L1 Group Limited · ASX:L1G
L1 — FY2025 Earnings Presentation
30 slides from L1's earnings presentation, Aug 27, 2025
Slide 1: Platinum Asset Management (PTM) – 2025 Full-Year Financial Results – Analyst Presentation
27 August 2025 The Manager ASX Market Announcements Australian Securities Exchange Limited Sydney NSW 2000 Platinum Asset Management Limited (PTM) – 2025 Full-Year Financial Results – Analyst Presentation PTM encloses for release to the market the 2025 full-year financial results analyst presentatio
Slide 2: Platinum Asset Management Limited Analyst Briefing
Platinum Asset Management Limited Analyst Briefing Published on 27 August 2025 for briefing on 28 August 2025 Platinum Asset Management Limited ABN 13 050 064 287
Slide 3: Agenda
Agenda ■ FY25 Highlights ■ PTM/L1 Capital Proposed Merger summary and update ■ FY25 Financial Review ■ Q&A 2
Slide 4: Highlights – FY2025
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, di
Slide 5: Key merger elements (subject to shareholder approval)
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 sharehold
Slide 6: Assets Under Management by client & asset class
Assets Under Management by client & asset class 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 Other Regions Equities, 3% Staff, 5% Direct Property, 2% Multi-Strategy HF,
Slide 7: Growth and Efficiency Opportunities to Deliver Value
Growth and Efficiency Opportunities to Deliver Value Greater scale ■ Expanded range of investment strategies, products and clients ■ Market leading position servicing institutional, wholesale, HNW and retail investors with combined AUM of $16.5bn1 Expected growth through market leading investment pe
Slide 8: Transaction Timeline
Transaction Timeline 8 July 2025: Merger Implementation Deed signed and announced July 2025: Prepared Notice of Meeting, Explanatory Memorandum and Independent Expert Report 4 August 2025: Submitted Notice of Meeting, Explanatory Memorandum and Independent Expert Report to ASIC and ASX 21 August 202
Slide 9: Progress since merger announcement
Progress since merger announcement Significant business momentum Proposed senior leadership ■ Board appointments made, more to be announced team being finalised ■ CEO, CFO and COO announced ■ Senior investment team and leadership team being finalised Repositioning of flagship ■ Sub-advisory arra
Slide 10: 2025 Review
2025 Review 9
Slide 11: Investment Performance
Investment Performance 2023 - 2025 2024/2025 CY 2025 YTD RELATIVE RETURN CY 2024 RELATIVE RETURN CY 2023 RELATIVE RETURN ABSOLUTE FUND RETURN TO MSCI INDEX TO CASH +5% TO MSCI INDEX TO CASH +5% TO MSCI INDEX TO CASH +5% Platinum International Fund (PIF) (1) 3.09 -3.49 -3.95 -21.64 -1.51 -17.25 -4.69
Slide 12: Reset will be delivered
Reset will be delivered Proposed L1 Capital merger will complete turnaround goals Previously announced actions CORE ACTIVITIES: RESET AND GROW Positive results 1. Performance improvement across fund line-up. 4 of 7 Platinum Trust 1. Improve investment performance Funds beating MSCI nominated index a
Slide 13: Financial Performance
Financial Performance 12
Slide 14: Financial Summary
Financial Summary Year ended 30 June 2025 (A$M) 30 JUNE 25 30 JUNE 24 % VAR. ■ Fee revenues down largely in line with Average FUM (A$b) 10.8 15.3 (29)% lower average FUM Management fees 125.8 174.4 (28)% ■ Adjusted expenses1 meaningfully Performance fees 0.0 0.0 n/a reduced despite inflationary and
Slide 15: Revenue
Revenue Year-ended 30 June 2025 JUNE 25 JUNE 24 $ VAR. ■ Retail outflows increase includes PGTX Net retail outflows (A$m) (3,160) (2,365) (795) closure and some one-off redemptions Net institutional outflows (A$m) (2,383) (2,531) 148 but mostly reflecting challenged Average FUM (A$b)* 10.8 15.3 (4.5
