Odyssean Investment Trust PLC · LSE:OIT
Odyssean Investment Trust — Q3 2025 Earnings Presentation
35 slides from Odyssean Investment Trust's earnings presentation, December 2025
Slide 1: Odyssean Investment Trust PLC Q3 2025 Quarterly Update
Odyssean Investment Trust PLC Q3 2025 Quarterly 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 – Q3 2025
Executive Summary – Q3 2025 NAV rises broadly in-line with market. Portfolio trading updates positive • NAV per share rose 2.5%1,2 in the period. DNSC +AIM ex IC index (“Comparator”) rose 2.9% 2,3 • Trading updates across the portfolio remain broadly positive • Portfolio average EV/Sales ratings rem
Slide 4: Newsflow post period end
Newsflow post period end – Dialight – half year trading update with material upgrades despite challenging sales environment – G&H – post year end trading update broadly in line – Significant growth in order book – currently £142m end Sept 2025, up from £105m Sept 2024 and £122m March 2025 – Signs of
Slide 5: Performance update
Performance update NAV per share up 2.5% in Q3, broader market rose 2.9% Performance % Annualised CY25 Inception Since Q3-25 CY24 CY23 CY22 CY21 CY20 CY19 since YTD to Dec-18 inception inception NAV Total Return Per +2.5% +9.4% -0.8% -10.4% +5.5% +25.0% +13.1% +22.0% -3.7% 70.2% 7.4% Share1 Share pr
Slide 6: Performance drivers in Q3 2025
Performance drivers in Q3 2025 Key stock contributors Largest positive contributors Largest negative contributors • Positive trading updates with self-help driving • H1 results in-line, with strong demand in Aerospace and margins ahead of expectations, despite Defence (“A&D”) and life science. Order
Slide 7: Equity markets valuations have recovered since March
Equity markets valuations have recovered since March UK Small companies seem to continue to offer attractive absolute and relative value Aggregate Market Value (Discount)/Premium to Default Quest ® fair value 75% 68% 64% 50% 44% 39% 35% 29% 29% 30% 25% 25% 13% 15% 9% 3% 0% 0% -5% -8% -25% -16% -24%-
Slide 8: EV/Sales ratings for top 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 3.4x 3.0x 2.6x 2.2x Average = 2.0x 1.8x 1.4x Current = 1.4x 1.0x 0.6x Jun-06 Jun-08 Jun-10 Jun-12 Jun-
Slide 9: Themes across portfolio companies
Themes across portfolio companies Transformation Disruptors/ Corporate activity/ Innovators M&A 9
Slide 10: 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 11: Portfolio
Portfolio High conviction portfolio Top portfolio holdings¹ NCC • Top 10 holdings account for 87% of NAV. Anticipate this will fall materially as catalysts in top XPP holdings are delivered 1.3% Elementis • Further investments made into Dialight, Blackline, 11.5% 13.2% Dialight NCC and Essentra on s
Slide 12: 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 1.3% 1.3% Sub £100m 9.6% TMT 12.5% 21.2% £100m-£500m 12.5% Healthcare & Life 11.9% Sciences £500m-£1bn 57.1% Business Services Over £1bn 19.4% Cash + Other Net cash 53.0% • Industr
Slide 13: 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 14: 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 15: Elementis case study
Elementis case study Specialty chemicals player, re-invigorated following management change What is Elementis • Vertically integrated specialty chemical player – owns unique mineral assets ELM TSR development since OIT first 400 purchase (indexed to 100) • Products sold into coatings and personal ca
Slide 16: Outlook - update
Outlook - update We remain optimistic for the medium term; “climbing wall of worry”? Overall market conditions • Market sentiment appears to be improving – remarkable IPO market is showing signs of being open • UK government finances remain stretched – further tax rises almost a certainty in October
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 15-year track record across varied market conditions Annualised return Total cash-on-cash multiple 16% 15.1% 10x 8.2x 8x 12% 8.4% 8.9% 6x 8% 4x 3.4x 3.6x 4% 2x 0% 0x 2 DNSC+AIM ex Deutsche Numis Strategy DNSC+AIM ex Deutsche Numis Strate
Slide 19: 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. Capital at risk. Past pe
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 100.0% 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 22: Portfolio company voting record over Q3 2025
Portfolio company voting record over Q3 2025 Continued to follow our consistent guidelines and raise our concerns where appropriate • Quiet period for meetings through summer months Number of meetings 1 Number of resolutions 15 Number voted 15 Voted with management 13 Voted against management 2 Abst
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 £224m1 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 September 2025 Performance % 1 year 3 year 5 year NAV Total Return Per Share1 -1.3% +11.7% +57.0% Share price return2 -7.9% +5.0% +58.3% DNSC + AIM ex IC Total Return2 +8.3% +27.6% +35.8% Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Deutsche Numis Sm
Slide 30: OIT shareholder base
OIT shareholder base As at 30th September 2025 Shareholder base by investor type Shareholders >3% Harwood Capital 0.1% 1.4% Trinity Bridge 3.1% Cazenove Capital Wealth Manager 12.6% Ian Armitage Connected Parties 14.5% ii Retail Investors 35.2% 8.4% Raymond James 46.3% Institutions RBC Brewin 6.8% 1
Slide 31: 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 32: 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 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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