Underwood Capital Limited · ASX:UWC
Underwood Capital — Shareholder Meeting (November 2025)
23 slides from Underwood Capital's shareholder meeting presentation, Nov 27, 2025
Slide 1: Presentation To Annual General Meeting
Underwood Capital Limited Level 57 25 Martin Place Sydney NSW Australia 2000 www.uwcl.com.au info@uwcl.com.au 27 November 2025 Presentation To Annual General Meeting Underwood Capital Limited (ASX: UWC) ("UWC” or the “Company”) is an Australian-listed specialist investment company which concentrates
Slide 2: About UWC / Important Notice
About UWC Underwood Capital Limited (ASX:UWC) ("UWC") ABN 91 601 236 417 is an Australian-listed specialist investment company which concentrates on producing capital growth for shareholders over the medium term from investments in listed and unlisted equities and debt securities. Important Notice T
Slide 3: Underwood Capital Limited Annual General Meeting
For personal use only Underwood Capital Limited Annual General Meeting 27 November 2025 © 2025 Underwood Capital | ASX: UWC | www.uwcl.com.au
Slide 4: Contents
Contents For personal use only Chair’s Welcome 3 Registration & Voting 4 Investment Manager’s Report 5 Formal Business of Meeting 13 Voting Poll 18 Meeting Closure 19 Questions 20 2
Slide 5: Chair's Welcome
For personal use only Chair’s Welcome 3
Slide 6: Registration and Voting
Registration and Voting 1. Log in or register at: 2. Click view and register 3. Record your vote. Once For personal use only https://investor.automic.com.au/#/home your attendance for the you confirm it is lodged and meeting final To contact support: Call 1300 816 159 4
Slide 7: Investment Manager's Report
Investment Manager’s For personal use only Report 5 5
Slide 8: Overview
Overview UNDERWOOD TRADES AT A 40-50% DISCOUNT TO ITS NET TANGIBLE ASSETS For personal use only Market Data Top 5 Holdings (ex Weed Me) Stock code: ASX:UWC Airtasker (ART) Leading Australian marketplace for Share price at 31 October 2025: $0.069 local services Shares outstanding: 205 M Cuscal (CCL)
Slide 9: Advantages of LICs
Advantages of LICs Underwood’s permanent capital provides a distinct advantage in public markets For personal use only True ability to be long-term Able to invest in dislocations • Invest from our own balance sheet • No forced selling • Not measured against an index • Take advantage of volatility an
Slide 10: Strategic achievements since board revitalisation and appointment of HD Capital
Strategic achievements since board revitalisation and appointment of HD Capital as investment manager For personal use only Reduce operating costs Realise legacy investments Deploy cash into new strategy Annual opex (excluding investment manager fees) Divested Delivra Health Brands for ~2X its June
Slide 11: FY25 Highlights
FY25 Highlights For personal use only Only one “legacy” holding remaining (Weed Me) HD Capital Partners originated investments generated a 19.7% return on capital employed Weed Me continues to trade profitably, while growing strongly and paying dividends Cash, receivables and liquid investments now
Slide 12: What makes us different?
What makes us different? For personal use only Our goal is to significantly outperform global equity markets, over rolling 5-year periods, by making concentrated, long-term investments in undervalued and overlooked companies Going where others can’t Doing what others won’t Not tracking an index Maki
Slide 13: Investment strategy
Investment strategy We pursue an opportunistic investment strategy, focussed on highly asymmetric situations characterised as “heads we win, tails we don’t Business Fundamentals For personal use only lose” Good business we understand Smart management with skin-in-the-game Generals Highly likely to s
Slide 14: Underwood's edge
Underwood’s edge The listed investment company structure provides the manager with a significant competitive advantage – long term capital. This allows us to exploit certain inefficiencies. For personal use only SOURCES OF INEFFICIENCY Informational Focus on securities with no broker coverage and li
Slide 15: Formal Business of Meeting
Formal Business of For personal use only Meeting 13 13
Slide 16: Proxy Results Summary
Proxy Results Summary For personal use only 14
Slide 17: Financial Statements
FINANCIAL STATEMENTS • The first item of business of today’s meeting deals with the presentation of the annual financial report of the Company for the financial year ended 30 June 2025 For personal use only together with the declaration of the Directors, the Directors’ Report, the Remuneration Repor
Slide 18: Resolution 1: Adoption of Remuneration Report
Resolution 1: Adoption of Remuneration Report For personal use only 16
Slide 19: Resolution 2: Re-election of Director – David Prescott
Resolution 2: Re - election of Director – David Prescott For personal use only 17
Slide 20: Voting Poll
For personal use only Voting Poll 18
Slide 21: Meeting Closure
For personal use only Meeting Closure 19
Slide 22: Questions
For personal use only Questions 20
Slide 23: Disclaimer
DISCLAIMER This presentation and the presentation materials (together, the Presentation) have been prepared by Underwood Capital Limited (the Company) (ABN 91 601 236 417). By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the ter
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