Announcement PDF Monthly Investment Update at 31 August 2025 9 September 2025 The Manager ASX Market Announcements ASX Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000 Dear Shareholders, Please find attached Hearts and Minds Investments Limited’s August Investment Update. We invite you to join our interactive investor hub to discover the latest company announcements and engage with management. On this platform you can ask questions, share comments, and provide feedback. Sign up and join the conversation here. For and on behalf of the board, Eryl Baron Company Secretary Hearts and Minds Investments Limited ACN 628 753 220 A: 12.04A Chifley Tower, 2 Chifley Square, Sydney NSW 2000 | W: HM1.com.au | E: ir@hm1.com.au | P: 1300 737 760 or +61 2 9290 9600 Monthly Investment Update at 31 August 2025 Investment Objective Provide a concentrated portfolio of long-only positions in 25-35 global securities based on the highest conviction ideas from respected fund managers. The Company forgoes any investment fees and instead donates to leading Australian medical research organisations. Portfolio Commentary Pre-Tax NTA $3.89 Post-Tax NTA $3.56 Share Price $3.47 (ASX: HM1) The HM1 portfolio was down by -0.05% in August, marginally underperforming the MSCI World Accumulation Index (AUD), which gained 0.85%. Since inception, HM1 has delivered an annualised pre-tax investment return of 12.05% p.a. As at 31 August, the current annualised dividend yield is 5.2%, fully franked. Investment Performance p.a. FY25 Results & Dividend We recently released our FY25 Results announcement, declaring an increased final fully franked dividend of 9.0 cents per share, payable in October 2025. This represents a fully franked 5.9% yield and a grossed-up yield of 8.5% on the HM1 share price at 30 June 2025. Given the strong level of franking capacity, the Board is focused on releasing these franking credits to shareholders through sustainable and growing fully franked dividends. To this end, the Board intends to increase fully franked dividends by 0.5cps every six months for the foreseeable future. Read the full results announcement here. Annualised Dividend Yield1 (Since inception 14 Nov 2018) Latest Dividend (Final fully franked payable 16 October 2025) (Fully franked) Cash Weighting Fully-franked dividends supported by profit reserve and retained earnings2 12.05% 9.0cps 5.19% 4% 90cps (at 30 June 2025) Cumulative Medical Research Funding3 $83.7m Reporting Season As part of our regular manager engagement, we spoke with our current Core Fund Managers following Reporting Season to get their insights on some of the key positions in the portfolio. You can read them here. 1Annualised fully franked dividend of 18.0cps divided by share price on 31 August 2025. 2Based on franking balance of 11 cps (supporting franked dividends of 27 cps), plus tax liabilities on balance sheet of 27 cps, which if and when paid in tax, will support franking of a further 63 cps of dividends. 3Figure includes donations made by Sohn Hearts & Minds Conference. All figures as at 31 August 2025 unless otherwise stated. Fund inception 14 Nov 2018. This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220). In preparing this document the investment objectives, financial situation or particular needs of an individual have not been considered. You should not rely on the opinions, advice, recommendations and other information contained in this publication alone. This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Past performance is not a reliable indicator of future performance. Monthly Investment Update at 31 August 2025 HM1 Investment Performance Investment Performance 1 month 6 months 1 year 3 years per annum Since Inception per annum Investment Performance -0.05% 5.22% 25.34% 16.09% 12.05% MSCI World Accumulation (AUD) 0.85% 5.21% 19.93% 20.91% 15.22% HM1 Investment Performance is calculated after expenses and before Australian taxes. The comparator is the MSCI World Accumulation in AUD; gross of withholding tax. Inception 14 Nov 2018. Fully franked dividends since inception Final fully franked dividend dates **Prior to FY24, HM1 paid dividends annually. The dividend in April 2023 was 13.5 cps. For the purposes of this chart, we have allocated 7.0 cps to the FY23 financial year. Prior dividends were 12.0 cps in April 2021 and 13.5 cps in April 2022. The Dividend Reinvestment Plan (DRP) will be in operation, allowing shareholders to reinvest their dividend in new HM1 shares at the DRP issue price. Top 10 Core Portfolio Holdings Our top 10 holdings represents 48% of total portfolio holdings (in alphabetical order) Conference Portfolio Holdings Our conference holdings represents 34% of total