Spheria Australian Smaller Companies Active ETF · ASX:SPHX
Spheria Australian Smaller Companies Active ETF — Spheria Emerging Companies — FY2025 Earnings Presentation
19 slides from Spheria Australian Smaller Companies Active ETF's earnings presentation, September 2025
Slide 1: FY25 Results & Portfolio Update
Spheria Emerging Companies Limited (ASX:SEC) FY25 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
3 Agenda 1. SEC Company update 2. Portfolio update 3. Questions
Slide 4: SEC Company Update
SP HERI A EMERGING COMPANIES SEC Company Update
Slide 5: FY25 Highlights
5 FY25 Highlights Yield FY25 Profit Company Performance1 Dividends2 Yield (including franking) $16.4m 16.3% 14.1c 5.8%3 8.3%4 • FY25 net profit after tax of $16.4m (+$8.8m compared to prior year) • Company Performance of 16.3%, +4.0% compared to benchmark5 of 12.3% (+2.2% p.a. to benchmark since inc
Slide 6: NTA breakdown for FY25
6 NTA breakdown for FY25 Portfolio performance less dividends paid leads to an increase in NTA per share • Pre-tax NTA increased by $0.18 from $2.231 at 30 June 2024 to $2.411 at 30 June 2025 • Portfolio performance and dividends paid drive NTA changes. Source: Spheria Emerging Companies
Slide 7: Performance History
7 Performance History Since inception Company outperformance of 2.6% p.a. SEC Company performance SEC Limited Net Performance as at 31st Jul 2025 Period 1 month 3 month 1 year 3 year (pa) 5 year (pa) Since Inception (pa) Inception Date SEC Ltd. 6.1% 7.5% 15.7% 10.7% 13.9% 8.2% 30/11/2017 S&P/ASX Sma
Slide 8: Dividends
8 Dividends First full year of increased quarterly dividends at 6.0% p.a. (excl. franking) paid at a quarterly rate of 1.5% of post-tax NTA Past performance is not a reliable indicator of future performance
Slide 9: Significant improvement in the NTA Discount
9 Significant improvement in the NTA Discount Higher dividends and Conditional Proposal help tighten the NTA discount Past performance is not a reliable indicator of future performance Source: Spheria Emerging Companies, as at 31st July 2025
Slide 10: SEC Portfolio Update
SEC Portfolio Update SPHERIA
Slide 11: Spheria Asset Management Investment Process
11 Spheria Asset Management Investment Process How our investment process is different Measurable, Focus on quality Fundamental Keep an open Market under- repeatable & businesses with investment mind (facts researched and intellectually risk overlay focus change) less efficient consistent • Sustaina
Slide 12: SEC Portfolio Performance
12 SEC Portfolio Performance Strong relative performance in the last two years 100% SEC Portfolio - Net Performance* since Inception 80% Spheria Index Relative Performance 60% 40% 20% 0% -20% -40% 30-Nov-22 31-Mar-20 30-Nov-17 30-Nov-18 30-Nov-19 31-Mar-21 31-Mar-23 31-Jul-21 30-Nov-21 31-Mar-22 31-
Slide 13: Stock Attribution – Top 10 and Bottom 10
13 Stock Attribution – Top 10 and Bottom 10 Spheria Emerging Companies - Attribution - 12 Month - July 2025 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% * Red Outline – companies we did not hold during the period Source : Bloomberg Data as at 31st July 2025. Companies mentioned on this slide are illustrati
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 25% SNL Supply Network 5.6 20% IRE IRESS Limited 4.7 DRR Deterra 4.6 15% SGM Sims Limited 4.0 10% PPT Perpetual Limited 3.7 CMW Cromwell Prop 3.3 5% FBU Flet
Slide 15: Perpetual Limited (PPT:ASX)
15 Perpetual Limited (PPT:ASX) Don’t sell the crown jewels! Cash Flow Conversion (EBITA) Margin Analysis 350 120% 45% 103% 40% 300 37% 36% 100% 35% 36% 36% 35% 33% 250 29% 30% 30% 80% 30% 27% 24% 24% 200 25% 22% 23% 21% 60% 20% 19% 19% 150 20% 15% 40% 15% 100 10% 50 20% 5% 0 0% 0% Free Cash Flow bef
Slide 16: Very attractive entry point
16 Very attractive entry point Global Smalls are very cheap in a historical context vs large caps PE Difference between MSCI World Small vs MSCI World 60% 50% 40% +2 s.d. 30% +1 s.d. 20% 10% average 0% -1 s.d. -10% -20% -2 s.d. -30% Oct-16 Oct-18 Feb-06 Oct-14 Feb-20 Feb-08 Oct-10 Oct-12 Jun-07 Feb-
Slide 17: Key Themes
17 Key Themes • Portfolio outlook remains positive, supported by valuation opportunities in smaller and micro-cap stocks • 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 propped up by governmen
Slide 18: Chance favours the prepared mind
Chance favours the prepared mind Louis Pasteur
Slide 19: Questions
Questions SPHERIA
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