WAM ACTIVE LIMITED — Major Shareholding Notification 2025

Oct 14, 2025

604 Page 1 of 2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Energy One Limited (ASX: EOL) ACN/ARSN ACN: 076 583 018

1. Details of substantial holder (1)

Name Wilson Asset Management Group (refer entities listed in Annexure A)

ACN/ARSN (if applicable)

There was a change in the interests of the substantial holder on 13/10/2025 The previous notice was given to the company on 28/08/2025 The previous notice was dated 28/08/2025

2. 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	Previous notice	Present notice	Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	2,853,623	9.11%	2,530,372	8.05%

3. 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

4. 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 affected	Person's votes
Refer to Annexure C

604 Page 2 of 2 15 July 2001

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 reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

The reasons the persons named in paragraph	3 above are associates of the substantial holder are as follows:
Name	Address
Refer to Annexure A

Signature

print name Kim Heng capacity Chief Operating Officer sign here date 15/10/2025

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 by which the relevant interest was acquired. 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.

Page 1

Annexure A

1. Details of Wilson Asset Management Group

Wilson Asset Management Group

Name	ACN / ARSN
Wilson Asset Management(International)PtyLimited	(ACN 081 047 118)
MAM PtyLimited	(ACN 100 276 542)
WAM Capital Limited	(ACN 086 587 395)
WAM Research Limited	(ACN 100 504 541)
WAM Active Limited	(ACN 126 420 719)
Botanical Nominees PtyLimited ATF Wilson Asset Management EquityFund	(ACN 081 032 000)
WAM Leaders Limited	(ACN 611 053 751)
WAM MicrocapLimited	(ACN 617 838 418)
WAM Global Limited	(ACN 624 572 925)
WAM Strategic Value Limited	(ACN 649 096 220)
WAM Alternative Assets Limited	(ACN 168 941 704)
Wilson Asset Management Leaders Fund	(ARSN 663 806 228)
Wilson Asset Management Founders Fund	(ARSN 682 673 678)
WAM Income Maximiser Limited	(ACN 683 776 954)

6. Addresses

Name	Address
Wilson Asset Management(International)PtyLimited	Level 26,1 Farrer Place,Sydney,NSW 2000
MAM PtyLimited	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Capital Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Research Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Active Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
Botanical Nominees PtyLimited ATF Wilson Asset Management EquityFund	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Leaders Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM MicrocapLimited	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Alternative Assets Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Strategic Value Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Global Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
Wilson Asset Management Leaders Fund	Level 26,1 Farrer Place,Sydney,NSW 2000
Wilson Asset Management Founders Fund	Level 26,1 Farrer Place,Sydney,NSW 2000
WAM Income Maximiser Limited	Level 26,1 Farrer Place,Sydney,NSW 2000
Citigroup Pty Limited	Level 21, 2 Park Street, Sydney, NSW 2000

This is Annexure A of 1 pages referred to in Form 604 - Notice of change of interests of substantial holder.

Signed: _____

Date: 15/10/2025

Page 1

ANNEXURE B

Refer to Annexure A for the name and ACN's of the Wilson Asset Management Group members.

3. Changes in relevant interests

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Person whose relevant interest Consideration given in
Date of change Nature of change (6) Class of securities Number of securities Person's votes affected
changed relation to change (7)
01/09/25 [Botanical Nominees Pty Limited ATF ] -3,178.54 Ordinary shares 226 226
Wilson Asset Management Equity Fund [On market purchase]
01/09/25 WAM Capital Limited On market purchase -109,926.81 Ordinary shares 7,816 7,816
01/09/25 WAM Research Limited On market purchase -27,537.96 Ordinary shares 1,958 1,958
02/09/25 WAM Active Limited On market purchase -56,760.73 Ordinary shares 4,011 4,011
03/09/25 [Botanical Nominees Pty Limited ATF ] -1,737.28 Ordinary shares 117 117
Wilson Asset Management Equity Fund [On market purchase]
03/09/25 WAM Capital Limited On market purchase -60,136.67 Ordinary shares 4,050 4,050
03/09/25 WAM Research Limited On market purchase -15,056.44 Ordinary shares 1,014 1,014
04/09/25 [Botanical Nominees Pty Limited ATF ] -4,607.41 Ordinary shares 307 307
Wilson Asset Management Equity Fund [On market purchase]
04/09/25 WAM Capital Limited On market purchase -148,607.65 Ordinary shares 9,902 9,902
04/09/25 WAM Research Limited On market purchase -8,419.42 Ordinary shares 561 561
05/09/25 WAM Active Limited On market purchase -13,018.19 Ordinary shares 851 851
09/09/25 [Botanical Nominees Pty Limited ATF ] -10,061.40 Ordinary shares 667 667
Wilson Asset Management Equity Fund [On market purchase]
09/09/25 WAM Active Limited On market purchase -136,909.42 Ordinary shares 9,065 9,065
09/09/25 WAM Capital Limited On market purchase -354,909.26 Ordinary shares 23,528 23,528
09/09/25 WAM Research Limited On market purchase -87,565.80 Ordinary shares 5,805 5,805
11/09/25 [Botanical Nominees Pty Limited ATF ] -7,216.78 Ordinary shares 462 462
Wilson Asset Management Equity Fund [On market purchase]
11/09/25 WAM Capital Limited On market purchase -242,386.89 Ordinary shares 15,517 15,517
11/09/25 WAM Research Limited On market purchase -46,643.51 Ordinary shares 2,986 2,986
15/09/25 [Botanical Nominees Pty Limited ATF ] -5,866.66 Ordinary shares 366 366
Wilson Asset Management Equity Fund [On market purchase]
15/09/25 WAM Capital Limited On market purchase -191,371.47 Ordinary shares 11,939 11,939
15/09/25 WAM Research Limited On market purchase -11,701.24 Ordinary shares 730 730
18/09/25 [Botanical Nominees Pty Limited ATF ] 18,696.60 Ordinary shares - 1,135 1,135
Wilson Asset Management Equity Fund [On market sell]
18/09/25 WAM Capital Limited On market sell 645,320.96 Ordinary shares - 39,175 39,175
18/09/25 WAM Research Limited On market sell 159,621.19 Ordinary shares - 9,690 9,690
22/09/25 WAM Microcap Limited On market purchase -42,485.65 Ordinary shares 2,399 2,399
23/09/25 [Botanical Nominees Pty Limited ATF ] 60,451.49 Ordinary shares - 3,327 3,327
Wilson Asset Management Equity Fund [On market sell]
23/09/25 WAM Active Limited On market sell 557,618.21 Ordinary shares - 30,689 30,689
23/09/25 WAM Capital Limited On market sell 2,217,281.44 Ordinary shares - 122,030 122,030
23/09/25 WAM Microcap Limited On market sell 2,025,951.66 Ordinary shares - 111,500 111,500
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Page 2

