Dear fellow shareholders,

On behalf of the Board, welcome to the Annual Report for NAOS Emerging 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.

For the financial year ended 30 June 2026, the NCC Investment Portfolio returned +18.72%, compared with the benchmark S&P/ASX Small Ordinaries Accumulation Index, which returned +8.11%, representing outperformance of 10.61%. The Company recorded an after-tax profit of $7.14 million, compared with $0.28 million in FY25. On the back of that result, the Board has declared a final dividend of 2.10 cents per share, fully franked, bringing the total dividend for FY26 to 4.20 cents per share, an increase of 5.0% on the FY25 full year dividend of 4.00 cents per share and the first increase in the annual rate since FY21. FY26 marks the fourteenth consecutive financial year in which the Company has paid a dividend. Based on the FY26 dividend of 4.20 cents per share and the closing share price of $0.370 at 30 June 2026, the dividend represents a yield of 11.35%, or 15.14% once the value of the attached franking credits is included.

NCC Dividend History

The result is more notable given the economic environment in which it was delivered, with the Reserve Bank of Australia increasing the cash rate by 0.75% to 4.35% rather than easing it, and inflation proving more persistent than forecast. These macro headwinds created a very soft backdrop for micro-cap investing, leading to lower valuations and reduced liquidity in share trading more generally.

Pre-tax net tangible asset backing per share increased from 40.47 cents to 46.94 cents over the course of the year, as set out in the chart below.

NCC 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 +59.18%, or +64.01% when franking credits are included. This was driven by the strong investment portfolio performance during the period and by a narrowing of the share price discount to pre-tax NTA, from 36.99% at 30 June 2025 to 21.18% at 30 June 2026.

The Company seeks to provide shareholders with a sustainable, growing stream of dividends, franked to the maximum extent possible, supported by a profit reserve sufficient to maintain those dividends in years where performance is harder to generate. FY26 added materially to that capacity, and the profit reserve balance at year-end was 32.6 cents per share. Since inception, the Company has declared 86.45 cents per share in dividends, together with 30.33 cents per share in franking credits, being 116.78 cents per share in total, more than three times the closing share price of 37.0 cents 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 half-yearly dividend was increased from 2.00 to 2.10 cents per share from the 1H FY26 interim dividend, lifting the full-year dividend by 5.0%, fully franked.
• NCCGA convertible note on-market buy-back: 1,705 notes were bought back on-market at a discount to face value and cancelled, reducing the notes on issue and the Company’s annual interest cost.
• 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.

The Board continues to be strongly aligned with all shareholders through their respective shareholdings, which increased by 112,966 shares over the course of the financial year to a cumulative 4,690,510 shares, or approximately 6.4% of the Company.

Since the end of the financial year, it has been pleasing to note that the Investment Portfolio returned +8.75% 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 to thank all shareholders again for their continued support.

Dear fellow shareholders,

For the financial year ended 30 June 2026 (FY26), the NCC Investment Portfolio increased by +18.72% compared to the Benchmark S&P/ASX Small Ordinaries Accumulation Index (XSOAI), which returned +8.11%. This was a credible result against a highly volatile macro backdrop, in which small and micro-cap industrials faced earnings headwinds and valuation compression.

Performance across the NCC Investment Portfolio was driven by several core investments that executed well and achieved key milestones. Such events included Pharmx Technologies Ltd (ASX: PHX) entering into a strategic agreement with Sigma Healthcare Ltd (ASX: SIG) (Parent of Chemist Warehouse), and Firmus Grid Ltd (Unlisted) achieving numerous milestones relating to funding, capital works and network expansion. In addition, Comms Group Ltd (ASX: CCG) continued to gain investor confidence as it executed on its previously stated TasmaNet acquisition synergy targets and onboarded notable customer wins.

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 for 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 consistently 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 build-out, 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. The read-through, in our view, for our Investment Portfolio is positive - the same demand backdrop directly benefits our exposure to Saunders International Ltd (ASX: SND). 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, more than 90% of NCC’s portfolio is outside the ASX indices, ensuring our investments diverge significantly from the benchmark, the S&P/ASX Small Ordinaries Accumulation Index.

