Spheria Emerging Companies reports estimated NTA backing

Spheria Emerging Companies Limited announced an estimated pre-tax net tangible asset (NTA) backing per share of $2.636 as of October 1, 2025. This figure is unaudited and approximate only.

The NTA per share is calculated based on the daily value of the company's investment portfolio and cash balances. This calculation is adjusted for management fees, performance fees (if applicable), and estimated movements in operating costs and income taxes since the most recently reported weekly or monthly NTA.

Pre-tax NTA, as reported, includes tax on realised gains/losses and other earnings. However, it explicitly excludes any provision for tax on unrealised gains/losses. Furthermore, NTA calculations exclude deferred tax assets relating to capitalised issue cost-related balances and income tax losses. The announcement was authorised by Calvin Kwok, company secretary.