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Person whose relevant interest Consideration given in
Date of change Nature of change (6) Class of securities Number of securities Person's votes affected
changed relation to change (7)
23/09/25 WAM Research Limited On market sell 540,629.29 Ordinary shares - 29,754 29,754
30/09/25 [Botanical Nominees Pty Limited ATF ] -3,163.36 Ordinary shares 182 182
Wilson Asset Management Equity Fund [On market purchase]
30/09/25 WAM Capital Limited On market purchase -109,109.11 Ordinary shares 6,277 6,277
30/09/25 WAM Research Limited On market purchase -26,103.72 Ordinary shares 1,503 1,503
01/10/25 [Botanical Nominees Pty Limited ATF ] -12,680.09 Ordinary shares 718 718
Wilson Asset Management Equity Fund [On market purchase]
01/10/25 WAM Capital Limited On market purchase -450,372.76 Ordinary shares 25,502 25,502
01/10/25 WAM Research Limited On market purchase -66,755.90 Ordinary shares 3,780 3,780
13/10/25 [Botanical Nominees Pty Limited ATF ] 43,009.72 Ordinary shares - 2,198 2,198
Wilson Asset Management Equity Fund [On market sell]
13/10/25 WAM Capital Limited On market sell 1,549,973.92 Ordinary shares - 79,211 79,211
13/10/25 WAM Microcap Limited On market sell 258,410.51 Ordinary shares - 13,206 13,206
13/10/25 WAM Research Limited On market sell 398,886.75 Ordinary shares - 20,385 20,385
14/10/25 [Botanical Nominees Pty Limited ATF ] 827.13 Ordinary shares - 43 43
Wilson Asset Management Equity Fund [On market sell]
14/10/25 WAM Capital Limited On market sell 29,180.66 Ordinary shares - 1,517 1,517
14/10/25 WAM Microcap Limited On market sell 9,791.00 Ordinary shares - 509 509
14/10/25 WAM Research Limited On market sell 7,251.88 Ordinary shares - 377 377
14/10/25 [Wilson Asset Management Founders ] On market sell 14,311.41 Ordinary shares - 744 744
Fund
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This is Annexure B of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder.

Signed: _____

Date: 15/10/2025

Page 1

ANNEXURE C

Refer to Annexure A for the name and ACN's of the Wilson Asset Management Group members.

4. Present relevant interests

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Holder of relevant interest Registered holder of securities Person entitled to be registered as a holder (8) Nature of relevant interest (6) Number of securities Class of securities Person's votes
Botanical Nominees Pty Limited ATF Citigroup Pty Limited Botanical Nominees Pty Limited ATF Management of the portfolio of 40,908 Ordinary shares 40,908
Wilson Asset Management Equity Fund Wilson Asset Management Equity Fund Botanical Nominees Pty Limited ATF
Wilson Asset Management Equity Fund
WAM Active Limited Citigroup Pty Limited WAM Active Limited Management of the portfolio of WAM 86,812 Ordinary shares 86,812
Active Limited
WAM Capital Limited Citigroup Pty Limited WAM Capital Limited Management of the portfolio of WAM 1,402,885 Ordinary shares 1,402,885
Capital Limited
WAM Research Limited Citigroup Pty Limited WAM Research Limited Management of the portfolio of WAM 344,068 Ordinary shares 344,068
Research Limited
WAM Microcap Limited Citigroup Pty Limited WAM Microcap Limited Management of the portfolio of WAM 504,046 Ordinary shares 504,046
Microcap Limited
Wilson Asset Management Founders Citigroup Pty Limited Wilson Asset Management Founders Management of the portfolio of Wilson 151,653 Ordinary shares 151,653
Fund Fund Asset Management Founders Fund
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This is Annexure C of 1 pages referred to in Form 604 - Notice of change of interests of substantial holder.

Signed: _____

Date: 15/10/2025