Caledonia Investments PLC · LSE:CLDN
Caledonia Investments — H1 FY2027 Earnings Presentation
41 slides from Caledonia Investments's earnings presentation, Nov 10, 2026
Slide 1: Half-year results
Half-year results 10 November 2026
Slide 2: Cautionary statement
Cautionary statement This presentation contains certain statements that are, or may be deemed to be, forward-looking. Phrases such as “aim”, “plan”, “intend”, “should”, “anticipate”, “well-placed”, “believe”, “estimate”, “expect”, “target”, “consider” and similar expressions are generally intended t
Slide 3: Agenda
Overview 04 HY27 performance 07 Public Companies 10 Private Capital 13 Funds 20 Financial review 23 Summary 28 Appendix 30 Half-year results | 30 September 2026 3
Slide 4: Overview
Overview A short introduction to Caledonia Half-year results | 30 September 2026 4
Slide 5: Who we are
Who we are Shaped by experience, guided by discipline, focused on the long term £3.1bn 59 9.1% Self-managed investment company Consecutive dividend increases 10 year NAVTR Net assets Years Per annum Targeting long-term Experienced in-house Long-term investments Strong balance sheet and compounding i
Slide 6: Time well invested at Caledonia
Time well invested at Caledonia Providing access to both private and public companies, diversified by sector and geography Attractive markets Strong fundamentals Well managed and aligned Public Companies Private Capital Funds • Two concentrated portfolios of 15-20 • Focused on up to 10 high quality,
Slide 7: HY27 performance
HY27 performance All three investment pools contributing to growth Half-year results | 30 September 2026 7
Slide 8: Highlights for six months ended Sept 2026
Highlights for six months ended 30 Sept 2026 £3.1bn NAV 5.4% 10 year annualised Completion of Acquired stakes in Blue NAVTR Stonehage Fleming Diamond and Conquip NAVTR for the 6-month period 9.1% £290m £110m at the top end of our proceeds, 3.2x MoM & invested in the portfolio target range of inflati
Slide 9: Long-term NAV total return
Long-term NAV total return Outperforming inflation by 5.5% p.a. over the last decade NAV total return growth since 2016 Caledonia NAV TR CPIH+3% 1 260 240 220 200 180 160 140 120 100 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Half-year results | 30 September 2026 1. Inflation measure is
Slide 10: Public Companies
Public Companies Investing in high quality companies where long-term ownership is rewarded Half-year results | 30 September 2026 10
Slide 11: Public Companies
Public Companies Public Companies Positive performance from a number of our holdings and a strong recovery from March 2026 £980m invested in 30 high-quality portfolio companies Performance HY27 • Focus on compounders – hold for the long-term • Backed by permanent capital, allows for patient investin
Slide 12: Public Companies: 5-year performance
Public Companies Public Companies: 5-year performance Progression of the Capital portfolio Total return – Capital portfolio (%) HY 2027 70% 60% 50% 40% 30% 20% 10% 0% Mar 21 Sep 21 Mar 22 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Mar 26 Sep 26 Half-year results | 30 September 2026 12
Slide 13: Private Capital
Private Capital Supporting private companies to create enduring value Half-year results | 30 September 2026 13
Slide 14: Private Capital
Private Capital Private Capital Residual gains from Stonehage Fleming, progression of AIR-serv & Cobepa gains offset by Cooke £760m invested in nine predominantly UK-focused Performance HY27 companies, with six investments representing c.95% of value • Buy-to-own approach – active partnership with m
Slide 15: £60m investment in Blue Diamond
Private Capital £60m investment in Blue Diamond The UK and Channel Islands’ leading garden centre operator Investment Equity stake Key metrics Revenue1 EBITDA1 £60m 18% 54 £395m £47m Garden Exactly what we look for centres +17% +21% Market leader CAGR CAGR Strong team since 2013 since 2013 Exc
