Half Year Review to 31 December 2025

26 February 2026


The Manager
ASX Market Announcements
Australian Securities Exchange
Exchange Centre
Level 4
20 Bridge Street
Sydney NSW 2000



Electronic Lodgement




Australian Foundation Investment Company Limited
Half Year Review to 31 December 2025


Dear Sir / Madam


Please find attached the Half Year Review to 31 December 2025 that is being sent to
shareholders.



Yours faithfully


Matthew Rowe
Company Secretary

ASX Release authorised by the Company Secretary.

Income, Capital Growth, Low Cost
HALF-YEAR REVIEW TO 31 DECEMBER
2025

Contents
AUSTRALIAN FOUNDATION
INVESTMENT COMPANY
IS A LISTED INVESTMENT
COMPANY INVESTING
IN AUSTRALIAN AND
NEW ZEALAND EQUITIES.
Half-Year in Summary1
About the Company2
Review of Operations and Activities6
Top 25 Investments16
Income Statement17
Balance Sheet18
Summarised Statement of Changes In Equity 19
Holdings of Securities20
Holdings of International Securities22
Major Transactions in the Investment Portfolio23
Company Particulars24
Shareholder Information25
Australian Foundation Investment Company Limited ABN 56 004 147 120

2025
Half-Year in Summary
Profit for the Half-Year
$147. 0m
Down 4.6% from 2024
Portfolio Dividend Yield
#
5.7% Including franking*
S&P/ASX 200 Index yield 4.0%
(grossed up for franking*)
Management Expense Ratio
(Annualised)
0 .11%
0.15% last year
Total Six-Month Portfolio Return
-2.0% Including franking*
S&P/ASX 200 Index including
franking* 4.2%
Total Portfolio (Including Cash)
at 31 December 2025
$9.9b
$10.4 billion in 2024
Fully Franked Interim Dividend Per Share
12.0¢ Interim
14.5¢
Total
2.5¢ Special
12.0 cents per share in 2024
* Assumes an investor can take full advantage of the franking credits.
# Based on the interim dividend declared and the final dividend paid (including the five cents
of special dividends announced).
1Australian Foundation Investment Company Limited Half-Year to 31 December 2025

About the Company
How AFIC Invests – What We Look For in Companies
A portfolio
that is managed
to achieve long
term capital
and dividend
growth
Quality First
Growth
Including dividends
Value
Australian Foundation
Investment Company (AFIC) is
a Listed Investment Company
investing in Australian and
New Zealand equities.
Investment Objectives
The Company’s primary investment goals are:
• to pay a stable to growing dividend over time; and
• to provide attractive total returns over the medium
to long term.
INCOME,
CAPITAL GROWTH,
LOW COST
2Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Approach to Investing
Investment Philosophy
Our investment philosophy is built
on taking a medium to long term view
on companies in a diversified portfolio
of quality companies that are likely to
sustainably grow their earnings and
dividends over this timeframe.
Quality in this context is an outcome of
our assessment of the following factors:
1. We prefer companies that have a
leadership position or are developing
one within the industry in which they
operate. This will often mean we are
investing in a unique set of assets with
competitive advantages that produces
attractive returns on invested capital.
2. As a long term, tax aware investor we
seek to be in companies that have a
long term sustainable business model,
with low risk of disruption. This helps
to ensure portfolio turnover remains
low. The analysis may consider
technological disruption, environmental
issues, including the impact of climate
change, and social risks as all of these
factors can have a material impact
on the assessment of a company’s
long term sustainability.
3. We consider how a company’s
business can be potentially impacted
by influences outside the control
of management, such as change in
government regulation and/or policy.
4. We are attracted to companies with
outstanding management teams
and boards with strong governance
processes, whose interests are
closely aligned with shareholders,
and act in the best interest of all
their stakeholders, including their
employees, customers, suppliers
and wider communities. We consider
matters including safety, diversity,
social impacts, environmental impact
and modern slavery where material
or appropriate in the context of that
company. We regularly review and
meet with companies to ensure
ongoing alignment with our investment
frameworks. Our process may
include an assessment of the board
in terms of its past performance,
history of capital allocation, level of
accountability, mix of skills, relevant
experience and succession planning.
We also consider a company’s degree
of transparency and disclosure.
Voting on resolutions is one of the
key functions that a shareholder has
in ensuring better long term returns
and management of investment risk.
We take input from proxy advisers
but conduct our own evaluation of
the merits of any resolution. We vote
on all company resolutions as part
of our regular engagement with the
companies in the portfolio and our
voting record is on the company’s
website. We actively engage with
companies when we are concerned
about resolutions that are not aligned
with shareholders’ interests. We seek
to stay engaged with the companies
and satisfy ourselves that any issues
are taken seriously and worked
through constructively. Ideally we
seek to remain invested to influence
a satisfactory outcome for stakeholders.
5. We prefer companies with more
stable income flows. We are wary
of companies that have large,
inconsistent profit streams.
3Australian Foundation Investment Company Limited Half-Year to 31 December 2025

