BKI Investment Co. Ltd. · ASX:BKI
BKI Investment — Shareholder Meeting (October 2025)
31 slides from BKI Investment's shareholder meeting presentation, Oct 14, 2025
Slide 1: ASX Announcement: 2025 Annual General Meeting
BKI INVESTMENT COMPANY LIMITED ABN: 23 106 719 868 ASX Announcement 14 October 2025 The Manager Market Announcements Office Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000 For personal use only 2025 Annual General Meeting BKI Investment Company Limited (the Company, ASX: BKI)
Slide 2: 2025 Annual General Meeting
For personal use only 2025 Annual General Meeting Tuesday 14th October 2025 Brickworks Design Studio 2 Barrack Street, Sydney, NSW 2000
Slide 3: Disclaimer
Disclaimer For personal use only This material has been prepared by Contact Asset Management on behalf of BKI Investment Company Limited. The information within this document is not intended to provide advice to investors or take into account an individual’s financial circumstances or investment obj
Slide 4: Agenda
Agenda For personal use only 1. Welcome 2. Introductions 3. Chairman’s Address 4. Investment Manager’s Report 5. Questions 6. Formal Business 3
Slide 5: Introductions
Introductions Non-Executive Directors For personal use only Robert Millner AO Chairman of the Board Chairman of the Investment Committee Member of the Remuneration and Nomination Committees David Hall AM Independent Non-Executive Director Chairman of the Audit Committee Member of the Remuneration Co
Slide 6: Introductions: Contact Asset Management
Introductions Contact Asset Management For personal use only Tom Millner Portfolio Manager Member of the Investment Committee Will Culbert Portfolio Manager Member of the Investment Committee Rob Horne Investment Analyst Belinda Cleminson Company Secretary MGI Sydney Assurance Services Clayton Lawre
Slide 7: Chairman's Address
For personal use only Chairman’s Address
Slide 8: Full Year Results
Full Year Results For the year ended 30 June 2025 For personal use only FY2025 FY2024 Movement Result excluding special investment revenue ($m) ($m) (%) Ordinary revenue from Investment Portfolio $65.1 $64.0 2% Total Revenue - Ordinary $69.3 $68.3 1% Operating Result (before tax and special investme
Slide 9: Full Year Results: Higher Dividend Received
Full Year Results For the year ended 30 June 2025 For personal use only Higher Dividend Received Full Year Net Operating Result (before special dividends) Most stocks within the BKI portfolio have managed to: • Execute successful cost out programs $70m • Reduce debt or lower interest paid $60m • Imp
Slide 10: 20+ Years of Strong Dividends
20+ Years of Strong Dividends BKI has a strong history of paying fully franked dividends and offering an attractive yield. For personal use only FY2025 Full Year 5.00 Dividends of 4.00 7.90cps up 1% on FY2023 3.00 2.00 1.00 0.00 Ordinary Dividends per Share Special Dividends per Share Source: BKI, C
Slide 11: Investor Focused
Investor Focused BKI has an investor focused approach. Higher fees don’t automatically translate into better returns. History of BKI’s MER Cumulative Share Price Returns For personal use only We know that small fees have positive impacts on Assuming all dividends were reinvested and using the invest
Slide 12: Investment Manager's Address
For personal use only Investment Manager’s Address
Slide 13: Portfolio Performance
Portfolio Performance BKI’s Top 10 Investments and 1 Year Total Shareholder Returns* For personal use only 1 2 5 BKI Portfolio Weight 4 BKI Portfolio Weight BKI Portfolio Weight BKI Portfolio Weight BKI Portfolio Weight 10.1% 3 6.1% 5.1% 5.0% 7.4% Total Shareholder Return Total Shareholder Return To
Slide 14: Performance – Portfolio Return
Performance – Portfolio Return As at 30 June 2025 BKI Portfolio Return For personal use only 15.2% 14.8% 15.0% 13.4% 13.2% 12.6% 12.4% 10.6% 10.3% 9.5% 10.0% 8.5% 8.9% 9.4% 7.7% 7.1% 5.0% 0.0% 6 Mths 1 Year 3 Yrs pa 5 Yrs pa 10 Yrs pa 15 Yrs pa 20 Yrs pa BKI Portfolio Performance Including Franking
Slide 15: Performance - Total Shareholder Return
Performance - Total Shareholder Return As at 30 June 2025 Total Shareholder Returns (TSR) For personal use only 15.2% 14.8% 15.0% 13.2% 11.5% 11.6% 10.3% 10.6% 10.0% 10.0% 9.5% 9.4% 8.9% 7.3% 7.1% 7.3% 5.0% 0.0% 6 Mths 1 Year 3 Yrs pa 5 Yrs pa 10 Yrs pa 15 Yrs pa 20 Yrs pa BKI Total Shareholder Retu
Slide 16: Performance – Dividend Yield
