NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Q2 FY26 Earnings Presentation
45 slides from NAOS Ex-50 Opportunities's earnings presentation, Feb 3, 2026
Slide 1: Q2 FY26 Investor Update and Q&A - Presentation Materials
NAOS Ex-50 OPPORTUNITIES COMPANY LIMITED (ASX: NAC) ABN 49 169 448 837 3 February 2026 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 Q2 FY26 Investor Update and Q&A - Presentation Materials For personal use only Please find attached the presentation materials for the Q2 FY26 I
Slide 2: Q2 FY26 Investor Update and Q&A
Click Here to Register Now For personal use only Q2 FY26 Investor Update and Q&A Tuesday 3 February 2026 | 10:30am (AEDT)
Slide 3: Important Information
Important Information This material has been prepared by NAOS Asset Management Limited (ABN 23 107 624 126, AFSL 273529) (NAOS) for general information purposes only and must not be construed as investment advice. It does not constitute an offer to purchase any security or financial product or servi
Slide 4: Acknowledgement of Country
Acknowledgement of Country For personal use only We acknowledge the Traditional Owners of Country throughout Australia and recognise their continuing connection to lands, waters and communities. We pay our respects to Aboriginal and Torres Strait Islander cultures; and to Elders past and present. CO
Slide 5: We are NAOS
We are NAOS Hands-On Investors: Active, long-term investors focused on compounding capital and growing For personal use only dividends. True Alignment: NAOS staff and related entities are among the largest investors across the NAOS LICs. Notably, Sebastian Evans does not own any equities outside the
Slide 6: Portfolio Composition – Emerging Companies
Portfolio Composition – Emerging Companies The NAOS LICs provide exposure to profitable emerging companies with unique moats, often benefiting from structural industry changes together with strong shareholder alignment. For personal use only Industry Exposure Investment type Market Capitalisation Bu
Slide 7: Investment Portfolio Performance Summary
Investment Portfolio Performance Summary For personal use only 1 Year 3 Year 5 Year Inception Q2 FY26 Performance Performance Performance (p.a.) Performance (p.a.) Performance (p.a.) NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NCC Investment Po
Slide 8: CY25–Overview
CY25–Overview Selection of Notable Themes from CY2025 For personal use only Small Ordinaries Index (XSO) +21.8% vs. +5.48% for the ASX-100 Index (XTO), the highest yearly gain since 2009. Small Resources +70.3% compared to just +5.6% for Small Industrials (largest divergence on record & ~18.50%
Slide 9: Q2 FY26 – Commodity Price Appreciation
Q2 FY26 –Commodity Price Appreciation 100% Price Performance of Select Commodities Through CY25 For personal use only 80% 60% 40% 20% 0% Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 -20% -40% Gold Copper Silver Cobalt Source – S&P CONVIC
Slide 10: Q2 FY26 – Outperformers – Mining & Defence
Q2 FY26 – Outperformers – Mining & Defence Price Change % Ticker Name Sector Industry Price Chg. % (2025) (2Q26) For personal use only 4DX 4DMedical Limited Health Care Health Care Technology 718.8% 73.9% EOS Electro Optic Systems Holdings Limited Industrials Aerospace and Defence 629.0% -9.0% LIN L
Slide 11: Q2 FY26 – IPOs Performance in CY25
Q2 FY26 – IPOs Performance in CY25 2025 Statistics For personal use only Capital Raised $3bn across 28 companies. Gemlife Communities (ASX: GLF) – $750m raised at a ~$1.6bn market cap in July Largest IPO 2025. Concentration Mining & Resources companies represented 18 of the 28 IPOs in CY25. Performa
Slide 12: Increasing Demand May Only Make Matters Worse
Increasing Demand May Only Make Matters Worse We are starting to see an increase in demand for skilled workers as the following projects/industries gain momentum, such as: For personal use only Brisbane Olympics; Works for new housing-related programs; Defence and artificial intelligence-rel
Slide 13: Productivity Has Shown No Improvement
Productivity Has Shown No Improvement For personal use only Unit Labour Costs Growth Unit Labour Costs Growth (per hour) 20% 10% 8% 15% 6% 10% 4% Growth (%) Growth (%) 5% 2% 0% 0% 1990 1991 1992 1993 1995 1996 1997 1998 2000 2001 2002 2003 2005 2006 2007 2008 2010 2011 2012 2013 2015 2016 2017 2018
Slide 14: Other Items Worth Monitoring for Rising Inflation
