Dear fellow shareholders,

On behalf of the Board, welcome to the Annual Report for NAOS Ex-50 Opportunities Company Limited (Company) for the financial year ended 30 June 2026. I would like to thank all shareholders for your continued support and welcome all new shareholders who joined the register during the year.

The Board has declared a final quarterly dividend of 1.60 cents per share, franked to 50%, bringing the total dividend for FY26 to 6.30 cents per share. This represents an increase of 5.0% on the FY25 full year dividend of 6.00 cents per share. FY26 is the twelfth consecutive financial year in which the Company’s annual dividend rate has been maintained or increased. Based on the FY26 dividend of 6.30 cents per share and the closing share price of $0.505 at 30 June 2026, the dividend represents a yield of 12.48%, or 15.58% once the value of the attached franking credits is included.

Since inception, the Company has now declared 63.45 cents per share in dividends, together with 24.85 cents per share in franking credits, being 88.30 cents per share in total. That is more than 1.7 times the closing share price of 50.5 cents at 30 June 2026.

NAC Dividend History

The Company seeks to provide shareholders with a sustainable, growing stream of dividends, franked to the maximum extent possible, while also maintaining an adequate profit reserve balance to enable the Company to pay dividends in periods such as this financial year, where it has been more difficult to generate significant performance. The profit reserve balance at year-end was 52.2 cents per share. Of the FY26 dividends, 3.10 cents per share was fully franked, and the balance was franked to 50%, franking being a function of the tax paid on realised profits and of the franked income received from investee companies.

FY26 proved to be yet another volatile year, driven in large part by significant macro events and the continued tightening of interest rates, with the Reserve Bank of Australia increasing the cash rate by 0.75% over the financial year to 4.35%. The result, from an NAC standpoint, was a significant widening of the gap between how several of the Company’s investee businesses performed operationally and the value attributed to them by the market. The Board believes that gap will close over time, and that this is where significant value can be created for shareholders.

For the financial year ended 30 June 2026, the Company recorded an after-tax loss of $3.09 million (FY25: after-tax profit of $7.55 million). The NAC Investment Portfolio returned -5.26% for the year, compared with the benchmark S&P/ASX 300 Industrials Accumulation Index, which returned -4.49%. Pre-tax net tangible asset backing per share decreased from 67.26 cents to 51.94 cents over the course of the year, as set out in the chart below.

NAC Pre-Tax NTA Performance

Portfolio return and NTA measure the performance and value of the Company’s underlying investments. Total shareholder return measures the change in the market value of a shareholder’s investment, together with dividends paid over the period. Total shareholder return for the 12-month period was +18.70%, or +21.62% when including the value of franking credits. This was driven by the dividends paid over the year and by a narrowing of the share price discount to pre-tax NTA, from 29.85% at 30 June 2025 to just 2.77% at 30 June 2026.

The Board remains committed to managing the capital base of the Company in a manner that maximises potential shareholder return. The principal capital management activities during the financial year were as follows:

• Dividends: the quarterly dividend was increased from 1.50 to 1.60 cents per share from the Q2 FY26 dividend, lifting the full year dividend by 5.0%.
• On-market share buy-back: 980,082 shares were acquired and cancelled at a total cost of $539,422, at a time when the shares were trading at a material discount to pre-tax net tangible asset backing.
• Dividend reinvestment plan: all dividend reinvestment plan entitlements were satisfied through on-market purchases during the year, meaning shareholders received their reinvested dividends without any dilution to their holdings.
• Convertible notes: 175,000 NACGA notes remain on issue. The Directors are well aware of the refinancing ahead of the September 2027 maturity and will work with the Investment Manager on the options available, having regard to the medium-term interest rate environment and the best use of shareholder capital.

The Board remains strongly aligned with shareholders through their respective shareholdings, which increased by 312,613 shares over the course of the financial year to a cumulative total of 9,607,235 shares, or approximately 21% of the Company.

