AMCIL LIMITED — Interim / Quarterly Report 2026

Feb 23, 2026

24 February 2026

The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000

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Electronic Lodgement

AMCIL Limited Half Year Review to 31 December 2025

Dear Sir / Madam

Please find attached the Half Year Review to 31 December 2025 that is being sent to shareholders.

Yours faithfully

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Matthew Rowe

Company Secretary

Release authorised by Matthew Rowe, Company Secretary

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HALF-YEAR REVIEW TO 31 DECEMBER

2025

A Focused Portfolio of Australian and New Zealand Companies

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COVERING LARGE AND SMALL COMPANIES IN THE AUSTRALIAN AND NEW ZEALAND EQUITY MARKETS.

Contents

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|||
|---|---|
|Half-Year in Summary|1|
|About the Company|2|
|Review of Operations and Activities|6|
|Top 20 Investments|13|
|Income Statement|14|
|Balance Sheet|15|
|Summarised Statement of Changes in Equity|16|
|Holdings of Securities|17|
|Major Transactions in the Investment Portfolio|23|
|Company Particulars|24|
|Shareholder Information|25|

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Profit for the Half-Year

$4.1m

$3.6 million in 2024

Portfolio Dividend Yield[#]

8.3% Including franking*

S&P/ASX 200 Index yield 4.0% (grossed up for franking*)

Management Expense Ratio (Annualised)

0.43%

0.53% in 2024

Fully Franked Interim Dividend

1.0¢

1.0 cent in 2024

Total Six-Month Portfolio Return

-7.0% Including franking*

S&P/ASX 200 Index including franking* 4.2%

Total Portfolio (Including Cash) at 31 December 2025

$357.8m

$423.1 million in 2024

About the Company

Investment Objectives

Attractive returns through strong capital growth in the portfolio over the medium to long term.

The generation of fully franked dividends.

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How AMCIL Invests – What We Look For in Companies
Portfolio of small
and large companies
that is managed
Quality First Growth Value to deliver superior
Including dividends returns
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A FOCUSED
PORTFOLIO OF
AUSTRALIAN
AND NEW ZEALAND
COMPANIES
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AMCIL Limited

Half-Year to 31 December 2025

2

Approach to Investing Investment Philosophy

Our investment philosophy is built on taking a medium to long term view on companies in a diversified portfolio with an emphasis on identifying and investing in quality companies that are likely to sustainably grow their earnings and dividends over this timeframe.

Quality in this context is an outcome of our assessment of the following factors:

1. We prefer companies that have a leadership position or are developing one within the industry in which they operate. This will often mean we are investing in a unique set of assets with competitive advantages that produces attractive returns on invested capital.

2. As a long term, tax aware investor we seek to be in companies that have a long term sustainable business model, with low risk of disruption. This helps to ensure portfolio turnover remains low. The analysis may consider technological disruption, environmental issues, including the impact of climate change, and social risks as all of these factors can have a material impact on the assessment of a company’s long term sustainability.

3. We consider how a company’s business can be potentially impacted by influences outside the control of management, such as change in government regulation and/or policy.

4. We are attracted to companies with outstanding management teams and boards with strong governance processes, whose interests are

closely aligned with shareholders, and act in the best interest of all their stakeholders, including their employees, customers, suppliers and wider communities. We consider matters including safety, diversity, social impacts, environmental impact and modern slavery where material or appropriate in the context of that company. We regularly review and meet with companies to ensure ongoing alignment with our investment frameworks. Our process may include an assessment of the board in terms of their past performance, history of capital allocation, level of accountability, mix of skills, relevant experience and succession planning. We also consider a company’s degree of transparency and disclosure.

Voting on resolutions is one of the key functions that a shareholder has in ensuring better long term returns and management of investment risk. We take input from proxy advisers but conduct our own evaluation of the merits of any resolution. We vote on all company resolutions as part of our regular engagement with the companies in the portfolio and our voting record is on the company’s website. We actively engage with companies when we are concerned about resolutions that are not aligned with shareholders’ interests. We seek to stay engaged with the companies and satisfy ourselves that any issues are taken seriously and worked through constructively. Ideally we seek to remain invested to influence a satisfactory outcome for stakeholders.