Below, I have expanded on three core investments in the NCC portfolio that experienced notable events in FY26 - in two cases, setting out what we believe this may lead to in the future, and in the third, the key learnings that help us continue to improve as an Investment Manager.

Pharmx Technologies Ltd (ASX: PHX) - Strategic Alliance with Sigma Healthcare (Chemist Warehouse)

Pharmx Technologies Ltd (ASX: PHX) has been an investment within the NCC Investment Portfolio for almost 2 years. Our thesis on PHX has always centred on the strategic value of its electronic data interchange (EDI) gateway, which sits between pharmaceutical wholesalers, pharmacies and ancillary service providers in Australia and New Zealand.

In our view, an EDI gateway that handles a meaningful share of total pharmaceutical transactions is a piece of infrastructure with very high barriers to entry, which over time has the potential for added network effects and significant monetisation optionality. What PHX has historically lacked is the strategic anchor needed to fully realise that optionality.

We believe that all changed in February 2026 with the announcement of a strategic partnership with Sigma Healthcare Ltd (ASX: SIG), the listed parent of the Chemist Warehouse group. It is not often that a micro-cap business with a market capitalisation of ~$66 million enters into a strategic alliance with an ASX-50 company valued at over $30 billion, particularly when that ASX-50 partner is also a key customer. The transaction has two stages:

Stage 1. SIG subscribed for ~10% of PHX’s issued capital, which it now holds, and obtained the right to appoint one board director (currently Mark Conway, Chief Strategy Officer at SIG). PHX received an upfront establishment fee of $8.7 million, became the preferred EDI gateway provider for SIG, and SIG renewed its existing EDI services contract with PHX for a further five years.

Stage 2. PHX will expand its services to SIG to cover additional international markets and new solution areas, among others. SIG can subscribe for further shares to take its aggregate holding in PHX up to 19.99%, with these additional shares being issuable only on achieving certain revenue hurdles set out in the Stage 2 agreement.

From a critical perspective, issuing 10% of the register in exchange for a contract renewal is not without cost (Stage 1). However, viewed in the broader context, we believe it is a reasonable starting point. SIG accounts for ~42% of the Australian retail pharmacy market and ~30% of the New Zealand market. Over the past 25 years, SIG’s growth trajectory has consistently outpaced the broader pharmacy industry, and in 1H FY26, it reported revenue growth of ~17%, against industry growth of ~2%. Its successful expansion into private-label brands such as Bondi Sands now contributes approximately 10% of group revenue.

Chemist Warehouse Sales & Store Growth

In other words, PHX has not simply aligned itself with the largest operator in Australian pharmacy; it has aligned itself with the fastest-growing and most operationally capable operator, with multiple international expansion opportunities ahead.

The medium-term opportunity for PHX, as we see it, rests on three strategic vectors:

1. Marketplace growth. Increasing the depth and breadth of products available for transaction through the PHX marketplace.
2. EDI gateway expansion. Scaling into New Zealand, extending the product into vertically adjacent wholesale segments, and entering additional international markets over time.
3. Data monetisation. Increasing the volume of usable, structured transaction data flowing through the gateway and developing insightful data products for end users.

PHX currently generates ~$8 million in annual revenue. Meaningful traction in the EDI international expansion and data product workstreams alone has the potential to more than double total revenue over time. Factoring in the marketplace opportunity, we see a credible pathway for PHX to grow its revenue base by between two and four times over the medium term, with incremental revenue likely to come at materially higher margins given the company’s largely fixed cost base.

Execution will take time, and not every workstream will succeed. But the question facing PHX, in our view, is no longer whether it has the customer support to play in its desired markets - that has now been answered. What remains is execution. If PHX can deliver revenue growth of greater than 20% per annum over a 10-year runway, then we believe that the compounding effect on shareholder value could be substantial.

