28 May 2026

MAJEDIE INVESTMENTS PLC

HALF-YEAR FINANCIAL REPORT

Majedie Investments PLC ("Majedie" or the "Company") is pleased to present its Half-Year Financial Report for the six months ended 31 March 2026.

The Half-Year Financial Report can be found on the Company's website at www.majedieinvestments.com or by contacting the Company Secretary on telephone number 0131 378 0500.

Financial Highlights

For the six months to 31 March 2026

Highlights:

·       The portfolio delivered resilient performance over a volatile six-month period, with Net Asset Value (NAV) per share rising by +4.4%.

·       Over the same period, the share price total return rose +10.4% resulting in the share price discount to NAV narrowing from -14.0% to -9.3%.

·       In keeping with the Company's policy to make quarterly dividend payments of 0.75% on NAV, dividend payments totalling 4.5p were paid out to shareholders over the period.

·       All three underlying strategies that make up the portfolio contributed positively.

·       External Managers contributed +371bps to overall performance. This was primarily due to strong returns from the Absolute-return component, with significant contributions from Contrarian Emerging Markets and Fearnley Energy Alpha.

·       Direct Investments contributed +36bps to overall performance and was supported by the Global X Copper Miners ETF, Computacenter plc and Allfunds Group plc.

·       Special Investments contributed +98bps, led by Project Vista (Brazilian waste management) and Project Uranium.

·       Following the change of control of Marylebone Partners to Brown Advisory, the management fee on Majedie was reduced by 10bps to 0.8% (up to a market capitalisation of £150 million), by 7.5bps to 0.675% (for market capitalisation between £150 million and £250 million) and by 5bps to 0.6% (on market capitalisation above £250 million).

Christopher Getley, Chairman, commented:

"I am pleased to report that during the period ended 31 March 2026 the NAV total return was +4.4%. This return includes quarterly dividends totalling 4.5p, a 9.8% increase on the period to 31 March 2025. The trading discount of Majedie shares narrowed to -9.3%.

This solid return during a period of volatility and war which has significantly increased core energy prices is consistent with the purpose of Majedie's Liquid Endowment approach. During the first three months to December 2025 all three of the core elements of the Strategy, External Managers, Direct Equities and Special Investments added value to the portfolio. The second period to March 2026 showed much of the strong performance in January and February given up following the start of the Iran War and the associated downward moves in both equity and bond markets.

Portfolio changes through the period included a meaningful reduction to copper exposure, sale of SS&C Technologies, purchase of US logistics and freight transportation company ArcBest Corp. and increased allocation to Brown Advisory Global Focus in the Direct Equities strategy. The External Managers strategy took significant profits from Helikon, sold CQS Credit and established new positions in LIFE Korea Engagement and Fearnley Energy Alpha. The Special Investments portfolio reduced in size through sales of Bank of Cyprus Holdings, Qena Partners (FTAI Infrastructure Inc.) and Impactive Balantine (Concentrix Corp.). At the end of the period the weighting to the core strategies was 64% External Funds, 18% Direct Investments and 12% Special Investments with available cash of 6%.

Highly differentiated positions across the portfolio have seen significant value added from several absolute return funds, from the commodity positions in both uranium and copper as well as from the holding of biotech specialist manager Paradigm. Majedie's Board sees this breadth as particularly relevant in an environment where global equity returns have often been driven by a small number of individual stocks. The result is that relative return managers face acute career risk unless they allocate heavily to a few stocks whose outcomes depend on uncertain and often binary variables. Some will succeed; it would be imprudent to assume all will. Majedie's focus on returns of at least 4% above UK CPI inflation over five-year periods ensures that the investment managers at Marylebone Partners face no such obligation.

The Liquid Endowment strategy has continued to produce consistent returns since it was adopted by Majedie in early 2023. The breadth of returns from a highly differentiated portfolio of External Funds, Direct Equities and Special Investments gives confidence that the Company can continue to perform well for its shareholders in the years to come."