Slide 16: Expenses
Expenses Year ended 30 June 2025 (A$M) JUNE 25 JUNE 24 % VAR. ■ June 2025 costs fell 21% versus December Staff costs 28.3 32.9 (14%) 2024 half and 40% versus June 2023 half Variable remuneration, incl. share-based payments expense 17.3 26.2 (34%) ■ Adjusted expenses1 down despite inflationary Fund a
Slide 17: Expenses – Turnaround Costs
Expenses – Turnaround Costs Expense reduction delivered ahead of target and ahead of schedule Progress v plan Cumulative savings Cumulative turnaround costs ■ 118% of $25m target delivered by Jun- ■ 38% relate to staff reduction ■ 29% relate to staff reduction and key 25, over 6 months earlier than
Slide 18: Balance Sheet and Seed Investment Portfolio
Balance Sheet and Seed Investment Portfolio As at 30 June 2025 Net Assets* (A$m) Dividends (cps) Interim Special Final 328 314 212 20 6 7 7 4 6 7 1.5 FY25 FY24 FY23 FY25 FY24 FY23 Cash & Term Deposits (A$m) Seed Investments** (A$m) 250 141 186 107 122 64 FY25 FY24 FY23 FY25 FY24 FY23 Cash decrease d
Slide 19: Approach to financial reporting post merger (if merger completes)
Approach to financial reporting post merger (if merger completes) Accounting for the transaction Near term financial reporting PTM standalone Legal Acquiror Accounting Acquiror results for Year to Jun-25 Presented today Aug-25 Feb-26 Aug-26 ■ L1 Capital (First Maven) becomes the continuing reporting
Slide 20: Questions
Questions 19
Slide 21: Thank you for joining our webinar
Thank you for joining our webinar 20
Slide 22: Appendices
Appendices 21
Slide 23: Appendix 1: Detailed Statutory Results
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
Slide 24: Appendix 2: Performance Fees
Appendix 2: Performance Fees CARRY PERFORMANCE FUM $M PERFORMANCE PARTICIPATION FORWARD FEE LAST FUNDS (JUNE 25) FEE PERIOD TO BENCHMARK RATE % AT JUNE 25* PAID** Retail Funds Platinum International Fund 16 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -110.6% 31 Dec 17 & LICs: Platinum Asia ex-
Slide 25: Appendix 3: Segment Analysis
Appendix 3: Segment Analysis Funds Management Investment and other (A$M) JUNE 25 JUNE 24 VAR. % (A$M) JUNE 25 JUNE 24 VAR. % Fee Revenue 125.8 174.4 (27.9%) Fee Revenue – – – Other Revenue 5.8 4.2 38.1% Other Revenue 9.2 6.4 43.8% Total Revenue 131.6 178.6 (26.3%) Total Revenue 9.2 6.4 43.8% Expense
Slide 26: Appendix 4A: Funds Under Management by Product (A$m)
Appendix 4A: Funds Under Management by Product (A$m) CLOSING OPENING BALANCE INVESTMENT DISTRIBUTIONS BALANCE FUNDS (1 JUL 2024) NET FLOWS PERFORMANCE & OTHER2 (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 Ma
Slide 27: Appendix 4B: Funds Under Management by Strategy (A$m)
Appendix 4B: Funds Under Management by Strategy (A$m) A broad array of global equity services OPENING BALANCE INVESTMENT DISTRIBUTIONS & CLOSING BALANCE INVESTMENT STRATEGY (1 JUL 2024) NET FLOWS PERFORMANCE OTHER* (30 JUN 2025) % OF TOTAL Global long short 8,573 (3,993) 117 (117) 4,580 58% Asia ex-
Slide 28: Appendix 5: Share-based Payment Expense
Appendix 5: Share-based Payment Expense Five year future estimated amortisation profile1 ($AM) FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 Deferred Remuneration Plan2 2021 annual grant 0.9 2022 annual grant 0.9 1.0 2023 annual grant 1.0 1.0 1.1 2024 annual grant 1.0 1.0 0.7 0.5 2025 annual grant 2.4 2.5
Slide 29: Appendix 6: Investment Performance to June 2025
Appendix 6: Investment Performance to 30 June 2025 PERFORMANCE OF PLATINUM TRUST FUNDS A$ 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 - Abso
Slide 30: Disclaimer
Disclaimer 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 na