AMCIL Limited · ASX:AMH
AMCIL — Shareholder Meeting (October 2025)
33 slides from AMCIL's shareholder meeting presentation, October 2025
Slide 1: 2025 Annual General Meeting Presentation
2025 Annual General Meeting Presentation October 2025
Slide 2: Disclaimer
Disclaimer AMCIL Limited and Australian Investment Company Services Limited (AFSL: 303209) and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made
Slide 3: Agenda
Agenda Our Purpose and Approach Mark Freeman Financial Year in Summary Andrew Porter Equity Market Conditions Mark Freeman Portfolio Performance and Activity Mark Freeman, Jaye Guy and Gilbert Battistella Features of the AMCIL Portfolio Mark Freeman Outlook Mark Freeman Annual General Meeting – Octo
Slide 4: Our Purpose and Approach
Our Purpose and Approach Annual General Meeting – October 2025
Slide 5: The Key Unique Benefits of an Investment in AMCIL
The Key Unique Benefits of an Investment in AMCIL The key unique benefits of AMCIL are the combination of: Focused portfolio invested in quality companies where holding size is not determined by the index weighting Alignment of interests Comparatively low management cost No performance fees Eq
Slide 6: A Closer Look at AMCIL's Investment Approach
A Closer Look at AMCIL’s Investment Approach Attributes of a high-quality company that we seek: Why this matters: • Unique assets that are hard to replicate or have an • The presence of these factors drives a Industry leadership position (or developing one) competitive advantage • Sustainability of
Slide 7: Financial Year in Summary
Financial Year in Summary Annual General Meeting – October 2025
Slide 8: Financial Year in Summary
Financial Year in Summary *Assumes an investor can take full advantage of the franking credits. ^Includes 1 cent interim dividend. Annual General Meeting – October 2025 12
Slide 9: Share Price Relative to Net Tangible Assets (NTA)
Share Price Relative to Net Tangible Assets (NTA) 31 August 2025 NTA: $1.24 Share price: $1.07 Annual General Meeting – October 2025 13
Slide 10: Equity Market Conditions
Equity Market Conditions Annual General Meeting – October 2025
Slide 11: Market Conditions
Market Conditions Considerable geopolitical tension. Record high market valuations. To date consumer spending has been resilient. Central Banks shifting towards easing bias (cutting rates). Tariffs continue to create uncertainty in the near-term outlook. Annual General Meeting – October 2025 15
Slide 12: Equity Market Valuations – A Long-Term Perspective
Equity Market Valuations – A Long-Term Perspective S&P/ASX 200 Price / Earnings S&P/ASX 200 Dividend Yield 21x 8% 19.6x 19x 7% 17x 6% 15x 13x 5% 11x 4% 9x 7x 3.4% 3% 2005 2009 2013 2017 2021 2025 2005 2009 2013 2017 2021 2025 Annual General Meeting – October 2025 Source: FactSet 16
Slide 13: Equity Market Valuations – A Long-Term Perspective
Equity Market Valuations – A Long-Term Perspective S&P 500 Price / Earnings S&P 500 Dividend Yield 25.0x 5% 22.9x 22.0x 4% 19.0x 3% 16.0x 2% 13.0x 1.5% 10.0x 1% 2005 2009 2013 2017 2021 2025 2005 2009 2013 2017 2021 2025 Annual General Meeting – October 2025 Source: FactSet 17
Slide 14: Portfolio Performance and Activity
Portfolio Performance and Activity Annual General Meeting – October 2025
Slide 15: Performance – Per Annum Returns to August 2025
Performance* – Per Annum Returns to 31 August 2025 * Excludes management fees, income tax and capital gains tax on realised sale of investments. Past performance is not indicative of future performance. Annual General Meeting – October 2025 19
Slide 16: Relative Portfolio Performance Over The Last 12 Months
Relative Portfolio Performance Over The Last 12 Months Our Holdings Index Winners 14.7% -4.4% -2.2% -2.6% 3.1% -2.3% ASX 200 Large Holdings (CSL / MAQ / MFT) Cyclicals (JHX / REH / RDX) Banks / Gold Other AMCIL ASX 200 Large Holdings Cyclicals Banks & Gold Other AMCIL Note: AMCIL performance reflect
Slide 17: Key Drivers Of Recent Underperformance
Key Drivers Of Recent Underperformance Recent Underperformance of Key Holdings Index Winners Drifting Share Prices Cyclical Headwinds Banks Gold • Pull back in our larger • Softness in the US • Significant underweight • The gold price has holdings - CSL, Macquarie housing market impacted across all
