Australian Foundation Investment Co. Ltd. · ASX:AFI
Australian Foundation Investment — Shareholder Meeting (October 2026)
34 slides from Australian Foundation Investment's shareholder meeting presentation, Oct 1, 2026
Slide 1: 2026 Annual General Meeting – Chairman's Address and Presentation
1 October 2026 The Manager ASX Market Announcements ASX Limited Level 27, 39 Martin Place, Sydney NSW 2000 For personal use only Electronic Lodgement Australian Foundation Investment Company Limited 2026 Annual General Meeting – Chairman’s Address and Presentation Dear Sir / Madam The following pres
Slide 2: Chairman's Address
Chairman’s Address Ladies and gentleman, the investment team will talk in detail about the portfolio and performance shortly, but I wanted to acknowledge that performance of the portfolio for the financial year was below expectations, particularly in the first For personal use only half of the year
Slide 3: Chairman's Address: dividends and buybacks
One of the key objectives of AFIC is to provide shareholders with a stable to growing stream of franked dividends. We are proud of the fact we have not cut the dividend in times of stress such as Covid and the GFC and that shareholders were able to rely on their AFIC dividend at these times. To meet
Slide 4: Chairman's Address: international portfolio and investment approach
As announced in the Interim results in January 2026, the Board made the decision not to proceed with the establishment of a separate international listed investment company at this stage predominantly due to market conditions. On the back of this decision, we have revised our investment approach by
Slide 5: Annual General Meeting
For personal use only Annual General Meeting October 2026
Slide 6: Board Members
Board Members For personal use only Craig Drummond Rebecca Dee-Bradbury Alison Gibson Chairman and Independent Independent Non-Executive Managing Director Non-Executive Director Director Graeme Liebelt Julie Fahey Katie Hudson Independent Non-Executive Independent Non-Executive Independent Non-Execu
Slide 7: Asking Questions Online
Asking Questions Online Asking questions For personal use only Only Shareholders and Proxyholders are able to ask questions Click on “Ask a Question” Select “General Business” or a specific resolution Type in your question and click “Submit” Comments on resolutions can also be submitted through “Ask
Slide 8: Voting Online
Voting Online Lodging your votes For personal use only Click “Get a Voting Card” (top and bottom of platform) Enter your SRN/HIN or Proxy Number and Postcode Click “Submit Details and Vote” Fill out your voting card for each item of business Click “Submit Vote” Annual General Meeting – October 2026
Slide 9: Annual General Meeting Presentation
For personal use only Annual General Meeting Presentation October 2026
Slide 10: Disclaimer
Disclaimer For personal use only Australian Foundation Investment Company Limited and its subsidiary Australian Investment Company Services Limited (AICS) (AFSL 303209), their related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the inf
Slide 11: Agenda
Agenda For personal use only CEO Address and Dividend Update Alison Gibson Financial Results Andrew Porter Portfolio Update Brett McNeill Market Update & Outlook Brett McNeill and Winston Chong Annual General Meeting – October 2026 7
Slide 12: CEO Address
For personal use only CEO Address Annual General Meeting – October 2026 8
Slide 13: Why did I rejoin AFIC?
