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ARAVIS FUNDS (IRELAND) ICAV

(An open-ended Irish Collective Asset-management Vehicle with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the "UCITS Regulations") and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2026 (the “Central Bank UCITS Regulations”))

Registration number C194869

Condensed Semi-Annual Report and Unaudited Financial Statements

For the financial period ended 30 June 2026

Global Funds PLC

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ARAVIS FUNDS (IRELAND) ICAV

Limited Access 2

AND TABLE OF CONTENTS

Page

Directors and Other Information 3

Investment Manager’s Report 4 - 10

Condensed Statement of Financial Position 11 - 15

Condensed Statement of Comprehensive Income 16 - 17

Condensed Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 18

Notes to the Condensed Financial Statements 19 – 47

Schedule of Investments

- Spyglass US Growth Fund (UCITS) 48 – 49

- FountainCap Greater China Select UCITS 50 – 52

- Fiduciary Management US Small Cap Equity UCITS 53 - 54

Significant Portfolio Changes 55 - 60

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ARAVIS FUNDS (IRELAND) ICAV

DIRECTORS AND OTHER INFORMATION

Directors Manager Fiona Mulhall* Bryan O’Connell Sophia Everitt

Carne Global Fund Managers (Ireland) Limited 3rd Floor 55 Charlemont Place Dublin D02 F985 Ireland

Registered Office ICAV Secretary 3 rd Floor Carne Global Financial Services Limited 55 Charlemont Place 3 rd Floor Dublin 55 Charlemont Place D02 F985 Dublin Ireland D02 F985 Ireland

Distributor Investment Manager Aravis Capital Limited 123 Pall Mall London SW1Y 5EA

Spyglass US Growth Fund (UCITS) Spyglass Capital Management, LLC 1 Letterman Drive Building C, Suite 3600 San Francisco CA 94129 United States of America

Administrator FountainCap Greater China Select UCITS CACEIS Ireland Limited 9 th Floor One George’s Quay Plaza George’s Quay D02 E440 Ireland

FountainCap Research & Investment (Hong Kong) Co. Limited Unit 2401-02 China Resources Building 26 Harbour Road Wan Chai Hong Kong

Depositary Fiduciary Management US Small Cap Equity UCITS CACEIS Bank, Ireland Branch Fiduciary Management, Inc 9 th Floor 790 North Water Street One George’s Quay Plaza Suite 2100, George’s Quay Milwaukee Dublin 2, D02 E440 Wisconsin 53202 Ireland United States

Legal Advisers as to Irish law Independent Auditors Simmons & Simmons One Molesworth Street Dublin D02 RF20 Ireland

Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm 29 Earlsfort Terrace Dublin 2 D02 AY28 Ireland

* Independent Director All Directors are non-executive.

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ARAVIS FUNDS (IRELAND) ICAV

INVESTMENT MANAGER’S REPORT For the financial period ended 30 June 2026

Spyglass US Growth Fund (UCITS)

“In the short run, the market is a voting machine but in the long run it is a weighing machine.” – Ben Graham

Spyglass US Growth Fund UCITS Net Performance (as of June 30, 2026) First Quarter 2026

Second Quarter 2026

Year to date

One Year ( (1)

Inception to Date ( (1)

Spyglass US Growth Fund UCITS - 24.35 % 24.11 % - 6.11 % 5.87 % 10.69 % Russell 2500 Growth Index - 3.52 % 24.02 % 19.66 % 32.94 % 12.02 % Performance verified by CACEIS. Based on representative I USD Acc Share Class. (1) Annualised. Data source: CACEIS. Spyglass US Growth Fund UCITS inception date was 30 th September 2019.

The Spyglass US Growth Fund UCITS was up 24.11% for the year to June 30. The Russell 2500 Growth Index was up 24.02% for the same period.

Investment Environment

The second quarter saw macroeconomic and geopolitical headwinds ease with the implementation of a ceasefire between the US and Iran. Oil prices declined and equities were broadly positive. Software stocks rebounded after the “SaaS-pocalypse” in the first quarter, and the Federal Reserve continued to hold interest rates steady after meetings in April and June.

During the quarter, small caps generally outperformed large caps, and growth generally outperformed value across large and small caps. Across sectors, Technology, Industrials, and Financials generally performed the best, while Energy, Communication Services, and Utilities generally lagged.

Investment Insights

Performance of the Spyglass Growth Strategy in the second quarter resembled, in many ways, the inverse of the first quarter. A tenuous ceasefire between the US and Iran led to some relief in energy prices, as well as macroeconomic and geopolitical risks more broadly. Investors appeared to contemplate returning to growth stocks. In addition, the market seemed to have taken a more discerning view of software companies following the broad selloff in the first quarter, with emerging differentiation between potential winners and losers from AI. We continue to maintain a high level of conviction in our perspective on AI and AI-related investments following intensified research efforts this year, which we attempted to articulate in a special report included in our previous quarterly letter to investors.

A theme that has remained consistent in our portfolio over the years is the level of earnings growth in the underlying holdings. Even as we have steadily increased the number of profitable companies as a share of our portfolio, earnings growth has stayed above 40%. We believe the level of earnings growth of the Spyglass portfolio is currently at one of its strongest points in our firm’s history. Meanwhile, we believe the share prices of our portfolio companies have yet to reflect this earnings growth, which suggests the Spyglass portfolio trades at an attractive valuation.

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ARAVIS FUNDS (IRELAND) ICAV

INVESTMENT MANAGER’S REPORT For the financial period ended 30 June 2026 (continued)

Spyglass US Growth Fund (UCITS) (continued)

Portfolio Updates

Portfolio Changes

In the second quarter, Spyglass added three new names to the portfolio: QXO, MKS, and Forgent Power Solutions. As a reminder, Spyglass typically keeps a fixed number of 25 companies in the portfolio; when a new portfolio holding is purchased, an existing holding must be sold. In this case, Spyglass sold Kinsale, nCino, and Roblox.

Summary

The first half of 2026 proved to be fairly eventful, but we remain focused on identifying market-leading companies led by talented entrepreneurs, trading at attractive prices, and capitalizing on the megatrends that we believe will drive future innovation and growth. We continue to be optimistic about the opportunities ahead of us.

Thank you for your confidence in Spyglass. We will continue to invest your money alongside ours, and we look forward to updating you on our progress next quarter.

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ARAVIS FUNDS (IRELAND) ICAV

INVESTMENT MANAGER’S REPORT For the financial period ended 30 June 2026

FountainCap Greater China Select UCITS

Q1 Q2 YTD 1 Year Ann

FountainCap Greater China Select UCITS -5.03% 5.32% 0.02% 16.21%

The MSCI China All Shares Net USD Index -6.52% 1.57% -5.05% 9.54%

Data Source: CACEIS. All performance information is net of management fees. The fund launched on 27/07/2021

I. 1H 2026 Market and Fund Review: The Onshore-Offshore Divergence

The first half of 2026 marked a sharp reversal from the offshore led “silent bull run” that began in early 2024. Mainland A-shares regained leadership as investment accelerated across semiconductors, advanced manufacturing and the broader AI ecosystem, while Hong Kong equities struggled with weak domestic demand, persistent selling in internet platform stocks and tighter global liquidity.

The divergence was striking. The STAR 50 Index surged 63%, helping lift the CSI 300 by 8%. In contrast, the Hang Seng Index fell -10% and the Hang Seng Tech Index declined -19%, making Hong Kong one of the weakest performing major markets globally. Investors rewarded companies exposed to the global AI investment cycle while continuing to discount much of China's traditional economy.

Against this backdrop, the FountainCap Greater China Select UCITS Class I USD Accumulating returned 0.0% during the first half of 2026. We outperformed the MSCI China All Shares Index by 5.1% but lagged the CSI 300, reflecting our structural exposure to offshore Chinese equities.

Performance attribution mirrored the market's divide. Tencent and Alibaba declined 27% and 34% and became the largest detractors as liquidity weakened and competition intensified across China's internet sector. These headwinds were partly offset by strong gains from TSMC, Advanced Micro-Fabrication Equipment (AMEC) and Yantai Jereh , which benefited from sustained investment in AI infrastructure and resilient export demand1.

Although market leadership shifted dramatically during the period, our investment philosophy did not. We continue to invest in businesses with durable competitive advantages, strong balance sheets and the ability to compound earnings through market cycles. Market sentiment changes quickly; business quality rarely does.

II. One Country, Two Markets

This global shift helps explain an equally remarkable development within China.

Today's Chinese equity market is no longer trading as a single market. Instead, it is behaving like two very different markets operating side by side.

The New China The first is driven by semiconductors, robotics, automation and advanced manufacturing. Supported by Beijing's industrial policies and growing investor enthusiasm, these companies have participated fully.

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ARAVIS FUNDS (IRELAND) ICAV

INVESTMENT MANAGER’S REPORT For the financial period ended 30 June 2026 (continued)

FountainCap Greater China Select UCITS (continued)

The second market is priced for macroeconomic disappointment. Many consumer, healthcare, financial and internet companies remain highly profitable and cash-generative yet continue to trade at depressed valuations as investors focus on weaker consumption, the property downturn and geopolitical uncertainty. While AI-related companies surged, nearly 70% of A-share stocks declined during the first half of the year.

As legendary short seller Jim Chanos observed, “Bull markets put a premium on promises. Bear markets put a discount on reality."

China is unusual because both conditions coexist. One market is trading on tomorrow's possibilities; the other remains anchored to yesterday's disappointments. For long-term investors, this divergence matters. Periods of extreme concentration often create opportunities outside the market's favourite themes. While today's headlines are dominated by AI, much of China's broader equity market continues to trade at valuations that already discount a great deal of pessimism.

Understanding where optimism is excessive-and where pessimism has gone too far-remains central to our investment process.

The defining investment story of this decade may indeed be the migration of capital from GDP to GPUs . Yet successful investing has never been about chasing the market's latest superstars. It is about identifying exceptional businesses, buying them at sensible valuations and allowing time to compound value.

Technology will evolve. Market leadership will change. Our investment philosophy will not. We invest not in the AI theme itself, but in the industrial ecosystem that makes AI possible.

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ARAVIS FUNDS (IRELAND) ICAV

INVESTMENT MANAGER’S REPORT For the financial period ended 30 June 2026

Fiduciary Management US Small Cap Equity UCITS

Fiduciary Management U.S. Small Cap Equity UCITS Net Performance (as of June 30, 2026) Second Quarter to Date 2026

Year to date

Inception to Date (1) FMI U.S. Small Cap Equity UCITS 7.42% 7.42% 7.42% Russell 2000 Index 15.27% 15.27% 15.27% Performance verified by CACEIS. Based on representative I USD Acc Share Class. (1) Annualised. Data source: CACEIS. Fiduciary U.S. Small Cap Equity UCITS inception date was 13 th April 2026.

The Fiduciary U.S. Small Cap Equity UCITS was launched on the 13 th of April 2026 with a seed investor. During that period, the Fund was up 7.42% for the year to June 30. The Russell 2000 Index was up 15.21% for the same period. We are working diligently with 3-4 other investors who are looking to invest in the Founders class of the Fund.

Investment Environment

Artificial Intelligence (AI) has driven equity returns across market caps and geographies. Semiconductor stocks, data center operators, optical network suppliers, and AI infrastructure plays went parabolic, producing returns that would have been impressive over an entire decade, let alone a couple of quarters. Year-to-date (YTD), U.S. AI themes tracked by Goldman Sachs (GS) have skyrocketed: Memory +250%, NeoClouds +171%, AI Inference Beneficiaries +127%, Optical Networks +115%, Data Centers +115%, and AI Semis +101%. Meanwhile, the S&P 600 Quality Index, a reasonable proxy for the type of companies we favor, gained 15.4%, for the calendar year to date.

Investment Insights

In the Russell 2000 Index, it is interesting to note that money-losing companies and stocks with a P/E > 25x accounted for 83% of the benchmark return during the 2 nd quarter. Many of these constituents are in the technology and biotech areas. Our lack of companies in Electronic Technology accounted for the majority of our underperformance (-240 bps) during the 2 nd quarter. It is not surprising that we have lagged the indices given what is driving the market. The market has spent most of the last year pricing an AI future that hasn’t happened yet. We continue to buy and own businesses that in many cases; the market has already written out of the story. We have been weighing the fundamental risks and benefits of AI on our companies and strongly believe most will eventually benefit from implementing AI through associated cost savings. Two individual company detractors during the quarter in the portfolio were Huron Consulting and FTI Consulting. This is mostly a stock market issue (on the wrong side of momentum), assuming we’re not wrong on the durability of the business models. We see the valuation and outlooks for both firms as compelling and added to our positions substantially during the quarter.

Insight had been deemed an AI loser until its first quarter results, which came in ahead of expectations. While the shares still trade at a low valuation, the market seems to be reevaluating just how much AI might end up negatively impacting the company. The shares have moved significantly higher as this has gone on. Aramark and Arrow Electronics were also key contributors during the quarter.

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ARAVIS FUNDS (IRELAND) ICAV

INVESTMENT MANAGER’S REPORT For the financial period ended 30 June 2026 (continued)

Fiduciary Management US Small Cap Equity UCITS (continued)

Performance Drivers

Note: The returns above are shown from 13th April -30th June 2026 All holdings were held for that period, except Arrow Electronics.

Portfolio Changes

In the second quarter, Fiduciary added one new company to the portfolio (Alliance Laundry Holdings, Inc.) and we sold two companies due to valuation (CTS Corp and Arrow Electronics, Inc.). The rationale behind the purchase of Alliance Laundry is detailed below.

Alliance Laundry Holdings (Ticker: ALH) Added: June 2026

Alliance Laundry manufactures commercial laundry equipment that is sold into laundromats, multi-family housing, commercial in-home, hospitality, healthcare, and institutional end markets. The high utilization rates of their clients’ machines make quality, reliability, and total cost of ownership more important than upfront price. Alliance has an estimated ~40% market share in North America and leading positions internationally. They have five core brands including: Speed Queen, UniMac, Huebsch, IPSO, and Primus. Alliance Laundry has built its reputation on quality machines and lowest total cost of ownership, which supports premium pricing. There is also a recurring revenue element from parts and service, and clients replacing machines as they wear out over time. Alliance is well positioned to capture pricing, mix, and replacement-cycle upside while maintaining low capital intensity and strong ROIC. We initiated 1.5% position in June 2026.