About the Company continued
6. We like our companies to be financially
strong and the assessment of the
balance sheet and the degree to which
the company is self-funding is critical
in our analysis. Cash generation
is also an important consideration.
Analysis of the above factors helps to
inform us of the structure of the industry
and a company’s sustainable competitive
position as well as the quality of the
people running the business, strength
of the balance sheet and consistency
of earnings. Within this analysis some
key financial metrics are considered.
These include return on capital employed,
return on equity, the level of gearing
in the balance sheet, margins and free
cash flow generation.
Alongside the assessment of quality
is an analysis of the ability of companies
to grow earnings over time, which
ultimately should drive dividend growth.
Recognising value is also an important
aspect of sound long term investing.
Short term measures such as the price
earnings ratio, price to book or price
to sales may be of some value, but
aren’t necessarily strong predictors
of future performance. Our assessment
of value tries to capture the opportunity
a business has to prosper and thrive
over the medium to long term.
Reporting of social and environmental
issues is being influenced by the
development of climate-related
disclosures as required by Australian
Corporate Legislation. Their introduction
in Australia should enable investors over
time to better make informed decisions
on these issues based on company
disclosures arising from these standards.
Assessment of commitments and plans
by companies to reach net zero by 2050
may also be considered having regard to
several factors. These include the industry
in which they operate, progress against
their plans, their broader contribution to
social good in addressing the challenge
of reducing global carbon emissions,
and the impact on their value if they fail
to achieve their stated goals. In applying
external data for benchmarking*, the
current carbon intensity of AFIC’s portfolio
is less than the S&P/ASX 200 Index.
In building the investment portfolio
with the principles outlined, we believe
we can offer investors a well-diversified
portfolio of quality companies, structured
to deliver total returns ahead of the
Australian equity market over the long
term with less volatility and with more
consistent dividends.
From time to time, some borrowings
may be used where potential investment
returns justify the use of debt.
AFIC is managed for the benefit
of its shareholders with fees based
on the recovery of costs rather than
as a fixed percentage of the portfolio.
There are no additional fees. As a result,
the benefit of scale over time results
in a very low expense ratio for investors.
For the six months to 31 December 2025
this was 0.11 per cent (annualised),
or 11 cents for each $100 invested.
* Data provided by ISS ESG.
Portfolio at 30 June 2025.