Since the end of the financial year, it has been pleasing to note that the Investment Portfolio returned +14.60% in July 2026. A detailed view of the Company’s Investment Portfolio is set out in the Investment Manager’s Report on the following pages, which I would encourage all shareholders to read.

On behalf of the Board of Directors, I would like to thank the staff of the Investment Manager for their efforts and dedication over the course of the financial year and again thank you to all shareholders for their continued support.

Dear fellow shareholders,

For the financial year ended 30 June 2026 (FY26), the NAC Investment Portfolio decreased by -5.26% compared to the Benchmark S&P/ASX 300 Industrials Accumulation Index (XKIAI), which decreased by -4.49%.

Coming off the strong +28.92% return delivered in FY25, FY26 was always likely to be a year of consolidation rather than another step-change. The relatively flat absolute result masks a notable divergence beneath the surface. Several core investments made clear strategic and operational progress - most visibly Urbanise.com Ltd (ASX: UBN), which delivered a positive return following leadership, product, and partnership milestones, and Firmus Grid Ltd (Unlisted), whose successive private capital raises materially increased its carrying valuation.

Conversely, a small number of holdings, in particular MaxiPARTS Ltd (ASX: MXI) and MOVe Logistics Group Ltd (ASX/NZX: MOV), saw their share prices decline meaningfully despite, in our view, broadly intact medium-term operating theses. The net effect was a portfolio that finished the year roughly where it started in absolute terms, yet which we believe is materially more de-risked than it was twelve months ago.

We do not attempt to consistently predict macroeconomic outcomes or time market highs and lows. What we can say is that the gap between the share prices of several core holdings and our assessment of their intrinsic value widened over FY26, even as their underlying operating performance held up or improved. For long-term shareholders, we believe that valuation gap represents a compelling opportunity.

The Year in Markets - Capital, Capex and Concentration

FY26 will be remembered for both the extraordinary concentration of capital at the top end of global equity markets and the geopolitical and macroeconomic noise that has run alongside it. The S&P/ASX 200 Accumulation Index (XJOAI) delivered a +6.11% return. In the US, the S&P 500 Index returned +22.32%, but the dispersion within those headline numbers tells a more meaningful story.

S&P/ASX 200 v S&P 500 (Total Return)

For most of CY25, the so-called ‘Magnificent 7’ companies continued to drive the bulk of US equity returns, with this cohort delivering an average return of ~27.5% versus the S&P 500 Index’s return of ~16%. That dynamic reversed in CY26. Through the first half of CY26, the Magnificent 7 underperformed the broader index, returning +3.7% versus the S&P 500 Index return of +9.9%. By February, as a snapshot, the cohort was down -7% while the equal-weighted S&P 493 was up +4%. This is the first sustained period of underperformance for the Magnificent 7 cohort since 2022 and, in our view, marks an early shift in market breadth that requires close watching.

Underpinning FY26, both domestically and globally, was the AI infrastructure capital expenditure cycle. The five largest US hyperscalers - Alphabet Inc. (NDQ: GOOG), Amazon Inc. (NDQ: AMZN), Microsoft Corp. (NDQ: MSFT), Meta Platforms Inc. (NDQ: META) and Oracle Corp. (NYSE: ORCL) - collectively committed in excess of US$700 billion of capital expenditure in CY26, an increase of ~36% year-on-year, with around 75% of that spend tied directly to AI infrastructure. To put that into perspective, Alphabet Inc. alone spent ~US$45 billion in Q2 CY26, which was 100% higher than the previous corresponding period, with Google Cloud’s reported contracted customer backlog exceeding US$510 billion. The Data Centre division of NVIDIA Corp. (NDQ: NVDA) generated revenue of ~US$75 billion in a single quarter (Q1 CY26), up ~92% year-on-year.