Top Contributors Company Name Net Performance Impact Insight Enterprises 3.09% Aramark 1.41% Arrow Electronics 1.03% Valvoline, Inc. 0.88% Hayward Holdings, Inc. 0.80%

Top Detractors Company Name Net Performance Impact Huron Consulting Group Inc. -1.21% FTI Consulting Group, Inc. -0.76% Houlihan Lokey, Inc. Class A -0.60% White Moutain Insurance Group Ltd. -0.51% Mueller Water Products, Inc. - Cl A -0.47%

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ARAVIS FUNDS (IRELAND) ICAV

INVESTMENT MANAGER’S REPORT For the financial period ended 30 June 2026 (continued)

Fiduciary Management US Small Cap Equity UCITS (continued)

Summary

As FMI looks at their portfolios over the medium term, we believe 90%+ of the AI opportunity for our companies will be on the cost side of the equation, where it is easier to measure ROI on AI spending. This adds conviction that our businesses will capture their share of the available AI benefits. If AI is the greatest cost-efficiency tool of our lifetime, our largest positions will have much to gain. Moreover, many of these same stocks are being priced as AI losers, which we do not think will be the case. This combination presents an attractive risk/reward, no matter AI’s path. Heads we win, tails we think there is an adequate margin of safety. If the AI productivity story does not materialize, stocks being priced today for spectacular AI-driven revenue growth should face severe earnings disappointments.

Today, the long-term setup for our portfolios is the strongest we have seen in many years. The valuation gap between the AI complex and the rest of the market now rivals levels last seen at the height of the dot-com bubble. For long-term, value-oriented investors, that reads less as a warning than as a signpost. We believe our holdings, with modest expectations and low valuations, will remain resilient in that scenario. History offers a useful parallel: after the Nasdaq peaked in March 2000, the FMI Common Stock Fund (Small Cap Equity Composite representative account) outperformed the Nasdaq Composite by over 127 percentage points on a cumulative basis in the subsequent five years. The stocks overlooked during the frenzy – traditional businesses with real earnings and modest valuations compounded quietly while the bubble deflated and speculators suffered meaningful losses.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US S mall C ap E quity UCITS *

Note

30 June 2026

31 December 2025

30 June 2026

31 December 2025

30 June 2026

31 December 2025 USD USD USD USD USD USD

Assets Financial assets at fair value through profit or loss: Investments in transferable securities 9 453,538,050 392,140,406 125,434,846 117,746,447 10,306,196 Investments in financial derivative instruments 847 - 36 - - Cash at bank 10 4,621,813 4,583,706 1,448,769 650,126 365,182 Amount receivable from subscriptions 145,819 40,356 11,433 5,776 - Amount receivable on sales of securities - 543,108 - - - Interest and dividend receivable - - 548,055 9,051 - Fee reimbursement receivable 6 - - 20,911 48,967 49,631 Other assets 21,119 - 9,455 - 105,291 458,327,648 397,307,576 127,473,505 118,460,367 10,826,300 Liabilities Financial liabilities at fair value through profit or loss: Investments in financial derivative instruments 9 - 2,461 - - - Bank overdraft 3 - 896,272 - - 115 Amount payable on purchases of securities - - 359,191 - - Amount payable on redemptions 53,328 211,586 20,084 - - Investment management and distribution fees payable 6 219,293 426,541 109,785 104,945 15,175 Fee reimbursement payable 6 13,698 - - - - Manager fees payable 6 15,113 13,433 11,544 7,376 459 Performance fees payable 6 - 1,361,747 13,713 19,799 - Depositary fees payable 6 63,180 38,547 70,220 41,756 4,557 Administrator fees payable 6 182,904 117,923 111,783 106,071 6,005 Audit fees payable 6 6,917 7,324 6,917 7,324 3,645 Legal fees payable - 3,696 24,012 5,491 - Directors’ fees and expenses payable 8,495 - 773 - 746 Other liabilities 114,759 80,223 81,906 66,806 13,717 677,687 3,159,753 809,928 359,568 44,419 Net assets attributable to redeemable participating shareholders 457,649,961 394,147,823 126,663,577 118,100,799 10,781,881 * Launched on 13 April 2026. Therefore, no comparatives available. The accompanying notes form an integral part of the condensed financial statements.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026 (continued)

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US S mall C ap E quity UCITS * 30 June 2026

31 December 2025

30 June 2026

31 December 2025

30 June 2026

31 December 2025

Class AB USD Accumulating Redeemable participating shares 1,000.000 1,000.000 - - - Net asset value per share $11.934 $12.736 - - - -

Class A EUR Accumulating Redeemable participating shares 1,000.000 1,000.000 - - - Net asset value per share € 11.603 € 12.054 - - - -

Class A EUR Accumulating Hedged Redeemable participating shares 6,558.344 9,311.104 - - - Net asset value per share € 10.246 € 11.085 - - - -

Class A USD Accumulating Redeemable participating shares 88,720.000 112,049.000 - - - Net asset value per share $14.448 $15.419 - - - -

Class AB EUR Accumulating Hedged Redeemable participating shares - 65,278.568 - - - Net asset value per share - € 11.062 - - - -

Class E EUR Accumulating 1 Redeemable participating shares - 1,546,643.619 - - - Net asset value per share - € 20.570 - - - -

Class E USD Accumulating Redeemable participating shares - - 403,583.615 476,489.225 - Net asset value per share - - $9.703 $9.648 - -

* Launched on 13 April 2026. Therefore, no comparatives available. 1 This share class for Spyglass US Growth Fund (UCITS) was terminated on 17 February 2026.

The accompanying notes form an integral part of the condensed financial statements.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026 (continued)

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US S mall C ap E quity UCITS * 30 June 2026

31 December 2025

30 June 2026

31 December 2025

30 June 2026

31 December 2025

Class F GBP Accumulating 1 Redeemable participating shares 313,254.737 296,786.099 158,210.024 186,934.066 1,000.000 Net asset value per share £19.624 £20.570 £10.031 £9.870 £10.895 -

Class F GBP Distributing Redeemable participating shares 970.509 970.509 - - - Net asset value per share £11.056 £11.591 - - - -

Class F USD Accumulating 1 Redeemable participating shares 358,477.973 628,856.762 1,761,781.617 2,053,450.387 1,000,000.000 Net asset value per share $20.343 $21.611 $9.623 $9.596 $10.742 -

Class F USD Distributing Redeemable participating shares 429,828.178 548,648.020 239,252.000 244,117.000 - Net asset value per share $20.344 $21.612 $8.970 $9.023 - -

Class FC EUR Distributing Redeemable participating shares - - 173,360.142 176,380.771 - Net asset value per share - - € 13.233 € 12.963 - -

Class FC GBP Distributing Redeemable participating shares - - 1,534,332.604 1,380,075.103 - Net asset value per share - - £13.720 £13.624 - -

Class FC USD Distributing Redeemable participating shares - - 136,647.577 150,747.577 - Net asset value per share - - $13.775 $13.865 - -

* Launched on 13 April 2026. Therefore, no comparatives available. 1 This share class for Fiduciary Management US Small Cap Equity UCITS was launched on 13 April 2026.

The accompanying notes form an integral part of the condensed financial statements.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026 (continued)

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US S mall C ap E quity UCITS * 30 June 2026

31 December 2025

30 June 2026

31 December 2025

30 June 2026

31 December 2025

Class FP EUR Distributing Redeemable participating shares 378,601.553 338,177.553 - - - Net asset value per share € 19.090 € 19.727 - - -

Class FP GBP Accumulating Redeemable participating shares 403,744.527 355,154.117 - - - Net asset value per share £17.515 £18.347 - - - -

Class FP GBP Distributing Redeemable participating shares 13,340,445.882 8,555,501.810 - - - Net asset value per share £18.983 £19.884 - - - -

Class FP USD Accumulating Redeemable participating shares - - 194,707.000 178,744.000 - Net asset value per share - - $13.857 $13.863 - -

Class FP USD Distributing Redeemable participating shares 930,406.380 872,147.919 - - - Net asset value per share $19.853 $21.075 - - - -

Class I EUR Accumulating Redeemable participating shares 195,382.090 84,880.000 3,844,467.673 2,507,895.851 - Net asset value per share € 17.358 € 17.997 € 10.781 € 10.493 - -

Class I GBP Accumulating 1 Redeemable participating shares 335,479.497 323,611.572 - - 1,000.000 Net asset value per share £17.076 £17.946 - - £10.889 -

* Launched on 13 April 2026. Therefore, no comparatives available. 1 This share class for Fiduciary Management US Small Cap Equity UCITS was launched on 13 April 2026.

The accompanying notes form an integral part of the condensed financial statements.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026 (continued)

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US S mall C ap E quity UCITS * 30 June 2026

31 December 2025

30 June 2026

31 December 2025

30 June 2026

31 December 2025

Class I GBP Accumulating Hedged

Redeemable participating shares 9,050.000 5,820.000 - - - Net asset value per share £9.824 £10.524 - - - -

Class I GBP Accumulating Unhedged Redeemable participating shares - - 1,432.794 1,432.794 - Net asset value per share - - £14.165 £13.975 - -

Class I GBP Distributing Redeemable participating shares 149,197.350 11,187.166 - - - Net asset value per share £14.107 £14.826 - - - -

Class I USD Accumulating 1 Redeemable participating shares 2,227,395.210 2,144,646.552 2,024,543.569 2,735,969.727 1,000.000 Net asset value per share $19.723 $21.006 $9.372 $9.370 $10.737 Class I USD Distributing Redeemable participating shares 83,592.000 85,222.000 - - - Net asset value per share $17.893 $19.058 - - - -

Class I EUR Accumulating Hedged 2 Redeemable participating shares - - 1,000.000 - - Net asset value per share - - $9.852 - - -

* Launched on 13 April 2026. Therefore, no comparatives available. 1 This share class for Fiduciary Management US Small Cap Equity UCITS was launched on 13 April 2026. 2 This share class for FountainCap Greater China Select UCITS was launched on 24 April 2026.

The accompanying notes form an integral part of the condensed financial statements.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

For the financial period ended 30 June 2026

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US Small Cap Equity UCITS *

Note

30 June 202 6

30 June 202 5

30 June 202 6

30 June 202 5

30 June 202 6

30 June 202 5 USD USD USD USD USD USD

Income Net (loss)/gain on financial assets and financial liabilities at fair value through profit or loss 13 (20,765,800) 10,062,199 (641,651) 19,525,228 744,937 Dividend income 49,300 63,599 1,633,708 1,551,215 27,000 Bank interest 65,806 67,766 17,454 15,485 - Other income 21,846 24,096 8,694 7,310 - Total investment (loss )/ income (20,628,848) 10,217,660 1,018,205 21,099,238 771,937 -

Operating expenses Investment management and distribution fees 6 1,011,100 1,118,330 629,486 518,122 15,175 Manager fees 6 56,115 58,025 24,920 21,018 866 Performance fees 6 - 61,300 13,713 15,134 - Administrator fees 6 125,466 116,225 69,687 72,635 8,434 Audit fees 6 8,608 7,486 8,610 7,486 3,707 Bank interest charges 14,667 6,299 5 - 1 Depositary fees 6 62,469 42,944 60,186 20,720 4,990 Directors’ fees and expenses 6 30,680 32,074 9,138 14,250 761 Legal fees 21,376 26,808 40,625 19,363 6,138 Formation expenses - - 6,852 6,427 8,539 Transaction costs 296,117 148,912 123,703 145,130 3,707 Other expenses 146,900 98,396 57,960 43,278 16,191 Total operating expenses 1,773,498 1,716,799 1,044,885 883,563 68,509 -

Expense reimbursement: EDF rebate 6 (9,576) (46,650) - - - Expense reimbursement 6 (225,344) (148,398) (128,148) (108,720) (49,631) Total expense reimbursement (234,920) (195,048) (128,148) (108,720) (49,631) -

* Launched on 13 April 2026. Therefore, no comparatives available. All results arise from continuing operations. There are no recognised gains and losses for the financial period other than those shown above.

The accompanying notes form an integral part of the condensed financial statements.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

For the financial period ended 30 June 2026 (continued)

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US Small Cap Equity UCITS *

Note

30 June 2026

30 June 2025

30 June 2026

30 June 2025

30 June 2026

30 June 2025 USD USD USD USD USD USD

Net expenses 1,538,578 1,521,751 916,737 774,843 18,878 -

Operating (loss )/ profit (22,167,426) 8,695,909 101,468 20,324,395 753,059 -

Withholding tax 4 (14,790) (19,080) (102,473) (95,255) (8,100) -

(Loss)/Profit for the financial period after withholding tax (22,182,216) 8,676,829 (1,005) 20,229,140 744,959

Distributions to holders of redeemable participating shares - - (330,046) (413,750) - -

(Loss)/ Profit for the financial period (22,182,219) 8,676,829 (331,051) 19,815,390 744,959 -

The accompanying notes form an integral part of the condensed financial statements.

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ARAVIS FUNDS (IRELAND) ICAV

CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING

For the financial period ended 30 June 2026

Spyglass US Growth Fund (UCITS)

FountainCap Greater China Select UCITS

Fiduciary Management US Small Cap Equity UCITS * 30 June 2026

30 June 2025

30 June 2026

30 June 2025

30 June 2026

30 June 2025 USD USD USD USD USD USD

Net assets attributable to redeemable participating shareholders at beginning of the financial period 394,147,823 370,204,240 118,100,799 101,210,098 - -

( Loss)/ Profit for the financial period (22,182,216) 8,676,829 (331,051) 19,815,390 744,959 -

Subscriptions 146,744,787 33,656,097 34,773,794 9,158,029 10,036,922 -

Redemptions (61,060,433) (47,969,048) (25,879,965) (9,587,231) - -

Net increase/(decrease) in net assets resulting from redeemable participating share transactions 85,684,354 (14,312,951) 8,893,829 (429,202) 10,036,922 -

Net assets attributable to redeemable participating shareholders at end of financial period 457,649,961 364,568,118 126,663,577 120,596,286 10,781,881 -

* Launched on 13 April 2026. Therefore, no comparatives available.

The accompanying notes form an integral part of the condensed financial statements.

Page 19

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026

1. Reporting entity

Aravis Funds (Ireland) ICAV (the “ICAV”) is constituted as an open-ended umbrella fund with segregated liability between Funds registered in Ireland on 17 June 2019 under the Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) and authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2026 (together the “UCITS Regulations”). The ICAV’s registration number is C194869.

The ICAV is organised in the form of an Umbrella Fund. Each Fund has a distinct portfolio of investments. As at 30 June 2026, the ICAV has three active Funds: Spyglass US Growth Fund (UCITS) which was launched on 27 September 2019, FountainCap Greater China Select UCITS which was launched on 27 July 2021 and Fiduciary Management US Small Cap Equity UCITS which was launched on 13 April 2026 (individually the "Fund" and together the "Funds").

The investment objective of Spyglass US Growth Fund (UCITS) is to seek to achieve long-term capital appreciation with a view to outperforming the Russell 2500 TM Growth Total Return Index (the “Benchmark”).

The investment objective of FountainCap Greater China Select UCITS is to generate long-term capital growth by investing in high-quality companies that are traded on Regulated Markets in the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

The investment objective of Fiduciary Management US Small Cap Equity UCITS is to seek to achieve long-term capital appreciation with a view to outperforming the Russell 2000 Index.

2. Basis of preparation

The condensed financial statements for the financial period ended 30 June 2026 have been prepared in accordance with the Financial Reporting Standard 104 Interim Financial Reporting (“FRS 104”) applicable in the UK and Republic of Ireland, the Irish law comprising the Irish Collective Asset Management Vehicle Act 2015 (the “ICAV Act”), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “Regulations”), and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (undertakings for Collective Investment in Transferable Securities) Regulations 2019 (together, “the UCITS Regulations”).

