Announcement PDF FY25 Results Announcement FY25 results and increased fully franked dividend of 9.0cps announced +25.5% 11.6% Investment portfolio performance for FY25 Investment portfolio performance since inception per annum 8.5% $83.7m Annualised grossed-up dividend yield^ Cumulative funding for medical research^^ The Board of Directors of Hearts and Minds Investments Limited (ASX: HM1) has declared an increased final FY25 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. The Board intends to increase fully-franked dividends by 0.5 cps every 6 months for the foreseeable future. Accordingly, shareholders should expect a fully franked dividend of 9.5c to be paid with our FY26 half year result and total dividends of 19.5c to be paid with respect to the FY26 year. This policy of increasing dividends is subject to there being no sustained period of investment market underperformance. Strong Portfolio Performance For the year ended 30 June 2025, the HM1 investment portfolio delivered a 25.5% pre-tax return, outperforming the MSCI World Accumulation Index (AUD), which returned 18.6%. Since inception in November 2018, HM1 has generated a compound annual pretax return of 11.6%. HM1 investment performance is calculated after expenses and before Australian taxes. The comparator is the MSCI World Accumulation in AUD; gross of withholding tax. Figures at 30 June 2025 The Core Portfolio was a strong contributor during the period, with standout returns from Zillow, NVIDIA, TSMC, Microsoft, Brookfield Corp, Block and Rokt. The Conference Portfolio also added value, led by strong gains in Tencent Music and Coeur Mining. Top 10 Core Portfolio Holdings Conference Portfolio Holdings * Calculated as 9 cents divided by 3.04, annualised and grossed up. ^^Figure includes donations made by Sohn Hearts & Minds Conference. All figures as of 30 June 2025 unless otherwise stated. This announcement has been authorised by the Board of Hearts and Minds Investments Limited. ^ hm1.com.au FY25 Results Announcement Shareholder Returns Net tangible assets per share increased from $3.05 at 30 June 2024 to $3.44 (post-tax) at 30 June 2025. The share price rose from $2.58 to $3.04, with the discount to post-tax NTA narrowing from 15.3% to 11.8%. Together with dividends, this delivered a 24% total shareholder return for FY25. 24% Total shareholder return in FY25 Philanthropic Impact Thanks to strong portfolio performance in FY25, HM1 donated $9.5 million to our designated Australian medical research partners, and accrued a further $1.8 million towards future donations. These funds support pioneering research in cardiovascular disease, neurodegeneration, diabetes, genomics, immunotherapies and paediatric medicine. This is funded by HM1’s participating fund managers, Board and Committees who contribute on a pro bono basis. HM1 continues to be recognised as a leading corporate supporter of Australian medical research. We thank our shareholders for supporting the advancement of medical research through their investment in HM1. For further information on HM1 and our full Annual Report to 30 June 2025, visit the HM1 website at hm1.com.au 9.0cps 90cps* Latest dividend payable 16 October 2025 Fully franked dividends supported by profit reserve and retained earnings Fully franked dividends since inception 17.0 14.0 Half-yearly fully franked dividend dates 19.5 14.5 ** Ex-dividend date: 10 September 2025 Record date: 11 September 2025 DRP election date: 15 September 2025 Payment date: Interim fully-franked dividends - paid FY25 final fully-franked dividends - declared Final fully-franked dividends - paid Intended FY26 dividends **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. 16 October 2025 *Based 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. About Hearts & Minds Hearts and Minds Investments Limited (ASX: HM1) gives investors access to a concentrated global equities portfolio built from high conviction ideas from selected leading fund managers. Instead of management fees, 1.5% of NTA is donated annually to Australian medical research. Over $83.7m has been donated to pioneering medical research since 2016, together with the Sohn Hearts & Minds Conference. ACCESS BRIGHT MINDS PERFORMANCE & GROWTH PURPOSE & IMPACT Gain access to selected leading global fund managers who share their high conviction ideas pro bono. Delivering shareholder returns from a concentrated portfolio of global equities, underpinned by fully franked dividends. A unique model that donates 1.5% of NTA annually to pioneering Australian medical research in lieu of usual management fees. All figures as at 30 June 2025 unless otherwise stated. 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. This announcement has been authorised by the Board of Hearts and Minds Investments Limited. hm1.com.au