Chrysalis Investments Limited · LSE:CHRY
Chrysalis Investments — FY2025 Earnings Presentation
20 slides from Chrysalis Investments's earnings presentation, November 2025
Slide 1: Investor Update – FY25 Preliminary Results
Investor Update – FY25 Preliminary Results November 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: Full year highlights
Chrysalis Investments Full year highlights 171.65P – FY25 NAVPS INCREASE OF 21.5% 4Q25 NAV DECLINE OF 1.1% £131M PROCEEDS FROM REALISATIONS NAV was broadly flat over Q4 £80m from Featurespace Starling was the primary driver and +13.7% through H2 and £50m from InfoSum 142% IMPROVEMENT IN PROFITABILIT
Slide 5: NAV progression since IPO
NAV progression since IPO Recent NAV performance has improved Quarterly NAV per share performance since IPO (pence) 270 250 230 210 The NAV per share increased by 190 30.39p (+21.5%) over the period to 171.65p 170 150 The NAV per share has increased by 130 43.39p (+33.8%) since December 2022 110 As
Slide 6: NAV Bridge
NAV Bridge Key drivers NAV PER SHARE MOVEMENT OVER FY25 NAV PER SHARE MOVEMENT OVER Q4 2025 185 185 180 2.81 180 4.18 0.31 0.23 6.11 (0.15) 175 (1.71) 175 173.57 9.23 171.65 (3.71) 1.46 171.65 27.94 (3.52) 0.46 170 170 (4.70) 165 165 (8.11) 160 (2.36) 160 155 155 150 150 145 145 141.26 140 140 135 1
Slide 7: Current Portfolio
Current Portfolio Five largest assets now represent 88% of NAV PORTFOLIO HOLDINGS AS AT 30 SEPTEMBER 2025 (% OF NAV) Starling is currently the largest Other Cash Secret Escapes 1% 5% holding in the portfolio at 47% of NAV 2% Deep Instinct 3% The top three holdings represent 74% Brandtech 4% of NAV w
Slide 8: Portfolio returns
Portfolio returns An unrealized MOIC of 1.3x PORTFOLIO RETURNS – TVPI (TOTAL VALUE TO PAID IN CAPITAL; RED IS REALISED) NET TVPI BY VINTAGE ACROSS ALL FUND SIZES (AS OF Q2 2025) 3.5 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 3.0 2017 2.5 2018 2.0 2019 1.5 2020 1.0 2021 0.5 CHRY MOIC 2022 0.0 20
Slide 9: Realisations
Realisations We have delivered successful realisations at attractive valuations in the context of our carrying value and discount to NAV REALISATIONS OVER THE PERIOD (£M) CUMULATIVE SHARE BUYBACK TO DATE (£M) 90 100 80.0 80 90 70 80 £92m 70 60 49.8 60 50 50 40 40 30 30 20 20 10 10 1.1 0 - Featurespa
Slide 10: Portfolio Update
Portfolio Update
Slide 11: Starling
Starling Management Portal – Contact Centre Customer and employee communication The Engine difference capability. Configurable FAQs, in-app messaging Marqtea, thredd ENGINE COMMERCIALS (TOTAL) PER CUSTOMER PER ANNUM Core Banking & Ledger Management Portal – Contact Centre Typically, the genesis of t
Slide 12: Starling: Deploying AI
Starling Deploying AI The Investment Adviser believes AI will become increasingly important to offer customers the best UX Starling has now launched the first two AI banking tools for customers to use Scam Intelligence has been well received by industry press Harriet Rees (Starling CIO) has indicate
Slide 13: Klarna
Klarna Gross margin headwinds could turn into tailwinds KLARNA – CREDIT LOSSES 2.6 6.4 • Klarna is growing term loans– fair financing – which have higher $ contribution, but come with higher expected losses • Achieved loan performance has improved year-on-year, with realised losses falling from 48bp
Slide 14: Klarna
Klarna Gross margin headwinds could turn into tailwinds KLARNA – CREDIT LOSSES KLARNA – ILLUSTRATIVE IMPACT OF FAIR FINANCING 2.6 IFRS9 drives recognition of 6.4 provisions at point of loan, in advance of revenues, front end loading losses • Klarna is growing term loans– fair financing – which have
Slide 15: Klarna
Klarna Gross margin headwinds could turn into tailwinds KLARNA – CREDIT LOSSES KLARNA – ILLUSTRATIVE IMPACT OF FAIR FINANCING 2.6 IFRS9 drives recognition of 6.4 provisions at point of loan, in advance of revenues, front end loading losses • Klarna is growing term loans– fair financing – which have
Slide 16: Klarna
Klarna Accelerating revenue growth and improved margins should drive a rerating CONSENSUS– REVENUE GROWTH YOY 40% Klarna successfully IPO’d on 10 September at a valuation of $15 billion 35% Revenue growth is accelerating We believe the company is well placed to 30% perform strongly: accelerating gro
Slide 17: Smart Pension
Smart Pension A highly strategic asset at an inflection point of profitability INHERENT GROWTH POTENTIAL OF SPMT AUM (£BN) The Smart Pension Master Trust (SPMT) business is profitable and strategically 18 valuable 2.2 16.1 16 5.1 13.9 SPMT is expected to close FY25 with c£9bn 14 of AuM and through m
Slide 18: wefox
wefox A refocused, financially stable and scalable business A significant amount of time has been spent RADICAL TRANSFORMATION OVER THE LAST TWELVE MONTHS on stabilizing the performance of wefox and Reset the operating agenda Streamlined the business initiating a turnaround The Investment Adviser ha
Slide 19: Outlook
Outlook
Slide 20: Chrysalis Investments: Strong future prospects
Chrysalis Investments Strong future prospects KEY ASSETS PERFORMING DRIVING STRATEGY IN THE PORTFOLIO REALISATIONS The major assets all have cogent strategies and are The Investment Adviser has board representation at Following recent realisations at premia to NAV, the demonstrating strong performan