• FUM fell 3.8% in Q1 2026 due to market volatility
• Net client flows positive for L1 Long Short and L1 Affiliates
• Platinum strategies saw slower net outflows in Q1 2026

L1 Group Limited has provided an update on its Funds Under Management (FUM) for the quarter ended 31 March 2026. During the quarter, investment performance was impacted by the war in Iran, which caused global markets to fall sharply, with the ASX200 index falling 7.1% and the MSCI World falling 6.4%. As a result, L1 Group experienced a 3.8% reduction in FUM during the quarter, from $17,639 million as of 31 December 2025 to $16,963 million as of 31 March 2026. However, performance has since rebounded, with L1 Group FUM reaching circa $17.9 billion as of Friday 10 April 2026. Net client flows to L1 Long Short and L1 Affiliates were positive during the quarter, while net outflows in Platinum strategies, including Platinum International, have seen a material slowdown compared to the previous quarter. The company also announced that the L1 Gold Fund Limited (ASX:LGF) is expected to commence trading on the ASX on 24 April 2026, and upon the closure of the existing L1 Wholesale Gold Fund, L1 Group expects to earn a performance fee, the quantum of which will be determined by the fund's performance up to and including 17 April 2026.

L1 Group expects to earn a performance fee from the closure of the L1 Wholesale Gold Fund, the quantum of which will be determined by the fund's performance up to and including 17 April 2026.