The ICAV has not applied the full disclosure requirements of FRS 102 as according to FRS 104, issued by the Financial Reporting Council, disclosures demanded by Financial Reporting Standards are generally not required for semi-annual reports.

3. Significant accounting policies

The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the preparation of the ICAV’s financial statements for the financial year ended 31 December 2025.

Functional and presentational currency

The functional currency of the Funds is United States dollar (“USD”). The presentational currency of the ICAV is USD. Foreign currency assets and liabilities are translated into USD at the exchange rate ruling at the financial period end. The cost of investment securities expressed in currencies other than USD are translated into USD at the exchange rate prevailing at the purchase date.

Transactions in foreign currencies are translated into the functional currency of the Funds at the exchange rate at the date of the transaction.

Page 20

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

3. Significant accounting policies (continued)

The rates of exchange against USD used to convert foreign assets and liabilities as at 30 June 2026 and 31 December 2025 were as follows: 30 June 2026 31 Dec ember 2025 Chinese Yuan Renminbi (“CNY”) 0.147375 0.143099 Euro (“EUR”) 1.143300 1.174450 British Pound Sterling (“GBP”) 1.327258 1.345072 Hong Kong Dollar (“HKD”) 0.127518 0.128477 Taiwan Dollar (“TWD”) 0.031391 0.031826 Swiss Franc ("CHF") 1.239686 1.262171

4. Taxation

The ICAV is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act 1997, (as amended) (“TCA”). The ICAV and its Funds will not be liable to Irish tax in respect of its income or gains, other than on the occurrence of a chargeable event.

Generally, a chargeable event arises on any distribution, redemption, repurchase, cancellation; transfer of shares or on the ending of a “Relevant Period”. A “Relevant Period” being an eight-year period beginning with the acquisition of the shares by the shareholders and each subsequent period of eight years beginning immediately after the preceding Relevant Period.

A gain on a chargeable event does not arise in respect of:

i) A shareholder who is not an Irish resident and not resident in Ireland at the time of the chargeable event provided the necessary signed statutory declarations are held by the ICAV and its Fund; or ii) Certain exempted Irish resident investors who have provided the ICAV and its Fund with the necessary signed statutory declarations; or iii) Any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or iv) An exchange of shares representing one Fund for another Fund of the ICAV; or v) An exchange of shares arising on a qualifying amalgamation or restructuring of the ICAV with another ICAV; or vi) Certain exchanges of shares between spouses and former spouses.

In the absence of an appropriate declaration, the ICAV or its Funds will be liable to Irish tax on the occurrence of a chargeable event. There was no chargeable event during the financial period.

Capital gains, dividends and interest received by the Funds may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Funds or its shareholders.

Where the chargeable event is a deemed disposal and the value of shares held by Irish Residents who are not Exempt Investors is less than 10% of the value of the total shares in the ICAV (or the Funds, as applicable), and the ICAV has made an election to report annually to the Irish Revenue Commissioners certain details for such Shareholder and has advised the shareholder concerned in writing, the ICAV will not be obliged to deduct appropriate tax. The shareholder must instead pay tax on the deemed disposal on a self-assessment basis. To the extent that any tax arises on a deemed disposal, such tax will be allowed as a credit against any tax payable on a subsequent chargeable event in respect of the relevant shares. On the eventual disposal by the shareholder of their shares, a refund of any unutilised credit will be payable. In the case of shares held in a recognised clearing system, the shareholders may have to account for the tax arising at the end of a relevant period on a self assessment basis.

No gain will be treated as arising to the ICAV on the happening of a chargeable event in relation to a shareholder who is not Irish Resident at the time of the chargeable event or in relation to an Irish Resident shareholder which is an Exempt Investor provided in each case that the requisite tax declaration in the form prescribed by the Irish Revenue Commissioners for the purposes of Section 739D TCA, where applicable, (the "Declaration") has been provided to the ICAV by the shareholder.

Page 21

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

4. Taxation (continued)

Income and capital gains in respect of assets of the ICAV situated in countries other than Ireland may be subject to taxes including withholding taxes, imposed by such countries. The ICAV may not be able to avail of an exemption from, or reduced rate of, withholding tax by virtue of the double taxation treaties in operation between Ireland and other countries. The ICAV may not therefore be able to reclaim withholding tax suffered by it in particular countries. If this position changes in the future and the application of an exemption or lower rate results in a repayment to the ICAV, the Net Asset Value of the ICAV or the Funds will not be re-stated and the benefit will be allocated to the then-existing shareholders rateably at the time of repayment.

5. Share capital

The share capital of the ICAV shall at all times equal the Net Asset Value of the ICAV. The Directors are empowered to issue two subscriber shares of € 1 each and 100,000,000,000 unclassified participating shares of no-par value in the ICAV at the Net Asset Value per Share on such terms as they may think fit. There are no rights of pre-emption upon the issue of shares in the ICAV. The subscriber shares do not participate in the assets of the Funds.

Each of the shares entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Funds attributable to the relevant share class in respect of which they are issued, save in the case of dividends declared prior to becoming a shareholder. The subscriber shares’ entitlement is limited to the amount subscribed and accrued interest thereon.

The proceeds from the issue of shares shall be applied in the books of the ICAV to the relevant Fund and shall be used in the acquisition on behalf of the relevant Fund of assets in which the Funds may invest. The records and accounts of each Fund shall be maintained separately.

The Directors reserve the right to predesignate any share class from time to time, provided that shareholders in that share class shall first have been notified by the ICAV thirty calendar days in advance that the shares will be predesignated and shall have been given the opportunity to have their shares redeemed by the ICAV, except that this requirement shall not apply where the Directors predesignate shares in issue in order to facilitate the creation of an additional share class.

Each of the shares entitles the holder to attend and vote at meetings of the ICAV and of the relevant Fund represented by those shares. No share class confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other share class or any voting rights in relation to matters relating solely to any other share class.

Any resolution to alter the share class rights requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting duly convened in accordance with the Instrument of Incorporation.

The Instrument of Incorporation of the ICAV empowers the Directors to issue fractional shares in the ICAV. Fractional shares may be issued and shall not carry any voting rights at general meetings of the ICAV or of any Funds or share class and the Net Asset Value of any fractional share shall be the Net Asset Value per Share adjusted in proportion to the fraction.

Subscription Price During the initial offer period for a Fund, the initial issue price for shares in the relevant Fund shall be the amount set out in the Supplement for the relevant Fund.

The issue price at which shares of the Funds are issued after the initial offer period are calculated by ascertaining the Net Asset Value per share of the relevant class on the relevant dealing day.

Shareholders may be subject to a subscription charge of up to 3% of the subscription amount in shares of the Funds.

Page 22

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

5. Share capital (continued)

The initial issue price of each class of shares in the Funds at the period end are listed below:

Spyglass US Growth Fund (UCITS) Initial Issue Price Class AB USD Accumulating USD10 Class A EUR Accumulating EUR10 Class A EUR Accumulating Hedged EUR10 Class A USD Accumulating USD10 Class AB EUR Accumulating Hedged EUR10 Class E EUR Accumulating 1 EUR10 Class F GBP Accumulating GBP10 Class F GBP Distributing GBP10 Class F USD Accumulating USD10 Class F USD Distributing USD10 Class FP EUR Distributing EUR10 Class FP GBP Accumulating GBP10 Class FP GBP Distributing GBP10 Class FP USD Distributing USD10 Class I EUR Accumulating EUR10 Class I GBP Accumulating GBP10 Class I GBP Accumulating Hedged GBP10 Class I GBP Distributing GBP10 Class I USD Accumulating USD10 Class I USD Distributing USD10

FountainCap Greater China Select UCITS Initial Issue Price Class E USD Accumulating USD10 Class F GBP Accumulating GBP10 Class F USD Accumulating USD10 Class F USD Distributing USD10 Class FC EUR Distributing EUR10 Class FC GBP Distributing GBP10 Class FC USD Distributing USD10 Class FP USD Accumulating USD10 Class I EUR Accumulating EUR10 Class I GBP Accumulating Unhedged GBP10 Class I USD Accumulating USD10 Class I EUR Accumulating Hedged 2 EUR10

Fiduciary Management US Small Cap Equity UCITS Initial Issue Price Class F GBP Accumulating 3 USD10 Class F USD Accumulating 3 USD10 Class I GBP Accumulating 3 GBP10 Class I USD Accumulating 3 GBP10

1 This share class for Spyglass US Growth Fund (UCITS) was terminated on 17 February 2026. 2 This share class for FountainCap Greater China Select UCITS was launched on 24 April 2026. 3 This share class for Fiduciary Management US Small Cap Equity UCITS was launched on 13 April 2026.

Page 23

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

5. Share capital (continued)

Share transactions for the financial period ended 30 June 2026 are shown below:

Class AB USD Accumulating

Class A EUR Accumulating

Class A EUR Accumulating Hedged Spyglass US Growth Fund (UCITS) 30 June 2026 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 1,000.000 1,000.000 9,311.104

Shares issued during the financial period - - Shares redeemed during the financial period - - (2,752.760)

Redeemable participating shares in issue at end of the financial period 1,000.000 1,000.000 6,558.344

Class A USD Accumulating

Class AB EUR Accumulating Hedged 2

Class E EUR Accumulating 1 Spyglass US Growth Fund (UCITS) 30 June 202 6 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 112,049.000 65,278.568 1,546,643.619

Shares issued during the financial period - - Shares redeemed during the financial period (23,329.000) (65,278.568) (1,546,643.619)

Redeemable participating shares in issue at end of the financial period 88,720.000 - -

Class F GBP Accumulating

Class F GBP Distributing

Class F USD Accumulating Spyglass US Growth Fund (UCITS) 30 June 202 6 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 296,786.099 970.509 628,856.762

Shares issued during the financial period 37,047.481 - Shares redeemed during the financial period (20,578.843) - (270,378.789)

Redeemable participating shares in issue at end of the financial period 313,254.737 970.509 358,477.973

Class F USD Distributing

Class FP EUR Distributing

Class FP GBP Accumulating Spyglass US Growth Fund (UCITS) 30 June 202 6 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 548,648.020 338,177.553 355,154.117

Shares issued during the financial period 6,966.303 62,044.000 202,130.766 Shares redeemed during the financial period (125,786.145) (21,620.000) (153,540.356)

Redeemable participating shares in issue at end of the financial period 429,828.178 378,601.553 403,744.527

1 This share class for Spyglass US Growth Fund (UCITS) was terminated on 17 February 2026. 2 This share class for Spyglass US Growth Fund (UCITS) was terminated on 11 May 2026.

Page 24

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

5. Share capital (continued)

Class FP GBP Distributing

Class FP USD Distributing

Class I EUR Accumulating Spyglass US Growth Fund (UCITS) 30 June 2026 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 8,555,501.810 872,147.919 84,880.000

Shares issued during the financial period 5,171,525.352 148,587.545 146,322.388 Shares redeemed during the financial period (386,581.280) (90,329.084) (35,820.298)

Redeemable participating shares in issue at end of the financial period 13,340,445.882 930,406.380 195,382.090

Class I GBP Accumulating

Class I GBP Accumulating Hedged

Class I GBP Distributing Spyglass US Growth Fund (UCITS) 30 June 202 6 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 323,611.572 5,820.000 11,187.166

Shares issued during the financial period 41,321.805 5,730.000 154,380.358 Shares redeemed during the financial period (29,453.880) (2,500.000) (16,370.174)

Redeemable participating shares in issue at end of the financial period

335,479.497 9,050.000 149,197.350

Class I USD Accumulating

Class I USD Distributing Spyglass US Growth Fund (UCITS) 30 June 202 6 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 2,144,646.552 85,222.000

Shares issued during the financial period 410,686.630 Shares redeemed during the financial period (327,937.972) (1,630.000)

Redeemable participating shares in issue at end of the financial period 2,227,395.210 83,592.000

Class E USD Accumulating

Class F GBP Accumulating

Class F USD Accumulating FountainCap Greater China Select UCITS 30 June 202 6 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 476,489.225 186,934.066 2,053,450.387

Shares issued during the financial period - 11,055.221 48,514.000 Shares redeemed during the financial period (72,905.610) (39,779.263) (340,182.770)

Redeemable participating shares in issue at end of the financial period 403,583.615 158,210.024 1,761,781.617

Class F USD Distributing

Class FC EUR Distributing

Class FC GBP Distributing FountainCap Greater China Select UCITS 30 June 202 6 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 244,117.000 176,380.771 1,380,075.103

Shares issued during the financial period 9,730.000 - 277,082.313 Shares redeemed during the financial period (14,595.000) (3,020.629) (122,824.812)

Redeemable participating shares in issue at end of the financial period 239,252.000 173,360.142 1,534,332.604

Page 25

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

5. Share capital (continued)

Class FC USD Distributing

Class FP USD Accumulating

Class I EUR Accumulating FountainCap Greater China Select UCITS 30 June 202 6 30 June 2026 30 June 2026 Redeemable participating shares in issue at beginning of the financial period 150,747.577 178,744.000 2,507,895.851

Shares issued during the financial period - 20,463.000 1,414,152.489 Shares redeemed during the financial period (14,100.000) (4,500.000) (77,580.667)

Redeemable participating shares in issue at end of the financial period 136,647.577 194,707.000 3,844,467.673

Class I GBP Accumulating Unhedged

Class I USD Accumulating

Class I EUR Accumulating Hedged 1 FountainCap Greater China Select UCITS 30 June 202 6 30 June 2026 30 June 202 6 Redeemable participating shares in issue at beginning of the financial period 1,432.794 2,735,969.727 -

Shares issued during the financial period 160.424 1,091,453.180 1,000.000 Shares redeemed during the financial period (160.424) (1,802,879.338) -

Redeemable participating shares in issue at end of the financial period 1,432.794 2,024,543.569 1,000.000

Class F USD Accumulating 2

Class I USD Accumulating 2

Class F GBP Accumulating 2 Fiduciary Management US Small Cap Equity UCITS 30 June 202 6 30 June 202 6 30 June 202 6 Redeemable participating shares in issue at beginning of the financial period - - -

Shares issued during the financial period 1,000,000.000 1,000.000 1,000.000 Shares redeemed during the financial period - - -

Redeemable participating shares in issue at end of the financial period 1,000,000.000 1,000.000 1,000.000

Class I GBP Accumulating 2 Fiduciary Management US Small Cap Equity UCITS 30 June 202 6 Redeemable participating shares in issue at beginning of the financial period -

Shares issued during the financial period 1,000.000 Shares redeemed during the financial period -

Redeemable participating shares in issue at end of the financial period 1,000.000

1 This share class for FountainCap Greater China Select UCITS was launched on 24 April 2026. 2 This share class for Fiduciary Management US Small Cap Equity UCITS was launched on 13 April 2026.

