L1 Global Long Short Fund (GLS) investor relations material

Executive summary

• Significant changes included a new Board, transition to L1 Capital Pty Ltd as investment manager, and a reset of investment strategy and company name during the half-year ended 31 December 2025.

• The portfolio was fully invested by January 2026 following a major equity raise and transition of management.

• The company aims to deliver strong, risk-adjusted returns with a diversified global long/short strategy.

Financial highlights

• Profit before tax for the half-year was $82.7m, up from $11.6m in the prior year; profit after tax was $57.5m, up from $8.1m.

• Pre-tax NTA per share rose from $1.5151 to $1.6540, including 3c/share in dividends and 1c/share in tax paid.

• Total shareholder return for the half-year was 29.2%, driven by a narrowing share price discount to NTA.

• Basic and diluted EPS for the half-year was 20.96 cents, up from 2.74 cents year-over-year.

Outlook and guidance

• The Board intends to provide a sustainable and growing stream of fully franked dividends, starting with a 1c/share interim dividend payable in March 2026.

• The new investment strategy targets a long-term net return of 10% p.a. with better downside protection.