Slides
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1 ASX:RYD – 2025 Annual General Meeting 15 October 2025 A value focused, high-conviction equities manager For personal use only
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2 Disclaimer Ryder Capital Limited, Ryder Investment Management Pty Limited (“Ryder”) and their 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. Past performance is not a reliable indicator of future results. All investments involve risk including the loss of principal. It should not be assumed that any of the transactions or investments discussed herein will prove to be profitable, or that the investment decisions made in the future will be profitable or will equal the investment performance of the investments herein. Specific companies or investments shown in this presentation are meant to demonstrate Ryder’s active investment style and the types of industries and instruments in which we invest and are not selected based on past performance. Statements made in this presentation are based on information currently available to Ryder. Ryder provides no assurance that actual results and future performance and achievements will meet or not differ from the expectations of management or qualified persons. All statements other than statements of historical fact are forward-looking statements. The words “believe, ” “will, ” “may, ” “may have, ” “would, ” “estimate, ” “continues, ” “anticipates, ” “intends, ” “plans, ” “expects, ” “budget, ” “scheduled, ” “forecasts” and similar words are intended to identify estimates and forward-looking statements. Forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Ryder to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. This information has been prepared and provided by Ryder. To the extent that it includes any financial product advice, the advice is of a general nature only and does not take into account any individual's objectives, financial situation or particular needs. Before making an investment decision an individual should assess whether it meets their own needs and consult a financial advisor. Ryder Investment Management Pty Ltd (ABN 57 131 333 394, AFS Licence 328 971) is licenced to provide investment advice and is the investment manager to Ryder Capital Limited (ABN 74 606 695 854). RYDER CAPITAL © 2025 For personal use only
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FY2025 AGM Presentation 3 FY25 Overview Share Price $1.30 (up from $1.125) NTA Return 27.50% Fully Franked Dividends Paid 9.5 cents per share (up from 8.25 cps) NTA Per Share $1.6272 (up from $1.3875) Share Price Return 24.00% (incl 9.5 cent ff div) Discount to Pre-Tax NTA 20.11% For personal use only
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FY2025 AGM Presentation 4 Contributors to FY25 Performance Investment Loss in Value ($) Detraction to Portfolio Return (%) -2,183,599 -2.25% -1,257,860 -1.28% -814,803 -0.73% Investment Gain in Value ($) Contribution to Portfolio Return (%) 8,359,136 7.69% 6,931,970 6.51% 6,338,616 6.76% 4,219,611 3.69% 3,270,992 2.14% For personal use only
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FY2025 AGM Presentation 5 FY25 Activity New Purchases Additions Reductions Exits For personal use only
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FY2025 AGM Presentation 6 Relative NTA Performance Since Ryder ASX Listing -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% NSC NCC CDM NAC GC1 CAM PMC WAA PIA IBC ALI PAI DJW CIN FGX BKI FGG SNC GVF WAM ACQ KAT FSI PIC AMH ARG WAX WHF AFI TOP MIR AUI DUI RYD PGF MFF Annualised NTA Return (%p.a.) Annualised returns since inception (September 2015 to June 2025) 6th in 2024 to 3rd in 2025 1. Annualised returns are calculated during the period of 30 Sep 2015 to 30 Jun 2025 using pre-tax NTA values including dividends (excluding franking) and adjusted for the dilutionary impact of options exercised resulting in an increase in issued capital by 5% or greater during the period. 2. Funds included in this analysis are only a selection of Listed Investment Companies (LIC) on the ASX that were listed as at Ryder’s listing date and are intended to form a representative sample of LICs based on strategy, size and past performance. For personal use only
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FY2025 AGM Presentation 7 Dividends Policy to pay steady to increasing fully franked dividends over time 1 2 3 1 3 4 2 3 5 3 4 7 3 4 7 3 4.25 7.25 4 5 9 4.5 5.5 10 0 1 2 3 4 5 6 7 8 9 10 11 1H18 2H18 FY18 1H19 2H19 FY19 1H20 2H20 FY20 1H21 2H21 FY21 1H22 2H22 FY22 1H23 2H23 FY23 1H24 2H24 FY24 1H25 2H25 FY25 Dividend Cents (Cents per Share) Dividends Declared (Cents per Share) Periodic Dividends Full Year Total For personal use only
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FY2025 AGM Presentation 8 Key Details as at 30 September 2025 Share Price $1.63 (from $1. 30 + 5.5 cps at 30 June) Discount to Pre-Tax NTA 19% Distributable Profits ~$0.51 w/ ~$0.34 per share fully frankable NTA Return Q1 + 27.91% 1 Yr + 44.76% Gross Assets $166.40m Dividend Yield 6.13% FF For personal use only
