Dear Investor,

DMXASF’s NAV increased 2.7% in August, performing well in the context of a positive August full year reporting
cycle for the portfolio. The broad market was also strong, with the ASX 200 Accumulation Index up 3.1%, while
smaller companies outperformed, with the ASX Emerging Companies Index up 9.8%.

Commentary

Our largest position, EDU Holdings, continued its dramatic re-rate, rising another 18% in August on the back of a
positive half-year result, a favourable outlook for the period ahead, and the announcement of a maiden dividend.
This was all balanced out with a constructive sense from management that they are working to prudently diversify
their revenue streams and de-risk the business. We again highlight EDU’s significance to the portfolio, at just on
10% at month end. While risk is building at progressively higher valuations, management are focused on growing
the business over the medium to long-term, and we remain comfortable with our position around this level.

The portfolio benefited from advances with a number of smaller holdings. Tyro Payments rose 30% as the company
confirmed multiple parties have expressed interest in acquiring the business, albeit not yet at pricing acceptable to
the board. Joyce Corporation & Kip McGrath each rose 10% following good annual results and strong outlooks for
each. Two key financial holdings, Count & Prime Financial rose 12% and 15%, respectively, as each delivered a
progressive set of results and outlooks. Count in particular has been pleasing as it’s executed well with the
integration of Diverger, and its shares continue to slowly re-rate despite the overhang of a potential sell-down by
its largest shareholder, CBA. As the company grows and begins to attract wider institutional interest, any sell-down
may provide a liquidity event that brings in new shareholders, helping to unlock inherent value.

Offsetting some of this was continued disappointment with Medadvisor, which fell 30% as the reality of the sale of
its profitable Australian business to repair its balance sheet and support a loss-making US division set it. Austin
Engineering fell 13% following another messy result, though we believe significant value and upside potential
remain with this position. Finally, Pureprofile drifted down 13% for no particular reason. Its full-year results were
in-line with prior guidance, and reflect a strong focus on achieving profitability while simultaneously investing for
growth. Despite recent weakness, results and operating momentum are strong and we believe continued positive
execution here will lead to a higher valuation for the business over time.

We received the proceeds of our convertible note investment in Xpon in August. This note reached maturity and
with the shares well below our conversion price, we received our investment back in cash with a 40% premium. We
had previously re-marked this investment to reflect the expectation of this premium, so we had no further uplift in
valuation this month, but it was pleasing to receive our funds back and close out this successful investment. We’d
owned this security for 18 months. In addition to the 40% premium, we had been earning 15% pa interest during
the first 12 months of our investment, and 20% pa for the following six months. Cash proceeds from this note
maturity were a little over 2% for the fund.

August Reporting Season

The DMX Capital Partners update includes detailed post-reporting commentary on each of EDU Holdings, Verbrec,
Count and Raiz. These are all commonly owned at DMXASF, and the DMXCP report highlights the recent positive
developments with each of these, including – pleasingly – upgrades to our expectations from each for the periods
ahead. We encourage you to review the DMXCP report alongside this update.

Additional updates from DMXASF holdings include:

• Recent portfolio addition, Tyro Payments, reporting revenue and profit growth in-line with guidance, and
providing FY2026 guidance that reflects the continuation of these trends. Profitability has increased and is
expected to continue to increase, as the company benefits from operating leverage. New services are being
developed which we expect will underwrite medium to longer-term growth. Its shares rose 30% on the
back of confirmed takeover speculation, with the company announcing they have had multiple parties
interested in acquiring the business.
• Austin Engineering is a manufacturer of buckets, trays and bodies for trucks into the mining industry. With
operations across Austalia, Asia and the Americas, Austin is well-positioned to benefit as demand for its
lighter-weight and customised products continues to grow. While the longer-term potential for this
company is interesting, it’s shares remain under pressure as a series of disappointments has seen an
investor exodus. Austin fell 13% in August on the back of a messy full-year result which included a number
of ‘one-offs’ below the line which we consider to be more ‘ordinary’ in nature. Cashflow was poor as
inventory built, and a modest restatement to its prior year results was put through. Austin has a new
operationally-focused CEO, Sy van Dyk, whom we have some experience with as the former CEO of DDH1
which we had owned ahead of its sale to Perenti a few years back. We believe Sy is the right type of leader
for Austin at this point in its evolution, and we look forward to seeing what he and the company can achieve
in the periods ahead.
• EML Payments reported revenue and underlying profit growth in-line with guidance and market
expectations. Its shares were flat for the month, but had previously risen as investors are becoming
increasingly confident in the company’s stated EML 2.0 objectives. EML has come through a challenging
period, and having now resolved many legacy issues including divesting non-core & troubled divisions, and
settling liabilities & a class action, the company is refocused on growth and profitability. It continues to
build its sales pipeline, expanding its salesforce, and targeting a material jump in its pipeline from $66m at
30th June to ~$90m by 31st December. Growth will help the company better utilise its operating
infrastructure, and should disproportionately fall to the bottom-line. While something of a stretch target,
achieving its 13c EPS target by 2028 would make its current share price very cheap. Aside from the potential
for material growth and further market re-rate, assets of EML’s nature are tending to be prime targets of
private equity and strategic suitors who could extract greater value than may be possible as an
independent company. We look forward to monitoring progress here in the year ahead.

Summary

The August reporting season included many encouraging and reaffirming results, and, in general, a positive outlook
for the period ahead. We’re pleased with developments with our portfolio holdings. They continue to remain priced
attractively and carry the potential for meaningful returns in the periods ahead. Proceeds from our successful
investment in Xpon, together with some net inflow to the fund are helpful as we selectively add to holdings, and
initiate a couple of new small positions.

Thanks very much for your trust and support.