Slides
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Annual General Meeting For the year ended 30 June 2026
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02 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). Disclaimer
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Today's agenda 1 About Ryder Capital 2 FY26 year in review 3 Portfolio performance and positioning 4 Dividends 03 5 Outlook for FY27 6 Questions
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About Ryder Capital 04 Fund overview How we invest Listing / ticker ASX: RYD · Listed Investment Company Inception 22 September 2015 Manager Ryder Investment Management Pty Ltd Universe Australian small and micro-cap companies Investment Objective Exceed the RBA Cash Rate + 4.25% p.a. over the medium to long term whilst paying steady to increasing fully franked income Distributions Fully franked, paid quarterly; minimum 3.0c a quarter for FY27 Alignment Directors and associates hold >20% of shares Fundamental, bottom-up research Value-focused stock selection backed by in-depth due diligence High conviction Top 10 holdings were 63% of the portfolio at 30 June 2026 Risk aware We protect capital by investing where we can understand, measure and price downside risk to generate an asymmetric return profile Overlooked opportunities We look for mispriced small and micro-cap companies the broader market has either missed, abandoned or yet to discover
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Investment philosophy 05 We look for quality businesses, with strong and aligned management, trading below intrinsic value. We invest occasionally, trade rarely and seek out opportunities where the odds of success favour us. Patience We take a long-term view, investing in quality businesses that let us see through short-term noise. Investors consistently overestimate the short term at the expense of the medium to longer term. Discipline Protecting capital matters as much as compounding it. We invest where we can measure, understand and price the downside. Alignment We are meaningfully invested alongside shareholders, with Directors, Portfolio Managers and Associates representing >20% of the RYD register. What we look for in a business Proven management with aligned incentives Sustainable competitive advantages Strong balance sheet and cash generation Clear catalysts for value recognition
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Board and Portfolio Managers 06 Board · 4 Portfolio Managers · 3 Ray Kellerman Non-Executive Independent Director David Bottomley Non-Executive Director Peter Constable Chairman & Executive Director Chief Investment Officer Lauren De Zilva, CFA Executive Director Portfolio Manager Alex Grosset Assistant Portfolio Manager
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FY26 overview (as at 30 June) $1.73 Share price at 30 June 2026 +33.53% Pre-tax NTA return 11.5 cps Fully franked dividends paid $1.9805 Pre-tax NTA per share +41.92% Share price return (incl. dividends) 12.6% Discount to pre-tax NTA 07 Up from $1.30 at 30 June 2025 Gross portfolio +37.59% vs hurdle +8.09% FY25: 9.5 cps · now minimum 3.0 cps a quarter Up from $1.6272 · Net assets $148.5m Ranked 4th of 50 ASX-listed LICs tracked Narrowed on improved share turnover
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FY26 contribution by holding Top five contributors added $34.6 million; the five largest detractors cost $8.4 million Contribution to the Portfolio in A$ over the 12 months to 30 June 2026. Source: FY26 Annual Report. 08 -$2,891,505 -$2,009,863 -$1,259,537 -$1,112,526 -$1,101,547 $3,317,955 $4,587,187 $4,973,865 $8,205,567 $13,472,798 ($5,000,000) $0 $5,000,000 $10,000,000 $15,000,000 Macmahon Holdings Lumos Diagnostics Vitrafy Life Sciences Cuscal BCI Minerals Janison Education Airtasker OFX Group Gentrack Adore Beauty
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FY26 portfolio activity New purchases Additions Exits 09
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Portfolio composition Top 10 holdings, as at 30 June 2026 Ticker Name Weight BCI BCI Minerals 14.72% CUP Count 8.25% VFY Vitrafy Life Sciences 6.26% CCL Cuscal 6.07% Top 10 positions 62.84% 10 OFX OFX Group 5.81% C79 Chrysos Corporation 5.80% LDX Lumos Diagnostics 5.14% SDR SiteMinder 4.53% FCL Fineos Corporation 3.20% n/a Updater Technologies (unlisted) 3.06% 6.9% 4.5% 25.9% 62.7% Cash Unlisted holdings Other listed holdings Top 10 listed holdings Portfolio split at 30 June 2026 % of portfolio · listed 88.6% · unlisted 4.5% · cash 6.9% 1.2% 2.9% 3.8% 6.9% 12.3% 13.0% 18.9% 20.1% 20.8% Energy Media & Entertainment Consumer Discretionary Cash Healthcare Industrials Technology Financial Services Materials Sector allocation at 30 June 2026 % of portfolio
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1-year relative NTA performance Third consecutive year of net returns above 25% Source: FY26 Annual Report, Bloomberg 11 37.59% 33.53% 8.11% 8.09% 5.70% Ryder gross portfolio Ryder pre-tax NTA S&P/ASX Small Ords Accum. Hurdle (RBA cash + 4.25%) S&P/ASX All Ords Accum.
