4 (9%) Occupancy and depreciation costs* 4.3 3.9 10% Other costs 6.3 8.0 (21%) Adjusted Expenses1 70.9 91.5 (23%) Add: Turnaround implementation costs 42.4 20.4 Large Statutory Expenses 113.3 111.9 1% EXPENSE BY HALF YEAR (A$M) JUN 23 HALF DEC 23 HALF JUN 24 HALF DEC 24 HALF JUN 25 HALF Adjusted Expenses1 52.4 48.1 43.4 39.5 31.4 FY23 Savings to Dec 23 Savings to Jun 24 Inflation and Investment FY24 Savings to Jun 25 Inflation and Investment FY25 100.6 4.3 6.8 2.0 91.5 22.6 2.0 70.9 (21%) (28%) (35%) (40%) * Includes depreciation of fixed assets, rent, depreciation of right-of-use assets and finance costs on lease liabilities. Source: Platinum. 1. Expenses adjusted to exclude turnaround implementation costs. 2. Accelerated amortisation of deferred rights (issued under the Deferred Remuneration Plan (ASX:PTMAA)) and performance rights (issued under the Platinum Partners’ Long-Term Incentive Plan (ASX:PTMAB)), and cancellation of grants that had tested and failed the service conditions up to an including 30 June 2025. For personal use only
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16 Expenses – Turnaround Costs Expense reduction delivered ahead of target and ahead of schedule Progress v plan Cumulative savings Cumulative turnaround costs ■ 38% relate to staff reduction measures ■ 29% relate to accelerated share-based payment expenses ■ Other savings include lower advertising spend and fund closure benefits ■ 118% of $25m target delivered by Jun- 25, over 6 months earlier than planned ■ An additional $10m-$15m of savings previously announced ■ 29% relate to staff reduction and key staff retention measures ■ 68% relate to non-cash accelerated share-based payment expenses1 ■ Second half included additional charges related to cancellation of LTI awards that failed their TSR CAGR test1 Expense reduction v $25m Target – by year Saving to Jun-25 FY24 Plan FY25 Plan FY26 Plan 7.5 6.8 5.0 15.0 5.0 FY24/FY25 by category FY24/FY25 by category Share-based payments Other expenses Staff ex SBP Share-based payments Other expenses Staff ex SBP Dec 24 Jun 24 Jun 2515.1 29.4 Source: Platinum. “LTI awards” refer to performance rights (ASX:PTMAB) under the Platinum Partners Long Term Incentive Plan and “TSR CAGR” means the total shareholder return compound annual growth rate. 1. Accelerated amortisation of deferred rights (issued under the Deferred Remuneration Plan (ASX:PTMAA)) and performance rights (issued under the Platinum Partners’ Long-Term Incentive Plan (ASX:PTMAB)), where service conditions have not been met. For personal use only
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17 Balance Sheet and Seed Investment Portfolio As at 30 June 2025 Cash decrease due to lower revenue in FY 2025 and special dividend paid in December 2024 Net Assets* (A$m) Dividends (cps) 6 7 Cash & Term Deposits (A$m) Seed Investments** (A$m) 212 314 328 FY25 FY24 FY23 1.5 6 7 20 4 7 FY25 FY24 FY23 Interim Special Final 122 250 186 FY25 FY24 FY23 107 64 141 FY25 FY24 FY23 Source: Platinum. * Net Assets attributable to owners. ** Includes PTM’s investment in Platinum Asia Investments Limited of $32m, other seed investments of $70m and $5m of cash held within consolidated funds that is classified as cash in Platinum’s statement of financial position. For personal use only
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Approach to financial reporting post merger (if merger completes) Legal Acquiror Accounting Acquiror Accounting for the transaction ■ L1 Capital (First Maven) becomes the continuing reporting entity of the merged group ■ PTM’s identifiable net assets recognised at fair value on date of acquisition (30 September 2025) ■ PTM consolidated into L1 Group (ASX: L1G) accounts from 1 October 2025 ■ Annual financial reporting date is left unchanged at 30 June Near term financial reporting Aug-25 Feb-26 Aug-26 PTM standalone results for Year to Jun-25 Presented today L1G 1H26 results • 6 months to Dec-25 • 3 months L1 standalone • 3 months consolidated L1G • Prior comparative period is L1 six months to Dec- 24 L1G FY26 results • 12 months to Jun-26 • 3 months L1 standalone • 9 months consolidated L1G • Prior comparative period is L1 twelve months to Jun-25 For personal use only
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Questions 19 For personal use only
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Thank you for joining our webinar 20 For personal use only
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Appendices 21 For personal use only