Slide 16: £50m investment in Conquip
Private Capital £50m investment in Conquip Best in class engineering and construction equipment supplier Investment Equity stake £50m 61% Exactly what we look for Best in class solutions Strong team Exceptional track record June Majority position Working in partnership for growth Organic g
Slide 17: Private Capital: realisation track record
Private Capital Private Capital: realisation track record Successful track record of exits and generating a meaningful valuation uplift on realisations Metrics LTM NAV growth vs. Caledonia IRR – from investments made since 2012 £1.4bn (size of bubble represents Caledonia total proceeds) of proceeds
Slide 18: Private Capital
Private Capital Private Capital 0.6% six-month return Private Capital portfolio company metrics EV/ EBITDA valuation multiple of between Valuation £226m Valuation £208m 10x to 14x Period return Year of investment 5.3% 2023 Period return Year of investment 1.8% 2004 Low net debt/EBITDA typically Sect
Slide 19: Private Capital
Private Capital Private Capital 0.6% six-month return Private Capital portfolio company metrics EV/ EBITDA valuation multiple of between Valuation £127m Valuation £58m 10x to 14x Period return Year of investment 0.7% 2016 Period return Year of investment 0.6% 2024 Sector Cons. Discretionary Sector I
Slide 20: Funds
Funds Accessing attractive global markets Half-year results | 30 September 2026 20
Slide 21: Funds
Funds Funds Positive contributions from continued IPO and fundraising activity in Asia £998m NAV: 60% focused on North America lower Performance HY27 mid market buyout and 40% in Asia Total pool North America Asia • Access to hard-to-reach markets • Enhanced diversification through a broad portfolio
Slide 22: Funds cashflows and commitments
Funds Funds cashflows and commitments Cashflows moderated by macro uncertainty Net cashflow Portfolio maturity1 Investment activity and commitments North America Asia Net cashflow • £77m deployed: 72% into 150 North America funds and 4.6 Realisation the balance to Asia 100 Weighted years Weighted •
Slide 23: Financial review
Financial review A robust balance sheet – flexibility to deploy capital selectively Half-year results | 30 September 2026 23
Slide 24: Financial overview: a robust balance sheet
Financial overview A robust balance sheet NAV NAV total return Portfolio value £3.1bn 5.4% Strong balance sheet with zero All three pools contributed to growth £2.7bn High quality, diversified portfolio structural leverage Special dividend Interim dividend Share buybacks Strong balance sheet with 20
Slide 25: Change in net asset value
Change in net asset value NAVTR of 5.4% driven by investment gains NAV movement Foreign currency (£m) exposure (NAV) Total return NAV p/s accretion £160.6m 30.6p 5.1% NAV p/s accretion 21.9 4.3p / 0.7% 157.6 -18.9 0.7 3,122.9 -18.4 ww -38.1 3,064.4 -20.4 US dollar 56% Pound sterling 34% 2,980.0 Euro
Slide 26: Cash & facilities
Cash & facilities Significant liquidity: £277m cash and undrawn RCF of £325m Movement in net cash Cash (£m) 30 Sept 2026 Net realisation £238.9m £277m 27.4 Undrawn RCF 484.3 -20.4 277.4 30 Sept 2026 -20.4 -38.1 £325m ww 90.0 Liquidity 30 Sept 2026 £602m -245.4 1 Apr 2026 Investments - Realisations -
Slide 27: Discount and capital allocation
Discount and capital allocation Taking action so our shareholders benefit from the long term increase in NAV Discount • Share price discount to NAV at 30 September 2026 was 35.6%, a 7.8% reduction since 31 March 2026 • We believe this undervalues the quality of our portfolio and track record Capital
Slide 28: Summary
Summary Half-year results | 30 September 2026 28
Slide 29: Summary
Summary Diversified portfolio and active management – delivering NAV growth & shareholder returns Portfolio Strong balance sheet Long-term track Caledonia is well- resilience and liquidity record of delivering positioned underpinned by Provides flexibility to NAV growth and for long-term high-qualit