Other Items Worth Monitoring for Rising Inflation Energy Costs For personal use only Government subsidies have already ceased or will likely cease over CY26. Significant demand emerging associated with AI applications. Rising network/distribution costs may also be passed on to end users. I
Slide 15: AUD/USD Strong Performance Over the Past Two Years
AUD/USD Strong Performance Over the Past Two Years AUD/USD - 2 Year Performance 0.7 For personal use only 0.68 0.66 0.64 0.62 0.6 0.58 0.56 0.54 Source – Koyfin, Data as at 27th Jan 2026 CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 14
Slide 16: Sandy Beard and Phillip Christopher
For personal use only Sandy Beard Phillip Christopher Executive Chairman Investment Director CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 15
Slide 17: Education Market Themes for Schoolblazer
For personal use only H A N C O C K & G O R E L I M I T E D ( AS X : H N G) Education Market Themes for Schoolblazer
Slide 18: Schoolblazer Limited
Schoolblazer Limited A technology focused, global school uniform and sportswear provider Hancock & Gore* STRATEGIC REPOSITIONING OF H&G For personal use only Investments Core Strategic Focus - H&G is seeking shareholder approval at its FY25 AGM to change its name to Schoolblazer Group (“SBG”) School
Slide 19: The Generation Shift of Australian School Parents
The Generation Shift of Australian School Parents SECONDARY TRENDS (2026) The Gen X Legacy: In secondary school, Gen X parents still represent ~31% of the market (as of ANNUAL PROPORTION OF PARENT BIRTH COHORTS (SECONDARY FOCUS) 2026). This group often has established brand loyalty but is increasing
Slide 20: Schoolblazer's Innovative Model
Schoolblazer’s Innovative Model Capability aligned with the complex needs of schools, students and parents For personal use only Sustainability Convenience Service Trusted Brands Global Environmental Goals E-commerce model 100% of SB orders Global schoolwear brands: Commitment to delivers direct to
Slide 21: Global Acceleration in Private Education
Global Acceleration in Private Education Growth in private school enrolments is outstripping the government school sector globally. In Schoolblazer Group’s key markets, private school enrolment growth has been c. 6% over the last 5 years vs. 2% in govt. schools Private capital is expanding into glob
Slide 22: Our Global Reach
Our Global Reach For personal use only Region Wholesale Shops Online UK Australia / New Zealand Europe UAE Oman Qatar Kuwait Saudi Arabia China Other Asia Canada Latin America Geographic diversification1 Countries Supplied ROW New Zealand 6% Sourcing Offices UK 54% Operating in 2026 No current plans
Slide 23: Increasing Female Sports Participation
Increasing Female Sports Participation Participation Retention is the primary challenge for Australian sport in 2026. Age Group Rate (At least Key Driver/ Trend Data suggests that health and cultural factors are the leading causes of the For personal use only 1x/week) teenage "drop-off." Driven by S
Slide 24: Limitless Sportswear
Limitless Sportswear THE #1 UK INDEPENDENT SCHOOL SPORTSWEAR BRAND Our goal is to be the leading sports brand for young people. For personal use only INCLUSIVITY Encouraging participation for everyone. We understand that young people are not just scaled down adults: Rapidly growing Softer skin Stret
Slide 25: Built for Sustainable Scale
Built for Sustainable Scale Schoolblazer Group Revenue Metrics Schoolblazer Group has multiple pillars for long term global growth Schoolwear focus Schoolwear 94% Valuable Brands International Growth Markets Other 6% Ownership of globally Established presence in international For personal use only r
Slide 26: NAOS Investee Companies - Q2 FY26 Update
NAOS Investee Companies - Q2 FY26 Update HOLDING TOPIC Q2 UPDATE Investment Summary • Capital light distributor of building materials with significant M&A runway and margin improvement opportunities at near bottom of cycle earnings. For personal use only Key Quarter Event(s) $17m accretive acquisi
Slide 27: NAOS Investee Companies - Q2 FY26 Update
NAOS Investee Companies - Q2 FY26 Update HOLDING TOPIC Q2 UPDATE Investment Summary Value-added medical supplies & equipment distributor with substantial For personal use only growth opportunities in niche markets with high barriers to entry. Key Quarter Event(s) $2m placement sees South African
Slide 28: NAOS Investee Companies - Q2 FY26 Update
NAOS Investee Companies - Q2 FY26 Update HOLDING TOPIC Q2 UPDATE Investment Summary Mission critical pharmaceutical ordering gateway with complimentary For personal use only revenue layering growth opportunities. Key Quarter Event(s) Launch of new Marketplace platform enabling improved order flo
