L1 Group Limited · ASX:L1G
L1 — Platinum Investment Management — Non-Deal Roadshow (October 2025)
36 slides from L1's roadshow presentation, October 2025
Slide 1: Platinum Roadshow
Platinum Roadshow October 2025 Platinum Investment Management Limited ABN 25 063 565 006, AFSL 221035
Slide 2: Platinum's values remain unchanged
Platinum’s values remain unchanged We have 4 core beliefs 1 2 3 4 Our strong belief Our focus Our aim of providing A strong that active on preserving investors with attractive performance management capital over the risk-adjusted returns, culture that puts managed by a deeply matters investment hori
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Platinum Investment Management Limited ABN 25 063 565 006, AFSL 221035, trading as Platinum Asset Management (“Platinum”). Platinum is the responsible entity and issuer of units in the Platinum International Fund and Platinum Asia Fund (the "Funds”).
Slide 4: L1 Capital International | Chief Investment Officer
L1 Capital International | Chief Investment Officer David Steinthal David Steinthal • Chief Investment Officer, L1 Capital International – responsible for all Chief Investment Officer investment and business decisions – L1 Capital International • 25+ years’ experience across global equities, investm
Slide 5: Continuity of approach in key areas
Continuity of approach in key areas Aligned across core aspects of the Platinum International Fund (PIF) portfolio Both Old PIF and New PIF focus on bottom-up company research, aiming to deliver double-digit returns while preserving capital Detailed, Active, benchmark fundamentally-driven, agnostic
Slide 6: L1 Capital International track record
L1 Capital International track record Performance objectives L1 Capital International Representative Portfolio (Net of fees Fund Benchmark** Alpha assuming a fee rate of 1.20% p.a.) Seeks to deliver attractive 3 months 2.6 6.1 (3.4) risk-adjusted returns over a medium to long term investment 1 year
Slide 7: Platinum International Fund
Platinum International Fund David Steinthal | Chief Investment Officer, L1 Capital International 8
Slide 8: Investment philosophy
Investment philosophy We have 3 core beliefs 1 2 3 Businesses and industries Businesses must meet Downside risk management must have positive our stringent requirements and capital preservation long-term key drivers for Quality and risk- are central to how we invest adjusted returns Source: L1 Capit
Slide 9: Investment process
Investment process Unique definition of Quality first, then valuation Quality requirement Return requirement Company B Company A High Portfolio Focus on above average quality companies based on assessment of: requirement • Business drivers Return • Industry structure Company C • Management capital a
Slide 10: 'Tools to the trade' often in a 'Noah's Ark' industry structure
'Tools to the trade' often in a 'Noah's Ark' industry structure “During the gold rush, it is a good time to be in the pick and shovel business.” – MARK TWAIN • Leading equipment and • Leading manufacturer of chips for • Hedging/trading of derivatives consumables supplier to the life cloud and AI com
Slide 11: Industry structure, market position and barriers to competition
Industry structure, market position and barriers to competition Equals Pricing Power • Double digit growth in Office 365 subscription prices • Heavy building products prices • Additional pricing for Copilot AI • Strong growth in Prime subscription consistently increased ahead of functionality and Fu
Slide 12: Central Bank rate cutting cycle
Central Bank rate cutting cycle Central Banks have responded to economic uncertainty by cutting interest rates Central Banks globally continue to cut short-term rates Central Bank overnight rates U.S. ECB U.K. Australia Canada N.Z. China Overnight Rate – December 2023 5.32 4.00 5.19 4.35 5.00 5.50 2
Slide 13: Equity markets remain in the grey zone
Equity markets remain in the grey zone No substantial change in longer-term interest rates during 2025 10-year U.S. Treasury Yield (%) 5.5% No more Fed hikes Fed starts easing Big P/E hit (Inflation rebound) 5.0% 4.5% 25bp cut 4.0% 50bp 2 x 25bp Broad P/E expansion cut cut 3.5% (Soft landing) 3.0% B
Slide 14: Current L1 Capital International Representative Portfolio positioning
Current L1 Capital International Representative Portfolio positioning | Diversified by industry, region and company size L1 Capital International Representative Portfolio focused on high quality companies in developed markets in a range of generally capital light, well structured and growing industr
Slide 15: Cloud and AI Capex
Cloud and AI Capex Capex spend to support Artificial Intelligence continues to exceed expectations Data Centre Capex $1,000b $800b $600b $400b $200b $0b 2022 2023 2024 2025 2026 2027 2028 Source: Dell-Oro 16
Slide 16: Example: Booking Holdings
Example: Booking Holdings Dominant European-centric platform well positioned for long-term growth in travel spend • Growing competitive advantages from investments in connected trip capabilities, alternative accommodation, direct customer mix and generative AI • Operating leverage delivering margin
Slide 17: Example: AerCap
Example: AerCap Structural shortage of aircraft driving up asset values and lease rates • Aircraft demand has fully recovered post COVID • Boeing and Airbus continue to have supply chain and production issues • AerCap is selling older aircraft at substantial premium to book value, increasing the res
Slide 18: Outlook
Outlook Economic conditions mixed, domestic and international politics are increasing uncertainty 1 Affluent consumers are doing well, middle O.K., lower socio-economic are 5 Longer-term interest rates have been broadly stable, but remain in the ‘grey zone’ struggling 6 Wide variation in share price
Slide 19: L1 Capital International Representative Portfolio | Performance
L1 Capital International Representative Portfolio | Performance 153.2% Returns of L1 Capital International Representative Portfolio (Net of fees assuming a fee rate of 1.20% p.a.) 150% return net of fees, 125% versus the Benchmark 100% return of 144.2% 75% 50% 25% 0% -25% L1 Capital International (U
Slide 20: Why Asia, why now?