Slide 30: Appendix
Appendix Half-year results | 30 September 2026 30
Slide 31: Investment portfolio and returns
Investment portfolio and returns Total portfolio return of 6.0% Investment movement Portfolio by pool (£m) Net realisation (£m) £243m Public Companies £980m Private Capital £760m £2,737 Funds £997m 246 2,848 ww Return Return Yield2 161 2,737 % (excl. FX) % % Public Companies 12.3 13.1 3.2 Private Ca
Slide 32: A well-balanced portfolio
A well-balanced portfolio Diversified by sector and geography Provides shareholders with access to companies operating across diverse sectors with global exposure Geography Sector (Headquartered) Industrials 30% Industrials Consumer discretionary 16% Includes Private Capital Information technology 1
Slide 33: Long-term performance
Long-term performance Targeting inflation +3% to +6% and outperformance of FTSE All-Share TR over the long term Annualised performance medium and long-term 20% 15.5% 15% 11.0% 10% 9.1% 8.1% 7.5% 7.6% 6.6% 5.9% 5.3% 5.1% 5% 3.4% 3.6% 0% Over 3 years Over 5 years Over 10 years Caledonia NAVTR Caledoni
Slide 34: Public Companies – Capital portfolio
Public Companies Public Companies – Capital portfolio Top holdings as at 30 September 2026 Top holdings First Value (£m) invested 30 Sept 2026 Sector distribution Geography by HQ Philip Morris1 2016 71.0 Microsoft 2014 66.8 Texas Instruments1 2018 60.8 Thermo Fisher 2015 56.8 Hill & Smith 2011 54.5
Slide 35: Public Companies – Income portfolio
Public Companies Public Companies – Income portfolio Top holdings as at 30 September 2026 Top holdings First Value Yield2 (£m) invested 30 Sept 2026 % Sector distribution Geography by HQ Philip Morris1 2021 23.1 6.2 Texas Instruments1 2020 22.8 4.0 National Grid 2015 19.0 4.8 Croda International1 20
Slide 36: Private Capital
Private Capital Private Capital Portfolio as at 30 September 2026 Top holdings First Value (£m) invested 30 Sept 2026 Sector distribution Geography by AIR-serv Europe 2023 226.2 revenue generation Cobepa 2004 207.7 Butcombe Group 2016 127.4 Blue Diamond Limited 2026 60.0 Direct Tyre Management 2024
Slide 37: Funds
Funds Funds Top holdings as at 30 September 2026 Significant manager exposure First Value (£m) invested 30 Sept 2026 Strategy Geography by region De Cheng funds 2015 81.1 Axiom Asia funds 2012 68.0 HighVista funds 2013 64.3 Unicorn funds 2018 50.4 American Industrial Partners 2024 40.0 INCE funds 20
Slide 38: Statement of net assets
Statement of net assets Six months ended 30 September 2026 £m 31 Mar 26 Investments1 Realisations2 Investment income3 Total return 30 Sept 26 Pool Public Companies 952.2 31.9 (101.9) (11.8) 110.0 980.4 Private Capital 954.7 137.1 (323.7) (15.3) 6.7 759.5 Funds 940.9 77.4 (63.1) (1.6) 43.9 997.5 Tota
Slide 39: Summary of comprehensive income
Summary of comprehensive income Six months ended 30 September 2026 30 Sept 26 30 Sept 25 £m £m Revenue Capital Total Revenue Capital Total Investment income – portfolio1 21.9 – 21.9 40.8 8.0 48.8 Net gains on fair value investments – portfolio2 – 138.7 138.7 – 95.9 95.9 Total return 21.9 138.7 160.6
Slide 40: Further information
Further information If you have any questions, or to request a meeting, Year end 31 March please contact us in the following ways: Ticker CLDN Send an email to: investorrelations@caledonia.com Index FTSE 250 Sector Flexible investment Call us on: 020 7802 8080 Dividend frequency Semi annual Website:
Slide 41: Caledonia Investments plc
Caledonia Investments plc Cayzer House 30 Buckingham Gate London SW1E 6NN +44 20 7802 8080 enquiries@caledonia.com caledonia.com Scan the QR code to visit our website © Caledonia Investments plc 2026. Caledonia Investments, Time Well Invested and the sealion guardant are registered trademarks. Half-
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