Dan Higgins, Chief Executive Officer at Marylebone Partners and Investment Manager of Majedie, commented: 

"In a period marked by volatility and an unpredictable backdrop, the portfolio's well-constructed, bottom-up composition is proving its worth. Returns over the period have been driven by a highly differentiated mix of External Managers, Direct Investments and Special Investments, built around high-conviction and non-consensus opportunities. As a result, we have been able to generate positive returns largely independent of broader market moves. As markets navigate a more uncertain path, with the oil shock and inflation threatening growth, and with policy expectations continuing to change, we believe our approach which focuses on idiosyncratic return sources and disciplined capital deployment, continues to represent a compelling proposition for long-term investors seeking inflation-beating absolute returns."

About Majedie Investments PLC:

Majedie Investments PLC is an investment trust whose objective is to deliver long-term capital growth whilst preserving shareholders' capital and paying a regular dividend. The performance target is to achieve net annualised total returns (in GBP) of at least 4 per cent. above the UK CPI, over rolling five-year periods.

The Majedie Investments PLC portfolio features a combination of hard-to-access special investments, allocations to funds managed by boutique third-party managers, and direct investments in public equities.

LEI: 2138007QEY9DYONC2723

About Marylebone Partners:

Marylebone Partners LLP is known for its ability to access differentiated, fundamental investment opportunities through a global network of external managers, situation-specific and thematic strategies. Marylebone was founded with the vision of delivering superior investment outcomes through relationships built on trust and transparency.

On 21 November 2025 it was announced that Marylebone Partners would become part of Brown Advisory.

Marylebone Partners LLP is authorised and regulated by the Financial Conduct Authority.

About Brown Advisory

Brown Advisory is an independent investment management firm committed to providing its clients with a combination of investment performance, strategic advice and the highest level of service. Brown Advisory has been a private and independent firm since 1998. Today, the firm has more than 1,000 colleagues - each with an equity interest - serving private clients, institutions and charities in over 49 countries from 20 offices globally and is responsible for approximately $185.8 billion in client assets as at end of April 30, 2026. The firm's colleague equity ownership, experienced investment professionals and client-first culture help to make a material difference in the lives of its clients.

Investment Manager's Report

REVIEW OF MARKETS

The period can be divided into three phases: early resilience, policy-rate repricing, and a later shift towards geopolitical and energy-security concerns.

Conditions over the first half of the year were highly changeable. Although an air of uncertainty hung over markets for much of the period, they initially retained their composure amid expectations of resilient U.S. growth, cooling inflation and a gradual move towards lower policy rates. That backdrop supported rising equities through the early part of the financial year, while many industrial and precious metals rallied sharply. Early in the period, investors reassessed interest-rate expectations amid concerns about U.S. fiscal deficits, a government shutdown and heavy bond issuance. With positioning already extended, particularly in expensive U.S. large-cap technology and AI-related stocks, only a modest pullback in duration-sensitive names was required to trigger a broader deleveraging episode. Attention then shifted to the increasingly asynchronous stance of global central banks. While the U.S. Federal Reserve hesitated over the timing of rate cuts, the Bank of Japan openly discussed further tightening and the ECB struck a less accommodative tone. This divergence unsettled both equity and bond markets, contributed to heightened currency volatility and coincided with a weaker U.S. dollar.

The calendar year began with those same assumptions of resilient growth and cooling inflation still broadly intact, but the market's course later changed markedly. The outbreak of hostilities in the Gulf, and the disruption of tanker traffic through the Strait of Hormuz, brought energy security sharply back into focus. Oil prices spiked as supply disruption shifted from tail risk to reality, feeding quickly into rates and reviving inflation concerns. Markets scaled back expectations for near-term policy easing, and front-end Treasury yields rose in a 'bear flattening' as investors repriced the expected path of monetary policy. The result was an uncomfortable mix of tighter financial conditions arriving just as growth expectations were being revised down.

