Odyssean Investment Trust PLC · LSE:OIT
Odyssean Investment Trust — Q3 2026 Earnings Presentation
43 slides from Odyssean Investment Trust's earnings presentation, Oct 8, 2026
Slide 1: Odyssean Investment Trust PLC Q3 2026 Update
Odyssean Investment Trust PLC Q3 2026 Update FOR PROFESSIONAL CLIENTS ONLY1. NOT FOR FURTHER DISTRIBUTION. 1 within the meaning of the Financial Conduct Authority COBS 3.5
Slide 2: Important Information
Important Information • The information contained in this document is for the use of Professional and Institutional Investors only and should not be relied upon by any other person • This marketing communication does not include sufficient detail to enable the recipient to make an informed decision.
Slide 3: Executive Summary – Q3 2026
Executive Summary – Q3 2026 NAV rose 13.9%, exceeding the 8.0% rise of the market2, 3 • Trading updates across the portfolio remain broadly positive • Despite strong performance, portfolio average EV/Sales ratings remain below long run averages • Key portfolio news: – G&H – Recommended bid from Arli
Slide 4: Performance update
Performance update Strong performance Q3 2026 and YTD. Long term Beta is c.0.8x Performance % Annualised Inception Since Q3-26 YTD26 CY25 CY24 CY23 CY22 CY21 CY20 CY19 since to Dec-18 inception inception NAV Total Return Per +13.9% +41.7% +9.4% -0.8% -10.4% +5.5% +25.0% +13.1% +22.0% -3.7% +141.1% +
Slide 5: Performance drivers in Q3 2026
Performance drivers in Q3 2026 Key stock contributors Largest positive contributors Largest negative contributors • H1 results in-line with expectation. Strong performance in • Further upgrades through period. Sales growth Defence and Transport divisions off set macro weakness and gross margin both
Slide 6: OIT is enjoying a strong 2026
OIT is enjoying a strong 2026 Performance has been highly concentrated Holding Absolute Return Contribution YTD Comment/our views YTD (%)1 (bps) 1 XPP 128% c.1,400 Top sliced due to weight considerations. EV/sales rating remains below long term average despite being in foothills of upgrade cycle Dia
Slide 7: UK continues to offer value compared to other global markets
UK continues to offer value compared to other global markets UK Small Companies seem to continue to offer attractive absolute and relative value Aggregate Market Value (Discount)/Premium to Default Quest ® fair value 75% 64% 50% 44% 29% 29% 30% 23% 25% 25% 12% 13% 15% 9% 3% 3% 0% 0% -5% -25% -11% -1
Slide 8: UK Smaller Companies can provide global exposure
UK Smaller Companies can provide global exposure OIT’s portfolio is more international currently than the FTSE 100 Revenue exposure by geography1, 2, 3 100% • Portfolio revenue generation is balanced by ROW geographic area, which we believe spreads political 90% and economic risk 80% • Limited expos
Slide 9: Structural growth themes across our portfolio…
Structural growth themes across our portfolio… ..but we also have value discipline 9
Slide 10: Portfolio expectations of 7%-9% organic sales growth…
Portfolio expectations of 7%-9% organic sales growth… Profit growth should exceed sales growth due to operational gearing and self-help Portfolio expected organic growth rates 25% 20% 20% 15% 15% 11% 10% 9% 8% 7% 9% 7% 7% 7% 6% 6% 4% Inflation fcst 7% 5% 5% 5% 5% 5% 5% 3.0% 4% 3% 2% 0% Dialight XPP
Slide 11: ….with potential for significant margin upside to come
….with potential for significant margin upside to come Operating leverage and self-help have potential to drive material margin uplift Last reported Potential Self Operating Holding Notes: EBIT % EBIT % help? leverage? • Has delivered c.20% across prior cycle. Believe end market 6.2% 20% ✓✓ ✓✓ recov
Slide 12: G&H – showcases our differentiated, engaged approach
G&H – showcases our differentiated, engaged approach Realised gains1 of 2.5x cash and c.36% IRR GHH share price vs DNSCI+AIM TR index2 Odyssean “angle” Detail 20 Takeover OIT 1st purchase Insight Known since 2008 15 Significant primary OIT carefully buys 13% research 10 Valuation discipline Entry c.