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1-year shareholder returns against peer LICs Ryder's +41.92% shareholder return ranked 4th of 50 LICs, against a peer median of about +6% Share price return including dividends, excluding franking, July 2025 to June 2026. Sample of 49 ASX LICs investing in Australian equities with market caps above $10m (ASX Investment Products report, June 2026), plus Ryder. Source: FY26 Annual Report, Bloomberg 12 +41.92% -50% -25% 0% 25% 50% 75% 100% ECP FSI MIR GC1 BTI WHF AMH OPH WGB TOP TEK SNC CIN DJW WAX AFI SEC GVF IBC HM1 PL8 CAM PIC ARG AUI WAM WMI BKI PIA WQG KAT FGX MFF ALI FGG NAC WLE ACQ MEC PGF RF1 CDM FPC NSC WAA RG8 RYD NCC LSF TGF
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FY26 Dividends Source: FY26 Annual Report, Note 16 Dividends. Policy Enhanced policy introduced in FY26: a minimum quarterly fully franked dividend of 3.0 cents per share, or 12.0 cents per share annualised, subject to ongoing performance. Dividends paid in FY26 totalled 11.5 cents per share fully franked, a 2.0 cent increase on FY25. As of 30 June, $0.72 per share of distributable profits supported by a franking credit account balance sufficient to fully frank $0.56 per share in dividends, supports just under five years of dividends at the current rate, excluding any income received from the portfolio The Board intends to pay a minimum 3.0 cents per share quarterly fully franked dividend in FY27. 13 5.5 cps 3.0 cps 3.0 cps Sep 2025 Jan 2026 Apr 2026 FY26 fully franked dividends per share Cents per share · paid in FY26
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Dividends Since Inception (at 30 June 2026) 14 Dividends paid to shareholders Cumulative dividends paid per share at 30 June Cents per share, excluding franking credits Dividends paid per share 58.25c Paid per share since inception All paid since FY18, excluding the value of franking credits 11.50c Paid per share in FY26, up 2.0c on FY25 Minimum of 12.0c for FY27, paid as 3.0c each quarter • Distributable profits still grew to $0.72 per share, from $0.19 in June 2019. • The July 2026 dividend of 3.0c takes total dividends paid to 61.25c. Dividends paid per share in each financial year, excluding franking credits; first dividend paid in FY18. 4.00 9.00 15.00 22.00 29.00 37.25 46.75 5.00 6.00 7.00 7.00 8.25 9.50 11.50 1.00c 4.00c 9.00c 15.00c 22.00c 29.00c 37.25c 46.75c 58.25c FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Cumulative Dividends Paid in the year
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Dividend Durability 15 Future dividends are well supported using 30 June 2026 NTA ÷ = What this means for the dividend • The 12.0 cps minimum needs a net 6.1% return to be sustained from performance; FY26 delivered a 28.54% NTA return (after cash tax paid). Illustrative. Based on pre-tax NTA of $1.9805 per share, and post tax NTA of $1.839 at 30 June 2026; excludes changes in share count. Dividend per share The annual dividend paid to shareholders 12.0 cps FY27 minimum, 3.0 cps a quarter NTA per share (pre-tax) The capital base the portfolio invests $1.9805 FY26 pre-tax NTA Required net performance The net portfolio return required after all fees, expenses and after tax to sustain the current dividend level: 6.1%
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Profits and Franking Reserve - Dividend Coverage 16 Reserves available for dividends Profits reserves at 30 June 2026 Profits reserve and capital profits reserve Coverage at the 12.0 cps annual minimum 6.0 years Distributable profits: $0.72 per share $57.8M across the profits and capital profits reserves 4.7 years Fully franked capacity: $0.56 per share From $0.24 per share of franking credits, including tax payable • Reserves grew $19.1M in FY26 after paying $9.3M of dividends. • The franking balance rose from $12.3M to $19.3M after $6.6M of tax paid. Coverage = per-share capacity ÷ 12.0 cps. Per share on 80.5M shares at 30 June 2026, before the July 2026 dividend and excluding future Portfolio income. Source: FY26 Annual Report, Notes 11 and 16; Directors' Report. 7.0 10.2 31.7 47.6 $38.7M $57.8M FY25 FY26 Profits reserve Capital profits reserve