Slide 29: Looking Forward to CY26
Looking Forward to CY26 Delivering revenue growth will have a major impact on company results. For personal use only The above will be majority driven by structural growth trends. We expect further activity regarding mergers, acquisitions & potentially takeovers. Many of our largest investme
Slide 30: Structural Growth Exposure
Structural Growth Exposure Trend / Theme Key Drivers / Rationale Benefiting Companies Population Growth & Demand for new homes + medium/high-density Big River Industries Ltd (ASX: BRI) For personal use only Housing Shortages solutions Urbanise.com Ltd (ASX: UBN) Saunders International Ltd (ASX: SND)
Slide 31: Further Mergers, Acquisitions & Takeovers
Further Mergers, Acquisitions & Takeovers Investee companies positioned for continued growth via M&A: BRI, SND, HNG & COG: Major acquisitions completed in CY25 : Expected material benefits through For personal use only CY26 Ample balance sheet capacity in portfolio: Strategic acquisitions possib
Slide 32: Catalyst Rich 2026
Catalyst Rich 2026 Below is a selection of investee company potential catalysts that could have a significant impact on the performance of investment portfolios throughout CY26: For personal use only Urbanise.com Product Launch with NAB and new product take-up by customers. (ASX: UBN) Big River Indu
Slide 33: Dividends
Dividends NCC Dividend History NAC Dividend History 8.0 7.50 7.50 7.50 7.0 For personal use only 7.00 7.25 7.25 7.25 7.0 6.75 6.00 6.00 6.25 5.75 5.90 5.75 6.0 5.75 5.25 5.25 Cents per Share 6.0 5.00 5.25 Cents per Share 3.75 5.0 4.75 5.0 3.00 4.00 4.0 4.0 3.75 3.0 2.50 3.0 2.00 2.0 3.75 2.0 1.50 1.
Slide 34: Dividend Reinvestment Plan
Dividend Reinvestment Plan Each of the NAOS LICs run a Dividend Reinvestment Plan (DRP). The DRPs are a powerful way to enhance your investment by reinvesting some, or all, of your dividends into additional shares. Key For personal use only features include: • Effortless Way to Increase Shareholding
Slide 35: NAOS Asset Management 1% Pledge
NAOS Asset Management 1% Pledge For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 25
Slide 36: Questions & Answers
Questions & Answers For personal use only Thank you for your ongoing support
Slide 37: Appendix
For personal use only 27 Appendix
Slide 38: Why Invest via a Listed Investment Company (LIC)?
Why Invest via a Listed Investment Company (LIC)? We strongly believe LICs are a highly effective structure to give investors the highest quality exposure to specific asset classes, which in the case of NAOS is emerging businesses. For personal use only A Listed Investment Company structure: • Allow
Slide 39: NAOS Directors and Team
NAOS Directors and Team OUR DIRECTORS For personal use only OUR TEAM CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 29
Slide 40: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 31 December 2025 Directors Shareholding For personal use only 10,000,000 9,486,436 9,000,000 8,000,000 7,000,000 NUMBER OF SHARES 6,000,000 5,000,000 4,607,704 4,000,000 3,397,989 3,000,000 2,026,836 2,000,000
Slide 41: Capital Management Initiatives
Capital Management Initiatives Performance • Maintain a focus on long term performance without deviating from the NAOS investment philosophy. For personal use only • Continue to focus on a growing stream of dividends, franked to the maximum extent possible, whilst maintaining an Dividends adequate r
Slide 42: NAOS ESG Framework
NAOS ESG Framework For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 32
Slide 43: What Qualitative Information Sources Does NAOS Use?
What Qualitative Information Sources Does NAOS Use? The NAOS Investment Team undertakes fundamental analysis on potential and current investments. Some examples of our key focus areas include: For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 33
Slide 44: Reasons Not to Invest with NAOS
Reasons Not to Invest with NAOS Our LICs are not for everyone. Some reasons why you may not choose to invest with NAOS include: For personal use only • Concentrated portfolios (0-15 investments & shareholdings often >20%) • Long-term investment philosophy (5+ years) • Focus on emerging companies ($2
Slide 45: Investor Awareness and Communication
Investor Awareness and Communication For personal use only FOLLOW NAOS Subscribe Now: www.naos.com.au/subscribe CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 35
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