Pengana International Equities Ltd Registered · ASX:PIA
Pengana International Equities Ltd Registered — Pengana International Equities — H1 FY2026 Earnings Presentation
31 slides from Pengana International Equities Ltd Registered's earnings presentation, Feb 16, 2026
Slide 1: Chairman's Letter
ASX ANNOUNCEMENT Chairman’s Letter 16 February 2026 For personal use only Dear Fellow Shareholders, Pengana International Equities Limited (“PIA”) released its results for the half year to 31 December 2025 to the ASX on 16 February 2026. Highlights • Strategic review of the Company’s structure and o
Slide 2: Chairman's Letter: Performance, Financial Position, Dividends
deliver improved outcomes for shareholders. The IBC has appointed BJO Consultants to provide detailed analysis of each proposal. The IBC thanks shareholders for the patience they have shown as the Strategic Review process is progressed and intends to provide a further update to shareholders by the e
Slide 3: DRP, Investment Manager's Outlook and Closing Remarks
PIA’s Dividend Reinvestment Plan (DRP) continues to provide shareholders the opportunity to reinvest dividends without incurring transaction costs. While the Board remains focused on minimising potential dilution associated with issuing DRP shares at a discount to NTA, in late August 2025 the Board
Slide 4: Sign-off and contact details
Yours sincerely, Frank Gooch Independent Chair Sydney For personal use only 16 February 2026 For further information please contact: Sandra McIntosh Company Secretary Email: [email protected] Phone: M: +61 450 253 059 PENGANA INTERNATIONAL EQUITIES LIMITED I ABN 107 462 966 I Level 27 Governor
Slide 5: Pengana International Equities Limited, December 2025
For personal use only PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) 31 December 2025 Investor Presentation
Slide 6: Important Information & Disclosures
IMPORTANT INFORMATION & DISCLOSURES For personal use only This report has been prepared by Pengana Investment Management Ltd (ABN 69 063 081 612, Australian Financial Services Licence No. 219462) (“Pengana”). This report does not contain any investment recommendation or investment advice and has bee
Slide 7: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half year ending 31 December 2025 The Strategy III Portfolio update from Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 3
Slide 8: Corporate Overview
CORPORATE OVERVIEW RESPONSIBLE INVESTING – CAPITAL GROWTH – RELIABLE INCOME For personal use only PIA’s objective is to provide shareholders with: • capital growth from investing in an ethically screened and actively managed portfolio of international businesses, and • regular, reliable and fully fr
Slide 9: Responsible Investing: The Largest International Ethical LIC on the ASX
RESPONSIBLE INVESTING: THE LARGEST INTERNATIONAL ETHICAL LIC ON THE ASX Ethical Screens For personal use only Pre trade application of Pengana’s Ethical Screens that seek to avoid investment in companies that derive operating revenues from direct and material business involvement1 in the following
Slide 10: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half year ending 31 December 2025 The Strategy III Portfolio update from Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 6
Slide 11: Financial Highlights for the Half Year Ending December 2025
FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDING 31 DECEMBER 2025 For personal use only Next quarter dividend 1.4 cps to be paid on 16 March 2026, Annual dividend1 5.6 cps paid quarterly, yield of 4.5% or fully franked at 25% tax rate 6.0% grossed up for franking Net Assets $351 million or $1.36 per sh
Slide 12: Sustainable Fully Franked Dividends
SUSTAINABLE FULLY FRANKED DIVIDENDS PIA’s objective is to provide shareholders with capital growth from investing in an ethically screened and actively managed portfolio of global businesses, in addition to providing shareholders with regular, reliable and fully franked dividends For personal use on
Slide 13: Dividend Yield
DIVIDEND YIELD Quarterly Fully Franked Dividends For personal use only The current profit reserves & franking balance are able to sustain fully franked quarterly dividends into FY2027 Based on closing share price at 13 February 2026 and a 25% company tax rate PENGANA INTERNATIONAL EQUITIES LIMITED (
Slide 14: NTA and Share Price Movements July 2017 to December 2025
NTA AND SHARE PRICE MOVEMENTS 1 JULY 2017 TO 31 DECEMBER 2025 For personal use only Pre Tax NTA Share Price $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Source
Slide 15: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half year ending 31 December 2025 The Strategy III Portfolio update from Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 11
Slide 16: Top Positions by Active Weight
TOP 10 POSITIONS BY ACTIVE WEIGHT As at November 30, 2025 MSCI ACTIVE ASX:PIA WORLD WEIGHT For personal use only Tencent Holdings Ltd. 3.4 0.0 3.4 Schneider Electric SE 3.2 0.2 3.0 Sony Group Corporation 2.8 0.2 2.6 Taiwan Semiconductor 2.5 0.0 2.5 Manufacturing Alphabet Inc. Class A 4.8 2.3 2.5 Net