Performance – Dividend Yield BKI offers an attractive grossed-up dividend yield compared to post tax cash rates. For personal use only BKI Dividend Yield History 9.0% 6.4% 8.0% Grossed-up Dividend Yield* V’s 7.0% 6.0% 6.43% 2.7% Cash Rate Post Tax# 5.0% 4.0% 3.85% 3.0% 2.70% 2.0% 1.0% 0.0% BKI Gross
Slide 17: Performance – Dividend Yield vs ETFs
Performance – Dividend Yield The attractive dividend yield of BKI is somewhat offset by its portfolio's modest underperformance to major Australian ETF’s. For personal use only 1 yr 5yr p.a No of Historical Grossed-up Listed Investment Company (LIC) or Active Mgt Total Total Code Index Stocks Divide
Slide 18: Portfolio Movements: Main Purchases
Portfolio Movements As at 30 June 2025 Main Purchases For personal use only 17
Slide 19: Portfolio Movements: Sales and Capital Return
Portfolio Movements As at 30 June 2025 Sales - Reduce Sales - Exit Capital Return For personal use only 18
Slide 20: Pre-Tax NTA Premium/Discount History
Pre-Tax NTA Premium/Discount History As at 30 June 2025 For personal use only $2.20 $2.10 30% BKI’s Pre-Tax Net Tangible Assets as at $2.00 30 June 2025 was $1.96. $1.90 20% $1.80 $1.70 BKI’s share price of $1.755 represented $1.60 $1.50 10% a 10.3% discount to the pre-tax NTA. $1.40 $1.30 $1.20 The
Slide 21: FY2026 Update
For personal use only FY2026 Update As at 30 September 2025
Slide 22: Performance (September 2025)
Performance As at 30 September 2025 Dividend Yield BKI Portfolio Performance* For personal use only 9.0% 20.0% 8.0% 16.5% 7.0% 15.7% 15.0% 14.3% 13.6% 13.4% 13.4% 6.0% 12.2% 5.0% 11.6% 10.3% 10.0% 9.1% 9.4% 9.2% 4.0% 8.6% 9.2% 3.0% 2.0% 5.0% 1.0% 0.0% 0.0% 6 Mths 1 Year 3 Yrs pa 5 Yrs pa 10 Yrs pa 1
Slide 23: Portfolio Movements (September 2025)
Portfolio Movements As at 30 September 2025 Main Purchases Purchase – Add For personal use only Sales – Exit Sales – Reduce 22
Slide 24: Equity Market Overview: Interest Rate Environment and Inflation
Equity Market Overview As at 30 September 2025 Interest Rate Environment and Inflation For personal use only Inflation remains the central concern in global economic discussions influencing both policy decisions and market sentiment. Rate cuts are expected and will be a tailwind for domestically foc
Slide 25: Equity Market Overview: Domestic Economic Resilience
Equity Market Overview As at 30 September 2025 Domestic Economic Resilience and Consumer Spending For personal use only Australia's economic growth is expected to improve heading into FY2026, supported by lower inflation, rising real wages, income tax cuts and solid government spending. A resilient
Slide 26: Equity Market Overview: Global Growth and Geopolitics
Equity Market Overview As at 30 September 2025 Global Economic Growth and Geopolitical Landscape For personal use only With the backdrop of lower inflation, we believe that the global economy is on a positive upward trajectory. However, there are risks surrounding macroeconomic headwinds including t
Slide 27: Equity Market Overview: Structural Shifts and Sectoral Rotation
Equity Market Overview As at 30 September 2025 Structural Shifts and Sectoral Rotation For personal use only After a period where technology and financials (especially major banks) have dominated, there continues to be an ongoing shift in investor focus toward quality stocks – focusing on value/cycl
Slide 28: Portfolio Positioning (1-20)
Portfolio Positioning As at 30 September 2025 For personal use only Stock % of Total Portfolio Stock % of Total Portfolio 1 BHP Group Limited 8.9% 11 Dalrymple Bay 3.2% 2 National Aust Bank 8.2% 12 New Hope Corporation 3.2% 3 Commonwealth Bank 7.3% 13 Amcor PLC 2.8% 4 Wesfarmers Limited 5.6% 14 Sunc
Slide 29: Portfolio Positioning (21-34)
Portfolio Positioning As at 30 September 2025 For personal use only Stock % of Total Portfolio Stock % of Total Portfolio 21 TPG Telecom Limited 1.8% 31 Origin Energy 0.6% 22 Coles Group 1.7% 32 IPH Limited 0.4% 23 Metcash Limited 1.6% 33 E&P Financial Group 0.3% 24 Mirvac Group 1.3% 34 Carlton Inve
Slide 30: FY2026 Update
FY2026 Update As at 30 September 2025 For personal use only Following the recent August/September reporting season, BKI expects to receive approximately $34.0m in Ordinary Revenue (excluding Special Dividend Income) for the first half of FY2026. This compares to BKI’s first half FY2025 Ordinary Reve
Slide 31: Questions
For personal use only 2025 Annual General Meeting Questions
BKI Investment Company — Shareholder Meeting (October 2025) on 6ix