AMCIL Limited

Half-Year to 31 December 2025

3

continued About the Company

1. We prefer companies with more stable income flows. We are wary of companies that have large, inconsistent profit streams.

2. We like our companies to be financially strong and the assessment of the balance sheet and the degree to which the company is self-funding is critical in our analysis. Cash generation is also an important consideration.

Analysis of the above factors helps to inform us of the structure of the industry and a company’s sustainable competitive position as well as the quality of the people running the business, strength of the balance sheet and consistency of earnings. Within this analysis some key financial metrics are considered. These include return on capital employed, return on equity, the level of gearing in the balance sheet, margins and free cash flow generation.

Reporting of social and environmental issues is being influenced by the development of climate-related disclosures as required by Australian Corporate Legislation. Their introduction in Australia should enable investors over time to better make informed decisions on these issues based on company disclosures arising from these standards. Assessment of commitments and plans by companies to reach net zero by 2050 may also be considered having regard to several factors. These include the industry in which they operate, progress against their plans, their broader contribution to social good in addressing the challenge of reducing global carbon emissions, and the impact on their value if they fail to achieve their stated goals. In applying external data for benchmarking*, our most recent assessment of the carbon intensity of AMCIL’s portfolio showed that it is less than the S&P/ASX 200 Index.

Alongside the assessment of quality is an analysis of the ability of companies to grow earnings over time, which ultimately should drive dividend growth.

Recognising value is also an important aspect of sound long term investing. Short term measures such as the price earnings ratio, price to book or price to sales may be of some value, but aren’t necessarily strong predictors of future performance. Our assessment of value tries to capture the opportunity a business has to prosper and thrive over the medium to long term.

In building the investment portfolio with the principles outlined, we believe we can offer investors a portfolio of quality companies structured to deliver total returns ahead of the Australian equity market over the long term.

• Data provided by ISS ESG. Portfolio at 30 June 2025.

AMCIL Limited

4 Half-Year to 31 December 2025

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AMCIL Limited Half-Year to 31 December 2025 5
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Review of Operations and Activities

Profit and Interim Dividend

Half-year profit after tax was $4.1 million, up 14.8 per cent from the previous corresponding period last year. This increase was primarily because of higher levels of activity in the options portfolio during this period in comparison to the prior corresponding period.

The Board has declared an interim dividend of 1.0 cent per share fully franked, the same as the interim dividend last year. Taking into account the final dividend paid (including the special dividend) and the interim dividend declared, the yield including franking on the share price of $1.01 at the end of December is 9.2 per cent.

Market and Portfolio Performance

The S&P/ASX 200 Accumulation Index (not including the benefit of franking) rose 10.3 per cent in the calendar year, with a large part of this return coming from the Resource and Banking sectors.

Resource stocks had the strongest returns, up 35.1 per cent, buoyed by positive rises in gold, copper, rare earths and, most recently, lithium commodity prices, leading to a 104.3 per cent return for the mid-cap resources index and 73.0 per cent for the small-cap resources index. Gold, which is included in these figures, was up 127.0 per cent for the year. AMCIL is also typically not a large investor in the Resources sector, where

momentum has been strong, given the highly cyclical nature of many companies within this area of the market.

Banks also performed strongly over the 12 months, with this sector delivering a return of 16.7 per cent as valuation multiples remained at elevated levels. AMCIL does not have any of the traditional major trading banks in the portfolio at this point following recent sales of remaining holdings given valuations in our opinion look very stretched against historical averages. In contrast, Industrials were only up 4.0 per cent over the calendar year.

Major sectors to underperform were Healthcare, down 23.7 per cent (driven largely by CSL), and Information Technology, down 20.8 per cent as many companies in this sector retraced the gains from last year as valuation multiples returned from elevated levels.

In these market conditions, where there has been greater short-term focus on value and swings in momentum, this proved to be a very challenging environment with AMCIL’s six-month portfolio return to 31 December 2025 negative 7.0 per cent including franking. The S&P/ASX 200 Accumulation Index return over this period was positive 4.2 per cent including franking. The corresponding figures for the 12 months to 31 December 2025 were negative 9.0 per cent and positive 11.5 per cent respectively.

