Perpetual Equity Investment Co. Ltd. · ASX:PIC
Perpetual Equity Investment — Shareholder Meeting (October 2025)
30 slides from Perpetual Equity Investment's shareholder meeting presentation, Oct 30, 2025
Slide 1: ASX Announcement: Annual General Meeting 2025
Perpetual Equity Investment Company Limited ABN 68 601 406 419 Level 14, 123 Pitt Street Sydney NSW 2000 Australia Phone 02 9229 9000 www.perpetualequity.com.au All Registry communications to: C/- MUFG Corporate Markets (AU) Limited Locked Bag A14 Sydney South NSW 1235 Telephone: +61 1800 421 712 Em
Slide 2: 2025 Annual General Meeting Address to Shareholders
For personal use only 2025 ANNUAL GENERAL MEETING ADDRESS TO SHAREHOLDERS
Slide 3: Chairman's Address
PIC FY2025 ANNUAL GENERAL MEETING Chairman’s Address Nancy Fox AM I would like to begin by acknowledging our fellow longstanding shareholders and welcoming our new shareholders that joined this year. Thank you all for your support in PIC. FY25 Results Summary Starting with the results. In August, we
Slide 4: Chairman's Address (continued)
dividend payments since the Company’s inception, as well as building a healthy profit reserve and franking account. After the payment of the final dividend, the profit reserve for the Company sits at $67.8 million which provides for 2.2 years dividend coverage assuming a total dividend of 8 cents pe
Slide 5: Chairman's Address: Board changes
Management Limited (PIML) and the need to provide a fulsome transfer of her responsibilities. In anticipation of her retirement, we bid farewell and thank Virginia for bringing over 30 years of experience in financial services and environmental markets, and for her leadership in governance, risk man
Slide 6: Chairman's Address: closing
Please stay informed by visiting the Company’s website for a range of resources and insights. Thank you. For personal use only Page 4 of 4
Slide 7: Annual General Meeting & Investment Manager Update October 2025
For personal use only Annual General Meeting & Investment Manager Update 30 October 2025
Slide 8: Important note
Important note This information was prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. PIML is the Manager for the Perpetual Equity Investment Company Limited (Company) (ASX: PIC) ACN 601 406 419. This presentation is in summary form and is not necessarily co
Slide 9: Board of Directors
Perpetual Equity Investment Company Board of Directors For personal use only From left to right Virginia Malley Non-executive Director Appointed August 2014 Tim Bednall Non-executive Director Appointed May 2025 Nancy Fox AM Chairman Appointed July 2017 Amanda Gillespie (Apted) Executive Director App
Slide 10: Today's agenda
Today’s agenda For personal use only │ Chairman’s address │ Investment Manager’s Update │ Q&A Nancy Fox AM Vince Pezzullo Sean Roger │ Formal voting Chairman PIC Co-Portfolio PIC Co-Portfolio Manager Manager │ Closure 4
Slide 11: Chairman's Address
For personal use only Chairman’s Address Nancy Fox AM
Slide 12: FY25 results summary
FY25 results summary For personal use only Net profit $21.7m Net profit after tax Investment 6.5% 2 12.1% p.a. 2 performance 12 months to 30 June 2025 Over 5 years to 30 June 2025 Dividend 8.0 cps 6.6% 3 9.4% 3 Total FY25 fully franked dividend Annual dividend yield Grossed-up dividend yield Source:
Slide 13: Well positioned to deliver a reliable income stream
Well positioned to deliver a reliable income stream through all market conditions For personal use only Fully franked dividends since inception cents per share (cps) $67.8m 2.2 years Profit reserve Dividend coverage 0.5 4.0 4.0 4.0 4.0 3.3 2.8 2.8 2.8 2.5 2.0 3.0 3.1 3.2 2.8 2.8 3.3 4.0 4.0 $9.2m 0.
