Odyssean Investment Trust PLC · LSE:OIT
Odyssean Investment Trust — Q4 2025 Earnings Presentation
43 slides from Odyssean Investment Trust's earnings presentation, January 2026
Slide 1: Odyssean Investment Trust PLC Q4 2025 Update
Odyssean Investment Trust PLC Q4 2025 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 – Q4 2025
Executive Summary – Q4 2025 NAV per share flat through the quarter. Portfolio trading updates largely positive • NAV per share was flat1,2 in the period. DNSC +AIM ex IC index (“Comparator”) rose 1.6% 2,3 • Trading updates across the portfolio remain broadly positive • Portfolio average EV/Sales rat
Slide 4: News flow post period end & brief outlook
News flow post period end & brief outlook Company updates – ATG – Announced it had received a number of unsolicited approaches from its largest shareholder Fitzwalter Capital, the most recent of which was at 360p (c.33% premium). The board did not engage with this approach viewing it as ‘opportunist
Slide 5: Performance update
Performance update NAV per share flat % in Q4, broader market rose slightly Performance % Annualised Inception Since Q4-25 CY25 CY24 CY23 CY22 CY21 CY20 CY19 since to Dec-18 inception inception NAV Total Return Per +0.0% +9.4% -0.8% -10.4% +5.5% +25.0% +13.1% +22.0% -3.7% +70.2% +7..2% Share1 Share
Slide 6: Materials and financials drove small cap in 2025
Materials and financials drove small cap in 2025 Excluding financials & resources, we estimate market returned <5% in 2025 65.3 DNSC + AIM1 sector returns in 2025 (% total return) 30 65 25 19.2 20 17.5 15.5 15 11.8 9.4 8.8 10 8.1 7 5.8 5 2.7 0 -5 -5.4 -10 -11.5 -15 • Like the FTSE100, financials and
Slide 7: Performance drivers in Q4 2025
Performance drivers in Q4 2025 Key stock contributors Largest positive contributors Largest negative contributors • Strong H1 results as self-help actions delivering • December trading update downgraded expectations due despite tough end markets to a slowdown and uncertain outlook for NHS demand • E
Slide 8: Positive trading momentum across much of the portfolio
Positive trading momentum across much of the portfolio Trading updates across portfolio have been positive Holdings Situation overview Most recent trading update (full year or interim) • Gross margins up 230bps to 35.3% - run rate higher? • Transformation plan being delivered • c.$4m overhead reduct
Slide 9: Value creation from the portfolio not dependent on UK economy
Value creation from the portfolio not dependent on UK economy Asset class perceptions vs positioning of our portfolio UK Smaller Companies sector perceived Odyssean portfolio company revenue is heavily internationally biased -> in as being a play on the domestic economy many cases the UK economy is
Slide 10: 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 • Portfolio revenue generation is balanced by 100% geographic area, which we believe spreads political ROW and economic risk 90% 80% • Limited expos
Slide 11: Recent UK GDP growth has entirely been driven by government
Recent UK GDP growth has entirely been driven by government Private sector in the UK effectively flat / already in recession – crowding out? UK GDP by component Q4 19 to Q2 25 15 12.9 10 5.2 5 % change 0 -0.5 -5 -10 -8.2 -15 -12.8 Real GDP Government Durable goods Manufacturing New housing spending
Slide 12: Any UK growth 2026/27 likely to be driven by public sector
Any UK growth 2026/27 likely to be driven by public sector Private sector investment set to remain weak? UK investment growth forecasts 9 7.8 8 Investment growth (% p.a.) 7 6 5.4 5 4.1 4 2.8 3 2.3 2.5 2 0.6 0.9 1 0 -1 -0.4 -0.2 2024 2025F 2026F 2027F 2028F Business General government • Challenging e
Slide 13: Portfolio expectations of 6%-8% organic sales growth…
Portfolio expectations of 6%-8% organic sales growth… Profit growth should exceed sales growth due to operational gearing and self-help Portfolio expected organic growth rates - range 25% 22% 20% 18% 15% 12% 11% 10% 10% 10% 8% 9% 7% 8% 6% 5% 5% 5% 5% 4% CPI Inflation fcst 6% 5% 4% 2.5% 3% 3% 2% 2% 0
Slide 14: ….with potential for significant margin upside to come
….with potential for significant margin upside to come Operating leverage and self-help has potential to drive material margin uplift Last reported Potential Self Operating Holding Notes: EBIT % EBIT % help? leverage? 6.4% >13.0% ✓✓ ✓✓ • Run rate margin already ahead of last reported level 8.4% 15.0
Slide 15: UK All Cap valuation gap to fair value closed materially in 2025
UK All Cap valuation gap to fair value closed materially in 2025 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% 56% 50% 44% 35% 33% 29% 29% 30% 25% 25% 13% 15% 5% 9% 0% 0% -5% -7% -25
Slide 16: EV/Sales ratings for top portfolio companies
EV/Sales ratings for 8/top 10 portfolio companies Excluding Elementis (largest investment and transformed since 2009) Current portfolio top 10 (exc. BLN & ELM) - NAV weighted mean NTM EV/Sales 3.4x 3.0x 2.6x 2.2x Average = 1.9x 1.8x 1.4x 1.0x Current = 1.4x 0.6x Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Ju