These are numbers without a clear historical analogue. The capital being deployed into AI infrastructure, such as Graphics Processing Units (GPUs), power infrastructure, cooling, networking and the physical real estate that houses it, has, by some measures, exceeded the entire telecommunications buildout of the late 1990s. The relevant question for investors in emerging companies is not whether this capex cycle is happening - clearly, it is - but what the second- and third-order effects look like, and which companies further down the value chain are positioned to benefit without taking on hyperscaler-level capital risk.

The Software De-Rating

Sitting in awkward contrast to the AI infrastructure spend and data centre buildout has been the sharp de-rating of many listed software companies. In our Q3 FY26 Quarterly Investment Report, we referred to this dynamic, often coined the ‘SaaSpocalypse’.

Globally, and on the ASX, several of the most highly regarded software businesses have seen their share prices fall by 50% or more over a 6-12-month period, with notable ASX examples including Xero Ltd (ASX: XRO), Pro Medicus Ltd (ASX: PME), TechnologyOne Ltd (ASX: TNE) and Objective Corp. Ltd (ASX: OCL).

The driver of this de-rating is a genuine question over the long-term durability of software revenue. Will customers continue to pay the same price per seat in five years’ time if a competing AI-native product offers comparable functionality at a fraction of the cost? Will existing customers consume less of the software they already have? Will some customers simply build their own alternatives? These are not abstract questions; they are likely being asked by every CFO undertaking an enterprise software renewal within their existing environment.

In our view, this de-rating will not be felt evenly across the sector. Those with deep integrations into customer workflows, regulatory data, or proprietary network effects appear comparatively well insulated. Those whose primary value proposition is a thin layer on top of a large language model capability are far more exposed. As renowned global software investor Thoma Bravo noted at its annual investor meeting in March, total spend on software applications may actually increase as AI implementation drives efficiency gains, but the distribution of that spend across vendors will look very different from what it is today.

Interest Rates and the Middle East

A year ago, the consensus view was that domestic interest rates would continue their gradual descent through CY26. That view has not aged well. Through FY26, the Reserve Bank of Australia (RBA) increased interest rates by +0.75%, taking the cash rate back to 4.35% at the time of writing. The drivers of this reversal are well documented. Underlying inflation has proven stickier than expected, the labour market remains tight, and the conflict in the Middle East has driven oil and refined fuel prices sharply higher, which is now feeding through to the broader Consumer Price Index (CPI). It can also be strongly argued that interest rate increases no longer have the same desired effect as they did 10-20 years ago, given the demographic shifts in Australian society.

The conflict in the Middle East, which escalated meaningfully in early CY26, remains unresolved at the time of writing. For Australian businesses, the practical impact has been twofold:

1. A higher input cost profile for anything energy-intensive or transport-dependent; and
2. A delay in the timing of expected interest rate relief that many had built into FY26 budgets.

From our perspective, the more worrying variable is that we believe many second- and third-order effects are only now starting to make their way through supply chains. Examples include the inputs required to make many food-packaging items, the glues used in manufacturing processes such as plywood, and more nuanced pure-oil products. A good outcome, in our view, would be one where the impact is contained to price rises; a more realistic scenario is supply disruptions and volume curtailments that persist for a considerable period.

Commodity Price Movements - 6 Months

As we regularly emphasise, we do not claim any ability to consistently pick market highs and lows. However, the practical implications of the above for the businesses we own are reasonably clear. Discretionary consumer activity is softer than it was 6 to 12 months ago. Construction-related demand has continued to recover from cyclical lows, but more slowly than we had hoped. Defence-related spending continues to expand, both in Australia and globally, as governments respond to a more volatile geopolitical environment. The cost of debt remains higher than what businesses had been expecting 12 months ago, which has renewed the focus on capital efficiency and cash generation.

