• Net loss after tax of $17.6 million, or 6.70 cents per share
• Dividends of 12.0 cents per share, fully franked, representing a 6.7% net yield
• Portfolio return of -3.0% with an average net exposure of 97%

On behalf of the Board, the Chairman provided further details on VGI Partners Global Investments Limited's (VG1) financial results, portfolio performance, and additional shareholder matters for the 2025 financial year (FY25). In FY25, the Company reported a net loss after tax of $17.6 million, equivalent to 6.70 cents per share. While disappointing, the company's profits reserve has remained strong, allowing VG1 to announce an intention to pay a dividend of at least 6.0 cents every six months, an increase from the previous policy of 5.0 cents per half year. The total dividends for FY25 of 12.0 cents per share, fully franked, represent a net dividend yield of 6.7% and a grossed-up yield of 9.6%. The company's portfolio delivered a net return of -3.0% with an average net exposure of 97% during the year. Key contributors included Rightmove, Entain and London Stock Exchange Group, while the writedown of an investment in biotech company Opthea offset some of the positive contributions. The Board also provided an update on the company's capital management program, including the on-market share buy-back and the transition of Chief Investment Officer oversight from Phil King to Paul Moore of Regal Partners.

The Board is confident that the transition in investment management duties to Paul Moore will lead to continuing portfolio performance and a closing of the discount to net tangible assets.