NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Non-Deal Roadshow (October 2025)
45 slides from NAOS Ex-50 Opportunities's roadshow presentation, Oct 9, 2025
Slide 1: NAOS Investor Roadshow - Presentation Materials
NAOS Ex-50 OPPORTUNITIES COMPANY LIMITED (ASX: NAC) ABN 49 169 448 837 9 October 2025 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 NAOS Investor Roadshow - Presentation Materials For personal use only Please find attached the presentation materials for the NAOS Investor Roads
Slide 2: Investor Roadshow 2025
For personal use only Investor Roadshow 2025 Riding the Volatile Wave of Emerging Companies' Growth
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 respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present. CON
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: FY25 in Review
For personal use only FY25 in Review Let’s Reflect on FY22 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 5 5
Slide 7: FY25 Performance Summary
FY25 Performance Summary Significant improvement in performance in 2H FY25, continuing into FY26. For personal use only Post-BSA event (Feb 2025), NSC portfolio returned +40% to August 2025. FY25 Investment FY26 LIC Portfolio Performance* Performance (YTD**) NCC +5.59% +5.66% NAC +28.92% +5.07%
Slide 8: FY25 Challenges
FY25 Challenges BSA Limited (ASX: BSA) – Unsuccessful re-tender for NBN Co maintenance contract. For personal use only Slower than expected New Zealand economic recovery. Delays in awarding of major Department of Defence contracts. Delayed Australian residential construction recovery. Weak
Slide 9: FY25 Challenges: NZ Quarterly GDP & RBNZ Cash Rate
FY25 Challenges 7.0% 0.1 NZ Quarterly GDP & RBNZ Cash Rate 0.08 For personal use only 6.0% 0.06 5.0% 0.04 Quarterly GDP (%) 0.02 4.0% 0 3.0% -0.02 2.0% -0.04 -0.06 1.0% -0.08 0.0% -0.1 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 202
Slide 10: FY25 Challenges: NZ Mortgage Lending by Repricing
FY25 Challenges NZ - Mortgage Lending by Time Until Next Repricing For personal use only 100% 90% 80% 70% 60% 50% 40% 30% 80% 20% 10% 0% Floating 1 day to 6 months 6 months to 1 year 1 to 2 years 2 years or more Source – RBNZ CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limi
Slide 11: FY25 Positive Events
FY25 Positive Events For personal use only Moderate valuation re-rates before earnings growth (e.g., COG Financial Services Ltd (ASX: COG), XRF Scientific Ltd (ASX: XRF)). Long-term strategies yielding results (e.g., MaxiPARTS Ltd (ASX: MXI), Urbanise Ltd (ASX: UBN), Move Logistics Group Ltd (AS
Slide 12: FY25 Positive Events: COG Key Events
FY25 Positive Events COG Financial Services Ltd (ASX:COG) - Key Events $2.30 For personal use only $2.10 Key Events $1.90 26th March 2025 Board Renewal $1.70 21st & 22nd May 2025 Divestment of EPY & CAF minority investments 2nd Sep 2025 Easi Fleet Acquisition Share Price $1.50 $1.30 $1.10 $0.90 $0.7
Slide 13: Strategic Focus Heading into FY26
Strategic Focus Heading into FY26 Reduced exposure to mature investments as valuations re-rate (e.g., COG). For personal use only Reinvested proceeds into several new core investment opportunities: Bravura Solutions Ltd (ASX: BVS) Pharmx Technologies Ltd (ASX: PHX) XRF Scientific Ltd (ASX:
Slide 14: Riding the Volatile Wave of Emerging Companies' Growth
For personal use only Riding the Volatile Wave of Emerging Companies' Growth CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 13 13
Slide 15: Earnings Growth: Not Always Linear
Earnings Growth: Not Always Linear, Even for High Quality Businesses For personal use only Below is the EPS (CPS) produced each year since FY18 for: PWR Holdings Ltd (ASX: PWH) Reece Ltd (ASX: REH) ARB Corporation Ltd (ASX: ARB) Beacon Lighting Group Ltd (ASX: BLX) Over the past 2-3 year
Slide 16: Valuation Multiples: Equally Variable
Valuation Multiples: Equally Variable The table below presents the year-end price-to-earnings (P/E) ratios for the same four businesses. For personal use only P/E ratios often track EPS but can diverge based on market sentiment. Examples of this: BLX – P/E has almost tripled from FY23-FY25 eve
Slide 17: Result: Unpredictable Share Price Movements
Result: Unpredictable Share Price Movements The two prior variables result in the final share price for each financial year, as shown below: For personal use only Stock FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 PWH 2.66 4.12 4.49 7.09 6.32 8.67 10.98 6.93 REH 12.65 9.76 9.19 23.61 13.78 18.57 25.17 14
Slide 18: Structural Challenges or Cyclical Opportunities?