4Australian Foundation Investment Company Limited Half-Year to 31 December 2025

5Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Review of Operations and Activities
Profit and Dividend
The half-year profit was $147.0 million,
down from $154.2 million in the previous
corresponding period. The decrease in
the profit from last year was primarily due
to lower dividends from BHP, Woodside
Energy Group and Woolworths Group
(special dividend paid last half-year)
amongst others, and from the
reduced holdings because of sales
in Commonwealth Bank of Australia
and Wesfarmers.
The interim dividend was maintained
at 12.0 cents per share fully franked.
A special dividend of 2.5 cents per share
has also been declared. This reflects the
substantial balance of franking credits built
up over recent years, particularly through
the generation of realised capital gains.
The Board is also intending to pay an
additional 2.5 cents per share special
dividend fully franked with the final
dividend, expected to be declared with
the financial year result to be announced
on 27 July 2026. Directors will consider
further capital management initiatives
for the next financial year taking into
consideration the balance of franking
credits and the generation of realised
capital gains.
Based on the interim dividend declared
and the final dividend paid (including
the five cents of special dividends
announced), the grossed-up dividend
yield on the share price of $7.19 at
31 December 2025 is 6.3 per cent.
If market conditions permit, the intention
is to buy back the shares issued under
the DRP/DSSP on market during the
remainder of this financial year.
The management expense ratio for
AFIC was 0.11 per cent (annualised),
with no additional fees.
The Market and Portfolio
Returns
The S&P/ASX 200 Accumulation Index
(not including the benefit of franking) rose
10.3 per cent in the calendar year, with
a large part of this return coming from
the Resource and Banking sectors.
Resource stocks had the strongest
returns, up 35.1 per cent, buoyed by
positive rises in gold, copper, rare earths
and, most recently, lithium commodity
prices, leading to a 104.3 per cent return
for the mid-cap resources index, and
73.0 per cent for the small-cap resources
index. Gold, which is included in these
figures, was up 127.0 per cent for the year.
Banks also performed strongly over the
12 months, with this sector delivering
a return of 16.7 per cent as valuation
multiples remained at elevated levels.
Industrials were only up 4.0 per cent
over the calendar year.
Major sectors to underperform
were Healthcare, down 23.7 per cent
(driven largely by CSL), and Information
Technology, down 20.8 per cent as many
companies in this sector retraced the
gains from last year as valuation multiples
returned from highly elevated levels.
6Australian Foundation Investment Company Limited Half-Year to 31 December 2025