The Australian Knock-On - Data Centres, Contractors and Defence

The most consequential domestic development of FY26 has, in our view, been the way in which the global AI capex cycle has begun to translate into demand for physical infrastructure on Australian shores. Australia is now firmly on the global hyperscaler map as a build location, with the most visible commitment being both Amazon Inc.’s ~AU$20 billion data centre investment announced in mid-2025 and Microsoft Corp.’s AU$25 billion expansion investment announced in April 2026.

On a national basis, Australia’s deployable data centre capacity is expected to more than double from ~1.5 GW in 2025 to in excess of 3.9 GW by 2030, requiring an estimated AU$26 billion in new build. To put that in perspective, this is the kind of structural construction pipeline that the domestic resources sector last enjoyed during the LNG construction boom of the early 2010s. Equally potent is the fact that, despite this projected buildout, demand will still outstrip supply.

Forecasted Gigawatts (GW) of Data Centre Demand in Australia

Layered on top of this is a marked uplift in federal government Defence spending, with successive commitments to expand the Department of Defence’s facilities footprint to support advanced aircraft, drones, submarines and related capability. Both the Data Centre theme and the Defence spending theme are highly capital-intensive, have multi-year durations, and ultimately require much of the same skill base: electrical engineering, civil works, mechanical fit-out, communications cabling, and high-voltage power infrastructure. For the specialist Australian contractors that can credibly self-perform across these disciplines, demand for their services appears the strongest it has been in well over a decade.

The market has noticed. Over the past 12-18 months, the share prices of contracting and engineering services businesses, including SKS Technologies Group Ltd (ASX: SKS), SRG Global Ltd (ASX: SRG), Southern Cross Electrical Engineering Ltd (ASX: SXE) and Duratec Ltd (ASX: DUR) have re-rated materially, in several cases more than doubling. The earnings underpinning these moves are real. Order books across the cohort have grown significantly, the project mix has shifted to higher-margin work, and pricing power has improved as bid lists have shortened.

Contractors & Engineering Firms - Share Price Growth (%)

Contractors & Engineering Firms - P/E Multiple Growth

It is worth noting, however, that the valuations applied to many of these businesses are now well above their long-term historical averages. For a sector that has historically traded on single-digit to low-teens forward earnings multiples through the cycle, in our view, the bar for continued share price appreciation from here is materially higher than it was 12 or 24 months ago. However, it is also a reminder that the easiest returns from this thematic have likely already been made. It is also important to weigh the longevity of these earnings profiles against the multiples at which they are being capitalised.

Pulling the Threads Together

In summary, we believe FY26 has been defined by four interrelated forces:

• An extraordinary capital expenditure cycle among the largest technology companies that has reshaped where global capital flows and how equity markets have performed;
• A broad de-rating of software businesses as investors question, for the first time in years, whether their recurring revenue will hold up;
• An interest rate path that has risen more than the market expected, on the back of stickier inflation and energy costs driven by geopolitics; and
• A conflict in the Middle East that affects the economy mainly through commodity prices and the timing of expected rate relief.

Against this backdrop, the Australian market has continued to disproportionately reward scale and passive index membership, while leaving a significant cohort of high-quality smaller businesses trading at, in our view, materially attractive valuations relative to their underlying long-term value. Despite this, the issue remains: what is the catalyst to close this disparity between perceived fair value and current value for the abovementioned cohort?

NAOS Philosophy

At NAOS, we will continue to focus on what we can control. Our investment philosophy centres on investing in emerging companies that deliver high returns on invested capital and are led by experienced, aligned management teams.

These companies operate in industries poised for sustained revenue growth, where they hold clear competitive advantages, and their business models are transparent to investors. Notably, the majority of the NAC Investment Portfolio is outside the ASX indices, which translates into our investments diverging significantly from the benchmark, the S&P/ASX 300 Industrials Accumulation Index.

Below, I have expanded on three core investments within the NAC Investment Portfolio that saw notable events in FY26, outlining, in each case, what we believe these developments may lead to in the years ahead.