AMCIL Limited

6 Half-Year to 31 December 2025

Figure 1: Key Sector Market Returns, 12 Months to 31 December 2025

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140
130
120
110
100
90
80
S&P/ASX 200 Banks S&P/ASX 200 Resources S&P/ASX 200 Industrial
Total Return Total Return Total Return
Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25
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Source: FactSet

Figure 2: Portfolio Performance to 31 December 2025, Including the Benefit of Franking*

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6 months 1 year 3 years 5 years 10 years
AMCIL net asset per share growth plus S&P/ASX 200 Accumulation Index,
dividends, including franking including franking
12.7%
11.5% 8.9% 11.3% 10.8%
8.0%
4.2% 5.2%
-7.0%
-9.0%
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• Assumes an investor can take full advantage of the franking credits.

Per annum returns other than six months. AMCIL’s performance figures are after costs. The Index returns exclude the impact of any tax or costs.

AMCIL Limited

Half-Year to 31 December 2025

7

continued Review of Operations and Activities

During the period there has been a pull-back in sectors where AMCIL is overweight, which has meant share prices of many holdings in the portfolio where we are substantially overweight the Index fell. This includes companies in the top 20 holdings in the portfolio such as CSL, Macquarie Technology Group, ARB Corporation, CAR Group, Mainfreight and REA Group, as well as other holdings in the portfolio including WiseTech Global, James Hardie Industries (because of a poorly structured large acquisition), Gentrack, EQT Holdings (which has been sold), Block and Redox.

We consider many of these companies to be quality businesses that have the capacity to generate long term earnings growth, which can produce attractive reinvestment opportunities and dividends.

Having minimal exposure to the major trading banks through the year because of valuation concerns was another key detractor from performance.

IDP Education has also been a disappointing investment for us, having a material negative impact on performance.

In the context of recent performance, we remain committed to the quality of the portfolio and its ability to generate appropriate returns for shareholders over the long term (which is our investment timeframes) notwithstanding adjustments made over time when conditions dictate changes in repose to market opportunities, consideration of valuations or a change in the underlying investment thesis.

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AMCIL Limited

8 Half-Year to 31 December 2025

Adjustments to the Portfolio

Buying was relatively modest through the period as we were cautious on the elevated valuations that many companies are trading at.

The holding in Woolworths Group, which we asses as being a quality business, was added to because of its attractive dividend yield combined with its undemanding valuation at the time. It had recently delivered some disappointing financial results because of poor execution in its core supermarkets business. We see the issues as temporary and believe this has given us the opportunity to invest in a high-returning, defensive business that provides our portfolio with a good mix of fully franked dividend income plus growth.

The other addition of note to the portfolio (which was still modest) was Woodside Energy Group given its propensity to deliver strong cash flows in the more immediate future.

During the period AMCIL established a new position in Nanosonics, a manufacturer and distributor of ultrasound probe disinfectors. The company has a solid growth outlook and a strong management team. Share price weakness created an opportunity to establish a position at attractive prices.

PEXA (digital property settlement platform) was also added to the portfolio. The core Australian business is high quality with annuity style revenues, and tangible progress is being made with its United Kingdom growth opportunity.

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AMCIL Limited

Half-Year to 31 December 2025

9

continued Review of Operations and Activities

Major sales included the complete disposal of remaining holdings in the banks, Westpac Banking Corporation and National Australia Bank, as the share price of both these companies enjoyed good gains through the period as bank valuations continued to remain highly elevated.

We have reduced our investment in James Hardie Industries. The company still has an attractive long term growth opportunity, but a stretched balance sheet combined with management and board turnover mean the risk profile has increased. The valuation has returned to very reasonable levels.

Therefore, we have decided to maintain an investment in James Hardie Industries but reduced it to what we consider to be a more appropriate size, given the changed circumstances.

Other sales included trimming the position in Netwealth Group early in the half as the share price displayed continued strength, and Equity Trustees, which was removed from the portfolio given the significant changes in its operating industry, which may challenge some components of its business.

