BAPCOR LIMITED — Major Shareholding Notification 2026

May 17, 2026

Form 604
Corporations Act 2001
Section 671B
Notice of change of interests of substantial holder

To Company Name/Scheme
BAPCOR LTD
ACN/ARSN
153 199 912

1. Details of substantial holder (1)
   Name
   Spheria Asset Management Pty Ltd
   ACN/ARSN (if applicable)
   611 081 326

There was a change in the interests of the
substantial holder on
14/05/2026
The previous notice was given to the company on
09/03/2026
The previous notice was dated
09/03/2026

1. 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 relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY FULLY PAID	36,569,356	10.77%	81,524,305	12.12%
			REFER TO ANNEXURE A

1. 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 interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
REFER TO ANNEXURE B

1. 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 securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
REFER TO ANNEXURE C

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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:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
REFER TO ANNEXURE D

Signature

print name MATTHEW BOOKER

sign here

MatTHEW	BOOKER	capacity	DIRECTOR
Mat		date	18/05/2026

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) Include details of:

(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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BAPCOR LTD
Annexure A

Holder of relevant interest	Nature of relevant interest	Number of securities	Class of securities
Spheria Asset Management Pty Ltd	Spheria Asset Management Pty Ltd in its capacity as investment manager has the power to control voting and/or disposal of securities.	81,524,305	ORDINARY FULLY PAID

This is Annexure "A" as mentioned in form 604 Notice of change of interests of substantial holder

Note

Matthew Booker
Director
Date: 18/05/2026

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BAPCOR LTD

Annexure B

Date of change	Person whose relevant interest changed	Nature of change	Consideration		Class of Securities	Number of securities	Person's votes affected
			Cash	Non-cash
06/03/2026	Spheria Asset Management	Purchase	$ 17,605,186.30		ORDINARY FULLY PAID	26,300,379	26,300,379
06/03/2026	As above	Sale	-$ 880,631.33		ORDINARY FULLY PAID	- 1,097,914	- 1,097,914
26/03/2026	As above	Purchase	$ 7,947,543.00		ORDINARY FULLY PAID	13,245,905	13,245,905
02/04/2026	As above	Purchase	$ 398,129.84		ORDINARY FULLY PAID	634,199	634,199
09/04/2026	As above	Sale	-$ 57,153.90		ORDINARY FULLY PAID	- 84,360	- 84,360
07/05/2026	As above	Purchase	$ 232,246.55		ORDINARY FULLY PAID	397,004	397,004
14/05/2026	As above	Purchase	$ 2,291,350.68		ORDINARY FULLY PAID	5,559,736	5,559,736

This is Annexure "B" as mentioned in form 604 Notice of change of interests of substantial holder

Matthew Booker
Director
Date: 18/05/2026

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BAPCOR LTD

Annexure C

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Number of securities	Class of securities	Person's votes
Spheria Asset Management	BNP Paribas	BNP Paribas	2,576,285	Ordinary fully paid	2,576,285
Spheria Asset Management	Citibank Nominees Pty Ltd	Citibank Nominees Pty Ltd	49,570,492	Ordinary fully paid	49,570,492
Spheria Asset Management	Northern Trust	Northern Trust	29,377,528	Ordinary fully paid	29,377,528

This is Annexure "C" of 1 page as mentioned in form 604 Notice of change of interests of substantial holder

Matthew Booker
Director
Date: 18/05/2026

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BAPCOR LTD
Annexure D

Name	Address
Spheria Asset Management Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia

This is Annexure "D" as mentioned in form 604 Notice of change of interests of substantial holder

Matthew Booker
Director
Date: 18/05/2026