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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
L1 Group
L1 Group (L1G) investor relations material
L1 Group AGM 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2026 summary20 Oct, 2026
Opening remarks and agenda
Quorum confirmed; meeting opened after the 18 September 2026 notice was taken as read, with resolutions decided by poll.
Formal business covered FY2026 reports and seven resolutions, including remuneration, director re-election, equity-plan matters and a new constitution.
Financial performance review
FY2026 FUM rose 16.6% to $19.1bn from $16.3bn, driven by $4.4bn of investment returns and positive post-merger net flows; FUM reached $19.3bn at September 2026.
FY2026 revenue was $385.9m; underlying EBITDA was $287.4m at a 74.5% margin, and underlying NPAT was $188.8m on a pro forma basis for both businesses over the 12 months to June 2026.
Performance fees were $166m; operating costs fell $18.1m YoY to $98.5m, and underlying NPAT attributable rose 97% YoY.
Share price rose 98% by 16 October 2026 versus the undisturbed price before merger discussions were announced on 30 April 2025.
Average management fee was 1.03%; operations spanned five global locations.
Board and executive committee updates
James Alloway joined as Group CFO in September 2026; Guy Strapp thanked outgoing CFO Andrew Stannard for his contribution, particularly during the merger and integration.
Rachel Grimes AM stood for re-election; her rotation was brought forward by one year to meet constitutional requirements, and the Board supported her candidacy.
Board comprised Guy Strapp, Chair; Rachel Grimes AM and Neil Chatfield, Non-Executive Directors; Julian Russell, CEO and Managing Director; and Jane Stewart, Executive Director.
Post-merger Board and executive changes were made under the merger implementation deed.
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Latest events from L1 Group
- Underlying NPAT up 97% and FUM up 17% to $19.1b, with strong investment returns.L1G
H2 2026 - Merger approved, forming a $16.5bn AUM group with strong EPS growth and board changes.L1GEGM 2025
- Merger with L1 Capital to form a $16.5B AUM leader, with cost cuts and strong margin control.L1GH2 2025
- Merger forms a diversified A$16.5B platform with major cost synergies and EPS growth.L1GM&A Announcement
- Turnaround strategy, cost cuts, and board renewal advance amid outflows and governance reform.L1GAGM 2024
- FUM outflows and lower profit persisted as cost savings and growth initiatives advanced.L1GH2 2024
- Net profit halved as FUM declined, with cost control and new launches supporting turnaround.L1GH1 2025
L1 Group
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Platinum Investment Management Limited, trading as Platinum Asset Management, is a Sydney-based investment manager specializing in global equities. The company primarily offers its services to a wide range of clients including individual investors and institutional clients, focusing on generating long-term wealth by managing portfolios of listed companies across various international markets. With an investment philosophy that emphasizes thorough research and a bottom-up approach to portfolio construction, Platinum aims to identify and invest in undervalued companies to reduce risk and achieve sustainable returns for its clients. he company is headquartered in Sydney, New South Wales, and its shares are listed on the Australian Securities Exchange.