NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Q3 FY26 Earnings Presentation
46 slides from NAOS Ex-50 Opportunities's earnings presentation, Apr 30, 2026
Slide 1: Q3 FY26 Investor Update and Q&A - Presentation Materials
NAOS Ex-50 OPPORTUNITIES COMPANY LIMITED (ASX: NAC) ABN 49 169 448 837 30 April 2026 ASX Market Announcements ASX Limited Level 27, 39 Martin Place Sydney NSW 2000 Q3 FY26 Investor Update and Q&A - Presentation Materials For personal use only Please find attached the presentation materials for the Q3
Slide 2: Q3 FY26 Investor Update and Q&A
Click Here to Register Now For personal use only Q3 FY26 Investor Update and Q&A Thursday 30 April 2026 | 10:30 am AEST
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 Q3 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: The Rising Wall of Uncertainty
The Rising Wall of Uncertainty For personal use only Q3 FY26 was characterised by a renewed bout of downside share price volatility, underpinned by the following concerns: SaaSpocalypse Rising Inflation Rising Interest Rates Middle East Conflict Falling Productivity & Worsening Federal Bal
Slide 9: SaaSpocalypse Explained
SaaSpocalypse Explained The rapid pace of Artificial Intelligence (AI) improvements has given cause for concern that AI will (at the very least) lead to demand degradation and loss of pricing power for many software businesses. For personal use only Given that many software businesses were being
Slide 10: SaaSpocalypse vs A.I.
SaaSpocalypse vs A.I. As an interesting side note to the SaaSpocalypse is the exponential growth in AI token usage in conjunction with the ever-increasing ability of AI to undertake challenging tasks. For personal use only Will the ROI from the output continue to justify the cost profile? Are th
Slide 11: SaaSpocalypse – What it Means for NAOS
SaaSpocalypse –What it Means for NAOS Data Ownership – SaaS (Software-as-a-Service) businesses that own or hold proprietary/sensitive data and are deeply embedded in customer workflows will be far less impacted by AI. Examples include: For personal use only payment processors/billing engines, ente
Slide 12: Middle East Conflict - Oil Price & Supply Volatility
Middle East Conflict - Oil Price & Supply Volatility Since the start of the conflict, ~15-20% of the world’s oil supply has been significantly restricted. This has seen a price increase in products that use crude oil as a main input, particularly diesel. For personal use only Second-order effe
Slide 13: Potential Implications for NAOS Investments
Potential Implications for NAOS Investments Activity Levels – Businesses across numerous industries will seek to reduce short-term costs wherever possible, with examples such as deferring maintenance programs & capital expenditure decisions, For personal use only limiting manufacturing and reducin
Slide 14: Potential Implications for NAOS Investments
Potential Implications for NAOS Investments Australian Consumer Confidence 130 For personal use only 120 Consumer Confidence Score 110 100 90 80 70 Australian Consumer Confidence Source – Westpac CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 13
Slide 15: Middle East Conflict - Oil Price & Supply Volatility
Middle East Conflict - Oil Price & Supply Volatility % Decrease in FY27 EBITDA from Change in Diesel For personal use only CRN WHC IGO A1M NHC MIN AMI FMG PLS S32 PDN BHP AA CSC RIO 29M NST SFR AIS NEM LYC EVN BOE 0% 0% -1% -1% -2% -2% -2% -1% -2% -2% -2% -2% -2% -2% -2% -2% -2% -3% -3% -4% -6% % Ch
Slide 16: Rising Inflation & Interest Rates
Rising Inflation & Interest Rates The domestic interest rate easing cycle was short-lived, lasting just 6 months, with interest-rate increases in February and March reversing roughly two-thirds of the earlier cuts. For personal use only Some believe rates may increase by a further 75bps, which w
Slide 17: Rising Inflation & Interest Rates
Rising Inflation & Interest Rates Contributions to GDP Growth - Year Ended December 2025 3% For personal use only 2% 1% 0% GDP Household Dwelling Business Public Public Change in Exports Imports consumption Investment Investment Consumption Investment Inventories -1% -2% Source – RBA CONVICTION. LON
Slide 18: Potential Implications for NAOS Investments
Potential Implications for NAOS Investments Structural Cost Inflation Becoming a Significant Headwind For personal use only Rental Increases – Businesses with large leasehold property portfolios will face continued rental increases above GDP growth, which will add pressure to margins. Wages In
Slide 19: Reasons for Long-Term Optimism
Reasons for Long-Term Optimism Demand – The demand backdrop in the longer term remains constructive, especially in industries where a structural setup forces long-term revenue growth, e.g., housing supply shortages and healthcare with For personal use only an ageing population. Valuations – FY26
Slide 20: Reasons for Long-Term Optimism
Reasons for Long-Term Optimism Extreme Greed Fear & Greed Index – Demand for Equities For personal use only 90 80 70 60 50 Index 40 30 20 10 Extreme Fear 0 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 Jan 2026 Feb 2026 Mar 2026 Apr 2026 Source – CNN CONVICTION. LO
Slide 21: Mr. Ryan O’Hare, Non-Executive Chairman
