Spheria Australian Smaller Companies Active ETF · ASX:SPHX
Spheria Australian Smaller Companies Active ETF — Spheria Emerging Companies — H1 FY2026 Earnings Presentation
19 slides from Spheria Australian Smaller Companies Active ETF's earnings presentation, March 2026
Slide 1: Spheria Emerging Companies Limited (ASX:SEC) 1HFY26 Results & Portfolio Update
Spheria Emerging Companies Limited (ASX:SEC) 1HFY26 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: 1HFY26 Highlights
5 1HFY26 Highlights Yield (including 1HFY26 Profit Company Performance1 Dividends2 Yield franking) $12.6m 11.8% 7.6c 5.2%3 7.4%4 • 1HFY26 net profit after tax of $12.6m • Company Performance of 11.8%, -5.6% compared to benchmark5 of 17.4% (+2.2% p.a. above benchmark since inception) • Total quarterl
Slide 6: NTA breakdown for 1HFY26
6 NTA breakdown for 1HFY26 Portfolio performance less dividends paid leads to an increase in NTA per share • Pre-tax NTA increased by $0.205 from $2.411 at 30 June 2025 to $2.616 at 31 December 2025 • Portfolio performance and dividends paid drive NTA changes. Source: Spheria Emerging Companies
Slide 7: Performance History
7 Performance History SEC Company performance SEC Limited Net Performance as at 31st Jan 2026 Period 1 month 3 month 1 year 3 year (pa) 5 year (pa) Since Inception (pa) Inception Date SEC Ltd. 0.2% -2.9% 12.0% 11.1% 8.6% 8.4% 30/11/2017 S&P/ASX Small Ordinaries Accumulation Index 2.7% 2.7% 22.8% 12.
Slide 8: Dividends
8 Dividends Moved to monthly dividends – Feb & March 2026 dividends of 1.3c per share are in addition to the below. SEC Dividend History 6 5 5 Increase to 1.25% Increase to 1.5% Introduced new 4% p.a. post-tax NTA post-tax NTA dividend target, paid quarterly 4 4 4 3.8 3.8 3.5 3.5 3.5 3.5 3.6 3.4 Cen
Slide 9: SEC has traded up to an NTA premium
9 SEC has traded up to an NTA premium Higher and more regular dividends and Conditional Proposal drive SEC from NTA discount to NTA premium Share Price vs NTA 3.0 10% 2.8 5% 2.6 0% 2.4 -5% Premium/discount Price/value (NTA) 2.2 2.0 -10% 1.8 -15% 1.6 -20% 1.4 -25% 1.2 1.0 -30% Nov-17 Jun-18 Jan-19 Au
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 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 SEC Portfolio - Net Performance* since Inception 120% Spheria Index 100% Relative Performance 80% 60% 40% 20% 0% -20% -40% Mar-20 Aug-19 Nov-17 Jan-26 Apr-24 Jun-18 Oct-20 May-21 Sep-23 Jul-22 Jan-19 Feb-23 Nov-24 Dec-21 Jun-25
Slide 13: Smalls Resources Steal The Spotlight
13 Smalls Resources Steal The Spotlight Small Resources have had a stellar year Total Return % Small Ords vs Industrials vs Resources 100% ASX Small Ordinaries Index 80% ASX Small Resources Index 80.5% ASX Small Industrials Index 60% ASX Large Resources Index 41.3% 40% 23.4% 20% 3.8% 0% -20% Jan-25
Slide 14: Stock Attribution – Top 10 and Bottom 10
14 Stock Attribution – Top 10 and Bottom 10 12 months to January 2026 Stock Attribution – Top 10 & Bottom 10 Sector Attribution 2.0% 4% 1.5% 2% 1.0% 0% 0.5% -2% 0.0% -4% -0.5% -6% -1.0% -8% -1.5% -10% -2.0% -12% *Following Corporate Travel Management (CTD AU) suspension from quotation on 22nd of Aug
Slide 15: Top Holdings & Sector Exposure
15 Top 10 Holdings & Sector Exposure Spheria Emerging Companies Limited Spheria Emerging Companies Limited 35% Ticker Company Name % Portfolio 30% SNL Supply Network 5.5 25% SGM Sims Limited 5.0 20% IRE IRESS Limited 4.9 15% PPT Perpetual Limited 4.2 10% FBU Fletcher Building 4.1 IMD Imdex Limited 3
Slide 16: Chrysos Corporation (ASX:C79) – A Golden Opportunity
16 Chrysos Corporation (ASX:C79) A Golden Opportunity • C79 is a mining technology company, spun out of the CSIRO which has developed a disruptive alternative to testing gold • PhotonAssay is a more accurate, faster and safer method compared established fire assay method • Photon Assay is being used
Slide 17: Very attractive entry point
17 Very attractive entry point Global Smalls remain 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% -2 s.d. -20% -30% Jan-16 Jan-18 Jan-20 Jan-26 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-06
Slide 18: Key Themes
18 Key Themes • Small caps have seen an aggressive rotation into resources which the company has been underweight. • Within the resources space, the Gold sector has been the standout due to strong Gold price performance. • Resource exposure gained through some direct holdings and quality mining serv
Slide 19: Questions
Questions SPHERIA
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