MFF Capital Investments (MFF) investor relations material

Opening remarks and agenda

• AGM opened with in-person and telephone attendance; the notice was taken as read and prior AGM minutes had been approved by the board.

• Agenda included FY26 presentations, financial statements, remuneration report adoption, director re-elections, executive equity awards and an increase to the non-executive director fee pool.

Financial performance review

• FY26 net profit after tax, mark-to-market, was $159.6m versus $432.0m in FY25; net profit before tax, mark-to-market, was $225.0m versus $615.6m.

• At 30 June 2026, investment assets were $2,968.5m, net assets after tax on unrealised gains were $2,523.0m, deferred tax liabilities were $431.8m and net cash was $119.2m.

• FY26 cash tax paid was $119.5m; dividend and distribution income received net of withholding tax was $38.0m.

• Three-year TSR was 30%, versus pre- and post-tax returns of ~20% p.a.; the shift from an NTA discount to a small premium amplified TSR. Over ten years, portfolio economics were identified as the long-run driver of shareholder returns.

• FY17–FY26 net profits after tax totaled $2,052m after full 30% tax on unrealised and realised gains; fully franked dividends totaled $558m and cash tax paid was $513m.

Board and executive committee updates

• Gerald Stack became CEO during FY26 and joined the board in January; Chris Mackay became Executive Director of Investments and Capital and Portfolio Manager from 1 January 2026.

• The team expanded to 19 full-time employees across corporate, operations and investments, with investment management, operations and finance functions internalized.

• The board said additional female representation would be a valid consideration after a shareholder raised board diversity.