Why Asia, why now? 21
Slide 21: Portfolio Manager | Asia Strategies
Portfolio Manager | Asia Strategies Cameron Robertson Cameron Robertson • 15 years with Platinum Portfolio Manager • Joined Platinum in 2010, focusing on resources and industrials, then the – Asia Strategies technology and communications sectors CFA, BSc Hons (USyd), MAppFin • Appointed co-manager o
Slide 22: Platinum Asian equities overview
Platinum Asian equities overview A 20-year track record of delivering strong absolute returns and invaluable diversification Seeks long-term capital growth by investing in undervalued companies in Asia (excluding Japan) Can hold 30-80 stocks Actively managed currency exposure designed to increase re
Slide 23: Platinum Asia Fund track record
Platinum Asia Fund track record Improved performance after a challenging 2021 – 2023 Platinum Asia Fund – Cumulative and CY Performance (01 January 2019 – 31 July 2025) 70% Cumulative Return 50% 30% 10% -10% Jan-2019 Jan-2020 Jan-2021 Jan-2022 Jan-2023 Jan-2024 Jan-2025 CY2019 CY2020 CY2021 CY2022 C
Slide 24: Platinum Asia Fund
Platinum Asia Fund Cameron Robertson | Portfolio Manager – Asia Strategies 25
Slide 25: Why Asia?
Why Asia? Because Asia offers the potential for attractive returns and diversification benefits for Australian investors A region of Not catching up, unending dynamism leaping ahead • Asia is 45% of global GDP and 60% of • Fifty percent of the world’s AI grads come growth in global GDP from China •
Slide 26: Emerging Markets appear attractive
Emerging Markets appear attractive Investors pay a lot less for growth than they do in Developed Markets Next 12m estimated earnings growth (Consensus) 0% 5% 10% 15% 20% 25% 30% 35% Next 12m P/E Ratio Nifty (India) India 20.2x S&P/ASX200 (Australia) Australia 19.7x S&P500 (USA) S&P500 USA 22.9x SSCS
Slide 27: An investment philosophy suited for Asian markets
An investment philosophy suited for Asian markets Deep research can find sentiment-driven mispricing that creates return for investors 1 Exploit market inefficiencies • Sentiment can push share prices away from 3 Core approach • Distinguish between disruption vs. decline intrinsic value. That create
Slide 28: Target company profile
Target company profile Building a portfolio of companies with a mix of different profiles What we look for Examples • Strong capital allocators with high on capital • TSMC Stable Market • Defensible competitive position • Samsung Leaders • History of stable results • Alibaba • Lower than market risk
Slide 29: Asia 2025: the year so far
Asia 2025: the year so far Bad headlines, positive news Headlines have been poor – tariffs, martial law in Korea, Thai chaos, Indonesian protests • AI boom – Good for Asia generally and highly positive for Korea, China, Taiwan, specifically – for TSMC, SK Hynix, Kuaishou, Alibaba • Tariffs – Limited
Slide 30: Where we're invested in Asia
Where we’re invested in Asia As at end September 2025 China: 46% Taiwan: 10% Korea: 18% HK: 2% ASEAN Includes: Vietnam: 7% India: 3% Indonesia: 6% Major sector allocations Information Technology Health Care Financials Consumer Discretionary Communication Services Industrials 22% 2% 7% 20% 11% 14% So
Slide 31: Kuaishou: Short videos, huge potential
Kuaishou: Short videos, huge potential Core biz: Chinese short video app • 409 million users on the app every day • Using an AI recommendation to drive improved engagement, advertising efficiency and sales conversion Kling AI video generation • Creates high-definition video from text prompts • 20,00
Slide 32: Kling AI
Kling AI 33
Slide 33: Coway: the 'Netflix' of clean living
Coway: the ‘Netflix’ of clean living As wealth increases, health becomes more valuable Coway – South Korean appliances company • Water filters, air purifiers, • 40% market share, 11 million customers • Subscription business model • 30% of revenue from international business. Governance reform pays •
Slide 34: Portfolio snapshot | themes and stocks
Portfolio snapshot | themes and stocks Opportunities across a range of countries, sectors, business models and end markets Tech / AI Consumer Consumer The Home Productivity Financials Healthy Value Chain Goods Services Enablers Living ~22% ~19% ~16% ~13% ~11% ~7% ~3% Source: Platinum. The 26 compani
Slide 35: Outlook
Outlook Pockets of froth, plenty of substance 1 Asia will continue to benefit from AI boom – but some stocks are getting frothy Asia offers investors access to high growth 2 Broad market valuations remain reasonable economies, diverse industries and constant innovation 3 Investors still underexposed
Slide 36: Thank you for your continued support
Thank you for your continued support 39
Platinum Investment Management — Non-Deal Roadshow (October 2025) on 6ix