Ryder Capital Ltd. · ASX:RYD
Ryder Capital — Shareholder Meeting (October 2026)
27 slides from Ryder Capital's shareholder meeting presentation, Oct 21, 2026
Slide 1: Annual General Meeting
For personal use only Annual General Meeting For the year ended 30 June 2026
Slide 2: Disclaimer
Disclaimer For personal use only 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 the information contained in these materials in good faith. However
Slide 3: Today's agenda
Today's agenda For personal use only 1 About Ryder Capital 2 FY26 year in review 3 Portfolio performance and positioning 4 Dividends 5 Outlook for FY27 6 Questions 03
Slide 4: About Ryder Capital
About Ryder Capital For personal use only Fund overview How we invest Listing / ticker ASX: RYD · Listed Investment Company Fundamental, bottom-up research Value-focused stock selection backed by in-depth due diligence Inception 22 September 2015 High conviction Manager Ryder Investment Management P
Slide 5: Investment philosophy
Investment philosophy For personal use only We take a long-term view, investing in quality businesses that let us see through short-term noise. Investors Patience consistently overestimate the short term at the expense of the medium to longer term. We look for quality businesses, with strong and ali
Slide 6: Board and Portfolio Managers
Board and Portfolio Managers For personal use only Board · 4 Portfolio Managers · 3 Ray Kellerman David Bottomley Peter Constable Lauren De Zilva, CFA Alex Grosset Non-Executive Non-Executive Director Chairman & Executive Director Executive Director Assistant Portfolio Manager Independent Director C
Slide 7: FY26 overview
FY26 overview (as at 30 June) For personal use only +41.92% +33.53% 11.5 cps Share price return (incl. dividends) Pre-tax NTA return Fully franked dividends paid Ranked 4th of 50 ASX-listed LICs tracked Gross portfolio +37.59% vs hurdle +8.09% FY25: 9.5 cps · now minimum 3.0 cps a quarter $1.9805 $1
Slide 8: FY26 contribution by holding
FY26 contribution by holding For personal use only Top five contributors added $34.6 million; the five largest detractors cost $8.4 million Macmahon Holdings $13,472,798 Lumos Diagnostics $8,205,567 Vitrafy Life Sciences $4,973,865 Cuscal $4,587,187 BCI Minerals $3,317,955 -$1,101,547 Janison Educat
Slide 9: FY26 portfolio activity
FY26 portfolio activity For personal use only New purchases Additions Exits 09
Slide 10: Portfolio composition
Portfolio composition For personal use only Top 10 holdings, as at 30 June 2026 Portfolio split at 30 June 2026 % of portfolio · listed 88.6% · unlisted 4.5% · cash 6.9% Ticker Name Weight Top 10 listed holdings 62.7% BCI BCI Minerals 14.72% Other listed holdings 25.9% CUP Count 8.25% Unlisted holdi
Slide 11: 1-year relative NTA performance
1-year relative NTA performance For personal use only Third consecutive year of net returns above 25% 37.59% 33.53% 8.11% 8.09% 5.70% Ryder gross portfolio Ryder pre-tax NTA S&P/ASX Small Ords Accum. Hurdle (RBA cash + 4.25%) S&P/ASX All Ords Accum. Source: FY26 Annual Report, Bloomberg 11
Slide 12: 1-year shareholder returns against peer LICs
1-year shareholder returns against peer LICs For personal use only Ryder's +41.92% shareholder return ranked 4th of 50 LICs, against a peer median of about +6% 100% 75% 50% +41.92% 25% 0% -25% -50% ECP TOP MIR PGF GC1 SNC SEC HM1 NAC ACQ RF1 NSC RG8 BKI WQG FSI WAX GVF ARG AUI KAT BTI OPH WGB AFI CA
Slide 13: FY26 Dividends
FY26 Dividends For personal use only FY26 fully franked dividends per share Policy Cents per share · paid in FY26 5.5 cps Enhanced policy introduced in FY26: a minimum quarterly fully franked dividend of 3.0 cents per share, or 12.0 cents per share annualised, subject to ongoing performance. Dividen
Slide 14: Dividends Since Inception
Dividends Since Inception (at 30 June 2026) For personal use only Dividends paid to shareholders Dividends paid per share Cumulative dividends paid per share at 30 June Cents per share, excluding franking credits 11.50c Paid per share in FY26, up 2.0c on FY25 58.25c Minimum of 12.0c for FY27, paid a
