NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Q4 FY26 Earnings Presentation
43 slides from NAOS Ex-50 Opportunities's earnings presentation, Aug 4, 2026
Slide 1: Q4 FY26 Investor Update and Q&A - Presentation Materials
NAOS Ex-50 OPPORTUNITIES COMPANY LIMITED (ASX: NAC) ABN 49 169 448 837 4 August 2026 ASX Market Announcements ASX Limited Level 27 39 Martin Place Sydney NSW 2000 For personal use only Q4 FY26 Investor Update and Q&A - Presentation Materials Please find attached the presentation materials for the Q4
Slide 2: Q4 FY26 Investor Update and Q&A
Click Here to Register Now For personal use only Q4 FY26 Investor Update and Q&A Tuesday 4 August 2026 | 10:30 am AEST
Slide 3: Important Information
Important Information This material has been prepared by NAOS Asset Management Limited (ABN 23 107 624 126, AFSL 273529) (NAOS) for general information purposes only and must not be construed as investment advice. It does not constitute an offer to purchase any security or financial product or servi
Slide 4: Acknowledgement of Country
Acknowledgement of Country For personal use only We acknowledge the Traditional Owners of Country throughout Australia and recognise their continuing connection to lands, waters and communities. We pay our respects to Aboriginal and Torres Strait Islander cultures; and to Elders past and present. CO
Slide 5: We are NAOS
We are NAOS Hands-On Investors: Active, long-term investors focused on compounding capital and growing For personal use only dividends. True Alignment: NAOS staff and related entities are among the largest investors across the NAOS LICs. Notably, Sebastian Evans does not own any equities outside the
Slide 6: Portfolio Composition – Emerging Companies
Portfolio Composition – Emerging Companies The NAOS LICs provide exposure to profitable emerging companies with unique moats, often benefiting from structural industry changes together with strong shareholder alignment. For personal use only Industry Exposure Investment type Market Capitalisation Bu
Slide 7: Investment Portfolio Performance Summary
Investment Portfolio Performance Summary For personal use only 1 Year 3 Year 5 Year Inception Q4 FY26 Performance Performance Performance (p.a.) Performance (p.a.) Performance (p.a.) NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NCC Investment Po
Slide 8: The Rising Wall of Uncertainty Continued from Q3 into Q4
The Rising Wall of Uncertainty Continued from Q3 into Q4 Q4 FY26 saw investor and business uncertainty remain elevated, which led to modest returns of +3.32% for For personal use only the XSOAI (S&P/ASX Small Ordinaries Accumulation Index) and +4.05% for the XJOAI (S&P/ASX 200 Accumulation Index). F
Slide 9: The AI Megacycle Continued
The AI Megacycle Continued The Explosion of AI Debt Financing 8 7.5 For personal use only 7 Asset Backed Credit Market Size (USD$trilion) 6 5.3 5 4 3.6 3 1.9 2 0.9 1 0.4 - 0 2023 2024 2025 2026 2027 2028 2029 AI Debt Financing Auto Loans Student Loans Credit Cards Commercial Mortgage-Backed Securiti
Slide 10: Business Confidence In All Industries Remains Negative
Business Confidence In All Industries Remains Negative NAB Business Survey For personal use only 20 15 14 12 10 9 5 1 Net Balance 0 -1 -2 -5 -4 -10 -8 -10 -15 -13 -13 -14 -16 -17 -20 -19 -20 -25 Mining Food, Beverage & Construction Recruitment and Transpot & Utilities Wholesale Retail Manufacturing
Slide 11: House Price Growth Is Stuttering
House Price Growth Is Stuttering Quarterly House Price Growth 6.0% For personal use only 5.0% 4.0% Jun-26 Quarter House Price Movements 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin Canberra Combined Combined National capitals regional Quarterly M
Slide 12: Reduction in Valuation Multiples for Emerging Companies
Reduction in Valuation Multiples for Emerging Companies All three NAOS LICs have seen several of their largest investee companies' pre-release earnings ahead of full-year FY26 results being released in August. For personal use only As per the table below for those that have provided financial ye
Slide 13: Reduction in Valuation Multiples for Emerging Companies
Reduction in Valuation Multiples for Emerging Companies For the mentioned companies, while there are expectations around EPS growth, this will translate into improvement For personal use only Net Debt $25,000,000 $15,000,000 $5,000,000 ($5,000,000) BRI SOM MXI SND MOV XRF CCG ($15,000,000) ($25,000,
