Caledonia Investments Plc · LSE:CLDN
Caledonia Investments — FY2026 Earnings Presentation
40 slides from Caledonia Investments's earnings presentation, May 19, 2026
Slide 1: Full-year results
Full-year results Year ended 31 March 2026
Slide 2: Cautionary statement
Cautionary statement This presentation contains certain statements that are, or may be deemed to be, forward-looking. Phrases such as “aim”, “plan”, “intend”, “should”, “anticipate”, “well-placed”, “believe”, “estimate”, “expect”, “target”, “consider” and similar expressions are generally intended t
Slide 3: Overview
Overview 04 FY26 performance 07 Public Companies 10 Private Capital 14 Funds 19 Financial review 22 Summary 27 Appendix 29 Full-year results | 31 March 2026 3
Slide 4: Overview
Overview A short introduction to Caledonia Full-year results | 31 March 2026 4
Slide 5: Who we are
Who we are Shaped by experience, guided by discipline, focused on the long term £3.0bn 59 9.2% Self-managed investment company Consecutive dividend increases 10 year NAVTR Net assets Years Per annum Targeting long-term Experienced in-house Long-term investments Strong balance sheet and compounding i
Slide 6: Time well invested at Caledonia
Time well invested at Caledonia Providing access to both listed and private markets, diversified by sector and geography Attractive markets Strong fundamentals Well managed and aligned Public Companies Private Capital Funds • Two concentrated portfolios of 15-20 • Focused on up to 10 high-quality, •
Slide 7: FY26 performance
FY26 performance All pools contributing to growth Full-year results | 31 March 2026 7
Slide 8: Highlights for year ended March 2026
Highlights for year ended 31 March 2026 Resilient growth despite a volatile global economic backdrop £3.0bn 5.4% 9.2% Agreed sale of 10 year annualised NAVTR of Stonehage Fleming NAVTR All three investment At the top end of our c.£290m proceeds, 3.2x MoM Net Asset Value pools contributed target rang
Slide 9: Long-term returns from a diversified portfolio
Long-term returns from a diversified portfolio Targeting inflation +3% to +6% and outperformance of FTSE All-Share TR over the long term Annualised medium and long-term performance to 31 March 2026 15% 13.3% 11.1% 10% 9.5% 9.2% 8.7% 7.2% 6.3% 5.4% 5.1% 5% 3.5% 3.4% 0.4% 0% Over 3 years Over 5 years
Slide 10: Public Companies
Public Companies Investing in high quality companies where long-term ownership is rewarded Full-year results | 31 March 2026 10
Slide 11: Public Companies
Public Companies Public Companies Performance impacted by the March market sell-off despite underlying portfolio progress £952m invested in a high-quality portfolio of 31 Performance FY26 - impacted by the market sell off in March companies • Focus on compounders – hold for the long-term • Backed by
Slide 12: Public Companies – 5-year performance
Public Companies Public Companies – 5-year performance Progression of the Capital portfolio Total return – Capital portfolio (%) 70% FY26 60% 50% 40% 30% 20% 10% 0% Mar 21 Sep 21 Mar 22 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Mar 26 Full-year results | 31 March 2026 12
Slide 13: Oracle
Public Companies Oracle A long-term investment that has generated an annualised return of 19% p.a. Market capitalisation Share price $423bn ($) 350 Top-slicing £65m Total cash invested 300 £35m 250 Total cash returned £112m 200 Covid-19 top up adding Various c.25% to holding top-slicing 150 Top-slic
Slide 14: Private Capital
Private Capital Supporting private companies to create enduring value Full-year results | 31 March 2026 14
Slide 15: Private Capital
Private Capital Private Capital 13.1% return driven by the agreed sale of Stonehage Fleming and good performance of AIR-serv £955m invested in eight predominantly UK focused Performance FY26 companies, with top five investments representing c.95% • Buy-to-own approach – active partnership with manag
