NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Non-Deal Roadshow (October 2026)
46 slides from NAOS Ex-50 Opportunities's roadshow presentation, Oct 8, 2026
Slide 1: NAOS Investor Roadshow - Presentation Materials
NAOS Ex-50 OPPORTUNITIES COMPANY LIMITED (ASX: NAC) ABN 49 169 448 837 For personal use only 8 October 2026 ASX Market Announcements ASX Limited Level 27, 39 Martin Place Sydney NSW 2000 NAOS Investor Roadshow - Presentation Materials Please find attached the presentation materials for the NAOS Inves
Slide 2: Investor Roadshow 2026
rsonal use only Investor Roadshow 2026 “Honey, I Shrunk the Emerging Companies”
Slide 3: Important Information
Important Information This material has been prepared by NAOS Asset Management Pty Ltd (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 rsonal 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. CONVICTIO
Slide 5: We are NAOS
We are NAOS Hands-On Investors: Active, long-term investors focused on compounding capital and growing rsonal use only dividends. True Alignment: NAOS staff and related entities are among the largest investors across the NAOS LICs. Notably, Sebastian Evans (CIO) does not own any equities outside the
Slide 6: The four principles behind how we invest
rsonal use only The four principles behind how we invest have not changed. What has changed, and keeps changing, is the market they operate in. That is what we will discuss today. CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 5 5
Slide 7: FY26 in Review
rsonal use only FY26 in Review Let’s Reflect on FY22 CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 6 6
Slide 8: FY26 Performance Review & FY27 YTD Update
FY26 Performance Review & FY27 YTD Update Performance continues to improve across all three NAOS Listed Investment Companies (LICs), albeit rsonal use only to varying degrees. We believe underlying company earnings growth and cash generation have been the main drivers of this improvement in perf
Slide 9: FY26 Challenges
FY26 Challenges Emerging companies still face thinning liquidity: ‘death by a thousand cuts’ and single-day repricing that rsonal use only ignores long-term fundamentals. Higher domestic and global interest rates compressed valuation multiples. Cyclically exposed businesses met earnings headwi
Slide 10: The Lack of Correlation Between Earnings and Share Price (MXI)
The Lack of Correlation Between Earnings and Share Price (MXI) MaxiPARTS Ltd (ASX: MXI) - Share Price Vs NPATA* (per half) $2.80 $8 rsonal use only $2.60 $2.40 $6 $2.20 NPATA (millions) Share Price $2.00 $4 $1.80 $1.60 $2 $1.40 $1.20 $1.00 $0 1 2 1 2 H H H H 2 2 2 2 5 5 6 6 NPATA (RHS) Share Price (
Slide 11: The Lack of Correlation Between Earnings and Share Price (MOV)
The Lack of Correlation Between Earnings and Share Price (MOV) MOVe Logistics Group Ltd (ASX/NZX: MOV) - Share Price vs NPBT* (per half) $0.60 $4 $2 rsonal use only $0.50 $0 -$2 $0.40 -$4 NPBT Millions Share Price $0.30 -$6 -$8 $0.20 -$10 -$12 $0.10 -$14 $0.00 -$16 1 2 1 2 1 2 H H H H H H 2 2 2 2 2
Slide 12: FY26 Opportunities & Positive Outcomes
FY26 Opportunities & Positive Outcomes Earnings growth remained resilient in many of our core investments. rsonal use only We continue to make progress towards 12-15 core investments >3% of gross asset value (GAV) across all three LICs. Corporate activity has assisted in closing the gap betwee
Slide 13: FY26 Notable Value Creating Events
FY26 Notable Value Creating Events rsonal use only Company ASX Code Event Comms Group Ltd CCG Divestment completed of company’s IT managed services division onPlatinum to efex for $30 million, compared to entire market capitalisation of ~$40 million prior to announcement. We expect a portion of sale
Slide 14: FY26 Notable Value Creating Events Cont.
rsonal use only TSR (%) -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% Sep-25 80.0% Sep-25 Sep-25 Sep-25 Sep-25 Oct-25 Oct-25 Oct-25 Oct-25 Nov-25 Nov-25 Nov-25 Nov-25 Dec-25 Dec-25 Dec-25 Dec-25 Dec-25 Jan-26 CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management Jan-26 Jan-26 Jan-26 Fe
Slide 15: FY27 Strategic Focus Points
FY27 Strategic Focus Points rsonal use only Broaden the selection of investee companies & LIC differentiation (12-15 per LIC >3% of GAV). Continued focus on maintaining the significant uplift in medium-term performance. Increasing alignment with all LIC shareholders. Selectively build out gl
Slide 16: Honey, I Shrunk The Emerging Companies!