Slide 17: Dialight case study
Dialight case study Transformation being delivered. Significant further potential to come • Dialight is a leading global manufacturer of LED lighting DIA share price development since Steve systems for use in hazardous industrial environments, OIT Blair became CEO3 initially invested in mid 2021 400
Slide 18: Dialight – catching the eyes of retail investors
Dialight – catching the eyes of retail investors Transformation being noticed -> drives improved liquidity -> virtuous circle? Q4 2024 Q4 2025 Change Comment Average daily trading volume (shares) 16.6 40.1 142% 7 trading days in Q4 24 where zero shares traded. Q4 2025 saw shares traded every day Ave
Slide 19: Themes across portfolio companies
Themes across portfolio companies Transformation c.18% of NAV Disruptors/ Corporate activity/ Innovators M&A 19
Slide 20: 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 21: Outlook - update
Outlook - update We remain optimistic for the medium term; “climbing wall of worry”? Overall market conditions • Subdued broader market sentiment towards UK Small and Mid Cap • UK fiscal situation is poor • Liquidity remains poor -> but Dialight shows this can work in our favour as sentiment changes
Slide 22: Supporting Portfolio & Market Data
Supporting Portfolio & Market Data
Slide 23: Portfolio
Portfolio High conviction portfolio Top portfolio holdings¹ Dialight • Top 10 holdings account for 88% of NAV. Anticipate this will fall materially as catalysts in top NCC holdings are delivered 0.0% XPP • Two new positions initiated in period – smaller 3.2% 11.6% 13.3% Elementis weights with scope
Slide 24: Portfolio: core sectors and market cap range
Portfolio Focused on our core sectors and core market cap range Holding by sector 1 Holding by market cap 1 Industrials 0.0% 0.0% Sub £100m 9.0% 9.2% TMT 10.5% 11.4% £100m-£500m 14.5% Healthcare & Life Sciences £500m-£1bn 19.6% 60.0% Business Services Over £1bn 65.9% Net cash Cash + Other • Industri
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 Introduce ✓✓ ✓ ✓ ✓✓ ✓ ✓ automation ✓ ✓ ✓✓
Slide 26: Our investment strategy has delivered strong long-term returns
Our investment strategy has delivered strong long-term returns 15.3 years’ track record across varied market conditions Annualised return Total cash-on-cash multiple 16% 14.8% 10x 8.2x 8x 12% 9.2% 6x 8.4% 8% 3.8x 4x 3.4x 4% 2x 0% 0x DNSC+AIM ex IC Deutsche Numis All Strategy DNSC+AIM ex IC Deutsche
Slide 27: Investment Process
Investment Process How we filter investment opportunities Deep Speculative Distress Recovery Undervalued GARP Fair Valued Turnaround Growth A A Investment Focus Asset Quality Asset Quality Avoid Avoid B B C Avoid C Source: Odyssean Capital as at the date of the presentation Past performance is no gu
Slide 28: 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 29: Portfolio sector exposure overtime
Portfolio sector exposure overtime Industry exposure shifts driven by where we believe there are opportunities Sectoral split over time 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% TMT Industrials Healthcare Business Services Consumer Other Equity Net Cash / Other • Focus on our 4 core sectors – Industrials,
Slide 30: Portfolio company voting record over Q4 2025
Portfolio company voting record over Q4 2025 Continued to follow our consistent guidelines and raise our concerns where appropriate • Continued to vote in all meetings. Relatively quiet quarter through year end Number of meetings 2 Number of resolutions 35 Number voted 35 Voted with management 33 Vo
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 £230m1 Shares in issue 137,402,7911 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 Internally managed, small registered UK AIFM. Portfolio Managem
Slide 37: Further performance data
Further performance data As at 31st December 2025 Performance % 1 year 3 year 5 year NAV Total Return Per Share1 +9.4% -2.9% +28.1% Share price return2 +9.7% -3.0% +31.0% DNSC + AIM ex IC Total Return2 +11.8% +21.2% +13.6% Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Deutsche Numis Sma
Slide 38: OIT shareholder base
OIT shareholder base As at 31st December 2025 Shareholder base by investor type Shareholders >3% 0.2% Harwood Capital 1.3% Trinity Bridge 3.0% Wealth Manager Ian Armitage 12.8% Connected Parties Cazenove Capital 12.7% Raymond James Retail Investors 8.4% 36.1% Charles Stanley Institutions 15.1% 47.6%
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 portfolio manager of Odyssean Investment Trust Plc (“OIT” or “the Compan
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 Portfolio 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 031620 Tel: +44 (0) 20
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