Spheria Emerging Companies reports estimated pre-tax NTA per share

Spheria Emerging Companies Limited reported an estimated pre-tax net tangible asset (NTA) backing per share of $2.623 as of November 25, 2025. This figure is noted as unaudited and approximate.

The NTA per share is calculated based on the daily value of the company's investment portfolio and cash balances. Adjustments are made 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 Terence Kwong, company secretary, on November 26, 2025.