Spheria Australian Smaller Companies Active ETF · ASX:SPHX
Spheria Australian Smaller Companies Active ETF — Spheria Emerging Companies — FY2026 Earnings Presentation
19 slides from Spheria Australian Smaller Companies Active ETF's earnings presentation, September 2026
Slide 1: FY26 Results & Portfolio Update
Spheria Emerging Companies Limited (ASX:SEC) FY26 Results & Portfolio Update
Slide 2: Disclaimer
Disclaimer 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 statement of opinion in
Slide 3: Agenda
Agenda 3 1. SEC Company update 2. Portfolio update 3. Questions
Slide 4: SEC Company Update
SP H\IERIA EMERGING COMPANIES SEC Company Update
Slide 5: FY26 Highlights
5 FY26 Highlights Yield Company Dividends1 Yield FY26 Profit (incl. franking) Performance2 13.5c 5.9%3 8.4%4 Flat (0.0%) $1.5m • Total dividends for the year of 13.5 cents per share (fully franked) 1 • Trailing dividend yield equal to 5.9%3 (8.4%4 including franking) • Company Performance of 0.0%, -
Slide 6: NTA breakdown for FY26
6 NTA breakdown for FY26 • Pre-tax NTA reduced by $0.173 from $2.411 at 30 June 2025 to $2.238 at 30 June 2026. • NTA movement includes portfolio performance (net of management fees), and the impact of taxes, company expenses and dividends paid. Source: Spheria Emerging Companies
Slide 7: Performance History
7 Performance History SEC Company performance SEC Limited Net Performance as at 31st Jul 2026 Period 1 month 3 month 6 month 1 year 3 year (pa) 5 year (pa) Inception (pa) Inception Date SEC Ltd. 1.3% 1.9% -9.6% -4.5% 6.6% 3.4% 6.7% 30/11/2017 S&P/ASX Small Ordinaries Accumulation Index -3.2% -3.2% -
Slide 8: Dividends
8 Dividends Increases in targeted dividend yield and dividend frequency SEC Dividends / Yield 1 30.0 8.4% 9.0% 8.3% 7.7% 25.0 7.1% 7.5% In FY22, the Company moved to quarterly dividends at an annual 7.0% targeted rate of 4% of post-tax NTA per share. 20.0 5.9% 5.8% 5.9% 6.0% 5.4% 4.8% 5.0% 4.9% Cent
Slide 9: SEC has traded up to an NTA premium
9 SEC has traded up to an NTA premium Pro-active measures assist to move from discount to premium SEC Share Price v Pre-tax NTA - Premium / Discount $3.20 35.0% $3.00 30.0% Measures have included: - the publication of daily NTA per share, 25.0% $2.80 - on-market share buybacks, and 20.0% $2.60 - two
Slide 10: SEC Portfolio Update
SEC Portfolio Update SPH\ERIA
Slide 11: Spheria Asset Management Investment Process
11 Spheria Asset Management Investment Process How our investment process is different 1. Focus on quality businesses with risk control overlay • Sustainable free cash flow generation through the cycle 2. Fundamental investment focus • Free cash flow valuation model • Lowly geared balance sheets (id
Slide 12: SEC Portfolio Performance
12 SEC Portfolio Performance Strong relative performance since inception 120% SEC Portfolio - Net Performance* since Inception Spheria 100% Index Relative Performance 80% 60% 40% 20% 0% -20% -40% 01-Dec-17 01-Dec-18 01-Dec-19 01-Jun-18 01-Jun-19 01-Dec-21 01-Dec-20 01-Dec-22 01-Dec-25 01-Dec-23 01-J
Slide 13: Stock Attribution – Top and Bottom 10
13 Stock Attribution – Top 10 and Bottom 10 12 months to July 2026 Stock Attribution - Top & Bottom 10 Sector Attribution 3.0% 3.0% 2.5% 2.0% 2.0% 1.5% 1.0% 1.0% 0.5% 0.0% 0.0% -1.0% -0.5% -1.0% -2.0% -1.5% -2.0% -3.0% -2.5% -4.0% Owned Not Owned Source: IRESS, Spheria 31st July 2026. Red is not own
Slide 14: Top Holdings & Sector Exposure
14 Top 10 Holdings & Sector Exposure Spheria Emerging Companies Limited Spheria Emerging Companies Limited 30% Ticker Company Name % Portfolio SNL Supply Network 5.2 25% PPT Perpetual Limited 4.7 20% FBU Fletcher Building 4.4 15% IRE IRESS Limited 4.4 ORA Orora Limited 4.0 10% DRR Deterra 3.9 5% IMD
Slide 15: Universal Store Holdings (UNI.ASX)
Universal Store Holdings (UNI.ASX) 1 Cash-generative rollout compounder Group Sales by Banner (A$m) Cash Flow Conversion (EBITA) 375 60.0 120% 27.0 325 35.9 26.9 50.0 100% 25.5 96% 275 30.3 19.4 13.9 40.0 80% 8.9 225 0.7 3.1 30.0 60% A$m 175 313.3 280.9 125 234.7 244.2 20.0 40% 210.2 204.9 75 10.0 2
Slide 16: Chrysos Corporation (ASX:C79)
Chrysos Corporation (ASX:C79) 4 A Golden Opportunity PhotonAssay vs. Traditional Fire Assay Total Addressable Market (TAM) 700 Fire Assay PhotonAssay 610 Sites (TAM) 600 Time per sample ~3–4 hours ~2–3 minutes ✓ 500 ~5% market share Sample size 10–50 grams 250–650 grams ✓ 400 offers considerable Sit
Slide 17: Very attractive entry point
Very attractive entry point 17 Smalls remain cheap in a historical context vs large caps PE (fwd) relative Australian Small-Caps vs Large-Caps 40% 30% Small-caps expensive 20% 10% Average 0% -10% -20% Small-caps cheap -30% -40% Source: Bloomberg, to 31st July 2026. S&P/ASX Small Ordinaries Index vs
Slide 18: Key Themes
Key Themes 18 • Spheria is a fundamental investor that believes valuation matters • Our inherent bias is towards industrials – less so resources (commodities are price takers) • Small caps have seen an aggressive rotation into resources which the Fund has been underweight. • Resource exposure gained
Slide 19: Questions
Questions SPH\ERIA
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