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22 Appendix 1: Detailed Statutory Results Year ended 30 June 2025 (A$M) JUNE 25 JUNE 24 VAR. (%) Management fees 125.8 174.4 -27.9% Performance fees 0.0 0.0 0% Interest income 8.6 9.4 -8.5% Net gains/(losses) on seed investments, FX and other income 6.5 1.2 Large Total Revenue 140.9 185.0 -23.8% Staff costs incl. share-based payments 86.6 78.6 10.2% Fund administration costs 3.3 6.1 -45.9% Business development costs 4.7 7.0 -32.9% Technology, research & data 6.8 7.5 -9.3% Other costs 11.9 12.7 -6.3% Total costs 113.3 111.9 1.3% Pre-tax profit 27.6 73.1 -62.2% Income tax expense 21.3 28.0 -23.9% Net Profit After Tax 6.3 45.1 -86.0% Diluted EPS (cents) 1.1 8.0 -86.3% Average FUM (A$b) 10.8 15.3 -29.4% Total no. of shares - issued (m) 582.2 582.2 Source: Platinum. For personal use only
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FUNDS FUM $M (JUNE 25) PERFORMANCE FEE PERIOD TO BENCHMARK PARTICIPATION RATE % CARRY FORWARD AT JUNE 25* PERFORMANCE FEE LAST PAID** Retail Funds & LICs: Platinum International Fund 16 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -110.6% 31 Dec 17 Platinum Asia ex-Japan Fund 6 30 Jun & 31 Dec MSCI AC Asia ex Japan Net Index in A$ 15% -15.8% 31 Dec 20 Platinum Japan Fund 3 30 Jun & 31 Dec MSCI Japan Net Index in A$ 15% -63.1% 31 Dec 17 Platinum European Fund 3 30 Jun & 31 Dec MSCI AC Europe Net Index in A$ 15% -27.6% 30 Jun 18 Platinum International Brands Fund 1 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -174.2% 31 Dec 17 Platinum International Health Sciences Fund 6 30 Jun & 31 Dec MSCI AC World Health Care Net Index in A$ 15% -98.5% 30 Jun 21 Platinum Global Fund (Long Only) 2 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -40.0% 31 Dec 17 Platinum International Technology Fund 6 30 Jun & 31 Dec MSCI AC World IT Net Index in A$ 15% -36.2% – Platinum International Fund (Quoted Managed Hedge Fund) 133 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -110.6% 31 Dec 17 Platinum Asia Fund (Quoted Managed Hedge Fund) 61 30 Jun & 31 Dec MSCI AC Asia ex Japan Net Index in A$ 15% -15.8% 31 Dec 20 Platinum Capital Limited 450 30 Jun MSCI AC World Net Index in A$ 15% -69.9% 30 Jun 09 Platinum Asia Investments Limited 434 30 Jun MSCI AC Asia ex Japan Net Index in A$ 15% -12.5% 30 Jun 20 Institutional Clients: ‘Absolute’ Performance Fee 100 31 Dec Various Various Various Various Total Funds/Mandates with performance fees 1,221 23 Appendix 2: Performance Fees Source: Platinum. * Represents relative underperformance carried forward to future calculation periods. Carry forwards are presented before ap plying the participation rate. No performance fee is payable until this amount is offset by relative outperformance. ** Represents the most recent period for which a performance fee was payable for each fund. For personal use only
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24 Appendix 3: Segment Analysis (A$M) JUNE 25 JUNE 24 VAR. % Fee Revenue 125.8 174.4 (27.9%) Other Revenue 5.8 4.2 38.1% Total Revenue 131.6 178.6 (26.3%) Expenses (113.3) (111.3) 1.8% Profit Before Tax 18.3 67.3 (72.8%) Income Tax Expense (18.5) (26.2) (29.4%) Other comprehensive income (0.1) 0.0 Large Profit After Tax Attributable to Owners (0.3) 41.1 Large Average FUM 10,836 15,311 (29.2%) (A$M) JUNE 25 JUNE 24 VAR. % Fee Revenue – – – Other Revenue 9.2 6.4 43.8% Total Revenue 9.2 6.4 43.8% Expenses 0.0 (0.6) Large Profit Before Tax 9.2 5.8 58.6% Income Tax Expense (2.8) (1.8) (55.6%) Other comprehensive income 0.0 0.4 Large Profit After Tax Attributable to Owners 6.4 4.4 (45.5%) Segment Net Assets 171.2 271.8 (37.0%) Funds Management Investment and other ■ Investments recorded revenue of $9.2m for the year ■ The net contribution from seed investments was largely due to gains on Platinum Asia Investments Limited and GW&K Global Small Cap Fund being offset by losses on unlisted seed investment ■ Funds management revenue was down 28% primarily due to the 29% decrease in average FUM ■ Expenses increased 1.8% due primarily to turnaround implementation expenses, most notably people and share-based payment plan related Source: Platinum Some numbers may not add due to rounding. For personal use only