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FY2025 AGM Presentation 9 1-Year Relative NTA Performance to September 30th -20% -10% 0% 10% 20% 30% 40% 50% NSC FSI AMH ECL ECP DJW AFI CAM WAR SB2 WMA WLE PIC IBC MIR BKI WAX DUI ARG FGX WHF PL8 AUI TOP CDM BTI GC1 WAM CIN NCC SEC KAT WMI NGE ACQ WAA SNC OPH RYD 1. Annualised returns are calculated during the period of 30 Sep 2015 to 30 Sep 2025 using pre-tax NTA values including dividends (excluding franking) and adjusted for the dilutionary impact of options exercised resulting in an increase in issued capital by 5% or greater during the period. 2. Funds included in this analysis are only a selection of Listed Investment Companies (LIC) on the ASX that were listed as at Ryder’s listing date and are intended to form a representative sample of LICs based on strategy, size and past performance. For personal use only
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FY2025 AGM Presentation 10 Contributors to September 2025 Quarterly Performance Investment Loss in Value ($) Detraction from Portfolio Return (%) -$602,554 -0.37% -$339,394 -0.17% -$238,904 -0.25% Investment Gain in Value ($) Contribution to Portfolio Return (%) $10,212,037 8.24% $4,524,484 2.86% $4,204,229 3.60% $2,581,368 1.96% $2,077,570 1.49% For personal use only
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FY2025 AGM Presentation -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% Higher = smalls Outperforming, Lower = Smalls Underperforming 11 Small Cap Underperformance turns to Outperformance Data Source: Bloomberg Rolling 3 Year Performance – All Ords (Acc) vs Small Industrials (Acc) For personal use only
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FY2025 AGM Presentation 12 Comparative NTA Performance Since Inception -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% NSC NCC CDM GC1 CAM NAC PMC PIA IBC ALI CIN WAA DJW BKI AMH GVF PIC FGG FGX WAM FSI WAX WHF AFI SNC ARG KAT ACQ TOP MIR AUI DUI RYD PGF MFF 1. Annualised returns are calculated during the period of 30 Sep 2015 to 30 Sep 2025 using pre tax NTA values including dividends (excluding franking) and adjusted for the dilutionary impact of options exercised resulting in an increase in issued capital by 5% or greater during the period. 2. Funds included in this analysis are only a selection of Listed Investment Companies (LIC) on the ASX that were listed as at Ryder’s listing date and are intended to form a representative sample of LICs based on strategy, size and past performance. For personal use only
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FY2025 AGM Presentation 13 RYD Performance $370,374 $251,555 $220,295 $90,000 $130,000 $170,000 $210,000 $250,000 $290,000 $330,000 $370,000 $410,000 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Investment Performance of $100,000 Since Inception to 30 September 2025 RYD Small Ords Accum Hurdle 1. Calculation of Investment Performance is based off pre-tax NTA prior to the provision and payment of tax, adjusted for the dilution of the exercised 26.7m RYDO options and 26.5m RYDOA options. Inception Date is 22 September 2015. 2. Benchmark is RBA cash rate + 4.25% and Small Ords Accum represents S&P/ASX Small Ordinaries with dividends reinvested. For personal use only
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FY2025 AGM Presentation 14 Discount to NTA -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% $0.90 $1.10 $1.30 $1.50 $1.70 $1.90 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Ryder Share Price Premium / Discount to NTA Since Inception Discount RYD Pre Tax NTA RYD Share Price 1. Share Price data provided by Bloomberg, NTA data sourced internally 2. Discount is calculated as the percentage difference between share price and NTA For personal use only
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FY2025 AGM Presentation 15 Top 10 Holdings at 30 September Ticker Name 30 Sep 2025 Weight BCI BCI Minerals Ltd 15.05% MAH Macmahon Holdings Ltd 8.23% LDX Lumos Diagnostics Holdings Ltd 7.47% CUP Count Ltd 6.23% CCL Cuscal Ltd 5.17% C79 Chrysos Corporation Ltd 4.15% AEL Amplitude Energy Ltd 3.47% EHL Emeco Holdings Ltd 3.26% JAN Janison Education Group Ltd 2.93% OFX OFX Group Ltd 2.55% Top 10 Positions 58.50% Portfolio Asset Allocation 13.36% 86.64% Cash Equities For personal use only
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FY2025 AGM Presentation 16 Dividend Policy Update Ryder’s Dividend Policy has been updated as follows: • Ryder will move to quarterly dividend payments, effective for the December 2025 quarter, with the first payment to be declared and paid in January 2026, followed by payments in April, July, and October • A fixed amount of 3 cents per share fully franked will be paid in each quarter –implying an effective annual dividend rate increase to 12 cents per share which is +20% on the FY25 dividend of 10 cents per share • The imputation crediting rate has also increased to 30% from 25% due to the growth in Ryder’s size /turnover The Board’s dividend objective remains to continue to pay steady to increasing dividends over time, subject to overall performance and market conditions, noting that in each year since first paying a dividend in 2018, Ryder has paid either a steady or increased dividend. For personal use only