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AMCIL Limited

10 Half-Year to 31 December 2025

Share Price Performance

The following chart (Figure 3) highlights where AMCIL’s share price was trading relative to the net asset backing at 31 December 2025. Over the six-month period, the share price has moved from a discount of 16.4 per cent to the net asset backing of $1.29 per share at 30 June 2025 to a discount of 9.8 per cent to the net asset backing of $1.12 per share at 31 December 2025.

Outlook

The market is looking expensive, especially against long term averages for the market’s price to earnings ratio and dividend yield.

This strength in the market is despite extreme geopolitical uncertainty and a more uncertain outlook for economic growth and inflation in Australia and elsewhere.

Figure 3: Share Price Relative to Net Asset Backing

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10%
5%
0%
-5%
-10%
-15%
Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25
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AMCIL Limited

Half-Year to 31 December 2025

11

continued Review of Operations and Activities

We remain cautious in this environment and, as a result, have a strong cash position to take advantage of any buying opportunities in selected companies that we judge to be quality and have attractive long term growth prospects.

In this context, we continue to believe that the portfolio is appropriately positioned with many holdings having strong balance sheets, and well positioned to deliver continued profit growth to deliver our long term investment objectives.

Figure 4: S&P/ASX 200 Price Earnings Ratio as an Indicator of Market Valuation

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20x
18x 18.3x
16x
14x
12x
10x
8x
2006 2011 2016 2021 2026
Times
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Source: FactSet
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AMCIL Limited

12 Half-Year to 31 December 2025

Top 20 Investments

As at 31 December 2025

Includes investments held in both the investment and trading portfolios.

Value at Closing Prices at 31 December 2025

		Total Value	% of the
		$ Million	Portfolio
1	CSL	22.1	6.6
2	Macquarie Group	20.9	6.3
3	BHP*	20.1	6.0
4	Transurban Group*	17.4	5.2
5	Mainfreight	14.7	4.4
6	Goodman Group	13.8	4.2
7	Macquarie Technology Group	13.7	4.1
8	Woolworths Group	13.0	3.9
9	ARB Corporation	12.7	3.8
10	ResMed	12.5	3.7
11	CAR Group*	11.6	3.5
12	ALS	10.4	3.1
13	Telstra Group	8.4	2.5
14	Region Group	7.6	2.3
15	Woodside Energy Group	7.6	2.3
16	Fisher & Paykel Healthcare Corporation	7.5	2.3
17	REA Group	7.5	2.3
18	Wesfarmers*	7.4	2.2
19	Sigma Healthcare	6.4	1.9
20	Objective Corporation	6.3	1.9
Total		241.6
As percentage of total portfolio value (excludes cash)			72.7%

• Indicates that options were outstanding against part of the holding.

AMCIL Limited

Half-Year to 31 December 2025

13

Income Statement

For the Half-Year Ended 31 December 2025

	Half-Year	Half-Year
	2025	2024
	$’000	$’000
Dividends and distributions	4,570	4,717
Revenue from deposits and bank bills	463	272
Net gains/(losses) on trading and
options portfolios	457	(165)
Total income	5,490	4,824
Finance costs	(48)	(45)
Administration expenses	(843)	(1,114)
Proft before income tax expense	4,599	3,665
Income tax expense	(498)	(92)
Proft for the half-year	4,101	3,573
	Cents	Cents
Earnings per share	1.29	1.13

AMCIL Limited

14 Half-Year to 31 December 2025

Balance Sheet

As at 31 December 2025

Balance Sheet As at 31 December 2025
	31 December 2025 $’000 30 June 2025 $’000
Current assets
Cash	25,629 18,042
Receivables	708 1,281
Total current assets	26,337 19,323
Non-current assets
Investment portfolio	332,254 392,695
Total non-current assets	332,254 392,695
Total assets	358,591 412,018
Current liabilities
Payables	91 149
Tax payable	3,337 5,985
Options written portfolio	46 73
Total current liabilities	3,474 6,207
Non-current liabilities
Deferred tax liabilities – investment portfolio	29,136 43,093
Deferred tax liabilities – other	6 91
Total non-current liabilities	29,142 43,184
Total liabilities	32,616 49,391
Net assets	325,975 362,627
Shareholders’ equity
Share capital	227,245 226,910
Revaluation reserve	49,793 82,007
Realised capital gains reserve	27,189 32,950
Retained profts	21,748 20,760
Total shareholders’ equity	325,975 362,627

