Perpetual Equity Investment Co. Ltd. · ASX:PIC
Perpetual Equity Investment — Shareholder Meeting (October 2025)
29 slides from Perpetual Equity Investment's shareholder meeting presentation, October 2025
Slide 1: 2025 Annual General Meeting Address to Shareholders
2025 ANNUAL GENERAL MEETING ADDRESS TO SHAREHOLDERS
Slide 2: Chairman's Address: FY25 Results Summary
PIC FY2025 ANNUAL GENERAL MEETING Chairman’s Address Nancy Fox AM I would like to begin by acknowledging our fellow longstanding shareholders and welcoming our new shareholders that joined this year. Thank you all for your support in PIC. FY25 Results Summary Starting with the results. In August, we
Slide 3: Chairman's Address: Dividends and Board Changes
dividend payments since the Company’s inception, as well as building a healthy profit reserve and franking account. After the payment of the final dividend, the profit reserve for the Company sits at $67.8 million which provides for 2.2 years dividend coverage assuming a total dividend of 8 cents pe
Slide 4: Chairman's Address: Board Retirement and Governance
Management Limited (PIML) and the need to provide a fulsome transfer of her responsibilities. In anticipation of her retirement, we bid farewell and thank Virginia for bringing over 30 years of experience in financial services and environmental markets, and for her leadership in governance, risk man
Slide 5: Stay informed; Thank you
Please stay informed by visiting the Company’s website for a range of resources and insights. Thank you. Page 4 of 4
Slide 6: Annual General Meeting & Investment Manager Update October 2025
Annual General Meeting & Investment Manager Update 30 October 2025
Slide 7: Important note
Important note This information was prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. PIML is the Manager for the Perpetual Equity Investment Company Limited (Company) (ASX: PIC) ACN 601 406 419. This presentation is in summary form and is not necessarily co
Slide 8: Board of Directors
Perpetual Equity Investment Company Board of Directors From left to right Virginia Malley Non-executive Director Appointed August 2014 Tim Bednall Non-executive Director Appointed May 2025 Nancy Fox AM Chairman Appointed July 2017 Amanda Gillespie (Apted) Executive Director Appointed May 2021 Michae
Slide 9: Today's agenda
Today’s agenda │ Chairman’s address │ Investment Manager’s Update │ Q&A Nancy Fox AM Vince Pezzullo Sean Roger │ Formal voting Chairman PIC Co-Portfolio PIC Co-Portfolio Manager Manager │ Closure 4
Slide 10: Chairman's Address
Chairman’s Address Nancy Fox AM
Slide 11: FY25 results summary
FY25 results summary Net profit $21.7m Net profit after tax Investment 6.5% 2 12.1% p.a. 2 performance 12 months to 30 June 2025 Over 5 years to 30 June 2025 Dividend 8.0 cps 6.6% 3 9.4% 3 Total FY25 fully franked dividend Annual dividend yield Grossed-up dividend yield Source: Perpetual Equity Inve
Slide 12: Well positioned to deliver a reliable income stream
Well positioned to deliver a reliable income stream through all market conditions Fully franked dividends since inception cents per share (cps) $67.8m 2.2 years Profit reserve Dividend coverage 0.5 4.0 4.0 4.0 4.0 3.3 2.8 2.8 2.8 2.5 2.0 3.0 3.1 3.2 2.8 2.8 3.3 4.0 4.0 $9.2m 0.7 year 2.2 Franking ac
Slide 13: Chairman's Address
Chairman’s Address Nancy Fox AM
Slide 14: Asking a question online / by phone
Asking a question online Asking a question by phone Shareholders and non-shareholders Shareholders only Mute your webcast. Click on 'Ask a Question' 1 Click on ‘Ask a Question’ and then 'Go to Web Phone' Select ‘General Business’ or a specific A pop up box will appear with a microphone 2 resolution
Slide 15: Investment Manager Update
Investment Manager Update Vince Pezzullo, PIC Co-Portfolio Manager Head of Australian Equities, Perpetual Asset Management Australia Sean Roger, PIC Co-Portfolio Manager
Slide 16: Market summary
Market summary Profitless stocks in the ASX 300 have annualised return Headline performance masks underlying weakness of -24% p.a. since 2000. Over the past 12 months, the ASX 300 and Small Ordinaries have posted strong gains of +10.8% and +21.5% respectively, but this In the past six months, the ba
