Spheria Emerging Cos. Ltd. · ASX:SEC
Spheria Emerging Cos — FY2025 Earnings Presentation
20 slides from Spheria Emerging Cos's earnings presentation, Aug 29, 2025
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 29 August 2025 By Electronic Lodgement For personal use only Market Announcements Office ASX Limited 20 Bridge S
Slide 2: FY25 Results & Portfolio Update
For personal use only Spheria Emerging Companies Limited (ASX:SEC) FY25 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
3 Agenda 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: FY25 Highlights
5 FY25 Highlights Yield FY25 Profit Company Performance1 Dividends2 Yield (including For personal use only 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.
Slide 7: NTA breakdown for FY25
6 NTA breakdown for FY25 Portfolio performance less dividends paid leads to an increase in NTA per share For personal use only • 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
Slide 8: Performance History
7 Performance History Since inception Company outperformance of 2.6% p.a. For personal use only 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%
Slide 9: 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 For personal use only Past performance is not a reliable indicator of future performance
Slide 10: Significant improvement in the NTA Discount
9 Significant improvement in the NTA Discount Higher dividends and Conditional Proposal help tighten the NTA discount For personal use only Past performance is not a reliable indicator of future performance Source: Spheria Emerging Companies, as at 31st July 2025
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 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
Slide 13: SEC Portfolio Performance
12 SEC Portfolio Performance Strong relative performance in the last two years 100% SEC Portfolio - Net Performance* since Inception For personal use only 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-Mar-24 3
Slide 14: Stock Attribution – Top and Bottom
13 Stock Attribution – Top 10 and Bottom 10 Spheria Emerging Companies - Attribution - 12 Month - July 2025 For personal use only 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 thi
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 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 Cromwel
Slide 16: Perpetual Limited (PPT:ASX)
15 Perpetual Limited (PPT:ASX) Don’t sell the crown jewels! Cash Flow Conversion (EBITA) Margin Analysis 350 120% 45% For personal use only 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%
Slide 17: 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 For personal use only 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
Slide 18: Key Themes
17 Key Themes • Portfolio outlook remains positive, supported by valuation opportunities in smaller and micro-cap For personal use only 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 p
Slide 19: Chance favours the prepared mind
For personal use only Chance favours the prepared mind Louis Pasteur
Slide 20: Questions
For personal use only Questions
Spheria Emerging Companies — FY2025 Earnings Presentation on 6ix