Odyssean Investment Trust PLC · LSE:OIT
Odyssean Investment Trust — Q2 2026 Earnings Presentation
41 slides from Odyssean Investment Trust's earnings presentation, Jul 8, 2026
Slide 1: Odyssean Investment Trust PLC Q2 2026 Update
Odyssean Investment Trust PLC Q2 2026 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 – Q2 2026
Executive Summary – Q2 2026 NAV rose 20.8%, significantly outperforming the 8.6% rise of the market2, 3 • Trading updates across the portfolio remain broadly positive • Portfolio average EV/Sales ratings remain significantly below long run averages • Key portfolio news: – Blackline Safety– Recommend
Slide 4: Performance update
Performance update Strong performance Q2 2026 and YTD Performance % Annualised Inception Since Q2-26 YTD26 CY25 CY24 CY23 CY22 CY21 CY20 CY19 since to Dec-18 inception inception NAV Total Return Per +20.8% +24.4% +9.4% -0.8% -10.4% +5.5% +25.0% +13.1% +22.0% -3.7% +111.7% +9.6% Share1 Share price re
Slide 5: Performance drivers in Q2 2026
Performance drivers in Q2 2026 Key stock contributors Largest positive contributors Largest negative contributors • Q1 trading update showed strong momentum with order intake up 48% and book to bill at • No company specific news flow in the period. Shares 1.5x – supporting full year outlook have dri
Slide 6: UK continues to offer value compared to other global markets
UK continues to offer value compared to other global markets UK Small companies seem to continue to offer attractive absolute and relative value Aggregate Market Value (Discount)/Premium to Default Quest ® fair value 75% 64% 50% 44% 38% 29% 29% 30% 23% 25% 25% 17%13% 15% 6% 9% 0% 0% -5% -9% -25% -16
Slide 7: Research Affiliates' expectations of future returns
Research Affiliates’ expectations of future returns Anticipate significant long term outperformance from developed smaller companies Equity Regions, Styles & Market Caps Last 10 years' Performance + Research Affiliates' expectations of next 10 years' returns (real, annualised) 16% Annual Return (aft
Slide 8: 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 9: Structural growth themes across our portfolio…
Structural growth themes across our portfolio… ..but we also have value discipline 9
Slide 10: Portfolio expectations of 6%-9% organic sales growth…
Portfolio expectations of 6%-9% organic sales growth… Profit growth should exceed sales growth due to operational gearing and self-help Portfolio expected organic growth rates 25% 20% 20% 15% 15% 11% 10% 10% 9% 8% 9% 7% 7% 8% 6% 6% 5% 4% Inflation fcst 6% 5% 5% 5% 5% 5% 3.0% 4% 3% 2% 0% XPP Dialight
Slide 11: ….with potential for significant margin upside to come
….with potential for significant margin upside to come Operating leverage and self-help has potential to drive material margin uplift Last reported Potential Self Operating Holding Notes: EBIT % EBIT % help? leverage? • Has delivered c.20% across prior cycle. Believe end market 7.5% 20.0% ✓ ✓✓ recov
Slide 12: Investment Case Study – XP Power
Investment Case Study – Early in cyclical upswing with rating well off levels in historic cycles XP Power - EV/Sales over time • Leading global supplier of power converters used in 4.8x industrial, healthcare and semiconductor applications 5.0x 4.0x • Shares have performed well in recent periods. 3.