Slide 18: Share Prices Have Drifted In Our Larger Holdings
Share Prices Have Drifted In Our Larger Holdings • Recent update was disappointing • Founder led. Growth outlook and return on equity • Solid earnings outlook (9-10% growth) and compelling support valuation valuation. Conservative gearing ~1.8x • Strong balance sheet with under-utilised asset base 3
Slide 19: Share Prices Have Drifted In Our Larger Holdings
Share Prices Have Drifted In Our Larger Holdings • Data Centre expansion is on-track with no debt on • Tariff uncertainty has weighed on the share price the balance sheet • Under-rated US business opportunity supports our • Aligned and highly capable founder. Investment case investment thesis unchan
Slide 20: A Cyclical Downturn Creating Short-Term Headwinds
A Cyclical Downturn Creating Short-Term Headwinds • Market leader in a large, growing market • Founder led. Market leader in Australia • Debt-funded acquisition has weighed on the share price • Less established US business facing cyclical headwinds • Market opportunity remains unchanged • Long-term
Slide 21: Share Prices Have Diverged From Earnings Growth
Share Prices Have Diverged From Earnings Growth 800 200 800 250 160 200 Earnings Per Share (US Cents) 600 600 Share Price ($ USD) Earnings Per Share Share Price 120 150 400 400 80 100 200 200 40 50 - - - - 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2011 2012
Slide 22: Valuation Metrics – CBA vs. CSL
Valuation Metrics – CBA vs. CSL 30x 50x 28x 45x 26x 26.3x 40x Price/Earnings Price/Earnings 24x 35x 22x 30x 20x 25x 18x 16x 20x 17.9x 14x 15x 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Annual General Meeting – October 2025 Source: FactSet 26
Slide 23: Banks Have Reached Record High Valuations
Banks Have Reached Record High Valuations 30x 20x 18.6x 25x 26.3x 16x Price/Earnings Price/Earnings 20x 12x 15x 8x 10x 5x 4x 2005 2009 2013 2017 2021 2025 2005 2009 2013 2017 2021 2025 20x 18.8x 16x 14.5x 14x Price/Earnings Price/Earnings 16x 12x 12x 10x 8x 8x 2005 2009 2013 2017 2021 2025 2005 2009
Slide 24: The Gold Price Has Run To All Time Highs
The Gold Price Has Run To All Time Highs 3,500 3,000 The gold price has reached record highs, driven by geopolitical uncertainty, Central 2,500 Bank Buying, rising Government debt, and easing monetary conditions (rate cuts) 2,000 History shows these moves are often Gold Price (US$) extreme in both d
Slide 25: Holdings that meet our frameworks which have contributed positively to 12 month performance
Holdings that meet our frameworks which have contributed positively to 12 month performance: Annual General Meeting – October 2025 29
Slide 26: Recent Portfolio Activity
Recent Portfolio Activity* Exited Trimmed Added New * Financial year to date. Transactions greater than $1 million. Annual General Meeting – October 2025 30
Slide 27: Features of the AMCIL Portfolio
Features of the AMCIL Portfolio Annual General Meeting – October 2025
Slide 28: AMCIL Top 20 Holdings
AMCIL Top 20 Holdings % of Company Ownership Period Company Portfolio1 Ownership Period 1 7.0% 14 yrs 11* 2.8% 6 yrs 2* 6.1% 8 yrs 12 2.7% 4 yrs 3* 5.0% 22 yrs 13 ALS 2.7% 3 yrs 4* 4.9% 6 yrs 14 2.7% 3 yrs 5* 4.7% 16 yrs 15 2.3% 6 yrs 6 4.2% 8 yrs 16 2.1% 1 yr 7 4.1% 15 yrs 17 2.0% 5 yrs 8 3.7% 6 yr
Slide 29: Portfolio Well Positioned For The Future
Portfolio Well Positioned For The Future AMCIL’s portfolio is well placed to navigate a wide range of economic outcomes Growth Stalwart Income Cyclical / Asset Play Annual General Meeting – October 2025 33
Slide 30: AMCIL's Portfolio Quality Characteristics
AMCIL’s Portfolio Quality Characteristics ‘Quality’ for AMCIL means seeking high returning businesses with attractive earnings growth potential, aligned backable managers and Balance Sheet strength. Owner Drivers Earnings Growth 32% of AMCIL’s portfolio is run by 32% 85% 85% of AMCIL’s portfolio is
Slide 31: Outlook
Outlook Annual General Meeting – October 2025
Slide 32: Outlook
Outlook The ASX200 index is trading at all time highs and market valuation looks expensive, especially against long term valuation metrics. Speculative market behaviour warrants caution. Reinforce value considerations within our process. With elevated cash holdings AMCIL is well positioned to take a
Slide 33: A/ACIL
A/ACIL