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, October 2025
Slide 1: Investor Roadshow 2025
Investor Roadshow 2025 Riding the Volatile Wave of Emerging Companies' Growth
Slide 2: 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 3: Acknowledgement of Country
Acknowledgement of Country 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. CONVICTION. LONG TERM. AL
Slide 4: We are NAOS
We are NAOS Hands-On Investors: Active, long-term investors focused on compounding capital and growing 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 NAOS LICs, ensuring h
Slide 5: FY25 in Review
FY25 in Review Let’s Reflect on FY22 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 5 5
Slide 6: FY25 Performance Summary
FY25 Performance Summary Significant improvement in performance in 2H FY25, continuing into FY26. Post-BSA event (Feb 2025), NSC portfolio returned ~40% to September 2025. FY25 Investment FY26 LIC Portfolio Performance* Performance (YTD**) NCC +5.59% +10.01% NAC +28.92% +5.98% NSC -9.08% +12.23%
Slide 7: FY25 Challenges
FY25 Challenges BSA Limited (ASX: BSA) – Unsuccessful re-tender for NBN Co maintenance contract. Slower than expected New Zealand economic recovery. Delays in awarding of major Department of Defence contracts. Delayed Australian residential construction recovery. Weak demand for emerging e
Slide 8: FY25 Challenges: NZ Quarterly GDP & RBNZ Cash Rate
FY25 Challenges 7.0% 0.1 NZ Quarterly GDP & RBNZ Cash Rate 0.08 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 2023 Jun 2023 Sep 2023 De
Slide 9: FY25 Challenges: NZ Mortgage Lending by Repricing
FY25 Challenges NZ - Mortgage Lending by Time Until Next Repricing 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 Limited 9 9
Slide 10: FY25 Positive Events
FY25 Positive Events 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 (ASX: MOV)). Revenue/pr
Slide 11: COG Financial Services Key Events
FY25 Positive Events COG Financial Services Ltd (ASX:COG) - Key Events $2.30 $2.10 Key Events 26th March 2025 Board Renewal $1.90 21st & 22nd May 2025 Divestment of EPY & CAF minority investments $1.70 2nd Sep 2025 Easi Fleet Acquisition $1.50 Shar Price $1.30 $1.10 $0.90 $0.70 $0.50 Jul-24 Aug-24 S
Slide 12: Strategic Focus Heading into FY26
Strategic Focus Heading into FY26 Reduced exposure to mature investments as valuations re-rate (e.g., COG). Reinvested proceeds into several new core investment opportunities: Bravura Solutions Ltd (ASX: BVS) Pharmx Technologies Ltd (ASX: PHX) XRF Scientific Ltd (ASX: XRF) Comms Group Lt
Slide 13: Riding the Volatile Wave of Emerging Companies' Growth
Riding the Volatile Wave of Emerging Companies' Growth CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 13 13
Slide 14: Earnings Growth: Not Always Linear, Even for High Quality Businesses
Earnings Growth: Not Always Linear, Even for High Quality Businesses 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 years, negative EPS growth
Slide 15: 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. 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 even though EPS is flat.
Slide 16: 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: 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 14.35 ARB 22.83 18.20 17
Slide 17: Structural Challenges or Cyclical Opportunities?
Structural Challenges or Cyclical Opportunities? 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 conditions and the co
Slide 18: 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 profitability (FY16–FY19). Service Stream Ltd (ASX: SSM) – Fixed-cost contract issues impacted performance (FY20–FY21). Objective Corporation Ltd (ASX: OCL) – Shif
Slide 19: Points of Interest Post FY25 Reporting Season
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 20: Supportive Domestic Macro Environment
Supportive Domestic Macro Environment 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. Inflation Pressures Ea
Slide 21: Inflation (%)
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 Mar-21 Jun-21 Consumer
Slide 22: RBA Cash Rate Futures
Supportive Domestic Macro Environment RBA Cash Rate Futures 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 CONVICTION. LONG TERM
Slide 23: Mergers & Acquisitions
Mergers & Acquisitions 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 market valuations are a
Slide 24: New Zealand Economic Recovery
New Zealand Economic Recovery Majority of mortgages rolling to lower interest rates by end-CY25. 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. CONVICTION. LONG TERM.
