Flagship Investments Ltd. · ASX:FSI
Flagship Investments — Australian Shareholders' Association Gold Coast Investor Forum 2026
22 slides from Flagship Investments's conference presentation, Oct 7, 2026
Slide 1: Presentation slides cover letter to ASX
07 October 2026 Company Announcements Office ASX Ltd, Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 2000 For personal use only PRESENTATION SLIDES Please find attached the information slides for today’s presentation to the Australian Shareholders’ Association Gold Coast Investor Forum. Yours
Slide 2: Australian Shareholder Association Nerang RSL 2026
Australian Shareholder Association Nerang RSL 2026 For personal use only
Slide 3: Flagship Investments Limited (FSI) Corporate Profile
For personal use only Flagship Investments Limited CFSI) Corporate Profile > FSI commenced operations in April 1998 and is a Listed Investment Company (LIC) quoted on the ASX > The portfolio is managed by EC Pohl & Co and provides investors with access to an expertly crafted quality portfolio of lis
Slide 4: FSI Performance Based Fee Structure
For personal use only FSI Performance Based Fee Structure > There is no ongoing management fee > EC Pohl & Co is only paid a performance fee > No performance fee is paid until portfolio performance exceeds the cash rate > The performance fee is calculated and charged annually INVESTMENT:
Slide 5: FSI Investment Objectives
For personal use only FHS|I Investment Objectives The investment Objectives are to: > achieve medium to long-term capital growth and income through investing in a diversified portfolio of Australian companies; > preserve and enhance the NTA backing per share; and > provide FSI Shareholders with a fu
Slide 6: Major Treasury Initiatives Causing Structural Change in Australia
For personal use only Major Treasury initiatives Causing structural Change in Australia > Superannuation performance test + Rapid rise of passive investing + Industry consolidation > Ageing population + Removal of reliance on age pension + Focus on income generation FLAGSHIP =
Slide 7: The Rules Around Accumulated Capital Keep Moving
For personal use only The rules around accumulated Capital keep moving > From 1 July 2026, super balances above $3m face an extra 15% tax; above $10m, an extra 25% > Tax applies to realised earnings — taxed at the fund 2) > level, then again under Division 296. lay lant > The latest in a decade of t
Slide 8: Franking is mechanical — so ask where it comes from
For personal use only Franking iS mechanical — So ask where it comes from >» A franking credit exists only where Australian company tax has actually been paid > Every franked dollar traces to a specific taxpayer and profit — the question is whose, and for how long >» Two sources reach investors: tax
Slide 9: Franking from trading is fragile by construction
For personal use only by construction > Itrequires gains to be realised — markets that keep rising, turnover that never stops. > It's self-consuming: the position that created the credit is gone, and must be replaced. > Ithasno link to business performance — so it stops exactly when income is needed
Slide 10: Franking from operating profit renews itself
For personal use only Franking from operating profit Fe renews itself >» An operating business earns, pays Australian tax, and generates credits as a by-product of trading. > Nothing has to be sold — the source isn't consumed by producing the income. > Itrepeats every year the business earns, and gr
Slide 11: Consistency, not yield, is the test
For personal use only Consistency, not yield, is the © test > Ahigh yield tells you what's being paid now — not whether it will be paid again. > The highest yields cluster where earnings are most cyclical or declining. > The right measure: franked income received per year over a decade, and whether
Slide 12: So, the requirement is quality, defined precisely
For personal use only So, the requirement iS Quality, defined precisely > Return on capital sustained above the cost of capital, so growth creates value. > Cash conversion, So reported profit is real and the dividend iS actually Funded. > Low leverage, so the dividend isn't the first casualty of a d
Slide 13: The economics of a business drives long-term investment returns
For personal use only The economics of a business drives long-term investment returns. Investing in high quality, growth businesses, that have the ability to generate predictable, above average economic returns will produce superior investment performance over the long-term. 1 Valuing potential, not
Slide 14: How to find the companies of tomorrow
For personal use only 15 How to find the companies of tomorrow There’s no substitute for due diligence. SUSTAINABILI Through in-depth, detailed analysis, we come to " a conclusion as to whether a business is a quality franchise, has a sustainable competitive advantage, is operating in a favourable i
Slide 15: Market Inefficiencies
Market Inefficiencies = S je) Y > Quality Anomaly Quattry a) On average the current market undervalues C extremely high-quality, capital efficient, organic Cc growth businesses assuming Al will destroy them fo) all. 7p) SUSTAINABLE peg OPPORTUNITY oD) ios mS je) LL 14 We Exploit a > Time Arbitrage T
Slide 16: Notable current drivers of stock markets
For personal use only Notable current drivers of stock F markets % Sticky core inflation has moderated rate-cut expectations, keeping long-term bond yields elevated > Global Trade & Tariff Uncertainty: The continuation of protective trade measures, universal import tariffs, and shifting supply chain
Slide 17: Annual percentage change, years to June 1999–2026
Annual percentage change, years to June 1999–2026 50% For personal use only 40.7% 40% 35.1% 35.9% 34.7% 33.6% 32.9% 29.0% 30% 26.2% 20.5% 21.4% 20.0% 20.1% 20% 16.7% 16.4% 15.4% 12.3% 10% 8.0% 8.4% 6.6% 4.6% 5.0% 0% -5.0% -4.2% -4.9% -10% -9.4% -20% -21.1% -24.1% -24.1% -30% Source: Annual Report 20
Slide 18: Portfolio fundamentals, allocations and top 10 holdings
PO RT FO LI O FUND AM E NT A L S M ARKET CAP AL L OCATION S&P/ASX INDEX W EIGHTING Mid Cap S&P/ASX 200 33.5% 39.9% GROSS MARGIN OPERATING (EBIT) $1bn–$5bn (ex-50) For personal use only MARGIN Mega Cap S&P/ASX 50 23.4% 21.2% >$20bn (ex-20) 70.6% 34.4% Large Cap 23.3% All Ordinaries 14.4% (ex-200) $61
Slide 19: For personal use only
For personal use only 10.35 10.40 10.10 9.65 9.00 9.25 8.25 8.50 7.75 7.25 7.25
Slide 20: Benefits to Investors
For personal use only 18 > Benefits to Investors > 9% fully franked dividend yield > Current franking credit covered 3x by franking credit reserves > Anticipated continued growth in fully franked dividend income ( Since inception DPS:+4.7%, CPI: +2.9%) > Dividends can be paid even if portfolio value
Slide 21: Disclaimer
For personal use only = > Disclaimer This presentation has been prepared by Flagship Investments Ltd (“Flagships”, “FSI” or the “Company’). This presentation and its contents have been distributed in confidence and may not be reproduced or disclosed to any other person. The distribution of this pres
Slide 22: Flagship Investments
FLAGSHIP INVESTMENTS,
Flagship Investments — Australian Shareholders' Association Gold Coast Investor Forum 2026 on 6ix