S&P/ASX 200 Banks
Total Return
S&P/ASX 200 Resources
Total Return
S&P/ASX 200 Industrial
Total Return
Jan 25
Feb 25
Mar 25
May 25
Jun 25
Aug 25
Jul 25
Apr 25
Sep 25
Oct 25
Nov 25
Dec 25
80
90
100
110
120
130
140
Figure 1: Key Sector Returns – 12 Months to 31 December 2025
Source: FactSet
This proved to be a challenging
environment with the AFIC portfolio
including the benefit of franking returning
1.2 per cent over the 12 months,
underperforming the S&P/ASX 200
Accumulation Index return of 11.5 per
cent including franking.
Underperformance came from many large
core holdings that had significant declines
in their share prices during the year. These
included CSL, ARB Corporation, James
Hardie Industries (because of a poorly
structured large acquisition), CAR Group,
Mainfreight and REA Group. IDP Education
has also been a disappointing investment
for us, having a material negative impact
on performance.
Additionally, having no exposure to small
and mid-cap resources, which were up
substantially over the period, also had
a significant impact. AFIC is not typically
an investor in these sectors given the
highly cyclical nature of many companies
within this area of the market and lack
of consistent earnings growth.
We prefer to focus on companies with
prospects for long term earnings growth,
which can produce attractive reinvestment
opportunities and dividends.
7Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Review of Operations and Activities continued
Mid Cap 50 Resources Index
Small Resources Index
Jan 25
Feb 25
Mar 25
May 25
Jun 25
Aug 25
Jul 25
Apr 25
Sep 25
Oct 25
Nov 25
Dec 25
-20%
0%
20%
40%
60%
80%
100%
120%
Figure 2: Performance of Small and Mid-Cap Resources – 12 Months
to 31 December 2025
Source: FactSet
8Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Change in Portfolio Manager
During October 2025 there was a change
in the portfolio manager responsible for
the fund. This was an internal appointment,
and the Board is very positive about this
change. We believe this will further
support application of our investment
process going forward against AFIC’s
long-standing investment framework.
Portfolio Adjustments
Our investment approach concentrates on
investing in quality companies to generate
long term returns. We remain focused on
continuous improvement in our processes
to produce returns in line with our
investment objectives. Recent
adjustments to the portfolio reflect this.
Large positions in Wesfarmers and
Commonwealth Bank of Australia
continued to be trimmed. We consider
both companies to be high quality but
extremely over valued. Any subsequent
falls in their respective share prices give
us the potential to buy back into these
companies as their share prices start
to better reflect fair value.
The trimming of our positions in platform
provider Netwealth Group, as well as
Westpac Banking Group and National
Australia Bank, was done for a similar reason.
-3
0
3
6
9
12
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
10-year return6-month return1-year return3-year return
1.2%
-2.0%
4.2%
11.5%
5-year return
9.9%
12.7%
8.7%
11.3%
9.3%
10.8%
Figure 3: Portfolio Performance* (Including the Full Benefit of Franking)
− to 31 December 2025
* Per annum returns other than for six months. AFIC’s performance figures are after costs and tax.
9Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Our selling in WiseTech Global
and James Hardie Industries was
done on quality considerations.
We have fully exited WiseTech Global
after previously adding to the position.
This decision was made based on
a reassessment of the quality of this
company. WiseTech Global’s core
software product remains a market
leader, but our concerns centre on the
company’s governance shortcomings.
We think this risk is amplified by a recent
acquisition that was largely debt funded.
We have reduced our investment in
James Hardie Industries. The company
still has an attractive long term growth
opportunity, but a stretched balance
sheet combined with management
and board turnover mean the risk
profile has increased. The valuation
has returned to very reasonable levels.
Therefore, we have decided to maintain
an investment in James Hardie Industries
but reduced it to what we consider
to be a more appropriate size, given
the changed circumstances.
Buying during the period was concentrated
in two blue chip companies where in each
case we see an attractive dividend yield
combined with high-quality and attractive
valuation – Woolworths Group and
Telstra Group.
Woolworths Group has recently delivered
some disappointing financial results
because of poor execution in its core
supermarkets business. We see the
issues as temporary and believe this
has given us the opportunity to invest
in a high returning, defensive business that
provides our portfolio with a good mix of
fully franked dividend income plus growth.
Telstra Group remains the dominant
leader in an attractive industry that
continues to be driven by a growing
population’s increasing usage of data.
The company’s returns are improving and
the balance sheet is in good shape, which
should result in a high fully franked dividend
yield that we believe can grow over time.
Review of Operations and Activities continued
10Australian Foundation Investment Company Limited Half-Year to 31 December 2025

We continued to build our investment
in Sigma Healthcare in a patient and
disciplined manner by taking advantage of
some recent short term underperformance
in the share price.
Following the merger with Chemist
Warehouse, Sigma Healthcare is now
Australia’s leading retail pharmacy
franchisor, distributor and wholesaler.
The company has a strong track record
of execution with double-digit revenue
growth over the past two decades. The
company continues to have a long growth
runway, as it operates in an attractive,
strongly growing healthcare and beauty
retail category in which it is winning
market share. Sigma Healthcare primarily
offers our portfolio an attractive level of
capital growth alongside modest, albeit
strongly growing, dividends.
We added to our position in healthcare
giant CSL. We are aware of the short
term pressures on the business and are
frustrated by the share price performance,
but we continue to see a compelling
long term investment case given the
current valuation.
We took advantage of a sell-off in a number
of quality small-cap growth companies to
add to the portfolio. This included buying
Life360, an emerging technology business
that earns subscription and advertising
revenue through its family tracking and
safety app. We rate management highly
and see the potential for long term capital
growth. We made our initial investment
once the valuation had returned to more
reasonable levels.
We also increased our position in
Macquarie Technology Group, a leading
Australian data centre and cybersecurity
company. We continue to see a compelling
long term investment in terms of both
quality and value.
11Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Share Price
The following chart (Figure 4) highlights
where AFIC’s share price was trading
relative to the net asset backing at
31 December 2025. Over the six-month
period, the share price has moved from
a discount of 11.8 per cent to the net
asset backing of $8.33 per share at
30 June 2025 to a discount of 9.0 per
cent to net asset backing of $7.90 per
share at 31 December 2025.
The way that AFIC shares are priced
relative to the net asset backing will
likely move from modest premiums to
discounts over time, which is impacted
by a range of factors such as the level
of interest rates and the broader
stock market. The Group has also
made considerable progress in lifting its
communication with brokers and financial
planners over recent months to ensure
there is a heightened presence of AFIC
within this community as well with retail
investors, to ensure the benefits of being
a long-established listed investment
company are well understood.
We also remain very focused on investing
in quality companies that outperform the
market over an extended period. This will
ultimately drive our share price more than
the shorter term vagaries of the market.
Review of Operations and Activities continued
Figure 4: Share Price Relative to Net Asset Backing Per Share
Dec
15
Dec
16
Dec
17
Dec
18
Dec
19
Dec
20
Dec
21
Dec
22
Dec
23
Dec
24
Dec 25
20%
15%
10%
5%
0%
-5%
-10%
-15%
12Australian Foundation Investment Company Limited Half-Year to 31 December 2025

