Ryder Capital Ltd. · ASX:RYD
Ryder Capital — Shareholder Meeting (October 2025)
30 slides from Ryder Capital's shareholder meeting presentation, Oct 15, 2025
Slide 1: 2025 Annual General Meeting – Chairman's Address
15 October 2025 Market Announcements Platform Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000 2025 Annual General Meeting – Chairman’s Address Please find attached the Chairman’s address for Ryder Capital Limited’s Annual General For personal use only Meeting to be held at 9 am today
Slide 2: Chairman's Address
2025 Annual General Meeting – Chairman’s Address On behalf of the Board, I would like to welcome all Ryder Capital Limited (Ryder or Company) shareholders and other visitors present here today to our Annual General Meeting. As we have a quorum, I now declare the Annual General Meeting open. My name
Slide 3: Chairman's Address (continued)
The Company’s profit reserve also rose from $4.8m to $7.0m taking total distributable profits to $38.7m, equivalent to $0.48 per share. Dividends paid during the year totalled 9.5 cents per share fully franked. Over the course of FY25, the Company bought back approximately 1.64m shares net of the DR
Slide 4: Chairman's Address (continued)
errors made, lessons learnt, and the subsequent improvements made to our team, process and risk management framework. These changes combined with a more buoyant small cap market have assisted in repairing our long-term returns over the last few years. I am also pleased to report that the Board, with
Slide 5: Share Price Discount, Liquidity and Outlook
Share Price Discount and Liquidity The Board has held the view that any sustained improvement to trading liquidity and share price discount to NTA would only be possible with strong and consistent investment performance. Ryder’s investment performance has been strong and consistent, and meaningfully
Slide 6: A value focused, high-conviction equities manager – 2025 AGM
For personal use only A value focused, high-conviction equities manager ASX:RYD – 2025 Annual General Meeting 15 October 2025 1
Slide 7: Disclaimer
Disclaimer Ryder Capital Limited, Ryder Investment Management Pty Limited (“Ryder”) and their related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared For personal use only the information contained in these materials in good faith. However
Slide 8: FY25 Overview
FY25 Overview For personal use only Fully Franked Share Price Share Price Return Dividends Paid $1.30 24.00% 9.5 cents per share (up from $1.125) (incl 9.5 cent ff div) (up from 8.25 cps) NTA Per Share Discount to NTA Return $1.6272 Pre-Tax NTA 27.50% (up from $1.3875) 20.11% FY2025 AGM Presentation
Slide 9: Contributors to FY25 Performance
Contributors to FY25 Performance For personal use only Contribution to Gain in Loss in Detraction to Investment Portfolio Return Investment Value ($) Value ($) Portfolio Return (%) (%) 8,359,136 7.69% -2,183,599 -2.25% 6,931,970 6.51% -1,257,860 -1.28% 6,338,616 6.76% -814,803 -0.73% 4,219,611 3.69%
Slide 10: FY25 Activity
FY25 Activity For personal use only New Purchases Additions Reductions Exits FY2025 AGM Presentation 5
Slide 11: Relative NTA Performance Since Ryder ASX Listing
Relative NTA Performance Since Ryder ASX Listing For personal use only Annualised returns since inception (September 2015 to June 2025) 6th in 2024 to 3rd in 2025 14% 12% 10% Annualised NTA Return (%p.a.) 8% 6% 4% 2% 0% -2% -4% -6% NSC NCC CDM NAC GC1 CAM PMC WAA PIA IBC ALI PAI DJW CIN FGX BKI FGG
Slide 12: Dividends
Dividends Policy to pay steady to increasing fully franked dividends over time For personal use only Dividends Declared (Cents per Share) 11 10 10 9 Dividend Cents (Cents per Share) 9 8 7 7.25 7 7 6 5 5.5 5 5 4 4.5 4.25 4 4 4 4 3 3 3 3 3 3 3 2 2 2 1 1 1 0 1H18 2H18 FY18 1H19 2H19 FY19 1H20 2H20 FY20
Slide 13: Key Details as at September 2025
Key Details as at 30 September 2025 For personal use only Share Price Discount to $1.63 Dividend Yield Pre-Tax NTA (from $1. 30 + 5.5 cps at 6.13% FF 30 June) 19% Distributable Profits Gross Assets NTA Return ~$0.51 w/ ~$0.34 per $166.40m Q1 + 27.91% share fully frankable 1 Yr + 44.76% FY2025 AGM Pr
Slide 14: 1-Year Relative NTA Performance to September 30th
1-Year Relative NTA Performance to September 30th 50% For personal use only 40% 30% 20% 10% 0% -10% -20% NSC FSI AMH ECL ECP DJW AFI CAM WAR SB2 WMA WLE PIC IBC MIR BKI WAX DUI ARG FGX WHF PL8 AUI TOP CDM BTI GC1 WAM CIN NCC SEC KAT WMI NGE ACQ WAA SNC OPH RYD 1. Annualised returns are calculated du
Slide 15: Contributors to September 2025 Quarterly Performance
Contributors to September 2025 Quarterly Performance For personal use only Gain in Contribution to Loss in Detraction from Investment Investment Value ($) Portfolio Return (%) Value ($) Portfolio Return (%) $10,212,037 8.24% -$602,554 -0.37% $4,524,484 2.86% -$339,394 -0.17% $4,204,229 3.60% -$238,9