Urbanise.com Ltd (ASX: UBN) - Executive Leadership, the NAB Partnership and an AI Roadmap

Urbanise.com Ltd (ASX: UBN) has been a holding of the NAC Investment Portfolio for over five years and remains one of our highest-conviction core positions. Our investment thesis centres on UBN’s cloud-based strata management software, its strong market positioning, and the significant growth opportunity in an industry still dominated by legacy, on-premises systems.

By way of background, prior to our investment in UBN, the business had gone through multiple iterations and, like many ASX-listed companies, suffered from earlier misguided strategic decisions. This resulted in accumulated losses exceeding AU$100 million. A pivotal turning point was the appointment of Darc Rasmussen, initially as Non-Executive Director and subsequently as Chairman (and most recently Executive Chairman), together with a refreshed Board. These changes brought sharper strategic focus and a renewed commitment to the core strata management platform.

That discipline delivered a major milestone in May 2025 with the partnership announced with National Australia Bank Ltd (ASX: NAB). Under the agreement, NAB acquired an initial 15% stake (with an option to increase to 19.99%) and the two parties agreed to co-develop a data and payments integration service tailored for strata managers and their clients.

In our view, the strategic logic is compelling. Australia has ~2.15 million strata-titled properties, with an estimated AU$10-15 billion sitting in related bank accounts. A platform positioned at the centre of these payments and data flows represents infrastructure with high barriers to entry, strong network effects, and significant long-term monetisation potential.

FY26 was the year UBN converted this strategic positioning into tangible progress. On 25 May 2026, UBN launched Urbanise Artificial Intelligence at the Strata Community Association Australasia Conference in Adelaide. The first release - an AI Assistant embedded within the Urbanise Strata platform - enables strata managers to obtain plain-language answers to operational queries in seconds. This is the initial step in a broader AI roadmap, with further capabilities expected to become commercially available in the near future.

Work also progressed on the NAB payments portal, with the launch scheduled for mid-FY27, and ~10% of UBN’s current strata customer base has already signed up to transition.

ARR Expansion on Existing Customer Base & Legacy Disruption

It is worth highlighting the AI roadmap in the context of the broader ‘SaaSpocalypse’ discussed earlier in this letter. While many software companies face legitimate questions over whether AI will erode their pricing power, we believe UBN sits firmly on the other side of that ledger.

The UBN software is deeply embedded in the daily workflows of strata managers; it will be increasingly intertwined with a major bank’s payments and data infrastructure, and the AI Assistant is additive to - rather than a substitute for - the underlying platform. This is precisely the kind of workflow-embedded, network-effect software that leading US software-focused private equity firm Thoma Bravo would describe as well-insulated.

AI Disruption Risk is Not Uniform Across Software

The medium-term opportunity for UBN, as we see it, sits across three vectors:

1. Continued penetration of the Australian strata management software market, where we estimate ~60% of managers still rely on outdated systems;
2. Monetisation of the NAB payments and data integration service across a multi-billion-dollar deposit pool; and
3. The significant optionality embedded in the developing AI roadmap.

Execution on these pillars will take time, but early momentum is clearly building. The question for UBN, in our view, is no longer whether it has the strategic positioning to win in its market - that question has now been answered - it is now a question of how well UBN can execute and monetise the abovementioned strategy over the coming three to five years. If successful, we believe UBN has the potential to evolve into a high-margin business with annual recurring revenue (ARR) exceeding AU$24 million.

MOVe Logistics Group Ltd (ASX/NZX: MOV) - The Path Back to Profitability

MOVe Logistics Group Ltd (ASX/NZX: MOV) is a New Zealand-based logistics operator that has been one of the more challenging investee companies within the NAC Investment Portfolio. In FY26, in our view, the MOV share price materially detached from the underlying operating trajectory of the business. We include MOV in this letter precisely because we believe the gap between price and progress is now at its widest.

