LSF FINANCIAL STATEMENTS

L1 Long Short Fund Ltd — balance sheet, income statement and cash flow trends

LSFL1 Long Short Fund Ltd

🇦🇺 Australia · AU · Financial Services · Asset Management

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Key Figures

YoY change

Revenue——

Gross Profit——

Operating Income——

EBITDA——

Net Income——

Peer Comparison· Asset Management

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LSF	—	—	—	—
SII	—	—	—	22.4%
WT	—	—	—	-0.3%
APAM	—	—	—	23.3%
PAX	—	—	—	18.0%
INVES	—	—	—	186.9%
Industry median	22.3%	3.0%	127.9%	16.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity2.3 B A$25%
Current Liabilities3.4 B A$36%
Long-term Liabilities3.6 B A$39%

Key Figures

YoY change

Total Assets5.9 B A$+51.9%

Total Liabilities3.6 B A$+71.7%

Total Equity2.3 B A$+29.1%

Cash & ST Investments5.7 B A$+50.5%

Total Debt——

Net Debt-1.7 B A$—

Peer Comparison· Asset Management

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LSF	1.74	—	—	39.3%
SII	2.98	—	—	75.4%
WT	9.07	253.2%	7.79	26.6%
APAM	0.97	79.5%	0.02	27.0%
PAX	1.70	42.3%	1.08	34.8%
INVES	9.61	0.0%	-1.01	87.5%
Industry median	3.81	18.1%	0.18	64.6%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LSF	1.74	—	—	39.3%
MFF	501.92	0.3%	—	83.5%
GQG	7.70	6.0%	-0.17	90.1%
IFL	—	59.0%	2.16	59.5%
L1G	235.38	4.6%	-0.52	62.1%
MXT	—	—	—	99.3%
Industry median	3.81	18.1%	0.18	64.6%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow——

Capital Expenditures——

Free Cash Flow——

Dividends Paid——

Peer Comparison· Asset Management

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LSF	—	—	—	—
SII	33.9%	33.4%	0.5%	151.2%
WT	22.2%	21.9%	0.3%	-6,934.9%
APAM	15.9%	15.9%	0.1%	68.2%
PAX	54.4%	46.8%	7.6%	302.9%
INVES	285.3%	15.5%	0.0%	152.6%
Industry median	18.7%	17.4%	0.6%	68.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LSF	—	—	—	—
MFF	—	—	—	—
GQG	57.8%	57.4%	0.4%	104.3%
IFL	15.8%	17.3%	1.8%	231.9%
L1G	18.7%	17.9%	0.1%	35.3%
MXT	-35.1%	—	0.0%	-36.6%
Industry median	18.7%	17.4%	0.6%	68.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LSF	—	—	—	—
MFF	—	—	—	—
GQG	—	—	—	55.4%
IFL	—	—	—	6.8%
L1G	—	—	—	53.0%
MXT	—	—	—	95.8%
Industry median	22.3%	3.0%	127.9%	16.7%