L1 Group Limited · ASX:L1G
L1 — H1 2026 Earnings Presentation
26 slides from L1's earnings presentation, Feb 25, 2026
Slide 1: L1 Group Limited December 2025 Half-Year Financial Results – Analyst Briefing
25 February 2026 The Manager ASX Market Announcements Australian Securities Exchange Limited Sydney NSW 2000 By e-Lodgement L1 Group Limited (ASX: L1G) December 2025 Half-Year Financial Results – Analyst Briefing L1G encloses for release to the market the presentation deck for the analyst briefing o
Slide 2: 2026 Interim results presentation
2026 Interim results presentation L1 Group Limited (ASX:L1G) 25 February 2026
Slide 3: Agenda
Agenda Overview and performance highlights 3 1 1 Outlook Overview and performance highlights 16 3 2 2 Questions Outlook 20 16 3 3 Questions 20 A Appendix 21 L1 Group (ASX:L1G) 2
Slide 4: Overview and performance highlights
1 Overview and performance highlights Julian Russell Chief Executive Officer and Managing Director L1 Group (ASX:L1G) 3
Slide 5: L1G | Key metrics
L1G | Key metrics ASX:L1G $17.6b 5 Ticker Funds Under Management (FUM) Locations globally $145m $95m $66m 1H26 Underlying Revenue 1H26 Underlying EBITDA1 Underlying 1H26 NPAT (UNPAT)2 1.09% 65% 1.0c Avg. management fee (annualised) 1H26 EBITDA margin Dividend Unless otherwise stated, all financial d
Slide 6: L1G | 1H26 performance highlights
L1G | 1H26 performance highlights Strong and broad-based business momentum into 2H26 and FY27 1 Strong financial result 2 Synergies on track 3 Positive FUM trends • L1 Capital business growing strongly • Over $24m cost reduction realised since the • L1 Long Short strategies FUM up ~$2.6bn • Platinum
Slide 7: Strong financial result
1 Strong financial result 63% underlying profit growth in 1H26, driven by revenue growth and synergy realisation Total revenue Operating expenses 145.1 117.8 Revenue up 23% vs. pcp1 driven 58.7 by full year’s receipt of long-short 50.2 strategy performance fees Decrease in opex from early 1H25 1H26
Slide 8: Pro-forma annualised cost synergies
2 Pro-forma annualised cost synergies Strong progress being made on synergy realisation Annualised run-rate cost Further ~$10m in benefits expected synergies of ~$24.8m1 realised in FY27 (top-end of total synergy to December 2025 target of $30m – $35m)2 ($24.8m) +$3.0m ($10.0m) +$5.0m $122.2m $100.4
Slide 9: Positive FUM trends
3 Positive FUM trends Robust FUM growth in L1 Capital funds L1 Long Short strategies L1 Affiliate strategies Platinum funds Global Opportunities, Catalyst, L1 International1, Real Asia, Specialist funds LSF/GLSF combined FUM Estate, Gold, SS20 (excl Platinum branded funds) and Mandates 7,530 L1 Affi
Slide 10: Positive FUM trends
3 Positive FUM trends Demonstrated track record of growing FUM in new and existing funds L1 Capital managed FUM $14.2b Platinum FUM $3.4b 8,000 Legend: Platinum Specialist funds include: L1 Capital branded Mandates 7,000 Japan 6,300 - Platinum branded Health sciences 6,000 International brands Seed
Slide 11: Positive FUM trends
3 Positive FUM trends Extremely diversified client base, with 91% of revenue from non-institutional clients Revenue by client type FUM by client type FUM by asset class Institutional Direct Property 2% Multi-Strategy HF 4% 9% Institutional 17% Global Equities 7% Asia ex Japan Equities Offshore Funds
Slide 12: Positive FUM trends
3 Positive FUM trends Focus on adding high quality investment & client service resourcing for Platinum clients Platinum Asia Fund ($1.8b FUM) • Recent Asian equities performance very strong • Few long-standing, high performing Asia Funds in Australia (12.9% p.a. since 2003) Expectation is for • Came
Slide 13: Successful Global Long Short Fund (GLSF) launch
4 Successful Global Long Short Fund (GLSF) launch Leveraging existing team and resources GLS (Listed Investment Company) Very positive outcome for • Conversion of Platinum’s ‘PMC’ LIC to Global Long Short ‘GLS’ LIC PMC shareholders • At ~$1b of LIC FUM, GLS capable of delivering ~$14min management f
Slide 14: Performance summary | L1G funds and affiliates
5 Performance summary | L1G funds and affiliates Strong performance across the board Long Short Fund (LSF) Global Long Short Fund (GLSF) Platinum Asia Gold Owned funds 20.0% p.a. $6.3b 78.2% $1.2b 12.9% p.a. 24.2% 159.3% $0.5b net return S.I.1 FUM net return S.I.3 FUM net return S.I.2 net return la
Slide 15: Performance summary | Specialist Strategies
5 Performance summary | Specialist Strategies Double-digit absolute returns since inception across all active Funds Japan Europe Brands 12.4% p.a. 16.3% 10.4% p.a. 14.4% 10.6% p.a. (1.8%) Range of specialist, net return S.I.1 net return last 12m1 net return S.I.2 net return last 12m2 net return S.I.