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Share Price Premium/(Discount) to Pre-tax NTA — Last 10 Years Shares traded at a 12.8% average discount over 10 years; the last 12 months averaged 8.2%, the narrowest of any 12-month window 17 Source: Bloomberg for share prices; internal figures and Apex for pre-tax NTA. Month-end closing price against pre-tax NTA, Oct 2016 to Sep 2026; Sep-26 is measured against the Aug-26 NTA. Columns: financial-year pre-tax NTA return from internal figures (FY17 column shown from Oct-16). +24.7% +33.3% +3.8% +12.3% +33.7% (21.5%) (8.9%) +25.0% +27.2% +33.4% (22.4%) (22.9%) (3.3%) (40%) (30%) (20%) (10%) 0% 10% 20% 30% 40% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Share price premium/(discount) to pre-tax NTA & FY pre-tax NTA returns %, Oct 2016 to Sep 2026 · line: month-end close vs pre-tax NTA · columns: financial-year pre-tax NTA return
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Daily Liquidity Average annual turnover tripled to $21.4M over the last two years, with the stock trading on 95% of days in the last 12 months. 18 $2.6M $4.4M $9.9M $5.6M $5.0M $10.8M $7.0M $5.6M $11.2M $28.4M FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Annual dollar turnover $M · financial years to June 22% 38% 56% 52% 50% 69% 69% 67% 83% 95% 98% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1Q FY27 Days traded % of ASX trading days · financial years to June, 1Q FY27 = Jul to Sep 2026 Source: Bloomberg daily price, turnover and volume data, 28 Sep 2015 to 30 Sep 2026. Financial years end 30 June; FY16 excluded (part year from listing in Sep 2015). Non-traded days count as zero turnover.
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September Quarter Update
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Key details 20 $2.14 Share price $2.2395 Pre-tax NTA $2.0175 Post-tax NTA 4.4% Discount to pre-tax NTA +14.88% Quarter NTA return +19.93% One-year NTA return $185.7m Gross assets 5.61% FF Dividend yield 8.01% Grossed-up dividend yield
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Performance summary As at 30 September 2026: Ryder's pre-tax NTA return beat its performance hurdle and both comparator indices over every period 1. Adjusted for the dilution of the exercised 26.7m RYDO options and 26.5m RYDOA options. 2. Fully diluted for all options since inception. Pre-tax NTA is calculated prior to the provision and payment of tax. 3. Inception date is 22 September 2015. All returns assume the reinvestment of dividends. Past performance is not a reliable indicator of future performance. Source: Ryder Capital September 2026 Quarter Shareholder Letter. 21 3 months (%) 6 months (%) 1 year (%) 3 years (% p.a.) 5 years (% p.a.) 10 years (% p.a.) Since inception³ (% p.a.) Gross portfolio performance 18.49% 21.34% 24.52% 38.22% 15.11% 18.55% 18.35% Pre-tax undiluted NTA return¹ 14.88% 17.26% 19.85% 34.00% 12.29% 14.67% 14.46% Pre-tax NTA return² 14.88% 17.26% 19.93% 34.22% 11.98% 13.03% 12.98% All Ordinaries Accumulation Index 1.01% 5.05% 1.43% 11.04% 7.20% 9.01% 9.29% Small Ordinaries Accumulation Index −0.53% 2.77% −6.74% 10.41% 2.18% 6.10% 8.04% Hurdle (RBA Cash Rate + 4.25%) 2.10% 4.20% 8.25% 8.39% 7.55% 6.39% 6.36%
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Performance since inception Since inception (September 2015): pre-tax NTA (undiluted) return¹ of 343.76%, or 14.46% p.a. net of fees and costs 22 14.46% p.a. 9.29% p.a. 8.04% p.a. 6.36% p.a. Ryder pre-tax NTA (undiluted) S&P/ASX All Ords Accum. S&P/ASX Small Ords Accum. Hurdle (RBA cash + 4.25%) Annualised returns since inception % p.a. · pre-tax NTA including dividends · September 2015 to 30 September 2026 1. Adjusted for the dilution of the exercised 26.7m RYDO options and 26.5m RYDOA options.