International Portfolio
The international portfolio within AFIC
has continued to generate value for
shareholders, with the portfolio standing
at $170.0 million on 31 December 2025
following the initial investment of
$103.5 million in May 2021.
As previously communicated to
shareholders, preparatory work has been
undertaken in consideration of establishing
a separate low-cost global investment
company in the future. However, at this
stage we are not considering the listing
of a separate fund.
In this context we have decided to adjust
the approach by continuing to invest
in international markets focusing on
a smaller number of holdings. This will
still provide AFIC with the opportunity
to find the best ideas in international
markets through a more concentrated
and complementary portfolio consistent
with AFIC’s investment style. This is
particularly relevant in an increasingly
concentrated Australian equity market.
The Board believes this approach also
provides for greater strategic flexibility
in the future. In addition, it will continue
to benefit the investment team managing
the broader AFIC portfolio by having
greater exposure to insights arising from
international markets, particularly as many
of the Australian listed companies in the
portfolio operate globally.
13Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Outlook
Despite extreme geopolitical uncertainty
and a more indeterminate outlook for
economic growth and inflation in Australia
and elsewhere, the market delivered
another strong year of performance in
the 12 months to 31 December 2025.
Only a more subdued December quarter
prevented the S&P/ASX 200 Index from
closing at all-time high levels. In our view
this leaves the market looking expensive,
especially against long term averages for
the market’s price to earnings ratio and
dividend yield.
While we remain cautious in this
environment, in a market that is seemingly
driven by a greater short term focus and
swings in momentum, we have been able
to take advantage of buying opportunities
in selected companies that we judge to
be high quality and have attractive long
term growth prospects.
In this context, we continue to believe
that owning a diversified portfolio of
high-quality companies can produce
an attractive level of income and capital
growth over the long term, thereby
enabling us to meet our dividend
and long term total return objectives.
Review of Operations and Activities continued
Average 15.0
Jan 06Jan 07Jan 08Jan 09Jan 10Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21Jan 22Jan 23Jan 24Jan 25
Dec 25
8
10
12
14
16
18
20
22
Times
Figure 5: S&P/ASX 200 Price Earnings Ratio
Source: FactSet
14Australian Foundation Investment Company Limited Half-Year to 31 December 2025