Page 26

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

5. Share capital (continued)

Share transactions for the financial period ended 31 December 2025 are shown below:

Class AB USD Accumulating

Class A EUR Accumulating

Class A EUR Accumulating Hedged Spyglass US Growth Fund (UCITS) 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 1,000.000 1,000.000 332,830.282

Shares issued during the financial year - - 27,807.775 Shares redeemed during the financial year - - (351,326.953)

Redeemable participating shares in issue at end of the financial year 1,000.000 1,000.000 9,311.104

Class A USD Accumulating

Class AB EUR Accumulating Hedged

Class E EUR Accumulating Spyglass US Growth Fund (UCITS) 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 115,423.337 1,000.000 2,384,211.322

Shares issued during the financial year 19,207.000 65,278.568 Shares redeemed during the financial year (22,581.337) (1,000.000) (837,567.703)

Redeemable participating shares in issue at end of the financial year 112,049.000 65,278.568 1,546,643.619

Class F GBP Accumulating

Class F GBP Distributing

Class F USD Accumulating Spyglass US Growth Fund (UCITS) 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 430,636.491 4,340.633 632,652.048

Shares issued during the financial year 54,226.764 - 19,620.491 Shares redeemed during the financial year (188,077.156) (3,370.124) (23,415.777)

Redeemable participating shares in issue at end of the financial year 296,786.099 970.509 628,856.762

Class F USD Distributing

Class FP EUR Distributing

Class FP GBP Accumulating Spyglass US Growth Fund (UCITS) 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 569,235.229 393,384.608 231,606.126

Shares issued during the financial year 27,169.791 56,878.000 204,510.430 Shares redeemed during the financial year (47,757.000) (112,085.055) (80,962.439)

Redeemable participating shares in issue at end of the financial year 548,648.020 338,177.553 355,154.117

Page 27

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

5. Share capital (continued)

Class FP GBP Distributing

Class FP USD Distributing

Class I EUR Accumulating Spyglass US Growth Fund (UCITS) 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 9,289,395.192 1,063,901.486 96,530.000

Shares issued during the financial year 954,443.322 111,168.505 21,165.000 Shares redeemed during the financial year (1,688,336.704) (302,922.072) (32,815.000)

Redeemable participating shares in issue at end of the financial year 8,555,501.810 872,147.919 84,880.000

Class I GBP Accumulating

Class I GBP Accumulating Hedged

Class I GBP Distributing Spyglass US Growth Fund (UCITS) 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 278,144.988 20,575.000 150,263.988

Shares issued during the financial year 113,948.613 2,500.000 49,243.966 Shares redeemed during the financial year (68,482.029) (17,255.000) (188,320.788)

Redeemable participating shares in issue at end of the financial year

323,611.572 5,820.000 11,187.166

Class I USD Accumulating

Class I USD Distributing Spyglass US Growth Fund (UCITS) 3 1 December 202 5 3 1 December 202 5 Redeemable participating shares in issue at beginning of the financial year 1,253,301.089 120,185.891

Shares issued during the financial year 1,019,567.788 3,353.350 Shares redeemed during the financial year (128,222.325) (38,317.241)

Redeemable participating shares in issue at end of the financial year 2,144,646.552 85,222.000

Class E USD Accumulating

Class F GBP Accumulating

Class F USD Accumulating FountainCap Greater China Select UCITS 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 476,489.225 350,301.948 3,304,278.635

Shares issued during the financial year - 17,443.956 959,174.562 Shares redeemed during the financial year - (180,811.838) (2,210,002.810)

Redeemable participating shares in issue at end of the financial year 476,489.225 186,934.066 2,053,450.387

Page 28

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

5. Share capital (continued)

Class F USD Distributing

Class FC EUR Distributing

Class FC GBP Distributing FountainCap Greater China Select UCITS 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 265,742.000 181,580.771 1,559,443.460

Shares issued during the financial year 28,730.000 - 81,790.385 Shares redeemed during the financial year (50,355.000) (5,200.000) (261,158.742)

Redeemable participating shares in issue at end of the financial year 244,117.000 176,380.771 1,380,075.103

Class FC USD Distributing

Class FP USD Accumulating

Class I EUR Accumulating FountainCap Greater China Select UCITS 31 December 2025 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 62,042.753 134,101.000 3,489,261.425

Shares issued during the financial year 94,100.000 44,643.000 165,940.923 Shares redeemed during the financial year (5,395.176) - (1,147,306.497)

Redeemable participating shares in issue at end of the financial year 150,747.577 178,744.000 2,507,895.851

Class I GBP Accumulating Unhedged

Class I USD Accumulating FountainCap Greater China Select UCITS 31 December 2025 31 December 2025 Redeemable participating shares in issue at beginning of the financial year 3,481.500 2,347,952.095

Shares issued during the financial year 830.252 587,440.124 Shares redeemed during the financial year (2,878.958) (199,422.492)

Redeemable participating shares in issue at end of the financial year 1,432.794 2,735,969.727

6. Fees and expenses

Manager Fees

Spyglass US Growth Fund (UCITS) The Manager is paid a fee out of the assets of the Fund, calculated and accrued on each dealing day and payable monthly in arrears, of an amount up to a maximum of 0.1% of the Net Asset Value of the Fund, subject to a monthly minimum fee of EUR 3,500 per month. The Manager is also entitled to receive out of the assets of the Fund reasonable and properly vouched expenses.

The Manager of the ICAV earned USD 56,115 For the financial period ended 30 June 2026 (30 June 2025: USD 58,025). At the end of the financial period fees remaining payable amounted to USD 15,113 (31 December 2025: USD 13,433).

FountainCap Greater China Select UCITS The Manager shall be paid a fee out of the assets of the Fund, calculated and accrued on each Dealing Day and payable monthly in arrears, of an amount up to 0.05% of the Net Asset Value of the Fund (plus VAT, if any), subject to a monthly minimum fee up to EUR 3,500 (plus VAT, if any). The Manager is also entitled to receive out of the assets of the Fund reasonable and properly vouched expenses.

Page 29

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

6. Fees and expenses (continued)

The Manager of the ICAV earned USD 24,920 For the financial period ended 30 June 2026 (30 June 2025: USD 21,018). At the end of the financial period fees remaining payable amounted to USD 11,544 (31 December 2025: USD 7,376).

Fiduciary Management US Small Cap Equity UCITS The Manager shall be paid a fee out of the assets of the Fund, calculated and accrued on each Dealing Day and payable monthly in arrears, of an amount up to 0.05% of the Net Asset Value of the Fund (plus VAT, if any), subject to a monthly minimum fee of up to EUR 3,500 (plus VAT, if any). The Manager is also entitled to receive out of the assets of the Fund reasonable and properly vouched expenses.

The Manager of the ICAV earned USD 866 For the financial period ended 30 June 2026 (30 June 2025: USD Nil). At the end of the financial period fees remaining payable amounted to USD 459 (31 December 2025: USD Nil).

Investment Management and Distribution Fees

Spyglass US Growth Fund (UCITS) The Investment Manager is entitled to a maximum investment management fee in respect of each share class, calculated and accruing on each dealing day and payable monthly in arrears. The Investment Manager is also entitled to receive out of the assets of the Funds reasonable and properly vouched expenses.

The Fund will pay to the Investment Manager and Distributor in Investment Management and Distribution fees a maximum annual fee of 1.0% on Share Class I, 1.40% on Share Class A, 0.60% on Share Class F, 1.40% on Share Class AB, 0.50% on Share Class FP and based on the Net Asset Value of the previous day attributable to each share class. The Investment management and distribution fees are calculated and accrued daily and payable monthly in arrears promptly following the end of each month.

Share Classes F and FP are founder Share Classes and accordingly will only be offered to initial seed investors. In addition, these Share Classes are subject to the Investment Management Fee and Performance Fee rates as disclosed in Note 6. All other fees and expenses payable out of each of these Share Classes will be subject to the following: (i) a cap of 0.15% per annum for Share Class F; and (ii) a cap of 0.10% per annum for Share Class FP.

The Distributor is paid a portion of the fee up to a maximum of 25%. The Distributor is also entitled to receive out of the assets of the Fund reasonable and properly vouched expenses.

For the financial period ended 30 June 2026 the Investment Manager and Distributor reimbursement for capped expenses amounted to USD 234,920 of which USD 9,576 was reimbursed jointly by the Distributor and the Investment Manager (30 June 2025: USD 195,048 of which USD 46,650), and USD 225,344 was reimbursed by the Distributor (30 June 2025: USD 148,498).

Total net investment management and distribution fees, amounted to USD 776,180 during the financial period (30 June 2025: USD 932,282), with USD 751,143 corresponding to the Investment Manager (30 June 2025: USD 803,760) and USD 25,037 corresponding to the Distributor (30 June 2025: USD 119,522).

At the end of the financial period, total net investment management and distribution fees remaining payable amounted to USD 219,293 (31 December 2025: USD 426,541), with USD 164,470 corresponding to the Investment Manager (31 December 2025: USD 319,906) and USD 54,823 to the Distributor (31 December 2025: USD 106,635).

Page 30

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

6. Fees and expenses (continued)

Investment Management and Distribution Fees (continued)

FountainCap Greater China Select UCITS The Fund will pay to the Investment Manager and Distributor in Investment Management and Distribution fees a maximum annual fee of 1.0% on Share Class F, 1.1% on Share Class I, nil on Class E shares and based on the Net Asset Value of the previous day attributable to each share class. The Investment management and distribution fees are calculated and accrued daily and payable monthly in arrears promptly following the end of each month.

Share Classes F and FP are founder Share Classes and accordingly will only be offered to initial seed investors and at the discretion of the Directors. The Investment Management Fee in respect of Share Classes F and FP includes all fees and expenses that may be payable by these Share Classes.

The Distributor will be paid a portion of the investment management fee up to a maximum of 33.3%. The Distributor is also entitled to receive out of the assets of the Fund reasonable and properly vouched expenses.

For the financial period ended 30 June 2026 the Investment Manager and Distributor reimbursement for capped expenses amounted to USD 128,148 (30 June 2025: USD 108,720), of which reimbursement remaining receivable amounted to USD 20,911 (31 December 2025: USD 48,967).

Total net investment management and distribution fees, after capped expenses being applied, amounted to USD 501,338 during the financial period (30 June 2025: USD 409,402), with USD 435,151 corresponding to the Investment Manager (30 June 2025: USD 365,762) and USD 66,187 corresponding to the Distributor (30 June 2025: USD43,640).

At the end of the financial period, after capped expenses being applied, total net investment management and distribution fees remaining payable amounted to USD 88,874 (31 December 2025: USD 55,978), with USD 77,143 corresponding to the Investment Manager (31 December 2025: USD 49,697) and USD 11,731 to the Distributor (31 December 2025: USD 5,922).

Fiduciary Management US Small Cap Equity UCITS The Fund will pay to the Investment Manager and Distributor in Investment Management and Distribution fees a maximum annual fee of 0.7% on Share Class F, 0.95% on Share Class I, nil on Class E shares and based on the Net Asset Value of the previous day attributable to each share class. The Investment management and distribution fees are calculated and accrued daily and payable monthly in arrears promptly following the end of each month.

Share Class F is a founder Share Class and accordingly will only be offered to initial seed investors and at the discretion of the Directors. The Investment Management Fee in respect of Share Class F includes all fees and expenses that may be payable by this Share Class.

For the financial period ended 30 June 2026 the Investment Manager and Distributor reimbursement for capped expenses amounted to USD 49,631 (30 June 2025: USD Nil), of which reimbursement remaining receivable amounted to USD 34,456 (31 December 2025: USD Nil).

Total net investment management and distribution fees, before capped expenses being applied, amounted to USD 34,451 during the financial period (30 June 2025: USD Nil), with USD 31,981 corresponding to the Investment Manager (30 June 2025: USD Nil) and USD 2,476 corresponding to the Distributor (30 June 2025: USD Nil).

At the end of the financial period, after capped expenses being applied, total net investment management and distribution fees remaining payable amounted to USD Nil (31 December 2025: USD Nil), with USD Nil corresponding to the Investment Manager (31 December 2025: USD Nil) and USD Nil to the Distributor (31 December 2025: USD Nil).

Page 31

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

6. Fees and expenses (continued)

Directors’ Fees and Expenses

The Instrument of Incorporation authorises the Directors to charge a fee for their services at a rate determined by the Directors. The Directors have determined that the maximum fee per Director shall not exceed EUR 30,000 per annum. Director fees for Sophia Everitt have charged EUR 11,000 per annum proportionately during the period. All Directors will be entitled to reimbursement by the ICAV of expenses properly incurred in connection with the business of the ICAV or the discharge of their duties. Payments of directors’ fees and reimbursements of expenses may be subject to deduction of Irish payroll taxes in the absence of any reliefs or exemptions.

Spyglass US Growth Fund (UCITS) The Directors’ fees and expenses including applicable taxation for the financial period ended 30 June 2026 were USD 30,680 (30 June 2025: USD 32,074). At the end of the financial period fees remaining payable amounted to USD 8,495 (31 December 2025: USD Nil).

FountainCap Greater China Select UCITS The Directors’ fees and expenses including applicable taxation for the financial period ended 30 June 2026 were USD 9,138 (30 June 2025: USD 14,250). At the end of the financial period fees remaining payable amounted to USD 773 (31 December 2025: USD Nil).

Fiduciary Management US Small Cap Equity UCITS The Directors’ fees and expenses including applicable taxation for the financial period ended 30 June 2026 were USD 761 (30 June 2025: USD Nil). At the end of the financial period fees remaining payable amounted to USD 746 (31 December 2025: USD Nil).

Administrator Fees

The Administrator is entitled to receive out of the assets of the Funds an annual fee, accrued daily and payable monthly in arrears at an agreed annual percentage rate of the Net Asset Value. The Administrator may also be entitled to registrar and transfer agency fees and any other fees as may be disclosed in the relevant Supplement.

The Administrator is also entitled to recover out of pocket expenses (plus VAT thereon, if any) reasonably incurred on behalf of any Fund out of the assets of the relevant Fund on an actual cost basis.

The Administrator is entitled to a maximum fee of 0.0125% per annum of the Funds’ Net Asset Value payable out of the assets of the Fund subject to a minimum annual fee of EUR 22,500. The minimum annual fee has been waived for the first 12 months since launch. The fees are accrued on each dealing day and payable monthly in arrears.

Spyglass US Growth Fund (UCITS) The Administrator earned USD 125,466 for the financial period ended 30 June 2026 (30 June 2025: USD116,225). At the end of the financial period fees remaining payable amounted to USD 182,904 (31 December 2025: USD 117,923).

FountainCap Greater China Select UCITS The Administrator earned USD 69,687 for the financial period ended 30 June 2026 (30 June 2025: USD 72,635). At the end of the financial period fees remaining payable amounted to USD 111,783 (31 December 2025: USD 106,071).

Fiduciary Management US Small Cap Equity UCITS The Administrator earned USD 8,434 for the financial period ended 30 June 2026 (30 June 2025: USD Nil). At the end of the financial period fees remaining payable amounted to USD 6,005 (31 December 2025: USD Nil).

