Australian Foundation Investment Co. Ltd. · ASX:AFI
Australian Foundation Investment — Shareholder Meeting (October 2026)
30 slides from Australian Foundation Investment's shareholder meeting presentation, October 2026
Slide 1: Annual General Meeting
Annual General Meeting October 2026
Slide 2: Board Members
Board Members 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-Executive Director Director
Slide 3: Asking Questions Online
Asking Questions Online Asking questions 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 a Question” Annual Ge
Slide 4: Voting Online
Voting Online Lodging your votes 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 4
Slide 5: Annual General Meeting Presentation
Annual General Meeting Presentation October 2026
Slide 6: Disclaimer
Disclaimer 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 information contained in
Slide 7: Agenda
Agenda 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 8: CEO Address
CEO Address Annual General Meeting – October 2026 8
Slide 9: Why did I rejoin AFIC?
Why did I rejoin AFIC? Purpose People Strong Ability to make a foundations difference Annual General Meeting – October 2026 9
Slide 10: What am I looking to improve? Investment Performance
What am I looking to improve? 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 investors can take ful
Slide 11: What am I looking to improve? Communicating our value
What am I looking to improve? 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 2024 2025 2026 Annual G
Slide 12: Embracing the future
Embracing the future The next 100 years 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 12
Slide 13: Dividend Update
Dividend Update Annual General Meeting – October 2026 13
Slide 14: Stable to growing dividends with growing franking credit reserves
Stable to growing dividends with growing franking credit reserves 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 FY26 Ordinary Dividend
Slide 15: Dividend update announced this morning
Dividend update announced this morning 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 9.25 Special Dividend 1
Slide 16: Represents attractive yield for shareholders
Represents attractive yield for shareholders AFIC Dividend Yield, including franking 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 period, fully franked
Slide 17: Financial Results
Financial Results Annual General Meeting – October 2026 17
Slide 18: Results Summary for Financial Year 2026
Results Summary for Financial Year 2026 Annual General Meeting – October 2026 18
Slide 19: Portfolio Update
Portfolio Update Annual General Meeting – October 2026 19
Slide 20: AFIC's investment approach
AFIC’s investment approach 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 returns over the long term A
Slide 21: Recent Buying: Woolworths and Telstra
Recent Buying: Woolworths and Telstra 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 estimates. Annual Gen
Slide 22: Recent Buying: ProMedicus and TechnologyOne
Recent Buying: ProMedicus and TechnologyOne 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 $0.43 FY22 FY23 FY24 FY25 FY26 FY27e FY21 FY22 FY23 FY24 FY25 FY26e Source: FactSet, Company Reports; FY26e and FY27e Earnings are Consensus estimates;
Slide 23: Recent Buying: Newmont and Evolution Mining
Recent Buying: Newmont and Evolution Mining Operating Cash Flow (USD$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 Operating Cash Flow are Co
Slide 24: Recent Selling
Recent Selling Trimmed Holdings Complete Disposals Source: Major transactions for Calendar Year 2026 to date. Annual General Meeting – October 2026 24
Slide 25: International Portfolio
International Portfolio 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 26: Market Update & Outlook
Market Update & Outlook Annual General Meeting – October 2026 26
Slide 27: August Results Season: Key themes
August Results Season: Key themes Relief Rallies Consumer Softness Takeover Good Dividend Activity Growth Annual General Meeting – October 2026 27
Slide 28: Good dividend growth from our largest holdings
Good dividend growth from our largest holdings 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 ordinary dividends declared f
Slide 29: Portfolio Summary
Portfolio Summary 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 Statistics Top 25 Holdings $9.9
Slide 30: ISTRALIAN
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