Annual General Meeting
16 July 2025
https://www.caledonia.com
David Stewart
Chair
https://www.caledonia.com
Presentation of Full-year results
Year ended 31 March 2025
Mat Masters CEO
Rob Memmott
CFO
https://www.caledonia.com
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 to identify forward-looking statements. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations of the Company about future events, and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Any forward-looking statement is based on information available to the Company as of the date of the statement, it can give no assurance that these expectations will prove to be correct. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements should therefore be construed in the light of such factors. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. All written or oral forward-looking statements attributable to the Company are qualified by this caution. Other than in accordance with legal and regulatory obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
AGM 2025 3
Caledonia
Self-managed FTSE 250 investment company - net assets of £2.9bn
We are long-term stewards of shareholder's capitalEnduring support from founding shareholders, the Cayzer family
Track record of delivering long-term real returnsTargeting inflation1 +3% to +6%
58 consecutive years of dividend increases
NAV GrowthNAV total return growth since 2005
800
700
600
500
400
300
200
100
0
2005 2010 2015 2020 2025
Caledonia NAV TR CPIH+4.5%
Driven by long-term investments in quality companiesApproach and purpose grounded in 'Time well invested'
Experienced in-house investment teamFully aligned with shareholders
Dividend Growth+175p special
+100p special
Annual dividend / share (p)
80
70
60
50
40
30
20
10
0
2005 2010 2015 2020 2025
AGM 2025 1. Inflation measured as Consumer Prices Index including owner occupiers' 4
housing costs ('CPIH')