Perpetual Equity Investment Company Announces Net Tangible Asset Backing of $1.172 Per Share as of 22 July 2026

Overview of Perpetual Equity Investment Company’s Business Model and Market Role

Perpetual Equity Investment Company Limited operates as a listed investment company on the Australian Securities Exchange, offering investors exposure to a diversified portfolio of equity securities. Managed by Perpetual Investment Management Limited (PIML), which holds Australian Financial Services Licence 234426 and ACN 18 000 866 535, the company is headquartered at Level 14, 123 Pitt Street, Sydney. PIC serves as a vehicle enabling shareholders to participate in the performance of selected equity holdings.

As a listed investment company, PIC provides investors with a professionally managed alternative to direct equity ownership. Its portfolio of equity securities delivers diversification benefits combined with the expertise of Perpetual Investment Management Limited. The NTA backing per share is a crucial metric for investors to evaluate the intrinsic value of their shareholding, offering transparency on the asset base supporting each share.

Net Tangible Asset Backing Before Tax: $1.172 Per Share

The before-tax Net Tangible Asset backing per ordinary share was $1.172 as at 22 July 2026. This figure reflects the total tangible asset value of the company’s investment portfolio divided by the number of ordinary shares outstanding, excluding adjustments for potential tax liabilities on unrealised portfolio gains. The before-tax NTA offers investors insight into the gross asset position prior to considering tax provisions that may arise upon realisation.

This metric is valuable for investors aiming to understand the raw underlying value of PIC’s equity holdings. It encompasses the market value of securities held, cash, and other liquid assets minus liabilities. Comparing the before-tax NTA to the share price helps investors determine if shares trade at a premium or discount to their underlying asset value, influencing investment decisions and portfolio strategies.

After-Tax NTA: Deferred Tax Provisions on Unrealised Gains and Losses

The after-tax Net Tangible Asset backing per ordinary share was $1.174 as at 22 July 2026, a slight increase of $0.002 from the before-tax figure. This after-tax NTA accounts for deferred tax provisions related to unrealised gains and losses within the investment portfolio. The deferred tax adjustment estimates potential tax liabilities that would be payable if current holdings were realised at market values.

Presenting the after-tax NTA provides investors with a conservative view of PIC’s economic position. Deferred tax liabilities arise from unrealised capital gains, while unrealised losses may create deferred tax assets. By disclosing both before-tax and after-tax NTA, Perpetual Equity Investment Company enhances transparency around tax impacts on asset value, facilitating more informed comparisons with peer investment companies and assessments of after-tax shareholder returns.

Diversified Equity Portfolio and Investment Strategy

Perpetual Equity Investment Company maintains a diversified equity portfolio managed under the investment philosophy of Perpetual Investment Management Limited. The company update does not specify individual holdings or sector allocations. However, the presence of both unrealised gains and losses, as indicated by deferred tax provisions, suggests exposure across multiple securities and varying market conditions.

The diversification strategy aims to balance risk and return across holdings. The disclosure of both before-tax and after-tax NTA figures highlights active tax efficiency management by the investment manager. The minimal difference of $0.002 per share between the two NTA figures implies that unrealised gains and losses are relatively balanced or modest compared to the total asset base.

Audit Status and Accuracy of NTA Figures

All NTA figures disclosed are unaudited and approximate, as clearly stated by the company. This means the figures have not undergone independent audit verification as of 22 July 2026 but are compiled in good faith based on available data at that time.

The approximate nature reflects that portfolio valuations are marked to market using closing prices on the reporting date, and less liquid securities may involve estimation. Investors should note that actual realisable values may differ from these valuations. The company advises that the information is general and not financial advice, recommending investors seek personalised guidance before making investment decisions.

Role of Perpetual Investment Management Limited as Investment Manager

Perpetual Investment Management Limited manages the investment portfolio of Perpetual Equity Investment Company Limited, making decisions on asset allocation and security selection. Holding Australian Financial Services Licence 234426, PIML operates within the Perpetual Group, including Perpetual Limited (ABN 86 000 431 827) and subsidiaries. The manager is responsible for executing the investment strategy aligned with the company’s mandate and shareholder interests.

The company update confirms that Perpetual Investment Management Limited prepared the announcement and regularly reports NTA figures, ensuring transparency on asset position and portfolio performance. The professional management by a licensed entity provides shareholders with expert portfolio oversight, relieving them from direct equity management responsibilities.

Disclosure Timing and Investor Communication

The NTA update was released on 23 July 2026, reflecting the asset position as at 22 July 2026. This prompt disclosure allows investors timely insight into the company’s underlying asset value. Regular NTA reporting supports investors in monitoring portfolio performance and asset value trends.

Future NTA updates are expected at regular intervals, although the company has not specified the frequency. Distribution via the ASX Market Announcements Office ensures equal access to information for all market participants, maintaining market fairness. Tracking successive NTA reports can help investors identify changes in asset backing per share over time.

Comparing Before-Tax and After-Tax NTA: Insights on Tax Efficiency

The slight difference of $0.002 per share between before-tax NTA ($1.172) and after-tax NTA ($1.174) represents about 0.17% of the before-tax figure, indicating a relatively neutral deferred tax position. The after-tax NTA exceeding the before-tax figure suggests net deferred tax assets offset deferred tax liabilities, possibly due to unrealised losses or tax loss carry-forwards within the portfolio.

This transparency enables investors to evaluate PIC’s tax efficiency and understand how tax positions may influence shareholder returns. Monitoring this gap over time can reveal trends in the company’s tax status and portfolio performance.

Investor Guidance: Share Price Premiums and Discounts Relative to NTA

The reported NTA per share serves as a benchmark for investors to compare against the company’s market share price, assessing whether shares trade at a premium or discount to underlying asset value. Such analysis is common for listed investment companies, where discounts may indicate value opportunities and premiums may reflect positive market sentiment towards the manager’s performance.

Investors should consider the relationship between share price and NTA when making investment choices. Persistent discounts might signal concerns about investment returns, management quality, or tax efficiency, while premiums could indicate confidence in the manager’s ability to outperform. The company reminds investors that past performance does not guarantee future results, and neither PIC nor Perpetual Investment Management Limited assures returns.

Risks and Limitations Impacting NTA Reliability

Investors should be aware that NTA figures are subject to limitations and risks affecting their accuracy and future relevance. Being unaudited and approximate means figures have not been independently verified and may differ from actual realisable values. NTA is marked to market at a point in time and can fluctuate with market movements.

Risks include equity market volatility, concentration risk from significant holdings in few securities or sectors, and liquidity risk if securities are difficult to sell at marked prices. Investment returns depend on portfolio performance and management decisions, which may not always succeed. Investors are advised to seek personalised financial advice before investing in Perpetual Equity Investment Company shares.