VPC Specialty Lending Investments (VSL) investor relations material

Executive summary

• Wind-down continued, with £0.8m of realisations in H1; portfolio returns were broadly flat as credit losses were offset by positive equity performance.

• NAV return was -0.18%; share-price total return was -16.58%. A significant post-period exit generated £9.3m from Heyday in August.

Financial highlights

• Revenue return was £2.00m, versus £5.45m in H1 2025; total net return was -£0.11m, versus -£20.58m.

• H1 net loss was £110,947 and diluted loss per share was 0.04p, compared with a £20.58m loss and 7.40p loss per share in H1 2025.

• Total assets were £58.13m at 30 June, down from £63.07m at year-end 2025; total equity was £57.32m.

• Cash and cash equivalents were £3.93m at 30 June, down from £7.34m at 31 December 2025.

Outlook and guidance

• An orderly realisation remains the objective; PMB Capital is exploring options to complement existing exit efforts, but timing and outcome are uncertain.

• Future dividends are expected to be smaller and less frequent as income-generating holdings decline; the next declaration is likely in February 2027, with distributions at least 85% of period net revenue return.

• Exit decisions will balance timely cash returns against maximising value; some loan maturities may be extended, while exits ahead of stated maturities remain a goal where possible.