Slide 14: Reduction in Valuation Multiples for Emerging Companies
Reduction in Valuation Multiples for Emerging Companies Conversely, share prices for many of these businesses were flat to negative over FY26, with valuation multiples falling - in some cases significantly. For personal use only Share Price Performance - 12 Months 90% 70% 50% Performance (%) 30% 10%
Slide 15: Quality Emerging Companies Example
Quality Emerging Companies Example A Long History of Compounding Earnings via Multiple Growth Levers TODAY M I L ES TON ES 1972 1991 1994 2000 2006 2013 2016 2021 2024 2026 For personal use only 2016 Germany + Melb. 2006 ASX IPO Germany office; Melbourne precious- 2026 India Lists on ASX (20c/share)
Slide 16: Strong Preliminary Results & Company Specific Updates
Strong Preliminary Results & Company Specific Updates Released in July Pleasingly, we have several positive material updates from some of our largest investments, which gives us For personal use only even more confidence for a significant valuation re-rating over the next 1-6 months. MXI Upgrades
Slide 17: Angelo De Angelis, Managing Director & CEO
For personal use only Angelo De Angelis Managing Director & Chief Executive Officer CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 16
Slide 18: Saunders
For personal use only Saunders (ASX: SND) NAOS Q4 FY26 Investor Update and Q&A 4 August 2026
Slide 19: Saunders at a Glance
NAOS Q4 FY26 Investor Update and Q&A 18 Saunders at a Glance For personal use only Who we are What we do Our vision An integrated infrastructure We engineer, build and sustain The most trusted services business critical infrastructure in high- partner for critical infrastructure compliance markets d
Slide 20: Key Market Thematics
NAOS Q4 FY26 Investor Update and Q&A 19 Key Market Thematics For personal use only Saunders is positioned across critical infrastructure markets that are supported by long-term investment tailwinds Defence & Government Water Energy Resources & Industrials Long-cycle sovereign investment in Populatio
Slide 21: Defence & Government
NAOS Q4 FY26 Investor Update and Q&A 20 Defence & Government For personal use only Market opportunity Position today RMAF Butterworth Increase in Aust. Defence spending to 3% of GDP • $945m current Defence & Government pipeline Client Australian Department of Defence US Defence capability spending i
Slide 22: Water
NAOS Q4 FY26 Investor Update and Q&A 21 Water For personal use only Market opportunity Position today Siddeley St Sewer Pipeline Upgrade Significant investment on water infrastructure nationally • $2.3b current Water pipeline Client Greater Western Water Spend through water utilities and local counc
Slide 23: Energy
NAOS Q4 FY26 Investor Update and Q&A 22 Energy For personal use only Market opportunity Position today Altona Asset Maintenance Federal Government $10.7b fuel security package • Long-term relationships with major energy Client Mobil 2 to 3 billion litres of additional fuel storage required refinery
Slide 24: Resources & Industrials
NAOS Q4 FY26 Investor Update and Q&A 23 Resources & Industrials For personal use only Market opportunity Position today KCGM Growth Project CIL4 Capital investment reflects commodity price movements • WA gold sector projects underpin national Client Primero Significant capital expansion in gold proc
Slide 25: Building for Sustainable Scale
NAOS Q4 FY26 Investor Update and Q&A 24 Building for Sustainable Scale For personal use only Saunders is focused on multiple niche markets that support long term growth Brand positioning Market diversification Positioned as a trusted Australian partner for complex critical infrastructure, Exposure a
Slide 26: NAOS Investee Companies – Q4 FY26 Update
NAOS Investee Companies – Q4 FY26 Update HOLDING TOPIC Q4 UPDATE Investment Summary • Source of record B2B software for Strata Management industry with genuine competitive advantages and material revenue upside through banking For personal use only partnership. Key Quarter Event(s) • Announced initi
Slide 27: NAOS Investee Companies – Q4 FY26 Update
NAOS Investee Companies – Q4 FY26 Update HOLDING TOPIC Q4 UPDATE Investment Summary • Globally recognised manufacturer & distributor providing niche products to mining and industrial labs in 80+ countries. Multiple growth levers across For personal use only new products, distribution channels and M&