Slide 16: Private Capital: realisation activity
Private Capital Private Capital: realisation activity Successful track record of exits and generating a meaningful valuation uplift on realisations Proforma metrics LTM NAV growth vs. Caledonia IRR £1.4bn (size of bubble represents Caledonia total proceeds) of proceeds generated from realisations1,
Slide 17: Private Capital: diverse portfolio performing well
Private Capital Private Capital Diverse portfolio performing well Private Capital portfolio company metrics EV/ EBITDA valuation multiple of between Valuation £279m Valuation £215m 10x to 14.5x Return Year of Investment 27.6% 2019 Return Year of Investment 23.8% 2023 Sector Financials Sector Industr
Slide 18: Private Capital: diverse portfolio performing well
Private Capital Private Capital Diverse portfolio performing well Valuation £207m Valuation £142m Valuation £58m Return 8.8% Return 4.4% Return 4.7% Year of Investment 2004 Year of Investment 2016 Year of Investment 2024 Sector Various Sector Cons. Discretionary Sector Industrials Equity Held 4.7% E
Slide 19: Funds
Funds Accessing attractive global markets Full-year results | 31 March 2026 19
Slide 20: Funds
Funds Funds Positive contributions from North America and Asia, supported by meaningful realisations £941m NAV - 62% focused on North America Performance FY26 lower mid-market buyout and 38% in Asia Total pool North America Asia • Access to hard-to-reach markets • Enhanced diversification through a
Slide 21: Funds cashflows and commitments
Funds Funds cashflows and commitments Cashflows moderated by macro uncertainty Net cashflow Portfolio maturity1 Investment activity and commitments North America Asia Net cashflow • £117m deployed: 67% into 200 North America funds and 4.7 Realisation 150 the balance to Asia 100 Weighted years Weight
Slide 22: Financial review
Financial review Robust balance sheet - flexibility to deploy capital selectively Full-year results | 31 March 2026 22
Slide 23: Financial overview
Financial overview A robust balance sheet NAV Portfolio value Final dividend1 £3.0bn £2.8bn 4.00p Strong balance sheet with High-quality, diversified portfolio Total dividend of 7.68p a 4.4% increase on zero structural leverage prior year NAV total return Liquidity RCF extension 5.4% Positive perfor
Slide 24: Change in net asset value
Change in net asset value NAVTR of 5.4%, £22.4m FX reducing NAV by 0.7% NAV movement 5.4% Foreign Currency (£m) Exposure (NAV) Total return NAV p/s accretion1 £167.3m 31.2p / 5.5% NAV p/s accretion1 3.5p / 0.6% 62.9 -22.4 126.8 3,062.0 -29.9 -7.0 ww -34.6 US dollar 53% 2,980.0 Pound sterling 38% -47
Slide 25: Cash & facilities
Cash & facilities Significant liquidity of £415m; £90m cash and undrawn RCF of £325m Movement in net cash Cash (£m) 31 Mar 2026 Net investment £5.8m £90m 58.7 Undrawn RCF 151.3 257.1 31 Mar 2026 -32.2 -47.4 90.0 £325m ww -34.6 Liquidity 31 Mar 2026 £415m -262.9 1 Apr 2025 Investments - Realisations
Slide 26: Capital allocation and shareholder initiatives
Capital allocation and shareholder initiatives Taking action so our shareholders benefit from the long-term increase in NAV Capital allocation Discount Stonehage Fleming proceeds – expected mid-2026 • Share price discount to NAV over the year to 31 March 2026 averaged 34.0%, widening significantly i
Slide 27: Summary
Summary Full-year results | 31 March 2026 27
Slide 28: Summary
Summary Diversified portfolio and active management – delivering NAV growth against an uncertain backdrop Portfolio Strong balance sheet Priority is to Caledonia is well- resilience and liquidity continue delivering positioned underpinned by provides us flexibility long-term NAV growth for long-term
