Solaris Australian Equity Income Plus Limited Announces Estimated Pre-Tax NTA of $1.999 Per Share as of 23 July 2026

Overview of Solaris Australian Equity Income Plus Limited’s Investment Approach

Listed on the Australian Securities Exchange under the ticker SET, Solaris Australian Equity Income Plus Limited is headquartered in Brisbane, Queensland. The company’s primary objective is to generate income for shareholders through exposure to Australian equities. SET manages a portfolio designed to deliver consistent dividend income and capital growth by investing in Australian stocks with attractive income yields across a diversified range of domestic sectors.

Portfolio management and investment advisory services are provided by Pinnacle Investment Management, ensuring professional oversight and operational support. As a listed investment company, SET offers retail and institutional investors access to a professionally managed Australian equity portfolio without the need for individual portfolio construction. Shareholders benefit from income streams generated by dividend-paying and other income-producing securities within the Australian market.

Significance of the Pre-Tax NTA Backing of $1.999 Per Share

The estimated pre-tax Net Tangible Asset backing of $1.999 per share represents the net asset value attributable to each share in Solaris Australian Equity Income Plus Limited as at 23 July 2026. This daily-calculated figure reflects the net value of the company’s investment portfolio, cash holdings, and other tangible assets after deducting liabilities. For equity income funds like SET, the NTA is a vital metric that helps investors evaluate whether the share price is trading at a premium or discount to the fund’s intrinsic asset value.

The pre-tax NTA calculation incorporates deductions for management fees and estimated operating costs, as well as income tax on realised gains and earnings. However, it excludes provisions for tax on unrealised gains and losses, providing a conservative and transparent view of tax impacts on realised transactions while not accounting for potential future tax liabilities on unrealised gains.

Key Considerations and Limitations of NTA Reporting

Solaris Australian Equity Income Plus Limited emphasizes that the pre-tax NTA figure of $1.999 per share is unaudited and approximate. This means the figure has not undergone formal audit verification, reflecting the practical challenges and costs of producing a fully audited daily valuation. Instead, the NTA estimate relies on valuation methodologies and market data applied by the fund manager.

Additionally, the reported NTA excludes the company’s franking account balance, which represents tax credits from dividends that are valuable to Australian investors. Investors should monitor the franking position separately to understand the full tax-adjusted investment value. The NTA also excludes deferred tax assets from income tax losses carried forward, consistent with standard practice for listed investment companies, ensuring a conservative asset backing presentation.

Portfolio Valuation Process and Daily NTA Updates

The NTA is calculated daily based on the market value of Solaris Australian Equity Income Plus Limited’s holdings in Australian equities and cash. The fund manager uses official exchange closing prices to revalue the portfolio each trading day, providing investors with timely and transparent updates on the net asset value of their shares. This daily valuation helps investors assess the relationship between the share price and the underlying asset value, identifying premiums or discounts.

The calculation accounts for management fees charged by Pinnacle Investment Management, estimated operating expenses, and income tax provisions related to realised gains and income. These adjustments offer a realistic view of the net asset value after costs and tax liabilities, supporting informed investment decisions.

Understanding Pre-Tax Versus Post-Tax NTA Figures

The reported pre-tax NTA includes tax provisions on realised gains and earnings but excludes tax on unrealised gains. This approach reflects actual tax obligations while not anticipating potential future tax liabilities on unrealised portfolio appreciation. Investors should interpret the pre-tax NTA as a midpoint between ignoring tax effects entirely and accounting for all potential tax liabilities.

For a comprehensive understanding of the after-tax investment value, investors should consider both the pre-tax NTA and the company’s franking account balance. This combined perspective offers greater clarity on the tax-adjusted value of their holdings.

Drivers of NTA Fluctuations and Portfolio Performance

The pre-tax NTA of $1.999 per share as of 23 July 2026 reflects the aggregate performance of the fund’s portfolio. Daily NTA changes are influenced by market price movements of equity holdings, dividend income, realised and unrealised gains or losses, management fees, and cash flow variations. Given SET’s focus on dividend-yielding stocks, dividend income constitutes a significant portion of total returns alongside capital appreciation or depreciation.

Broader Australian equity market trends also impact the NTA. Positive market conditions generally increase portfolio values and NTA, while market downturns can reduce them. The fund manager’s stock selection and portfolio adjustments further affect performance and NTA movements. Investors should view daily NTA changes within the context of the fund’s long-term objectives and historical performance.

Evaluating Share Price Through NTA Premiums and Discounts

The pre-tax NTA of $1.999 per share provides a benchmark for assessing SET’s share price valuation. The fund may trade at a premium when investor demand is high or at a discount during periods of weaker sentiment. Comparing the share price to the NTA helps investors identify opportunities to buy below intrinsic value or understand the premium paid for active management and franking benefits.

For income-focused investors, analyzing the premium or discount in conjunction with dividend yields is crucial. Persistent discounts may indicate undervaluation or concerns, while premiums may reflect confidence in management’s ability to generate superior returns. Regular NTA disclosures enable investors to track these dynamics over time.

Administrative Information and Update Authorization

This NTA update was authorised by Terence Kwong, Company Secretary of Solaris Australian Equity Income Plus Limited, and lodged with the ASX on 24 July 2026, one business day after the valuation date. The company is registered under ABN 21 695 278 810, with its registered office at Level 20, 66 Eagle Street, Brisbane, Queensland. Inquiries can be directed to [email protected].

The prompt release of daily NTA figures underscores the company’s commitment to transparency and investor communication. These updates complement periodic financial reports and regulatory disclosures, supporting well-informed investment decisions.

Investor Guidance for Monitoring SET’s Performance

Shareholders and prospective investors in Solaris Australian Equity Income Plus Limited should regularly review the company’s NTA updates to track changes in the fund’s asset value. Monitoring NTA trends alongside share price movements provides insight into performance relative to benchmarks such as the ASX 200 Dividend Yield Index.

Investors should also consider the fund’s dividend schedule, yield, and any changes in investment strategy or management. Additional information is available through the company’s website and official reports. Consulting a qualified financial adviser is recommended before making investment decisions.