Our Portfolio and Position:
Dragonfly’s portfolio is well placed for our continued environmental transition, delivering strong commercial performance linked to critically important outcomes across a range of environmental verticals. We have advanced a number of initiatives that demonstrate how focused capital allocation, strong partnerships and technical capability can translate into meaningful environmental and economic outcomes.

We completed a significant biodiversity offset investment in Anakie Longview, a 600-hectare high-conservation value site structured to deliver strong commercial returns while protecting key habitat for threatened native species. Our property division, Sharp Day, is developing rapidly and is now the leading nature positive urbanism advisory firm in our region. Led by Mike Day and myself, Sharp Day designs high liveability precincts that bring together urban design and ecological planning to deliver communities that serve people and planet. Sharp Day’s work underscores our vision that integrated nature positive development will form a central pillar in Australia’s environmental transition.

Our other portfolio companies continue their impactful development, including The Water and Carbon Group’s advancement of waste-stream PFAS remediation projects in North America, Pacific Biotechnology’s work developing carbon negative nitrogen and phosphorus waste-water treatment solutions, NRN raising significant new capital to build out their distributed energy business, and Jet Zero’s progress as Australia’s leading SAF project developer.

Also this year, our Mount Rothwell site was highlighted in the Odonata Foundation’s recently recognised world leading work with critically endangered native marsupials, such as their Southern Brushtail Rock Wallaby recovery program and the successful downlisting of Eastern Barred Bandicoot.

Forward Focus:
Environmental investment to date has tended to target emissions reductions. However, with the world now on track to 2.6 degrees warming this century, and our ecology under stress, adaption of both human and ecological systems will become increasingly important. And with the recent passing of the EPBC amendments through parliament, the legislative environment is now aligning with the need for improvements in our environmental custodianship.

The decade ahead requires investment in regenerative systems that repair and enhance our natural environment while bridging our existing production systems with low impact technologies. This is where Dragonfly is uniquely positioned given our focus on disruptive platforms that are delivering measurable environmental improvements and creating long term economic value.

Dragonfly's ambition is to remain a leading investment manager across climate and environment, and this objective is tied directly to our ability to scale environmental outcomes, support high quality operators and deploy capital into the solutions our planet urgently needs.

Thank you for your continued support throughout the year. The challenges ahead are significant, but so too is the opportunity to contribute to solutions that benefit investors, operators and communities alike. We look forward to continuing this work with you in 2026.

Warm Regards,

Nigel Sharp
Chairman Dragonfly Enviro Capital