Slide 13: Investment Case Study – Niche foams market leader
Investment Case Study – Niche market leader in high performance foams nearing end of investment cycle • Manufacturer of specialty polymer foams - unique nitrogen-autoclave process produces superior performance qualities Key data: FY26E 2029 target Ambition • “HALO” Heavy Asset Low Obsolescence’ -> g
Slide 14: Investment Case Study – Self-help transformation
Investment Case Study - Self-help transformation has strong momentum • Leading global manufacturer of LED lighting systems for use in hazardous industrial environments, OIT initially invested in mid 2021 500 YTD share price development 450 FY26 results further highlight progress • Delivering ‘ahead
Slide 15: Investing in transformations is a focus area for us
Investing in transformations is a focus area for us Properly executed generates scope for non-market driven returns Identifying Identify Ability of performance gap/ steps/actions to company/ improvement close performance management to potential gap execute In depth Due Diligence process, experience
Slide 16: 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 17: Portfolio M&A Activity
Portfolio M&A Activity Average completed day 1 bid premium of c.47%. Typically overseas trade buyers Announced/completed take over offer premia 2019 2020 2021 2022 2023 2024 2026 70% 65% 60%* 59% 60% Average premia 52% 53% all bids 50% 50% 48% 47% 39% 41% Average trade 40% * * * * 34% 32% 34% acquir
Slide 18: EV/Sales ratings for 8/top 10 portfolio companies
EV/Sales ratings for 8/top 10 portfolio companies Ratings below historic averages despite current depressed revenue levels Current portfolio top 10 (exc. ATG and ELM) - NAV weighted mean NTM EV/Sales 3.0x 2.6x 2.2x Average = 1.8x 1.8x 1.4x 1.0x 0.6x Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Jun-18 J
Slide 19: Outlook
Outlook Future NAV per share performance unlikely to be correlated to UK economy Our broad investment views Where we are focused 1. Bearish on the UK economy 1. Niche market leaders 2. Prospects for domestically focused UK companies 2. UK quoted, but overseas earners, especially US$ seem poor absent
Slide 20: Supporting Portfolio & Market Data
Supporting Portfolio & Market Data
Slide 21: Portfolio – High conviction portfolio
Portfolio High conviction portfolio Top portfolio holdings¹ XPP • Top 10 holdings account for 84% of NAV. Anticipate this will fall upon expected cash return Dialight from NCC 0.0% Gooch • XPP position reduced on strength over the quarter 16.8% 15.9% NCC • Two new positions initiated in period – bot
Slide 22: 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 0.0% Industrials 0.0% 5.0% Sub £100m 7.5% 10.5% TMT 14.0% £100m-£500m 27.6% Business Services £500m-£1bn 58.8% 20.1% Healthcare Over £1bn 57.4% Net cash Cash + Other • Industrials remains the
Slide 23: 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 Manufacturing ✓ ✓✓ ✓ ✓ ✓ footprint Manufac
Slide 24: Our investment strategy has delivered strong long-term returns
Our investment strategy has delivered strong long-term returns 15.8 years’ track record across varied market conditions Annualised return Total cash-on-cash multiple 20% 12x 15.9% 10.3x 16% 10x 12% 8x 9.4% 8.2% 6x 8% 3.5x 4.1x 4x 4% 2x 0% 0x DNSC+AIM ex Deutsche Numis Strategy DNSC+AIM ex Deutsche S
Slide 25: 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 LLP as at the date of the presentation Past performance is n
Slide 26: 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 27: Portfolio sector exposure over time
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% Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Dec-24 Sep-25 Dec-25 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Slide 28: Portfolio company voting record over Q2 2026
Portfolio company voting record over Q2 2026 Continued to follow our consistent guidelines and raise our concerns where appropriate • Continued to vote in all meetings. Number of meetings 7 Number of resolutions 133 Number voted 133 Voted with management 125 Voted against management 8 Abstained 0 So
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: Odyssean Investment Trust - key company facts
Odyssean Investment Trust - key company facts NAV £292m1 Shares in issue 140,430,7191 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 AIFM Odyssean Capital LLP is the AIFM Opportunity for sharehold
Slide 35: Further performance data
Further performance data As at 30th June 2026 Performance % 1 year 3 year 5 year NAV Total Return Per Share1 +27.6% +35.0% +35.0% Share price return2 +29.2% +33.3% +34.2% DNSC + AIM ex IC Total Return2 +6.1% +25.8% -1.0% Source: 1NSM Funds (UK) Ltd, Bloomberg, Odyssean Capital; Deutsche Numis Smalle
Slide 36: OIT shareholder base
OIT shareholder base As at 30th June 2026 Shareholder base by investor type1 Shareholders >3% 0.3% Harwood Capital 1.4% Trinity Bridge 2.9% Wealth Manager Ian Armitage 12.4% Cazenove Capital 12.8% Connected Parties Raymond James Institutions 8.8% 36.4% ii Retail JM Finn 14.4% 48.3% 7.1% Endowment Ch
Slide 37: 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 Alternative Investment Fund manager of Odyssean Investment Trust Plc (“O
Slide 38: 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 39: 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 40: 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 41: Contact details
Contact details Alternative Investment Fund 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 03162
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