Announcement PDF Monthly Investment Update at 31 December 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 14 January 2026 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 Revised December Investment Update. The update has been amended to correct HM1’s Investment Performance figures. 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 31 December 2025 Pre-TaxNTA $3.60 Post-TaxNTA $3.36 Share Price (ASX: HM1) $3.19 Investment Performance p.a. (Since inception 14 Nov 2018) 10.78% Latest Dividend (Final fully franked paid 16 October 2025) 9.0cps Annualised Dividend Yield1 (Fully franked) 5.64% Cash Weighting 5% 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 1.8% for the month of December, underperforming the MSCI World Accumulation Index (AUD), which was also down 1.0%. Since inception, HM1 has delivered an annualised pre-tax investment return of 10.78% p.a. As at 31 December, the current annualised dividend yield is 5.64%, fully franked. The 2025 Conference portfolio is off to a good start, with the highlight being ACM Research (ACMR.NAS), virtually pitched by Beeneet Kothari of Tekne Capital Management. You can watch his stock pitch here. ACM Research was up 18% in December and has continued to rally in early January 2026, currently up more than 50% since purchase. One of our Core Fund Managers, Magellan Investment Partners, recently recommended two new positions to the portfolio, both listed in Germany: SAP (SAP.ETR) and adidas (ADS.ETR). SAP provides enterprise software used to run core business operations, while adidas is a global sportswear company spanning performance and lifestyle products. You can read more about SAP and adidas here. 1Annualised fully franked dividend of 18.0cps divided by share price on 31 December 2025. 2Figure includes donations made by Sohn Hearts & Minds Conference. All figures as at 31 December 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 31 December 2025 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. Investment Performance 1 month 6 months 1 year 3 years per annum Since Inception per annum Investment Performance -1.84% 0.38% 1.98% 14.69% 10.78% MSCI World Accumulation (AUD) -0.99% 9.15% 12.72% 22.61% 15.18% Conference Portfolio Holdings Our conference holdings represents 29% of total portfolio holdings (in alphabetical order) Fully franked dividends since inception All figures as at 31 December 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). Top 10 Core Portfolio Holdings Our top 10 holdings represents 44% of total portfolio holdings (in alphabetical order) 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 InterimFY24 Final FY24 InterimFY25 Final FY25 Dividend Payments 7.0cps 7.0cps 7.5cps 8.0cps 9.0cps Monthly Investment Update at 31 December 2025 Magellan Investment Partners: Six themes that matter most for Listed Infrastructure investors in 2026 Core Fund Manager • Article • 5 minutes Several forces are emerging that Magellan Investment Partners believe will shape the outlook for listed infrastructure in the new year. These are not just abstract themes but real shifts already influencing markets and investor positioning. You can read Magellan's insights on our website here. Harry Perkins Institute of Medical Research Partners: 2025 Highlights Medical Research Partner • Article • 10 minutes The Harry Perkins Institute of Medical Research is advancing understanding of rare neuromuscular diseases through cutting-edge research and strong patient engagement. We’re proud to support their work, as nominated by Magellan Investment Partners. You can discover some of their 2025 highlights here. TDM Growth Partners: Relevancy and Reinvention with Rokt’s CEO & Co-Founder Bruce Buchanan Core Fund Manager • Podcast • 52 minutes With revenue growing more than eightfold, Rokt is now strongly profitable and continuing to build on its founding insight: the power of relevance. TDM Growth Partners, who recommended Rokt for the HM1 Core Portfolio, caught up with CEO and Co-Founder Bruce Buchanan to explore what comes next. You can listen to the podcast 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 Munro Partners: Wrapping upthe year that was and looking ahead Core Fund Manager • Podcast •23 minutes In a recent episode of Invest in the Journey, Munro Partners’ Chief Investment Officer, Nick Griffin, looks back on 2025 and explains how the team is positioning for the opportunities ahead in 2026. You can listen to the recent podcast with Munro Partners here. Monthly Investment Update at 31 December 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).