L1 Group Limited · ASX:L1G
L1 — FY2026 Earnings Presentation
29 slides from L1's earnings presentation, Aug 17, 2026
Slide 1: ASX Release
ASX Release L1 Group Limited (ASX:L1G) 17 August 2026 L1 Group Limited – FY26 Annual Financial Results The following announcements are provided for release to the market: ● Appendix 4E and FY26 Annual Report ● Appendix 3A.1 – Notification of Dividend/Distribution ● FY26 ASX Results Announcement ● FY
Slide 2: FY26 Results Presentation
FY26 Results Presentation L1 Group Limited (ASX:L1G) 17 August 2026 MELBOURNE SYDNEY NEW YORK MIAMI LONDON
Slide 3: Agenda
Agenda Overview and performance highlights 3 1 1 Strategic progress Overview and performance highlights 14 3 2 2 Outlook Strategic progress 18 14 3 3 Questions Outlook 21 18 4 4 Financials Questions 22 21 A A Financials Performance fee history 25 22 B B Performance fee history 25 L1 Group Limited (A
Slide 4: Overview and performance highlights
1 Overview and performance highlights Julian Russell Chief Executive Officer and Managing Director L1 Group Limited (ASX:L1G) 3
Slide 5: L1G | FY26 key metrics
L1G | FY26 key metrics ASX:L1G $19.1b 5 Ticker Funds Under Management (FUM) Locations globally $385.9m $287.4m $188.8m Total Revenue Underlying EBITDA1 Underlying NPAT (UNPAT)2 1.03% 74.5% 3.0 cents Avg. Management Fee EBITDA margin Fully Franked Dividend (2.0 cents 2H26) Notes: Unless otherwise sta
Slide 6: L1G | FY26 performance highlights
L1G | FY26 performance highlights Significant business momentum going into FY27 1 Strong financial result 2 Synergies increased • 97% increase in UNPAT to $188.8m1 • Integration nearing completion • Supported by strong underlying financial performance • $31.7m cost synergies realised since the merge
Slide 7: L1G | Strategic progress
L1G | Strategic progress Numerous achievements since October 2025 merger Platinum FUM stabilisation Merger completion Integration commences L1G Capital raising of c.$311m Platinum FUM stabilisation Integration commences Synergies – Initial target $31.7m realised $43m cost synergies Platinum FUM upgr
Slide 8: Strong financial result
1 Strong financial result 97% underlying profit growth in FY26, driven by strong revenue growth and rapid synergy realisation Total revenue1,2 Operating expenses FY26 Revenue up 49% vs. FY25 Wholesale Gold performance fee driven by strong underlying 240.8 performance and includes a one- 58.7 57.9 of
Slide 9: Cost synergies
2 Cost synergies Increasing target merger cost synergies from $35m to circa $43m. Incremental synergy savings expected to fund ongoing investment in the Group during FY27 Cost synergies of $31.7m A further ~$11m benefit is expected during FY27, bringing the realised to June 2026 total cost synergies
Slide 10: Positive FUM trends
3 Positive FUM trends Strong FUM growth in L1 Capital managed funds and improving Platinum trends L1 Long Short Fund Strategies1 L1 Gold Fund Limited (ASX: LGF)2 L1 International Strategy3 833 8,874 3,997 7,531 7,610 3,310 5,573 479 477 2,775 2,732 359 Sep 25 Dec 25 Mar 26 Jun 26 Sep 25 Dec 25 Mar 2
Slide 11: Positive FUM trends
3 Positive FUM trends Demonstrated track record of growing FUM in new and existing funds Platinum FUM L1 Capital managed FUM $15.8 billion $3.3bn Legend: $8,000 Platinum Specialist Strategies 7,029 L1 Capital branded include: $7,000 Mandates Platinum branded Japan $6,000 Health sciences Internationa
Slide 12: Positive FUM trends
3 Positive FUM trends Extremely diversified client base, with 89% of revenue from non-institutional clients and c.24% of FUM in closed-end funds Revenue by client type FUM by client and vehicle type FUM by asset class Non-Institutional Australian Equities 89% 49% 9% Institutional nal 1 Global Equiti
Slide 13: Performance summary | L1G funds and affiliates
4 Performance summary | L1G funds and affiliates Strong performance across the board Long Short Fund Global Long Short Fund International Equities Global Opportunities 20.2% p.a. $7.0b 57.0% p.a. $1.8b 12.1% p.a. $3.1b 26.4% p.a. $673m net return S.I.1 FUM net return S.I.3 FUM net return S.I.6 FUM
Slide 14: Performance summary | Specialist Strategies
