Caledonia Investments Plc · LSE:CLDN
Caledonia Investments — Q2 2026 Earnings Presentation
42 slides from Caledonia Investments's earnings presentation, Nov 25, 2025
Slide 1: Half-year results
Half-year results Six months ended 30 September 2025
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 HY26 performance 08 Public Companies 10 Private Capital 13 Funds 19 Financial review 24 Summary 29 Appendix 32 Half-year results | 30 September 2025 3
Slide 4: Overview
Overview A short introduction to Caledonia Half-year results | 30 September 2025 4
Slide 5: At a glance
At a glance We are long-term stewards of shareholders’ capital Self-managed investment Consecutive dividend company increases Strong consistent long term NAV growth £3.0bn 58 We have a consistent track record of generating long-term real returns, outperforming inflation by 6.5% p.a. over the last de
Slide 6: Time well invested at Caledonia
Time well invested at Caledonia Providing access to both private and public companies, diversified by sector and geography Attractive markets Strong fundamentals Well managed and aligned Public Companies Private Capital Funds • Quality global portfolio of c.30 • Focused on up to 10 high quality, • P
Slide 7: Long-term performance
Long-term performance Targeting inflation +3% to +6% and outperformance of FTSE All-Share TR over the long term Annualised performance medium and long-term 15% 14.5% 13.0% 12.2% 12.3% 10% 9.8% 8.4% 8.7% 8.1% 5.4% 5% 4.9% 4.3% 3.3% 0% Over 3 years Over 5 years Over 10 years Caledonia NAVTR Caledonia
Slide 8: HY 2026 performance
HY 2026 performance Strong performance from Public Companies and Private Capital Half-year results | 30 September 2025 8
Slide 9: Highlights for six months to Sept 2025
Highlights for six months to 30 Sept 2025 Strong performance from Public Companies and Private Capital Net assets Share price Interim dividend £3.0bn 379p (566p per share) 3.68p reflecting the change in dividend profile to 50% of the prior year’s 4.4% 8.5% annual total dividend NAV total return Tota
Slide 10: Public Companies
Public Companies Investing in high quality companies where long-term ownership is rewarded Half-year results | 30 September 2025 10
Slide 11: Public Companies
Public Companies Public Companies Structural advantage of our model enabled us to act decisively and realise value £1,068m invested in 31 companies, with strong market Annualised Performance positions and fundamentals Total return Performance • 9.9% return (13.1% in local currencies) for combined po
Slide 12: Oracle
Public Companies Oracle A long-term investment that has generated an annualised 22% p.a. Market capitalisation Share price $817bn ($) 350 Top-slicing £54m Total cash invested £35m 300 250 Total cash returned £101m 200 Covid-19 top up adding Various c.25% to holding top-slicing 150 Top-slicing c.10%
Slide 13: Private Capital
Private Capital Supporting private companies to create enduring value Half-year results | 30 September 2025 13
Slide 14: Private Capital
Private Capital Private Capital Direct investments in established high quality private businesses £907m invested in eight predominantly UK focused Annualised Performance companies, with five investments representing over 90% of Total return value Performance 25% • 7.7% total return – reflects agreed
Slide 15: Stonehage Fleming
Private Capital Stonehage Fleming A consistent performer – a true compounder Investment Valuation1 Progression through ownership July 2019 Sept 2025 £92m £260m +$125bn +440 +2,000 4 +7 invested AuA/M Employees Clients Strategic New to $175bn to c.990 to c.3,000 acquisitions geographies Investment ra
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
Private Capital Private Capital 7.7% six-month return driven by the agreed sale of Stonehage Fleming and performance of AIR-serv Private Capital portfolio company metrics EV/ EBITDA valuation multiple of between Valuation £195m Valuation £193m 10x to 14.5x Return Year of Investment 2.7% 2004 Return
Slide 18: Private Capital
Private Capital Private Capital 7.7% six-month return driven by the agreed sale of Stonehage Fleming and performance of AIR-serv Valuation £145m Valuation £57m Valuation £31m Return 6.4% Return 3.9% Return -31.2% Year of Investment 2016 Year of Investment 2024 Year of Investment 2018 Sector Cons. Di
Slide 19: Funds
Funds Accessing attractive global markets Half-year results | 30 September 2025 19
Slide 20: Funds
Funds Funds Providing exposure to over 600 companies operating in North America and Asia £884m invested in 82 funds managed by 46 Annualised Performance managers, 64% focused on North America lower Total return GBP mid market buyout and 36% in Asia buyout, growth and VC funds 20% Performance • -2.2%
Slide 21: Funds cashflows
Funds Funds cashflows Subdued cashflows in current macroeconomic environment Net cashflow Portfolio maturity1 North America Asia Net cashflow < 1 year 7% 100 1 - 3 years 20% 4.6 Weighted average 3 - 5 years 37%age Realisation 50 years 4.6 years (4.0 years a 5 - 7 years 19% 7 years+ 17% March 25) 0 W
Slide 22: Compass Group