Slide 29: Appendix
Appendix Full-year results | 31 March 2026 29
Slide 30: Long-term NAV total return
Long-term NAV total return Outperforming inflation by 5.8% over the last decade NAV total return growth since 2006 1 Caledonia NAVTR CPIH+3% 450 400 350 300 250 200 150 100 50 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Full-year results
Slide 31: Investment portfolio and returns
Investment portfolio and returns Total portfolio return of 6.1% Investment movement Portfolio by Pool (£m) Net investment (£m) £8m Public Companies £952m Private Capital £955m 265 £2,848m Funds £941m 167 2,848 ww 2,733 Return Return Yield2 % (excl. FX) % % -257 Public Companies 1.2 2.6 3.6 -60 Priva
Slide 32: A well-balanced portfolio
A well-balanced portfolio Diversified by sector and geography Provides shareholders with access to companies operating across diverse sectors with global exposure Geography Sector Industrials Includes Private Capital (Headquartered) investments in AIR-serv Europe, DTM and Cooke Industrials 26% Optic
Slide 33: Public Companies – Capital portfolio
Public Companies Public Companies – Capital portfolio Top holdings as at 31 March 2026 Top Holdings First Value (£m) Invested 31 Mar 2026 Sector Distribution Geography by HQ Philip Morris1 2016 66.1 Microsoft 2014 65.8 Texas Instruments1 2018 55.7 Watsco1 2017 48.2 Hill & Smith 2011 46.4 Charles Sch
Slide 34: Public Companies – Income portfolio
Public Companies Public Companies – Income portfolio Top holdings as at 31 March 2026 Top Holdings First Value Yield2 (£m) Invested 31 Mar 2026 % Sector Distribution Geography by HQ Phillip Morris1 2021 22.0 6.1 National Grid 2015 21.0 5.5 Texas Instruments1 2020 20.5 4.4 Fortis 2020 17.3 3.8 Fasten
Slide 35: Private Capital
Private Capital Private Capital Portfolio as at 31 March 2026 Top Holdings First Value (£m) Invested 31 Mar 2026 Sector Distribution Geography by Stonehage Fleming 2019 279.3 revenue generation AIR-serv Europe 2023 215.0 Cobepa 2004 206.5 Butcombe Group 2016 142.4 Direct Tyre Management 2024 57.7 Ot
Slide 36: Funds
Funds Funds Significant manager exposure as at 31 March 2026 Significant manager exposure First Value (£m) Invested 31 Mar 2026 Strategy (% NAV) Geography by region (% NAV) De Cheng funds 2015 76.9 Axiom Asia funds 2012 69.9 HighVista funds 2013 67.7 Unicorn funds 2018 41.8 Vance Street funds 2021 3
Slide 37: Statement of net assets
Statement of net assets Year ended 31 March 2026 £m 31 Mar 25 Investments Realisations Investment income1 Total return 31 Mar 26 Pool Public Companies 964.7 141.4 (142.3) (23.2) 11.6 952.2 Private Capital 870.7 7.0 (0.5) (33.5) 111.0 954.7 Funds 897.3 116.8 (114.3) (3.6) 44.7 940.9 Total investment
Slide 38: Summary of comprehensive income
Summary of comprehensive income Year ended 31 March 2026 31 Mar 26 31 Mar 25 £m £m Revenue Capital Total Revenue Capital Total 1 Investment income – portfolio 54.9 8.0 62.9 43.7 – 43.7 Net gain on fair value investments – portfolio2 – 104.4 104.4 – 50.2 50.2 Total return 54.9 112.4 167.3 43.7 50.2 9
Slide 39: Further information
Further information If you have any questions, or to request a meeting, Year end 31 March please contact us in the following ways: Ticker CLDN Send an email to: investorrelations@caledonia.com Index FTSE 250 Sector Flexible Investment Call us on: 020 7802 8080 Dividend frequency Semi annual Website:
Slide 40: Caledonia Investments plc
Caledonia Investments plc Cayzer House 30 Buckingham Gate London SW1E 6NN +44 20 7802 8080 enquiries@caledonia.com caledonia.com Scan the QR code to visit our website © Caledonia Investments plc 2025. Caledonia Investments, Time Well Invested and the sealion guardant are registered trademarks.