Odyssean Investment Trust PLC · LSE:OIT
Odyssean Investment Trust — Q2 2025 Earnings Presentation
35 slides from Odyssean Investment Trust's earnings presentation, December 2025
Slide 1: Odyssean Investment Trust PLC Q2 2025 Update
Odyssean Investment Trust PLC Q2 2025 Update
Slide 2: Important Information
Important Information • The information contained in this presentation is for the use of Professional and Institutional Investors only • Past performance is not a reliable indicator of future performance and investors may not get back the value of their original investment • The value of Odyssean In
Slide 3: Executive Summary – Q2 2025
Executive Summary – Q2 2025 Strong NAV performance driven by catalysts coming through and “coiled springs” • NAV per share rose 18.4%1,2 in the period. DNSC +AIM ex IC index (“Comparator”) rose 13.6% 2,3 • Markets remain volatile with limited liquidity – drives sharp moves in share prices on news fl
Slide 4: Performance update
Performance update NAV per share 18.4% in Q2, broader market rose 13.6% Performance % Annualised Inception Since Q2-25 CY24 CY23 CY22 CY21 CY20 CY19 since to Dec-18 inception inception NAV Total Return Per Share1 +18.4% -0.8% -10.4% +5.5% +25.0% +13.1% +22.0% -3.7% 66.0% 7.3% Share price return3 +19
Slide 5: Performance drivers in Q2 2025
Performance drivers in Q2 2025 Key stock contributors Largest positive contributors Largest negative contributors (only two negative performers in period) • Solid H1 results, revenues up in a tough market. • H1 results in-line. Revenues up 11% driven by Continues to deliver well on increased value p
Slide 6: Sentiment changes can lead to material share price moves – Part 2
Sentiment changes can lead to material share price moves – Part 2 Dialight upgrade 31 March. Final results 24th June Small upgrade Final results Tight shareholder registers -> oversold shares can Net trading value of c.£0.5m over 3 days post results see significant increases in share prices as Share
Slide 7: Equity markets valuations have recovered since March
Equity markets valuations have recovered since March UK Small companies seem to continue to offer extraordinary absolute and relative value Aggregate Market Value (Discount)/Premium to Default Quest ® fair value 75% 68% 64% 50% 44% 34% 30% 29% 29% 25% 23% 25% 13% 15% 9% 0% 0% 0% -5% -25% -12% -16% -
Slide 8: EV/Sales ratings for 7/top 10 portfolio companies
EV/Sales ratings for 7/top 10 portfolio companies Excluding Elementis (largest investment and transformed since 2009) Current portfolio top 10 (exc. SPI, BLN & ELM) - NAV weighted mean NTM EV/Sales 2.6x 2.2x 1.8x Average = 1.6x 1.4x 1.0x Current = 1.1x 0.6x Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16
Slide 9: Portfolio has significant potential margin upside
Portfolio has significant potential margin upside Proactive self-help actions to drive margins across the portfolio Holding Margin Metric Current Target Actions to deliver • Improve consultant utilisation; use of offshore location; increased pricing Adj. EBITDA in cyber 9% 15% discipline; savings fr
Slide 10: Portfolio
Portfolio High conviction portfolio Top portfolio holdings¹ NCC • Top 10 holdings account for 85% of NAV. Anticipate this will fall materially as catalysts in top XP holdings are delivered 0.2% Elementis 14.9% 12.8% Gooch • No new positions initiated in the period 3.6% Xaar 4.1% 12.7% Genus • Furthe
Slide 11: Portfolio
Portfolio Focused on our core sectors and core market cap range Holding by sector 1 Holding by market cap 1 Industrials 0.2% 8.6% 0.3% Sub £100m 9.2% TMT 16.7% £100m-£500m 14.2% Healthcare & Life 20.6% Sciences £500m-£1bn 57.9% Business Services Over £1bn 18.5% Cash + Other 53.9% Net cash • Industri
Slide 12: 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 13: 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 ✓ ✓ ✓✓ ✓ ✓ ✓ Scarcity value Manufacturing
Slide 14: Dialight case study