For personal use only Mr. Ryan O’Hare Non - Executive Chairman CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 20
Slide 22: Comms Group Limited – NAOS April 2026
For personal use only NAOS Investor Presentation 30 April 2026 COMMS G ROUP LIMITE D ( ASX : CCG ) This document has been approved by the Board of Comms Group Limited www. co m m sg ro up . l i m it e d
Slide 23: Disclaimer
Disclaimer The material in this presentation is a summary of Comms Group Limited’s (CCG) To the maximum extent permitted by law, neither CCG nor its related corporations, activities and results and is current at the date of this presentation. Further details Directors, officers, employees or agents,
Slide 24: Operating Businesses
Operating Businesses For personal use only Global & Wholesale Communications & Secure Managed Unified Collaboration IT Solutions Communications Servicing enterprise Full-service telco Award-winning and wholesale service provider to Managed IT & Cloud customers globally, Australian Small and Services
Slide 25: Global Network
• Asia Pacific licences & coverage 95% complete Global Network • • Select Europe & ROW licences in progress Differentiate with local telco licences in key markets enabling compliant PSTN replacement • Expanding go-to-market channels, including new carrier partners For personal use only 15 SuperPoP L
Slide 26: 1H FY26 Financial Highlights
1H FY26 Financial Highlights For personal use only Underlying Underlying Underlying Operating Total Revenue1 Gross Profit EBITDA2 NPATA Cashflow Up 39.2% on PCP Up 36.6% on PCP Up 87.3% on PCP Up ~100% on PCP Up 4% on PCP to $37.6M to $17.8M to $4.5M to $1.8M to $2.4M Maintain revenue guidance of Hi
Slide 27: Continued strong new business performance in 1H FY26
Continued strong new business performance in 1H FY26 New Sales Performance with $5.4m in new ARR1 of sales contracts 12.0 • Strong levels of new sales performance continued For personal use only 10.4 into 1st half FY26. 10.0 1.9 • Pleasingly a strong level of new sales across all 8.0 divisions. 7.0
Slide 28: Capital Management Framework
Capital Management Framework Our capital management priorities For personal use only Strong balance sheet supported by Ensure the business has sufficient liquidity to operate in all 01 disciplined liquidity and risk controls operating environments Reduce debt post the TasmaNet acquisition Reducing d
Slide 29: 1H FY26 Key Highlights
Comms Group delivered strong organic revenue 1H FY26 Key Highlights growth and EBITDA performance Total revenue $37.6m, an increase of +39% in 1H FY26 For personal use only • Global & Wholesale division demonstrating strong organic revenue growth • Services and recurring revenue maintained at >90%
Slide 30: NAOS Investee Companies – Q3 FY26 Update
NAOS Investee Companies – Q3 FY26 Update HOLDING TOPIC Q3 UPDATE Investment Summary • Next generation UK school uniform retailer + implementing best practices and For personal use only strategic transformation in AU & other global markets. Key Quarter Event(s) • Strategic repositioning of parent com
Slide 31: NAOS Investee Companies – Q3 FY26 Update
NAOS Investee Companies – Q3 FY26 Update HOLDING TOPIC Q3 UPDATE Investment Summary • NZ freight & logistics company offering a viable alternative to the leading incumbent. For personal use only • Operational turnaround largely complete. Significant earnings leverage to an improving NZ economy. Key
Slide 32: NAOS Investee Companies – Q3 FY26 Update
NAOS Investee Companies – Q3 FY26 Update HOLDING TOPIC Q3 UPDATE Investment Summary • AI Factory positioned to be ‘best of breed’ in APAC, backed by strong strategic partnerships. For personal use only • Multi-year demand/supply imbalance underpins strong industry tailwinds. Key Quarter Event(s) • S
Slide 33: Looking Forward – Remainder of CY26
Looking Forward – Remainder of CY26 The near-term outlook for revenue growth is more uncertain than it was in Q2 FY26. For personal use only Businesses will be embarking on more radical initiatives to protect and grow margins. We continue to expect elevated levels of merger, acquisition and po
Slide 34: 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 35: 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 36: NAOS Asset Management 1% Pledge
NAOS Asset Management 1% Pledge For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 35
Slide 37: Questions & Answers
Questions & Answers For personal use only Thank you for your ongoing support
Slide 38: Appendix
For personal use only 37 Appendix
Slide 39: Dividends
Dividends For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Limited 38
Slide 40: 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 41: 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 40
Slide 42: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 31 March Directors Shareholding For personal use only 9,501,436 NUMBER OF SHARES 4,630,613 3,417,673 2,026,836 837,958 1,007,288 NCC NAC NSC Directors' shareholdings have significantly increased since the in
Slide 43: 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 44: 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 43
Slide 45: 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 46: 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 45
NAOS Ex-50 Opportunities Company — Q3 FY26 Earnings Presentation on 6ix