Slide 1: Investor Presentation
Investor Presentation Interim F26 financials (released Dec 2025) May 2026 AIM: Duke
Slide 2: Disclaimer
DISCLAIMER These presentation slides and the accompanying verbal presentation (the objectives. Such statements are generally identifiable by the terminology used, The content of the Presentation Materials has not been approved by an authorised “Presentation Materials”), are confidential and have bee
Slide 3: Introduction
INTRODUCTION Stability within the portfolio to create future growth Executing In Economic Headwinds Leading Hybrid Credit Provider Duke’s Interim 2026 financial performance Duke’s product combines the best of demonstrates value of our hybrid credit private credit and private equity model in times of
Slide 4: Introduction to Duke Capital
INTRODUCTION TO DUKE CAPITAL Hybrid capital combines the best features of private credit and private equity Duke’s capital appeals to business owners who need capital but want to retain control PRIVATE PRIVATE CREDIT EQUITY DUKE CAPITAL Senior, mezzanine or junior vs Senior secured loan Minority equ
Slide 5: Clear Investment Strategy
CLEAR INVESTMENT STRATEGY Duke’s funding solution is used by owner-operators to drive growth and increase shareholder value Use of Proceeds MANAGEMENT BUY & BUILD SHAREHOLDER DEBT REFINANCING BUYOUTS STRATEGIES RESTRUCTURINGS What Duke looks for Business characteristics • Investment size of £5 – 30
Slide 6: The Components of Duke's Product
THE COMPONENTS OF DUKE’S PRODUCT Parts contribute to an overall package that meets the goals of both Duke’s investors and business owners • Senior secured instrument • 1.5% - 2.0% variable preference • 12.0% fixed rate yield, with no share refinancing risk • Annual adjustment to Duke’s yield • Princ
Slide 7: Target Market vs. Other Institutional Forms of Capital
TARGET MARKET VS. OTHER INSTITUTIONAL FORMS OF CAPITAL The Lower Mid-Market comprises of companies with less access to institutional capital than other segments No investment Duke’s point of entry Duke’s point of exit / refinance Venture Capital Lower Middle-Market Middle Market • Visionary leadersh
Slide 8: How Duke's Product Benefits Investors
HOW DUKE’S PRODUCT BENEFITS INVESTORS History of attractive risk adjusted returns by adhering to 3 investment pillars Capital preservation Attractive dividend yield Upside from exits Senior secured capital Monthly cashflow stream Exit premiums and equity stakes • Light amortisation of capital starti
Slide 9: Operating Leverage
OPERATING LEVERAGE Long term increase in operating leverage as recurring revenue continues to grow Operating leverage Dividends paid since inception (pence per share) 14 13,2 25% 0,80 25 12,7 12,2 0,70 12 10,4 20% 20 0,60 10 0,50 15 15% 8 6,3 0,40 6 0,30 10 10% 3,8 4 0,20 5 5% 2 1,3 1,5 1,5 0,10 0,9
Slide 10: Upside from Exits
UPSIDE FROM EXITS Realised exits demonstrate additional value can be extracted with equity stakes in partners Capital Cash on Investment Term Held invested Hybrid Exit cash Capital partner Date (months) (£000) credit premium Equity return Realised gross IRR Temarca Apr-17 47 12,934 ✓ 0.98x -1% B
Slide 11: Portfolio
PORTFOLIO
Slide 12: Our Partners
OUR PARTNERS March 2024 July 2023 November 2022 December 2021 December 2021 Fair value: £21.0m Fair value: US$12.4m Fair value: £15.0m Fair value: £23.2m Fair value: US$24.2m Buy & Build MBO Buy & Build Buy & Build Debt Refinancing Specialist Care Industrials Fire & Security Specialist Care Industri
Slide 13: Our Partners
OUR PARTNERS Duke’s exposure is diversified across 14 capital partners with 77 underlying operating companies Step Investments Bay Broadcasting Limited BPVA Balgowan House Mulberry House Saltwood Care Centre Hythe View Betsy Clara House Southdowns Swanborough House PORTFOLIO 13
Slide 14: Hybrid Credit Returns
HYBRID CREDIT RETURNS Credit product provides ongoing cash returns with potential upside from growing equity portfolio Cash return as Indicative cash Indicative cash Investment Capital Cash returned % of capital Unrealised on cash return on cash return Capital partner Date invested Equity % to date
Slide 15: Duke's Investors: Top Global Funds with Significant Public Ownership
DUKE’S INVESTORS: TOP GLOBAL FUNDS WITH SIGNIFICANT PUBLIC OWNERSHIP Loyal base of blue-chip institutional investors – strong retail following - significant management ownership 15.28% 12.29% 9.12% 9.02% 5.13% ownership ownership ownership ownership ownership Directors, Management, Insiders 4.88% 4.
Slide 16: Conclusion & Outlook
CONCLUSION & OUTLOOK Interim FY26 Results show continued ability to withstand headwinds Building Future Value Leading Hybrid Credit Provider Duke's increasing equity ownership with Duke’s product combines the best of continue alignment with management private credit and private equity groups create
Slide 17: Appendices
APPENDICES
Slide 18: Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS Interim 2026 Financial year 2025 Interim 2025 All figures in £000s (unaudited) (audited) (unaudited) Receipts from hybrid credit investments 12,244 25,000 12,775 Receipts of interest from loan investments - 158 117 Other operating receipts 906 1,419 652 Operating
Slide 19: Consolidated Statement of Income
CONSOLIDATED STATEMENT OF INCOME Interim 2026 Financial year 2025 Interim 2025 All figures in £000s (unaudited) (audited) (unaudited) Income Hybrid credit investment income 13,704 19,168 8,512 Loan investment income - 158 117 Equity investment income (2,579) (5,849) 990 Other operating income 906 1,
Slide 20: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30-Sep-25 31-Mar-25 30-Sep-24 All figures in £000s (unaudited) (audited) (unaudited) Goodwill 203 203 203 Hybrid credit finance investments 201,224 190,100 185,871 Loan investments - 2,322 5,382 Equity investments 15,021 15,812 16,873 Trade and other rece
Slide 21: Our Team
OUR TEAM An experienced management team NEIL JOHNSON – CEO CHARLIE CANNON HUGO EVANS – CFO ALEX HIBBARD – PRINCIPAL, BROOKES – CIO INVESTMENTS • Extensive experience in • 30+ years of experience in • London-based Chief • 10 years of private equity senior finance roles mid-market companies Investment