Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2025)
23 slides from Mirrabooka Investments's shareholder meeting presentation, October 2025
Slide 1: Annual General Meeting Presentation
Annual General Meeting Presentation October 2025
Slide 2: Disclaimer
Disclaimer Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, n
Slide 3: Our Purpose and Approach
Our Purpose and Approach
Slide 4: Our Investment Approach
Our Investment Approach What We Look For When Investing Business Financial Quality Strength Attractive, sustainable return Balance sheet providing resilience Management Act like a substantial shareholder, and often are on capital prospects and reinvestment potential No impediments to Returns support
Slide 5: Mirrabooka's Record Sees it Well Supported in the Market
Mirrabooka’s Record Sees it Well Supported in the Market – Share Price Premium/Discount to NTA 9
Slide 6: Financial Year in Summary
Financial Year in Summary
Slide 7: Full-Year Result Summary
2025 $7.9m $10.7m in 2024 1 | . 4 % Including franking* Combined S&P/ASX 200 Small O1 ies and M Cap ccumulation Index including franking* 1 ‘ MIRRABOOKA Inveriments Limited 2025 6.5¢.4 11.0¢... 13.0 cents total in 2024, including a 2.5 cent special dividend
Slide 8: Portfolio Performance
Portfolio Performance
Slide 9: Equity Market Structure Has Changed – Mirrabooka Has Not
Equity Market Structure Has Changed – Mirrabooka Has Not 1 July 2021 – Your Future Your Super Performance Test introduced. Redefined risk assessment for equity funds management industry. Super funds called out for underperformance – loss of ability to accept flows if it persists. Industry response •
Slide 10: Mirrabooka Portfolio Performance – Per Annum Returns to August 2025
Mirrabooka Portfolio Performance – Per Annum Returns to 31 August 2025* * Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculate after management fees, income tax and capital gains tax on realised sales of investments. It should be noted
Slide 11: Factors Behind 1 Year Portfolio Underperformance
Factors Behind 1 Year Portfolio Underperformance Portfolio performance factors Material positive contributors (+6.2%) Material negative contributors (-10.3%) Non portfolio performance factors (-3.8%) Gold stocks not owned (-3.7%) CGT not yet paid out as franking -1.7% Capital raising dilution -1.6%
Slide 12: Our Confidence in the Long Term Portfolio Outlook Remains Strong
Our Confidence in the Long Term Portfolio Outlook Remains Strong Despite our recent underperformance, we retain long term confidence in the portfolio, as: We’ve seen similar cycles before: • our relative performance rebounded; and • buoyant resource stocks that we didn’t own proved cyclical. Our tra
Slide 13: We Have Seen These Cycles Before
We Have Seen These Cycles Before August 2025 is the fifth time since inception that Mirrabooka has fallen <10% behind its benchmark indices over 12 months. The most common factors in these instances were: Buoyant equity markets Mid and small resource Cycling an Mirrabooka holding – with Mirrabooka l
Slide 14: We Have Seen These Cycles Before
We Have Seen These Cycles Before Prior periods where Mirrabooka underperformed its benchmark by >10% over 12 months Buoyant Resources MIR Cycling Strong MIR Holding Subsequent 3-year 12 months to: Market? Outperforming? Outperformance? Elevated Cash? Relative Performance? Mar 06 +6.6% pa Dec 16 +0.7
Slide 15: Why are we structurally underweight resources stocks?
Why are we structurally underweight resources stocks? Small Resources Accumulation Mid Cap 50 Resources Accumulation 12000 30000 10000 25000 8000 20000 6000 15000 4000 10000 2000 5000 0 0 Feb-95 Feb-00 Feb-05 Feb-10 Feb-15 Feb-20 Feb-25 May-96 Aug-97 Nov-98 May-01 Aug-02 Nov-03 May-06 Aug-07 Nov-08
Slide 16: Our Transactions Have Continued to Add Value
Our Transactions Have Continued to Add Value Transactions – 1 year to 31 August 25 Transactions – 3 years to 31 August 25 $169 mil purchases +$19 mil (including divs) $398 mil purchases +$86 mil (inc divs) $175 mil sales -$14 mil (including divs) $380 mil sales -$63 mil (inc divs) +$5 mil net value
Slide 17: Reporting Season Strategic Updates on Key Stocks Were Encouraging
Reporting Season Strategic Updates on Key Stocks Were Encouraging Data centre expansion on time and on budget US acquisition reached profitability before expectations Now only 12 months away ARB product pull through benefit to come Demand/supply dynamic strengthening Have never enjoyed a stronger ma
Slide 18: Reporting Season Strategic Updates on Key Stocks Were Encouraging
Reporting Season Strategic Updates on Key Stocks Were Encouraging Advertising monetisation strategy starting to take shape Supply chain being de-risked in response to tariffs Product expansions (pets, elderly) to improve customer Continuing to methodically expand into large global retention markets
Slide 19: The Mirrabooka Portfolio and its Outlook
The Mirrabooka Portfolio and its Outlook
Slide 20: Mirrabooka Top 20 Holdings – 31 August 2025
Mirrabooka Top 20 Holdings – 31 August 2025 % of % of Company Portfolio Ownership Period Company Portfolio Ownership Period 1 6.1% 8.5 yrs 2.2% 2 yrs 11 2 4.6% 15 yrs 12* 2.2% 10 yrs 3* 3.4% 14 yrs 13 2.1% 20 yrs 4 3.3% 19.5 yrs 14 1.9% 2 yrs 5* 2.8% 5.5 yrs 15 1.9% 6 yrs 6 2.6% 1.5 years 16 1.9% 3.
Slide 21: Outlook
Outlook We continue to hold no edge in predicting markets, macroeconomic trends, political developments. But can make the following fundamental observations: • It’s currently challenging to find investments in quality companies with a compelling risk adjusted return outlook. • There are plenty of sp
Slide 22: Interesting New Stocks in the Portfolio
Interesting New Stocks in the Portfolio 26
Slide 23: Mirrabooka Investments Limited
x ¢- MIRRABOOKA * Investments Limited
Mirrabooka Investments — Shareholder Meeting (October 2025) on 6ix