Dialight case study Leader in growth niche, benefitting from material self-help program What is Dialight • Leading designer and manufacturer of LED lighting technology for industrial DIA share price development since and harsh/hazardous environments 300 board changes • End markets growing at mid sin
Slide 15: Spectris plc bids indicate significant value exists in UK industrials
Spectris plc bids indicate significant value exists in UK industrials KKR bid at ~100% premium to prevailing market price. Not held by OIT – too large Spectris 10Y share price 4,500p 7th July – KKR bid at 4,000p cash (100% premium) 4,000p 9th June – Advent bid at 3,735p cash (86% premium) 3,500p 3,0
Slide 16: Outlook - update
Outlook - update We remain optimistic for the medium term Overall market conditions • Market sentiment appears to be improving, but continues to climb a “wall of worry” • UK government finances remain stretched – further tax rises almost a certainty in October • Liquidity remains poor -> but startin
Slide 17: Supporting Portfolio & Market Data
Supporting Portfolio & Market Data
Slide 18: Our investment strategy has delivered strong long term returns
Our investment strategy has delivered strong long term returns Attractive absolute and relative performance, without any gearing CAGR CAGR Strategy NAV per share performance since inception1,2,3 Over 16.0 years Whilst invested 30 June 2009 – 30 June 2025 1000 900 Strategy 800 out of 13.9% 15.2% 700
Slide 19: Generic investment types - illustrative
Generic investment types - illustrative Flexible on how we seek to make returns Solid line indicates share price movement. Dashed line indicates potential intrinsic value ‘Self-help’ ‘Fallen Star’ ‘GARP’ • Can a low growth • Even if the prospects are • Relatively light touch underperformer improve d
Slide 20: 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 21: Portfolio sector exposure overtime
Portfolio sector exposure overtime Industry exposure shifts driven by where we believe there are opportunities Sectoral split over time 100% 80% 60% 40% 20% 0% TMT Industrials Healthcare Business Services Consumer Other Equity Net Cash / Other • Focus on our 4 core sectors – Industrials, TMT, Health
Slide 22: Portfolio company voting record over Q2 2025
Portfolio company voting record over Q2 2025 Continued to follow our consistent guidelines and raise our concerns where appropriate Number of meetings 9 Number of resolutions 140 Number voted 140 Voted with management 124 Voted against management 14 Abstained 2 Source: Odyssean Capital LLP 22
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: Odyssean Investment Trust - key company facts
Odyssean Investment Trust - key company facts NAV £219m1 Shares in issue 133,944,2121 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 29: Further performance data
Further performance data As at 30th June 2025 Performance % 1 year 3 year 5 year NAV Total Return Per Share1 -4.3% +4.3% +60.3% Share price return2 -7.7% +1.3% +66.8% DNSC + AIM ex IC Total Return2 +7.8% +15.2% +42.1% Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Deutsche Numis Smaller
Slide 30: OIT shareholder base
OIT shareholder base As at 30th June 2025 Shareholder base by investor type Shareholders >3% Harwood Capital 0.3% 1.4% Trinity Bridge 3.0% Cazenove Capital Wealth Manager 12.6% Ian Armitage 13.6% Connected Parties RBC Brewin Retail Investors 34.2% 8.1% ii Institutions Charles Stanley 48.6% 7.0% 14.9
Slide 31: Disclaimer
Disclaimer The sole purpose of this document is to provide information on Odyssean Investment Trust Plc (“OIT” or “the Company”) and its underlying investment strategy. The information contained in this document is strictly confidential and is intended for the named recipient only. The unauthorised
Slide 32: Disclaimer
Disclaimer 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 accuracy o
Slide 33: 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 34: 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 35: 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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