Spheria Emerging Cos. Ltd. · ASX:SEC

Spheria Emerging Cos — Shareholder Meeting (November 2025)

28 slides from Spheria Emerging Cos's shareholder meeting presentation, Nov 18, 2025

  1. Slide 1: 2025 Annual General Meeting

    For personal use only Spheria Emerging Companies Limited (ASX:SEC) 2025 Annual General Meeting 18 November 2025

  2. Slide 2: Agenda

    Agenda 2 For personal use only 1. Chairman’s Address 2. Formal Business 3. Investment Update 4. Questions

  3. Slide 3: Chairman's Address

    For personal use only Chairman’s Address

  4. Slide 4: Chairman's Address: Investment Objectives

    4 Chairman’s Address Investment Objectives For personal use only The Company’s investment objectives are to: • outperform the benchmark, the S&P/ASX Small Ordinaries Accumulation Index, over each full investment cycle (which the Manager considers to be a period of typically 3 to 5 years); and • prov

  5. Slide 5: Objective 1: Outperform the benchmark

    5 Chairman’s Address Objective 1: Outperform the benchmark Company Performance1 For personal use only • 2.2% annualised outperformance from inception to 30 June 2025 (7.5% p.a. compared to benchmark 5.3% p.a.) • 1.9% annualised outperformance from inception to 31 October 2025: Performance - 1 year 3

  6. Slide 6: Objective 2: Provide Capital Growth and Income

    6 Chairman’s Address Objective 2: Provide Capital Growth and Income 1. Company Performance and TSR Performance For personal use only Performance 30 June 2025 31 October 2025 Company Performance1 (since inception) 7.5% p.a. 9.1% p.a. TSR Performance2 (since listing date) 7.1% p.a. 8.5% p.a. 2. TSR Pe

  7. Slide 7: SEC Pre-tax NTA + Cumulative Dividends / Franking Credits

    7 Chairman’s Address SEC Pre-tax NTA + Cumulative Dividends / Franking Objective 2: Provide Capital Growth and Income Credits $4.00 $3.737 • Looking back since the IPO of the Company until For personal use only $0.308 $3.50 $3.344 today (31 October 2025): $0.277 $2.965 $0.730 $2.866 • Pre-tax NTA is

  8. Slide 8: Spotlight on Dividends

    8 Chairman’s Address Spotlight on Dividends SEC Dividend History 6 • Total FY25 quarterly dividends of 14.1 cents per Increase to For personal use only 5.0 1.5% post-tax share 5 NTA Quarterly dividends • Target dividend yield was increased to 6% of 4 4.0 4.0 increased to 1.25% 3.8 post-tax NTA 3.5 Q

  9. Slide 9: Share Price / NTA: Improvement in NTA Discount

    For personal use only • • Data to 31 October 2025 Share Price / NTA Source: Spheria Emerging Companies. $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 31-Dec-17 31-Jan-18 28-Feb-18 31-Mar-18 30-Apr-18 31-May-18 30-Jun-18 31-Jul-18 31-Aug-18 Improvement in NTA Discount 30-Sep-18 31-Oct-1

  10. Slide 10: Formal Business

    For personal use only Formal Business

  11. Slide 11: Consideration of financial statements and reports

    Formal Business – Financial statements and reports 11 For personal use only Consideration of financial statements and reports

  12. Slide 12: Adoption of the Remuneration Report

    Formal Business – Resolution 1 12 For personal use only Adoption of the Remuneration Report​ To consider and, if thought fit, to pass the following resolution as an ordinary resolution:​ “That the Remuneration Report of the Company for the financial year ended 30 June 2025 be adopted.” ​

  13. Slide 13: Resolution - Proxies

    Formal Business – Resolution 1 - Proxies 13 For personal use only Shares voted For 954,030 85.21% Open 42,794 3.82% Against 122,792 10.97% Abstain 25,921

  14. Slide 14: Re-election of Jonathan Trollip as a director

    Formal Business – Resolution 2 14 For personal use only Re-election of Jonathan Trollip as a director To consider and, if thought fit, to pass the following resolution as an ordinary resolution:​ “That Mr Jonathan Trollip, who retires by rotation in accordance with rule 6.7 of the Company’s Constitu

