Spheria Emerging Companies estimates pre-tax net tangible assets

Spheria Emerging Companies Limited (ASX: SEC) has reported an estimated pre-tax net tangible asset (NTA) backing per share of $2.600 as of November 20, 2025. The company explicitly states that this figure is unaudited and approximate.

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

Pre-tax NTA includes tax on realised gains/losses and other earnings, but explicitly excludes any provision for tax on unrealised gains/losses. Furthermore, NTA calculations do not include deferred tax assets related to capitalised issue cost balances and income tax losses. The announcement was authorised by company secretary Terence Kwong, on November 21, 2025.