Slide 16: Small Cap Underperformance turns to Outperformance
Small Cap Underperformance turns to Outperformance Rolling 3 Year Performance – All Ords (Acc) vs Small Industrials (Acc) For personal use only Higher = smalls Outperforming, Lower = Smalls Underperforming 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% Data Source: Bloomberg FY2025 AGM Presentation 11
Slide 17: Comparative NTA Performance Since Inception
Comparative NTA Performance Since Inception 16.00% For personal use only 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% NSC NCC CDM GC1 CAM NAC PMC PIA IBC ALI CIN WAA DJW BKI AMH GVF PIC FGG FGX WAM FSI WAX WHF AFI SNC ARG KAT ACQ TOP MIR AUI DUI RYD PGF MFF -2.00% -4.00% -6.00% 1. Annualised r
Slide 18: RYD Performance
RYD Performance Investment Performance of $100,000 Since Inception to 30 September 2025 For personal use only $410,000 $370,374 $370,000 $330,000 $290,000 $251,555 $250,000 $220,295 $210,000 $170,000 $130,000 $90,000 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21
Slide 19: Ryder Share Price Premium / Discount to NTA Since Inception
For personal use only $1.10 $1.90 $1.30 $1.50 $0.90 $1.70 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Discount to NTA Mar-18 1. Share Price data provided by Bloomberg, NTA data sourced internally May-18 Jul-18 Sep-18 2. Discount is calcula
Slide 20: Top Holdings at September
Top 10 Holdings at 30 September For personal use only Ticker Name 30 Sep 2025 Weight Portfolio Asset Allocation BCI BCI Minerals Ltd 15.05% MAH Macmahon Holdings Ltd 8.23% Cash LDX Lumos Diagnostics Holdings Ltd 7.47% 13.36% CUP Count Ltd 6.23% Equities CCL Cuscal Ltd 5.17% 86.64% C79 Chrysos Corpor
Slide 21: Dividend Policy Update
Dividend Policy Update For personal use only Ryder’s Dividend Policy has been updated as follows: • Ryder will move to quarterly dividend payments, effective for the December 2025 quarter, with the first payment to be declared and paid in January 2026, followed by payments in April, July, and Octobe
Slide 22: Case Studies: Top Holdings
For personal use only Case Studies: Top 3 Holdings FY2025 AGM Presentation 17 17
Slide 23: BCI Minerals
BCI Minerals (ASX: BCI) BCI Minerals Limited (BCI) is the 100% owner of the Mardie project, a globally For personal use only significant Tier 1 solar evaporation salt and sulphate of potash (SOP) project located in the Pilbara region of WA. Once complete, Mardie will be Australia’s largest solar sal
Slide 24: BCI Share Price Performance & Developments
BCI Minerals (ASX: BCI) BCI Share Price Performance & Developments Construction is well progressed with the salt component of the project at 69% For personal use only completion as at June. $0.70 The project is fully funded with all approvals in place and offtakes in place with tier- FID/Fully Funde
Slide 25: Lumos Diagnostics
Lumos Diagnostics (ASX: LDX) For personal use only Lumos Diagnostics (LDX) specialises in rapid point-of-care diagnostic testing, with an assay technology platform targeting a wide range of use cases. It’s flagship product, FebriDx, is a proprietary, unique, rapid point of care test which helps clin
Slide 26: Lumos Diagnostics Thesis and Share Price Performance
Lumos Diagnostics (ASX: LDX) Thesis LDX Share Price Performance For personal use only 1. Recent commercial and technical progress accelerating 250 • A series of pivotal commercial announcements in 2025 across the diagnostics $1.20 platform, including the announcement of a distribution agreement for
Slide 27: Macmahon Holdings
Macmahon Holdings (ASX:MAH) Macmahon Holdings Limited (MAH) is a Perth headquartered diversified For personal use only contractor operating predominantly in Australia and Southeast Asia across surface and underground mining and civil infrastructure services Good commodity profile with over half of m
Slide 28: Macmahon Thesis and Share Price Performance
Macmahon Holdings (ASX:MAH) Thesis MAH Share Price Performance For personal use only • MAH has undergone business transformation following a period of meaningful $0.50 capital investment to support contract wins and business growth resulting in weak $0.45 free cash flow and share price weakness over
Slide 29: Portfolio Outlook
Portfolio Outlook For personal use only • Despite recent strong performance, many core holdings remain undervalued, including: • BCI, MAH, CUP, LDX, AEL and JAN • ~ 45% of Portfolio or over 52% of invested capital • Unlisted holding in Updater (~1.5% weighting) is making good operational progress •
Slide 30: A value focused, high-conviction equities manager
For personal use only A value focused, high-conviction equities manager For more information about Ryder Capital Limited see: www.rydercapital.com.au 25