Ordermentum Pty Ltd (Unlisted) - Investment and Sale

FY26 marked the end of our investment in Ordermentum (OM), a private business we had held for close to four years. Our original thesis centred on OM’s large network, which connects wholesale food suppliers (coffee roasters, bakers and the like) to more than 50,000 coffee shops, restaurants and similar venues. OM filled a gap by taking much of the hassle out of ordering and paying suppliers, while opening all parties to a wider, deeper network.

Over the past five years, OM grew its revenue by well in excess of 4x, at over 30% p.a. This was achieved through a mix of organic growth (more suppliers, more products, price increases) and the acquisition of a smaller peer business, Foodbomb. In recent years, OM’s strategy has centred on becoming the clear number-one operator in its market, pursuing a growth-first approach to achieve that.

Ordermentum - Cumulative Gross Merchandise Value (GMV)

Towards the end of CY25, it became apparent to all stakeholders that, for this growth-first mindset to continue, the capital requirements would increase significantly and, therefore, new shareholders would be required to support this spend. To give credit to Ordermentum’s board and management team, they were realistic about these requirements and about providing an opportunity for shareholders who wished to exit, which would be available on similar terms. We concluded that the best risk-adjusted course was to exit our position in OM entirely and redeploy the capital elsewhere.

We have no doubt that OM will continue to fill a large gap in the marketplace, and that it will keep building out its offering and monetisation potential. How OM will be valued in future we cannot say, and the recent emergence of AI could have both positive and negative implications for the business. We will follow the OM story from afar with great interest, and we wish the management team all the best for the future.

Schoolblazer Ltd (ASX: SBZ) (Formerly Hancock & Gore Ltd, ASX: HNG) - Australian School Wins and Group Consolidation

We believe Schoolblazer Ltd (ASX: SBZ) remains one of the more underappreciated long-term opportunities within the NCC Investment Portfolio. The investment thesis, which we touched on in our most recent Q4 FY26 Quarterly Report, centres on replicating the success of the UK Schoolblazer business (acquired by ASX: HNG in October 2024) - a fully digital, e-commerce uniform provider serving independent schools - in the Australian market, where the dynamics today closely mirror those of the UK approximately a decade ago.

By way of refresher, Australia has approximately 1.5 million private school students, compared with the UK’s ~600,000, despite the UK having a population about 50% larger. Independent data suggests an average annual uniform spend of ~$300 per student, implying an Australian addressable market of approximately $450 million. Schoolblazer’s model is materially different from the legacy retail uniform model: parents order online, garments are measured digitally through intelligent sizing technology, fulfilment is centralised, and quality assurance is handled centrally rather than by the school. The cost savings and convenience for both schools and parents are meaningful.

Through FY26, the business has focused on operationalising the Schoolblazer model in Australia: building out a local operations team, integrating school customers into a unified ERP system tailored to the domestic market, and building brand awareness through direct engagement with key decision-makers at independent schools. This groundwork has begun to translate into customer wins. In 2026, Kambala School, a leading independent school based in Sydney with ~1000 students, became the first Australian independent school to bring on SBZ to distribute its school uniform. More recently, SBZ has announced three further independent school wins (currently unnamed), but we believe they could be schools of a similar calibre and scale to that of Kambala.

We have previously noted that in the UK, Schoolblazer’s growth has been driven largely by word-of-mouth momentum across the independent school network. We expect a similar dynamic to emerge in Australia over the next two to three years, particularly as the 2026 early customer cohort transitions are completed successfully and serve as references for prospective 2027 and 2028 customers.

The more complex challenge for the management team of SBZ will be consolidating the Mountcastle business (the original school uniform asset within SBZ) together with that of Trutex Group (acquired by ASX: HNG in August 2025). Once this integration is complete, SBZ will be able to roll out a digital offering for government schools (similar to the Schoolblazer UK model for independent schools, but with more of a value-oriented slant). SBZ management has also stated that they are targeting 5% gross margin improvements over the medium term, driven primarily by better sourcing and buying power, given that many of the garments across the group are currently manufactured by different providers.

