Australian Foundation Investment Co. Ltd. · ASX:AFI
Australian Foundation Investment — FY2025 Earnings Presentation
27 slides from Australian Foundation Investment's earnings presentation, Jul 28, 2025
Slide 1: Full Yearly Results Webcast Presentation (ASX cover letter)
28 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 Australian Foundation Investment Company Limited Full Yearly Results Webcast Presentation Please find attached the pres
Slide 2: Full Year Results 2024/25
For personal use only Full Year Results 2024/25 July 2025
Slide 3: Disclaimer
Disclaimer For personal use only Australian Foundation Investment Company Limited and its subsidiary AICS (AFSL 303209), its related entities and each of its respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith.
Slide 4: Agenda
Agenda For personal use only Overview and Investment Objectives Mark Freeman Full Year Results Andrew Porter Markets and the Portfolio David Grace Recent portfolio activity Winston Chong International Portfolio Mark Freeman Outlook David Grace Full Year Results – July 2025 2 3
Slide 5: Overview and Investment Objectives
For personal use only Overview and Investment Objectives Full Year Results – July 2025
Slide 6: Our Company
Our Company For personal use only Invests in Australian and New Zealand companies Largest listed investment company on the ASX, 150k shareholders, independent Board of Directors Shareholders own the ‘management rights’ to the portfolio Management expense ratio of 0.16% with no performance fees Long
Slide 7: Investment Objectives
For personal use only Investment Objectives The Company’s primary investment goals are: • to pay stable to growing dividends over time; and • to provide attractive total returns over the medium to long term. Full Year Results – July 2025 6
Slide 8: Attractive Total Returns Over the Long-term
Attractive Total Returns Over the Long-term AFIC NTA vs S&P ASX 200 Accumulation Index For personal use only $10k in AFIC $178k $10k in the Index $146k Excludes the benefit of franking. Full Year Results – July 2025 7
Slide 9: Ensuring a stable to growing dividend for shareholders
Ensuring a stable to growing dividend for shareholders AFIC’s franking reserve balance ensures we can pay a consistent dividend even For personal use only through volatile times – full year dividends for the last 7 financial years Full Year Results – July 2025 8
Slide 10: Full-Year Results
For personal use only Full-Year Results Full Year Results – July 2025
Slide 11: Summary Full Year Results
Summary Full Year Results For personal use only #includes 12 cent interim dividend Full Year Results – July 2025 10
Slide 12: Share Price Relative to Net Tangible Asset (NTA)
Share Price Relative to Net Tangible Asset (NTA) For personal use only 30 June 2025 NTA: $8.33 Share price: $7.35 Full Year Results – July 2025 11
Slide 13: Markets and the Portfolio
For personal use only Markets and the Portfolio Full Year Results – July 2025 12
Slide 14: Portfolio and Sector Performance – to June 2025
Portfolio and Sector Performance – to 30 June 2025 For personal use only Portfolio Return (Including the Full Benefit of Sector Performance to 30 June 2025 Franking) – Per Annum to 30 June 2025 Only includes franking that has been paid out. Past performance may not be indicative of future performanc
Slide 15: Key drivers of FY25 investment performance
Key drivers of FY25 investment performance For personal use only Temporary cyclical headwinds: Underestimated duration of challenges: Minimal to no exposure to gold and insurance sectors which performed strongly. Full Year Results – July 2025 14
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 v CSL
Valuation metrics – CBA v CSL For personal use only Valuation: Price to Earnings ratio Source: FactSet Full Year Results – July 2025 16
Slide 18: Market Valuation in a Long Term Context
Market Valuation in a Long Term Context For personal use only ASX 200 Firms Trade at an Average Forward PE of 18.7x, which is 28% Above the 20-yr Average Source: FactSet Full Year Results – July 2025 17
Slide 19: Recent Portfolio Activity
For personal use only Recent Portfolio Activity Full Year Results – July 2025
Slide 20: Active Portfolio Management – Recent Transactions
Active Portfolio Management – Recent Transactions For personal use only Additions to Existing Holdings Trimmed Holdings New Purchases Complete Disposals Nil. Full Year Results – July 2025 19
Slide 21: Transurban
Transurban For personal use only Dividend Per Share (A¢) 70 60 50 40 30 20 10 0 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Source: Diogenes Research Source: Transurban Website • Owner and operator of toll road concessions in Australia and the US. • Unique, strate
Slide 22: Fisher and Paykel Healthcare
Fisher and Paykel Healthcare For personal use only EPS vs Share Price 100 40 75 EPS NZ¢ 30 Share Price NZD (RHS) ASX200 - Indexed (RHS) 50 20 25 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Diogenes Research Source: Fisher & Paykel Healthcare We
Slide 23: International portfolio
For personal use only International portfolio Full Year Results – July 2025 22
Slide 24: International Portfolio
International Portfolio For personal use only • Portfolio was first initiated in May 2021. At 30 June 2025 valued at $168.1 million (1.6% of the AFIC total portfolio). • Significant preparatory work has been done for establishing a separate global investment company in the future. • We are still con
Slide 25: Outlook
For personal use only Outlook Full Year Results – July 2025
Slide 26: Outlook
Outlook For personal use only The performance of the market remains resilient despite tariff uncertainty and heightened geopolitical tensions. Outlook for company earnings is less certain, resulting in a disciplined focus on costs. Market valuation polarised between expensive stocks with good earnin
Slide 27: For personal use only
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Australian Foundation Investment Company — FY2025 Earnings Presentation on 6ix