Chrysalis Investments Limited · LSE:CHRY
Chrysalis Investments — H1 2025 Earnings Presentation
16 slides from Chrysalis Investments's earnings presentation, May 2025
Slide 1: Investor Update – 1H25 update
Investor Update – 1H25 update For professional investors in the UK only May 2025
Slide 2: Important information
Important information This document has been prepared for information purposes only by Chrysalis Investment Partners LLP in its capacity as investment adviser Neither this document nor any copy of it may be taken or transmitted into or distributed in any member state of the European (the “Investment
Slide 3: Key Risks
Key Risks The following risks are a non-exhaustive list of risks associated with the Company. Investors should take independent v. Portfolio Construction – ensuring that the portfolio remains sufficiently diversified and that the Company’s holdings financial advice prior to investing in the Company:
Slide 4: NAV Performance - 1H25
NAV Performance - 1H25 wefox write up and buyback accretion are key drivers NAV per share movement between September 2024 and March 2025 (pence) Increase Decrease Total The NAV per share increased by 160 +8% over the period to 152.62p wefox’s valuation recovered, 155 1.39 following its restructuring
Slide 5: Current Portfolio
Current Portfolio Five largest assets now represent 81% of NAV Chrysalis Portfolio as at 31st March 2025 (% of NAV) InfoSum Cash 6% Realisations have been made from 5% Other the smaller positions in the portfolio 2% Secret Escapes 2% Starling Proceeds from these aggregate Deep Instinct 33% 4% realis
Slide 6: Path to value creation
Path to value creation Modelling scenarios
Slide 7: Portfolio potential
Portfolio potential Modelling scenarios • To help investors gauge the potential of the portfolio, we introduce three modelling scenarios to Modelling scenarios in response calibrate the potential impact on NAV ps to investor demand to understand “the upside” • Throughout, the scenarios address a “me
Slide 8: Starling Bank (1)
Starling Bank (1) What is a reasonable multiple? Revenue and PAT progression (£m) Regression of bank peers (PE vs EPS growth) Starling is a highly profitable, mobile-first, 60 digitally native bank. Its software stack is 1,400 sold to other banks via Engine 1,200 50 y = 30.42x + 9.25 Traditional UK
Slide 9: Starling Bank (2)
Starling Bank (2) Engine could transform valuation basis Engine by Starling: A cloud-native, SaaS banking platform Starling estimates retail banks spend £58bn on core IT at present, which is due to grow at 9% CAGR to 2028 to £91bn Ledger Engine offers a capital-light international expansion angle, i
Slide 10: Starling Bank (3)
Starling Bank (3) A successful Starling outcome could prove transformational Chrysalis NAV ps potential progression based on Starling scenarios (all other assets held at current valuations) Combining the valuations for Starling’s UK 350 bank and Engine generates the below range of outcomes 300 The c
Slide 11: Klarna
Klarna Continues to grow strongly and is at an inflection point of profitability Klarna is the global BNPL leader, generates Klarna – Potential Revenue and EBITDA progression over 5 years (USD bn) GMV of $105bn, on which it earned $2.8bn 9.0 revenue in FY24 and is profitable Material strategic partn
Slide 12: Smart Pension
Smart Pension Mansion House accelerant Smart owns a digital pensions platform – Potential Exit EBITDA progression SPMT only FY24-30 (£m) Keystone – which it uses to power its UK FY24 exit ARR c£48m; master trust (SPMT), as well as selling to third Exit EBITDA positive 90 parties in the UK and overse
Slide 13: Brandtech
Brandtech Positioned as Gen-AI leader Brandtech offers digital and AI marketing solutions, generates significant net revenues, is profitable and we believe should Brandtech demonstration of savings by using Gen-AI command mid-teens EBITDA % at maturity Currently, only 1% of ads are created with Gen-
Slide 14: Potential upside
Potential upside Scenario B would double NAV ps; Scenario C nearly triple it Medium term MVs A B C Potential NAV development (pence per share) over medium-term (taken to be 3-4 years) Starling £4.8bn £7.0bn £9.5bn 500 Klarna $20bn $30bn $60bn 450 +181% Smart £1.1bn £1.5bn £2.2bn 400 Brandtech $2.8BN
Slide 15: Catalysts
Catalysts Key indicators to watch for STARLING BANK ENGINE KLARNA New products; M&A; ROE; capital generation New contract wins; geographical expansion IPO market reopening; growth acceleration SMART PENSION BRANDTECH Contract wins for Keystone; growth in SPMT; M&A News of Gen-AI market adoption Seve
Slide 16: Chrysalis Investments: Strong future prospects
Chrysalis Investments Strong future prospects 1H25 NAV +8.0% REALISATIONS HAVE CONTINUED AT PACE PORTFOLIO DERISKED Sale of Featurespace and InfoSum have yielded 88% of the portfolio is now profitable, driven by the NAV was up strongly over 1H25, driven by wefox and c£129m of cash proceeds, on top o
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