Slide 15: Dividend Durability
Dividend Durability For personal use only Future dividends are well supported using 30 June 2026 NTA Dividend per share NTA per share (pre-tax) Required net performance The net portfolio return required after all fees, ÷ = The annual dividend paid to shareholders The capital base the portfolio inves
Slide 16: Profits and Franking Reserve - Dividend Coverage
Profits and Franking Reserve - Dividend Coverage For personal use only Reserves available for dividends Coverage at the 12.0 cps annual minimum Profits reserves at 30 June 2026 Profits reserve and capital profits reserve 4.7 years Fully franked capacity: $0.56 per share $57.8M From $0.24 per share o
Slide 17: Share Price Premium/(Discount) to Pre-tax NTA
Share Price Premium/(Discount) to Pre-tax NTA — Last 10 Years For personal use only Shares traded at a 12.8% average discount over 10 years; the last 12 months averaged 8.2%, the narrowest of any 12-month window Share price premium/(discount) to pre-tax NTA & FY pre-tax NTA returns %, Oct 2016 to Se
Slide 18: Daily Liquidity
Daily Liquidity For personal use only Average annual turnover tripled to $21.4M over the last two years, with the stock trading on 95% of days in the last 12 months. Annual dollar turnover Days traded $M · financial years to June % of ASX trading days · financial years to June, 1Q FY27 = Jul to Sep
Slide 19: September Quarter Update
For personal use only September Quarter Update
Slide 20: Key details
Key details For personal use only $2.14 $2.2395 $2.0175 Share price Pre-tax NTA Post-tax NTA 4.4% +14.88% +19.93% Discount to pre-tax NTA Quarter NTA return One-year NTA return $185.7m 5.61% FF 8.01% Gross assets Dividend yield Grossed-up dividend yield 20
Slide 21: Performance summary
Performance summary For personal use only As at 30 September 2026: Ryder's pre-tax NTA return beat its performance hurdle and both comparator indices over every period Since 3 months 6 months 1 year 3 years 5 years 10 years (%) (%) (%) (% p.a.) (% p.a.) (% p.a.) inception³ (% p.a.) Gross portfolio p
Slide 22: Performance since inception
Performance since inception For personal use only Since inception (September 2015): pre-tax NTA (undiluted) return¹ of 343.76%, or 14.46% p.a. net of fees and costs Annualised returns since inception % p.a. · pre-tax NTA including dividends · September 2015 to 30 September 2026 14.46% p.a. 9.29% p.a
Slide 23: Performance since inception
Performance since inception For personal use only Growth of $100,000 invested at listing vs Small Ords Accumulation, All Ords Accumulation and our hurdle (RBA + 4.25%) $443,786 $266,344 $234,590 $197,290 Actual growth of $100,000 invested in the RYD Portfolio at inception (22 September 2015), all di
Slide 24: Performance since inception: Monthly Performance Heatmap
Performance since inception For personal use only Monthly Performance Heatmap Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FY total FY16 -0.10 0.63 -0.80 2.50 0.74 -4.61 1.68 -1.78 1.74 -1.55 -1.73 FY17 6.03 5.06 3.17 0.00 -0.59 2.00 2.69 -0.15 1.77 -0.57 -0.51 3.66 24.68 FY18 6.23 7.03 -3.26 3.3
Slide 25: Relative Performance Since Inception
Relative Performance Since Inception (to September 30) For personal use only 15% 10% 5% 0% -5% NCC GC1 CDM NAC FSI CAM WAX PIA ALI WAM IBC AMH SNC DJW CIN FGX WAA MIR FGG PIC WHF GVF ACQ BKI AFI TOP KAT ARG AUI MFF RYD PGF 1. Annualised returns are calculated during the period of 22 Sep 2015 to 30 S
Slide 26: FY27 Outlook & Portfolio Positioning
FY27 Outlook & Portfolio Positioning For personal use only The outlook is increasingly uncertain and volatile. Reaccelerating inflation is forcing the RBA to keep raising rates, and with oil above US$100 a barrel and Hormuz shipping still well below pre-war levels, the risks remains skewed to the up
Slide 27: Q&A
For personal use only Q&A Level 28, 88 Phillip Street, Sydney NSW 2000 +61 (2) 9000 9020 enquiries@rydercapital.com.au www.rydercapital.com.au