Australian United Investment Co. Ltd. · ASX:AUI
Australian United Investment — Shareholder Meeting (October 2026)
31 slides from Australian United Investment's shareholder meeting presentation, Oct 15, 2026
Slide 1: 2026 AGM Chairman's Address and Presentation
Australian United Investment Company Limited 15 October 2026 For personal use only ASX Announcement 2026 Annual General Meeting (AGM) Chairman’s Address and Presentation In accordance with the ASX Listing Rules, attached for release to the market is the Chairman’s Address and presentation slides whi
Slide 2: Chairman's Address
Australian United Investment Company Limited Chairman’s Address For personal use only Delivered by Mr Charles Goode at the 72nd Annual General Meeting of the Company, held at 171 Collins Street, Melbourne and by audio webcast on Thursday 15th October 2026 at 11.00am Your Company was listed in 1974,
Slide 3: Chairman's Address: underlying profit and dividends
uplift was recognised through the gain on acquisition in the current year, it also provides an ongoing improvement in the post-tax value of the combined portfolio. Excluding merger related items and special income, underlying profit after tax was $59.3 million, an increase of 19.9% on the previous y
Slide 4: Chairman's Address: merger with DUI
The merger with Diversified United Investment Limited was successfully implemented on 30 April 2026 and has created a substantially larger listed investment company. At 30 September 2026, the combined portfolio had a market value of approximately $3.1 billion, and the Company had a market capitalisa
Slide 5: Chairman's Address: portfolio changes and performance
Since 30 June 2026, we have increased our holdings in ResMed, Stockland and TPG Telecom, sold our holding in ASX and reduced our holding in Transurban. The performance of an investment in AUI based on Net Tangible Asset backing per share, For personal use only and separately on share price, assuming
Slide 6: Chairman's Address: addressing the discount to NTA
We are taking action to seek to address this discount through: 1. More regular contact with shareholders, brokers and financial advisers to make them more aware of the advantages of investing in listed investment companies For personal use only which include the convenience of having one investment
Slide 7: Chairman's Address: economic environment
foresee. Also to be considered are increased isolationism, self-sufficiency, tariffs, nationalism, the various impacts of Artificial Intelligence, high energy costs, and rising bond yields. In Australia, there has been a change over time in the commercial environment to one For personal use only tha
Slide 8: Chairman's Address: productivity and outlook
Workers want wage increases but without productivity this just leads to inflation. We know what is needed to improve our productivity. It can be achieved through smaller government, less regulation, better and simpler industrial relations, and an environment which encourages new investment. Our econ
Slide 9: rsonal use only
rsonal use only Australian United Investment Company Limited 2026 Annual General Meeting 1
Slide 10: Disclaimer
rsonal use only Disclaimer Any information in this document has been prepared for the purposes of providing general information only, without taking account of any particular investor's objectives, financial situation or needs. Australian United Investment Company Limited is not licensed to provide
Slide 11: Investment Objectives
rsonal use only Investment Objectives • To create and maintain a diversified portfolio of quality Australian companies, primarily through shares listed on the ASX, as well as an international investment portfolio, held mainly through international managed funds, to an agreed minority percentage of t
Slide 12: Strong Long-term Performance
Strong Long-term Performance $80,000 25 years to June 2026: rsonal use only $10k in AUI NTA Accum. = $76,605 $70,000 $10k in ASX200 Accum. = $70,714 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 Source: Company data, IRESS 2026 Annual General Meeting 4 Australian United Investment Company Limited
Slide 13: Profit after tax
Profit after tax 220.4 220 rsonal use only Profit after tax, $M 200 80 72.0 159.2 56.4 60 20.9 1.9 1.2 49.1 49.9 1.3 0.4 40 55.2 59.3 51.1 47.8 49.5 20 2022 2023 2024 2025 2026 Underlying profit * Special income Merger related items * Statutory profit less special income and merger related items. 20
Slide 14: Dividends Paid
Dividends Paid 45 40 Annual growth rate: 4.1% rsonal use only 35 (excl. special) 30 25 20 15 10 5 - Ordinary Dividends Special Dividends As announced on 20 August 2026, AUI intends (subject to unforeseen circumstances) to declare an annual special dividend of eight cents per share in each of the nex
Slide 15: Quarterly Dividend Payments
Quarterly Dividend Payments • AUI will move from half-yearly to quarterly dividend payments from FY2027. rsonal use only • The first quarterly dividend is expected to be paid in December 2026, in respect of the quarter ended 30 September 2026. • No change to AUI’s dividend policy or the total divide
