Spheria Emerging Cos. Ltd. · ASX:SEC
Spheria Emerging Cos — FY2026 Earnings Presentation
20 slides from Spheria Emerging Cos's earnings presentation, Sep 3, 2026
Slide 1: Shareholder webinar reminder and presentation on full year results
Spheria Emerging Companies Limited (Company) Level 25 Australia Square Tower 264 George Street Sydney NSW 2000 Telephone: 1300 010 311 Email: invest@pinnacleinvestment.com ACN 621 402 588 3 September 2026 By Electronic Lodgement For personal use only Market Announcements Office ASX Limited 39 Martin
Slide 2: FY26 Results & Portfolio Update
For personal use only Spheria Emerging Companies Limited (ASX:SEC) FY26 Results & Portfolio Update
Slide 3: 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
Slide 4: Agenda
Agenda 3 For personal use only 1. SEC Company update 2. Portfolio update 3. Questions
Slide 5: SEC
For personal use only SEC Company Update
Slide 6: FY26 Highlights
5 FY26 Highlights Yield Company Dividends1 Yield FY26 Profit For personal use only (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
Slide 7: NTA breakdown for FY26
6 NTA breakdown for FY26 • Pre-tax NTA reduced by $0.173 For personal use only 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 Compani
Slide 8: Performance History
7 Performance History For personal use only 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 Accumulati
Slide 9: 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% For personal use only targeted rate of 4% of post-tax NTA per share. 20.0 5.9% 5.8% 5.9% 6.0% 5.
Slide 10: 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 For personal use only $3.20 35.0% $3.00 30.0% Measures have included: - the publication of daily NTA per share, 25.0% $2.80 - on-market share buybacks,
Slide 11: SEC Portfolio Update
For personal use only SEC Portfolio Update
Slide 12: Spheria Asset Management Investment Process
11 Spheria Asset Management Investment Process How our investment process is different For personal use only 1. Focus on quality businesses with risk control overlay • Sustainable free cash flow generation through the cycle 2. Fundamental investment focus • Free cash flow valuation model • Lowly gea
Slide 13: SEC Portfolio Performance
12 SEC Portfolio Performance Strong relative performance since inception 120% SEC Portfolio - Net Performance* since Inception For personal use only Spheria 100% Index Relative Performance 80% 60% 40% 20% 0% -20% -40% 01-Dec-17 01-Dec-18 01-Dec-19 01-Jun-18 01-Jun-19 01-Dec-21 01-Dec-20 01-Dec-22 01
Slide 14: Stock Attribution – Top and Bottom months to July 2026
13 Stock Attribution – Top 10 and Bottom 10 12 months to July 2026 Stock Attribution - Top & Bottom 10 Sector Attribution For personal use only 3.0% 3.0% 2.5% 2.0% 2.0% 1.5% 1.0% 1.0% 0.5% 0.0% 0.0% -1.0% -0.5% -1.0% -2.0% -1.5% -2.0% -3.0% -2.5% -4.0% Owned Not Owned Source: IRESS, Spheria 31st Jul
Slide 15: Top Holdings & Sector Exposure
14 Top 10 Holdings & Sector Exposure For personal use only Spheria Emerging Companies Limited Spheria Emerging Companies Limited 30% Ticker Company Name % Portfolio SNL Supply Network 5.2 25% PPT Perpetual Limited 4.7 20% FBU Fletcher Building 4.4 15% IRE IRESS Limited 4.4 ORA Orora Limited 4.0 10%
Slide 16: Universal Store Holdings (UNI.ASX)
Universal Store Holdings (UNI.ASX) 1 Cash-generative rollout compounder Group Sales by Banner (A$m) Cash Flow Conversion (EBITA) 375 60.0 120% 27.0 325 35.9 26.9 For personal use only 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%
Slide 17: 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 For personal use only Time per sample ~3–4 hours ~2–3 minutes ✓ 500 ~5% market share Sample size 10–50 grams 250–650 grams ✓ 400 o
Slide 18: 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 For personal use only 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 Smal
Slide 19: Key Themes
Key Themes 18 • Spheria is a fundamental investor that believes valuation matters For personal use only • 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. • Re
Slide 20: Questions
For personal use only Questions
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