Odyssean Investment Trust PLC · LSE:OIT
Odyssean Investment Trust — Q1 2026 Earnings Presentation
46 slides from Odyssean Investment Trust's earnings presentation, Apr 15, 2026
Slide 1: Odyssean Investment Trust PLC Q1 2026 Update
Odyssean Investment Trust PLC Q1 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 – Q1 2026
Executive Summary – Q1 2026 NAV rose 3%, significantly outperforming the 6.6% fall in the market • NAV per share rose 3.0% 1,2 in the period. DNSC +AIM ex IC index (“Comparator”) fell 6.6% 2,3 • Trading updates across the portfolio remain broadly positive • Portfolio average EV/Sales ratings remain
Slide 4: News flow post period end & brief outlook
News flow post period end & brief outlook Company updates since period end – Blackline – recommended takeover by Francisco Partners for C$9 per share plus potential C$0.5 cvp (conditional value payment). Cash element would represent c.50% IRR and 1.8x cash multiple on investment in local currency. J
Slide 5: Performance update
Performance update NAV per share rose c.3% in Q1, outperforming a fall in wider markets Performance % Annualised Inception Since Q1-26 CY25 CY24 CY23 CY22 CY21 CY20 CY19 since to Dec-18 inception inception NAV Total Return Per +3.0% +9.4% -0.8% -10.4% +5.5% +25.0% +13.1% +22.0% -3.7% +75.3% +7.3% Sh
Slide 6: Performance drivers in Q1 2026
Performance drivers in Q1 2026 Key stock contributors Largest positive contributors Largest negative contributors • Full year results showed improving performance through the year, with H2 • A Q3 trading update was positive with actions to improve showing sequential growth, strong gross margins and
Slide 7: 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% 36% 29% 29% 30% 23% 23% 25% 25% 13% 15% 9% 4% 0% 0% -5% -7% -25% -1
Slide 8: This decade, smaller companies have lagged inflation
This decade, smaller companies have lagged inflation This is unusual. Smaller companies materially outperformed inflation in 1970s Annualised performance of Comparator Index vs Inflation by decade over time 1960 – March 2026 25% 24.3% 20% 19.1% 15% 13.4% 11.9% 11.1% 10.3% 10% 6.0% 4.6% 5% 3.5% 3.1%
Slide 9: EV/Sales ratings for top portfolio companies
EV/Sales ratings for 8/top 10 portfolio companies Ratings well below historic averages despite current depressed revenue levels Current portfolio top 10 (exc. BLN, ATG) - NAV weighted mean NTM EV/Sales 3.4x 3.0x 2.6x 2.2x Average = 1.9x 1.8x 1.4x 1.0x 0.6x Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 J
Slide 10: Positive trading momentum across much of the portfolio
Positive trading momentum across much of the portfolio Results across portfolio have been positive – illustrative for top 5 holdings Holdings Situation overview Most recent trading update (full year or interim) • End markets stabilised and showing signs of recovery • Order intake up 28% in 2025 with
Slide 11: Artificial Intelligence is a major 'investment theme'
Artificial Intelligence is a major ‘investment theme’ We have actively evaluated the impact of AI across our portfolio and opportunity set How does AI directly impact our portfolio? Are our companies responding fast enough? • Which holdings have a business model that AI directly • Does management ha
Slide 12: We believe current portfolio is well positioned for AI driven change
We believe current portfolio is well positioned for AI driven change We see limited pure AI risk across the portfolio and areas of opportunity “Moats” “Opportunities” “Risks” AI supports/ Plant/hard Hard to AI driven end AI driven cost Increased Holding speeds new Substitution? assets replicate IP m
Slide 13: Thoughts on impact of the conflict in Iran
Thoughts on impact of the conflict in Iran Significant uncertainty on impact depending on duration of the conflict Irrespective of how long the conflict continues • Inflation will be higher than previously expected. It will take time for impact to be seen (e.g. expect food price inflation with a lag
Slide 14: Inflation
Inflation We have been evaluating existing and new investments against this since April 2021 Slide extract from Q2 presentation July 2021 Source: Odyssean Investment Trust Q2 2021 update 14
Slide 15: Sector performance during stagflation
Sector performance during stagflation Lessons from history on performance in periods of ‘stagflation’ US sector performance: '73 - '80 European sector performance: '73 - '80 Energy 142% Energy 171% Industrials 26% IT 97% Materials 22% Industrials 89% US -2% Europe 57% Financials -9% Financials 55% I
Slide 16: 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 17: Portfolio expectations of 7%-10% organic sales growth
Portfolio expectations of 7%-10% organic sales growth… Profit growth should exceed sales growth due to operational gearing and self-help Portfolio expected organic growth rates 25% 25% 20% 20% 20% 15% 15% 11% 10% 10% 10% 8% 9% 7% 8% 6% 5% 5% 5% 7% Inflation fcst 5% 5% 5% 3.0% 4% 3% 3% 2% 0% XPP NCC