Our investment thesis on MOV rests on a turnaround from a loss-making, sub-scale cost base toward a right-sized, profitable national logistics network, leveraged to an eventual recovery in the New Zealand economy. Through FY26, that operational turnaround has steadily progressed. The company’s normalised earnings before tax (EBT) loss in Q1 FY26 had narrowed by 68% year-on-year, and management reaffirmed guidance to return to profitability for the full FY26 year. Pleasingly, this was confirmed during July with the company announcing it had achieved its target of positive normalised EBT for FY26. The 1H FY26 results extended that improvement, with all business lines other than Warehousing delivering planned operational gains.

MOVe Logistics NPAT ($m)

The Warehousing division remains the principal area of underperformance given some of the sub-optimal leases signed by previous management teams. The current management team has flagged a small level of new business wins, ongoing productivity improvements, and the planned exit of two onerous property leases as the key contributors to improving the cost base from late FY26 into FY27. We will be monitoring the resolution of these leases and the Warehousing division’s trajectory closely, as it represents the key swing factor for MOV achieving sustainable profitability.

The investment case from here, in our view, is a combination of self-help and cyclical leverage. On the self-help front, MOV has been right-sized, the cost base reset, and the customer base broadly retained - the operational gains are largely within management’s control. On the cyclical side, the New Zealand economic backdrop, while still soft, has begun to show early signs of stabilisation, with declining interest rates and improving consumer confidence. MOV’s national network, cost base reset and strong customer partnerships leave it well-placed to benefit operationally as economic activity improves through 2H CY26 and into CY27.

We will be the first to acknowledge that the share price action over FY26 has been disappointing, particularly given the underlying operational progress. The combination of low trading liquidity (MOV is primarily traded on the NZX) and a constrained risk appetite for small-cap logistics businesses has, in our view, weighed on the share price well beyond what the underlying earnings trajectory would warrant.

For a turnaround of this nature, the next 12 to 18 months will be critical. Success will depend not only on achieving profitability (which they have now done) but also on demonstrating that those profits are durable and scalable as volumes recover. Looking ahead, we expect management’s focus to shift toward delivering sustainable 3–5% net profit after tax (NPAT) margins. We believe this is an achievable target, given the significant operating leverage in the business as it scales from a low base amid a gradually improving New Zealand economy.

Firmus Grid Ltd (Unlisted) - Funding, Scale and a Pending IPO

Firmus Grid Ltd (Unlisted) is, in many respects, the most strategically distinctive asset within the NAC Investment Portfolio: a private holding with direct exposure to the AI infrastructure capex cycle described earlier in this letter. This is currently anchored by Tasmania’s hydroelectric power advantages and partnerships with NVIDIA and CDC Data Centres (part-owned by listed infrastructure company Infratil Ltd (ASX/NZX: IFT)).

FY26 was a transformational year for Firmus. The funding and customer pathways required to execute its ambitions have, in our view, been substantially de-risked.

By way of refresher, Firmus provides the compute capacity and operational expertise required for large language models (LLMs) to be trained, and, over time, the compute capacity to operate (i.e., consume) these same LLMs at scale. These two tasks are called training and inference, and they have significantly different operational and physical requirements compared to a traditional cloud data centre.

The headline event was a US$505 million capital raise completed in April 2026, led by leading US investment firm Coatue Management L.L.C., at a post-money valuation of ~US$5.5 billion. This brings total capital raised since September 2025 to ~US$1.35 billion (including the round in which NAOS participated). This excludes the US$2 billion July 2026 capital raising for existing shareholders.

Critically, this equity funding has been complemented by the foundations of a genuine operating business: a US$10 billion asset-backed debt financing facility led by Blackstone, a customer contract with NVIDIA Corp. (NDQ: NVDA), and ~AU$600 million in annual revenue from a hyperscaler contract. Taken together, these elements address the three risks that most commonly derail capital-intensive infrastructure projects - equity funding, project financing, and demand. This materially de-risks the Project Southgate buildout.