15
Source: FactSet
Average
4.1
Jan 06Jan 07Jan 08Jan 09Jan 10Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21Jan 22Jan 23Jan 24Jan 25
Dec 25
2%
3%
4%
5%
6%
7%
Figure 6: S&P/ASX 200 Dividend Yield
Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Top 25 Investments
As at 31 December 2025
Includes investments held in both the investment and trading portfolios.
Value at Closing Prices at 31 December 2025
Total Value
$ Million
% of the
Portfolio
1BHP* 942.19.6
2Commonwealth Bank of Australia823.58.4
3National Australia Bank* 502.25.1
4Westpac Banking Corporation492.95.0
5CSL 469.34.8
6Macquarie Group 436.44.5
7Wesfarmers 391.24.0
8Transurban Group* 375.03.8
9Goodman Group*357.03.6
10Telstra Group* 338.03.5
11Rio Tinto 273.42.8
12ANZ Group Holdings 269.52.8
13Woolworths Group 243.72.5
14ResMed 240.42.5
15Coles Group* 197.92.0
16Woodside Energy Group 192.62.0
17CAR Group 175.01.8
18ALS 154.51.6
19Mainfreight 142.41.5
20Computershare 134.21.4
21Brambles 134.11.4
22ARB Corporation 132.91.4
23James Hardie Industries129.81.3
24Amcor120.71.2
25Fisher & Paykel Healthcare Corporation 117.51.2
Total7,786.1
As percentage of total portfolio value (excludes cash)79.5%
* Indicates that options were outstanding against part of the holding.
16Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Income Statement
For the Half-Year Ended 31 December 2025
Half-Year
2025
$’000
Half-Year
2024
$’000
Dividends and distributions160,617166,298
Revenue from deposits and bank bills5,2644,126
Net gains on trading portfolio 3,0361,892
Total income168,917172,316
Finance costs(599)(631)
Administration expenses(5,952)(7,787)
Profit before income tax 162,366163,898
Income tax(15,347)(9,734)
Profit for the half-year147,019154,164
CentsCents
Earnings per share11.7012.29
17Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Balance Sheet
As at 31 December 2025
31 December
2025
$’000
30 June
2025
$’000
Current assets
Cash 131,565280,769
Receivables13,35239,534
Trading portfolio(2)5,773
Total current assets144,915326,076
Non-current assets
Investment portfolio9,788,13410,254,757
Fixtures and fittings245155
Deferred tax assets – other2,171–
Total non-current assets9,790,55010,254,912
Total assets9,935,46510,580,988
Current liabilities
Payables6301,335
Borrowings – bank debt–10,000
Tax payable34,748113,483
Provisions4,3047,084
Total current liabilities39,682131,902
Non-current liabilities
Provisions103169
Deferred tax liabilities – other–233
Deferred tax liabilities – investment portfolio1,551,0771,707,918
Total non-current liabilities1,551,1801,708,320
Total liabilities1,590,8621,840,222
Net assets8,344,6038,740,766
Shareholders’ equity
Share capital3,193,2513,210,246
Revaluation reserve3,272,7453,651,333
Realised capital gains reserve651,730799,329
General reserve23,63723,637
Retained profits1,203,2401,056,221
Total shareholders’ equity (including minority interests)8,344,6038,740,766
18Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Summarised Statement of Changes in Equity
For the Half-Year Ended 31 December 2025
Half-Year
2025
$’000
Half-Year
2024
$’000
Total equity at the beginning of the half-year8,740,7668,261,387
Dividends paid(235,582)(174,798)
Dividend Reinvestment Plan50,93539,650
Shares bought back(67,632)(36,156)
Other share capital adjustments(298)(154)
Total transactions with shareholders(252,577)(171,458)
Profit for the half-year147,019154,164
Revaluation of investment portfolio(411,358)531,401
Provision for tax on revaluation120,753(162,605)
Revaluation of investment portfolio (after tax)(290,605)368,796
Total comprehensive income for the half-year(143,586)522,960
Realised gains on securities sold124,071192,396
Tax on realised gains on securities sold(36,088)(53,418)
Net realised gains on securities sold87,983138,978
Transfer from revaluation reserve to realised
gains reserve(87,983)(138,978)
Total equity at the end of the half-year8,344,6038,612,889
A full set of AFIC’s interim accounts are available on the Company’s website.
19Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Holdings of Securities
At 31 December 2025
Individual investments for the combined investment and trading portfolios as at
31 December 2025 are listed below. The list should not, however, be used to evaluate
portfolio performance or to determine the net asset backing per share at other dates. Net
asset backing is advised to the Australian Securities Exchange each month and is recorded
on the toll free telephone service at 1800 780 784 and posted to AFIC’s website (afi.com.au).
Individual holdings in the portfolios may change during the course of the year. In addition,
holdings which are part of the trading portfolio may be subject to call options or sale