Slide 28: NAOS Investee Companies – Q4 FY26 Update
NAOS Investee Companies – Q4 FY26 Update HOLDING TOPIC Q4 UPDATE Investment Summary • AI-driven technology genuinely effective at improving decision making in the cardiology sector, underpinned by a data advantage with relatively For personal use only straightforward commercials. Key Quarter Event(s
Slide 29: Looking Forward – Remainder of CY26
Looking Forward – Remainder of CY26 Q1 FY27 will bring FY reporting, but given the macro environment, investors’ generally short attention spans will pivot to trading performance over the first 2 months of FY27, in our view. For personal use only For small and microcap businesses, given the valu
Slide 30: Subdued Conditions Continue – IPO Window Shifting Out
Subdued Conditions Continue – IPO Window Shifting Out For personal use only ASX IPOs By Calendar Year 250 $14.0 $12.3 $12.0 200 $10.0 IPO Capital Raised (A$bn) Number of IPOs (#) 150 $8.0 $6.0 100 $4.1 $3.2 $4.0 50 $0.7 $2.0 $1.1 $0.9 0 $- 2021 2022 2023 2024 2025 H1 2026 Calendar year Number of IPO
Slide 31: Expecting a Catalyst Rich End to CY26
Expecting a Catalyst Rich End to CY26 BRI An update on the strategic review (strategies being assessed to maximise value), which was announced in late June. For personal use only Further quantitative guidance for FY27 on top of the “double-digit” growth announced in June. MXI Capital managemen
Slide 32: Dividend Reinvestment Plan
Dividend Reinvestment Plan Each of the NAOS LICs run a Dividend Reinvestment Plan (DRP). The DRPs are a powerful way to enhance your investment by reinvesting some, or all, of your dividends into additional shares. Key For personal use only features include: Effortless Way to Increase Shareholding
Slide 33: NAOS Asset Management 1% Pledge
NAOS Asset Management 1% Pledge – to be updated For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 32
Slide 34: Questions & Answers
Questions & Answers For personal use only Thank you for your ongoing support
Slide 35: Appendix
For personal use only 34 Appendix
Slide 36: Dividends
Dividends For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 35
Slide 37: Why Invest via a Listed Investment Company (LIC)?
Why Invest via a Listed Investment Company (LIC)? We strongly believe LICs are a highly effective structure to give investors the highest quality exposure to specific asset classes, which in the case of NAOS is emerging businesses. For personal use only A Listed Investment Company structure: Allow
Slide 38: NAOS Directors and Team
NAOS Directors and Team OUR DIRECTORS For personal use only OUR TEAM CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 37
Slide 39: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 30 June Directors Shareholding For personal use only 9,607,235 NUMBER OF SHARES 4,690,510 3,554,820 2,026,836 837,958 1,007,288 NCC NAC NSC Directors' shareholdings have significantly increased since the inc
Slide 40: Capital Management Initiatives
Capital Management Initiatives Performance • Maintain a focus on long term performance without deviating from the NAOS investment philosophy. For personal use only • Continue to focus on a growing stream of dividends, franked to the maximum extent possible, whilst maintaining an Dividends adequate r
Slide 41: What Qualitative Information Sources Does NAOS Use?
What Qualitative Information Sources Does NAOS Use? The NAOS Investment Team undertakes fundamental analysis on potential and current investments. Some examples of our key focus areas include: For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 40
Slide 42: Reasons Not to Invest with NAOS
Reasons Not to Invest with NAOS Our LICs are not for everyone. Some reasons why you may not choose to invest with NAOS include: For personal use only Concentrated portfolios (0-15 investments & shareholdings often >20%) Long-term investment philosophy (5+ years) Focus on emerging companies ($2
Slide 43: Investor Awareness and Communication
Investor Awareness and Communication For personal use only FOLLOW NAOS Subscribe Now: www.naos.com.au/subscribe CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 42
NAOS Ex-50 Opportunities Company — Q4 FY26 Earnings Presentation on 6ix