Majedie Investments PLC · LSE:MAJE

Majedie Investments — Shareholder Meeting (February 2026)

17 slides from Majedie Investments's shareholder meeting presentation, February 2026

  1. Slide 1: Majedie Investments PLC Annual General Meeting February 2026

    Majedie Investments PLC ANNUAL GENERAL MEETING FEBRUARY 2026 Private & Confidential

  2. Slide 2: Important Regulatory Information

    IMPORTANT REGUL ATORY INFORMATION This document has been approved and issued by Marylebone Financial Reports before making any decision to invest. Investors For more information on the Company, and the risks associated Partners LLP ("Marylebone") as a financial promotion for should also seek indepen

  3. Slide 3: Results Highlights for Full Year Ending September 2025

    RESULTS HIGHLIGHTS FOR FULL YEAR ENDING SEPTEMBER 2025 NAV Share Price total return total return +8.2% +12.9% Total dividends Dividend per share (% of NAV) 8.4p 3% Source: Majedie Investments PLC, 2025 Annual Report covering the period of 12 months ended 30 September 2025. Unless stated otherwise, f

  4. Slide 4: Since Our Appointment

    SINCE OUR APPOINTMENT N AV T OTA L R E T U R N A N N U A L I S E D AT + 1 0 . 6 % , S H A R E P R I C E T OTA L R E T U R N A N N U A L I S E D AT + 1 5 .1 % 350 Share Price NAV Net Asset Value pence per share 300 Announcement Appointment +34.3% 250 Share Price +50.7% 200 150 Dec-2020 Dec-2021 Dec-2

  5. Slide 5: Marylebone Partners' Liquid-Endowment Model

    MARYLEBONE PARTNERS’ LIQUID-ENDOWMENT MODEL • Long-term, fundamental mindset. • With equities at its heart, we harness idiosyncratic return sources for Majedie. • Majedie does not allocate to illiquid strategies or low-return asset classes. • Every investment in the Majedie portfolio is marked-to-ma

  6. Slide 6: Complementary, Fundamental, Differentiated

    COMPLEMENTARY, FUNDAMENTAL, DIFFERENTIATED EXTERNAL MANAGERS SPECIAL INVESTMENTS Fundamental investors Co-invests, thematic opportunities, SPVs Boutique firms, investment led Domain expertise in niche areas High return potential Capacity constrained, hard to access Trusted Source <3 years time horiz

  7. Slide 7: Joining Brown Advisory

    JOINING BROWN ADVISORY M U LT I P L E B E N E F I T S TO M A J E D I E ’ S S H A R E H O L D E R S R AT I O N A L E BENEFITS Research Shared values Independence Complementary capabilities Critical mass Collaboration Scale MARYLEBONE PA R T N E R S L L P Funds Distribution Cultural alignment Investme

  8. Slide 8: Contribution by Strategy

    CONTRIBUTION BY STRATEGY Contribution by strategy Contribution by strategy 2025 Financial Year First Quarter 2026 Financial Year Equity-centric +608 bps Equity-centric Absolute Return +215 bps +310 bps Absolute Return +7 bps +95 bps +111 bps +111 bps -3 bps External Managers Direct Investments Speci

  9. Slide 9: The Portfolio

    THE PORTFOLIO TO P 5 H O L D I N G S B Y S T R AT E GY EXTERNAL MANAGERS 58% DIRECT INVESTMENTS 16% SPECIAL INVESTMENTS 16% CASH 10% Helikon L/S Equity Brown Advisory Global Focus Uranium Perseverance DXF Value Computacenter plc Oxford Biomedica plc Paradigm BioCapital IMI plc Bank of Cyprus Holding

  10. Slide 10: Current Positioning

    CURRENT POSITIONING Strategy allocation Beta-adjusted net exposure Geographic profile 100% 80% 60% 71.7% 40% 20% N. America 28% Global 22% External Managers 58% Direct Investments 16% Europe 19% Emerging Markets 10% 0% Special Investments 16% Cash & Equivalents 10% UK 6% Japan 4% 2023 2024 2025 2026

  11. Slide 11: Opportunities in Asia

    OPPORTUNITIES IN ASIA Chinese deflation has been halted Japan: Unlocking corporate cash hoards Gap in perception between companies and investors in cash holding levels 2.5% 90% 80% Company 2.0% Investor 70% 1.5% 60% 50% 1.0% Core CPI (YoY) 40% 0.5% 30% 20% 0.0% 10% -0.5% 0% 2014 2016 2018 2020 2022

  12. Slide 12: Specialist Credit

    SPECIALIST CREDIT Pricing dispersion in credit markets EM net leverage vs US net leverage 2,000 3.5 CCC Loans Spread-to-maturity US net leverage 3.0 1,500 Spread-to-maturity (bps) 2.5 1,000 2.0 500 EM net leverage BB Loans Spread-to-maturity 1.5 - 1.0 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 2012 2013 201

  13. Slide 13: Special Investments

    SPECIAL INVESTMENTS Orizon Valorização de Resíduos S.A. Oxford Biomedica plc Past Current Future £220 - £240m £160 - £170m £129m 25-30% y-o-y Revenue £89.5m growth for 2027 & 2028 2023 2024 2025 2026 2027 2028 Low single- EBITDA - £15.3 m digit £ million Operating Long-term operating EBITDA operatin

  14. Slide 14: Direct Investments

    DIRECT INVESTMENTS IMI plc: expanding margins Computacenter plc: growth of major customers in key markets Year-on-Year % Growth 22.2% 21.6% 21.0% 20.4% 19.7% 18.7% 51 54 17.8% 41 17.0% 46 51 15.6% 35 14.2% 37 24 22 22 19 22 23 15 64 65 63 54 62 61 50 51 54 55 54 58 48 48 2019 2020 2021 2022 2023 202

  15. Slide 15: Real Assets

    REAL ASSETS Capex: new economy vs old economy Nuclear fuel buyers face a uranium supply deficit 45% Tech (& related) Long-term Supply / Demand dynamics Proportion of S&P 500 Corporate Capex 35% 25% 15% Commodity Sectors 5% 1981 1992 2003 2014 2025 Source: Topdown Charts, LSEG Source: Kazatomprom Maj

  16. Slide 16: Concluding Thoughts

    CONCLUDING THOUGHTS P O S I T I O N E D TO P E R F O R M • High-conviction, non-consensual opportunities driven by idiosyncratic factors. • Overlooked equities, specialist credit, and real assets with structural imbalances. • Outcomes driven by varied and differentiated drivers. • A sterling asset:

  17. Slide 17: Differentiated fundamental investments

    Differentiated fundamental investments Majedie Investments PLC 17

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