Australian United Investment Company (AUI) AGM 2025 Presentation summary

Opening remarks and agenda

• Outlined investment objectives: maintain a diversified ASX-listed portfolio, manage risk, and provide sustainable, fully franked dividends over the long term.

Financial performance review

• $10,000 invested in NTA accumulation over 25 years grew to $86,437, outperforming the ASX200 at $72,685.

• Profit after tax for FY25 was $56.4M, with underlying profit and special dividends detailed for recent years.

• Ordinary dividends have grown at a 4.3% annual rate (excluding specials); a special dividend of 8 cents per share is planned annually for the next four years.

• Operating expenses remained at 0.10% of assets; net debt reduced to 0.8% of the portfolio.

• Pre-tax NTA accumulation performance over 10 years was 8.7% p.a., exceeding the ASX200's 7.5% p.a.

Strategic initiatives and plans

• Largest FY25 acquisitions: Santos, APA Group; increased stakes in Origin Energy, Newmont, NextDC, Challenger.

• Largest disposals: SEEK, Ramsay Healthcare; reduced holdings in Woodside, Commonwealth Bank, The Lottery Corporation.

• Post-June 2025: new investment in Treasury Wine Estates, added to Northern Star, reduced Commonwealth Bank, and opened options in Commonwealth Bank and Wesfarmers.

• On-market share buyback: 132,766 shares bought back in FY25 for $1.4M; total since inception is 2,920,405 shares for $30.1M.