BKI Investment Co. Ltd. · ASX:BKI
BKI Investment — H1 FY2026 Earnings Presentation
25 slides from BKI Investment's earnings presentation, Jan 29, 2026
Slide 1: BKI Investment Company Results Presentation
For personal use only BKI Investment Company Results Presentation For the half year ended 31 December 2025
Slide 2: Disclaimer
Disclaimer For personal use only This material has been prepared by Contact Asset Management on behalf of BKI Investment Company Limited. The information within this document is not intended to provide advice to investors or take into account an individual’s financial circumstances or investment obj
Slide 3: 2026 Half Year Results
2026 Half Year Results For the half year ended 31 December 2025 For personal use only 1H FY2026 1H FY2025 Movement Result excluding special investment revenue ($m) ($m) (%) Ordinary revenue from Investment Portfolio $34.5 $32.6 6% Total Revenue - Ordinary $36.0 $35.0 3% Operating Result (before tax
Slide 4: Growth in Net Operating Result and reduced MER
2026 Half Year Results Growth in Net Operating Result and reduced MER. For personal use only Half Year Net Operating Result Management Expense Ratio (MER) (before special dividends) BKI’s MER was 0.163%, down from 0.168% last year $40m $35m 0.70% $30m 0.60% $25m 0.50% $20m 0.40% $15m 0.30% $10m 0.20
Slide 5: 2026 Half Year Dividend
2026 Half Year Dividend For the half year ended 31 December 2025 For personal use only BKI’s interim ordinary dividend is 3.95 cents per share fully franked, up 1% on last year. Last trading date to be eligible for the dividend is Friday 6 February 2026. Ex-dividend date is Monday 9 February 2026 an
Slide 6: A History of Strong Dividends
A History of Strong Dividends BKI has a strong history of paying fully franked dividends and offering an attractive yield. For personal use only BKI Dividend History 5.00 2026 Half Year Dividend 4.00 3.95cps up 1% on pcp 3.00 2.00 1.00 0.00 Ordinary Dividends per Share Special Dividends per Share 1H
Slide 7: Dividend Contributions
Dividend Contributions BKI’s Top 10 Dividend Contributors for 1H FY2026 BKI’s Top 10 Dividend Contributors – (July - December 2025) For personal use only APA GROUP 4% dividend growth; Increased BKI portfolio weighting BHP GROUP 17% dividend cut; Increased BKI portfolio weighting NATIONAL AUSTRALIA B
Slide 8: Performance
For personal use only Performance Results Presentation For the half year ended 31 December 2025
Slide 9: Performance – Portfolio Return
Performance – Portfolio Return As at 31 December 2025 BKI Portfolio Return For personal use only 15.0% 12.8% 12.1% 11.2% 11.4% 11.2% 10.8% 10.1% 9.9% 10.0% 9.6% 9.6% 8.8% 9.1% 8.6% 8.9% 5.0% 4.7% 3.1% 0.0% 6 Mths 1 Year 3 Yrs pa 5 Yrs pa 10 Yrs pa 15 Yrs pa 20 Yrs pa Since Inception 2003 BKI Portfol
Slide 10: Performance Contributors
Performance Contributors BKI’s Top 10 Holdings – 1 Year Total Shareholder Returns. BKI’s Top 10 Holdings – (1Yr TSR) For personal use only HARVEY NORMAN 43% Asset growth through global store network expansion, core retail sales growth and a 21% lift in the full year dividend. APA GROUP 31% Defensive
Slide 11: Performance - Total Shareholder Return (TSR)
Performance - Total Shareholder Return (TSR) As at 31 December 2025 Total Shareholder Returns (TSR) BKI Premium/Discount to NTA For personal use only Short Term TSR impacted by Discount to NTA BKI’s share price of $1.715 represented a 12.5% discount to BKI’s pre-tax NTA of $1.96. 15.0% $2.20 12.8% $
Slide 12: Performance – Cumulative Share Price Returns
Performance – Cumulative Share Price Returns As at 31 December 2025 Cumulative Share Price Returns For personal use only Assuming all dividends were reinvested and using the benefit of franking credits, the cumulative share price of BKI shares was $7.43 per share as at 31 December 2025. $8.50 $8.00
Slide 13: Performance – Dividend Yield
