Disclaimer: This is general advice only. It doesn't take your personal circumstances into account. Please speak to a licensed adviser before acting on anything in this episode.

Looking for personal financial advice? Our friends at Clime Investment Management offer tailored advice and financial planning services across most states. Learn more: marcustoday.com.au/about-us/financial-planning-with-clime/

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On this Christmas episode of 'On the Couch,' we sit down with Adam Dawes from Shaw and Partners, and we discuss what we have learned from 2025 and more importantly, what themes and stocks we should be watching in 2026.

Adam is a long-time friend of the podcast series and a frequent guest on many media outlets, showcasing his experience and investment wisdom.

In this discussion, we talk stocks, and themes for 2026.

Disclaimer: This is general advice only. It doesn't take your personal circumstances into account. Please speak to a licensed adviser before acting on anything in this episode.

Want to invest with Marcus Today? The MT20 portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you.

If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.

Subscribe to Marcus Today and stay ahead with expert research and analysis.

Want to take control of your own investing? Start a free 14-day trial of the Marcus Today newsletter and get daily insights, analysis, and model portfolios designed for self-directed investors. Sign up here: marcustoday.com.au/trial-sign-up/

Welcome to the latest episode of On the Couch.

In this episode, Henry Jennings is joined by Dr Francis Wedin, Chair of Vulcan Energy (ASX: VUL). A long-time friend of the podcast, Francis founded Vulcan around seven years ago. He was previously Executive Director of ASX-listed Exore Resources, where he successfully developed two new lithium resources across two continents.

Vulcan Energy has recently announced a comprehensive funding package for its flagship Upper Rhine Valley lithium–geothermal project, Lionheart. Backed by some of Europe's largest banks and institutions, the company now has the capital to begin construction on Phase 1 of this ambitious project.

Talking Points

• What exactly does Vulcan do?
• Where is the Lionheart project located?
• How easy was it to secure the funding?
• The funding package is complex – what are its key features in simple terms?
• Is the team in place to construct a project of this scale?
• What sets Vulcan apart from the rest?
• Vulcan has a loyal shareholder base, including Hancock Prospecting – how important is that support?
• What happens next?

Disclaimer: This is general advice only. It doesn't take your personal circumstances into account. Please speak to a licensed adviser before acting on anything in this episode.

Looking for personal financial advice? Our friends at Clime Investment Management offer tailored advice and financial planning services across most states. Learn more: marcustoday.com.au/about-us/financial-planning-with-clime/

Prefer someone to invest for you? The Marcus Today Managed Strategy Portfolio applies the same strategy we write about daily – but we manage it for you, using Australian-listed ETFs and a long-term growth approach. Find out more: marcustoday.com.au/managed-portfolios/

Want to take control of your own investing? Start a free 14-day trial of the Marcus Today newsletter and get daily insights, analysis, and model portfolios designed for self-directed investors. Sign up here: marcustoday.com.au/trial-sign-up/