commitments by which they may be sold at a price significantly different from the market
price prevailing at the time of the exercise or sale.
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
360Life36034811,675
AIAAuckland International Airport11,50182,924
ALD*Ampol1,85559,176
ALQALS7,012154,548
AMCAmcor9,617120,689
ANZANZ Group Holdings7,415269,461
ARBARB Corporation4,226132,907
ASXASX 1,75790,380
AUBAUB Group1,43244,112
BHP*BHP20,753942,059
BRGBreville Group70220,702
BSLBlueScope Steel1,43134,448
BXBBrambles5,840134,086
CARCAR Group5,690175,034
CBACommonwealth Bank of Australia5,128823,467
COHCochlear443115,518
COL*Coles Group 9,232197,907
CPUComputershare3,930134,170
CSLCSL2,718469,263
CWYCleanaway Waste Management18,18547,099
DJWDjerriwarrh Investments7,50523,417
DUIDiversified United Investment12,03064,843
EQTEQT Holdings 1,55537,077
FPHFisher & Paykel Healthcare Corporation3,600117,540
GMG*Goodman Group11,525357,036
IAGInsurance Australia Group4,74037,823
20Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
IELIDP Education7,89845,648
JBHJB Hi-Fi91588,041
JHXJames Hardie Industries4,203129,774
MAQMacquarie Technology Group70146,625
MFTMainfreight (NZX listed)2,406142,355
MGRMirvac Group29,35060,168
MIRMirrabooka Investments15,26447,318
MQGMacquarie Group2,148436,379
NAB*National Australia Bank11,875502,164
NANNanosonics5,71622,691
NWLNetwealth Group2,64167,805
NXTNEXTDC4,60057,638
OCLObjective Corporation3325,488
PXAPEXA Group3,10241,664
REAREA Group625114,561
REHReece5,62875,415
RGN*Region Group16,00037,590
RIORio Tinto1,862273,381
RMDResMed6,689240,385
SEKSeek3,79587,737
SHLSonic Healthcare3,32075,058
SIGSigma Healthcare12,60337,054
STOSantos13,92185,891
TCL*Transurban Group26,394375,033
TLS*Telstra Group69,422338,034
TLXTelix Pharmaceuticals1,11112,443
TPWTemple & Webster Group7109,711
WBCWestpac Banking Corporation12,770492,922
WDSWoodside Energy Group8,165192,612
WESWesfarmers4,824391,178
WORWorley3,90349,059
WOWWoolworths Group8,295243,707
XROXero 83595,207
Total9,618,097
* Indicates that options were outstanding against part of the holding.
21Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Holdings of International Securities
At 31 December 2025
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
2025
Market
Value
2025
A$
ACN-USAccenture10,0944,061,220
AENA-ESAena 83,8053,515,620
GOOGL-USAlphabet14,1506,641,586
AMZN-USAmazon30,47310,547,619
AVGO-USBroadcom9,3424,848,591
CP-USCanadian Pacific26,3172,905,660
CMG-USChipotle Mexican39,2702,178,700
LLY-USEli Lilly5,4618,800,838
FERG-GBFerguson Enterprises24,7158,280,266
HCA-USHCA Healthcare9,3286,530,533
HEI-DEHeidelberg Materials19,9557,809,190
HD-USHome Depot6,5643,387,090
ICE-USIntercontinental41,47210,072,305
JPM-USJP Morgan7,6053,674,736
MAR-USMarriott5,8202,707,639
MCD-USMcDonald’s8,0663,696,809
MSFT-USMicrosoft15,50311,243,241
NESN-CHNestlé18,4762,744,979
NFLX-USNetflix70,7949,953,636
NEE-USNextera 30,9093,721,135
NVDA-UNVIDIA45,56012,741,765
SPGI-USS&P Global4,3423,402,695
SU-FRSchneider26,90811,131,840
SPOT-USSpotify5,6454,915,835
V-USVisa 17,1429,015,321
WAT-USWaters Corp12,6347,196,200
ZTS-USZoetis22,8544,312,093
Total170,037,142
22Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Major Transactions in the
Investment Portfolio
Acquisitions
Cost
($m)
Woolworths Group 45.2
Telstra Group 30.2
Sigma Healthcare28.7
WiseTech Global 20.0
CSL 15.0
Life36013.5
Macquarie Technology Group12.7
Disposals
Proceeds
($m)
Wesfarmers70.4
WiseTech Global*66.1
Netwealth Group33.2
James Hardie Industries28.3
Commonwealth Bank of Australia20.1
National Australia Bank20.0
Westpac Banking Corporation20.0
* Complete disposal from the portfolio.
New Companies Added to the Portfolio
Life360
Temple & Webster Group
Objective Corporation
23Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Company Particulars
Australian Foundation
Investment Company
Limited (AFIC)
ABN 56 004 147 120
Directors
Craig M Drummond, Chairman
Mark Freeman, Managing Director
Rebecca P Dee-Bradbury
Julie A Fahey
Katie M Hudson
Graeme R Liebelt
Richard L Murray
David A Peever
Company Secretaries
Matthew J Rowe
Andrew JB Porter
Auditor
PricewaterhouseCoopers
Chartered Accountants
Country of Incorporation
Australia
Registered Office
and Mailing Address
Level 21, 101 Collins Street
Melbourne Victoria 3000
Contact Details
Telephone (03) 9650 9911
Facsimile (03) 9650 9100
Email invest@afi.com.au
Website afi.com.au
For enquiries regarding net asset backing
(as advised each month to the Australian
Securities Exchange):
Telephone 1800 780 784 (toll free)
24Australian Foundation Investment Company Limited Half-Year to 31 December 2025