Performance – Dividend Yield BKI has a strong history of paying fully franked dividends and offering an attractive yield. BKI Dividend Yield History For personal use only 9.0% 8.0% 7.0% 6.0% 6.6% BKI Grossed-up Dividend Yield* 5.0% 4.0% 3.6% RBA Cash Rate 3.0% 2.5% Post Tax Cash Rate 2.0% 1.0% 0.0%
Slide 14: Portfolio Positioning
For personal use only Portfolio Positioning Results Presentation For the half year ended 31 December 2025
Slide 15: Portfolio Movements
Portfolio Movements For the half year ended 31 December 2025 For personal use only Purchases Purchases Sales Sales Add New Reduce Exit Woodside Energy Group Origin Energy Commonwealth Bank Aurizon Holdings BHP Group Yancoal Australia APA Group Tuas Limited Amcor Reece Limited Sonic Healthcare Johns
Slide 16: Portfolio Rotation: Resources v Banks
Portfolio Rotation For personal use only Resources V Banks Resources vs Banks 1 Year Total Return Comparison The performance of the BKI portfolio has been strengthened by our 130 strategic decision to execute a rotation of capital out of Banks and into 125 Resources; reducing our holding in Commonwe
Slide 17: Portfolio Growth: Infrastructure
Portfolio Growth For personal use only Infrastructure Infrastructure 1 Year Total Return Comparison The total return profiles of Transurban (TCL), APA Group (APA) and 150 12.0% Dalrymple Bay (DBI) highlight the powerful synergy between yield and 11.0% capital growth. 140 10.0% These BKI portfolio ho
Slide 18: Portfolio Positioning: Healthcare
Portfolio Positioning For personal use only Healthcare Healthcare 1 Year Total Return Comparison BKI is not an Index Fund; we do not hold stocks simply because they 120 carry a large index weighting. Our Healthcare sector exposure illustrates this as we hold no shares in CSL Limited (CSL) despite it
Slide 19: Portfolio Positioning: Consumer Discretionary
Portfolio Positioning For personal use only Consumer Discretionary Consumer Discretionary 1 Year Total Return Comparison When fundamentals are sound, BKI is willing to invest in companies 180 that fall outside the broader market's typical focus. The Total Return 170 Comparison chart highlights Harve
Slide 20: Portfolio Positioning – BKI Portfolio
Portfolio Positioning – BKI Portfolio As at 31 December 2025 Stock % of Portfolio Stock % of Portfolio For personal use only 1 BHP Group 9.6% 19 Stockland 1.8% 2 National Australia Bank 7.9% 20 WH Soul Pattinson & Company 1.8% 3 Commonwealth Bank 7.1% 21 Coles Group 1.5% 4 APA Group 6.7% 22 Metcash
Slide 21: Equity Market Overview
For personal use only Equity Market Overview Results Presentation For the half year ended 31 December 2025
Slide 22: Equity Market Overview: Interest Rate Environment and Inflation
Equity Market Overview 1. Interest Rate Environment and Inflation For personal use only Inflation remains the central concern in global economic discussions influencing both policy decisions and market sentiment. Historical RBA Cash Rate % 8.00% The declining cash rate cycle may have come to an earl
Slide 23: Equity Market Overview: Resilient Economy and Housing Market
Equity Market Overview 2. A Resilient Economy and Solid Consumer Spending For personal use only Australia's economic growth is expected to continue, albeit at a lower rate than 2025. This growth will be supported by stable inflation, a resilient labor market, rising real wages and income tax cuts. B
Slide 24: Equity Market Overview: Global Growth and Thematic Rotation
Equity Market Overview 4. Strong Global Economic Growth For personal use only With the backdrop of lower inflation, we believe that the global economy is on a positive upward trajectory. However, there are risks surrounding macroeconomic headwinds including trade tensions and geopolitical uncertaint
Slide 25: BKI Investment Company
For personal use only BKI Investment Company info@bkilimited.com.au +61 2 7251 6242 Suite 302, Level 3, 1 Castlereagh Street, Sydney NSW
BKI Investment Company — H1 FY2026 Earnings Presentation on 6ix