Caledonia Investments (CLDN) investor relations material

Executive summary

• Achieved a NAV total return of 4.4% and total shareholder return of 8.5% for the half-year to 30 September 2025, driven by strong public and private capital performance, with net assets reaching £3.0bn and NAV per share rising to 566p.

• Maintained a long-term investment approach, targeting absolute returns of inflation +3% to 6%, with a 10-year NAV total return of 9.8% per annum, exceeding inflation by 6.5%.

• Announced an interim dividend of 3.68p per share, reflecting a new policy to pay 50% of the prior year's total dividend, to be paid on 8 January 2026.

• Continued share buybacks, with £78m allocated since March 2024 and £13.5m in the period, resulting in NAV per share accretion.

• Robust balance sheet with zero structural leverage and strong liquidity.

Financial highlights

• NAV grew to just over £3 billion, with £2.9 billion invested in a diversified global portfolio.

• Cash on balance sheet was £105 million, with total liquidity of £430 million including an undrawn revolving credit facility.

• Suffered an FX loss of £59 million due to sterling strength, reducing NAV by approximately 2%.

• Net profit for the period was £127.0m, with basic EPS of 24.2p (restated for share split).

• Net investment gains contributed £145m, partially offset by FX losses.

Outlook and guidance

• Confident in medium and long-term prospects, with a high-quality, diversified portfolio positioned to withstand volatility and compound value.

• Targeting long-term compounding real returns of inflation +3% to +6%.

• Will continue share buybacks and capital allocation to investments and dividends as appropriate.

• No pressure to invest; will remain selective and opportunistic, especially given high asset prices in private markets.

• Expect completion of Stonehage Fleming sale in H1 2026, with proceeds to further strengthen the balance sheet.