AMCIL Limited

Half-Year to 31 December 2025

15

Summarised Statement of Changes in Equity

For the Half-Year Ended 31 December 2025

	Half-Year	Half-Year
	2025	2024
	$’000	$’000
Total equity at the beginning of the half-year	362,627	355,231
Dividends paid	(17,121)	(9,311)
Shares issued – Dividend Reinvestment Plan	6,007	3,076
Shares bought back	(5,635)	(2,000)
Costs of share issues	(37)	(19)
Total transactions with shareholders	(16,786)	(8,254)
Proft for the half-year	4,101	3,573
Revaluation of investment portfolio	(34,025)	29,757
Provision for tax on revaluation	10,058	(9,109)
Revaluation of investment portfolio (after tax)	(23,967)	20,648
Total comprehensive income for the half-year	(19,866)	24,221
Realised gains/(losses) on securities sold	12,145	7,192
Tax on realised gains or losses on securities sold	(3,898)	(2,548)
Net realised gains/(losses) on securities sold	8,247	4,644
Transfer from revaluation reserve to realised
gains reserve	(8,247)	(4,644)
Total equity at the end of the half-year	325,975	371,198

A full set of AMCIL’s interim accounts are available on the Company’s website.

AMCIL Limited

16 Half-Year to 31 December 2025

Holdings of Securities

As at 31 December 2025

Details of the Company’s portfolios are given below. The list should not, however, be used to evaluate portfolio performance or to determine the net asset backing per share (which is recorded each month on the toll free telephone service at 1800 780 784 and posted to AMCIL’s website: amcil.com.au).

Unless otherwise stated, the securities in this list are fully paid ordinary shares, trust units or stapled securities.

Code	Name	Principal Activity	Number Held 2025 ’000 Market Value 2025 $’000
360	Life360	Global location service and safety company
		focused on family location sharing,
		driving support and emergency protection
		and assistance	141 4,714
AIA	Auckland	Owner and operator of New Zealand’s largest
	International	airport. It operates through the following
	Airport	segments: aeronautical, retail and property	837 6,031
ALQ	ALS	Provider of analytical laboratory services
		to mining, life sciences, energy and
		industrial clients	473 10,414
AMC	Amcor	Provision of consumer packaging business	230 2,887
ARB	ARB	Manufacturer and distributor of four-wheel
	Corporation	drive vehicle accessories in Australia and
		internationally	403 12,671
BHP*	BHP	Diversifed international resources company	442 20,062
BRG	Breville	Manufacturer and wholesaler of electrical
	Group	consumer products	169 4,977

AMCIL Limited

Half-Year to 31 December 2025

17

Holdings of Securities

As at 31 December 2025 continued

As at	31 Dece	mber 2025continued
Code	Name	Principal Activity Number Held 2025 ’000 Market Value 2025 $’000
CAR*	CAR Group	Largest online automotive classifeds business in Australia. It also has interests in leading online automotive classifed businesses in Brazil, South Korea, Malaysia, Indonesia, Thailand and Mexico 376 11,566
COH	Cochlear	Provider of implantable hearing solutions, operating throughout the Americas, Europe and Asia Pacifc. Its products include cochlear, bone conduction and acoustic implants 24 6,178
CSL	CSL	Biopharmaceutical company that researches, develops, manufactures and markets products to treat and prevent serious human medical conditions 128 22,082
EGL	Enviro-	Improves air, water and soil quality, and
	nmental	reduces waste and carbon emissions through
	Group	its four business units that are committed to the protection of the environment 10,105 2,324
EVT	EVT	Entertainment, hospitality and leisure company with interests in cinemas, hotels and resorts 363 4,553
FPH	Fisher &	Designer, manufacturer and marketer of a
	Paykel	range of medical devices used in respiratory
	Healthcare	care and the treatment of obstructive sleep apnoea 230 7,510
GMG	Goodman	Engages in the development, owning and
	Group	management of industrial property and business space in Australia and overseas 446 13,817