Slide 25: NZ Export Commodity Prices
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 Foreign currency terms A
Slide 26: Business Investment Intentions and Ease of Credit
New Zealand Economic Recovery Business Investment Intentions and Ease of Getting Credit In 12 Months 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 27: 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. Immediate evidence: Customer support & success: Automation of repetitive tasks Engineering teams: AI-assisted coding enables more with less Business operation
Slide 28: % of Company Workforce To Be Reskilled Due To AI
The AI Revolution % of Respondents Reskilling Employees Due To AI Use % 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. LONG TERM. ALIGNED | Cop
Slide 29: Change In Employee Numbers Due To AI
The AI Revolution Expected Change In # of Company Employees Due To AI 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 – McKinsey & Company CONVI
Slide 30: Outlook
Outlook CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 30 30
Slide 31: Constructive Outlook for the Next 6-24 months
Constructive Outlook for the Next 6-24 months 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 balance sheets to sup
Slide 32: Significant Catalysts Expected to Occur in FY26
Significant Catalysts Expected to Occur in FY26 UBN NAB product launch and first client onboarding. 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 growth; M&A resumption. MXI
Slide 33: Examples of New Core Investments
Examples of New Core Investments CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 33 33
Slide 34: Bravura Solutions Ltd (ASX: BVS)
Bravura Solutions Ltd (ASX: BVS) BVS operates mission-critical software for regulated financial industries. Long-term client relationships. High-profile Constellation Software Inc. (TSXV: CSU) ‘alumni’ now involved with BVS. CSU, a decentralised serial acquirer of vertical market (i.e., indu
Slide 35: Bravura Solutions Ltd (ASX: BVS)
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. “ In 1995, Dexter Salna was one of the original employees of Constellation. During the interveni
Slide 36: Bravura Solutions: Constellation Software Comparison
Bravura Solutions Ltd (ASX: BVS) Constellation Software Inc. (TSXV: CSU) 2006 vs 2025 $12,000 $10,996 $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 $4,000 $3,778 $1,852 $2,00
Slide 37: Bravura Operational Improvement Journey
Bravura Solutions Ltd (ASX: BVS) Bravura Solutions Ltd (ASX:BVS) - Operational Improvement Journey $70.0 25.0% $60.0 $60.0 20.0% $50.0 $43.8 15.0% $40.0 Underlying Cash EBITDA $m Cash EBITDA margin (%) $30.0 10.0% $20.0 $10.0 5.0% $10.0 $- 0.0% FY23 FY24 FY25 FY26* -$10.0 -5.0% -$20.0 -10.0% -$30.0
Slide 38: Pharmx Technologies Ltd (ASX: PHX)
Pharmx Technologies Ltd (ASX: PHX) Pharmx Technologies operates a critical electronic data interchange (EDI) network for ANZ pharmacies, processing 99% of transactions (~$23bn across 7,000 pharmacies). Leveraging its supply chain visibility, Pharmx is creating value across the ecosystem—recently
Slide 39: Pharmx Technologies Ltd (ASX: PHX)
Pharmx Technologies Ltd (ASX: PHX) Source – Company CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 39 39
Slide 40: XRF Scientific Ltd (ASX: XRF)
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. Operates three segments: capital equipment, consumables and precious metals - all critical, as 80–90%
Slide 41: XRF Scientific Ltd (ASX: XRF)
XRF Scientific Ltd (ASX: XRF) Source – Company CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 41 41
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) Former Co-founder Non-Executive Former Managing Former CEO of Former Managing
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. This approach allows us to suppor
Slide 44: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 30 September 2025 Directors Shareholding 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 CONVICTION. LONG TERM. ALIGN
Slide 45: Questions & Answers
Questions & Answers Thank you for your ongoing support
NAOS Ex-50 Opportunities — Non-Deal Roadshow (October 2025) on 6ix