L1 Group Limited · ASX:L1G
L1 — Non-Deal Roadshow (March 2026)
65 slides from L1's roadshow presentation, March 2026
Slide 1: Platinum Roadshow March 2026
Platinum Roadshow March 2026
Slide 2: Speakers
Speakers David Steinthal, Cameron Robertson and James Hawkins David Steinthal Cameron Robertson James Hawkins Portfolio Manager – Platinum International Fund Portfolio Manager Partner and Head of the and Platinum Global Fund (Long Only) – Asia Strategies L1 Capital Catalyst Fund Chief Investment Off
Slide 3: About L1 Group Limited
About L1 Group Limited Together, we are one Manages a diverse (ASX: L1G) is an of Australia’s leading range of strategies ASX-listed global investment houses including long/short investment manager with experienced equities, global and formed through the teams conducting regional equities, real merg
Slide 4: Performance summary | Platinum Funds
Performance summary | Platinum Funds Differentiated funds enabling access to emerging themes and opportunities International Asia Japan Europe 10.7% p.a. (1.8%) 13.1% p.a. 29.6% 12.9% p.a. 31.1% 10.4% p.a. 11.7% net return S.I.2 net return last 12m2 net return S.I.2 net return last 12m2 net return S
Slide 5: Performance summary | L1 Capital Funds
Performance summary | L1 Capital Funds Strong performance across the board Long Short Fund (LSF) Global Long Short Fund (GLSF) Catalyst 20.5% p.a. 81.6% 12.6% p.a. net return S.I.1 (ASX200AI 8.6% p.a.) net return S.I.3 (MSCI World 20.9% p.a.) net return S.I. (ASX200AI 9.1% p.a.) Best performing long
Slide 6: What's coming up
What’s coming up New Platinum website Improved communication launching mid-year tools that are with new features designed to make including webinars it easier to access insights, and enhanced updates and events. investor content.
Slide 7: David Steinthal
David Steinthal Portfolio Manager – Platinum International Fund and Platinum Global Fund (Long Only) Chief Investment Officer | L1 Capital International • David took over leadership of the Platinum International Fund. • We’ve invested in expanding and strengthening his team to support the strategy.
Slide 8: Platinum International Fund: Investment Environment and Portfolio Update
Platinum International Fund Investment Environment and Portfolio Update March 2026
Slide 9: Agenda
Agenda Investment environment Platinum International Fund Portfolio examples Summary
Slide 10: Investment environment
Investment environment
Slide 11: Key investment issues driving markets
Key investment issues driving markets “It’s the economy, stupid” James Carville, 1992 “It’s the technology, stupid” L1 Capital International, 2026
Slide 12: Global economic environment remains broadly unchanged
Global economic environment remains broadly unchanged Increasing downside risk Household debt balances by delinquency status 14% 30 days late Increased geopolitical uncertainty 12% 60 days late 10% 90 days late 8% 120+ days late Economy remains K-shaped 6% Severely Derogatory 4% In aggregate, consum
Slide 13: U.S. Fed Funds rate forecast to gradually reduce, long-term rates steady
U.S. Fed Funds rate forecast to gradually reduce, long-term rates steady Kelvin Warsh nominated as next Fed Chair Federal Reserve Funds Rate and market projections 6% Federal Reserve held rates 5% Effective Federal Funds Rate steady in January 2026 after 4% Projections as at Dec-21 Axis Title 3 cuts
Slide 14: Globally, Central Banks generally remain in an easing cycle
Globally, Central Banks generally remain in an easing cycle Central Banks have In Australia and Japan, responded to economic uncertainty rates increased in by cutting short-term rates response to inflation Central Bank overnight rates (%) U.S. ECB U.K. Australia Canada N.Z China Japan Overnight rate
Slide 15: Global long-term rates have increased modestly
Global long-term rates have increased modestly Middle East instability creates Notwithstanding U.S. dollar risk to economic conditions, with Bank of Japan has moved weakness and general U.S. higher oil prices causing bond away from controlling long-term concerns, yields on 10-year yields to drift up
Slide 16: Artificial Intelligence | Ballooning capex
Artificial Intelligence | Ballooning capex Investment in AI infrastructure has leapt to a new level, heightening market concerns Capex spending (US$) $800bn $700bn $600bn $500bn $400bn $300bn $200bn $100bn $0bn 2023 2024 2025 2026F Amazon Alphabet Microsoft Meta Oracle Coreweave Source: Image – Chat
Slide 17: Artificial Intelligence | Investment circularity
Artificial Intelligence | Investment circularity Focus should be on the capabilities of the AI technology, value created and who retains the value, not the source of funding • It is not chicken and egg – AI capex has to come before AI revenue • No company has all the requirements for AI success • Ke
Slide 18: Artificial Intelligence | Disrupting software
Artificial Intelligence | Disrupting software Market is pricing in AI disrupting the software industry Source: Image – ChatGPT, L1 Capital International.