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25 Appendix 4A: Funds Under Management by Product (A$m) FUNDS OPENING BALANCE (1 JUL 2024) NET FLOWS INVESTMENT PERFORMANCE DISTRIBUTIONS & OTHER2 CLOSING BALANCE (30 JUN 2025) % OF TOTAL Retail offerings Platinum Trust Funds and Platinum Global Fund (mFund)1 8,566 (2,940) 514 (150) 5,990 76% Quoted Managed Funds (ASX: PIXX, PAXX and PGTX) 384 (206) 17 (1) 194 3% Listed Investment Companies (ASX: PMC and PAI) 832 – 73 (22) 883 11% MLC Platinum Global Fund 602 (39) (35) – 528 7% Platinum Partner Series - 25 2 – 27 0% Institutional mandates Management Fee Mandates 1,394 (2,299) 86 1,001 182 2% “Absolute” Performance Fee Mandates 190 (84) (6) – 100 1% “Relative” Performance Fee Mandates 1,001 - - (1,001) - – Total 12,969 (5,543) 651 (173) 7,904 100% Source: Platinum. Past performance is not a reliable indicator of future returns. 1 FUM closing balance excludes PIXX and PAXX but includes retail performance fee class (P Class) totalling $43m. 2 “Other” includes dividends and tax payments made by the listed investment companies. For personal use only
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INVESTMENT STRATEGY OPENING BALANCE (1 JUL 2024) NET FLOWS INVESTMENT PERFORMANCE DISTRIBUTIONS & OTHER* CLOSING BALANCE (30 JUN 2025) % OF TOTAL Global long short 8,573 (3,993) 117 (117) 4,580 58% Asia ex-Japan 2,783 (1,001) 381 (16) 2,147 27% Global long only 194 (126) 4 (5) 67 1% Total core services 11,550 (5,120) 502 (138) 6,794 86% Health Sciences 354 (126) (14) _ 214 3% Europe 276 (82) 36 (14) 216 3% Brands 296 (99) 55 – 252 3% Japan 334 (135) 49 (5) 243 3% Technology 129 (19) 19 (11) 118 1% Global transition 14 (13) (1) – – 0% Other seed 16 26 3 (5) 40 1% Platinum Partner Series - 25 2 – 27 0% Total 12,969 (5,543) 651 (173) 7,904 100% 26 Appendix 4B: Funds Under Management by Strategy (A$m) A broad array of global equity services Source: Platinum. Past performance is not a reliable indicator of future returns. * “Other” includes dividends and tax payments made by the listed investment companies. For personal use only
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($AM) FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Deferred Remuneration Plan2 2021 annual grant 0.9 2022 annual grant 0.9 1.0 2023 annual grant 1.0 1.0 1.1 2024 annual grant 1.0 1.0 0.7 0.5 2025 annual grant 2.4 2.5 1.8 1.1 0.4 Turnaround program accelerated expense4 5.9 Long Term Incentive Plan3 2021 annual grant 1.7 2022 annual grant 1.0 0.2 0.3 0.2 0.3 2023 annual grant 0.7 0.4 0.4 0.4 0.4 Turnaround program accelerated expense4 24.6 New Long Term Incentive Plan5 2025 annual grant 0.3 0.4 0.4 Total 40.4 6.5 4.7 2.2 1.1 27 Appendix 5: Share-based Payment Expense Source: Platinum 1 Amortisation profile includes existing grants as at 30 June 2025. Actual expenses in 2025 to 2029 will also include share-based payment expense for grants made in those years (if any). 2 Deferred Remuneration Plan: Amortisation profile includes an estimated forfeiture rate. 3 Platinum Partners Long Term Incentive Plan: vesting is conditional upon meeting minimum total shareholder return (“TSR”) performance hurdles. Each award is divided into four equal tranches with one quarter of the award being tested against the TSR hurdle at the end of each year for four years. The exercise of performance rights that have vested is subject to an eight year continuous service condition from grant date. Amortisation profile includes an estimated forfeiture rate. The PTM Board determined in June 2025 to cancel grants that had tested and failed the TSR hurdles up to and including 30 June 2025, resulting in accelerated share-based payments amortisation these grants. 4 Turnaround accelerated expense in respect of employees who ceased employment and cancellation of grants that had tested andfailed the TSR hurdles up to and including 30 June 2025. 5 New Platinum Partners Long Term Incentive Plan: vesting is conditional upon a three year continuous service condition. Five year future estimated amortisation profile1 For personal use only
