Caledonia Investments plc (CLDN) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you for joining us today for Caledonia Investments PLC half-year results presentation. The presentation will commence shortly. After the presentation, we will conduct a Q&A session. If you wish to ask a question, you'll be able to ask a question either through the Zoom webinar link provided separately or by submitting written questions using the Ask a Question button on the SparkLive webcast page. Please note that this call is being live streamed to a webcast for a wider audience and will be recorded. I would now like to hand over to Matt Masters, Chief Executive Officer, to open the presentation. Please go ahead. Hello, I'm Matt Masters, CEO of Caledonia Investments, and welcome to our results presentation for our half year to 30th September 2025. You will also hear from Tom Leder, who leads our private capital strategy, and Rob Memmott, our Chief Financial Officer. Before we go through the results, a short reminder about Caledonia. We are long-term stewards of our shareholders' capital, including the Kayser family, who have entrusted us with theirs for generations. Looking after multi-generational capital shapes everything we do. We need to make returns, but do so whilst limiting the risk of losing capital. We target absolute returns of inflation plus 3-6%, and this influences the level of risk we're prepared to take. Over time, our approach to investing has delivered results at the top end of this target range at 9.8% per annum, outperforming inflation by 6.5% per annum, and we have consistently increased our dividend for over half a century. Our approach to investing is straightforward. We invest in high-quality businesses and hold them for the long term. Our maxim, time well invested, captures the essence of our approach perfect...