Caledonia Investments (CLDN) H2 2026 earnings summary

Executive summary

• Delivered a NAV total return of 5.4% for the year ended 31 March 2026, with all investment pools contributing positively.

• Net assets reached GBP 3 billion, supported by a strong balance sheet and GBP 415 million in liquidity.

• Sale of Stonehage Fleming agreed, expected to deliver a 3.2x money multiple, proceeds of circa GBP 290 million, and a 30% uplift to NAV.

• Announced a final dividend of GBP 0.04 per share, bringing total annual dividend to GBP 0.0768, up 4.4% year-over-year, marking 59 consecutive years of dividend growth.

• Share price total return was -7.1%, impacted by a widening discount to NAV, particularly in March due to market weakness and geopolitical events.

Financial highlights

• NAV grew to GBP 3 billion, with GBP 2.8 billion invested in a diversified portfolio.

• Cash on balance sheet at year-end was GBP 90 million, with an undrawn revolving credit facility of GBP 325 million, totaling GBP 415 million in liquidity.

• Operating cost ratio was 83 basis points, with management expenses of GBP 29.9 million.

• FX loss of GBP 22.4 million reduced NAV by 0.7%.

• 10-year annualised NAVTR of 9.2%, outperforming inflation by 5.8% over the decade.

Outlook and guidance

• Expect continued market uncertainty but confident in ability to deliver long-term value and NAV growth.

• Focus remains on compounding NAV per share, maintaining progressive dividend policy, and ongoing share buybacks.

• No pressure to invest proceeds from Stonehage Fleming sale; will deploy capital prudently and selectively across investment pools.