AMCIL Limited · ASX:AMH
AMCIL — H1 FY2026 Earnings Presentation
30 slides from AMCIL's earnings presentation, Jan 22, 2026
Slide 1: Half Yearly Results Webcast Presentation
22 January 2026 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 Half Yearly Results Webcast Presentation Please find attached the presentation to be given at the Comp
Slide 2: Half-Year Results Financial Year 2025/26
For personal use only Half-Year Results Financial Year 2025/26
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: Agenda
Agenda For personal use only Our Purpose and Approach Mark Freeman Financial Year in Summary Andrew Porter Equity Market Conditions Mark Freeman Portfolio Performance and Activity Mark Freeman Features of the AMCIL Portfolio Mark Freeman Outlook Mark Freeman Half Year Results / January 2026 3
Slide 5: Our Purpose and Approach
For personal use only Our Purpose and Approach
Slide 6: The Key Attributes of AMCIL
The Key Attributes of AMCIL For personal use only Focused portfolio invested in quality companies where holding size is not determined by the index weighting, but rather seeking structured compounders Alignment of interests Comparatively low management cost No performance fees Equity ownership
Slide 7: 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 competitive Industry leadership position (or developing one) advantag
Slide 8: Half Year in Summary
For personal use only Half Year in Summary
Slide 9: Half Year in Summary
Half Year in Summary For personal use only *Assumes an investor can take full advantage of the franking credits. ^Includes 1 cent interim dividend. Half Year Results / January 2026 8
Slide 10: Share Price Relative to Net Tangible Assets (NTA)
Share Price Relative to Net Tangible Assets (NTA) For personal use only 31 December 2025 NTA: $1.12 Share price: $1.01 Half Year Results / January 2026 9
Slide 11: Equity Market Conditions
For personal use only Equity Market Conditions
Slide 12: Market Conditions
Market Conditions For personal use only Considerable geopolitical tension. Market valuations appear full. To date economic conditions have been resilient. Tariffs continue to create uncertainty in the near-term outlook. US Political environment. Resources boom – Gold/Silver Price particularly strong
Slide 13: Equity Market Valuations – A Long-Term Perspective
Equity Market Valuations – A Long-Term Perspective For personal use only S&P/ASX 200 Price / Earnings S&P/ASX 200 Dividend Yield Half Year Results / January 2026 Source: FactSet 12
Slide 14: Equity Market Valuations – A Long-Term Perspective
Equity Market Valuations – A Long-Term Perspective For personal use only S&P 500 Price / Earnings S&P 500 Dividend Yield Half Year Results / January 2026 Source: FactSet 13
Slide 15: Portfolio Performance and Activity
For personal use only Portfolio Performance and Activity
Slide 16: Performance – Per Annum Returns to December 2025
Performance* – Per Annum Returns to 31 December 2025 For personal use only * Excludes management fees, income tax and capital gains tax on realised sale of investments. Past performance is not indicative of future performance. Half Year Results / January 2026 15
Slide 17: ASX Accumulation Index - Sector Returns
ASX Accumulation Index - Sector Returns For personal use only 12 months to 31 December 2025 10 years per annum to 31 December 2025 Does not include franking Half Year Results / January 2026 16
Slide 18: Banks Are Still Trading At Record High Valuations
Banks Are Still Trading At Record High Valuations For personal use only Half Year Results / January 2026 17 Source: FactSet
Slide 19: The Inflation Adjusted Gold Price Has Run To Extremes
For personal use only The Inflation Adjusted Gold Price Has Run To Extremes 5000 4500 The gold price has reached record highs, 4000 driven by geopolitical uncertainty, Central 3500 Bank Buying, rising Government debt, and easing monetary conditions (rate cuts) 3000 History shows these moves are ofte
Slide 20: Returns across Investing styles
Returns across Investing styles For personal use only Quality compounding companies outperform in the long-run but have struggled recently. In contrast loss makers have outperformed in the short term. Half Year Results / January 2026 Source: Macquarie Group 19
Slide 21: Key Drivers Of Recent Underperformance
Key Drivers Of Recent Underperformance For personal use only Recent Underperformance of Key Holdings Index Winners Share Price Weakness in Cyclical Headwinds Banks Gold/Resources Quality/Growth • Pull back in many larger • Softness in the US housing • Significant underweight • The gold price has rea
Slide 22: Short term returns weighed down by lagging share prices in key holdings
Short term returns have also been weighed down by lagging share prices in key holdings For personal use only 1 Year Stock Reason for share price weakness Our long-term confidence is due to return Product delays, governance deterioration, large Dominant product in its sector with high barriers to -43
Slide 23: De-rating from elevated valuations but long term confidence remains
De-rating from elevated valuations but long term confidence remains For personal use only 1 Year 1 Year Company Company return return -25% -10% -20% -21% -13% -12% -16% -5% -8% -7% -36% -10% -30% -5% -30% -10% Half Year Results / January 2026 22
Slide 24: Recent Portfolio Activity
Recent Portfolio Activity* For personal use only Exited Trimmed Added New * Financial year to date. Transactions greater than $1 million. Half Year Results / January 2026 23
Slide 25: Features of the AMCIL Portfolio
For personal use only Features of the AMCIL Portfolio
Slide 26: AMCIL Top Holdings at December 2025
AMCIL Top 20 Holdings at 31 December 2025 % of % of For personal use only Company Portfolio1 Ownership Period Company Portfolio1 Ownership Period 1 6.6% 14 yrs 11* 3.5% 8 yrs 2 6.3% 8 yrs 12 ALS 3.1% 3 yrs 3* 6.0% 22 yrs 13 2.5% 2 yrs 4* 5.2% 16 yrs 14 2.3% 1 yr 5 4.4% 10 yrs 15 2.3% 4 yrs 6 4.2% 6
Slide 27: 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 2026 Interim Results- January 2026 26
Slide 28: Outlook
For personal use only Outlook
Slide 29: Outlook
Outlook For personal use only The ASX200 index is trading at a level where valuations are full, especially against long term valuation metrics. Speculative market behaviour warrants caution. Market preferring resources to quality/growth. Reinforce value considerations in our process. Sticking with q
Slide 30: For personal use only
For personal use only