THORNEY TECHNOLOGIES LTD — Net Asset Value 2025

Jun 12, 2025

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----- Start of picture text ----- INVESTMENT UPDATE AND NTA REPORTMAY 2025----- End of picture text -----

PORTFOLIO SNAPSHOT: NET TANGIBLE ASSET BACKING PER SHARE (NTA[1] )

NTA Current Month	Before Tax	After Tax2
31 May 2025	22.3 cents	25.4 cents
NTA Previous Month	Before Tax	After Tax2
30 April 2025	22.9 cents	26.0 cents

¹ Figures are unaudited and approximate.

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

INVESTMENT PERFORMANCE[*]

KEY ASX INFORMATION (AS AT 31 MAY 2025)

ASX Code	TEK
Structure	Listed Investment
	Company
Inception Date	January 2017
Market
Capitalisation	$39.7 million
Share Price	10.5 cents
Shares on Issue	377,833,019
Management Fee	0.75% half yearly
Performance Fee	20% of net portfolio
	increase over high water
	mark base half year
Manager	Thorney Investment
	Group

As at 31 May 2025	1 Month	1 Year	3 Year(pa)	Since Incept.(pa)
TEK investment portfolio	-2.62%	-7.47%	-13.46%	0.86%
S&P Small Ordinaries Accum. Index (XSOAI.ASX)	5.76%	9.76%	4.91%	8.43%
Performance versus Index	-8.38%	-17.23%	-18.37%	-7.57%

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

TEK SECURITIES

LISTED SECURITIES	UNLISTED SECURITIES
RankCompanyTicker% of TotalPortfolio	RankCompany% of TotalPortfolio
1Credit ClearCCR.ASX5.0	1Mosh2.8
2Imricor Medical Systems IMR.ASX3.6	2Nexdius2.6
3Clarity PharmaceuticalsCU6.ASX3.4	3Splitit Payments2.6
4Avita MedicalAVH.ASX3.2	4Elenium2.3
5Doctor Care AnywhereDOC.ASX2.9	5360 Capital Fibreconx2.2

ALLOCATION OF INVESTMENTS

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----- Start of picture text ----- 34%Listed securities63%Unlisted securitiesCash3%----- End of picture text -----

CASH BALANCE AND AVAILABLE FACILITIES

• Cash held short-term with the major banks: $2.5 million

• Prime broker facilities available: undrawn as at 31 May 2025

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 May 2025 was 22.3 cps compared to 22.9 cps as at 30 April 2025.

• Declines in the value of investments held in Avita Medical Ltd and Dubber Corporation Ltd were largely offset by positive contributions from a broad number of investments, including eToro Group Ltd, Yojee Ltd, Doctor Care Anywhere Group Ltd and Life 360, Inc.

• TEK was not active with its on-market share buyback during the month, electing to preserve cash for future deployment. The current on-market share buyback expires on 23 October 2025.

• During the period, the Thorney Investment Group purchased 1,151,402 TEK shares and currently has a shareholding of approximately 28.3%.

CHAIRMAN’S COMMENTS

“Against a backdrop of continued turbulence in global markets, largely driven by evolving news flow on US tariff policy and uncertainty as to what may emerge as new international trade terms, the TEK NTA was slightly lower for the period. During the month, the RBA lowered the cash rate by 25 bps, a change which had been widely foreshadowed. In its published meeting minutes, the RBA flagged that it would continue to adopt a cautionary approach to further reductions in the cash rate, despite the target inflation rate being within the desired range. It was noted that continued trade policy unpredictability had created a highly uncertain environment and one which could weigh on economic sentiment. Volatility notwithstanding, several global markets, including Australia, continue to trade strongly.

For the technology companies in TEK’s portfolio, the volatility experienced has affected certain positions, however, I am confident in the medium to long term value of this portfolio manifesting for all TEK shareholders. From a financial markets perspective, it was notable that e-Toro Group Ltd was able to complete its IPO at a value in excess of TEK’s pre-IPO entry price. In other news, and whilst only a relatively modest position for TEK, ZipCo Limited issued an earnings upgrade in early June which continues the positive sentiment towards this company.

We continue to streamline the portfolio and focus on those positions which we believe will be medium to long term value contributors whilst also watching closely for investment opportunities to emerge.

With TEK having paused the buyback and preserving capital for investment opportunity deployment, I have acquired shares on-market during the month via the Thorney Investment Group, which now has a shareholding of 28.3%.

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 | May 2025 2