NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Q4 FY25 Earnings Presentation
43 slides from NAOS Ex-50 Opportunities's earnings presentation, Aug 5, 2025
Slide 1: Q4 FY25 Investor Update and Q&A - Presentation Materials
NAOS Ex-50 OPPORTUNITIES COMPANY LIMITED (ASX: NAC) ABN 49 169 448 837 5 August 2025 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 Q4 FY25 Investor Update and Q&A - Presentation Materials For personal use only Please find attached the presentation materials for the Q4 FY25 Inv
Slide 2: Q4 FY25 Investor Update and Q&A
Click Here to Register Now For personal use only Q4 FY25 Investor Update and Q&A Tuesday 5 August 2025 | 10:30am (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 respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present. CON
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. For personal use only Industry Exposure Market Capitalisation Buckets Investment
Slide 6: Get to Know NAOS
Get to Know NAOS For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 5
Slide 7: How We Invest & Why We Are Different
How We Invest & Why We Are Different For personal use only *Portfolio Weighted Average Calculations as at 30 June 2025 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 6
Slide 8: Investment Portfolio Performance Summary
Investment Portfolio Performance Summary For personal use only 1 Year 3 Year 5 Year Inception Q4 FY25 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 9: Q4 FY25 – Overview
Q4 FY25 –Overview Markets Rebound Strongly For personal use only ASX-200: Recovered from April lows, hitting all-time highs with a +8.9% gain in Q4 and +10.0% for FY25. S&P 500: Bounced back from April lows, up +22.5% to record highs, delivering +10.6% in Q4 and +13.6% for FY25. Small Caps: Un
Slide 10: Q4 FY25 – Overview Cont.
Q4 FY25 –Overview Cont. Commonwealth Bank of Australia Ltd & Telstra Group Ltd - Price Return - FY25 60% For personal use only 50% 40% Price Return (%) 30% 20% 10% 0% -10% TLS CBA Source - Koyfin CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 9
Slide 11: Q4 FY25 – Overview Cont.
Q4 FY25 –Overview Cont. Australia Consumer Price Index (CPI) & Unemployment 9% 8% For personal use only 8% 7% 7% 6% 6% Unemployment Rate (%) CPI (Annual Change %) 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% -1% 0% CPI [LHS] Unemployment rate [RHS] Source - ABS CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NA
Slide 12: Notable Macro Events & Themes: Q4 FY25
Q4 FY25 –Overview Cont. Notable Macro Events & Themes: Q4 FY25 For personal use only Consumer Discretionary Downgrades: Accent Group Ltd (ASX: AX1) = -22.3% Adairs Group Ltd (ASX: ADH) = -0.95% (fell 26.5% in the last week of June) KMD Brands Ltd (ASX: KMD) = -26.5% Energy Market Volatilit
Slide 13: Q4 FY25 – Overview: Global Yields
Q4 FY25 –Overview Global 10 Year Yields 6% For personal use only 5% 4% Yield (%) 3% 2% 1% 0% July 2020 January 2021 July 2021 January 2022 July 2022 January 2023 July 2023 January 2024 July 2024 January 2025 July 202 United States Japan United Kingdom CONVICTION. LONG TERM. ALIGNED | Copyright 2025
Slide 14: Interest Payments on US Federal Debt as % of Spending
Q4 FY25 –Overview Interest Payments on the US Federal Debt as a % of Government Spending 18% For personal use only 16% 14% 12% 10% 8% 6% 4% 2% 0% 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Slide 15: Simon Lee and Darc Rasmussen
Simon Lee For personal use only CEO & Executive Director Darc Rasmussen Non-Executive Chairman CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 14
Slide 16: Urbanise.com Ltd Strategic Partnership with NAB
Urbanise.com Ltd For personal use only Strategic Partnership with NAB Overview ©Urbanise.com Commercial in Confidence ©Urbanise.com ©Urbanise.com Commercial in Confidence
Slide 17: Why a Bank Deal Is Essential?
