Volta Finance (VTA) investor relations material

Executive summary

• NAV total return was -3.4% for FY ended 31 July 2026; year-end NAV was €243.6m, or €6.66/share, down 11.1% YoY amid CLO repricing and volatility.

• Portfolio cash generation remained resilient: €38.6m of coupons received and 1.8x dividend cover, despite reduced distributions and a lower NAV.

• The portfolio was 99.9% invested in CLO assets, with a pivot toward debt tranches and cash held for opportunistic deployment.

Financial highlights

• Comprehensive loss was €9.5m versus €35.4m profit in FY2025; basic and diluted loss per share was €0.2599 versus earnings of €0.9680.

• Net loss on financial assets at fair value through profit or loss was €4.0m, versus a €41.5m gain in FY2025; operating expenses were €5.0m versus €8.7m.

• Year-end NAV was €243.6m versus €274.2m; NAV/share fell to €6.6597 from €7.4945 and share price to €5.98 from €6.80.

• Cash and cash equivalents were €33.9m, down from €42.5m; financial assets at fair value were €207.4m, down from €233.9m.

• Cash dividends paid totaled €21.0m, or €0.575/share, versus €22.1m and €0.605/share in FY2025.

Outlook and guidance

• The annualised dividend policy remains approximately 8% of NAV, paid quarterly; a €0.135/share interim dividend was declared in September 2026, payable 29 October 2026.

• Gross projected portfolio yield was 12.8% at 31 July 2026, versus 11.5% a year earlier; projected yields were circa 13% for CLO Equity and circa 12% for CLO Debt.

• Strategy remains focused on manager selection, risk monitoring and opportunistic investment across mezzanine debt and equity, particularly during spread dislocations.

• The Investment Manager expected 2026 defaults of 3–3.5% in both the US and Europe; management identified recession accompanied by materially higher corporate defaults as the scenario most likely to significantly affect performance.