THORNEY OPPORTUNITIES LTD — Net Asset Value 2025

Aug 11, 2025

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INVESTMENT UPDATE AND NTA REPORT
JULY 2025
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PORTFOLIO SNAPSHOT: NET TANGIBLE ASSET BACKING PER SHARE (NTA)

NTA Current Month	Before Tax1	After Tax1
31 July 2025	101.0 cents	90.8 cents
NTA Previous Month	Before Tax1	After Tax1
30 June 2025	100.0 cents	90.2 cents

¹ Figures are unaudited and approximate.

INVESTMENT PERFORMANCE*

KEY ASX INFORMATION (AS AT 31 JULY 2025)

ASX Code TOP Structure Listed Investment Company Inception date January 2014 Market $115.9 million Capitalisation Share Price 66.5 cents Shares on Issue 174,238,909 Dividends Half yearly Management Fee 0.75% half yearly Performance Fee 20% of net NTA increase over high water mark in base financial year Manager Thorney Investment Group

As at 31 July 2025 1 Month 1 Year 3 Years Since Inception	As at 31 July 2025 1 Month 1 Year 3 Years Since Inception	As at 31 July 2025 1 Month 1 Year 3 Years Since Inception	As at 31 July 2025 1 Month 1 Year 3 Years Since Inception	As at 31 July 2025 1 Month 1 Year 3 Years Since Inception
TOP investment portfolio	0.84%	5.68%	15.43%	13.26%
S&P Small Ordinaries Accum. Index	2.82%	11.53%	7.61%	10.31%
Performance versus Index	-1.98%	-5.85%	7.82%	2.95%

*Investment performance is calculated on a pre-tax NTA plus dividends basis and after accrued management fees.

TOP SECURITIES

Rank	Company	% of Portfolio
1	20 Cashews	13.1
2	Southern Cross Electrical Engineering	11.5
3	AMA Group	10.0
4	COG Financial Services	8.7
5	Austin Engineering	8.2
6	Solvar	7.8
7	Amplitude Energy	3.7
8	Early Pay	3.4
9	Zip Co	2.7
10	Service Stream	2.6

TOP FULLY FRANKED DIVIDEND HISTORY

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2.50 2.55
2.40
2.15
2.00
1.80
1.50 1.40 1.45 1.50
1.25
1.15 1.27 1.35 1.10
1.14
0.90
0.50 0.60 0.65
1.00 1.05 1.05 1.10
0.50 0.55 0.60 0.60 0.66 0.73 0.80
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Interim dividend (cps) Final dividend (cps)
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THORNEY OPPORTUNITIES LTD | Level 45, 55 Collins St. Melbourne VIC 3000 Australia | ABN: 41 080 167 264

PORTFOLIO SECTORS

ALLOCATION OF INVESTMENTS

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Cash 22%
13.1%
Commercial and
13%
Professional Services
65.2% Consumer
3%
Discretionary
21.7%
Media 13%
ASX-listed securities Financials 23%
Unlisted securities
Infrastructure, Energy
Cash 26%
and Resources
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CASH BALANCE AND AVAILABLE FACILITIES

• Cash held short-term with the major banks: $39.0 million, with prime broker and margin lending facilities undrawn.

OVERVIEW

• The TOP NTA (after tax) as at 31 July 2025 continued to achieve ALL-TIME HIGHs , finishing the month at 90.8 cps compared to 90.2cps as at 30 June 2025.

• Monthly performance was paced by continued share price strength in Consolidated Operations Group Limited (ASX:COG) and Amplitude Energy Ltd (ASX:AEL) and some recovery in the share price of Austin Engineering Limited (ASX:ANG). Some weakness in the share prices of AMA Group Limited (ASX:AMA), interpreted as profit-taking by shareholders who participated in the recapitalisation in mid-2024, Solver Ltd (ASX:SVR) and Southern Cross Electrical Engineering Limited (ASX:SXE) were portfolio positions which were a drag on performance for the month. Since the end of the period, the SXE share price has rallied following the announcement of a range of contract awards.

• During the month, TOP purchased 503,550 shares under its on-market share buyback at an average price of 65.0 cps. TOP’s current on-market share buyback expires on 10 March 2026.

• TOP anticipates reporting its full year results for FY2025 around 19 August 2025.

CHAIRMAN’S COMMENTS

“As reported last month, and to the surprise of many market-watchers, the RBA decided to hold interest rates steady during July continuing its cautious approach to managing monetary policy. However, the RBA decided to cut rates by 25 bps at its August meeting, held on 12 August 2025, stating that inflation has continued to moderate.

We enter the FY2025 reporting season with the market at all-time highs and, in my view, there is little room for error this reporting season, with earnings delivery critical. I remain confident in the composition of the TOP portfolio.

TOP retains approximately $35 million of deployable capital for new opportunities. We are constantly searching for value opportunities where strong management is in place and capable, active Board members are present or where an opportunity exists for us to be a catalyst for change.

TOP’s on-market share buyback continues to be active. This capital management initiative is aimed at reducing the prevailing share price to NTA discount, something which appears to be excessive given the underlying portfolio performance.

INVESTMENT PHILOSOPHY

CONTACT

TOP undertakes thorough due diligence to identify fundamentally Craig Smith – Company Secretary mispriced or undervalued companies and combines that with E: craig.smith@thorney.com.au constructive advocacy with boards and management to implement T: + 61 3 9921 7116 change when required.

INVESTMENT OBJECTIVES

• Producing absolute returns for shareholders over the medium-to long-term

• Delivering a strong fully franked dividend stream to shareholders

ABOUT THORNEY OPPORTUNITIES LTD

Thorney Opportunities Ltd (TOP) is an ASX-listed investment company that invests in listed and unlisted equities and financial assets, in a variety of sectors, including media, automotive, energy, engineering and mining services and financial services. Our primary focus is on the careful selection of investments which enables us to be a constructive catalyst towards unlocking the value in the companies identified. TOP is managed by the privately owned Thorney Investment Group pursuant to a longterm investment management agreement.

You can invest in TOP by purchasing shares on the Australian Securities Exchange (ASX).

For more information visit: https://thorney.com.au/thorney-opportunities/

This monthly report has been prepared by Thorney Management Services Pty Ltd (TMS) ABN 88 164 880 148, AFSL 444369. TMS is the investment manager of Thorney Opportunities Ltd (TOP or Company) ACN 080 167 264. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. This information does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of the Company’s securities. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. References to securities in this publication are for illustrative purposes only and are not recommendations and the securities may or may not be currently held by the Company. Past performance is not indicative of future performance. This information is believed to be accurate at the time of compilation and is provided in good faith. No company in the Thorney Investment Group (Thorney Investment Group Australia Limited ABN 37 117 488 892 and its subsidiaries including TMS) nor the Company guarantees the performance of the Company or the return of an investor’s capital.

Investment Update and NTA Report | July 2025 2