Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2025)
24 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 1, 2025
Slide 1: 2025 Annual General Meeting Presentation
1 October 2025 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 For personal use only Electronic Lodgement Mirrabooka Investments Limited 2025 Annual General Meeting Presentation Dear Sir / Madam The following presentation w
Slide 2: Annual General Meeting Presentation October 2025
For personal use only Annual General Meeting Presentation October 2025
Slide 3: Disclaimer
Disclaimer For personal use only Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in
Slide 4: Our Purpose and Approach
For personal use only Our Purpose and Approach
Slide 5: Our Investment Approach
Our Investment Approach For personal use only 8
Slide 6: Mirrabooka's Record Sees it Well Supported in the Market
Mirrabooka’s Record Sees it Well Supported in the Market – Share Price Premium/Discount to NTA For personal use only 9
Slide 7: Financial Year in Summary
For personal use only Financial Year in Summary
Slide 8: Full-Year Result Summary
Full-Year Result Summary For personal use only 11
Slide 9: Portfolio Performance
For personal use only Portfolio Performance
Slide 10: Equity Market Structure Has Changed – Mirrabooka Has Not
Equity Market Structure Has Changed – Mirrabooka Has Not 1 July 2021 – Your Future Your Super Performance Test introduced. For personal use only Redefined risk assessment for equity funds management industry. Super funds called out for underperformance – loss of ability to accept flows if it persist
Slide 11: Mirrabooka Portfolio Performance – Per Annum Returns to August 2025
Mirrabooka Portfolio Performance – Per Annum Returns to 31 August 2025* For personal use only * Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculate after management fees, income tax and capital gains tax on realised sales of investment
Slide 12: Factors Behind Year Portfolio Underperformance
Factors Behind 1 Year Portfolio Underperformance For personal use only Portfolio performance factors Material positive contributors (+6.2%) Material negative contributors (-10.3%) Non portfolio performance factors (-3.8%) Gold stocks not owned (-3.7%) CGT not yet paid out as franking -1.7% Capital r
Slide 13: Our Confidence in the Long Term Portfolio Outlook Remains Strong
Our Confidence in the Long Term Portfolio Outlook Remains Strong For personal use only Despite our recent underperformance, we retain long term confidence in the portfolio, as: We’ve seen similar cycles before: • our relative performance rebounded; and • buoyant resource stocks that we didn’t own pr
Slide 14: We Have Seen These Cycles Before
We Have Seen These Cycles Before For personal use only August 2025 is the fifth time since inception that Mirrabooka has fallen <10% behind its benchmark indices over 12 months. The most common factors in these instances were: Buoyant equity markets Mid and small resource Cycling an Mirrabooka holdi
Slide 15: We Have Seen These Cycles Before
We Have Seen These Cycles Before Prior periods where Mirrabooka underperformed its benchmark by >10% over 12 months For personal use only Buoyant Resources MIR Cycling Strong MIR Holding Subsequent 3-year 12 months to: Market? Outperforming? Outperformance? Elevated Cash? Relative Performance? Mar 0
Slide 16: Why are we structurally underweight resources stocks?
Why are we structurally underweight resources stocks? For personal use only Small Resources Accumulation Mid Cap 50 Resources Accumulation 12000 30000 10000 25000 8000 20000 6000 15000 4000 10000 2000 5000 0 0 Feb-95 Feb-00 Feb-05 Feb-10 Feb-15 Feb-20 Feb-25 May-96 Aug-97 Nov-98 May-01 Aug-02 Nov-03
Slide 17: Our Transactions Have Continued to Add Value
Our Transactions Have Continued to Add Value For personal use only Transactions – 1 year to 31 August 25 Transactions – 3 years to 31 August 25 $169 mil purchases +$19 mil (including divs) $398 mil purchases +$86 mil (inc divs) $175 mil sales -$14 mil (including divs) $380 mil sales -$63 mil (inc di
Slide 18: Reporting Season Strategic Updates on Key Stocks Were Encouraging
Reporting Season Strategic Updates on Key Stocks Were Encouraging For personal use only Data centre expansion on time and on budget US acquisition reached profitability before expectations Now only 12 months away ARB product pull through benefit to come Demand/supply dynamic strengthening Have never
Slide 19: Reporting Season Strategic Updates on Key Stocks Were Encouraging
Reporting Season Strategic Updates on Key Stocks Were Encouraging For personal use only Advertising monetisation strategy starting to take shape Supply chain being de-risked in response to tariffs Product expansions (pets, elderly) to improve customer Continuing to methodically expand into large glo
Slide 20: The Mirrabooka Portfolio and its Outlook
For personal use only The Mirrabooka Portfolio and its Outlook
Slide 21: Mirrabooka Top Holdings – August 2025
Mirrabooka Top 20 Holdings – 31 August 2025 % of % of Company Portfolio Ownership Period Company Portfolio Ownership Period For personal use only 1 6.1% 8.5 yrs 2.2% 2 yrs 11 2 4.6% 15 yrs 12* 2.2% 10 yrs 3* 3.4% 14 yrs 13 2.1% 20 yrs 4 3.3% 19.5 yrs 14 1.9% 2 yrs 5* 2.8% 5.5 yrs 15 1.9% 6 yrs 6 2.6
Slide 22: Outlook
Outlook For personal use only We continue to hold no edge in predicting markets, macroeconomic trends, political developments. But can make the following fundamental observations: • It’s currently challenging to find investments in quality companies with a compelling risk adjusted return outlook. •
Slide 23: Interesting New Stocks in the Portfolio
Interesting New Stocks in the Portfolio For personal use only 26
Slide 24: Mirrabooka Investments Limited
x ¢- MIRRABOOKA * Investments Limited
Mirrabooka Investments — Shareholder Meeting (October 2025) on 6ix