Interim results for the six months ended 31 July 2025

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"We are well positioned to continue to invest in the Portfolio, maintain the progressive dividend policy, and execute our share buyback programmes"

Highlights

  • NAV per Share of 2,040p, Q2 NAV per Share Total Return of 1.9% (5 year annualised: 14.5%)
  • H1 NAV per Share Total Return of (0.7)% includes a negative FX impact of (2.0)% due to the strengthening of Sterling, largely in Q1
  • Strong cash generation during H1, with Total Proceeds of £222m (H1 FY25: £86m). Realisations during the period included three of our top 10 portfolio companies, and we executed a sale of a portion of our Portfolio at a 5.5% discount
  • New Investments of £113m, including £42m into secondaries in line with our intention to increase our exposure to this part of the market
  • £16m buybacks executed in H1 FY26, increasing NAV per Share by 14p (~0.7%)
  • Q2 dividend of 9p per share. Board intention remains to pay total FY26 dividends of at least 38p per share (FY25: 36p)
  • Share Price Total Return during the half-year of 12.6%

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