MFF Capital Investments (MFF) investor relations material

Business Overview and Objectives

• Focus on building lasting shareholder wealth through long-term ownership of advantaged businesses, with a market cap of AUD 2.7 billion and net assets growing from AUD 412 million in 2013 to AUD 2.6 billion by December.

• Emphasis on maximizing compound risk-adjusted after-tax returns and minimizing permanent capital loss.

• Flexible capital allocation and disciplined, analytical investment process, with an unconstrained, long-term approach focused on quality, value, and compounding returns.

• Recent investments in internal capabilities and platform expansion position the company for sustainable long-term growth.

Financial and Portfolio Performance

• Net profit before tax for the half-year ended December was approximately AUD 300 million, with net profit after tax at AUD 210 million, both down about 46% year-on-year.

• Investment assets at December totaled AUD 3.1 billion, up 6% since June 2025, with net assets at AUD 2.6 billion, up 7%.

• Cash tax paid surged 150% to AUD 89.7 million.

• Portfolio sales from July 2024 to February 2026 totaled AUD 1.72 billion, providing liquidity for reinvestment and dividends.

• Net cash position at 4.7%–5% of investment assets after recent market sell-offs.

Dividend Update

• Interim dividend of 10 cents per share declared for FY26, with intention to increase to 11 cents for the period ending June 2026.

• Dividends have grown at a 27% annual rate over five years, fully franked, supported by AUD 267 million in franking credits and AUD 1.87 billion in profit reserves.

• 100% franking on dividends since 2015, except for 2017 interim dividend.