Spheria Emerging Companies estimates pre-tax net tangible assets

Spheria Emerging Companies Limited reported an estimated pre-tax Net Tangible Asset (NTA) backing of $2.583 per share as of November 18, 2025. This daily NTA estimate, which is unaudited and approximate, provides a current valuation for the company's asset backing.

The NTA per share is calculated based on the daily value of the company's investment portfolio and cash balances. It also incorporates adjustments for management fees, applicable performance fees, and estimated movements in operating costs and income taxes since the last reported weekly or monthly NTA.

The pre-tax NTA explicitly includes tax on realised gains/losses and other earnings. However, it excludes any provision for tax on unrealised gains/losses, as well as deferred tax assets related to capitalised issue costs and income tax losses. The announcement was authorised by Terence Kwong, company secretary.