Page 32

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

6. Fees and expenses (continued)

Depositary Fees

The Depositary is entitled to receive an annual depositary fee in respect of each Fund accrued daily and payable monthly in arrears at an agreed annual percentage rate of the Net Asset Value. The Depositary is also entitled to agree upon transaction and cash service charges and to recover properly vouched out of pocket expenses out of the assets of the relevant Fund (plus VAT thereon, if any) including expenses of any sub-custodian appointed by it which shall be at normal commercial rates.

The Depositary is entitled to a maximum fee of 0.025% per annum of the Funds’ Net Asset Value payable out of the assets of the Funds subject to a minimum annual fee of EUR 11,500 and an annual cash flow monitoring fee of EUR 6,000. The minimum annual fee has been waived for the first 12 months since launch. The fees are accrued on each dealing day and payable monthly in arrears.

Spyglass US Growth Fund (UCITS) The depositary fees for the financial period ended 30 June 2026 were USD 62,469 (30 June 2025: USD 42,944). At the end of the financial period fees remaining payable amounted to USD 63,180 (31 December 2025: USD 38,547). The depositary oversight fees are included in the depositary fees and total depositary oversight fees were USD 33,889 For the financial period ended 30 June 2026 (30 June 2025: USD 37,778).

FountainCap Greater China Select UCITS The depositary fees for the financial period ended 30 June 2026 were USD 60,186 (30 June 2025: USD 20,720). At the end of the financial period fees remaining payable amounted to USD 70,220 (31 December 2025: USD 41,756). The depositary oversight fees are included in the depositary fees and total depositary oversight fees were USD 14,784 For the financial period ended 30 June 2026 (30 June 2025: USD 13,140).

Fiduciary Management US Small Cap Equity UCITS The depositary fees for the financial period ended 30 June 2026 were USD 4,990 (30 June 2025: USD Nil). At the end of the financial period fees remaining payable amounted to USD 4,557 (31 December 2025: USD Nil). The depositary oversight fees are included in the depositary fees and total depositary oversight fees were USD 542 For the financial period ended 30 June 2026 (30 June 2025: USD Nil).

Performance Fee

Spyglass US Growth Fund (UCITS) The Investment Manager is entitled to receive a performance-related fee (the “performance fee”) in respect of certain share classes. The performance fee is calculated separately for each share class. The calculation of the performance fee is verified by the Depositary.

The performance fee is calculated in respect of each calendar year ending 31 December. The first calculation period will be the period commencing on the business day immediately following the close of the initial offer period and ending on 30 June 2026 in the year in which the share class launched. The benchmark is the Russell 2500 TM Growth Total Return Index, which measures the performance of the small to mid-cap growth segment of the US equity market. The benchmark is consistent with the investment policy of the Fund. The performance fee payable is equal to the amount by which the performance of the Fund exceeds the benchmark multiplied by the number of shares in issue in the applicable share class multiplied by the performance fee rate for the relevant share class subject to the high-water mark. The initial issue price is taken as the starting price for the performance fee calculation. The performance fee is calculated by reference to the Net Asset Value per Share before the deduction of any accrued performance fee and any dividends declared during the calculation period will be added back into the Net Asset Value per Share for the purposes of the calculation.

The high-water mark must be achieved (and accordingly any underperformance of the Fund in preceding calculation years must be cleared) before a performance fee is accrued or becomes due in subsequent calculation years. In the case of shares redeemed during a calculation period, the accrued performance fee in respect of those shares will be payable for the month that redemption occurs.

Page 33

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

6. Fees and expenses (continued)

Performance Fee

As at 30 June 2026, the Investment Manager is entitled to a performance fee of 10% on the following active share classes: Class FP EUR Distributing, Class FP GBP Distributing and Class FP USD Distributing. Performance fees accrued as at 30 June 2026 amounted to USD Nil for the Spyglass US Growth Fund (UCITS) (30 June 2025: USD 61,300). However the amount payable to the Investment Manager will only become payable upon redemption or at the next crystallisation date which is 31 December 2026.

The below table shows the performance fees charged per share class during the financial period ended 30 June 2026:

FountainCap Greater China Select UCITS The Investment Manager will be entitled to receive a performance related fee (the “performance fee”) in respect of certain share classes. The performance fee will be calculated on each Dealing Day in respect to each separate share class. The calculation of the performance fee will be verified by the Depositary and is not open to the possibility of manipulation.

The performance fee will be calculated on the out performance of the benchmark. Details of past performance against the benchmark will be set out in the key investor information document and shall be available from the Manager or the Investment Manager upon request.

The performance fee will be calculated in respect of each calendar year ending 31 December. The first calculation period will be the period commencing on the Business Day immediately following the close of the initial offer period and ending on 31 December in the year in which the share class launched.

The performance fee will be calculated by reference to a Hurdle Rate Adjusted Net Asset Value of a share class. The initial issue price is taken as the starting price for the performance fee calculation.

The Hurdle Rate Adjusted Net Asset Value of a share class is the Net Asset Value of the share class as at the end of the last calculation period after which a performance fee was paid (or if no performance fee has yet been paid, the initial offer price multiplied by the number of Class Shares issued at the end of the Initial Offer Period) increased on each Dealing Day by the value of any subscriptions or reduced pro rata by the value of any redemptions on each Dealing Day and adjusted by the Hurdle Rate over the course of the Calculation Period (the "Hurdle Rate Adjusted Net Asset Value"). The "Hurdle Rate" means the compounded daily return on the MSCI China All Shares Net Total Return Index.

If at the end of the relevant calculation period, the performance of the Net Asset Value exceeds the Hurdle Rate Adjusted Net Asset Value, the performance fee shall be equal in aggregate to the performance fee rate multiplied by the amount by which the Net Asset Value exceeds the Hurdle Rate Adjusted Net Asset Value of the relevant share class as at the end of the relevant calculation period, plus any performance fee accrued in relation to the share class in respect of redemptions during the calculation period. For the avoidance of doubt, this means the performance fee will be payable on the relative return over the Hurdle Rate rather than any absolute return over the Net Asset Value per share.

The use of a Hurdle Rate Adjusted Net Asset Value ensures that investors will not be charged a performance fee until any previous shortfalls relative to the Hurdle Rate Adjusted Net Asset Value are recovered.

Any underperformance of the Hurdle Rate in a given calculation period will be clawed back before any performance fee becomes payable in the following calculation period.

Page 34

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

6. Fees and expenses (continued)

Performance Fee

This means that investors will not be charged a performance fee until any previous shortfalls relative to the Hurdle Rate Adjusted Net Asset Value are recovered. However, it also means that the performance fee will be payable on the relative return of the relevant Share Class against the Hurdle Rate, and that a performance fee will be payable if the Net Asset Value of the relevant share class has outperformed the Hurdle Rate during the calculation period but the share class has fallen in value.

Any excess performance will be calculated net of all costs and could be calculated without deducting the performance fee itself, provided that in doing so it is in the investor’s best interest and would result in less fees being charged to the investor.

In the case of shares redeemed during a calculation period, the accrued performance fee in respect of those shares will be payable in the month that redemption occurs.

As at 30 June 2026, the Investment Manager is entitled to a performance fee of 10% on the following active share classes: Class FP GBP Accumulating. Performance fees accrued as at 30 June 2026 amounted to USD 13,713 for the FountainCap Greater China Select UCITS (30 June 2025: USD 15,134). However the amount payable to the Investment Manager will only become payable upon redemption or at the next crystallisation date which is 31 December 2026.

The below table shows the performance fees charged per share class during the financial period ended 30 June 2026:

Fund name Share class name

Performance fee charged (in USD)

% of the fees based on the share class NAV FountainCap Greater China Select UCITS Class FP GBP Accumulating $13,713 0.51%

Fiduciary Management US Small Cap Equity UCITS The Investment Manager uses fundamental analysis to identify stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk. Value prices mean a discount to where the company has traded in the past against measures such as price/earnings, price/sales, enterprise value/earnings before interest, taxes, depreciation, and amortisation (EBITDA) ratios. The Investment Manager seeks to identify companies from the Fund’s investable universe of US small-cap companies which the Investment Manager believes have steady revenue and/or earnings.

The Fund uses the Russell 2000® Index (the “Benchmark”) for performance measurement purposes, which measures the performance of the small-cap segment of the US equity market. The Russell 2000® Index measures the performance of the 2000 smallest companies in the Russell 3000® Index, which comprises the 3000 largest US companies based on total market capitalisation. The Russell 2000® Index is a trademark of the Frank Russell Company. It is a total return index which assumes that all cash distributions are reinvested in addition to tracking price movements. The Benchmark is consistent with the investment policy of the Fund which is to invest mainly in stocks of listed US small-cap companies with market capitalisations of between US$1 and US$10 billion, at purchase.

Performance of the Fund is measured against the Benchmark for comparative purposes only. While the Fund measures performance against the Benchmark, it does not target any particular level of outperformance of the Benchmark as an objective. As the Fund is actively managed (meaning that the Investment Manager has discretion over the composition of the Fund’s portfolio to its stated investment objectives and policy), securities selection is not constrained by the Benchmark. The strategy pursued by the Fund does not impose limits on the extent to which portfolio holdings and/or weights must adhere to or may diverge from the composition of the Benchmark.

As at 30 June 2026, the Investment Manager is entitled to a performance fee of 10% on the following active share classes: Class F USD Accumulating, Class I USD Accumulating, Class F GBP Accumulating and Class I GBP Accumulating. Performance fees accrued as at 30 June 2026 amounted to USD Nil for the Fiduciary Management US Small Cap Equity UCITS (30 June 2025: USD Nil). However the amount payable to the Investment Manager will only become payable upon redemption or at the next crystallisation date which is 31 December 2026.

Page 35

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

6. Fees and expenses (continued)

Auditor's remuneration

The audit fees for the financial period ended 30 June 2026 were USD 20,925 (30 June 2025: USD 14,972). At the end of the financial period fees remaining payable amounted to USD 17,479 (31 December 2025: USD 14,648).

3 0 June 202 6 30 June 202 5 USD USD Audit of statutory financial statements (ex VAT) 20,925 14,972 Other assurance services - Tax advisory services - Other non-audit services - Total 20,925 14,972

7. Transactions with related parties

FRS 102 Section 33 ‘Related Party Disclosures’ requires an entity to include in its financial statements the disclosures necessary to draw attention to the possibility that its financial position and profit or loss have been affected by the existence of related parties and by transactions and outstanding balances with such parties. The Directors, the Manager, the relevant Investment Manager and Carne Global Financial Services Limited represent related parties for the purposes of the accounting standards to which the ICAV is subject.

Carne Global Fund Managers (Ireland) Limited is the Manager to the ICAV. Manager fees and Investment Management and Distributor fees are disclosed in Note 6.

Fiona Mulhall, Bryan O’Connell and Sophia Everitt served as Directors of the ICAV during the financial period.

Directors’ fees are disclosed in Note 6.

Bryan O’Connell, a Director of the ICAV is an employee of the Manager. Carne Global Financial Services Limited, the parent Company of the Manager earned fees during the year in respect of Director support services and other fund governance services provided to the ICAV.

Spyglass US Growth Fund (UCITS) Director support services fees amounted to USD 6,462 (30 June 2025: USD 5,282), of which USD 3,165 (31 December 2025: USD 10,879) was payable at period end.

Other fund governance services fees amounted to USD 23,732 (30 June 2025: USD25,828), of which USD 11,425 (31 December 2025: USD 16,252) was payable at period end.

FountainCap Greater China Select UCITS Director support services fees amounted to USD 647 (30 June 2025: USD 528), of which USD 317 (31 December 2025: USD 1,088) was payable at period end.

Other fund governance services fees amounted to USD 23,728 (30 June 2025: USD 13,556), of which USD 11,425 (31 December 2025: USD 10,112) was payable at period end.

Fiduciary Management US Small Cap Equity UCITS Director support services fees amounted to USD 323 (30 June 2025: USD Nil), of which USD 317 (31 December 2025: USD Nill) was payable at period end.

Other fund governance services fees amounted to USD 26,063 (30 June 2025: USD Nil), of which USD 11,423 (31 December 2025: USD Nil) was payable at period end.

Page 36

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

7. Transactions with related parties (continued)

As at 30 June 2026, Aravis Capital Limited, the Distributor of the ICAV, holds 2,970.509 units (31 December 2025: 2,970.509 units) in Spyglass US Growth Fund (UCITS), and 1,602.559 units in FountainCap Greater China Select UCITS (31 December 2025: 602.559 units) and 3,000.000 units in Fiduciary Management US Small Cap Equity UCITS (31 December 2025: Nil units).

As at 30 June 2026, FountainCap Research & Investment (Hong Kong) Co. Limited, the Investment manager of the sub-fund, holds 303,583.615 units in FountainCap Greater China Select UCITS (31 December 2025: 376,489.225 units).

Frank Ding (Part owner of FountainCap Research & Investment (Hong Kong) Co., Limited) holds 100,000 units in FountainCap Greater China Select UCITS (31 December 2025: 100,000 units).

As at 30 June 2026 James Alexander, a previous Director of the ICAV holds 2,600.000 units (31 December 2025: 2,600.000 units) in Spyglass US Growth Fund (UCITS). As at 30 June 2026 James Alexander, a previous Director of the ICAV along with his family members, together held 3,954.000 units (31 December 2025: 3,954.000 units) in Spyglass US Growth Fund (UCITS) and 2,567.000 units (31 December 2025: 2,567.000 units) in FountainCap Greater China Select UCITS.

As at 30 June 2026 James Parker, a Director of the Distributor has 8,900.002 units (31 December 2025: 8,900.002 units) in Spyglass US Growth Fund (UCITS) and 20,600.875 units (31 December 2025: 20,600.875 units) in FountainCap Greater China Select UCITS.

Other than described above, neither the secretary nor any of the Directors (including family interest) had any shareholdings in the ICAV as at 30 June 2026 (31 December 2025: none).

Connected persons

The Central Bank UCITS Regulation 46(1) - Transactions involving the management company or depositary to a UCITS; and the delegates or sub-delegates of such a management company or depositary (excluding any non group company sub-custodians appointed by a depositary); and any associated or group company of such a management company, depositary, delegate or sub-delegate ("Connected Parties") - states that any transaction carried out with a UCITS by these Connected Parties must be conducted at arm's length and in the best interests of the shareholders of the UCITS.

The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 46(1) of the Central Bank UCITS Regulations are applied to all transactions with Connected Parties; and the Board of Directors are satisfied that transactions with Connected Parties entered into during the financial period complied with the obligations set out in Regulation 46(1).

During the period, transactions with connected persons were conducted in accordance with the requirements applicable at the relevant time under Regulations 42 and 43 of the Central Bank UCITS Regulations 2019, including that such transactions were conducted at arm’s length and in the best interests of shareholders.