Slide 19: Artificial Intelligence | Disrupting 'white-collar' employment
Artificial Intelligence | Disrupting ‘white-collar’ employment Value proposition of labour and ability to enhance value through AI will be critical Time horizon of software tasks that models can complete (50% success) “I think that we’re going to have a human-level performance on most, if not all, p
Slide 20: Artificial Intelligence | Perceived exposure driving share prices
Artificial Intelligence | Perceived exposure driving share prices The market has become increasingly focused on picking AI winners and losers, positions are crowded Hard asset companies compared to companies perceived to be at risk from AI 150 Software under the greatest 125 pressure 100 75 ‘White c
Slide 21: Platinum International Fund
Platinum International Fund
Slide 22: Platinum International Fund | Performance
Platinum International Fund | Performance 28 February 2026 Net of fees** C Class P Class MSCI C Class 1 month (4.9) (4.9) (1.0) 3 months (10.6) (10.5) (4.5) 1 year (1.8) (1.5) 5.9 3 years p.a. 2.7 3.0 18.4 5 years p.a. 3.6 3.9 14.3 Since inception p.a. 10.7 5.7 8.4 On 1 October 2025 L1 Capital Inter
Slide 23: L1 Capital International track record | Representative Portfolio
L1 Capital International track record | Representative Portfolio A benchmark-agnostic, high-conviction portfolio focused on quality and consistent outcomes L1 Capital International Performance Fund performance* (Net, %) Benchmark** Alpha Representative Portfolio objectives 1 month (4.9) (1.0) (4.0)
Slide 24: Current portfolio position | Diversified by industry, region and company size
Platinum International Fund current portfolio position | Diversified by industry, region and company size Portfolio focused on high quality companies in developed markets in a range of well structured and growing industries. Technology exposure is diversified Top 10 Holdings1 Sector Sector exposure2
Slide 25: Financial strength
Financial strength Key investment criteria and reduces risk Credit Credit rating of portfolio company (size of bubble = portfolio weight) • The portfolio is largely invested Rating in investment-grade companies No Debt Cash (rated BBB- or higher), which AAA reflects strong financial positions AA • M
Slide 26: Platinum International Fund | Current portfolio metrics
Platinum International Fund | Current portfolio metrics Financial metrics reflect portfolio quality 2025 metrics Fund1 MSCI World Index1 ASX 2001 Revenue growth 14% 2% 0% Gross margin2 68% 32% 42% Operating margin 36% 14% 14% Cash conversion3 74% ND ND Net debt to EBITDA 1.2x 1.9x 3.6x Return on equ
Slide 27: Portfolio valuation compared to share price
Platinum International Fund | Portfolio valuation compared to share price Market perception of winners and losers reflected in share price vs assessed value • Top 10 around 60% of 120 total portfolio 110 • Trimming AerCap, Alphabet, HCA and Weir reflecting 100 valuation discipline following substant
Slide 28: Portfolio examples
Portfolio examples
Slide 29: Example | Amazon.com
Example | Amazon.com Level of capex to support AI is unprecedented, returns on this capital to be proven. Share price presents a compelling investment opportunity for longer term investors. • Amazon surprised the market with a Amazon and Walmart forward P/E ratios US$200bn capex guide for 2026 80 Wa
Slide 30: Example | Intercontinental Exchange (ICE)
Example | Intercontinental Exchange (ICE) Exchanges division c. 70% of earnings, limited exposure to AI and is performing strongly. Market is heavily discounting perceived AI risks to Data and Mortgage Technology. • Diversified, ‘All weather’ portfolio ICE and CME P/E ratios of businesses delivers c
Slide 31: Example | TSMC
Example | TSMC TSMC is also increasing capex, building fabs globally. More immediate uplift in revenue and earnings being rewarded by the market. • TSMC is the global leader in leading TSMC capex edge semiconductor manufacturing TWD2,000bn and is foundationally important to TWD1,600bn the growth of
Slide 32: Summary
Summary
Slide 33: Summary
Summary Economic environment broadly unchanged, but downside risks are increasing. Market increasingly focused on ‘AI winners’, ‘losers’ and ‘perceived losers’, complex debates are being over-simplified into black and white discussions 1 ‘K-shaped economy’ – Affluent consumers are doing well, middle
Slide 34: Important information
Important information This presentation has been prepared by Platinum Investment Management Limited ABN 25 063 565 006, AFSL 221035, trading as Platinum Asset Management (“Platinum”). Platinum is the responsible entity and issuer of units in the Platinum International Fund (the "Fund”). The latest P
Slide 35: Cameron Robertson
Cameron Robertson Portfolio Manager – Asia strategies • Expanded the Asia investment team and strengthened its capability. • Reinvigorated attitude toward bottom-up research. • The Platinum Asia Funds have maintained their Lonsec Investment Grade rating. • Structurally, global economic momentum cont
Slide 36: Platinum Asia Strategies: Why Asia Now
Platinum Asia Strategies Why Asia Now March 2026
Slide 37: Why Asia?
