AMCIL Limited · ASX:AMH
AMCIL — FY2025 Earnings Presentation
25 slides from AMCIL's earnings presentation, Jul 31, 2025
Slide 1: AMCIL Limited Results Webcast Presentation
31 July 2025 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement For personal use only AMCIL Limited Results Webcast Presentation Please find attached the presentation to be given at the Shareholder Webcast
Slide 2: Full Year Results 24/25
For personal use only Full Year Results 24/25 July 2025
Slide 3: Disclaimer
Disclaimer For personal use only AMCIL Limited and Australian Investment Company Services Limited (AFSL: 303209) and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (expre
Slide 4: Result in Summary
For personal use only Result in Summary Full Year Results – July 2025
Slide 5: Full Year Results
Full Year Results For personal use only ^ includes 1 cent interim dividend *Assumes an investor can take full advantage of the franking credits. Full Year Results – July 2025 4
Slide 6: Share Price Relative to Net Asset Backing
Share Price Relative to Net Asset Backing For personal use only 30 June 2025 NTA: $1.29 Share price: $1.08 Full Year Results – July 2025 5
Slide 7: Portfolio Performance and Activity
For personal use only Portfolio Performance and Activity Full Year Results – July 2025
Slide 8: Portfolio Performance – Per Annum Returns to June 2025
Portfolio Performance – Per Annum Returns to 30 June 2025 For personal use only *Assumes an investor can take full advantage of the franking credits. Past performance may not be indicative of future performance. Full Year Results – July 2025 7
Slide 9: The Key Unique Benefits of an Investment in AMCIL
The Key Unique Benefits of an Investment in AMCIL For personal use only The key unique benefits of AMCIL are the combination of: Focused portfolio invested in quality companies where holding size is not determined by the index weighting Alignment of interests Comparatively low management cost No
Slide 10: A Closer Look at AMCIL's Investment Approach
A Closer Look at AMCIL’s Investment Approach For personal use only Attributes of a high-quality company that we seek: Why this matters: • Unique assets that are hard to replicate or have an • The presence of these factors drives a Industry leadership position (or developing one) competitive advantag
Slide 11: Financial Year Investment Portfolio Activity
Financial Year Investment Portfolio Activity For personal use only Exited Trimmed Added New (Acquired) Note: Only transactions greater than $2m included in ‘Trimmed’ and ‘Added’ activity Full Year Results – July 2025 10
Slide 12: Drivers of AMCIL's Recent Underperformance
Drivers of AMCIL’s Recent Underperformance For personal use only After a period of strong performance, key holdings underperformed. Valuations are now looking very fair: IDP has faced significant cyclical headwinds: Commonwealth Bank has performed exceptionally well. We exited our holding too early:
Slide 13: Performance over 2.5 Years
Performance over 2.5 Years • AMCIL outperformed strongly in first 2 years and has underperformed in last 6 months. For personal use only • Transactions during the financial year continue to add value, building on previous 18 months of value-adding transactions. • Stocks that have been good buys in l
Slide 14: Our Investment Philosophy in Practice
Our Investment Philosophy in Practice For personal use only Newer holdings have contributed positively to performance: Founder-led, strong growth, industry leader ‘category killer’, strong balance sheet. Founder-led, leading product, large global market opportunity, strong balance sheet. Founder-led
Slide 15: Our Investment Philosophy in Practice
Our Investment Philosophy in Practice For personal use only Continue to explore other opportunities: Stalwart business, operational tailwinds (synergies from Berry acquisition), management have track record of successful acquisitions, attractive yield. Backable management, quality assets, attractive
Slide 16: Share Prices Diverged from Earnings Growth
Share Prices Diverged from Earnings Growth For personal use only 800 200 800 400 600 150 600 300 400 100 400 200 200 50 200 100 0 0 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 17: Valuation Metrics – CBA vs. CSL
Valuation Metrics – CBA vs. CSL For personal use only Valuation: Price to Earnings ratio Source: FactSet Full Year Results – July 2025 16
Slide 18: Trimmed Positions With Elevated Long-Term Valuation
Trimmed Positions With Elevated Long-Term Valuation For personal use only Valuation: Price to Earnings ratio Dividend Yield Source: FactSet Full Year Results – July 2025 17
Slide 19: Trimmed Positions With Elevated Long-Term Valuation
Trimmed Positions With Elevated Long-Term Valuation For personal use only Valuation: Price to Earnings ratio Dividend Yield Source: FactSet Full Year Results – July 2025 18
Slide 20: Portfolio Well Positioned For The Future
Portfolio Well Positioned For The Future AMCIL’s portfolio is well placed to navigate a wide range of economic outcomes: For personal use only Growth Stalwart Income Cyclical / Asset Play Full Year Results – July 2025 19
Slide 21: AMCIL Top Holdings
AMCIL Top 20 Holdings % of For personal use only Company Ownership Period Company Portfolio Ownership Period 1 7.4% 13 yrs 11* 2.9% 4 yrs 2 6.0% 7 yrs 12 2.8% 2 yrs 3 4.8% 6 yrs 13* 2.7% 6 yrs 4* 4.4% 15 yrs 14* 2.6% 14 yrs 5 4.1% 21 yrs 15* ALS 2.4% 3 yrs 6 3.9% 10 yrs 16* 2.4% 8 yrs 7 3.8% 8 yrs 1
Slide 22: Outlook
For personal use only Outlook Full Year Results – July 2025
Slide 23: Equity Market Valuations – A Long Term Perspective
Equity Market Valuations – A Long Term Perspective For personal use only S&P/ASX 200 Price / Earnings Ratio Source: FactSet Full Year Results – July 2025 22
Slide 24: Outlook
Outlook For personal use only Global equity markets remain resilient despite tariff uncertainty and geopolitical tensions. Outlook for company earnings is less certain in this environment. Valuations continue to appear elevated (against long term metrics) and increasingly polarised. AMCIL has a good
Slide 25: For personal use only
For personal use only