Slide 18: …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 19: Investment Case Study – James Fisher
Investment Case Study – James Fisher Self help delivering margin improvement. Growth acceleration to come Background FSJ share price development £ • Leading global provider of B2B services to the marine environment 6.00 • 3 divisions – Offshore energy, defence and transport 5.50 • Hard to replicate
Slide 20: NCC – Situation update
NCC – Situation update Expect cash return of Escode proceeds in May. Strategic review of Cyber ongoing • Escode transaction expected to complete end of April, ‘majority’ of proceeds expected to be returned shortly after Implied valuation of NCC Cyber business − We have actively engaged with the comp
Slide 21: Themes across portfolio companies
Themes across portfolio companies Transformation c.13% of NAV Disruptors/ Corporate activity/ Innovators M&A 21
Slide 22: 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 23: Outlook - update
Outlook - update We remain optimistic for the medium term; market highly resilient given geopolitical concerns Overall market conditions • Subdued broader market sentiment towards UK Small and Mid Cap • UK fiscal situation is poor and arguably set to deteriorate • Events in the Gulf and likely subse
Slide 24: Supporting Portfolio & Market Data
Supporting Portfolio & Market Data
Slide 25: Portfolio
Portfolio High conviction portfolio Top portfolio holdings¹ XPP • Top 10 holdings account for 87% of NAV. Anticipate this will fall upon expected cash return NCC from NCC 0.5% Dialight • One new position initiated in period – smaller 12.8% 14.6% Gooch weight with scope to grow as diligence continues
Slide 26: Portfolio
Portfolio Focused on our core sectors and core market cap range Holding by sector 1 Holding by market cap 1 Industrials 0.5% 0.5% Sub £100m 7.1% 11.4% TMT 11.1% 13.2% £100m-£500m 8.9% Healthcare & Life Sciences £500m-£1bn 58.3% 21.0% Business Services Over £1bn Net cash Cash + Other 68.1% • Industri
Slide 27: 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 ✓ ✓ ✓✓
Slide 28: Our investment strategy has delivered strong long-term returns
Our investment strategy has delivered strong long-term returns 15.5 years’ track record across varied market conditions Annualised return Total cash-on-cash multiple 16% 14.8% 10x 8.5x 12% 8x 9.2% 7.8% 6x 8% 3.9x 4x 3.2x 4% 2x 0% 0x DNSC+AIM ex IC Deutsche Numis All Strategy DNSC+AIM ex Deutsche Num
Slide 29: Significant variance of performance across Small Co sector
Significant variance of performance across Small Co sector Close ended funds seem to perform better than open ended UK Smaller Companies sector annualised NAV total returns by fund category/index % Periods to March 2026 25.0 25 20 15 11.0 10 8.7 8.4 6.8 6.5 5.9 5.5 4.7 4.4 4.3 4.8 5 3.5 2.4 2.1 2.2
Slide 30: 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 31: 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 32: 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 33: Portfolio company voting record over Q1 2026
Portfolio company voting record over Q1 2026 Continued to follow our consistent guidelines and raise our concerns where appropriate • Continued to vote in all meetings. Number of meetings 4 Number of resolutions 64 Number voted 64 Voted with management 53 Voted against management 8 Abstained 3 Sourc
Slide 34: 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 35: 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 36: 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 37: 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 38: 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 39: Odyssean Investment Trust - key company facts
Odyssean Investment Trust - key company facts NAV £240m1 Shares in issue 139,202,7911 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 40: Further performance data
Further performance data As at 31st March 2026 Performance % 1 year 3 year 5 year NAV Total Return Per Share1 +25.0% +7.4% +23.7% Share price return2 +28.3% +5.2% +33.7% DNSC + AIM ex IC Total Return2 +11.0% +13.9% -3.4% Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Deutsche Numis Small
Slide 41: OIT shareholder base
OIT shareholder base As at 31st March 2026 Shareholder base by investor type1 Shareholders >3% Harwood Capital 0.3% 1.4% Trinity Bridge 3.0% Ian Armitage Wealth Manager 12.6% Cazenove Capital 11.5% Connected Parties Raymond James Retail Investors 8.6% 36.2% Charles Stanley Institutions ii 15.5% 48.4
Slide 42: 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 43: 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 44: 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 45: 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 46: 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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