Looking ahead, the Firmus team has multiple workstreams underway, supported by extraordinary global demand for AI compute. Sound operational execution and project delivery will be critical. Key near-term milestones include the first GPU deployments at the CDC Data Centres site in Melbourne (an Australian first for Firmus), near-term practical completion of Project Southgate in Launceston, Tasmania, and continued progress on further customer commitments, completion of the July 2026 funding round and the well-documented potential IPO.

Outlook for FY27

At our national roadshows last year, we were deliberately cautious on the FY26 outlook. After the strong +28.92% return in FY25, we highlighted that the NAC Investment Portfolio was likely to enter a period of consolidation while the catalysts underpinning our core holdings played out. That framing proved broadly accurate.

While the NAC Investment Portfolio finished marginally behind the benchmark, the meaningful de-risking and operational progress achieved across our holdings leave us entering FY27 with our conviction intact.

We continue to believe that significant latent value remains across the majority of the NAC Investment Portfolio. Importantly, many of the catalysts required to unlock this value are expected to crystallise over the next 12-18 months.

From a portfolio construction perspective, we remain focused on improving balance - increasing the number of holdings, diversifying across industries, and achieving a more even weighting profile. This should reduce the opportunity cost that can arise when a concentrated, top-heavy portfolio encounters timing delays in individual investment theses being recognised by the market.

From a notable catalyst perspective, we have listed below several catalysts we expect to occur in FY27 and that have the potential to drive a step change in the valuation of the respective businesses:

Urbanise.com Ltd (ASX: UBN)

• Commercial launch and early monetisation of the NAB data and payments integration service (including customer take-up rates).
• Commercial rollout (and further updates) of Urbanise Artificial Intelligence beyond the initial AI Assistant, and evidence of its impact on customer retention and pricing.
• Divestment of any non-core business units.

MOVe Logistics Group Ltd (ASX/NZX: MOV)

• Evidence that profitability is durable (and improves) into FY27.
• Resolution of the two onerous Warehousing property leases and a return of the Warehousing division to planned performance levels.
• Potential M&A opportunities as the New Zealand economy stabilises.

Firmus Grid Ltd (Unlisted)

• Successful implementation of Firmus’ first AI factory at the CDC Data Centres facility in Melbourne.
• Signing of one to two additional large hyperscaler or enterprise customer contracts (particularly for the Tasmanian-based Southgate facility).
• Operational updates on the recently announced Indonesian AI factory project as well as completion and deployment of capital from the July 2026 private funding round.
• Successful IPO, with proceeds used to build out the Australian network, with further disclosure provided on sites located in South Australia, NSW, etc.

MaxiPARTS Ltd (ASX: MXI)

• Delivery of a ‘clean’ FY26 result that enables the market to properly assess the cash flow generation of the core distribution business.
• Balance sheet moving toward net cash positive, providing optionality for bolt-on acquisitions and/or capital management.
• Potential greenfield and brownfield opportunities to expand the distribution network or alternatively expand the product set.

As was the case in FY26, not all the above catalysts will necessarily materialise, and we may encounter unexpected setbacks. Even so, we believe a meaningful number of these items have the potential to both grow the earnings base of the respective businesses and, just as importantly, increase investor awareness and confidence, which is fundamental to any material valuation re-rating.

In closing, I would like to acknowledge all our longstanding shareholders and welcome those who joined the register throughout FY26.

The entire NAOS team and I sincerely thank you for your unwavering support, particularly during periods of performance volatility. We remain steadfastly committed to delivering sustainable, positive returns for all NAC shareholders.

I have continued to acquire NAC shares throughout FY26 and continue to hold no shares outside the NAOS LICs, and will continue to do so for as long as we believe significant value creation can occur across each of the NAOS LICs.

Thank you again for your continued support.

Kind regards,