Why did I rejoin AFIC? For personal use only Purpose People Strong Ability to make a foundations difference Annual General Meeting – October 2026 9
Slide 14: What am I looking to improve? Investment Performance
What am I looking to improve? For personal use only 1) Investment Performance AFIC 5 year Annualised Portfolio Returns 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Aug-2006 Aug-2011 Aug-2016 Aug-2021 Aug-2026 AFIC NTA Total Return, including franking S&P/ASX 200 Accumulation Index, including franking Assumes
Slide 15: What am I looking to improve? Communicating our value
What am I looking to improve? For personal use only 2) Communicating our value more effectively AFIC Share Price relative to Net Asset Backing 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 16: Embracing the future
Embracing the future The next 100 years For personal use only 1928 Today 2028 Founded on trust and patient, Nearly 100 years on Our centenary long-term investing Building for the Structure designed Actively managed Low cost next generation for patient investing Annual General Meeting – October 2026
Slide 17: Dividend Update
For personal use only Dividend Update Annual General Meeting – October 2026 13
Slide 18: Stable to growing dividends with growing franking credit reserves
Stable to growing dividends with growing franking credit reserves For personal use only 60 Franking credit 50 reserve now ~2 x ordinary dividend 40 Cents per share 30 20 10 - FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 19: Dividend update announced this morning
Dividend update announced this morning For personal use only Proposed FY27 Dividend* Moving to Quarterly Dividends Proposed Dividend Schedule (cents per share) Ordinary Dividend 27 cents per share, fully franked Payment Date Ordinary Special Total Dividend Dividend Dividend November 2026 6.75 2.50 9
Slide 20: Represents attractive yield for shareholders
Represents attractive yield for shareholders AFIC Dividend Yield, including franking For personal use only 7.9% 5.8% 4.9% S&P/ASX 200 Index AFIC Ordinary Dividend AFIC Ordinary + Special AFIC dividend yields are based on the dividends the Board has announced that it intends to determine for the FY27
Slide 21: Financial Results
For personal use only Financial Results Annual General Meeting – October 2026 17
Slide 22: Results Summary for Financial Year 2026
Results Summary for Financial Year 2026 For personal use only Annual General Meeting – October 2026 18
Slide 23: Portfolio Update
For personal use only Portfolio Update Annual General Meeting – October 2026 19
Slide 24: AFIC's investment approach
AFIC’s investment approach For personal use only Our key competitive Our approach advantages Focus on quality companies Permanent capital Build a well diversified portfolio Long term focus with the right mix of income and growth Investor friendly structure Benefit from compounding return
Slide 25: Recent Buying: Woolworths and Telstra
Recent Buying: Woolworths and Telstra For personal use only Dividend Per Share Dividend Per Share $1.44 $0.22 $0.21 $0.19 $0.18 $1.04 $1.07 $0.17 $0.17 $0.92 $0.97 $0.84 FY22 FY23 FY24 FY25 FY26 FY27e FY22 FY23 FY24 FY25 FY26 FY27e Source: FactSet, Company Reports; FY27e Dividends are Consensus FY27
Slide 26: Recent Buying: ProMedicus and TechnologyOne
Recent Buying: ProMedicus and TechnologyOne For personal use only Earnings Per Share Earnings Per Share $1.82 $0.50 $1.39 $0.42 $0.36 $1.10 $0.32 $0.27 $0.79 $0.23 $0.58 $0.43 FY22 FY23 FY24 FY25 FY26 FY27e FY21 FY22 FY23 FY24 FY25 FY26e Source: FactSet, Company Reports; FY26e and FY27e Earnings are
Slide 27: Recent Buying: Newmont and Evolution Mining
Recent Buying: Newmont and Evolution Mining For personal use only Operating Cash Flow (USD$b) Operating Cash Flow (AUD$b) $13.2 $2.7 $2.6 $10.3 $2.0 $6.4 $1.3 $4.3 $3.2 $0.8 $0.7 $2.8 FY21 FY22 FY23 FY24 FY25 FY26e FY22 FY23 FY24 FY25 FY26 FY27e Source: FactSet, Company Reports; FY26e and FY27e Oper
Slide 28: Recent Selling
Recent Selling For personal use only Trimmed Holdings Complete Disposals Source: Major transactions for Calendar Year 2026 to date. Annual General Meeting – October 2026 24
Slide 29: International Portfolio
International Portfolio For personal use only International Portfolio Holdings Key Portfolio Statistics $157m Total Portfolio Value 1.6% Total % of AFIC Portfolio Value 20 Stocks in the Portfolio Based on the Portfolio as at 31 August 2026. Excludes Cash. Annual General Meeting – October 2026 25
Slide 30: Market Update & Outlook
For personal use only Market Update & Outlook Annual General Meeting – October 2026 26
Slide 31: August Results Season: Key themes
August Results Season: Key themes For personal use only Relief Rallies Consumer Softness Takeover Good Dividend Activity Growth Annual General Meeting – October 2026 27
Slide 32: Good dividend growth from our largest holdings
Good dividend growth from our largest holdings For personal use only August Reporting Season – Dividend Growth from some of AFIC’s largest holdings +50% +33% +16% +11% +8% +6% +4% 0% -3% -8% BHP RIO WOW TLS WES TCL CBA GMG WDS CSL Source: Factset, Company Reports; Dividend growth measured as ordinar
Slide 33: Portfolio Summary
Portfolio Summary For personal use only Constructing a diversified portfolio of high-quality companies across different sectors and with the appropriate balance of Income and Growth is the key for AFIC to deliver on its Investment Objectives in a variety of market conditions. Key Portfolio Statistic
Slide 34: For personal use only
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