With effect from 10 July 2026, the 2019 Regulations were repealed and replaced by the Central Bank UCITS Regulations 2026. The corresponding requirements are now set out in Regulations 45 and 46 and apply to transactions involving connected parties

Page 37

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

8. Risks associated with financial instruments

The Fund is exposed to risks, which include market risk, credit risk and liquidity risk arising from the financial instruments it holds. The Fund may use derivatives and other instruments in connection with its risk management activities.

The Funds have in place guidelines that set out their overall business strategies and its general risk management philosophy and have established processes to monitor and control economic hedging transactions in a timely and accurate manner.

The Investment Manager employs a risk management process to monitor and control position risk in a timely and accurate manner.

As the Funds invest in public equities and maintain a modest cash position, the Investment Manager does not measure global exposure.

(a) Market Risk (continued)

(i) Market Price Risk

Market risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements.

The Funds are exposed, particularly in its equity assets, to market risk. The Funds invest in securities traded on global markets and market risk is a risk to which exposure is unavoidable. Market risk comprises of market price risk, currency risk, interest rate risk and concentration risk.

Market price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment, its issuer or all factors affecting equity instruments traded in the market.

The risk is mitigated through diversification of the portfolio in investments in various industries.

The investment strategy of the Funds is not to replicate a market index and therefore correlation between the return from the Funds and any market index is likely to vary. As a result, it is appropriate to use the financial period end portfolio as a risk variable in any market sensitivity analysis.

(ii) Currency Risk

Currency risk is the risk that the Funds’ operations or the NAV of the Funds will be affected by changes in exchange rates and regulatory controls on currency movements.

The Funds may employ techniques and instruments intended to provide protection against exchange rate risks in the context of the management of its assets and liabilities, for example where there is a difference between the date an investment purchase or sale is entered into and the date when settlement of the proceeds occurs. When the Funds enter into a transaction, which will involve the buying or selling of foreign currency in order to complete a transaction, a forward foreign exchange contract may be entered into at the same time as the initial transaction in order to eliminate exchange rate risk. The Funds may also enter into forward foreign exchange contracts to hedge the foreign exchange risk implicit in the value of portfolio securities denominated in a currency other than the Funds’ base currency, USD.

(iii) Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk arises when the Funds invest in interest bearing financial instruments. At the financial period end the Funds held no interest-bearing financial instruments and interest rate risk in relation to cash at bank is not regarded a material risk.

Page 38

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

8. Risks associated with financial instruments (continued)

(iv) Concentration Risk

The Investment Manager reviews the concentration of risk of equity securities held based on industries and geographical location.

(b) Credit Risk

Credit risk arises where there is a possibility that a loss may occur from the failure of another party to fulfil its duties according to the terms of a contract. The Funds will also be exposed to credit risk on parties with whom they trade securities and may also bear the risk of settlement default. The Funds may also be exposed to credit risk on issuers in which the Funds invest in respect of a default in payment of dividends declared by the issuer. The Investment Manager seeks to minimise concentrations of credit risk by undertaking transactions with multiple counterparties on recognised exchanges.

In choosing and appointing a sub-custodian as a safekeeping agent, the Depositary exercises care and diligence to ensure that the sub-custodian has and maintains the expertise, competence and standing appropriate to discharge the responsibilities concerned. These criteria are monitored by the Depositary on an ongoing basis.

As at 30 June 2026, CACEIS Bank, Ireland Branch has a credit rating of A+ with Standard & Poor’s (31 December 2025: A+).

The credit risk on liquid funds is mitigated through the use of counterparties or banks with high credit ratings assigned by international credit-rating agencies. The carrying amount of financial assets recognised in the financial statements, represents the Fund’s maximum exposure to credit risk. The Funds have no collateral or other credit enhancements held.

All of the investments and cash of the Funds are held by the Depositary, and its sub-custodians, on behalf of the Funds. The investments are clearly segregated from the Depositary’s own assets. However, bankruptcy or insolvency of the Depositary, or one of its sub-custodians, could cause the Funds’ rights with respect to assets held by the Depositary or sub custodian to be delayed.

Liquidity risk is the risk that the Funds will encounter difficulty in realising assets or otherwise raising funds to meet commitments. Not all securities or instruments invested in by the Funds will be listed or rated and consequently liquidity may be low. Moreover, the accumulation and disposal of holdings in some investments may be time consuming and may need to be conducted at unfavourable prices. The Funds may also encounter difficulties in disposing of assets at their amounts approximating fair values due to adverse market conditions leading to limited liquidity.

Substantial redemption at the option of shareholders may necessitate liquidation of investments. It is possible that losses may be incurred on such liquidations, which might otherwise not have arisen.

If the number of shares to be redeemed on any dealing day equals one tenth or more of the total number of shares of the Funds in issue on that day the Directors or their delegate may at their discretion refuse to redeem any shares in excess of one tenth of the total number of shares in issue as aforesaid and, if they so refuse, the requests for redemption on such dealing day shall be reduced pro rata and shares which are not redeemed by reason of such refusal shall be treated as if a request for redemption had been made in respect of each subsequent dealing day until all shares to which the original request related have been redeemed.

Page 39

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

9. Fair Value Measurements

The Financial Reporting Council aligned FRS 102’s fair value hierarchy disclosures with IFRS 13, Fair Value Measurement. IFRS 13 requires a fair value hierarchy for inputs used in measuring fair value that classify investments according to how observable the inputs are.

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the ICAV. Unobservable inputs reflect the ICAV’s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorised into three levels based on the inputs as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

Level 3 - Inputs that are unobservable.

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ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

9. Fair Value Measurements (continued)

The following table analyses within the fair value hierarchy the Funds’ financial assets measured at fair value as at 30 June 2026:

Spyglass US Growth Fund (UCITS) Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit and loss Investments in transferrable securities at fair value - Equities 453,538,050 453,538,050 - -

Investments in financial derivative instruments - Forward exchange contracts 847 - 847 453,538,897 453,538,050 847 -

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward exchange contracts - - - - - - -

Total 453,538,897 453,538,050 847 -

FountainCap Greater China Select UCITS Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit and loss Investments in transferrable securities at fair value - Equities 125,434,846 125,434,846 - -

Investments in financial derivative instruments - Forward exchange contracts 36 - 36 125,434,882 125,434,846 36 -

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward exchange contracts - - - - - - -

Total 125,434,882 125,434,846 36 -

F iduciary Management US Small Cap Equity UCITS * Total (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit and loss Investments in transferrable securities at fair value - Equities 10,306,196 10,306,196 - -

Investments in financial derivative instruments - Forward exchange contracts - - - 10,306,196 10,306,196 - -

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward exchange contracts - - - - - - -

Total 10,306,196 10,306,196 - -

* Launched on 13 April 2026. Therefore, no comparatives available.

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ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

9. Fair Value Measurements (continued)

The following table analyses within the fair value hierarchy the Funds’ financial assets measured at fair value as at 31 December 2025:

Investments in financial derivative instruments - Forward exchange contracts - - - 392,140,406 392,140,406 - -

Financial liabilities at fair value through profit or loss Investments in financial derivative instruments - Forward exchange contracts (2,461) - (2,461) (2,461) - (2,461) -

Total 392,137,945 392,140,406 (2,461) -

Investments in financial derivative instruments - Forward exchange contracts - - - 117,746,447 117,746,447 - -

Total 117,746,447 117,746,447 - -

For those instruments, which have significant unobservable inputs (Level 3), the amendment requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing balances, total gains and losses for the period, purchases, sales issues and settlements. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.

For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the ICAV. The ICAV considers observable data to be that market data that is readily available, regularly distributed or updated and reliable.

There were no transfers between Level 1 and Level 2 during the financial period (31 December 2025: none). There were no level 3 securities held as at 30 June 2026 (31 December 2025: none).

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ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

9. Fair Value Measurements (continued)

Assets and Liabilities not carried at Fair Value through Profit or Loss

Cash and cash equivalents are classified as Level 1 and all other assets and liabilities not carried at fair value are classified as Level 2.

Assets and liabilities not carried at fair value are carried at amortised cost. Their carrying values are a reasonable approximation of fair value.

10. Cash at bank / Bank overdraft

Cash balances are held by CACEIS Bank, Ireland Branch. As at 30 June 2026 and 31 December 2025, the following is the cash balance held at bank:

Spyglass US Growth Fund (UCITS) 30 June 202 6 31 December 202 5 USD USD Cash at bank GBP 1 1,446,387 USD 4,621,812 3,137,319 Total 4,621,813 4,583,70 6

Spyglass US Growth Fund (UCITS) 30 June 202 6 31 December 202 5 USD USD Bank overdraft EUR - (888,841) USD - (7,431) Total - (896,272)

FountainCap Greater China Select UCITS 30 June 202 6 31 December 202 5 USD USD Cash at bank EUR 234,137 240,516 USD 1,214,632 409,610 Total 1,448,769 650,126

Fiduciary Management US Small Cap Equity UCITS* 30 June 202 6 31 December 202 5 USD USD Cash at bank USD 365,182 Total 365,182 Fiduciary Management US Small Cap Equity UCITS* 30 June 202 6 31 December 202 5 USD USD Bank overdraft EUR (115) Total (115) -

* Launched on 13 April 2026. Therefore, no comparatives available

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ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

11. Soft commissions

The Investment Manager may direct transactions to brokers in return for research services. In such circumstances, the Investment Manager may enter into soft commission agreements and similar arrangements or similar agreements with such brokers. The Investment Manager must ensure that the broker or counterparty to the arrangement has agreed to provide best execution to the ICAV. The benefit provided must assist the Investment Manager in its provision of investment services to the ICAV.

Research fees are paid directly by the Investment Manager, however, Spyglass Capital Management, LLC utilises CSA agreements to offset research costs for qualified research expenses. Spyglass Capital Management, LLC generates “soft dollars” through trading activity and complies with the “safe harbour” of Section 28(e) of the Securities Exchange Act of 1934, as amended. Under “soft dollar” agreements, one or more of the brokerage firms would provide or pay the costs of certain research services, or other items for the benefit of Spyglass Capital Management, LLC. During the financial period ended 31 December 2025, Spyglass Capital Management, LLC outsources its commission management to Cowen’s Westminster Research, and each payment is initiated by the CIO and executed by the CFO. The compliance department for Spyglass Capital Management, LLC also monitors soft dollar usage.

Under Section 28(e) of the U.S. Securities Exchange Act of 1934 and the applicable investment management agreement, FountainCap Research & Investment (Hong Kong) Co., Limited is authorized to pay a brokerage commission in excess of what another broker might have charged for effecting the same transaction, in recognition of the value of brokerage and/or research services provided by the broker. The research received by FountainCap may include, without limitation: information on Greater China, Asia, and other world economies; information on specific industries, groups of securities, individual companies, political and other relevant news developments affecting markets and specific securities; technical and quantitative information about markets; analysis of proxy proposals affecting specific companies. Research is received in the form of written reports, telephone contacts, personal meetings, research seminars, industry conferences and access to computer databases. The research and investment information services described above represent the views of and information provided by the research staff of other securities firms. Although this information may be a useful supplement to FountainCap’s own investment information in rendering services, the value of these research and information services is not expected to reduce materially the expenses of FountainCap in performing its services under the investment management agreement and will not reduce the management fees payable to FountainCap. FountainCap uses the above research and investment information obtained to service all relevant client accounts and does not seek to allocate such services to client accounts proportionately to the commissions the accounts generate.

12. Distributions

During the financial period ended 30 June 2026, FountainCap Greater China Select UCITS declared a distribution of USD 330,047 (30 June 2025: USD 413,750), whereas no distribution was made by Spyglass US Growth Fund (UCITS) and Fiduciary Management US Small Cap Equity UCITS during the financial period ended 30 June 2026 (30 June 2025: USD nil).

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ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

13. Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss

30 June 202 6 30 June 2025 Spyglass US Growth Fund (UCITS) USD USD Realised gains on investment in transferable securities 28,279,116 52,568,206 Realised gains on investment in financial derivative instruments 40,829 424,575 Realised currency gains on foreign exchange 583,119 902,311 Realised losses on investment in transferable securities (36,819,364) (12,953,728) Realised losses on investment in financial derivative instruments (63,503) (110,776) Realised currency losses on foreign exchange (832,687) (965,953) Unrealised gains on investments in financial derivative instruments 3,308 35,729 Unrealised losses on investments in transferable securities (11,956,618) (29,838,165) Total (20,765,800) 10,062,19 9

30 June 2026 30 June 2025 FountainCap Greater China Select UCITS USD USD Realised gains on investment in transferable securities 6,913,137 10,912,640 Realised gains on investment in financial derivative instruments 15 Realised currency gains on foreign exchange 128,767 110,059 Realised losses on investment in transferable securities (3,790,181) (4,395,735) Realised losses on investment in financial derivative instruments (276) Realised currency losses on foreign exchange (118,030) (90,532) Unrealised gains on investments in transferable securities - 12,988,796 Unrealised losses on investments in transferable securities (3,775,119) Unrealised losses on investments in financial derivative instruments 36 Total (641,651) 19,525,2 28

30 June 2026 30 June 2025 Fiduciary Management US Small Cap Equity UCITS * USD USD Realised gains on investment in transferable securities 127,114 Realised losses on investment in transferable securities (4,931) Realised currency losses on foreign exchange (775) Unrealised gains on investments in transferable securities 623,529 Total 744,937 -

* Launched on 13 April 2026. Therefore, no comparatives available.

Page 45

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

14. Net asset values per share class

Spyglass US Growth Fund

Class AB USD Accumulating

Class A EUR Accumulating

Class A EUR Accumulating Hedged

Class A USD Accumulating (UCITS) USD EUR EUR USD Total net asset value 30 June 2026 11,934 11,603 67,194 1,281,850 31 December 2025 12,736 12,054 103,217 1,727,678 31 December 2024 11,088 11,903 3,309,806 1,549,485 Net asset value per share 30 June 2026 $11.934 € 11.603 € 10.246 $14.448 31 December 2025 $12.736 € 12.054 € 11.085 $15.419 31 December 2024 $11.088 € 11.903 € 9.944 $13.424

Spyglass US Growth Fund

Class AB EUR Accumulating Hedged 2

Class E EUR Accumulating 1

Class F GBP Accumulating

Class F GBP Distributing (UCITS) EUR EUR GBP GBP Total net asset value 30 June 2026 - - 6,147,198 10,730 31 December 2025 722,114 31,813,845 6,105,007 11,249 31 December 2024 9,887 48,123,910 8,210,494 46,649 Net asset value per share 30 June 2026 - - £19.624 £11.056 31 December 2025 € 11.062 € 20.570 £20.570 £11.591 31 December 2024 € 9.887 € 20.184 £19.066 £10.747

1 This share class for Spyglass US Growth Fund (UCITS) was terminated on 17 February 2026. 2 This share class for Spyglass US Growth Fund (UCITS) was terminated on 11 June 2026.