Structural Challenges or Cyclical Opportunities? For personal use only Investment & relocation into a significantly larger manufacturing facility. PWH Ongoing effort to secure a defence-related contract from the US Department of Defence. Negative earnings growth in the US division due to macro
Slide 19: We've Seen This Pattern Before
We've Seen This Pattern Before Supply Network Ltd (ASX: SNL) – Significant network investment (new stores + DC) reduced short-term For personal use only profitability (FY16–FY19). Service Stream Ltd (ASX: SSM) – Fixed-cost contract issues impacted performance (FY20–FY21). Objective Corporation
Slide 20: Points of Interest Post FY25 Reporting Season
For personal use only Points of Interest Post FY25 Reporting Season Let’s Reflect on FY22 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 19 19
Slide 21: Supportive Domestic Macro Environment
Supportive Domestic Macro Environment For personal use only Labour Access – Improving as immigration rebounds and major projects conclude. Access to Capital – Debt and equity readily available for quality opportunities. Political Stability – Encourages investment in long-lead time projects.
Slide 22: Supportive Domestic Macro Environment: Inflation
For personal use only Inflation (%) 0 1 2 3 4 5 6 7 8 9 -1 Mar-16 Jun-16 Sep-16 Source –S&P Capital IQ Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited Mar-20 Jun-20 Sep-20 Dec-20
Slide 23: Supportive Domestic Macro Environment: RBA Cash Rate Futures
Supportive Domestic Macro Environment RBA Cash Rate Futures For personal use only 3.7% 3.6% 3.5% 3.4% Cash Rate 3.3% 3.2% 3.1% 3.0% 2.9% Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Cash Rate Futures - Implied Rate Offical RBA Cash Rate Source – RBA, ANZ
Slide 24: Mergers & Acquisitions
Mergers & Acquisitions For personal use only More private businesses seeking exits after 3-5 years of flat or negative earnings. Succession issues particularly baby boomer owners. Numerous private equity-owned businesses will require new ownership over the next 12-24 months. Premium public m
Slide 25: New Zealand Economic Recovery
New Zealand Economic Recovery Majority of mortgages rolling to lower interest rates by end-CY25. For personal use only Net migration is finally increasing after 2-3 years of outflows. Rising dwelling consents (from a low base). Higher farmgate milk prices (35% of total exports) vs. 2023-24.
Slide 26: New Zealand Economic Recovery: Export Commodity Prices
For personal use only Index Price 50 0 100 150 200 250 300 350 400 450 Jan 2000 Source – RBNZ Oct 2000 Jul 2001 Apr 2002 Jan 2003 Oct 2003 Jul 2004 Apr 2005 Jan 2006 Oct 2006 Jul 2007 Apr 2008 Jan 2009 Oct 2009 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited Jul 2010 Fo
Slide 27: New Zealand Economic Recovery: Business Investment Intentions
New Zealand Economic Recovery Business Investment Intentions and Ease of Getting Credit In 12 Months For personal use only 40 20 0 Net % Change -20 -40 -60 -80 Investment intentions Ease of credit Source – RBNZ CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 26 26
Slide 28: The AI Revolution: Opportunities and Risks
The AI Revolution: Opportunities and Risks Artificial intelligence is expected to transform businesses over the next one to five years. For personal use only Immediate evidence: Customer support & success: Automation of repetitive tasks Engineering teams: AI-assisted coding enables more with les
Slide 29: The AI Revolution: Reskilling Employees
The AI Revolution % of Respondents Reskilling Employees Due To AI Use For personal use only % of Company Workforce To Be Reskilled Due To AI >50% 20-50% 6-20% 0-5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% % of Survey Respondants Next 3 Years Last 12 Months Source – McKinsey & Company CONVICTION. LO
Slide 30: The AI Revolution: Expected Change in Employees
The AI Revolution Expected Change In # of Company Employees Due To AI For personal use only Don’t Know/NA Change In Employee #s Due To AI Increase By >20% Increase By 3-20% No Change Decrease by 3-20% Decrease by >20% 0% 5% 10% 15% 20% 25% 30% 35% 40% % of Survey Respondents Next 3 Years Source – Mc
Slide 31: Outlook
For personal use only Outlook CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 30 30