4 Performance summary | Specialist Strategies Strong absolute returns since inception across all active Funds Japan Europe Brands 12.7% p.a. 19.4% 10.5% p.a. 13.5% 9.9% p.a. (13.5%) Range of specialist, net return S.I.1 net return last 12m1 net return S.I.2 net return last 12m2 net return S.I.3 net
Slide 15: Strategic progress
2 Strategic progress Julian Russell Chief Executive Officer and Managing Director L1 Group Limited (ASX:L1G) 14
Slide 16: L1G strategy | Core growth pathways
L1G strategy | Core growth pathways Growth of existing funds Joint Ventures – attracting through performance and flows talented new teams to launch new products Example L1 Long Short Strategies Examples L1 Global Opportunities L1 International L1 Catalyst PXC Advisors Extension strategies from Acq
Slide 17: L1G strategy | Balance sheet provides strategic flexibility
L1G strategy | Balance sheet provides strategic flexibility Scaled operational Distribution / Investment expertise Balance sheet ($635m) capabilities Capital formation Balance sheet provides L1G with Multiple opportunities accelerated growth options Seed availability, distribution and JV pipeline Ne
Slide 18: L1G strategy | Balance sheet deployment
L1G strategy | Balance sheet deployment ~$635m of cash/seed designed to generate major ongoing profit stream for shareholders Balances as at 30 June 2026 ($m) 1H26 2H26 L1G will deploy this Valuation approach ($m) capital over time to Cash (available to deploy) 249.5 176.2 situations where it can L1
Slide 19: Outlook
3 Outlook Julian Russell Chief Executive Officer and Managing Director L1 Group Limited (ASX:L1G) 18
Slide 20: Earnings outlook
Earnings outlook Well positioned to deliver continued growth for our shareholders (subject to market conditions and fund performance) FY27 expectations Medium-term expectations • Moderate FUM growth (subject to market conditions and fund performance) • FUM growth - growing existing funds through Man
Slide 21: Key earnings growth levers
Key earnings growth levers Organic growth through flows and ongoing Product/Strategy expansion performance • Small caps strategy commencing in early November 2026 • FUM growth through performance and net flows • A further incremental strategy has already been seeded • Global Long Short likely to be
Slide 22: Questions
Questions Julian Russell Andrew Stannard Chief Executive Officer and Managing Director Chief Financial Officer L1 Group Limited (ASX:L1G) 21
Slide 23: Financials
A Financials L1 Group Limited (ASX:L1G) 22
Slide 24: L1G | Pro-forma normalised income statement
L1G | Pro-forma normalised income statement $ Millions1 FY261 2H26 1H26 FY25 2H252 1H252 A Management fees periodic summary A Management Fees 181.4 89.2 92.2 205.6 98.6 107.0 B Performance Fees 165.7 125.8 39.9 45.1 37.9 7.2 Avg FUM Avg Mgt Fee Mgt Fee Perf. Fee ($m) (% p.a) ($m) ($m) Affiliate Inco
Slide 25: L1G | Net flows and Funds Under Management
L1G | Net flows and Funds Under Management Pre-merger Post–merger Funds under Management Distributions Investment Jun-25 (Q1) Net (Q2-Q4) Net Jun-26 ($m) and Other2 performance client flows client flows L1 Long Short L1 Gold 4,897 252 56 2 1,430 428 (3) (15) 2,494 166 8,874 833 Commentary Combined i
Slide 26: Performance fee history
B Performance fee history L1 Group Limited (ASX:L1G) 25
Slide 27: Performance fee | History
Performance fee | History The ‘in-perimeter’1 catch-up mechanism supports more predictable performance fee generation from L1G’s long short strategies FY26 FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 L1 Long Short Strategy2,3 $31m $31m $23m $21m $19m $12m $14m $17m $4m $1m $0.2m $0.1m L1
Slide 28: Important information
Important information L1 Group Limited (ASX:L1G) General Disclaimer This communication has been prepared by L1 Group Limited (“L1 Group”) (ABN 13 050 064 287) (ASX:L1G). References in this presentation to L1 Group or L1G are to L1 Group Limited. References in this presentation to L1 Capital are to L
Slide 29: Please contact us with any questions.
Please contact us with any questions. Level 45, 101 Collins Street, Melbourne VIC 3000 Phone +61 3 9286 7000 Web L1Group.com.au ABN 13 050 064 287