Shareholder Information
Share Registrar
MUFG Corporate Markets (AU) Limited
Address Locked Bag A14, Sydney South
New South Wales 1235
Liberty Place
Level 41, 61 Castlereagh Street
Sydney New South Wales 2000
New Zealand Address
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland, New Zealand
AFI Shareholders (ASX)
Enquiry Line 1300 857 499
Facsimile (02) 9287 0309
Email afi@cm.mpms.mufg.com
Website au.investorcentre.mpms.mufg.com
AFI Shareholders (NZX)
Enquiry Line 09 375 5998
Email enquiries.nz@cm.mpms.mufg.com
Website nz.investorcentre.mpms.mufg.com
For all enquiries relating to shareholdings,
dividends and related matters, please contact
the share registrar.
Securities Exchange Code
AFI Ordinary shares (ASX and NZX)
Shareholder Meetings
Melbourne Meeting
Time 10.00am
Date Thursday 12 March 2026
Venue ZINC Federation Square
Swanston Street and Flinders Street
Melbourne
Sydney Meeting
Time 10.00am
Date Monday 16 March 2026
Venue Swissotel
68 Market Street Sydney
Brisbane Meeting
Time 10.00am
Date Tuesday 17 March 2026
Venue Sky Room
Brisbane Convention
and Exhibition Centre
Cnr Merivale and
Glenelg Streets
South Bank Brisbane
Canberra Meeting
Time 10.00am
Date Thursday 19 March 2026
Venue Hotel Realm
National Ballroom 2
18 National Circuit Barton
Perth Meeting
Time 10.00am
Date Monday 30 March 2026
Venue Karri Room
Parmelia Hilton
14 Mill Street Perth
Adelaide Meeting
Time 10.00am
Date Tuesday 31 March 2026
Venue Panorama Room
Adelaide Convention Centre
North Terrace Adelaide
25Australian Foundation Investment Company Limited Half-Year to 31 December 2025

MDM
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