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17 Case Studies: Top 3 Holdings FY2025 AGM Presentation 17 For personal use only
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FY2025 AGM Presentation 18 BCI Minerals Limited (BCI) is the 100% owner of the Mardie project, a globally significant Tier 1 solar evaporation salt and sulphate of potash (SOP) project located in the Pilbara region of WA. Once complete, Mardie will be Australia’s largest solar salt project and the third largest globally. First salt production on track for CY2026, Mardie will produce 5.35Mtpa salt and 140ktpa of SOP fertiliser, generating steady-state annual EBITDA of ~A$392m (real terms) over a minimum 60-year project life. Minimal sustaining capex required with a high EBITDA cash conversion (circa 95% pre-tax steady state) creating a long term fully franked income stream for investors Salt is one of the most widely used substances on earth, with over 10,000 direct and indirect uses. An emerging supply deficit in Asia supports a stronger price environment. SOP is a high value fertiliser classified as a critical mineral, BCI will be the first domestic producer of SOP in Australia *Source: Company filings. This slide contains Ryder’s own views and opinions, based on publicly available information, to illustrate Ryder’s thinking on the matters therein. BCI Minerals (ASX: BCI) For personal use only
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FY2025 AGM Presentation $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 ASX:BCI Cost 19 Construction is well progressed with the salt component of the project at 69% completion as at June. The project is fully funded with all approvals in place and offtakes in place with tier- 1 counterparties Full scale operations have commenced following government approval in April, ponds 1-9 are at over 90% inundation. BCI remains on track to deliver first salt on ship in late CY2026, supplying high-quality industrial salt to Asia Customer feedback suggests salt market dynamics continue to strengthen, potential customers in India, Indonesia and China with large chloro-alkali plants to be developed will require sizable amounts of salt while there remains a lack of new projects to bring on additional supply. At full ramp-up, the Mardie project will be generating $300m+ of free cash flow which will be paid to shareholders as fully-franked dividends Substantial inherent value in the infrastructure built, in particular the Cape Preston Port West in which BCI has invested $350m. This multi-user port has 14.5Mt surplus capacity available to generate an additional high-margin earnings stream FID/Fully Funded $240m equity raised * Source: Company filings. This slide contains Ryder’s own views and opinions, based on publicly available information, to illustrate Ryder’s thinking on the matters therein. ** Share Price data sourced from Bloomberg BCI Share Price Performance & Developments New Base Case / Fully Funded $315m equity Covid / Cost Overrun / underfunded Public Project Launch $48m equity raised for early works Final environmental approval received BCI Minerals (ASX: BCI) For personal use only
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FY2025 AGM Presentation 20 Lumos Diagnostics (LDX) specialises in rapid point-of-care diagnostic testing, with an assay technology platform targeting a wide range of use cases. It’s flagship product, FebriDx, is a proprietary, unique, rapid point of care test which helps clinicians differentiate between bacterial and non-bacterial infections, addressing a large unmet need in the market - tackling antimicrobial resistance assisting in clinicians' antibiotic stewardship Lumos recently achieved strong clinical study results for FebriDx with near perfect concordance of 99.1% between trained and untrained operators testing bacterial positive and 98.4% for non-bacterial and submitted for a Clinical Laboratory Improvement Amendments (CLIA) waiver classification for its FebriDx test in August 2025. An FDA decision is expected in the next few months, but by no later than February 2026 and if approved expands the product’s addressable market over 15-fold to over US$1 billion *Source: Company filings. This slide contains Ryder’s own views and opinions, based on publicly available information, to illustrate Ryder’s thinking on the matters therein. Lumos Diagnostics (ASX: LDX) For personal use only