Slide 16: Balance sheet strength
6 Balance sheet strength ~$550m of cash/seed provides flexibility to drive organic and inorganic growth Balances as at 31 December 2025 (A$m) Investments in financial assets & Associates 1H26 2H25 Variance Cash 249.5 GLS (ASX listed) 131.7 47.1 84.6 Seed investments1 299.6 L1 GLSF (Offshore Feeder f
Slide 17: Outlook
2 Outlook Julian Russell Chief Executive Officer and Managing Director L1 Group (ASX:L1G) 16
Slide 18: L1G strategy | Core growth pathways
L1G strategy | Core growth pathways Growth of existing Joint Ventures–attracting funds through talented new teams to performance and flows launch new products Example: L1 Long Short Funds Example: L1 Global Opportunities Fund L1 International Fund L1 Catalyst Fund L1 UK Residential Fund Extension st
Slide 19: Earnings outlook
Earnings outlook Strongly positioned to deliver continued growth for our shareholders (subject to market conditions and fund performance) FY26/27 expectations Medium term expectations Management Funds under • FUM growth – growing existing funds through Stabilisation • Moderate FUM growth (subject to
Slide 20: Key earnings growth levers
Key earnings growth levers Extensions of existing strategies Distribution expansion • Pipeline of exciting new fund launches underway following the • Significant growth potential from establishing distribution presence successful launch of the Global Long Short Fund in late 2025 globally • Strong cl
Slide 21: Questions
3 Questions Julian Russell Andrew Stannard Chief Executive Officer and Managing Director Finance Director L1 Group (ASX:L1G) 20
Slide 22: Appendix
A Appendix L1 Group (ASX:L1G) 21
Slide 23: L1G | Pro-forma normalised income statement
L1G | Pro-forma normalised income statement $ Millions 1H261 2H252 1H252 A Management Fees 92.2 98.7 107.0 A Management fees reduction largely due to lower average FUM B Performance Fees 39.9 37.9 7.2 Affiliate Income 1.6 0.5 (0.1) Avg 1H26 Avg Mgt 1H26 1H26 Management Fee Revenue Fee related revenu
Slide 24: L1G | Net flows and Funds Under Management
L1G | Net flows and Funds Under Management Funds under Management Net client Distributions Investment Jun-25 Transfers Dec-25 Half year to Dec-25 (A$m) flows and Other2 performance L1 Long Short 4,897 440 838 (191) 1,546 7,530 Commentary Combined in 2Q2026 L1 International (ex Platinum funds) 677 14
Slide 25: Important information
Important information L1 Group Limited General Disclaimer This communication has been prepared by L1 Group Limited (“L1 Group”) (ABN 13 050 064 287) (ASX:L1G). References in this presentation to L1 Group or L1G are to L1 Group Limited. References in this presentation to L1 Capital are to L1 Capital
Slide 26: Please contact us with any questions.
Please contact us with any questions. Level 45, 101 Collins Street, Melbourne VIC 3000 Phone +61 3 9286 7000 Web www.L1Group.com.au ABN 13 050 064 287