Slide 13: Case Study - Dialight
Case Study - - Self-help transformation journey now being recognised. Market flat over the hold period DIA share price development since initial investment 600 New chairman New CEO Sanmina litigation deal 500 DIA share price 400 Comparator Index 300 ODY average in price 200 100 0 Jun-21 Dec-21 Jun-2
Slide 14: Case Study – XP Power
Case Study – Early in cyclical upswing with rating well off levels in historic cycles XP Power - EV/Sales over time • Leading global supplier of power converters used in 5.0x 4.8x industrial, healthcare and semiconductor applications 4.5x 4.0x • Shares have performed well in recent periods 3.8x 4.0x
Slide 15: New investment
New investment Fallen star impacted by market uncertainty starting on a transformation journey Background • Leading software provider to US hospitals – providing revenue integrity, Craneware - EV/EBITDA 24x 340B pharmacy and cost analytics solutions 22x • Hard-to-replicate position – embedded in mis
Slide 16: Portfolio contains many businesses going through transformation
Portfolio contains many businesses going through transformation Transformations often exhibit an ‘s-curve’ profile – many names poised to accelerate? Unproven Conversion Mainstream “Risky” “Monitoring/considering” “OK to buy now” • Operational progress made, • Financial benefits of • Transformation
Slide 17: Portfolio M&A Activity
Portfolio M&A Activity Average completed day 1 bid premium of c.47%. Typically overseas trade buyers Announced/completed take over offer premia 2019 2020 2021 2022 2023 2024 2026 70% 65% 60%* 59% Average premia 60% 52% 53% all bids 50% 50% 48% 47% 39% 41% 41% Average trade * 40% * * * 34% 32% 34% ac
Slide 18: EV/Sales ratings top portfolio companies (1 of 2)
EV/Sales ratings top portfolio companies (1 of 2) Ratings below historic averages even after recent strong run Current portfolio top 10 (exc.ATG) - NAV weighted mean NTM EV/Sales 3.8x 3.4x 3.0x 2.6x Average = 2.1x 2.2x 1.8x 1.4x 1.0x 0.6x Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 Mar-22 Mar-2
Slide 19: EV/Sales ratings top portfolio companies (2 of 2)
EV/Sales ratings top portfolio companies (2 of 2) Significant portion of re-rating seen in year to date has been driven by two stocks Current portfolio top 10 (exc.ATG, DIA) - NAV weighted mean NTM EV/Sales 4.6x 4.2x 3.8x 3.4x 3.0x 2.6x Average = 2.4x 2.2x 1.8x 1.4x 1.0x 0.6x Mar-08 Mar-10 Mar-12 Ma
Slide 20: The investment cycle
The investment cycle Looking for signs of improving fundamentals in UK Equities? Market phase Bear Market Bottom Early-Stage Mid-Stage Bull Peak of Bull Market Recovery Market General vertical direction (but not horizonal direction) of asset price movements Investment style Balance sheet Value Growt
Slide 21: Outlook
Outlook Future NAV per share performance unlikely to be correlated to UK economy Our broad investment views Where we are focused 1. Bearish on the UK economy 1. Niche market leaders 2. Prospects for domestically focused UK companies 2. UK quoted, but overseas earners, especially US$ seem poor absent
Slide 22: Supporting Portfolio & Market Data
Supporting Portfolio & Market Data
Slide 23: Portfolio
Portfolio High conviction portfolio Top portfolio holdings¹ • Top 10 holdings account for 82% of NAV Dialight • Two new positions initiated in period – both XPP currently smaller weight with scope to grow as 3.5% diligence continues Xaar Genus • Further investments made into existing positions 15.3%
Slide 24: Portfolio
Portfolio Focused on our core sectors and core market cap range Holding by sector 1 Holding by market cap 1 3.5% Industrials 3.5% Sub £100m 2.5% 7.8% 14.1% TMT £100m-£500m 13.6% Business Services £500m-£1bn 53.8% 23.6% Healthcare 56.2% Over £1bn 21.3% Net cash Cash + Other • Industrials remains the
Slide 25: Special situations across the portfolio
Special situations across the portfolio Lots of ways for companies to create/unlock value Material cost Market share Margin Undervalued/ SOTP¹ Geographic Holding synergies for a growth/ Other improvement hidden growth discount arbitrage trade buyer recovery Manufacturing ✓✓ ✓ ✓ ✓✓ ✓ ✓ footprint Manu
Slide 26: Our investment strategy has delivered strong long-term returns
Our investment strategy has delivered strong long-term returns 16 years’ track record across varied market conditions Annualised return Total cash-on-cash multiple 20% 11.7x 12x 16.6% 16% 10x 12% 8x 8.6% 9.4% 6x 8% 3.8x 4.2x 4x 4% 2x 0% 0x DNSC+AIM ex Deutsche Numis Strategy DNSC+AIM ex Deutsche Str
Slide 27: Investment Process
Investment Process How we filter investment opportunities Deep Speculative Distress Recovery Undervalued GARP1 Fair Valued Turnaround Growth A A Investment Focus Asset Quality Asset Quality Avoid Avoid B B C Avoid C Source: Odyssean Capital LLP as at the date of the presentation. 1Growth at a Reason
Slide 28: Investing in transformations is a focus area for us
Investing in transformations is a focus area for us Properly executed generates scope for non-market driven returns Identifying Identify Ability of performance gap/ steps/actions to company/ improvement close performance management to potential gap execute In depth Due Diligence process, experience
