THORNEY TECHNOLOGIES LTD — Interim / Quarterly Report 2026

Feb 12, 2026

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INVESTMENT UPDATE AND NTA REPORT
JANUARY 2026
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PORTFOLIO SNAPSHOT: NET TANGIBLE ASSET BACKING PER SHARE (NTA[1] )

NTA Current Month	Before Tax	After Tax2
31 January 2026	25.0 cents	26.8 cents
NTA Previous Month	Before Tax	After Tax2
31 December 2025	25.7 cents	27.5 cents

¹ Figures are unaudited and approximate.

2 After Tax NTA includes the impact of a deferred tax asset.

KEY ASX INFORMATION (AS AT 31 JANUARY 2026)

ASX Code	TEK
Structure	Listed Investment
	Company
Inception Date	January 2017
Market
Capitalisation	$48.9 million
Share Price	13.0 cents
Shares on Issue	376,433,718
Management Fee	0.75% half yearly
Performance Fee	20% of net portfolio
	increase over high water
	mark base half year
Manager	Thorney Investment
	Group

INVESTMENT PERFORMANCE[*]

As at 31 January 2026 1 Month 1 Year 3 Year (pa) Since Incept. (pa)	As at 31 January 2026 1 Month 1 Year 3 Year (pa) Since Incept. (pa)	As at 31 January 2026 1 Month 1 Year 3 Year (pa) Since Incept. (pa)	As at 31 January 2026 1 Month 1 Year 3 Year (pa) Since Incept. (pa)	As at 31 January 2026 1 Month 1 Year 3 Year (pa) Since Incept. (pa)
TEK investment portfolio	-2.72%	-2.34%	-5.74%	2.22%

*Investment performance is calculated on a before-tax basis and after accrued management fees.

TEK SECURITIES

LISTED SECURITIES	UNLISTED SECURITIES
Rank Company Ticker % of Total Portfolio	Rank Company % of Total Portfolio
1 Calix CXL.ASX 5.2	1 Splitit Payments 5.1
2 Credit Clear CCR.ASX 5.1	2 Mosh 2.7
3 Clarity Pharmaceuticals CU6.ASX 4.2	3 Elenium 2.1
4 Imricor Medical Systems IMR.ASX 3.9	4 360 Capital Fibreconx 2.0
5 Doctor Care Anywhere DOC.ASX 3.5	5 Red Earth Group 1.8

ALLOCATION OF INVESTMENTS

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62%
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34%
Listed securities
Unlisted securities
Cash
4%
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CASH BALANCE AND AVAILABLE FACILITIES

• Cash held short-term with the major banks: $4.2 million

• Prime broker facilities available: undrawn as at 31 January 2026

THORNEY TECHNOLOGIES LTD | Level 45, 55 Collins St. Melbourne VIC 3000 Australia | ABN: 66 096 782 188

OVERVIEW

• The TEK pre-tax NTA as at 31 January 2026 was 25.0 cps compared to 25.7 cps as at 31 December 2025.

• Overall, the positive contributors during the period included Vitrafy Life Sciences Limited (ASX:VFY), Imricor Medical Systems Inc. (ASX:IMR) and, principally, Calix Limited (ASX:CXL), which were offset by some weakness in positions including Mach7 Technologies Limited (ASX:M7T), Raiz Invest Limited (ASX:RZI), DUG Technology Ltd (ASX:DUG) and Clarity Pharmaceuticals Ltd (ASX:CU6).

• Having re-initiated an on-market buyback, TEK purchased 1,749,301 shares under this program. The onmarket share buyback has an expiry date of 13 November 2026.

• The Thorney Investment Group (and associates) retains a shareholding interest of 31.3%.

• TEK anticipates lodging its H1 FY2026 results on or around 19 February 2026.

CHAIRMAN’S COMMENTS

“I continue to be focused on the various macro-economic and geopolitical factors which may continue to affect global markets as well as TEK’s investment portfolio valuations in 2026.

Whilst I maintain my confidence in the underlying portfolio composition, I continue to seek out event-driven and trading opportunities to both reduce the size and diversity of the portfolio.

We continue to be patient with the companies which comprise the unlisted investment portfolio. Despite capital markets still being challenging. However, there are some early, though not certain, indications of liquidity event opportunities emerging.

TEK’s on-market share buyback has been re-initiated and was active during the period, a capital management strategy aimed at reducing the excessive share price to NTA discount.

INVESTMENT PHILOSOPHY

TEK seeks to identify early-stage companies with new and disruptive technology and business models, investing in a broad range of areas of technology, such as fin-tech, e- commerce, education, agriculture, medical, telecommunication, robotics and AI.

CONTACT

Craig Smith - Company Secretary E: craig.smith@thorney.com.au T: + 61 3 9921 7116

INVESTMENT OBJECTIVES

• Deploy investment capital into listed and unlisted technology companies

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

ABOUT THORNEY TECHNOLOGIES

Thorney Technologies Ltd (TEK) is an ASX-listed investment company (LIC), with a broad mandate to invest in technologyrelated investments at all phases of the investment lifecycle. As well, TEK seeks to identify early-stage companies with new and disruptive technology and business models and invests in a broad range of areas of technology, such as fin-tech, e-commerce, education, agriculture, medical, telecommunication, robotics and AI. High quality deal flow is generated via our networks established in Australia, Israel and USA for investment opportunities in both listed and unlisted entities.

TEK is managed by the privately owned Thorney Investment Group pursuant to a long-term investment management agreement. You can invest in TEK by purchasing shares on the Australian Securities Exchange (ASX). For more information visit: https://thorney.com.au/thorney-technologies/

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 Technologies Ltd (TEK or Company) ACN 096 782 188. 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 | January 2026 2