NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Q4 FY26 Earnings Presentation
42 slides from NAOS Ex-50 Opportunities's earnings presentation, Aug 4, 2026
Slide 1: Q4 FY26 Investor Update and Q&A
Click Here to Register Now Q4 FY26 Investor Update and Q&A Tuesday 4 August 2026 | 10:30 am AEST
Slide 2: 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 3: Acknowledgement of Country
Acknowledgement of Country 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. CONVICTION. LONG TERM. A
Slide 4: We are NAOS
We are NAOS Hands-On Investors: Active, long-term investors focused on compounding capital and growing 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 NAOS LICs, ensuring h
Slide 5: 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. Industry Exposure Investment type Market Capitalisation Buckets Listed Unlisted
Slide 6: Investment Portfolio Performance Summary
Investment Portfolio Performance Summary 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 Portfolio +6.14% +3.32%
Slide 7: 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 the XSOAI (S&P/ASX Small Ordinaries Accumulation Index) and +4.05% for the XJOAI (S&P/ASX 200 Accumulation Index). Factors that impacted s
Slide 8: The AI Megacycle Continued: Explosion of AI Debt Financing
The AI Megacycle Continued The Explosion of AI Debt Financing 8 7.5 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 Securities Home Equity Line of
Slide 9: Business Confidence In All Industries Remains Negative
Business Confidence In All Industries Remains Negative NAB Business Survey 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 Packaging Personal Ser
Slide 10: House Price Growth Is Stuttering
House Price Growth Is Stuttering Quarterly House Price Growth 6.0% 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 Movement Source: Cotali
Slide 11: 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. As per the table below for those that have provided financial year guidance, the clear
Slide 12: 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 Net Debt $25,000,000 $15,000,000 $5,000,000 ($5,000,000) BRI SOM MXI SND MOV XRF CCG ($15,000,000) ($25,000,000) ($35,000,000) 202
Slide 13: 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. Share Price Performance - 12 Months 90% 70% 50% Performance (%) 30% 10% -10% -30% -50% Jul-25
Slide 14: 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 2016 Germany + Melb. 2006 ASX IPO Germany office; Melbourne precious- 2026 India Lists on ASX (20c/share) metals plant Direct o
Slide 15: Strong Preliminary Results & Company Specific Updates Released in July
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 even more confidence for a significant valuation re-rating over the next 1-6 months. MXI Upgrades FY26 profit forecast o
Slide 16: Angelo De Angelis
Angelo De Angelis Managing Director & Chief Executive Officer CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 16
Slide 17: Saunders (ASX: SND)
Saunders (ASX: SND) NAOS Q4 FY26 Investor Update and Q&A 4 August 2026
Slide 18: Saunders at a Glance
NAOS Q4 FY26 Investor Update and Q&A 18 Saunders at a Glance 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 delivery Core Capabilit
Slide 19: Key Market Thematics
NAOS Q4 FY26 Investor Update and Q&A 19 Key Market Thematics 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 Population growth, ageing Fuel
Slide 20: Defence & Government
NAOS Q4 FY26 Investor Update and Q&A 20 Defence & Government 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 in the Indo-Pacific • 2
Slide 21: Water
NAOS Q4 FY26 Investor Update and Q&A 21 Water 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 councils • Saunders Aqua Me
Slide 22: Energy
NAOS Q4 FY26 Investor Update and Q&A 22 Energy 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 and terminal operators
Slide 23: Resources & Industrials
NAOS Q4 FY26 Investor Update and Q&A 23 Resources & Industrials 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 processing credentials • C
Slide 24: Building for Sustainable Scale
NAOS Q4 FY26 Investor Update and Q&A 24 Building for Sustainable Scale 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 across Defence & Govern
Slide 25: 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 partnership. Key Quarter Event(s) • Announced initial launch upgraded sol
Slide 26: 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 new products, distribution channels and M&A. Key Quarter Event(s
Slide 27: 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 straightforward commercials. Key Quarter Event(s) • EchoSolv AS (aorti
Slide 28: 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 small and microcap businesses, given the valuation de-rate and unle
Slide 29: Subdued Conditions Continue – IPO Window Shifting Out
Subdued Conditions Continue – IPO Window Shifting Out 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 IPOs (#) IPO funds raised
Slide 30: 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. Further quantitative guidance for FY27 on top of the “double-digit” growth announced in June. MXI Capital management initiatives (given s
Slide 31: 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 features include: Effortless Way to Increase Shareholdings - shareholders can i
Slide 32: NAOS Asset Management 1% Pledge – to be updated
NAOS Asset Management 1% Pledge – to be updated CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 32
Slide 33: Questions & Answers
Questions & Answers Thank you for your ongoing support
Slide 34: Appendix
Appendix 34
Slide 35: Dividends
Dividends CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 35
Slide 36: 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. A Listed Investment Company structure: Allows the investment manag
Slide 37: NAOS Directors and Team
NAOS Directors and Team OUR DIRECTORS OUR TEAM CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 37
Slide 38: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 30 June Directors Shareholding 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 inception of each LIC. CO
Slide 39: Capital Management Initiatives
Capital Management Initiatives Performance • Maintain a focus on long term performance without deviating from the NAOS investment philosophy. • Continue to focus on a growing stream of dividends, franked to the maximum extent possible, whilst maintaining an Dividends adequate reserve balance. • Cont
Slide 40: 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: CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 40
Slide 41: 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: Concentrated portfolios (0-15 investments & shareholdings often >20%) Long-term investment philosophy (5+ years) Focus on emerging companies ($20 million - $500 milli
Slide 42: Investor Awareness and Communication
Investor Awareness and Communication FOLLOW NAOS Subscribe Now: www.naos.com.au/subscribe CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 42
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