Funds Compass Group St Louis, Missouri-based, lower mid-market control buyout manager Target company criteria Target company criteria Target investments The US lower Enterprise Valuemid-market has been a core part of our investment Enterprise Value • Typically first institutional $10m to $120m strat
Slide 23: Compass Group
Funds Compass Group St Louis, Missouri-based, lower mid-market control buyout manager Portfolio Company Snapshots Sub-sector Categories Test & measurement Home services Restoration services Cold chain packaging & logistics Portfolio Company Sold Description Value-add distributor and Fully integrated
Slide 24: Financial review
Financial review A robust balance sheet Half-year results | 30 September 2025 24
Slide 25: Financial overview
Financial overview A robust balance sheet NAV Portfolio value Interim dividend £3.0bn £2.9bn 3.68p Strong balance sheet with High quality, diversified portfolio reflecting the change in dividend profile to zero structural leverage 50% of the prior year’s annual total dividend NAV total return Liquid
Slide 26: Change in net asset value
Change in net asset value NAVTR of 4.4%, £59m FX reducing NAV by 2.0% NAV movement 4.4% Foreign Currency (£m) Exposure (NAV) Total return NAV p/s accretion1 £145m 27.0p NAV p/s accretion1 4.8% 1.3p 0.2% 155 49 -59 3,054 -17 -6 ww -14 3,012 -28 US dollar 54% Pound sterling 37% Euro 7% 2,932 Other cur
Slide 27: Cash & facilities
Cash & facilities Significant liquidity of £430m; £105m cash and undrawn RCF of £325m Movement in net cash Cash (£m) Net investment 30 Sept 2025 £27m £105m 47 151 Undrawn RCF -24 30 Sept 2025 104 -28 105 £325m ww -14 Liquidity 30 Sept 2025 £430m -131 01 Apr 2025 Investments - Realisations - Investme
Slide 28: Share buybacks and shareholder initiatives
Share buybacks and shareholder initiatives Taking action so our shareholders benefit from the long-term increase in NAV Ongoing initiatives • Share buybacks – Share price discount to NAV is 33.0% which we believe undervalues the quality of our portfolio and track record – Over the last 18 months £78
Slide 29: Summary
Summary Half-year results | 30 September 2025 29
Slide 30: Summary
Summary 9.8% annualised NAVTR over the last decade, outperforming inflation by 6.5% Annualised NAVTR and TSR Successful track record of delivering long-term real returns Outperforming inflation by 6.5% over the last 10 12.2% 12.3% years 9.8% 8.4% 8.7% Global diversification 5.4% ww Access to both pu
Slide 31: Q&A
Q&A Half-year results | 30 September 2025 31
Slide 32: Appendix
Appendix Half-year results | 30 September 2025 32
Slide 33: Investment portfolio and returns
Investment portfolio and returns Total portfolio return of 5.2% Investment movement Portfolio by Pool (£m) (£m) Public Companies £1,068m Private Capital £907m Net investment £29m £2,859 Funds £884m 133 145 2,859 ww 2,733 -104 Return Return Yield2 % (excl. FX) % % -48 Public Companies 9.9 13.1 3.4 Pr
Slide 34: 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 (Headquartered) Industrials 25% Industrials Financials 15% Includes Private Capital Consumer Discretionary 14% investmen
Slide 35: Public Companies – Capital portfolio
Public Companies Public Companies – Capital portfolio Top holdings as at 30 September 2025 Top Holdings First Value (£m) Invested 30 Sept 2025 Sector Distribution Geography by HQ Microsoft 2014 97.5 Oracle 2014 89.0 Philip Morris1 2016 63.5 Texas Instruments1 2018 51.7 Watsco1 2017 50.2 Hill & Smith
Slide 36: Public Companies – Income portfolio
Public Companies Public Companies – Income portfolio Top holdings as at 30 September 2025 Top Holdings First Value Yield2 (£m) Invested 30 Sept 2025 % Sector Distribution Geography by HQ Phillip Morris1 2021 24.7 4.5 National Grid 2015 22.1 5.2 Texas Instruments1 2020 19.0 3.3 RELX 2023 18.3 2.5 Uni
Slide 37: Private Capital
Private Capital Private Capital Portfolio as at 30 September 2025 Top Holdings First Value (£m) Invested 30 Sept 2025 Sector Distribution Geography by Stonehage Fleming 2019 259.7 revenue generation Cobepa 2004 194.9 AIR-serv Europe 2023 193.0 Butcombe Group 2016 145.2 Direct Tyre Management 2024 57
Slide 38: Funds
Funds Funds Top holdings as at 30 September 2025 Top Holdings First Value (£m) Invested 30 Sept 2025 Strategy Geography by region HighVista Strategies 2013 84.6 Axiom Asia funds 2012 67.5 De Cheng funds 2015 57.2 Unicorn funds 2018 37.9 Asia Alternatives funds 2012 33.8 AE Industrial funds 2018 32.2
Slide 39: Statement of net assets
Statement of net assets Six months ended 30 September 2025 £m 31 Mar 25 Investments Realisations Investment income1 Total return 30 Sept 25 Pool Public Companies 964.7 78.1 (60.9) (13.1) 98.8 1,067.6 Private Capital 870.7 2.9 (0.5) (32.3) 65.9 906.7 Funds 897.3 51.8 (42.8) (2.1) (20.0) 884.2 Total p
Slide 40: Summary of comprehensive income
Summary of comprehensive income Six months ended 30 September 2025 30 Sept 25 30 Sept 24 £m £m Revenue Capital Total Revenue Capital Total 1 Investment income – portfolio 40.8 8.0 48.8 29.4 – 29.4 Net gains / (losses) on fair value investments – portfolio2 – 95.9 95.9 – (8.9) (8.9) Total return 40.8
Slide 41: 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 42: 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.
Caledonia Investments — Q2 2026 Earnings Presentation on 6ix