Spyglass US Growth Fund

Class F USD Accumulating

Class F USD Distributing

Class FP EUR Distributing

Class FP GBP Accumulating (UCITS) USD USD EUR GBP Total net asset value 30 June 2026 7,292,549 8,744,637 7,227,455 7,071,786 31 December 2025 13,590,042 11,857,551 6,671,200 6,515,953 31 December 2024 11,799,398 10,617,392 7,600,116 3,955,076 Net asset value per share 30 June 2026 $20.343 $20.344 € 19.090 £17.515 31 December 2025 $21.611 $21.612 € 19.727 £18.347 31 December 2024 $18.651 $18.652 € 19.320 £17.077

Page 46

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

14. Net asset values per share class (continued)

Spyglass US Growth Fund

Class FP GBP Distributing

Class FP USD Distributing

Class I EUR Accumulating

Class I GBP Accumulating (UCITS) GBP USD EUR GBP Total net asset value 30 June 2026 253,241,155 18,471,526 3,391,451 5,728,712 31 December 2025 170,117,201 18,380,153 1,527,599 5,807,672 31 December 2024 171,762,768 19,416,998 1,708,646 4,648,863 Net asset value per share 30 June 2026 £18.983 $19.853 € 17.358 £17.076 31 December 2025 £19.884 $21.075 € 17.997 £17.946 31 December 2024 £18.490 $18.251 € 17.701 £16.714

Spyglass US Growth Fund

Class I GBP Accumulating Hedged

Class I GBP Distributing

Class I USD Accumulating

Class I USD Distributing (UCITS) GBP GBP USD USD Total net asset value 30 June 2026 88,907 2,104,698 43,930,509 1,495,733 31 December 2025 61,252 165,858 45,050,812 1,624,121 31 December 2024 189,897 2,074,770 22,829,887 1,986,194 Net asset value per share 30 June 2026 £9.824 £14.107 $19.723 $17.893 31 December 2025 £10.524 £14.826 $21.006 $19.058 31 December 2024 £9.229 £13.808 $18.216 $16.526

FountainCap Greater China

Class E USD Accumulating

Class F GBP Accumulating

Class F USD Accumulating

Class F USD Distributing Select UCITS USD GBP USD USD Total net asset value 30 June 2026 3,915,817 1,586,931 16,954,161 2,146,124 31 December 2025 4,597,364 1,845,023 19,705,618 2,202,617 31 December 2024 3,228,838 2,620,268 22,375,060 1,718,540 Net asset value per share 30 June 2026 $9.703 £10.031 $9.623 $8.970 31 December 2025 $9.648 £9.870 $9.596 $9.023 31 December 2024 $6.776 £7.480 $6.772 $6.467

FountainCap Greater China

Class FC EUR Distributing

Class FC GBP Distributing

Class FC USD Distributing

Class FP USD Accumulating Select UCITS EUR GBP USD USD Total net asset value 30 June 2026 2,294,092 21,051,680 1,882,299 2,698,123 31 December 2025 2,286,390 18,801,592 2,090,125 2,478,012 31 December 2024 1,913,544 16,355,240 616,548 1,320,716 Net asset value per share 30 June 2026 € 13.233 £13.720 $13.775 $13.857 31 December 2025 € 12.963 £13.624 $13.865 $13.863 31 December 2024 € 10.538 £10.488 $9.937 $9.849

Page 47

ARAVIS FUNDS (IRELAND) ICAV

NOTES TO THE CONDENSED FINANCIAL STATEMENTS for the financial period ended 30 June 2026 (continued)

14. Net asset values per share class (continued)

FountainCap Greater China

Class I EUR Accumulating

Class I GBP Accumulating Unhedged

Class I USD Accu mulating

Class I EUR Accumulating Hedged 1 Select UCITS EUR GBP USD EUR Total net asset value 30 June 2026 41,445,940 20,296 18,973,598 9,852 31 December 2025 26,315,781 20,024 25,637,117 31 December 2024 29,487,500 37,105 15,622,856 Net asset value per share 30 June 2026 € 10.781 £14.165 $9.372 € 9.852 31 December 2025 € 10.493 £13.975 $9.370 31 December 2024 € 8.451 £10.658 $6.654 -

Fiduciary Management US Small Cap Equity UCITS

Class F GBP Accumulating 2

Class F USD Accumulating 2

Class I GBP Accumulating 2

Class I USD Accumulatin g 2 Select UCITS USD USD GBP GBP Total net asset value 30 June 2026 10,895 10,742,232 10,889 10,737 31 December 2025 - - - 31 December 2024 - - - Net asset value per share 30 June 2026 $10.895 $10.742 £10.889 £10.737 31 December 2025 - - - 31 December 2024 - - - -

1 This share class for FountainCap Greater China Select UCITS was launched on 24 April 2026 2 This share class for Fiduciary Management US Small Cap Equity UCITS was launched on 13 April 2026

15. Significant events during the financial period

On 2 March 2026, the ICAV has filed a supplement with the Central Bank of Ireland for the launch of new sub fund Fiduciary Management US Small Cap Equity UCITS Fund.

On 13 April 2026, the ICAV has launched the new sub-fund Fiduciary Management US Small Cap Equity UCITS Fund.

There were no other significant events during the financial period end affecting the financial statements.

16. Subsequent events since the financial period

There were no subsequent events since the financial period end affecting the financial statements.

17. Approval of financial statements

The financial statements were approved by the Directors on 25 August 2026.

Page 48

ARAVIS FUNDS (IRELAND) ICAV

Spyglass US Growth Fund (UCITS) SCHEDULE OF INVESTMENTS as at 30 June 2026

Acquisition Fair Net (expressed in USD) cost Value Assets Description Quantity Currency USD USD %

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

LISTED SECURITIES: SHARES

Cayman Island Credo Technology Group Holding Ltd 98,345 USD 13,764,076 26,744,923 5.84 13,764,076 26,744,923 5.84 Denmark Ascendis Pharma A/S 52,934 USD 10,677,534 14,118,556 3.09 10,677,534 14,118,556 3.09 Israel Global-E Online Ltd 481,245 USD 16,344,269 16,713,639 3.65 16,344,269 16,713,639 3.65 United States of America AAON Inc 190,845 USD 18,363,143 24,210,597 5.29 Affirm Holdings Inc 377,020 USD 21,441,547 30,745,981 6.72 API Group Corp 285,798 USD 7,940,481 12,103,545 2.64 AppLovin Corp 46,832 USD 19,254,309 24,129,251 5.27 Cadence Design Systems Inc 38,572 USD 13,166,970 14,476,843 3.16 Carvana Co 243,949 USD 16,114,351 16,056,723 3.51 Chime Financial Inc 835,079 USD 16,498,870 17,102,418 3.74 CoStar Group Inc 662,254 USD 30,492,120 18,755,033 4.10 DoorDash Inc 97,693 USD 15,711,370 18,027,289 3.94 Fair Isaac Inc 18,399 USD 25,354,224 21,982,757 4.80 Forgent Power Solutions Inc 173,351 USD 8,642,154 9,683,387 2.12 HubSpot Inc 90,964 USD 31,891,264 16,601,840 3.63 Illumina Inc 112,746 USD 13,863,308 19,824,129 4.33 Loar Holdings Inc 150,310 USD 10,825,961 12,116,489 2.65 Medpace Holdings Inc 29,581 USD 11,636,075 15,665,802 3.42 MKS Inc 29,128 USD 9,242,405 12,956,134 2.83 MongoDB Inc 54,859 USD 13,927,235 18,427,138 4.03 Procore Technologies Inc 258,753 USD 15,372,360 10,510,547 2.30 Samsara Inc 758,257 USD 25,568,604 24,590,275 5.37 Shift4 Payments Inc 450,646 USD 30,881,034 21,919,421 4.79 QXO Inc 893,266 USD 17,057,211 15,435,636 3.37 Snowflake Inc 81,099 USD 12,284,448 20,639,697 4.51 385,529,444 395,960,932 86.52

TOTAL LISTED SECURITIES: SHARES 426,315,32 3 453,538,050 99.10

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 426,315,32 3 453,538,050 99.10

TOTAL FAIR VALUE OF INVESTMENTS 426,315,32 3 453,538,050 99.10

Page 49

ARAVIS FUNDS (IRELAND) ICAV

Spyglass US Growth Fund (UCITS) (continued) SCHEDULE OF INVESTMENTS as at 30 June 2026 (continued)

B) DERIVATIVE INSTRUMENTS

FORWARD CURRENCY EXCHANGE CONTRACTS

Maturity Date Counterparty

Currency Purchased

Quantity Purchased

Currency Sold

Quantity Sold

Unrealised Appreciation/ (Depreciation)

% Net Assets 31 July 2026 CACEIS Bank GBP 84,793.14 USD (111,927.79) 612 31 July 2026 CACEIS Bank EUR 64,120.84 USD (73,163.80) 232 31 July 2026 CACEIS Bank GBP 2,248.87 USD (2,982.66) 2 31 July 2026 CACEIS Bank EUR 1,669.04 USD (1,909.49) 1 -

Total assets as at June 30, 2026 847 Total liabilities as at June 30, 2026 - -

CASH AND CASH EQUIVALENTS 4,621,813 1.01

OTHER ASSETS AND LIABILITIES (510,749) (0.11)

TOTAL NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 457,649,961 100.00

ANALYSIS OF TOTAL ASSETS % Total Description Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 98.9 5

DERIVATIVE INSTRUMENTS -

CASH AND CASH EQUIVALENTS 1.01

OTHER ASSETS 0.0 4

TOTAL 100.00

Page 50

ARAVIS FUNDS (IRELAND) ICAV

FountainCap Greater China Select UCITS SCHEDULE OF INVESTMENTS as at 30 June 2026

Acquisition Fair Net (expressed in USD) cost Value Assets Description Quantity Currency USD USD %

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

LISTED SECURITIES: SHARES

Cayman Island Alibaba Group Holding Ltd 428,700 HKD 7,186,254 5,075,824 4.01 ANTA Sports Products Ltd 159,800 HKD 1,715,041 1,447,810 1.14 Hansoh Pharmaceutical Group Co Ltd 264,000 HKD 598,338 997,149 0.79 NetEase Inc 95,450 HKD 2,135,911 2,463,529 1.94 Pop Mart International Group Ltd 413,800 HKD 5,132,779 8,163,041 6.44 SITC International Holdings Co Ltd 728,000 HKD 1,943,033 2,913,101 2.30 Tencent Holdings Ltd 165,700 HKD 8,900,012 9,081,551 7.16 Trip.com Group Ltd 27,650 HKD 1,403,577 1,098,661 0.87 Xiaomi Corp 802,800 HKD 4,823,518 2,215,316 1.75 33,838,463 33,455,982 26.40

China Advanced Micro-Fabrication Equipment Inc 91,302 CNY 2,196,856 6,303,973 4.98 China Merchants Bank Co Ltd 159,500 HKD 1,014,849 913,633 0.72 Contemporary Amperex Technology Co Ltd 55,667 CNY 2,528,233 3,224,229 2.55 Foxconn Industrial Internet Co Ltd 89,800 CNY 978,330 954,854 0.75 Jiangsu Hengli Hydraulic Co Ltd 517,169 CNY 5,559,830 8,197,996 6.47 Jiangsu Zhongtian Technology Co Ltd 173,300 CNY 1,065,714 1,549,775 1.22 Kweichow Moutai Co Ltd 12,535 CNY 2,987,328 2,190,013 1.73 Laopu Gold Co Ltd 28,000 HKD 2,305,404 1,236,822 0.98 Lens Technology 575,400 HKD 2,075,050 2,051,531 1.62 Midea Group Co Ltd 325,367 CNY 2,679,745 3,621,741 2.86 Montage Technology Co Ltd 57,091 CNY 2,159,978 2,607,436 2.06 Neway Valve (Suzhou) Co Ltd 115,982 CNY 1,070,502 859,771 0.68 PetroChina Co Ltd 4,498,000 HKD 3,838,339 4,863,920 3.84 Shanghai BOCHU Electronic Technology Corp Ltd 89,948 CNY 869,551 1,414,426 1.12 Shenzhen Inovance Technology Co Ltd 322,205 CNY 3,017,621 3,149,682 2.49 Sichuan Kelun-Biotech Biopharma Co 24,800 HKD 1,261,905 1,379,458 1.09 Sieyuan Electric Co Ltd 279,500 CNY 2,753,552 7,126,107 5.63 Sungrow Power Supply Co Ltd 282,079 CNY 2,125,528 6,610,692 5.22 Weichai Power 199,000 HKD 1,057,954 865,324 0.68 WuXi AppTec Co Ltd 161,600 HKD 1,786,205 3,167,279 2.50 Yantai Jereh Oilfield Services Group 240,374 CNY 1,300,594 5,402,338 4.27 Zhejiang Sanhua Intelligent Controls 770,100 HKD 3,413,313 2,596,449 2.05 Zijin Mining Group Co Ltd 926,903 HKD 2,049,966 3,238,590 2.56 50,096,347 73,526,039 58.07

Hong Kong AIA Group Ltd 151,200 HKD 1,379,818 1,377,606 1.09 Cathay Pacific Airways Ltd 982,000 HKD 1,196,325 1,625,390 1.28 Sun Hung Kai Properties Ltd 139,000 HKD 2,170,197 1,990,516 1.57 4,746,340 4,993,512 3.94

Page 51

ARAVIS FUNDS (IRELAND) ICAV

FountainCap Greater China Select UCITS (continued) SCHEDULE OF INVESTMENTS as at 30 June 2026 (continued)

Acquisition Fair Net (expressed in USD) cost Value Assets Description Quantity Currency USD USD %

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING (CONTINUED)

LISTED SECURITIES: SHARES

Luxembuourg Samsonite Group SA 499,500 HKD 1,133,749 867,529 0.68 1,133,749 867,529 0.68

Switzerland BeOne Medicines Ltd 121,300 HKD 2,183,069 2,635,734 2.08 2,183,069 2,635,734 2.08

Taiwan MediaTek Inc 31,000 TWD 1,021,819 4,130,867 3.26 Taiwan Semiconductor Manufacturing Co Ltd 77,000 TWD 1,803,579 5,825,183 4.60 2,825,398 9,956,050 7.86

TOTAL LISTED SECURITIES: SHARES 94,823,366 125,434,846 99.03

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 94,823,366 125,434,846 99.03

TOTAL FAIR VALUE OF INVESTMENTS 94,823,366 125,434,846 99.03

Page 52

ARAVIS FUNDS (IRELAND) ICAV

FountainCap Greater China Select UCITS (continued) SCHEDULE OF INVESTMENTS as at 30 June 2026 (continued)

B) DERIVATIVE INSTRUMENTS

FORWARD CURRENCY EXCHANGE CONTRACTS

Maturity Date Counterparty

Currency Purchased

Quantity Purchased

Currency Sold

Quantity Sold

Unrealised Appreciation/ (Depreciation)

% Net Assets 31 July 2026 CACEIS Bank EUR 9,850.56 USD (11,239.78) 36 31 July 2026 CACEIS Bank USD 259.94 EUR (227.27) - -

Total assets as at June 30, 2026 36 Total liabilities as at June 30, 2026 - -

CASH AND CASH EQUIVALENTS 1,448,769 1.14

OTHER ASSETS AND LIABILITIES (220,074) (0.17)

