Thorney Opportunities (TOP) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and welcome to shareholders and observers, held virtually via Computershare platform.

• Notice of meeting and annual report were distributed to all shareholders; agenda included Chairman's address, voting procedures, business items, and Q&A.

Financial performance review

• After-tax profit declined to AUD 8.5 million from AUD 35 million in 2024, reflecting a challenging environment.

• Net tangible assets (NTA) after tax reached an all-time high of AUD 0.903 per share, later updated to AUD 0.947 per share as of 31 October 2025.

• Fully franked total dividends for 2025 increased to AUD 0.0265 per share, yielding approximately 4%.

• Portfolio performance was mixed, with strong returns from AMA Group, COG, and Zip Co, but operational challenges at Austin Engineering.

• Cash on balance sheet was approximately AUD 37 million, providing flexibility for future investments.

Board and executive committee updates

• Dr. Gary Weiss and Peter Landos were re-elected as directors, with proxies showing over 96% support for each.

• Board members addressed questions on director workloads, conflicts of interest, and the value of their contributions.