Slide 32: Constructive Outlook for the Next 6-24 months
Constructive Outlook for the Next 6-24 months For personal use only Previous strategic investment starting to pay dividends for many emerging companies. Favorable domestic macro environment for revenue/earnings growth. Strong structural industrial tailwinds for most of our investments. Solid
Slide 33: Significant Catalysts Expected to Occur in FY26
Significant Catalysts Expected to Occur in FY26 UBN NAB product launch and first client onboarding. For personal use only MOV Profitability as per guidance with organic revenue growth. SND Secures multiple contracts associated with Department of Defence assets. BRI Return to revenue and profit growt
Slide 34: Examples of New Core Investments
For personal use only Examples of New Core Investments CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 33 33
Slide 35: Bravura Solutions Ltd
Bravura Solutions Ltd (ASX: BVS) BVS operates mission-critical software for regulated financial industries. For personal use only Long-term client relationships. High-profile Constellation Software Inc. (TSXV: CSU) ‘alumni’ now involved with BVS. CSU, a decentralised serial acquirer of verti
Slide 36: Bravura Solutions Ltd: Constellation Software Link
Bravura Solutions Ltd (ASX: BVS) In December 2023, Constellation Software Inc. (TSXV: CSU). announced the retirement of Dexter Salna. He joined the BVS Board as a Non-Executive Director in November 2024. For personal use only “ In 1995, Dexter Salna was one of the original employees of Constellation
Slide 37: Bravura Solutions Ltd: Constellation Software 2006 vs 2025
Bravura Solutions Ltd (ASX: BVS) Constellation Software Inc. (TSXV: CSU) 2006 vs 2025 $12,000 $10,996 For personal use only $10,000 ~33% share price compound $8,000 annual growth rate since IPO Canadian Dollars $ $6,000 ~26% compound annual growth in net income with no growth in shares on issue $4,0
Slide 38: Bravura Solutions: Operational Improvement Journey
Bravura Solutions Ltd (ASX: BVS) Bravura Solutions Ltd (ASX: BVS) - Operational Improvement Journey $70 25% For personal use only $60.0 $60 20% $50 $43.8 15% Underlying Cash EBITDA $m $40 Cash EBITDA margin (%) $30 10% $20 $10.0 5% $10 $0 0% FY23 FY24 FY25 FY26* -$10 -5% -$20 -10% -$30 -$27.8 -$40 -
Slide 39: Pharmx Technologies Ltd
Pharmx Technologies Ltd (ASX: PHX) Pharmx Technologies operates a critical electronic data interchange (EDI) network for ANZ pharmacies, For personal use only processing 99% of transactions (~$23bn across 7,000 pharmacies). Leveraging its supply chain visibility, Pharmx is creating value across
Slide 40: XRF Scientific Ltd
XRF Scientific Ltd (ASX: XRF) XRF Scientific manufactures equipment and chemicals for sample preparation in mining & industrial labs; headquartered in Perth with global offices and distributors. For personal use only Operates three segments: capital equipment, consumables and precious metals - a
Slide 41: XRF Scientific Ltd
XRF Scientific Ltd (ASX: XRF) For personal use only Source – Company CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 40 40
Slide 42: Notable Director Past/Present Experiences
Notable Director Past/Present Experiences John Dwyer Tony Robinson Darc Rasmussen Andrew Bellamy Vincent De Santis Alexander Mellis Dexter Salna (ASX: COG) (ASX: COG) (ASX: UBN) (ASX: SND) (ASX: MXI) (ASX: PHX) (ASX: BVS) For personal use only Former Co-founder Non-Executive Former Managing Former C
Slide 43: Patient and Active Involvement
Patient and Active Involvement At NAOS, we are often the largest shareholder in the businesses, hence work collaboratively with the investee companies, and at times we will seek board representation, either via an independent or a non-independent representative. For personal use only This approa
Slide 44: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 30 September 2025 Directors Shareholding For personal use only 10,000,000 9,368,860 NUMBER OF SHARES 8,000,000 6,000,000 4,592,544 4,000,000 3,283,598 2,026,836 2,000,000 837,958 1,007,288 0 NCC NAC NSC CONVIC
Slide 45: Questions & Answers
Questions & Answers For personal use only Thank you for your ongoing support
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