Why a Bank Deal Is Essential? Strata software For personal use only Bank Demand for Urbanise Cloud Strata Software Demand for better strata banking solutions • Legacy systems are on-prem and not integration- • Sticky deposits with a high NIM ready (closed platform) • ~$10+ BILLION Strata Funds Depos
Slide 18: Urbanise and NAB Enter Strategic Partnership
Urbanise and NAB Enter Strategic Partnership Deliver Data and Payments Integration Services to integrate NAB payment solutions, business banking products and services with the Urbanise Strata platform For personal use only Strategic Commercial Partnership NAB acquires Partnership Agreement strategic
Slide 19: Partnership Funding
Partnership Funding Year 1 Year 2 and ongoing For personal use only $14.7m $1.3m Total Receivable Funds $13.4m $8.8m $4.6m Banking Integration Services & Variable Platform Fees $3.3m Upfront on signing • Fixed Annual Fee of $1.3m • Build and implement Strata $8.8m Payments Integration • • Banking &
Slide 20: What Strata Managers Have Today vs What We Offer with NAB + Urbanise
What Strata Managers Have Today What We Offer with NAB + Urbanise • Reliance on legacy DOS/Windows on-premise systems with • Cloud-based, purpose-built platform tailored for strata limited upgrade paths • Joint R&D driving continuous innovation • Payment infrastructure that hasn’t evolved in over 20
Slide 21: Quarterly & FY2025 update
Quarterly & FY2025 update • Achieved objective of being cash flow positive in FY25 For personal use only Q4 Full Year $000s following 4 consecutive quarters of positive cash flow. FY2025 FY2024 Var Var % FY2025 FY2024 Var Var % Strata licence fees 1,596 1,832 (236) (12.9%) 6,981 7,302 (321) (4.4%) P
Slide 22: Outlook
Outlook Strong balance sheet and positive cash flow to support future growth For personal use only Deliver DPIS integration: Continue executing the NAB partnership roadmap with the new product targeted for launch in FY26 Expect to be operating cash flow negative in FY26 due to the timing of the init
Slide 23: NAOS Investee Companies - Key Events Q4 FY25
NAOS Investee Companies - Key Events Q4 FY25 HOLDING INDUSTRY Q4 UPDATE Secured $27m tank project with Kalgoorlie Consolidated Gold Mines. Second major For personal use only project awarded to this customer. Resignation of CEO Mark Benson to take effect at the end of CY25. Recruitment process un
Slide 24: NAOS Investee Companies - Key Events Q4 FY25
NAOS Investee Companies - Key Events Q4 FY25 HOLDING INDUSTRY Q4 UPDATE For personal use only Q3 FY25 results – 3rd consecutive quarter of positive operating cash flow. Contract dispute with Colliers Australia has been resolved. UBN received a confidential settlement payment. Entered strategic
Slide 25: NAOS Investee Companies - Key Events Q4 FY25
NAOS Investee Companies - Key Events Q4 FY25 HOLDING INDUSTRY Q4 UPDATE Andrew Russell steps down as CEO, comprehensive international search for a For personal use only permanent CEO replacement ongoing. Interim CEO, previously BVS Chief Commercial Officer. Significant M&A experience with Conste
Slide 26: Q1 FY26 Outlook: Key Investor Focus Areas
Outlook Q1 FY26 Outlook: Key Investor Focus Areas For personal use only As ASX-listed companies report FY25 results, investors are likely to focus on: Domestic Economic Activity: Customer spending trends and commitment to long lead times. Inflationary Pressures: Potential relief in costs, includ
Slide 27: NAOS Focus: Key Updates from Core Investee Companies
Outlook NAOS Focus: Key Updates from Core Investee Companies For personal use only In Q1 FY26, NAOS will closely monitor the following select portfolio companies: Update on the company's strategy (post CEO resignation) and tradeoff on ability to grow top line Bravura Solutions ASX: BVS vs. margins.
Slide 28: Update on Near Term Stock Specific Catalysts
Update on Near Term Stock Specific Catalysts AMA • Sale of ACM Parts with the subsequent proceeds moving AMA close to a net cash balance sheet position. For personal use only COG • Potential sale of non-core assets (EPY, CAF, asset management) and simplification of its business structure. • Board ov
Slide 29: Dividends
Dividends NCC Dividend History NAC Dividend History 8.0 7.50 7.50 7.0 7.50 For personal use only 7.00 7.25 7.25 7.25 7.0 6.75 5.90 6.00 6.00 6.25 6.0 5.75 5.75 5.75 5.25 5.25 5.25 Cents per Share 6.0 5.00 4.50 3.75 5.0 4.75 5.0 4.0 3.75 4.0 1.50 3.0 2.50 3.0 2.0 3.75 2.00 2.0 1.0 2.00 2.00 3.00 0.0
Slide 30: 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 incude: Effortless Way to Increase Shareholdin
Slide 31: NAOS Asset Management 1% Pledge
NAOS Asset Management 1% Pledge For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 30
Slide 32: Questions & Answers
Questions & Answers For personal use only Thank you for your ongoing support
Slide 33: Appendix
For personal use only 32 Appendix
Slide 34: 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 35: NAOS Directors and Team
NAOS Directors and Team OUR DIRECTORS For personal use only OUR TEAM CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 34
Slide 36: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 30 June 2025 Directors Shareholding For personal use only 10,000,000 9,294,622 9,000,000 8,000,000 7,000,000 NUMBER OF SHARES 6,000,000 5,000,000 4,577,544 4,577,444 4,000,000 3,000,000 2,026,836 2,000,000 837
Slide 37: 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 Dividends an adequate r
Slide 38: NAOS ESG Framework
NAOS ESG Framework For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 37
Slide 39: Proactive Portfolio Management
Proactive Portfolio Management The NAOS Investment Team conducted 667 meetings during FY25, highlighting our commitment to thorough research and informed decision-making. For personal use only 32 9 43 Existing Position 213 68 Other New/Existing Idea Competitor to existing position Bench 74 New Idea/
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: For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 39
Slide 41: Reasons Why We Seek Board Representation
Reasons Why We Seek Board Representation From time to time, we will seek Board representation where we believe some skillsets could be enhanced. For personal use only These individuals will generally have: Significant experience outside funds management including operational and M&A roles. A sou
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 2025 NAOS Asset Management Limited 42
NAOS Ex-50 Opportunities Company — Q4 FY25 Earnings Presentation on 6ix