Net Asset Value Update - Q1 2026

About this update from Helios Underwriting Plc

25 June 2026   Helios Underwriting plc ("Helios" or the "Company") Net Asset Value Update Pipeline profits drive 0.49% NAV per share increase Helios Underwriting, the only publicly traded company offering access to a diverse portfolio of syndicates at Lloyd's of London, the world's largest insurance market, today announces an update on the Net Asset Value (NAV) of the Company for the first quarter ending 31 March 2026. Net Asset Value at 31 March 2026 Total Net Assets   £m per share - £       Opening at 31st December 2025 180.3m 2.63 Increase in portfolio value from profit 5.7m   Expenses -3.4m   Tax provision -1.4m   Pro-forma Net Asset Value at 31st March 2026 181.2m 2.65 Number of voting shares in issue* 68.5m   *based on total number of shares at 31st March 2026 NAV per share rose 0.49% in the first quarter to £2.65 (31 December 2025: £2.63), as a £5.7m increase in portfolio value from pipeline profits was partly offset by £3.4m of expenses and a £1.4m tax provision. A dividend of 10 pence per share, approved by shareholders on 22 June 2026, is not reflected in the figures above. Pipeline profit update and Quarterly Syndicate Mid-point Forecasts The current mid-point forecasts in respect of its portfolio of syndicate capacity for the 2024 and 2025 years of account based on the first quarter 2026 mid-point forecasts are:   2024 2025 2026 £m £m £m Total capacity as at 31st March 2026 522.9m 495.9m 467.4m Mid-point forecast at 31st December 2025 9.25% N/A Current mid-point forecast at 31st March 2026 9.80% 10.90% Changes in mid-point forecast 0.55%   Activity During the Period The 2025 year of account mid-point forecast is 10.90%  The Q1 forecast includes an early estimate of losses from the conflict in the Middle East and has not experienced any above average catastrophe losses. The 2024 year of account mid-point forecast has increased from 9.25% to 9.80%. The improvement in forecast over the last few quarters are mainly driven by more certainty around the catastrophe losses experienced previously. The year is tracking towards a strong ultimate result. ENDS For further information, please contact:   Helios Underwriting plc Louis Tucker - Chief Executive Officer                                  &n...

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