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PERFORMANCE OF PLATINUM TRUST FUNDS A$ AT 30 JUNE 2025 1 YEAR P.A. 3 YEAR P.A. 5 YEAR P.A. 10 YEAR P.A. FUM (A$B) International Fund - Absolute Return 3.1% 7.2% 7.9% 6.2% 3.5 (PMs: TA) - Relative Return - 15.3% - 12.0% - 6.9% - 5.6% Asia Fund - Absolute Return 16.3% 7.6% 6.1% 6.8% 1.6 (PMs: CR) - Relative Return - 2.7% - 3.4% -1.4% - 0.3% Japan Fund - Absolute Return 21.3% 11.5% 8.6% 7.1% 0.2 (PM: LR) - Relative Return 5.2% - 5.4% - 1.2% - 0.7% European Fund - Absolute Return 16.3% 13.2% 10.1% 7.4% 0.2 (PMs: ACo) - Relative Return - 4.4% - 6.1% - 2.9% - 0.9% Brands Fund - Absolute Return 22.0% 7.6% 7.7% 7.5% 0.3 (PM: ND) - Relative Return 3.6% - 11.6% - 7.1% - 4.3% Health Sciences Fund - Absolute Return - 5.7% 4.6% 0.0% 6.6% 0.2 (PM: BO) - Relative Return - 2.6% - 0.7% - 6.6% - 1.2% Global (Long Only) Fund - Absolute Return 3.2% 10.4% 8.3% 6.9% 0.1 (PM: TA) - Relative Return -15.2% -8.8% - 6.5% - 4.9% Technology Fund - Absolute Return 16.5% 19.6% 12.4% 11.7% 0.1 (PMs: JS) - Relative Return - 0.6% - 11.0% - 8.6% - 10.2% Subtotal (A$b) 6.2 % of Total FUM 79% 28 Appendix 6: Investment Performance to 30 June 2025 Source: Platinum (fund returns) and Factset Research Systems Inc (index retruns). Fund returns are annualised, calculated using the relevant fund’s NAV unit price for C Class and represent the combined income and capital returns over the specified period. Fund returns are net of accrued fees and costs, pre-tax, and assume the reinvestment of distributions. Relative returns represent the returns of the relevant fund relative to the fund’s nominated index as stated in the latest Platinum Trust® Product Disclosure Statement. Past performance is not a reliable indicator of future performance. All data where MSCI is referenced is the property of MSCI Limited (“MSCI”). This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advicebefore making any financial decisions. You should also read the latest Platinum Trust Funds® product disclosure statement and target market determination before making any decision to acquire units in the fund, copies of which are available at www.platinum.com.au/Investing-with- Us/New-Investors. PORTFOLIO MANAGERS: ACo =Adrian Cotiga, BO = Bianca Ogden, CR = Cameron Robertson, JS = Jimmy Su, LR = Leon Rapp, ND = Nik Dvornak, TA = Ted Alexander, For personal use only
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Disclaimer 29 This presentation has been prepared by Platinum Asset Management Limited ABN 13 050 064 287 (“PTM”). References in this presentation to “Platinum” are to Platinum Investment Management Limited ABN 25 063 565 006, AFSL 221935, unless otherwise expressly stated. L1 Capital is the trading name of First Maven Pty Ltd. While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation, and to the extent permitted by law, no liability is accepted by PTM, Platinum or any other Platinum Group company, or any of their directors, officers or employees, for any loss or damage as a result of any reliance on this information. This presentation may contain forward looking statements. These forward-looking statements have been made based upon Platinum’s expectations and beliefs concerning future developments and are subject to risks and uncertainty which are, in many instances, beyond Platinum’s control. No assurance is given that future developments will be in accordance with Platinum’s expectations. Actual outcomes could differ materially from those expected by Platinum. The market commentary reflects Platinum’s views and beliefs at the time of preparation, which are subject to change without notice. No representations or warranties are made by Platinum as to their accuracy or reliability. Information which relates to any financial product referenced in this material is general information only and is not intended to be financial product advice. It has not been prepared taking into account any particular investor’s investment objectives, financial situation or needs, and should not be used as the basis for making investment, financial or other decisions. Investors should read the entire product disclosure statement, prospectus or offer document of the relevant financial product and consider their investment objectives, financial situation and needs, prior to making any investment decision, and should obtain professional advice. Numerical figures have been subject to rounding. Platinum does not guarantee the performance of any fund, the repayment of capital or the payment of income. The investment returns shown are historical and no warranty can be given for future performance. Investors should note that certain information in this presentation (including financial information – whether audited, unaudited, historical or anticipated) has been sourced from L1 Capital and its associates. While steps have been taken to review that information, no representation or warranty, expressed or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy. 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. (www.msci.com). For personal use only