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FY2025 AGM Presentation 21 Thesis LDX Share Price Performance 1. Recent commercial and technical progress accelerating • A series of pivotal commercial announcements in 2025 across the diagnostics platform, including the announcement of a distribution agreement for FebriDx with PHASE Scientific valued at up to US$317 million • Exceptional FebriDx CLIA waiver study results and FDA submission in August 2025 provides approval confidence • Securing of CPT code 0442U, set at US$41.38 by Centers for Medicare and Medicaid Services (CMS) and: • Strong coverage uptake by Medicare Administrative Contractors (MAC’s) representing 20-24% of reimbursement mix • Ongoing and meaningful financial support from the US Biomedical Advance Research and Dev Authority (BARDA) 2. Strong product economics and market opportunity - Febri DX • The low cost to manufacture FebriDx provides a series of attractive incentives (margins) to the commercial chain, including to PHASE Scientific (US Distributor) and clinicians to ensure commercial alignment • Minimum order quantities (MOQ) from PHASE (as per ASX release, 7 July) deliver approximately US$206m of gross profit (using Company disclosures of ~65% margins) to Lumos over the life of the agreement. Assuming ramp up and MOQ’s being met implies Lumos becomes highly profitable, quickly *Source: Company filings. This slide contains Ryder’s own views and opinions, based on publicly available information, to illustrate Ryder’s thinking on the matters therein. ** Share Price data sourced from Bloomberg 0 50 100 150 200 250 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 ASX:LDX Market Capitalisation ($m) Lumos Diagnostics (ASX: LDX) For personal use only
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FY2025 AGM Presentation 22 Macmahon Holdings Limited (MAH) is a Perth headquartered diversified contractor operating predominantly in Australia and Southeast Asia across surface and underground mining and civil infrastructure services Good commodity profile with over half of mining services revenue generated from gold or copper/gold mines and a strong client base Operating in mine development and production, ground support, and services, load and haul, drill and blast, shaft engineering, mine site maintenance and remediation, construction and engineering services. The civil segment is benefitting from strong tailwinds in the infrastructure and renewable energy sectors with a large and growing pipeline The current CEO Michael “Mick” Finnegan has been CEO since 2016 and has led the transformation of the business from ($2m) EBIT(A) loss in FY17 to $171m EBIT(A) in FY25 In anticipation of continued strong growth in earnings and cash flow, MAH have recently increased their return on average capital employed (ROACE) target from 20% to 25% and have increased their dividend payout ratio from 20-35% of earnings to 30-45% *Source: Company filings. This slide contains Ryder’s own views and opinions, based on publicly available information, to illustrate Ryder’s thinking on the matters therein. Macmahon Holdings (ASX:MAH) For personal use only
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FY2025 AGM Presentation $101 $117 $140 $171 $190 0 50 100 150 200 FY22 FY23 FY24 FY25 FY26F EBIT(A) ($ Millions) 23 Thesis • MAH has undergone business transformation following a period of meaningful capital investment to support contract wins and business growth resulting in weak free cash flow and share price weakness over this period. The business is now delivering on its capital light earnings growth strategy with $140m of FCF generated in FY25, which will continue to grow in FY26 and beyond. • MAH have been executing on their strategy to further improve business mix away from capital intensive surface mining works, the higher margin underground business has grown from 7% of revenue in FY18 to 23% in FY25, whilst capital light civil infrastructure has grown from 3% to 20%. Over time, these two segments should each contribute 1/3 of revenue • MAH trades at a EV/EBIT(A) of 6x, a meaningful discount to peers despite its strong outlook for earnings growth and cash generation supported by the company increasing its ROACE targets and its dividend payout ratio. MAH Share Price Performance 5% YOY 16% YOY 20% YOY 22% YOY 11% YOY *Source: Company filings. This slide contains Ryder’s own views and opinions, based on publicly available information, to illustrate Ryder’s thinking on the matters therein. ** Share Price data sourced from Bloomberg Macmahon Holdings (ASX:MAH) $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 ASX:MAH Cost For personal use only
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FY2025 AGM Presentation 24 • Despite recent strong performance, many core holdings remain undervalued, including: • BCI, MAH, CUP, LDX, AEL and JAN • ~ 45% of Portfolio or over 52% of invested capital • Unlisted holding in Updater (~1.5% weighting) is making good operational progress • Whilst harder to find, we continue to find new opportunities • Actively managing weightings and risk by recycling capital into new positions and cash Portfolio Outlook For personal use only
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25 For more information about Ryder Capital Limited see: www.rydercapital.com.au A value focused, high-conviction equities manager For personal use only