ACROW LIMITED — Major Shareholding Notification 2026

Feb 19, 2026

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

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To Company Name/Scheme Acrow Ltd
ACN/ARSN: 36 124 893 465 Source: Australian Business Register
1. Details of substantial holder (1)
Name: Perennial Value Management Limited (PVM)
ACN/ARSN (if applicable) 22 090 879 904
There was a change in the interest of the substantial holder on 18 February 2026
The previous notice was given to the company on 25 November 2025
The previous notice was dated 25 November 2025
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2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relavant interest (3) in when last required, and when now required to give a substantial holding notice to the company or scheme, are as follows:

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Class of securities (4) Previous notice Present notice
Person's votes Voting Power (%) (5) Person's votes Voting Power (%) (5)
Ordinary 22,530,707 7.25 16,525,255 5.30
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3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date	of	change		Person whose relevant	Person whose relevant	Nature of change (6)	Consideration given in	Consideration given in	Class & number of	Class & number of		Person's votes affected
				interest changed			relation to change (7)		securities affected
			3/12/2025		Northern Trust	Sell on the Market	$	10,447.70			10,000	10,000
			4/12/2025		HSBC	Sell on the Market	$	31,619.04			30,000	30,000
			9/12/2025		HSBC	Sell on the Market	$	143,797.12		138,558		138,558
			30/12/2025	Citicorp Nominees Pty Limited		Buy on the Market	$	6,929.36			6,792	6,792
			31/12/2025	Citicorp Nominees Pty Limited		Buy on the Market	$	6,602.74			6,414	6,414
			21/01/2026		HSBC	Sell on the Market	$	236,232.75		224,411		224,411
			21/01/2026		Northern Trust	Sell on the Market	$	816,446.25		775,589		775,589
			22/01/2026		HSBC	Sell on the Market	$	87,702.90			83,314	83,314
			22/01/2026		Northern Trust	Sell on the Market	$	386,002.65		366,686		366,686
			29/01/2026	Citicorp Nominees Pty Limited		Buy on the Market	$	13,662.11			13,000	13,000
			9/02/2026		HSBC	Sell on the Market	$	16,476.37			16,000	16,000
			10/02/2026		HSBC	Sell on the Market	$	15,296.63			15,000	15,000
			11/02/2026		HSBC	Sell on the Market	$	84,381.43			80,000	80,000
			18/02/2026		HSBC	Sell on the Market	$	544,730.50		515,000		515,000
			18/02/2026		HSBC	Sell on the Market	$	768,017.16		726,142		726,142
			18/02/2026		HSBC	Sell on the Market	$	14,917.62			14,083	14,083
			18/02/2026		Northern Trust	Sell on the Market	$	66,751.67			63,017	63,017
			18/02/2026		Northern Trust	Sell on the Market	$	3,145,354.44	2,973,858			2,973,858

4. Present Relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of	Person entitled to be	Nature of relevant	Nature of relevant	Class & number	of	Person's votes
	securities	registered as holder (8)	interest (6)		securities (Ord)
Perennial Value Management Limited	HSBC	HSBC		2,774,579		2,774,579		2,774,579
Perennial Value Management	Northern Trust	Northern Trust		4,404,489		4,404,489		4,404,489
Limited
Perennial Value Management Limited	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited		9,346,187		9,346,187		9,346,187

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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Name & ACN Nature of association
Not applicable
6. Addresses
The addresses of persons named in this form as as follows:
Name Address
Perennial Value Management Ltd Level 27, 88 Phillip St
Sydney NSW 2000
Acrow Limited 2A Mavis Street, Revesby, NSW 2212
Signature
Print Name Bill Anastasopoulos Capacity Company Secretary
Sign Here Date 20/02/2026
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