rsonal use only Honey, I Shrunk The Emerging Companies! CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 15 15
Slide 17: The ASX is Getting Bigger and Emptier at the Same Time
The ASX is Getting Bigger and Emptier at the Same Time ASX - Listed Companies Vs Total Market Capitalisation 4,000,000 Total value of the ASX 2,200 rsonal use only continues to increase even in the face of fewer 2,150 3,500,000 listed entities. 2,100 3,000,000 Market Capitalisation ($m) 2,050 2,500,
Slide 18: The Exodus of Listed Companies Continues
The Exodus of Listed Companies Continues Post COVID, historic ASX IPOs vs ASX Delistings low-interest rate 250 environment. rsonal use only 200 150 100 89 # Companies 50 40 0 (16) -50 (41) (62) (72) -100 (81) (100) -150 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 IPOs Delistings Net chan
Slide 19: The IPO Drought
The IPO Drought IPO volumes in three of the last four years were the weakest in two decades. Let’s examine why this may be rsonal use only the case: Why do companies seek to IPO? Who are generally the vendors of these businesses? Is there information arbitrage for the sellers or buyers at the
Slide 20: Half of All ASX-Listed Companies Are <$50 Million
Half of All ASX-Listed Companies Are <$50 Million* ASX Size Distribution - Share of Companies vs Share of Market Value rsonal use only 74.1% Over $10bn 3.2% 19.9% $1bn to $10bn 11.2% 2.6% $500m to $1bn 6.2% 2.5% $100m to $500m 18.5% 0.4% $50m to $100m 11.3% 0.4% $10m to $50m 31.2% 0.1% Under $10m 18
Slide 21: This Problem Is Not Limited to Australia
This Problem Is Not Limited to Australia US Market - Listings & Delistings rsonal use only 1,200 1,000 800 671 600 400 # IPOs 228 200 0 (26) (12) (46) -200 (193) (186) -400 (332) -600 2019 2020 2021 2022 2023 2024 2025 2026 IPOs (all) Delistings Net result Source – StockAnalysis CONVICTION. LONG TER
Slide 22: The Survival Rates of Listed Companies – Getting Worse
The Survival Rates of Listed Companies – Getting Worse Equity returns are driven by a few, not the average*. rsonal use only Of the companies listed in the 1990s, 63% were still listed after 10-years Of the companies listed in the 2010s, only 50% survived >7.5 years. 10-Year survival rate of t
Slide 23: M&A Is Draining The Universe Faster Than it Refills
M&A Is Draining The Universe Faster Than it Refills ASX Announced M&A Deals >A$250m Acquirer rsonal use only 16,000 Blue – Listed Company Orange – Private BSL 14,000 12,000 Total Transaction Value (A$m) 10,000 CWY 8,000 SDF 6,000 VAU 4,000 ALX RWC IFM QMS CVW PPT AUC 2,000 AHX MAU OML EOL PPC SWM LR
Slide 24: Who Is Buying & What Premium Are They Paying?
Who Is Buying & What Premium Are They Paying? rsonal use only ASX Code Acquirer Premium RWC Brookfield Capital Partners 33% to 3-month VWAP BSL SGH & Steel Dynamics 33% to 3-month VWAP FPR ORIX Corporate & Sumitomo ~30% to last traded price SDF Amwins Group 44% to 3-month VWAP INA Warburg Pincus LLC
Slide 25: The Wall of Money Into Passive Equity Strategies
rsonal use only The Wall of Money Into Passive Equity Strategies Let’s Reflect on FY22 CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 24 24
Slide 26: The Effect on Corporate Behavior
The Effect on Corporate Behavior rsonal use only “These companies aren't pressured to grow earnings in a step-change way to attract investor dollars like they used to be - their sweet index position is doing some of the heavy lifting for them”. Source – Chanticleer, The Australian Financial Review (
Slide 27: Some Key Variables at Play
Some Key Variables at Play Fewer listed stocks, especially profitable emerging companies. rsonal use only The Australian Exchange-Traded Fund (ETF) industry now holds more than $370 billion. More than 90% of ETF flows went to passive strategies in 1H FY26. The top 20 stocks make up more than
Slide 28: Passive ETF Flows – Bigger Fish in a Smaller Pond
Passive ETF Flows – Bigger Fish in a Smaller Pond Australian ETF industry as a share of ASX market capitalisation rsonal use only 12% 10% % of Total ASX Market Capitalisation 8% 6% 4% 2% 0% 2018 2019 2020 2021 2022 2023 2024 2025 2026 (Jun) Source – Betashares, ASX CONVICTION. LONG TERM. ALIGNED | C
Slide 29: Superannuation Scale vs. Market Capacity
Superannuation Scale vs. Market Capacity Australian Listed Equity: Share of Super Assets Vs Share of ASX Market Cap 27% rsonal use only 25% 23% % share 21% 19% 17% 15% Allocation to Australian Listed Equities % of ASX market cap Source – APRA CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asse
Slide 30: New Geared & Complex ETF Structures Proving Popular
