Perpetual Limited · ASX:PPT
Perpetual — Perpetual Credit Income Trust — Investor Presentation (November 2025)
27 slides from Perpetual's investor presentation, Nov 10, 2025
Slide 1: Capital raising – Entitlement Offer and Shortfall Offer
ASX: PCI Capital raising – Entitlement Offer and Shortfall Offer November 2025
Slide 2: Important information and disclaimer
Important information and disclaimer Presentation This investor presentation (Presentation) is dated 10 November 2025 and is issued by Perpetual Trust Services Limited (ABN 48 000 142 049, AFSL 236648) (Issuer), as the responsible entity for Perpetual Credit Income Trust ARSN 626 053 496 (ASX: PCI)
Slide 3: Important information and disclaimer cont.
Important information and disclaimer cont. Distribution of this Presentation The distribution of this Presentation in jurisdictions outside Australia and New Zealand may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a v
Slide 4: Important information and disclaimer cont.
Important information and disclaimer cont. Disclaimer To the maximum extent permitted by law, each of the Issuer, Manager , Commonwealth Securities Limited ABN 60 067 254 399, Ord Minnett Limited ABN 86 002 733 048 and Morgans Financial Limited ABN 49 010 669 726 as Joint Lead Arrangers and Joint Le
Slide 5: Important information and disclaimer cont.
Important information and disclaimer cont. No advice or fiduciary duty cont. Persons contemplating acquiring New Units (including any Additional New Units) should make their own decision as to the sufficiency and relevance for their purpose of the information contained in this Presentation and any o
Slide 6: Key details of the Entitlement Offer & Shortfall Offer
Key details of the Entitlement Offer & Shortfall Offer • The Issuer proposes to undertake a pro-rata non-renounceable entitlement offer of one (1) new unit in PCI (New Units) for The Offer and every two (2) existing units in PCI to eligible unitholders (Entitlement Offer). structure • Eligible Unith
Slide 7: Capital raising timetable
Capital raising timetable1 Event Date Announcement of Entitlement Offer Monday, 10 November 2025 Shortfall Offer Opening Date Monday, 10 November 2025 Units Trade on an ex-Entitlement Offer basis Wednesday, 12 November 2025 Record Date – Entitlement Offer (7:00pm Sydney time) Thursday, 13, November
Slide 8: Features of the Offer
Features of the Offer Attractive The Manager sees an attractive pipeline of corporate loan and securitised asset deals which will complement the pipeline relative value opportunities identified in investment grade and high yield credit and fixed income assets1. Additional capital raised from the Off
Slide 9: Portfolio Manager Update
Portfolio Manager Update Greg Stock Michael Korber Portfolio Manager, Deputy Portfolio Manager, Perpetual Credit Income Trust Perpetual Credit Income Trust Michael Murphy Portfolio Manager, Perpetual Loan Fund 9
Slide 10: Perpetual Credit Income Trust (ASX: PCI)
Perpetual Credit Income Trust (ASX: PCI) Investment objective Investment guidelines Investment process & target return Typically 50 – 100 assets • To provide investors with monthly 30% - 100% Investment grade assets2 Top down market screening income by investing in a diversified 1 Maximum issuer lim
Slide 11: Perpetual Credit Income Trust (ASX: PCI)
Perpetual Credit Income Trust (ASX: PCI) • Following $93.0m capital raising in July/August 2024, PCI has a market cap of $587m as at 31 October 2025 • Strong unit price trading at a premium to NTA since capital raising and swiftly recovering following the “Liberation day” selloff in April 2025 • NTA
Slide 12: The Manager's views on the Credit Market Outlook
The Manager’s views on the Credit Market Outlook 1. Strong deal flow in securitisation markets 2. A building pipeline of primary issuance of loans along with refinancing of existing loans 3. Unconstrained mandate – ensures we pick what we consider to be the best deals in each credit market sector 4.
