Caledonia Investments plc (CLDN) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Well, morning, everybody. I'm Matt Masters, CEO of Caledonia Investments, and myself and my colleague, Rob Emmett, our Chief Financial Officer, will take you through the results for a full year to March 2025. Now, we're a long-term investment business, so we'll balance this results presentation by providing you information for the year, as well as a reminder of the strategy and our longer-term performance. Important cautionary statement. And then I'll bring out the key features of Caledonia that make it a really great place to do long-term investing. The first area is that we're a self-managed investment company, meaning all the investments and all the funds are selected by our in-house team. And that means they're only working for our shareholders and they are wholly aligned with them. We're targeting absolute returns, so long-term compounding returns, aiming to keep NAV per share and dividend per share ahead of inflation. Now, despite elevated inflation in recent years, we have managed to keep pace with it, and our track record shows that over the longer term, we have managed to exceed this target by some margin. The company traces its history back to the Caser family's shipping business, which dates back to the late 1800s, and the family remains supportive shareholders, and their long-term investment approach underpins what we do at Caledonia. Now we're very grateful to all shareholders for enabling the family holding to go through 50% at the special AGM at the end of last year in December. And this provided us with flexibility to carry on making NAV per share enhancing share buybacks. And you'll see later on that share buybacks have made a meaningful contribution to returns this year. So our maxim is time well invested and it perfectly encapsulates our approach. ...