WAM ACTIVE LIMITED — Major Shareholding Notification 2025

Aug 27, 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 26/08/2025 The previous notice was given to the company on 11/08/2025 The previous notice was dated 11/08/2025

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) Ordinary Shares	Voting power (5) Voting power (5) 7.58% 9.11% Person's votes Person's votes Previous notice Present notice 2,374,248 2,853,623

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:

print name sign here Name Refer to Annexure A Signature	Kim Heng capacity date Address Chief Operating Officer 28/08/2025

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)

(4)

(5)

(6)

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

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

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

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

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Name ACN / ARSN
Wilson Asset Management (International) Pty Limited (ACN 081 047 118)
MAM Pty Limited (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 Pty Limited ATF Wilson Asset Management Equity Fund (ACN 081 032 000)
WAM Leaders Limited (ACN 611 053 751)
WAM Microcap Limited (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)
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6. Addresses

Name	Address
Wilson Asset Management (International) Pty Limited	Level 26, 1 Farrer Place, Sydney, NSW 2000
MAM Pty Limited	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 Pty Limited ATF Wilson Asset Management Equity Fund	Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Leaders Limited	Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Microcap Limited	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: 28/08/2025

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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Consideration given in Class of Number of Person's votes
Date of change Person whose relevant interest changed Nature of change (6)
relation to change (7) securities securities affected
18/08/25 WAM Microcap Limited On market purchase - 65,922.08 Ordinary shares 4,723 4,723
19/08/25 [Botanical Nominees Pty Limited ATF ] On market purchase - 1,349.48 Ordinary shares 97 97
Wilson Asset Management Equity Fund
19/08/25 WAM Capital Limited On market purchase - 164,845.86 Ordinary shares 11,849 11,849
19/08/25 WAM Research Limited On market purchase - 42,487.91 Ordinary shares 3,054 3,054
20/08/25 [Botanical Nominees Pty Limited ATF ] On market purchase - 1,561.00 Ordinary shares 104 104
Wilson Asset Management Equity Fund
20/08/25 WAM Capital Limited On market purchase - 53,269.16 Ordinary shares 3,549 3,549
20/08/25 WAM Research Limited On market purchase - 13,448.62 Ordinary shares 896 896
22/08/25 [Botanical Nominees Pty Limited ATF ] On market purchase - 14.24 Ordinary shares 1 1
Wilson Asset Management Equity Fund
22/08/25 WAM Capital Limited On market purchase - 129,097.81 Ordinary shares 9,061 9,061
22/08/25 WAM Research Limited On market purchase - 13,364.28 Ordinary shares 938 938
25/08/25 [Botanical Nominees Pty Limited ATF ] On market purchase - 49,938.47 Ordinary shares 3,511 3,511
Wilson Asset Management Equity Fund
25/08/25 WAM Active Limited On market purchase - 328,319.48 Ordinary shares 23,083 23,083
25/08/25 WAM Capital Limited On market purchase - 1,754,232.74 Ordinary shares 123,334 123,334
25/08/25 WAM Research Limited On market purchase - 436,687.80 Ordinary shares 30,702 30,702
25/08/25 [Wilson Asset Management Founders ] On market purchase - 187,322.60 Ordinary shares 13,170 13,170
Fund
26/08/25 [Botanical Nominees Pty Limited ATF ] On market purchase - 51,531.49 Ordinary shares 3,623 3,623
Wilson Asset Management Equity Fund
26/08/25 WAM Active Limited On market purchase - 338,830.55 Ordinary shares 23,822 23,822
26/08/25 WAM Capital Limited On market purchase - 1,810,343.94 Ordinary shares 127,279 127,279
26/08/25 WAM Research Limited On market purchase - 450,669.38 Ordinary shares 31,685 31,685
26/08/25 [Wilson Asset Management Founders ] On market purchase - 193,310.64 Ordinary shares 13,591 13,591
Fund
27/08/25 WAM Active Limited On market purchase - 189,720.48 Ordinary shares 13,461 13,461
27/08/25 WAM Microcap Limited On market purchase - 245,251.34 Ordinary shares 17,401 17,401
28/08/25 WAM Active Limited On market purchase - 153,486.68 Ordinary shares 10,857 10,857
28/08/25 WAM Microcap Limited On market purchase - 135,490.12 Ordinary shares 9,584 9,584
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This is Annexure B of 1 pages referred to in Form 604 - Notice of change of interests of substantial holder.

Signed: _____

Date: 28/08/2025

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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Registered holder of Person entitled to be registered Number of Class of
Holder of relevant interest Nature of relevant interest (6) Person's votes
securities as a holder (8) securities securities
Botanical Nominees Pty Limited ATF Wilson Citigroup Pty Limited Botanical Nominees Pty Limited Management of the portfolio of 44,566 Ordinary shares 44,566
Asset Management Equity Fund ATF Wilson Asset Management Botanical Nominees Pty Limited ATF
Equity Fund Wilson Asset Management Equity
Fund
WAM Active Limited Citigroup Pty Limited WAM Active Limited Management of the portfolio of 103,574 Ordinary shares 103,574
WAM Active Limited
WAM Capital Limited Citigroup Pty Limited WAM Capital Limited Management of the portfolio of 1,540,287 Ordinary shares 1,540,287
WAM Capital Limited
WAM Research Limited Citigroup Pty Limited WAM Research Limited Management of the portfolio of 385,937 Ordinary shares 385,937
WAM Research Limited
WAM Microcap Limited Citigroup Pty Limited WAM Microcap Limited Management of the portfolio of 626,862 Ordinary shares 626,862
WAM Microcap Limited
Wilson Asset Management Founders Fund Citigroup Pty Limited Wilson Asset Management Management of the portfolio of 152,397 Ordinary shares 152,397
Founders Fund Wilson 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: 28/08/2025