New Geared & Complex ETF Structures Proving Popular Because of the complexity and leverage involved, these products can have an outsized impact on stock price movements. rsonal use only Explicitly daily reset leverage ETFs – (NDQ: TQQQ) provided 3 times the exposure to the Nasdaq-100 (NAV ~$40 bil
Slide 31: How NAOS Is Responding
rsonal use only How NAOS Is Responding CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 30 30
Slide 32: Scarcity & Neglect - The Valuation Argument
Scarcity & Neglect - The Valuation Argument Emerging companies have historically traded at a premium to their larger peers. This trend has now rsonal use only reversed. Large-cap company valuations are trading at or near the top of their historical averages. Earnings growth skews heavily towar
Slide 33: Greater Instances of Extreme Overreactions (Over & Under)
Greater Instances of Extreme Overreactions (Over & Under) The increase in FUM within passive investment strategies is leading to both overinflated valuations rsonal use only and extreme oversold valuation levels. We would argue this is magnified by the reduction in active investment strategies a
Slide 34: Greater Instances of Extreme Overreactions: CSL
Greater Instances of Extreme Overreactions (Over & Under) CSL - Total Shareholder Return & P/E Multiple 0% 50 rsonal use only 45 -10% 40 -20% 35 Total Shareholder Return (%) -30% P/E Multiple (LTM) 30 -40% 25 20 -50% 15 -60% 10 -70% Drawdowns can be slow and painful, but the revaluation can be quick
Slide 35: Greater Instances of Extreme Overreactions: PME
Greater Instances of Extreme Overreactions (Over & Under) PME - Total Shareholder Return & P/E Multiple 140% 300 rsonal use only 120% 250 100% Total Shareholder Return (%) 80% 200 P/E Multiple (NTM) 60% 150 40% 20% 100 Again, drawdowns can be 0% painful, but the recovery can 50 -20% be sharp. -40% 0
Slide 36: Potential of Private Investments
Potential of Private Investments rsonal use only Many companies want to stay private for longer, without the cost and complexity of a listing. Due to the sheer number of private companies, there is an increased ability for an investor to gain exposure to attractive industries in a purer format.
Slide 37: A Global Opportunity
A Global Opportunity As discussed, the depth and breadth of companies listed on the ASX have reduced significantly. rsonal use only Investors have a reduced ability to gain exposure to desired industries (in many cases, it's impossible). From a NAOS standpoint, investing in global developed ma
Slide 38: A Global Opportunity Cont.
A Global Opportunity Cont. Company Ten-word bull pitch Valuation Constellation Software Serial VMS acquirer; decentralised capital allocation compounds cash flow 14.4x FY26E FCF rsonal use only TSX: CSU · C$60.59b relentlessly. 15.3x P/E Salesforce 13.6x FY27E P/E Agentic AI monetisation plus margin
Slide 39: Outlook
rsonal use only Outlook CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 38 38
Slide 40: FY27 Outlook
FY27 Outlook rsonal use only Earnings (EPS) growth across the investment portfolios remains achievable. Macroeconomic conditions and the current market structure are creating stock-specific opportunities for long-term investors. Valuation disconnects may remain for an extended period, but as w
Slide 41: Significant Value Creating Catalysts Expected to Occur in FY27
Significant Value Creating Catalysts Expected to Occur in FY27 PharmX Technologies Ltd Execution of the first items of work with Chemist Warehouse (ASX: SIG) leading to (ASX: PHX) recurring revenue growth. rsonal use only Comms Group Ltd Intention to return capital to shareholders & potential for fu
Slide 42: Shareholder Alignment Continues to Increase
Shareholder Alignment Continues to Increase Inception Directors Shareholding 31 August 2026 Directors Shareholding NSC - 100% Fee Reinvestment rsonal use only Commitment 9,607,235 NAOS, the Investment Manager, has committed to purchase NSC shares on- market to a value equivalent to 100% of its estim
Slide 43: NAOS Directors and Team
NAOS Directors and Team OUR DIRECTORS rsonal use only OUR TEAM CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 42 42
Slide 44: Questions & Answers
Questions & Answers rsonal use only Thank you for your ongoing support
Slide 45: Dividends
Dividends rsonal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 44 44
Slide 46: Investor Awareness and Communication
Investor Awareness and Communication rsonal use only FOLLOW NAOS Subscribe Now: www.naos.com.au/subscribe CONVICTION. LONG TERM. ALIGNED | Copyright 2026 NAOS Asset Management 45 45
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