Slide 16: Merger with DUI
Merger with DUI Successfully implemented 30 April 2026 rsonal use only At 30 September 2026 Portfolio value Market capitalisation International portfolio $3.1 billion $2.6 billion 10.5% Benefits of the merger Increased scale Portfolio diversification Reduction in operating costs Improved liquidity I
Slide 17: Merger with DUI: Shareholder details
Merger with DUI Shareholder details rsonal use only • Details of a number of former DUI shareholders were not able to be transferred to their new AUI shareholdings, including: • Bank account details, and • DRP participation elections. • AUI recognises the importance of accurate shareholder records a
Slide 18: Operating expenses and borrowings at June 2026
rsonal use only At 30 June 2026 FY26 FY25 Operating expenses 0.09% 0.10% - including managed fund fees 0.10% 0.10% Bank borrowing facilities $225M $145M Bank borrowings drawn $70M $25M Net debt / portfolio ex-cash 0.7% 0.8% 2026 Annual General Meeting 10 Australian United Investment Company Limited
Slide 19: Sector Allocations
Sector Allocations As at 30 September 2026 rsonal use only Cash and equivalents - 1.3% International - 10.5% Real Estate - 2.4% Banks and Financials - 30.7% Industrials, Utilities and IT - 11.0% Healthcare - 8.9% Consumer and Mining and Energy - Communications - 13.7% 21.5% 2026 Annual General Meeti
Slide 20: Portfolio Transactions
rsonal use only Portfolio Transactions During the year to 30 June 2026 Largest acquisitions: Largest disposals: New investments in Dexus, TPG Sale of holding VanEck Gold Miners ETF Telecom Reduction of holdings in Addition to holdings in Macquarie, Commonwealth Bank, Santos, Worley Northern Star and
Slide 21: NTA Accumulation Performance
NTA Accumulation Performance 10 years to 30 June 2026 280 rsonal use only 260 AUI Pre-tax NTA Accumulation Performance AUI Share Price Accumulation Performance 240 ASX200 Accumulation Performance 220 200 180 160 140 120 100 80 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Evans and
Slide 22: On-market Share Buyback
rsonal use only On-market Share Buyback During the year to 30 June 2026 Shares bought back Total spent 1,166,405 $12.9 million Since 30 June 2026 * Shares bought back Total spent 895,513 $10.6 million * To 9 October 2026. 2026 Annual General Meeting 14 Australian United Investment Company Limited
Slide 23: Discount to NTA
Discount to NTA UK North America Association of Investment Companies (AIC) Closed-End Fund Association (CEFA) rsonal use only Industry average discount, monthly Closed-End Equity Funds - Average discount, weekly 0% 0% -1% -2% -2% -4% -3% -6% -4% -8% -5% -10% -6% -7% -12% -8% -14% -9% -16% -10% Sourc
Slide 24: Discount to NTA
Discount to NTA Dot com bubble, March 2000 to October 2002 (peak to trough) 12% COVID crash, February GFC, November 2007 rsonal use only 2020 to March 2020 8% to March 2009 (peak to trough) (peak to trough) 4% 0% -4% -8% -12% -16% -20% -24% Source: Company data, IRESS 2026 Annual General Meeting 16
Slide 25: Discount to NTA
Discount to NTA -6% rsonal use only At 9 October 2026: -9% AUI -14.3% Discount to Pre-tax NTA AFI -11.9% ARG -15.1% -12% -15% -18% -21% AUI AFI ARG Source: Company data, Weekly NTA ASX announcements, IRESS 2026 Annual General Meeting 17 Australian United Investment Company Limited
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rsonal use only Australian United Investment Company Limited 2026 Annual General Meeting 18
Slide 27: Resolution: Remuneration Report
Resolution 2 Remuneration Report rsonal use only That the Remuneration Report that forms part of the Directors’ Report for the Company for the financial year ended 30 June 2026 be adopted. Proxy and direct votes received prior to the meeting are as follows: For Open Against Abstain 99,169,544 1,255,
Slide 28: Resolution: Election of Mr Mark Freeman
Resolution 3 Election of Mr Mark Freeman rsonal use only That Mr Robert Mark Freeman, having been appointed as a Director of the Company since the last Annual General Meeting and, being eligible, offering himself for election, be elected as a Director of the Company. Proxy and direct votes received
Slide 29: Resolution: Re-election of Mr Fred Grimwade
Resolution 4 Re-election of Mr Fred Grimwade rsonal use only That Mr Frederick Sheppard Grimwade, a Director retiring by rotation in accordance with clause 65 of the Constitution and, being eligible, offering himself for re-election, be re-elected as a Director of the Company. Proxy and direct votes
Slide 30: Resolution: Increase in Non-Executive Directors' Fee Limit
Resolution 5 Increase in Non-Executive Directors’ Fee Limit rsonal use only That, for the purposes of Clause 68.1 of the Constitution and Listing Rule 10.17, the maximum amount that may be paid to Directors as a whole in respect of their services in any year is increased from $800,000 to $1,000,000.
Slide 31: rsonal use only
rsonal use only Australian United Investment Company Limited 2026 Annual General Meeting 23
Australian United Investment Company — Shareholder Meeting (October 2026) on 6ix