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Performance since inception Growth of $100,000 invested at listing vs Small Ords Accumulation, All Ords Accumulation and our hurdle (RBA + 4.25%) 23 $443,786 $266,344 $234,590 $197,290 Actual growth of $100,000 invested in the RYD Portfolio at inception (22 September 2015), all dividends reinvested, to 30 September 2026. The RYD Portfolio grew to $443,786 (+343.8%), versus the S&P/ASX Small Ordinaries Accumulation Index ($234,590), the All Ordinaries Accumulation Index ($266,344) and the RBA Cash Rate + 4.25% hurdle ($197,290). RYD return represents the NTA return, adjusted for the dilution of the exercised 26.7m RYDO options and 26.5m RYDOA options, and is prior to the provision and payment of tax for each period of measurement. The inception date is 22 September 2015. All returns assume the reinvestment of dividends. Past performance should not be taken as an indicator of future performance.
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Performance since inception Monthly Performance Heatmap 24 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FY total FY16 -0.10 0.63 -0.80 2.50 0.74 -4.61 1.68 -1.78 1.74 -1.55 -1.73 FY17 6.03 5.06 3.17 0.00 -0.59 2.00 2.69 -0.15 1.77 -0.57 -0.51 3.66 24.68 FY18 6.23 7.03 -3.26 3.34 1.98 10.09 -1.17 -0.40 -0.72 -0.67 8.90 -1.18 33.29 FY19 -0.17 -2.15 2.96 -3.66 -1.00 -3.51 4.13 1.63 -0.54 2.39 2.29 1.74 3.80 FY20 7.05 0.18 3.15 -0.18 -2.17 1.49 1.99 -1.53 -15.44 12.42 5.54 1.68 12.34 FY21 6.91 6.02 -1.86 0.60 6.19 4.91 0.31 0.70 -1.34 2.19 4.12 1.16 33.72 FY22 2.64 -1.49 -3.43 5.62 -0.65 0.17 -5.23 -4.69 3.86 -4.37 -4.69 -10.53 -21.47 FY23 3.96 2.45 -3.42 1.21 4.07 -3.00 2.16 -1.62 -3.31 1.93 -15.77 3.95 -8.85 FY24 1.16 1.07 -1.02 -4.03 2.65 4.38 0.49 6.59 3.44 4.96 1.75 1.48 24.96 FY25 6.06 1.69 4.39 4.92 0.35 -2.28 0.43 -1.74 0.68 4.80 2.35 3.01 27.16 FY26 7.04 13.09 5.63 4.25 3.57 6.04 -2.20 0.95 -9.58 1.46 -3.36 4.10 33.40 FY27 3.72 9.42 1.21 14.88
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Relative Performance Since Inception (to September 30) 25 1. Annualised returns are calculated during the period of 22 Sep 2015 to 30 Sep 2026 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. 3. RYD’s 13.06% p.a. uses the same basis as every LIC shown: pre-tax NTA after income tax paid. Ryder’s reported 14.46% p.a. since inception (slide 22) adds back income tax paid by the Company, so the two figures differ. -5% 0% 5% 10% 15% NCC GC1 CDM NAC FSI CAM WAX PIA ALI WAM IBC AMH SNC DJW CIN FGX WAA MIR FGG PIC WHF GVF ACQ BKI AFI TOP KAT ARG AUI MFF RYD PGF
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FY27 Outlook & Portfolio Positioning 01 Staying disciplined Taking a disciplined view on valuation, taking profits and de-risking where the market runs ahead of fundamentals 02 Building cash As at 30 September 2026, the Portfolio held $16.4 million in cash, representing around 8.85% of total assets but remains below our targeted cash position. 03 Focusing on quality & value Our portfolio is tilted to well-capitalised, high- margin business which will continue to outperform through the cycle. 26 The outlook is increasingly uncertain and volatile. Reaccelerating inflation is forcing the RBA to keep raising rates, and with oil above US$100 a barrel and Hormuz shipping still well below pre-war levels, the risks remains skewed to the upside. Higher rates and yields weigh on equity valuations, especially for small caps and long- duration growth stocks, so we expect volatility to remain elevated. Tighter monetary policy and overdue fiscal discipline could significantly reduce domestic demand, further impacting business margins and profitability. Whilst having received no benefit to date from AI related momentum winners, AI remains important to our investment framework and process. We expect developments in AI to continue to have a significant impact across markets, affecting businesses both directly and indirectly.
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Q&A Level 28, 88 Phillip Street, Sydney NSW 2000 +61 (2) 9000 9020 enquiries@rydercapital.com.au www.rydercapital.com.au