AMCIL Limited

18 Half-Year to 31 December 2025

Code	Name	Principal Activity	Number Held 2025 ’000 Market Value 2025 $’000
GTK	Gentrack	Produces software for the electricity, gas
	Group	and water utilities industries	687 5,067
HUB	HUB24	Provider of platform, investment, advisory
		and stock broking services to institutional,
		corporate and retail clients	22 2,137
IEL	IDP	Provider of international English language
	Education	testing, student placement and English
		language teaching services	371 2,143
JHX	James Hardie	Building materials company focused on fbre cement products, predominantly
	Industries	in the United States	94 2,900
MAQ	Macquarie	Provider of voice and telecommunication
	Technology	services as well as data hosting and
	Group	co-location services to businesses and
		government customers	206 13,679
MFT	Mainfreight	Provider of managed warehousing
	(NZX listed)	and international and domestic freight
		forwarding services	249 14,734
MKT-	Marketplacer	Software company that provides the
UL	(Unlisted)	technology and infrastructure needed to
		establish and maintain online marketplaces
		for retail and B2B customers	977 487
MQG	Macquarie Group	Diversifed fnancial services business operating in banking, fnancial advisory,
		investment and funds management services	103 20,930

AMCIL Limited

Half-Year to 31 December 2025

19

Holdings of Securities

As at 31 December 2025 continued

As at	31 Dece	mber 2025continued
Code	Name	Principal Activity Number Held 2025 ’000 Market Value 2025 $’000
NAN	Nanosonics	Engages in the research, development and commercialisation of infection control and decontamination products and related technologies 570 2,263
NWL	Netwealth	Diversifed fnancial services company providing
	Group	independent investment platform services to institutional, corporate and retail clients 222 5,686
NXT	NEXTDC	A leading data centre provider ofering co-location, interconnection and cloud services for businesses 372 4,655
OCL	Objective	Provider of information technology software
	Corporation	and services 383 6,332
PXA	PEXA	Australia’s leading, fully integrated digital
	Group	property settlements platform, allowing buyers and sellers to more efciently settle the sale of a home 100 1,343
RDX	Redox	Australia’s leading supplier and distributor
	Limited	of chemicals and ingredients 1,419 4,315
REA	REA Group	Leading digital media business focusing on online property portals in Australia and overseas 41 7,476
REH	Reece	Distributor and retailer of plumbing, building and hardware supplies 347 4,650
RGN	Region	Engages in the business of investing in and
	Group	managing shopping centres 3,250 7,638
RMD	ResMed	Developer, manufacturer and distributor of medical equipment for treating, diagnosing and managing sleep-disordered breathing and other respiratory disorders 347 12,453

AMCIL Limited

20 Half-Year to 31 December 2025

Code	Name	Principal Activity	Number Held 2025 ’000 Market Value 2025 $’000
SEK	Seek	Operator of employment classifeds websites in Australia and ofshore with interests in
		education and training	88 2,035
SIG	Sigma	Following the merger with Chemist
	Healthcare	Warehouse, Sigma Healthcare is now
		Australia’s leading retail pharmacy franchisor,
		distributor and wholesaler	2,179 6,406
TCL*	Transurban	Developer and operator of electronic toll
	Group	roads in Australia and overseas	1,226 17,416
TLS	Telstra	A leading telecommunications carrier (voice,
	Group	mobile, data and internet products) in Australia	1,730 8,425
TNE	Technology	An enterprise software provider ofering
	One	integrated, cloud-based solutions for
		various industries including government
		and education	136 3,794
TPW	Temple &	Operator of an online retailer of furniture
	Webster	and homewares. It provides lifestyle products
	Group	from Australian and international designers	247 3,383
WDS	Woodside	Engages in the exploration, evaluation,
	Energy	development and production of hydrocarbon
		and oil and gas properties	321 7,561
WES*	Wesfarmers	Diversifed conglomerate with retailing
		operations in supermarkets, department stores, home improvement and ofce
		supplies. The group also operates businesses
		involved in lithium mining, energy, chemicals,
		fertilisers, industrial and safety products	91 7,384