portfolio holdings (in alphabetical order) All figures as at 31 August 2025 unless otherwise stated. Fund inception 14 Nov 2018. This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220). In preparing this document the investment objectives, financial situation or particular needs of an individual have not been considered. You should not rely on the opinions, advice, recommendations and other information contained in this publication alone. This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Past performance is not a reliable indicator of future performance. Monthly Investment Update at 31 August 2025 News from the HM1 Network Reporting Season Recap As part of his regular manager engagement, our Chief Investment Officer, Charlie Lanchester, spoke with HM1’s Core Fund Managers following Reporting Season. Second quarter results were strong across the board driven by the technology and finance sectors. Despite concerns over US tariff implementation, economic growth remains positive and stock markets were propelled to new highs. You can read the insights here. Dividend Policy Update We announced an increased final FY25 fully franked dividend of 9.0cps, payable 16 October. This represents a fully franked 5.9% yield and a grossedup yield of 8.5% on the HM1 share price at 30 June 2025. The Board also announced its intention to increase fully franked dividends by 0.5cps every six months for the foreseeable future. The Dividend Reinvestment Plan (DRP) will be in operation, allowing shareholders to reinvest their dividend in new HM1 shares at the DRP issue price. Read more on our InvestorHub here Investing in the AI Era The AI era is here, transforming industries and creating unprecedented opportunities for innovation and growth. Companies like Nvidia, TSMC, and Broadcom are leading the way. Munro Partners share insights on where they see investment opportunities emerging, both in AI infrastructure and in meeting rising energy demands with carbon-free, decarbonised solutions. Read more on Munro Partners’ website. Transforming Early Detection for Cerebral Palsy Through HM1 funding support, the Early General Movements Screening Feasibility Pilot is advancing innovative approaches to neonatal screening, using digital tools and machine learning to improve early detection of Cerebral Palsy. This improves access to interventions and long-term outcomes for children and families. Learn more about the pilot here. Bold ideas. Real impact. Live in Sydney this November. The Sohn Hearts & Minds Conference returns to Sydney on 14 November, unlocking bold ideas and exclusive insights in support of medical research. Hear directly from the fund managers whose stock picks shape 35% of the HM1 portfolio for the year ahead. Shareholders can access discounted tickets by emailing ir@hm1.com.au. Join us on 14 November in Sydney. Disclaimer: This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220) and may contain general information relating to HM1 securities. The general information should not be considered financial advice. HM1 is not licensed to provide financial product advice. The information does not consider the investment objectives, financial situation, or particular needs of any individual. The information is current as at the date of preparation and is subject to change. HM1 does not guarantee repayment of capital or any rate of return on HM1 securities. An investment may achieve a lower-than-expected return and investors risk losing some, or all, of their principal investment. Past performance is not a reliable indicator of future performance. This document may not be reproduced or copies circulated without prior authority from Hearts and Minds Investments Limited. Monthly Investment Update at 31 August 2025 Core Fund Managers Conference Fund Managers Designated Beneficiaries Low-Bono Service Providers Disclaimer: This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220) and may contain general information relating to HM1 securities. The general information should not be considered financial advice. HM1 is not licensed to provide financial product advice. The information does not consider the investment objectives, financial situation, or particular needs of any individual. The information is current as at the date of preparation and is subject to change. HM1 does not guarantee repayment of capital or any rate of return on HM1 securities. An investment may achieve a lower-than-expected return and investors risk losing some, or all, of their principal investment. Past performance is not a reliable indicator of future performance. This document may not be reproduced or copies circulated without prior authority from Hearts and Minds Investments Limited.