Why Asia? A region of …that many investors continue unending dynamism… to ignore! • Asia is 45% of global GDP and 60% of • The average investor has <10% of their growth in global GDP portfolio in the Asia ex-Japan region • Has a massive and growing middle class – 3.5 billion people by 2030, turning
Slide 38: Valuations appear attractive
Valuations appear attractive Next 12m estimated earnings growth (Consensus) 0% 20% 40% 60% 80% 100% 120% Next 12m P/E Ratio Nifty (India) India 19.3x S&P/ASX200 (Australia) Australia 18.2x S&P500 (USA) S&P500 USA 21.4x SSCSI (China) China 14.3x NASDAQ (USA) NASDAQ USA 24.9x KOSPI (Korea) Korea 10.2x
Slide 39: The power of diversification for Australians
The power of diversification for Australians Emerging Markets: Emerging Markets: Sector exposure as a % of index Australia USA Non-Asia Asia ‘Financials’ (Financials, Real Estate, Utilities) 49 50 20 18 ‘Resources’ (Materials, Energy) 22 26 7 5 ‘Other’ (Consumer, Industrial, IT & Healthcare) 29 20 7
Slide 40: Distractions, uncertainties & opportunities
Distractions, uncertainties & opportunities Iran & energy prices The AI boom Trade tensions Currency volatility Images: Lowy Institute, Freepik
Slide 41: All consuming AI boom
All consuming AI boom Broad, growing & valuable use: • Coding • Medical • Advertising • Research Meaningful performance driver Trimmed major holdings Image: Trip.com, Boston Dynamics
Slide 42: AI Factories
AI Factories Source: xAI, Colossus
Slide 43: Into the beating heart
Into the beating heart Image: Microsoft, NVIDIA Developer, EO Technics
Slide 44: Zooming in to the atomic limits
Zooming in to the atomic limits Image: SK hynix, Siemens, imec, Soulbrain
Slide 45: Jollibee – Did someone say chips?
Jollibee – Did someone say chips? 20 brands 10,000+ stores 35+ countries Promising US expansion Image: Jollibee, Chowking, Compose Coffee
Slide 46: Vietnam – Can I be your plus one?
Vietnam – Can I be your plus one? Beneficiary of the “China plus one” manufacturing strategy Growing Strong FDI Young (GDP growth 6.5%) (US$27.6bn) (average age 33yrs) Educated Affordable Sizable Connected (literacy rate ~97%) (US$5k GDP / capita) (102m population) (80% online) Source: International
Slide 47: Mobile World – modernizing retail
Mobile World – modernizing retail Multiple successful retail concepts • Phones • White goods & appliances • Grocery Modern trade remains at 12% of the grocery market Source: Vietcap Seurities, 2023. Image: Vietnam.vn
Slide 48: Platinum Asia Fund | Net geographical and currency exposures
Platinum Asia Fund | Net geographical and currency exposures As at 28 February 2026 Greater China: 52% China: 40% Korea: 22% Taiwan: 12% India: 3% ASEAN: 19% Major effective currency exposures CNY KRW TWD VND IDR INR PHP THB SGD GBP 40% 22% 12% 7% 6% 3% 2% 2% 2% 0% Source: Platinum. Exposure represe
Slide 49: Platinum Asia Fund | Portfolio snapshot
Platinum Asia Fund | Portfolio snapshot As at 28 February 2026 The AI & Digital Economy Supply Chain, Financials & The Rising Urbanization & Food Security & Semiconductor & E-commerce Mobility & Green Capital Consumer Real Estate Essentials Supercycle Tech ~29% ~15% ~11% ~11% ~11% ~10% ~6% Source: C
Slide 50: Asia ex-Japan relative performance vs global equities
100 150 200 250 300 0 50 1/12/2000 1/06/2001 1/12/2001 1/06/2002 1/12/2002 1/06/2003 1/12/2003 1/06/2004 Source: MSCI, Bloomberg. Data as at 9 Mar 2026. 1/12/2004 1/06/2005 1/12/2005 1/06/2006 1/12/2006 1/06/2007 1/12/2007 1/06/2008 1/12/2008 1/06/2009 1/12/2009 1/06/2010 MSCI AC Asia ex-Japan vs MS
Slide 51: Important information
Important information Platinum Asia Fund This presentation has been prepared by Platinum Investment Management Limited ABN 25 063 565 006, AFSL 221035, trading as Platinum Asset Management (“Platinum”). Platinum is the responsible entity and issuer of units in the Platinum Asia Fund (the "Fund”). Th
Slide 52: James Hawkins