  15. Slide 15: Resolution - Proxies

    Formal Business – Resolution 2 - Proxies 15 For personal use only Shares voted For 1,508,455 95.81% Open 42,794 2.72% Against 23,148 1.47% Abstain -

  16. Slide 16: Election of Marcus Burns as a director

    Formal Business – Resolution 3 16 For personal use only Election of Marcus Burns as a director To consider and, if thought fit, to pass the following resolution as an ordinary resolution:​ “That Mr Marcus Burns, having been appointed to the Board since the last Annual General Meeting of the Company

  17. Slide 17: Resolution - Proxies

    Formal Business – Resolution 3 - Proxies 17 For personal use only Shares voted For 1,515,455 96.26% Open 42,794 2.72% Against 16,148 1.03% Abstain -

  18. Slide 18: Amendment to Constitution

    Formal Business – Resolution 4 18 For personal use only Amendment to Constitution To consider and, if thought fit, to pass the following resolution as a special resolution:​ “That, for the purposes of section 136 of the Corporations Act and for all other purposes, the New Constitution contained at A

  19. Slide 19: Resolution - Proxies

    Formal Business – Resolution 4 - Proxies 19 For personal use only Shares voted For 1,480,314 96.95% Open 39,124 2.56% Against 7,500 0.49% Abstain 47,459

  20. Slide 20: Investment Manager Update

    For personal use only Investment Manager Update Fundamental investing shines through

  21. Slide 21: Product Background

    Product Background 21 For personal use only SEC is a listed version of the Spheria Australian Smaller Companies Fund Designed to give investors exposure to:​ • cash generative • lowly geared smaller companies • with supportive valuations SEC will typically have 20-65 stocks (currently 50) with a max

  22. Slide 22: Performance – Graphical Illustration

    Performance – Graphical Illustration 22 SEC Portfolio - Net Performance* since Inception 120.0% Spheria Index For personal use only 100.0% Relative Performance 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% -40.0% 30-Jun-22 30-Nov-17 30-Nov-22 30-Apr-18 31-May-20 30-Apr-23 31-May-25 30-Sep-18 28-Feb-19 31-Dec-

  23. Slide 23: Eagers Automotive APE: Accelerating ahead

    Eagers Automotive APE: ASX 23 Accelerating ahead Cash Flow Conversion (EBITA) Margin Analysis 600 90% 6% 86% For personal use only 5% 5% 80% 5% 5% 500 5% 70% 4% 4% 4% 4% 4% 4% 4% 400 60% 4% 4% 3% 50% 300 3% 3% 40% 200 30% 2% 20% 100 1% 10% 0 0% 0% FY11A FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19

  24. Slide 24: Top Company Holdings and Sector Exposure

    Top 10 Company Holdings and Sector Exposure 24 For personal use only Spheria Emerging Companies Limited 30% Spheria Emerging Companies Limited Ticker Company Name % Portfolio 25% SNL Supply Network 5.5 20% FBU Fletcher Building 4.9 IFL Insignia Financial 4.4 15% IRE IRESS Limited 4.1 10% HLS Healius

  25. Slide 25: Outlook

    Outlook 25 Portfolio outlook remains positive, supported by valuation opportunities in smaller and micro-cap stocks For personal use only • • M&A at small cap end of the market likely to increase due to valuation disconnect • Broader macro environment is challenging:  Australia’s GDP growth is prop

  26. Slide 26: Questions

    For personal use only Questions

  27. Slide 27: Disclaimer

    Disclaimer For personal use only Note: Past performance is not a reliable indicator of future Subject to any liability which cannot be excluded under the information is not intended as a securities recommendation or performance. ​ relevant laws, SEC and Spheria disclaim all liability to any person s

  28. Slide 28: Thank you for joining us

    For personal use only Thank you for joining us SEC Shareholder Enquiries​ For general information about your shareholding please contact the Share Registry, Automic. ​ T: 1300 288 664​ E: [email protected] For investment enquiries please contact Pinnacle​ T: 1300 010 311​ E: [email protected]

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