Slide 17: Completed Portfolio Transactions
COMPLETED PORTFOLIO TRANSACTIONS Trailing 12 Months as of 31 December 2025 For personal use only Q1-25 Q2-25 Q3-25 Q4-25 Positions AMETEK Inc Johnson & Johnson Delta Electronics Inc Fabrinet Established HEICO Corporation Progressive Corporation Elevance Health Inc Shenzhen Inovance Technology Amphen
Slide 18: Quality & Growth Investment Philosophy
QUALITY & GROWTH INVESTMENT PHILOSOPHY We build diversified portfolios of high-quality, growing companies. For personal use only More Profitable Lower Risk Faster Growth Profit Margin Return on Assets Return on Equity Std. Dev. Of ROE Debt/Equity Sales Growth Earnings Growth Cash Flow Growth 18.5 69
Slide 19: Rising Quality Stance at Lower Valuations
RISING QUALITY STANCE AT LOWER VALUATIONS We have maintained our quality and growth premium while lowering relative valuation For personal use only Quality + Growth Rank Profile Relative Valuation Equal-weighted Composite of Relative P/E, P/B, and P/CF 2.0 2.0 1.8 1.9 1.6 1.8 1.4 1.7 1.2 1.6 1.0 1.5
Slide 20: Distinct Portfolio
DISTINCT PORTFOLIO Significant active weights in high-quality, durable growth businesses For personal use only Quality Assessment Framework Competitive Advantage Company Description Company Description Threat of new entrants Global leader in energy management equipment and services The dominan
Slide 21: Distinct Portfolio
DISTINCT PORTFOLIO Significant active weights in high-quality, durable growth businesses For personal use only Quality Assessment Framework Competitive Advantage Company Description Company Description Threat of new entrants Biopharmaceutical company with dominant share in the Leading subscrip
Slide 22: Hardware Stocks Have Been the Clear Winners
HARDWARE STOCKS HAVE BEEN THE CLEAR WINNERS Software’s relative weight has fallen with valuations For personal use only MSCI ACWI Weight (%) Relative Valuation Software & Services vs. Semi & Semi Equipment 12.0 2.0 1.8 10.0 1.6 8.0 DeepSeek 1.4 Moment 6.0 1/20/25 1.2 4.0 Initial release 1.0 of ChatG
Slide 23: The Software Debate: Will AI Disrupt Their Business Model?
THE SOFTWARE DEBATE: WILL AI DISRUPT THEIR BUSINESS MODEL? The share prices of four of our software investments have been under pressure For personal use only Quality and Growth Ranks as of September 30, 2025 Revenues impacted by non-AI events 1.0 ServiceNow AI a revenue enabler Adobe Microsoft
Slide 24: IT Services Companies – Delayed Not Disrupted
IT SERVICES COMPANIES – DELAYED NOT DISRUPTED Market leader Accenture as exhibit A for the debate For personal use only IT Services Industry AI infrastructure squeezed other IT spend Deferred spending due to policy & trade uncertainties Government (DOGE) – hit to contracts DOGE Visibility -
Slide 25: Health Care: Consistent Profitability at Lower Valuations
HEALTH CARE: CONSISTENT PROFITABILITY AT LOWER VALUATIONS Historically, the HealthGrowth CareFears sector has delivered consistentRecent profitability despite “fear events” Developments For personal use only Policy Concerns – Medicaid cuts, NIH budget, Tariffs clarification (10/1/2025) drug pric
Slide 26: Thermo Fisher: Executing Amidst Uncertainty
THERMO FISHER: EXECUTING AMIDST UNCERTAINTY Revenues returning to growth after Post-COVID “normalisation” For personal use only FY2024 Segment Revenues Company Description • World’s largest provider of life sciences tools. Analytical • Industry Structure Life Science Solutions Instruments • End mark
Slide 27: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half year ending 31 December 2025 The Strategy III Portfolio update Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 23
Slide 28: Investment Philosophy
INVESTMENT PHILOSOPHY For personal use only Quality Growth Distinct Decision Making Behavioral Finance Patient & Disciplined “We want our clients to benefit from the healthy debates that we have amongst each other.” - Yoko Sakai, Director of Research Being good investors may not be in our human natu
Slide 29: Structured Process
STRUCTURED PROCESS Mitigates biases that plague human decision-making and ensures discipline. For personal use only Research Universe (5,500) Porter Five Force Long-term fundamental Framework growth trends, not ephemera Qualified Sustainable return above Companies Four cost of capital within (
Slide 30: Harding Loevner's Consistent Results for Our Clients
HARDING LOEVNER’S CONSISTENT RESULTS FOR OUR CLIENTS Our decision-making has produced a distinctive pattern of performance For personal use only HL Global Equity* MSCI* 25 5-Year Annualised Rolling Returns (Net, AUD)1 Alpha 0.53% HL Global Equity Returns (net AUD %) 20 Beta 0.90 15 Outperform R-Squa
Slide 31: For More Information
For personal use only PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) FOR MORE PENGANA INVESTMENT MANAGEMENT LIMITED CLIENT SERVICE ACN 063 081 612 T: +61 2 8524 9900 INFORMATION AFSL 219462 E: [email protected] pengana.com/pia Level 27, Governor Phillip Tower, 1 Farrer Place Sydney, NSW 2
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