AMCIL Limited

Half-Year to 31 December 2025

21

Holdings of Securities

As at 31 December 2025 continued

As at	31 Dece	mber 2025continued
Code	Name	Principal Activity Number Held 2025 ’000 Market Value 2025 $’000
WOW	Woolworths	Operator of general merchandise consumer
	Group	stores and supermarkets in Australia and New Zealand 443 13,015
WTC	WiseTech	Developer and provider of software solutions
	Global	to the global logistics industry 62 4,258
XRO	Xero	Developer of cloud-based accounting software for small and medium-sized businesses in New Zealand, Australia, the United Kingdom and the United States 39 4,430
XYZ	Block Inc	A fnancial technology company specialising in fnancial services, ofering mobile payment solutions, point-of-sale systems and business tools 56 5,430
Total		332,208

• Investments marked with an asterisk were the subject of options for part of the holding.

AMCIL Limited

22 Half-Year to 31 December 2025

Major Transactions in the Investment Portfolio

Investment Portfolio
	Cost
Acquisitions	($’000)
Woolworths Group	5,976
Nanosonics	2,278
Woodside Energy	2,114
	Proceeds
Disposals	($’000)
Westpac Banking Corporation#	7,768
EQT Holdings#	7,083
James Hardie Industries	5,326
National Australia Bank#	4,869
Netwealth Group	4,005

Complete disposal.

New Companies Added to the Portfolio

Nanosonics PEXA Group

AMCIL Limited

Half-Year to 31 December 2025

23

Company Particulars

AMCIL Limited (AMH)

ABN 57 073 990 735

AMCIL is a listed investment company. It is an investor in equities and similar securities on the stock market primarily in Australia.

Directors

Rupert Myer AO, Chairman Mark Freeman, Managing Director Roger Brown Paula Dwyer Michael Hirst Jonathan Webster AM

Registered Office and Mailing Address

Level 21, 101 Collins Street Melbourne Victoria 3000

Contact Details

Telephone (03) 9650 9911 Facsimile (03) 9650 9100 Email invest@amcil.com.au Website amcil.com.au

For enquiries regarding net asset backing (as advised each month to the Australian Securities Exchange):

Telephone 1800 780 784 (toll free)

Company Secretaries

Matthew Rowe Andrew Porter

Auditor

PricewaterhouseCoopers Chartered Accountants

Country of Incorporation

Australia

AMCIL Limited

24 Half-Year to 31 December 2025

Shareholder Information

Share Registrar

MUFG Corporate Markets (AU) Limited

Address Locked Bag A14, Sydney South New South Wales 1235 Liberty Place Level 41, 61 Castlereagh Street Sydney New South Wales 2000

Shareholder

Enquiry Line 1300 847 879 (within Australia) Email amcil@cm.mpms.mufg.com Facsimile (02) 9287 0303 Website au.investorcentre.mpms.mufg.com

For all enquiries relating to shareholdings, dividends and related matters, please contact the share registrar as above.

Brisbane Meeting

Time 10.00am Date Tuesday 17 March 2026 Venue Sky Room Brisbane Convention and Exhibition Centre Cnr Merivale and Glenelg Streets South Bank Brisbane

Canberra Meeting

Time 10.00am Date Thursday 19 March 2026 Venue Hotel Realm National Ballroom 2 18 National Circuit Barton

Perth Meeting

Securities Exchange Code

AMH Ordinary shares

Shareholder Meetings

Time 10.00am Date Monday 30 March 2026 Venue Karri Room Parmelia Hilton 14 Mill Street Perth

Melbourne Meeting

Time 10.00am Date Thursday 12 March 2026 ZINC Federation Square Venue Swanston Street and Flinders Street Melbourne

Adelaide Meeting

Time 10.00am Date Tuesday 31 March 2026 Venue Panorama Room Adelaide Convention Centre North Terrace Adelaide

Sydney Meeting

Time 10.00am Date Monday 16 March 2026 Venue Swissotel 68 Market Street Sydney

AMCIL Limited

Half-Year to 31 December 2025

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