Slide 29: Portfolio sector exposure overtime
Portfolio sector exposure overtime Industry exposure shifts driven by where we believe there are opportunities Sectoral split over time 100% 80% 60% 40% 20% 0% Sep-23 Dec-19 Dec-24 Dec-18 Sep-19 Sep-20 Dec-20 Sep-21 Dec-21 Sep-22 Dec-22 Dec-23 Sep-24 Sep-25 Dec-25 Sep-26 Jun-19 Jun-20 Jun-21 Jun-22
Slide 30: Portfolio company voting record over Q3 2026
Portfolio company voting record over Q3 2026 Continued to follow our consistent guidelines and raise our concerns where appropriate • Continued to vote in all meetings – quiet period through the summer Number of meetings 4 Number of resolutions 22 Number voted 22 Voted with management 20 Voted again
Slide 31: Investment strategy recap – neither growth nor value
Investment strategy recap – neither growth nor value Based on 3 pillars: Valuation, Quality and Engagement, with Sector focus Target Zone Valuation • Invest at a significant discount to owner’s valuation • Look for businesses with multiple drivers of equity value growth (sales; margin; rating; free
Slide 32: Sectors we focus on
Sectors we focus on We focus on four key sectors we know well • We believe the best investment decisions are made from a Odyssean: view of main sectors base of knowledge and experience High Low Sector B2B focus ROCE/cash cyclicality expertise • We focus on sectors where the team has expertise and wh
Slide 33: Corporate engagement
Corporate engagement Goal to augment returns from stock selection • We use engagement to create, defend or recover value • Operational efficiency • Fixed assets and to deliver differentiated returns • R&D allocation • • IP maximisation Capex allocation Asset • The investment team has more than 23 ye
Slide 34: Spectrum of our engagements
Spectrum of our engagements Level of engagement • Exec • Chairman • Chairman & • Seek Board meetings meeting NED seat or • Proactive • Broker meetings change board voting engagement • Writing members • Other formal letter • Propose shareholder to Board resolutions at discussions • Specific either AG
Slide 35: Portfolio construction
Portfolio construction Our strategy is more similar to Private Equity than other Public Equity funds Typical Long Only Odyssean Strategy Typical Private Equity Number of positions 50-100 Up to 25 10-15 Typical position size 1% 3-8% at cost, max 20% 10% Typical holding period Variable 3-5 years 3-5 y
Slide 36: Odyssean Investment Trust - key company facts
Odyssean Investment Trust - key company facts NAV £344m1 Shares in issue 144,990,7911 Domicile UK Full listing, London Stock Exchange Board Fully independent. Owns c.1% of issued share capital. Will use all fees, post tax, to buy shares AIFM Odyssean Capital LLP is the AIFM Opportunity for sharehold
Slide 37: Further performance data
Further performance data As at 30th September 2026 Performance % 1 year 3 year 5 year NAV Total Return Per Share1 +41.7% +51.7% +49.9% Share price return2 +52.4% +53.6% +47.2% DNSC + AIM ex IC Total Return2 +11.4% +37.6% +3.9% Source: 1NSM Funds (UK) Ltd, Bloomberg, Odyssean Capital; DNSC + AIM ex I
Slide 38: OIT shareholder base
OIT shareholder base As at 30th June 2026 Shareholder base by investor type1 Shareholders >3% 0.3% Harwood Capital 1.3% Trinity Bridge 2.9% Wealth Manager 12.0% Raymond James 12.8% Connected Parties Ian Armitage 8.6% Institutions Cazenove Capital Retail 48.2% 43.2% 8.0% 15.3% ii Endowment 6.9% JM Fi
Slide 39: Important Information
Important Information This financial promotion has been issued and approved by Odyssean Capital LLP (“Odyssean”) which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FRN: 783925) and is the Alternative Investment Fund manager of Odyssean Investment Trust Plc (“
Slide 40: Important Information
Important Information No representation or warranty, either expressed or implied, is or will be made or given and no responsibility or liability is or will be accepted by Odyssean Capital LLP or by any of their respective directors, officers, employees, members, agents or advisers in relation to the
Slide 41: Quest Disclaimer
Quest Disclaimer Appendix: Important Disclosures Quest® is at this stage registered in the UK and in the USA, and common law trademark rights are asserted in other jurisdictions. For the purposes of UK regulation Canaccord Genuity Limited (“CGL”) produces non-independent research which is a marketin
Slide 42: Quest Disclaimer
Quest Disclaimer objectives, and investors should make their own independent decisions regarding any securities or strategies discussed herein. Please contact your salesperson for more information regarding Canaccord Genuity’s research. General Disclaimers See “Required Company-Specific Disclosures”
Slide 43: Contact details
Contact details Alternative Investment Fund Manager Investor Relations Partner Odyssean Capital LLP Cadarn Capital Ltd 6 Stratton Street We Work, Moor Place London 1 Fore St Ave W1J 8LD London EC2Y 9DT www.odysseancapital.com www.cadarncapital.com Stuart Widdowson David Harris Tel: +44 (0)7710 03162
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