Announcement PDF Monthly Investment Update at 30 November 2025 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 10 December 2025 The Manager ASX Market Announcements ASX Limited Exchange Centre Level 27, 39 Martin Place Sydney NSW 2000 Dear Shareholders, Please find attached Hearts and Minds Investments Limited’s November 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, Natalie Climo Company Secretary Monthly Investment Update at 30 November 2025 Pre-Tax NTA $3.71 Post-Tax NTA $3.41 Share Price (ASX: HM1) $3.22 Investment Performance p.a. (Since inception 14 Nov 2018) 11.21% Latest Dividend (Final fully franked paid 16 October 2025) 9.0cps Annualised Dividend Yield1 (Fully franked) 5.59% Cash Weighting 6% Cumulative Medical Research Funding2 $83.7m 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 The HM1 portfolio was down 5.7% for the month of November, underperforming the MSCI World Accumulation Index (AUD), which gained 0.11%. The portfolio return included the impact of writing down the value of Corporate Travel Management (CTD). HM1 has a holding of 1,251,663 shares in CTD which has been suspended from trade since 22 August 2025. In the absence of an observable market price, we have adopted a very conservative position of carrying the holding at zero. HM1 expects the holding to realise value over time but will adopt this valuation approach in the absence of a traded market. Should CTD ultimately recommence trading at the same price it had at the time of its trading halt, it would have a positive impact on pre-tax NTA of 9 cents per share. November was a challenging month for the portfolio. In addition to the CTD write down, seven of the stocks were down between 11-17%. These were MercadoLibre, Guzman y Gomez, Block, Nvidia, Morimatsu International, Cameco and Didi Global. Since inception, HM1 has delivered an annualised pre- tax investment return of 11.21% p.a. As at 30 November, the current annualised dividend yield is 5.59%, fully franked. On Friday 14 November, we celebrated the 10th Annual Sohn Hearts & Minds Conference in Sydney. You can access a full recap of the conference here, including key takeaways and the stocks pitched on the day. The presentations delivered a fascinating mix of perspectives and opportunities, and we are pleased to share our new portal giving shareholders direct access to watch the stock pitches. You can sign up to view the videos via our Investor Hub here. These high conviction ideas have been added to the HM1 portfolio and we are excited to see how they perform over the coming year. 1Annualised fully franked dividend of 18.0cps divided by share price on 30 November 2025. 2Figure includes donations made by Sohn Hearts & Minds Conference. All figures as at 30 November 2025 unless otherwise stated. Fund inception 14 Nov 2018. Disclaimer: This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Quay Arktos RE Services Limited (AFSL No. 563036). Monthly Investment Update at 30 November 2025 Top 10Core 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) HM1 Investment Performance 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. InvestmentPerformance 1 month 6 months 1 year 3 years per annum Since Inception per annum Investment Performance -5.68% 6.92% 6.92% 14.18% 11.21% MSCI World Accumulation (AUD) 0.11% 12.45% 16.96% 20.62% 15.53% Fully franked dividends since inception All figures as at 30 November 2025 unless otherwise stated. Fund inception 14 Nov 2018. This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Quay Arktos RE Services Limited (AFSL No. 563036). The Board of HM1 has resolved to increase dividends by 0.5 cps every 6 months for the foreseeable future subject to there being no sustained period of investment market underperformance. For full dividend history visit our dividends page. Please ensure your bank account details are up to date by logging into InvestorServe. Final FY23 Interim FY24 Final FY24 Interim FY25 Final FY25 Dividend Payments 7.0cps 7.0cps 7.5cps 8.0cps 9.0cps Monthly Investment Update at 30 November 2025 Access the SohnHearts & Minds highconviction ideas Each year, 35% of the HM1 portfolio is allocated to the high conviction ideas pitched at the annual Sohn Hearts & Minds conference. We’re pleased to share our new portal, giving shareholders direct access to watch the stock pitches presented at the conference. You can sign up to view the videos on our Investor Hub here. Why Munro Partners remain strong believers inNvidia HM1 Core Fund Manager, Munro Partners, recently shared a stock story on Nvidia, a top core holding in the HM1 portfolio and one of their recommended stocks. Munro’s Founding Partner & Chief Investment Officer, Nick Griffin, explains why the investment team remains a strong believer in the company. You can watch the video here. WhatEquity Mates think of 11 SohnHearts & Minds stock picks Simon, Liv and Ren from the Equity Mates team review the high conviction stock picks presented at the 2025 Sohn Hearts & Minds Conference. Tune in to hear their thoughts and their favourite picks within the mix. Watch the recent podcast with Equity Mates Media here. This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Quay Arktos RE Services Limited (AFSL No. 563036). News from the Network SohnHearts & Minds Conference Recap The 10th Annual Sohn Hearts & Minds Conference brought together leading investors to share high-conviction ideas and market insights. You can read the conference recap for key takeaways, including the stocks pitched on the day. Access the full recap and the insights shaping the year ahead here. Monthly Investment Update at 30 November 2025 Conference Fund Managers Low-Bono Service Providers Core Fund Managers Designated Beneficiaries This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Quay Arktos RE Services Limited (AFSL No. 563036).