Ironbark Balanced Income Limited Registered · ASX:IBC
Ironbark Balanced Income Limited Registered — Ironbark Capital — Shareholder Meeting (November 2025)
14 slides from Ironbark Balanced Income Limited Registered's shareholder meeting presentation, Nov 27, 2025
Slide 1: 2025 Annual General Meeting – Chairman's address and AGM Presentation
ABN 89 008 108 227 27 November 2025 ASX Announcement 2025 Annual General Meeting – Chairman’s address and AGM Presentation Ironbark Capital Ltd (ASX:IBC) (“Ironbark” or “the Company”), is pleased to provide the attached Chairman’s address and AGM slides ahead of the presentation to be given by the C
Slide 2: Chairman's Address 2025 Annual General Meeting
ABN 89 008 108 227 CHAIRMAN’S ADDRESS 2025 ANNUAL GENERAL MEETING 27 NOVEMBER 2025 I will commence my address today dealing with the 2025 financial performance of Ironbark Capital Limited (IBC). The 2025 financial year saw favourable financial conditions, largely supported by falling interest rates
Slide 3: Reposition Ironbark for Income Investors
I Reposition Ironbark for Income Investors The phasing out of the ASX listed bank hybrid market by APRA announced last year created a ground swell of new products seeking to tap into the runoff of nearly $40 billion of hybrid investments looking for a new home over the next 7 years. A number of new
Slide 4: Annual General Meeting Ironbark Capital Limited
Annual General Meeting Ironbark Capital Limited 27 November 2025 Doug Hew Investment Manager Kaplan Funds Management 2
Slide 5: Ironbark Capital Limited (IBC)
Ironbark Capital Limited (IBC) Share price $0.43 Market capitalisation $45m Current gross dividend yield 8.1% Portfolio value $60m Investment Approach- Absolute Return & Income Focus • Diversified multi asset portfolio • Liquid transparent investments • Multiple sources of income: -Corporate bonds
Slide 6: IBC Portfolio Performance June 2025
IBC Portfolio Performance 30 June 2025 (attractive long term track record on returns and low volatility) PERFORMANCE TO 30/6/25 Inception 10 Yr 5 Yr 4 Yr 3 Yr 2 Yr 1 Yr FYTD Nov25 $59.5m 22.5yrs % pa % pa % pa % pa % pa % pa % pa % IBC pre fees plus franking 8.87 7.70 9.85 8.24 9.67 7.71 8.42 4.31 1
Slide 7: IBC Portfolio vs Share Price Performance
IBC Portfolio vs Share Price Performance (large discount to NTA ignores Ironbark's’ income qualities) IBC $100 Invested: Capital & Income $800 80% 70% $700 60% $600 50% 40% $500 30% $400 20% 10% $300 0% $200 -10% -20% $100 -30% $0 -40% IBC Share Price(ASX adjusted) IBC Share Price Accum + franking c
Slide 8: Diversified Asset Allocation June 2025
Diversified Asset Allocation 30 June 2025* (generates low volatility) IBC Portfolio 30 June 2025 $60m Corporate Bonds 15.3% ASX Hybrid 2.5% Securities 33.26% Property Trusts 15.0% Equities & Buy/Write Utilities 16.9% 17.0% Cash & Option Delta *weightings are inclusive of written call options 6
Slide 9: IBC Multiple Income Sources
IBC Multiple Income Sources (defensive income generation) Income Mix 2% Corporate Bonds 4% Hybrids 17% 34% Equities & Buy/Write (excl option premium) Property Trusts Utilities 25% Cash 19% Income Sector Yields 8.0% 6.8% 6.8% 7.0% 6.3% 6.2% 5.9% 6.1% 6.0% 5.0% 4.0% 3.7% 3.0% 2.0% 1.0% 0.0% Corporate
Slide 10: Hybrid Redemptions
Hybrid Redemptions ($40bn flowing out of hybrids into LICs, ETFs, Private Credit) Ironbark repositioned to capture some of the flows Source: NAB Capital Markets Origination, March 2025 8
Slide 11: Corporate Bond Market ~size $800m
Corporate Bond Market ~size $800m (alternative to hybrids & introduced to the portfolio 4 years ago) 9
Slide 12: Ironbark invests in financials & non-financial corporations
Ironbark invests in financials & non- financial corporations~ market size $360m (alternative to hybrids & introduced to the portfolio 4 years ago) 10
Slide 13: Income Funds Market Comparisons
Income Funds Market Comparisons (Ironbark looks attractive on all metrics) Income LICs Market Yield, NTA premium/discount, 5yr Performance-Oct25 30% 22% 20% 14.2% 9.4% 10.1% 10% 7.7% 8.1% 6.6% 7.3% 7% 4.3% 0% A B C D Ironbark Balanced Income -10% -7% -20% Mkt Yield (incl FrCr) Prem/Disc NTA 5 yr pa
Slide 14: Outlook
Outlook • Official interest rates are likely to remain steady for some time with upside risk from sticky inflation. Preference for floating rate corporate bonds and hybrids • Redemption of $40 billion hybrid market at first call dates has increased the attractiveness of Ironbark’s established hybrid
Ironbark Capital — Shareholder Meeting (November 2025) on 6ix