Slide 17: Market summary
Market summary • Momentum and passive flows are driving extreme dispersion, Breakdown by Market Cap with share prices often disconnected from fundamentals - 100% creating both risks and selective opportunities. 90% • Valuation gaps are at historic highs, with growth stocks 80% stretched and many qua
Slide 18: Stocks in focus
Stocks in focus Sean Roger - PIC Co-Portfolio Manager Perpetual Asset Management Australia Nick Buisman – Equities Analyst Perpetual Asset Management Australia
Slide 19: Howden Joinery (LON: HWDN)
Howden Joinery (LON: HWDN) Vertically integrated kitchen and joinery product provider • UK listed, market leading specialist trade-only kitchen and joinery supplier. Portfolio • PIC initially took a position in Howden in August 2023. position • Since then, total cumulative return of 20.3%. • Current
Slide 20: Howden Joinery
Howden Joinery FY23/24 market weakness drove earnings and UK Kitchen market currently heavily depressed share price correction • FY25 cyclical low point – PPTe UK kitchen market volumes ~20% below mid cycle Howden Joinery Group PLC - Share Price 10.00 UK kitchen installations (index, 100 is 2007-22
Slide 21: Howden Joinery
Howden Joinery Howden have invested through the down-cycle, whilst competitors have pulled back Capital investment This investment further pressures short term earnings and 160 cyclically depressed margins. 140 120 But has driven material market share gains. 100 Howden is now in a significantly stro
Slide 22: Aspen Group (ASX: APZ)
Aspen Group (ASX: APZ) Leading provider of quality, affordable housing and accommodation • Largest contributor to performance over last 12 months with stock up+110%. Portfolio • Uniquely positioned in a structurally underserved market: position ‒ Core business centers on owning, operating and develo
Slide 23: Aspen Group: Project in Focus – Australind, WA
Aspen Group Project in Focus – Australind, WA • Purchased in May 2025 for $32.5m. Project Summary • Accommodation camp set on 18Ha, 97 Modular dwellings configured as developed by Albemarle for their 386 furnished rooms with ensuite (APZ Kemerton Lithium Plant expansion value at $17m, or ~$45k per d
Slide 24: Aspen Group
Aspen Group Model of acquiring land cheaply and delivering quality We expect this to continue - Company guidance for strong product at an affordable price has driven excellent earnings development settlement growth + exposure to favorable and return outcomes. markets + structural tailwinds, is a com
Slide 25: Investment Manager Update
Investment Manager Update Vince Pezzullo, PIC Co-Portfolio Manager, Head of Australian Equities, Perpetual Asset Management Australia Sean Roger, PIC Co-Portfolio Manager, Perpetual Asset Management Australia
Slide 26: Investment portfolio performance
Investment portfolio performance Delivering long-term performance Since 7 yrs As at 30 September 2025 1 mth 3 mths 1 yr 3 yrs p.a. 5 yrs p.a. inception p.a. p.a. PIC Investment Portfolio1 -2.3% 3.6% 6.1% 10.7% 11.7% 9.3% 9.4% (net of fees, expenses and before tax paid) S&P/ASX 300 -0.7% 5.0% 10.8% 1
Slide 27: Portfolio performance in perspective
Portfolio performance in perspective Delivering long-term performance • PIC utilises Perpetual’s renowned Perpetual Equity Investment Company vs indices quality and value approach. 270 250 • The last decade has been 230 dominated by growth and 210 190 momentum. 170 150 • Nevertheless, PIC has genera
Slide 28: Summary
Summary • Volatility likely to remain over short-medium term. • We remain well diversified in this environment. We continue to look for quality businesses with good growth prospects and that trade at reasonable valuations. • This includes global listed companies if the opportunity in Australia is li
Slide 29: Asking a question online / by phone
Asking a question online Asking a question by phone Shareholders and non-shareholders Shareholders only Mute your webcast. Click on 'Ask a Question' 1 Click on ‘Ask a Question’ and then 'Go to Web Phone' Select ‘General Business’ or a specific A pop up box will appear with a microphone 2 resolution
Perpetual Equity Investment Company — Shareholder Meeting (October 2025) on 6ix