Australian Foundation Investment Co. Ltd. · ASX:AFI
Australian Foundation Investment — H1 FY2026 Earnings Presentation
26 slides from Australian Foundation Investment's earnings presentation, Jan 21, 2026
Slide 1: Half Yearly Results Webcast Presentation
21 January 2026 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement For personal use only Australian Foundation Investment Company Limited Half Yearly Results Webcast Presentation Please find attached the p
Slide 2: Half-Year Results Financial Year 2025/26
For personal use only Half-Year Results Financial Year 2025/26
Slide 3: Disclaimer
Disclaimer For personal use only Australian Foundation Investment Company Limited and its subsidiary AICS (AFSL 303209), 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 fai
Slide 4: Agenda
Agenda For personal use only Overview and Investment Objectives Brett McNeill Financial Results Andrew Porter Market and Portfolio Update Brett McNeill and Winston Chong Outlook Brett McNeill Half Year Results / January 2026 2 3
Slide 5: Overview and Investment Objectives
For personal use only Overview and Investment Objectives Half Year Results / January 2026
Slide 6: Our Company
Our Company For personal use only Predominantly invests in Australian and New Zealand companies Largest listed investment company on the ASX, 150k shareholders, independent Board of Directors Shareholders own the ‘management rights’ to the portfolio Low cost with no additional fees Long term investo
Slide 7: Investment Objectives
For personal use only Investment Objectives The Company’s primary investment goals are: • to pay stable to growing dividends over time; and • to provide attractive total returns over the medium to long term. Half Year Results / January 2026 6
Slide 8: Stable to Growing Dividend for Shareholders
Stable to Growing Dividend for Shareholders AFIC’s franking reserve balance ensures we can pay a consistent dividend even For personal use only through volatile times – full year dividends for the last 7 financial years. Franking credit balance sufficient to pay 52c Dividend Half Year Results / Janu
Slide 9: Attractive Total Returns Over the Long-Term
Attractive Total Returns Over the Long-Term AFIC NTA vs S&P ASX 200 Accumulation Index For personal use only $10k in AFIC $155k $10k in the Index $136k Excludes the benefit of franking. Half Year Results / January 2026 8
Slide 10: Financial Results
For personal use only Financial Results Half Year Results / January 2026
Slide 11: Summary Half Year Results
Summary Half Year Results For personal use only Half Year Results / January 2026 10
Slide 12: Share Price Relative to Net Tangible Asset (NTA)
Share Price Relative to Net Tangible Asset (NTA) For personal use only 31 December 2025 NTA: $7.90 Share price: $7.19 Half Year Results / January 2026 11
Slide 13: Long term history of share price relative to NTA
Long term history of share price relative to NTA For personal use only Property 25.0% crash/bank RBA interest rate crisis cutting cycle COVID -19 20.0% Tech crash Post GFC 15.0% RBA interest rate cutting cycle 10.0% 5.0% 0.0% -5.0% -10.0% Black Monday Aug 2011 Pre GFC /US credit rating Rising downgr
Slide 14: Market and Portfolio Update
For personal use only Market and Portfolio Update Half Year Results / January 2026
Slide 15: Portfolio and Sector Performance – to December 2025
Portfolio* and Sector Performance – to 31 December 2025 For personal use only 6 Month Sector Performance * Assumes the full benefit of franking credits. Per annum returns other than for six months. Past performance is not indicative of future performance. Source: Factset Includes dividends but not f
Slide 16: Key drivers of our portfolio underperformance
Key drivers of our portfolio underperformance In the last 12 months our portfolio underperformed the S&P/ASX200 index by 10%. The key contributors include: For personal use only Large Companies Owned: Small Companies Owned: Gold Companies Not Owned: 37% 39% 170% 38% 20% 78% 13% 53% 156% Source: Fact
Slide 17: Active Portfolio Management – Recent Transactions
Active Portfolio Management – Recent Transactions For personal use only Additions to Existing Holdings Trimmed Holdings New Purchases Complete Disposals Half Year Results / January 2026 16
Slide 18: Portfolio Changes - Buying
Portfolio Changes - Buying For personal use only $ Market Capitalisation ($bn) Source: FactSet Half Year Results / January 2026 17
Slide 19: Portfolio Changes - Buying
Portfolio Changes - Buying For personal use only Dividend (cents per share) Source: Company Reports, FactSet Consensus Estimates for FY26 and FY27 Half Year Results / January 2026 18
Slide 20: Portfolio Changes - Selling
Portfolio Changes - Selling For personal use only Dividend yield Source: FactSet, Consensus Next 12 Months Forecast Dividend Yield Half Year Results / January 2026 19
Slide 21: Portfolio Changes - Selling
Portfolio Changes - Selling For personal use only Price-Earnings Ratio Times Source: FactSet, Consensus Next 12 Months Forecast Price-Earnings Ratio Half Year Results / January 2026 20
Slide 22: Portfolio Update: Summary
Portfolio Update: Summary For personal use only Constructing a diversified portfolio of high-quality companies across different sectors and with the appropriate balance of Income and Growth is the key for AFIC to deliver on its Investment Objectives in a variety of market conditions. Key Portfolio S
Slide 23: International Portfolio Update
International Portfolio Update • The international portfolio within AFIC has continued to generate value for shareholders. However, at this For personal use only stage we are not considering the listing of a separate fund. • In this context we have decided to adjust the approach by continuing to inv
Slide 24: Outlook
For personal use only Outlook Half Year Results / January 2026
Slide 25: Outlook
Outlook For personal use only Despite extreme geopolitical uncertainty and a more indeterminate outlook for economic growth and inflation in Australia and elsewhere, the market delivered another strong year of performance in 2025. In our view this leaves the market looking moderately expensive, espe
Slide 26: Australian Foundation Investment Company
AUSTRALIAN FOUNDATION INVESTMENT COMPANY
Australian Foundation Investment Company — H1 FY2026 Earnings Presentation on 6ix