TOTAL NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 126,663,577 100.00

ANALYSIS OF TOTAL ASSETS % Total Description Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 98.40

CASH AND CASH EQUIVALENTS 1.14

OTHER ASSETS 0.46

TOTAL 100.00

Page 53

ARAVIS FUNDS (IRELAND) ICAV

Fiduciary Management US Small Cap Equity UCITS SCHEDULE OF INVESTMENTS as at 30 June 2026

(expressed in USD) Acquisition Fair Net Description Quantity Currency cost Value Assets USD USD %

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

LISTED SECURITIES: SHARES

United States of America AptarGroup Inc 3,891 USD 502,152 487,153 4.53 Aramark Holdings Corp 10,130 USD 439,541 576,397 5.35 Cavco Industries Inc 690 USD 364,417 423,922 3.93 Fortune Brands Innovations Inc 5,300 USD 214,332 290,970 2.70 Hayward Holdings Inc 32,042 USD 467,542 554,647 5.14 Henry Schein Corp 4,885 USD 372,628 407,995 3.78 Houlihan Lokey Inc 2,535 USD 396,549 340,020 3.15 Huron Consulting Group Inc 3,545 USD 432,918 319,617 2.96 Insight Entreprises Inc 6,018 USD 446,530 732,992 6.80 MSA Safety Inc 2,021 USD 349,468 352,826 3.27 Mueller Water Products Inc 16,217 USD 464,571 418,885 3.89 Primerica Inc 1,467 USD 391,953 416,921 3.87 Simpson Manufacturing 1,115 USD 201,012 233,425 2.16 SpringLeaf Holdings Inc 8,328 USD 474,812 507,758 4.71 Alliance Laundry Holdings Inc 6,411 USD 159,517 170,020 1.58 Beacon Holding Inc 2,786 USD 258,871 242,995 2.25 Carlisle Companies Inc 850 USD 303,326 308,338 2.86 Core Et Main Inc 6,370 USD 343,152 307,353 2.85 Donaldson Co Inc 3,500 USD 310,940 314,195 2.91 Firstcash Holdings Inc 536 USD 109,360 115,948 1.08 FTI Consulting Inc 2,607 USD 461,246 388,469 3.60 Louisana Pacific Corp 4,738 USD 350,730 372,691 3.46 Robert Half Inc 4,280 USD 109,953 131,396 1.22 Zions Bancorporation 7,180 USD 441,642 496,784 4.61 Valvoline Inc 13,927 USD 469,039 550,674 5.11 White Mountains Insurance Group 180 USD 412,382 373,210 3.46 9,248,583 9,835,601 91.23

United Kingdom Gates Industrial Corp Plc 16,825 USD 434,085 470,595 4.36 434,085 470,595 4.36

TOTAL LISTED SECURITIES: SHARES 9,682,668 10,306,196 95.59

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 9,682,668 10,306,196 95.59

TOTAL FAIR VALUE OF INVESTMENTS 9,682,668 10,306,196 95.59

Page 54

ARAVIS FUNDS (IRELAND) ICAV

Fiduciary Management US Small Cap Equity UCITS (continued) SCHEDULE OF INVESTMENTS as at 30 June 2026 (continued)

CASH AND CASH EQUIVALENTS 365,182 3.39

OTHER ASSETS AND LIABILITIES 110,503 1.02

TOTAL NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 10,781,881 100.00

ANALYSIS OF TOTAL ASSETS % Total Description Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 95.20

CASH AND CASH EQUIVALENTS 3.37

OTHER ASSETS 1.43

TOTAL 100.00

Page 55

ARAVIS FUNDS (IRELAND) ICAV

Spyglass US Growth Fund (UCITS) Significant Portfolio Changes for the financial period ended 30 June 2026

PURCHASES* COST % OF TOTAL SECURITY NAME QUANTITY USD PURCHASES QXO Inc 893,266 17,057,211 7.28 Chime Financial Inc 835,079 16,498,870 7.04 CoStar Group Inc 454,662 15,183,009 6.48 Roblox Corp 168,470 13,545,273 5.78 AppLovin Corp 26,976 13,149,332 5.61 Credo Technology Group Holding Ltd 83,613 11,723,173 5.01 Fair Isaac Inc 10,008 11,642,227 4.97 Affirm Holdings Inc 179,830 11,412,480 4.87 Samsara Inc 366,833 11,140,513 4.76 HubSpot Inc 46,330 10,172,229 4.34 Illumina Inc 68,171 10,130,057 4.33 MKS Inc 29,128 9,242,405 3.95 AAON Inc 66,671 8,681,289 3.71 Forgent Power Solutions Inc 173,351 8,642,154 3.69 DoorDash Inc 50,999 8,510,859 3.63 Medpace Holdings Inc 19,185 8,359,291 3.57 Shift4 Payments Inc 156,481 6,885,199 2.94 Snowflake Inc 32,521 6,094,678 2.60 Carvana Co 85,226 5,933,478 2.53 MongoDB Inc 18,288 5,798,090 2.48 Cadence Design Systems Inc 14,061 5,473,150 2.34 Global-E Online Ltd 133,262 4,142,995 1.77 Procore Technologies Inc 71,052 3,522,260 1.50 API Group Corp 80,390 3,399,748 1.45 Ascendis Pharma A/S 13,843 3,125,946 1.33 Loar Holdings Inc 41,677 2,695,592 1.15

* The significant changes to the portfolio for the financial period are the aggregate purchases of a security exceeding 1% of the total value of purchases for the financial period. Where the number of purchases transactions exceeding 1% of the total value of purchases for the financial period is less than 20, then a minimum of 20 purchases will be disclosed.

The tables above show a breakdown of material purchases of the Portfolios in accordance with Central Bank UCITS Regulations 82(2) requirements. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

Page 56

ARAVIS FUNDS (IRELAND) ICAV

Spyglass US Growth Fund (UCITS) (continued) Significant Portfolio Changes for the financial period ended 30 June 2026 (continued)

SALES* PROCEEDS % OF TOTAL SECURITY NAME QUANTITY USD SALES Kinsale Capital Group Inc 39,063 14,016,776 9.20 Credo Technology Group Holding Ltd 60,651 13,152,220 8.64 Exact Sciences Corp 124,134 12,690,058 8.33 AAON Inc 111,249 11,653,703 7.65 nCino Inc 661,382 10,784,869 7.08 API Group Corp 240,412 10,483,142 6.88 Cadence Design Systems Inc 28,800 9,914,654 6.51 Roblox Corp 168,470 7,362,580 4.83 Global-E Online Ltd 177,805 5,876,471 3.86 Duolingo Inc 56,252 5,560,686 3.65 Affirm Holdings Inc 83,119 5,364,879 3.52 Ascendis Pharma A/S/ADR 23,024 5,279,945 3.47 MongoDB Inc 15,518 5,103,741 3.35 CoStar Group Inc 102,358 4,704,155 3.09 Ascendis Pharma A/S 19,228 4,504,159 2.96 Loar Holdings Inc 67,679 4,429,480 2.91 Illumina Inc 33,680 4,021,388 2.64 Snowflake Inc 15,442 3,514,180 2.31 Shift4 Payments Inc 35,300 2,011,478 1.32 HubSpot Inc 7,217 1,782,284 1.17 Samsara Inc 65,532 1,747,630 1.15 Fair Isaac Inc 1,239 1,675,239 1.10 Medpace Holdings Inc 3,058 1,568,405 1.03

* The significant changes to the portfolio for the financial period are the aggregate sales of a security exceeding 1% of the total value of sales for the financial period. Where the number of sales transactions exceeding 1% of the total value of sales for the financial period is less than 20, then a minimum of 20 sales will be disclosed.

The tables above show a breakdown of material sales of the Portfolios in accordance with Central Bank UCITS Regulations 82(2) requirements. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

Page 57

ARAVIS FUNDS (IRELAND) ICAV

FountainCap Greater China Select UCITS Significant Portfolio Changes for the financial period ended 30 June 2026 (continued)

PURCHASES * COST % OF TOTAL SECURITY NAME QUANTITY USD PURCHASES Zhejiang Sanhua Intelligent Controls 770,100 3,413,313 10.09 Sun Hung Kai Properties Ltd 139,000 2,170,197 6.42 Montage Technology Co Ltd 57,091 2,159,978 6.39 Tencent Holdings Ltd 33,600 2,136,010 6.32 Pop Mart International Group Ltd 86,800 1,968,771 5.82 Sungrow Power Supply Co Ltd 72,100 1,649,806 4.88 Contemporary Amperex Technology Co Ltd 23,400 1,293,943 3.83 Sichuan Kelun-Biotech Biopharma Co 24,800 1,261,905 3.73 Jiangsu Hengli Hydraulic Co Ltd 71,200 1,140,902 3.37 Neway Valve (Suzhou) Co Ltd 115,982 1,070,502 3.17 Jiangsu Zhongtian Technology Co Ltd 173,300 1,065,714 3.15 Weichai Power 199,000 1,057,954 3.13 Laopu Gold Co Ltd 13,700 1,056,950 3.13 Advanced Micro-Fabrication Equipment Inc 19,008 1,014,476 3.00 Foxconn Industrial Internet Co Ltd 89,800 978,330 2.89 Alibaba Group Holding Ltd 62,900 936,322 2.77 SITC International Holdings Co Ltd 205,000 849,982 2.51 Kweichow Moutai Co Ltd 3,800 789,002 2.33 Lens Technology 217,000 765,757 2.26 WuXi AppTec Co Ltd 48,800 762,904 2.26 Montage Technology 29,800 622,208 1.84 PetroChina Co Ltd 488,000 616,907 1.82 Taiwan Semiconductor Manufacturing Co Ltd 10,000 586,003 1.73 NetEase Inc 20,300 514,202 1.52 Yantai Jereh Oilfield Services Group 30,200 492,713 1.46 BeOne Medicines Ltd 23,300 487,176 1.44 Cathay Pacific Airways Ltd 303,000 481,636 1.42 Shenzhen Mindray Bio-Medical Electronics Co Ltd 16,900 432,645 1.28 AIA Group Ltd 43,200 411,867 1.22 Xiaomi Corp 116,400 396,925 1.17 Shenzhen Inovance Technology Co Ltd 36,600 379,851 1.12 Zijin Mining Group Co Ltd 82,000 379,792 1.12 Midea Group Co Ltd 30,600 349,246 1.03

Page 58

ARAVIS FUNDS (IRELAND) ICAV

FountainCap Greater China Select UCITS (continued) Significant Portfolio Changes for the financial period ended 30 June 2026 (continued)

SALES * PROCEEDS % OF TOTAL SECURITY NAME QUANTITY USD SALES Zhejiang Sanhua Intelligent Controls Co Ltd 403,239 3,104,340 12.19 Montage Technology 29,800 1,709,261 6.71 ANTA Sports Products Ltd 174,000 1,703,449 6.69 Zijin Mining Group Co Ltd 364,000 1,674,479 6.57 SF Holding Co Ltd 404,600 1,630,033 6.40 Hong Kong Exchanges & Clearing Ltd 30,000 1,566,854 6.15 Budweiser Brewing Co APAC Ltd 1,262,100 1,119,903 4.40 Meituan 105,700 1,100,465 4.32 Shenzhen Mindray Bio-Medical Electronics Co Ltd 46,084 1,060,916 4.16 Chow Tai Fook Jewellery Group Ltd 716,600 1,012,806 3.98 Dong-E-E-Jiao Co Ltd 121,200 851,312 3.34 Xpeng Inc 94,200 803,515 3.15 Shanxi Xinghuacun Fen Wine Factory Co Ltd 34,000 778,728 3.06 Tencent Holdings Ltd 7,500 592,487 2.33 Yantai Jereh Oilfield Services Group 26,300 565,126 2.22 Alibaba Group Holding Ltd 35,800 553,328 2.17 Hansoh Pharmaceutical Group Co Ltd 108,000 534,912 2.10 China Merchants Bank Co Ltd 82,500 508,334 2.00 Kweichow Moutai Co Ltd 2,600 489,943 1.92 NetEase Inc 19,400 481,213 1.89 MediaTek Inc 4,000 466,731 1.83 Xiaomi Corp 118,400 434,991 1.71 Taiwan Semiconductor Manufacturing Co Ltd 5,000 375,635 1.47 PetroChina Co Ltd 288,000 368,414 1.45 Shenzhen Inovance Technology Co Ltd 35,900 365,896 1.44 Advanced Micro-Fabrication Equipment Inc 5,350 269,981 1.06

Page 59

ARAVIS FUNDS (IRELAND) ICAV

Fiduciary Management US Small Cap Equity UCITS Significant Portfolio Changes for the financial period ended 30 June 2026

PURCHASES * COST % OF TOTAL SECURITY NAME QUANTITY USD PURCHASES Aramark Holdings Corp 12,730 552,355 5.07 AptarGroup Inc 3,891 502,152 4.61 White Mountains Insurance Group 215 492,567 4.52 SpringLeaf Holdings Inc 8,328 474,812 4.35 Valvoline Inc 13,927 469,039 4.30 Hayward Holdings Inc 32,042 467,542 4.29 Mueller Water Products Inc 16,217 464,571 4.26 Firstcash Holdings Inc 2,275 464,168 4.26 Primerica Inc 1,730 462,221 4.24 FTI Consulting Inc 2,607 461,246 4.23 Arrow Electronics In 2,580 457,124 4.19 Insight Entreprises Inc 6,018 446,530 4.10 Zions Bancorporation 7,180 441,642 4.05 Gates Industrial Corp Plc 16,825 434,085 3.98 Huron Consulting Group Inc 3,545 432,918 3.97 Houlihan Lokey Inc 2,535 396,549 3.64 Henry Schein Corp 4,885 372,628 3.42 Cavco Industries Inc 690 364,417 3.34 Louisana Pacific Corp 4,738 350,730 3.22 MSA Safety Inc 2,021 349,468 3.21 Core Et Main Inc 6,370 343,152 3.15 Donaldson Co Inc 3,500 310,940 2.85 Carlisle Companies Inc 850 303,326 2.78 Beacon Holding Inc 2,786 258,871 2.37 Fortune Brands Innovations Inc 5,300 214,332 1.97 Simpson Manufacturing 1,115 201,012 1.84 Alliance Laundry Holdings Inc 6,411 159,517 1.46 Cts Corp 2,585 144,967 1.33 Robert Half Inc 4,280 109,953 1.01

Page 60

ARAVIS FUNDS (IRELAND) ICAV

Fiduciary Management US Small Cap Equity UCITS (continued) Significant Portfolio Changes for the financial period ended 30 June 2026 (continued)

SALES PROCEEDS

% OF TOTAL SECURITY NAME QUANTITY USD SALES Arrow Electronics In 2,580 542,185 40.39 Firstcash Holdings Inc 1,739 381,634 28.43 Cts Corp 2,585 152,874 11.39 Aramark Holdings Corp 2,600 117,504 8.75 White Mountains Insurance Group 35 75,302 5.61 Primerica Inc 263 72,851 5.43

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