Australian Foundation Investment Co. Ltd. · ASX:AFI
Australian Foundation Investment — Investor Presentation (December 2025)
20 slides from Australian Foundation Investment's investor presentation, Dec 1, 2025
Slide 1: NZ Information Meeting – Presentation (ASX cover letter)
1 December 2025 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 For personal use only Electronic Lodgement Australian Foundation Investment Company Limited NZ Information Meeting – Presentation Dear Sir / Madam Please find
Slide 2: NZ Shareholder Meeting December 2025
For personal use only NZ Shareholder Meeting December 2025
Slide 3: Disclaimer
Disclaimer For personal use only Australian Foundation Investment Company Limited and its subsidiary AICS (AFSL 303209), its related entities and each of its respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith.
Slide 4: Managing four funds with different investment objectives
For personal use only Managing four Diversified Australian and Fully franked yield that is Australian and New High conviction portfolio, funds with different New Zealand Equities – higher than that available Zealand small/midcap strong capital growth investment objectives capital and fully franked f
Slide 5: AFIC
AFIC For personal use only Invests predominantly in Australian and New Zealand companies Largest listed investment company on the ASX, 150k shareholders, independent Board of Directors Shareholders own the ‘management rights’ to the portfolio Management expense ratio of 0.16% with no performance fee
Slide 6: Investment Goals - stable to growing dividends over time
Investment Goals - stable to growing dividends over time AFIC’s reserve balance ensures we can pay a consistent dividend even through For personal use only volatile times – full year dividends for the last 7 financial years Cents per share NZ Presentation – December 2025 5
Slide 7: Investment Goals - Attractive Total Returns Over the Long-Term
Investment Goals - Attractive Total Returns Over the Long-Term AFIC NTA vs S&P ASX 200 Accumulation Index For personal use only $10k in AFIC $170k $10k in the Index $148k Past performance may not be indicative of future performance. NZ Presentation – December 2025 6
Slide 8: Long term history of share price relative to NTA
Long term history of share price relative to NTA For personal use only Property 25.0% crash/bank RBA interest rate crisis cutting cycle COVID -19 20.0% Tech crash Post GFC 15.0% RBA i rate cutting 10.0% cycle 5.0% 0.0% -5.0% -10.0% Black Monday Aug 2011 Pre GFC /US credit rating Rising downgraded in
Slide 9: Recent Market Conditions
Recent Market Conditions For personal use only ASX 200 Price Index to 31 October 2025 Sector Performance to 31 October 2025 Source: FactSet NZ Presentation – December 2025 8
Slide 10: Valuation Metrics – Price to Earnings of CBA vs. CSL
Valuation Metrics – Price to Earnings of CBA vs. CSL For personal use only Times Times NZ Presentation – December 2025 Source: FactSet 9
Slide 11: The Gold Price Has Run to All Time Highs
The Gold Price Has Run to All Time Highs For personal use only The gold price has reached record highs, driven by geopolitical uncertainty, Central Bank Buying, rising Government debt, and easing monetary conditions (rate cuts) Price (USD) History shows these moves are often extreme in both directio
Slide 12: Where the market is currently trading against the long term
Where the market is currently trading against the long term For personal use only ASX 200 Index Price Earnings Ratio ASX 200 Index Dividend Yield Source: FactSet NZ Presentation – December 2025 11
Slide 13: A Closer Look at our Investment Approach
A Closer Look at our Investment Approach For personal use only Attributes of a high-quality company that we seek: Why this matters: • Unique assets that are hard to replicate or have an • The presence of these factors drives a Industry leadership position (or developing one) competitive advantage •
Slide 14: AFIC has a diversified portfolio of quality companies
AFIC has a diversified portfolio of quality companies For personal use only Key Portfolio Statistics Top 25 Holdings $10.3b 59 Portfolio Value* Stocks in the Portfolio $8.13 Net Tangible Asset (NTA) Backing Per Share Based on 31 October 2025 Portfolio. NZ Presentation – December 2025 13
Slide 15: Djerriwarrh: Dividend Yield & Share Price to NTA
Djerriwarrh: Dividend Yield & Share Price to NTA – 31 October 2025 For personal use only Yield Share Price Relative to NTA 31 October 2025 Assumes an investor can take full advantage of franking credits. Past performance is not indicative of future performance. NTA: $3.39 Share price: $3.11 NZ Prese
Slide 16: The Djerriwarrh Portfolio consists of high-quality companies
The Djerriwarrh Portfolio consists of high-quality companies across different sectors, with an appropriate balance of Income and Growth For personal use only Key Portfolio Statistics Top 20 Holdings $910m 42 Portfolio Value* Stocks in the Portfolio 45% nil Call Option Exposure Put Option Exposure $3
Slide 17: Mirrabooka: Portfolio Performance & Share Price to NTA
Mirrabooka: Portfolio Performance & Share Price to NTA – 31 October 2025 For personal use only Portfolio Return Share Price Relative to NTA 31 October 2025 NTA: $3.48 Share price: $3.29 NZ Presentation – December 2025 16
Slide 18: Mirrabooka Top Holdings – October 2025
Mirrabooka Top 20 Holdings – 31 October 2025 % of % of For personal use only Company Portfolio Ownership Period Company Portfolio Ownership Period 1 6.8% 8.5 yrs 11 2.0% 2 yrs 2 4.4% 15 yrs 12 1.8% 1 year 3 3.6% 20 yrs 13 1.8% 6 yrs 4 3.1% 14 yrs 14 1.8% 19 yrs 5 2.5% 15 yrs 15 1.7% 10.5 yrs 6 2.4%
Slide 19: Outlook
Outlook For personal use only Low economic growth is providing an increasingly challenging environment for companies to grow earnings. Slowing revenue growth means cost out initiatives increasingly required. In many cases, the valuations of companies with perceived earnings certainty is now at extre
Slide 20: For personal use only
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Australian Foundation Investment Company — Investor Presentation (December 2025) on 6ix