Slide 14: Chairman's Address
For personal use only Chairman’s Address Nancy Fox AM
Slide 15: Asking a question online or by phone
Asking a question online Asking a question by phone Shareholders and non-shareholders Shareholders only Mute your webcast. Click on 'Ask a Question' For personal use only 1 Click on ‘Ask a Question’ and then 'Go to Web Phone' Select ‘General Business’ or a specific A pop up box will appear with a mi
Slide 16: Investment Manager Update
For personal use only Investment Manager Update Vince Pezzullo, PIC Co-Portfolio Manager Head of Australian Equities, Perpetual Asset Management Australia Sean Roger, PIC Co-Portfolio Manager
Slide 17: Market summary
Market summary Profitless stocks in the ASX 300 have annualised return Headline performance masks underlying weakness For personal use only of -24% p.a. since 2000. Over the past 12 months, the ASX 300 and Small Ordinaries have posted strong gains of +10.8% and +21.5% respectively, but this In the p
Slide 18: Market summary
Market summary For personal use only • Momentum and passive flows are driving extreme dispersion, Breakdown by Market Cap with share prices often disconnected from fundamentals - 100% creating both risks and selective opportunities. 90% • Valuation gaps are at historic highs, with growth stocks 80%
Slide 19: Stocks in focus
For personal use only Stocks in focus Sean Roger - PIC Co-Portfolio Manager Perpetual Asset Management Australia Nick Buisman – Equities Analyst Perpetual Asset Management Australia
Slide 20: Howden Joinery (LON: HWDN)
Howden Joinery (LON: HWDN) Vertically integrated kitchen and joinery product provider • UK listed, market leading specialist trade-only kitchen and joinery supplier. For personal use only Portfolio • PIC initially took a position in Howden in August 2023. position • Since then, total cumulative retu
Slide 21: Howden Joinery: UK kitchen market depressed
Howden Joinery FY23/24 market weakness drove earnings and UK Kitchen market currently heavily depressed share price correction For personal use only • FY25 cyclical low point – PPTe UK kitchen market volumes ~20% below mid cycle Howden Joinery Group PLC - Share Price 10.00 UK kitchen installations (
Slide 22: Howden invested through the down-cycle
Howden Joinery Howden have invested through the down-cycle, whilst competitors have pulled back For personal use only Capital investment This investment further pressures short term earnings and 160 cyclically depressed margins. 140 120 But has driven material market share gains. 100 Howden is now i
Slide 23: Aspen Group
Aspen Group (ASX: APZ) Leading provider of quality, affordable housing and accommodation • Largest contributor to performance over last 12 months with stock up+110%. For personal use only Portfolio • Uniquely positioned in a structurally underserved market: position ‒ Core business centers on owning
Slide 24: Aspen Group: Project in Focus, Australind WA
Aspen Group Project in Focus – Australind, WA For personal use only • Purchased in May 2025 for $32.5m. Project Summary • Accommodation camp set on 18Ha, 97 Modular dwellings configured as developed by Albemarle for their 386 furnished rooms with ensuite (APZ Kemerton Lithium Plant expansion value a
Slide 25: Aspen Group
Aspen Group For personal use only Model of acquiring land cheaply and delivering quality We expect this to continue - Company guidance for strong product at an affordable price has driven excellent earnings development settlement growth + exposure to favorable and return outcomes. markets + structur
Slide 26: Investment Manager Update
For personal use only Investment Manager Update Vince Pezzullo, PIC Co-Portfolio Manager, Head of Australian Equities, Perpetual Asset Management Australia Sean Roger, PIC Co-Portfolio Manager, Perpetual Asset Management Australia
Slide 27: Investment portfolio performance
Investment portfolio performance Delivering long-term performance For personal use only Since 7 yrs As at 30 September 2025 1 mth 3 mths 1 yr 3 yrs p.a. 5 yrs p.a. inception p.a. p.a. PIC Investment Portfolio1 -2.3% 3.6% 6.1% 10.7% 11.7% 9.3% 9.4% (net of fees, expenses and before tax paid) S&P/ASX
Slide 28: Portfolio performance in perspective
Portfolio performance in perspective Delivering long-term performance For personal use only • PIC utilises Perpetual’s renowned Perpetual Equity Investment Company vs indices quality and value approach. 270 250 • The last decade has been 230 dominated by growth and 210 190 momentum. 170 150 • Nevert
Slide 29: Summary
Summary For personal use only • Volatility likely to remain over short-medium term. • We remain well diversified in this environment. We continue to look for quality businesses with good growth prospects and that trade at reasonable valuations. • This includes global listed companies if the opportun
Slide 30: Asking a question online or by phone
Asking a question online Asking a question by phone Shareholders and non-shareholders Shareholders only Mute your webcast. Click on 'Ask a Question' For personal use only 1 Click on ‘Ask a Question’ and then 'Go to Web Phone' Select ‘General Business’ or a specific A pop up box will appear with a mi
Perpetual Equity Investment Company — Shareholder Meeting (October 2025) on 6ix