James Hawkins Partner and Head of the L1 Capital Catalyst Fund • Founder and Portfolio Manager of the Catalyst Fund since inception in 2021. • High-conviction Australian equities strategy focused on unlocking company-specific catalysts. • Investment Committee member responsible for portfolio constru
Slide 53: L1 Capital Catalyst Fund | Overview
L1 Capital Catalyst Fund | Overview Best ideas fund with an activist overlay focused on unlocking value in Australian companies Fund characteristics • Engages with companies to identify and accelerate catalysts • Leverages L1’s Australian equities FuM, resourcing and relationships Typically 10 stock
Slide 54: Ranked #4 out of Australian long-only equity funds since inception
Ranked #4 out of 105 Australian long-only equity funds since inception1 Delivered 12.6% p.a. compared to 9.1% p.a. for the S&P/ASX200 Period returns (Net %) L1 Capital Catalyst Fund S&P/ASX 200 Accum. Index (AUD) Outperformance 1 Month 2.7 4.1 (1.4) 3 Months 12.0 7.3 +4.7 6 Months 15.5 4.1 +11.4 1 y
Slide 55: L1 Capital Catalyst Fund: Fund Update
L1 Capital Catalyst Fund Fund Update
Slide 56: What is activist investing?
What is activist investing? Strongly performing investment strategy over the last 3 years What is activist Double digit returns over the last 3 years investing? Quant Directional 12.4% • Activist investing is an active 2 Fundamental Value 12.3% investment strategy, requiring 2 a hands-on approach. 2
Slide 57: How does it work?
How does it work? Action taken in a way that is designed to create or accelerate a clear value catalyst • Build position • Initiate 1:1 discussions with senior management ‘Small a’ activism: • Engage in dialogue with board Private engagement • Provide analysis, reports, research and solutions • Prep
Slide 58: What do we look for?
What do we look for? Identify addressable gaps across four key areas Example Demerge key assets or acquire Strategic Lack of scale, weak industry position, sub-optimal conglomerate structure competitor/ consolidate Discounted valuation, lazy balance sheet, inefficient tax structure, Return excess ca
Slide 59: Why Australia is an attractive jurisdiction for activist investing?
Why Australia is an attractive jurisdiction for activist investing? Few activist competitors, supportive market structure and conducive regulatory framework benefits activist approach 1 • Small number of Australian activist funds, particularly of scale Few activist • Large barriers to entry – signif
Slide 60: L1 Capital Catalyst Fund | Investment approach
L1 Capital Catalyst Fund | Investment approach Investment approach identifies a specific opportunity set of businesses for which the L1 Catalyst Fund can catalyse value-creating change Investment philosophy Value + Quality Value Quality Target = Investment Appeal portfolio + Activist overlay Catalys
Slide 61: L1 Capital Catalyst Fund | Portfolio exposure & metrics
L1 Capital Catalyst Fund | Portfolio exposure & metrics Market capitalisation exposure (%) Market Constituents exposure (%) 50% 41% 40% 37% 30% >$10 billion 63% 20% <$10 billion 37% 11% 11% 10% 0% ASX20 ASX20-50 ASX50-100 Outside ASX100 Sector exposure (GICS Level II) (%)
Slide 62: Catalyst Fund correlation
Catalyst Fund correlation Correlation with major peers Correlation since Catalyst Fund L1 Capital Manager 1 Manager 2 Manager 3 inception (in A$) Catalyst Fund L1 Capital Catalyst Fund – Manager 1 0.76 – Manager 2 0.77 0.94 – Manager 3 0.64 0.89 0.86 – ASX 200 AI 0.77 0.95 0.98 0.88 • Larger FuM, po
Slide 63: Conclusion
Conclusion
Slide 64: L1 Catalyst Strategy | Competitive edge
L1 Catalyst Strategy | Competitive edge Best ideas, high conviction fund with an activist overlay focused on unlocking value in Australian companies Best ideas Activist Scale Accesses L1 Capital’s ~10 best Companies must meet strict Value Uses L1’s scale to build meaningful ASX200 stock ideas with t
Slide 65: Important information
Important information L1 Capital Strategic Equities Pty Ltd Information contained in this publication Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the L1 Capital Catalyst Fund ARSN 650 484 263. Equity Trustees is a subsidiary of EQT Hol