Appendix 4D and 31 December 2025 Half Year Accounts

• Revenues down 46.4% to $8.8 million
• Profit after tax down 45.5% to $5.7 million
• Net tangible assets per share increased to $1.071

Salter Brothers Emerging Companies Limited has reported its financial results for the half-year ended 31 December 2025. The company's profit after providing for income tax amounted to $5,721,000, down 45.5% from the previous corresponding period. Investment income included a net gain on financial instruments of $8,203,000 and dividend income of $595,000. Total expenses excluding income tax decreased to $1,074,000, a reduction of $443,000 from the prior period, primarily due to a performance fee that was incurred in the previous period but not in the current financial period. Net operating cash inflow was $1,625,000 compared to $3,045,000 in the prior period, reflecting reduced net proceeds from investment activity. The company's net assets increased by $3,240,000 to $90,018,000, primarily attributable to an increase in portfolio value, partly offset by dividends paid, share buy-backs, and an increase in tax liabilities. The directors have declared a fully franked interim dividend of $0.02 per share, to be paid on 23 April 2026.