Looking at the SBZ group on a consolidated basis, we believe the medium-term opportunity rests on three drivers:

1. Australian Schoolblazer ramp. As the Australian school customer base on the Schoolblazer platform scales, both revenue and gross margins should expand meaningfully, supported by the operating leverage inherent in a centralised fulfilment model. Looking at the history of Schoolblazer UK (as shown in the chart below), after an initial ramp of three to four years, the company consistently won 10-15 new school contracts a year, at a tender win rate of better than 75%. Locally, the team is just at the start of their journey, but announced their first customer, Kambala in January 2026.

Schoolblazer Growth Track Record

1. Supply chain optimisation across the consolidated group. Bringing the three businesses (Schoolblazer, Trutex and Mountcastle) under a single operating umbrella should allow for materially improved sourcing economics, reduced duplication in back-office & overhead costs, and a more streamlined investor narrative.
2. Capital allocation flexibility. With a simplified group structure and improving cash generation, management has the optionality to either reinvest into Australian growth, pursue further bolt-on acquisitions in adjacent geographic verticals, or return capital to shareholders as appropriate.

The next 12-18 months will be important for SBZ. Successful execution of the consolidation project, alongside continued momentum in Australian school customer wins, would, in our view, begin to close what we consider a meaningful gap between the current market valuation and the business’s longer-term intrinsic value.

Outlook for FY27

We are confident that significant latent value remains across most of the NCC Investment Portfolio and, just as importantly, that the catalysts to unlock much of it should emerge over the next 12-18 months.

Even after the +18.72% performance in FY26, we feel more confident in our investments’ ability to create significant value, as they have materially de-risked over the past 12 months.

From a portfolio construction perspective, significant progress has been made in recent times, with the investment portfolio now more balanced, featuring a greater number of investments diversified across industries and a more balanced weighting profile, albeit one that can still be improved. There is no doubt that we now better understand that, while our investment theses may play out as expected, the earnings valuation applied to these businesses by the wider market is subjective and open to numerous external factors. Therefore, the risk of significant opportunity cost is not something we can continue to bear; to reduce this, we will aim to increase the number of investments and reduce some of the top-heavy weightings.

In terms of notable catalysts, I have listed several catalysts that we expect to occur in FY27, and which have the potential to drive a step change in the valuation of the respective businesses:

Pharmx Technologies Ltd (ASX: PHX)‍

• Further granularity provided on the key value drivers of the strategic agreement between ASX: SIG and PHX.
• Further international expansion by ASX: SIG, which in turn we expect to benefit PHX.

Saunders International Ltd (ASX: SND)

• Major contract wins in the Defence space, which SND has been positioning for over the last 2-3 years.
• Expansion of its water division into adjacent states outside of NSW and VIC.
• Clarity around the Sydney Water panel(s) and initial work volumes.

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.

Schoolblazer Ltd (ASX: SBZ)

• Further clarity (through disclosure) on the new three Australian school wins.
• Progress on achieving the stated target of $25 million EBITDA run rate for FY27 and building that to $30 million as gross margin improves.
• Divestment of the final parent company balance sheet investments which should help to pave the way for the ~2cps dividend targets outlined by the Board.

Big River Industries Ltd (ASX: BRI)

• Updates on the year-on-year double-digit EBITDA growth target provided by the company as initial guidance for FY27.
• Potential update on the intentions of the new 19.9% corporate shareholder in BRI, who owns numerous steel distribution businesses.
• Further acquisitions to scale and diversify the earnings base of BRI similar to the JBS acquisition.
• We would also expect the Board to provide updates on the strategic review the company is currently undertaking with Greenstone Partners, which was initiated due to the fact the Board believes the current share price is not a reflection of the long-term value of the business.

As in FY26, not all of the above will necessarily occur in FY27, and in some cases, we will face unexpected negative events. Even so, a significant number of the items above have the potential both to grow the earnings base of the respective companies and, just as importantly, to increase investor awareness, which is fundamental to any significant valuation re-rating.

In closing, I would like to acknowledge all our long-standing NCC 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 hope we can all continue to benefit as performance improves.

I have continued to acquire NCC shares throughout FY26 and 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,