Slide 13: Portfolio summary
Perpetual Credit Income Trust Portfolio summary • Well Diversified – across the full spectrum of credit and As at 31 October 2025 fixed income assets. 160 holdings • Specialists in Australian Corporate Credit – while PCI can invest around the world, it typically focuses on Australian issuers given o
Slide 14: Portfolio composition
Portfolio composition As at 31 October 2025 By corporate sector By external independent By sector allocation diversification credit ratings Casinos & Gaming Coal Operations RMBS NC, 5.8% Cash, 5.8% AA & above, 5.0% Consumer Services A, 3.6% CMBS, 2.2% Educational Services RMBS, 8.7% Food & Beverage
Slide 15: Portfolio Composition
Portfolio Composition As at 31 October 2025 7.1% Breakdown 22.3% 20.4% Breakdown by maturity 16.8% by seniority 15.1% (capital structure) 12.9% Senior 9.7% Subordinated Deeply Subordinated 2.8% 39.0% 54.0% 0-1 yrs 1-2 yrs 2-3 yrs 3-4 yrs 4-5 yrs 5-7 yrs 7+ yrs 1.3% 5.8% 0.0% 5.8% Breakdown 1.7% Brea
Slide 16: Spotlight on current holdings
Spotlight on current holdings Issuer Credit rating Sector Asset Perpetual Loan Fund Ampol Investment grade Oil and gas Floating rate note • As at 31 October 2025, Credit Agricole Investment grade Offshore Bank Subordinated floating rate note Perpetual Loan Fund comprised 44.8% of PCI. ANZ Investment
Slide 17: Investment Process – Loans: Priority of payment
Investment Process – Loans Filtering for quality Typical capital structure of a company Senior secured debt We aim to identify issuers and assets we assess to be of sufficient Bank loans, first lien and bonds quality including: Subordinated secured debt Core • A robust balance sheet Second lien and
Slide 18: Valuations and transparency
Valuations and transparency Loans valued quarterly or more often if market conditions change (where external pricing is not available) – using independent market-based inputs. When repayment is in doubt, revaluations are conducted swiftly and any impairment is disclosed to the market. Valuation proc
Slide 19: Income return of PCI assets has consistently been the most significant contributor
Income return of PCI assets has consistently been the most significant contributor to PCI portfolio return PCI portfolio running yield v spread 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 PCI portfolio running yie
Slide 20: Growth of $10,000
Growth of $10,000 Since inception based on PCI NTA* $14,500 $14,000 $13,500 $13,000 $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 $9,500 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 *Source: Perpetual, StateStreet. Growth of $10,000 has been calculated
Slide 21: PCI investment portfolio performance
PCI investment portfolio performance As at 31 October 2025 Since 1 mth 3 mths 6 mths 1 yr 3 yrs p.a. 5 yrs p.a. incep p.a. PCI Investment Portfolio* 0.7% 1.9% 4.4% 7.6% 8.6% 6.7% 5.6% Returns net of operating expenses Target Return^ 0.6% 1.7% 3.6% 7.5% 7.5% 6.0% 5.5% Distribution Return 0.6% 1.8% 3.
Slide 22: Key risks
Key risks All investments carry risk. The value of your investment may fall for a number of reasons, which means that you may receive back less than your original investment or you may not receive income over a given timeframe. The level of income distributed can also vary from month to month or no
Slide 23: Key risks cont.
Key risks cont. Risks of a listed trust ASX liquidity risk Units issued under this Offer are intended to be quoted on the ASX. Although liquidity is generally expected to exist in this secondary market, there are no guarantees such a secondary market will sustain a price representative of the NTA pe
Slide 24: Key risks cont.
Key risks cont. Portfolio / Asset class risks Leverage risk Leverage may magnify the gains and losses achieved by PCI. Borrowing for gearing purposes is prohibited, however derivatives may result in leverage (with a maximum leverage limit of 15%). Market and Certain events may have a negative effect
Slide 25: Key risks cont.
Key risks cont. Portfolio / Asset class risks Continued Foreign jurisdiction and For investments in global assets, PCI may be exposed to risks relating to its investment in the assets of entities located in a foreign jurisdiction, where the laws of those foreign jurisdictions economic risk offer les
Slide 26: Perpetual's specialist Credit and Fixed Income team
Perpetual’s specialist Credit and Fixed Income team Our highly regarded senior portfolio management team have been investing together for over 20 years MICHAEL KORBER VIVEK PRABHU Managing Director, Credit and Fixed Income Head of Credit and Fixed Income Portfolio Manager - Diversified Private Debt
Slide 27: Thank you
Thank you Yio Z
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