Currency and commodity markets reflected these shifting conditions. The U.S. dollar initially weakened as central bank divergence unsettled markets, real rates moderated and geopolitical tensions persisted, supporting gains in gold and silver and contributing to strength in industrial metals such as copper. That pattern later reversed as the dollar strengthened on 'safe haven' demand and changing interest rate expectations, driving a sharp reversal in gold and other precious metals. Oil moved sharply higher as energy security concerns intensified, in contrast to earlier weakness.

Credit spreads were initially little changed over the period, widening before tightening back towards historically tight levels. This was supported by a stable economic backdrop, attractive all-in yields and limited issuance, despite isolated defaults and warnings about complacency. Conditions later weakened, with the more notable move in lower-quality credit as high-yield bonds and leveraged loans sold off, while parts of private credit were also unsettled by the treatment of software as a potential AI casualty. Even so, the adjustment remained broadly orderly.

By the end of the period, markets had moved from a relatively constructive view shaped by resilient growth and eventual policy easing to a more cautious footing, as geopolitical disruption, renewed inflation concerns and shifting policy expectations combined to tighten financial conditions and weigh more heavily on risk assets, particularly outside the U.S. and in energy-importing regions. This backdrop favoured idiosyncratic return sources and diversification, both of which are central to Majedie's investment approach.

THE PORTFOLIO

Over the first half of Majedie's financial year, its Net Asset Value (NAV) rose by +4.4%. Returns were not driven by a single factor or market beta but by a deliberately diversified mix of external managers, direct investments and special investments. Performance was positive in five of the six months, despite a volatile backdrop, with much of the second quarter's progress moderated by weakness in March. Over the period, markets were in turn preoccupied by the path of monetary policy, geopolitical events and whether valuations of AI stocks were sustainable. Conditions became more challenging towards the end of the period, with weaker equity markets and levels of volatility comparable to the Liberation Day episode last year.

Against this backdrop, Majedie's portfolio was driven primarily by idiosyncratic factors. To illustrate the point: the ten largest contributors comprised three Equity-centric external managers, two Absolute-return managers, two direct investments (including a commodities ETF) and three special investments. This is emblematic of a highly differentiated portfolio which - in our opinion - continues to represent an attractive proposition for absolute return investors, especially when thought of on a risk-adjusted basis. The healthy positive return in the first half of the year was also a strong relative outcome given the volatility in broader equity markets over the period, with each underlying component of the strategy contributing positively to overall returns.

The portfolio's allocation to equities has focused on bottom-up opportunities away from the first-order effects of the AI debate. Many holdings are listed outside the U.S., with a bias towards Asia. The Absolute-return allocation has centred on managers who specialise in process-driven stressed and distressed credit situations. They invest in idiosyncratic opportunities that differ markedly from conventional high-yield or investment-grade markets. In commodities, we have also been selective focusing on copper and uranium - two metals where the case for ownership is supported by secular demand and constrained supply.

External Managers

The portfolio includes sixteen allocations to funds managed by external managers which collectively make up 68% of the assets.

Of these, 40% is allocated to ten managers in the Equity-centric category and the remaining 28% is allocated to funds within the Absolute-return component, five of which are specialist credit managers and one is a low-net-exposure equity long/short fund. Overall, this element of the portfolio contributed +371bps to performance in the first half of the financial year.

Within the Equity-centric component, each manager is a specialist in extracting alpha from a structurally inefficient sector or region or operates with a distinctive style. The position overlap between these funds and both the Direct Investments exposure and the indices (as measured by MSCI ACWI) is minimal and the statistical cross-correlation is low, suggesting we have achieved risk diversification without diminishing the portfolio's return potential.

The strong performance of the Absolute-return strategies provided both stability and positive returns, helping to reduce the impact of stock market uncertainty on the Equity-centric components of the portfolio and contributing +198bps to overall performance. Within Absolute-return, all strategies made money over the period, with the largest contribution coming from Contrarian Emerging Markets Fund, a distressed-debt specialist, and Fearnley Energy Alpha, the portfolio's low-net-exposure equity long/short fund. Performance was supported by Context Partners, a convertible arbitrage manager, Silver Point Capital, a distressed credit investor, and Millstreet, a credit manager focused on U.S. mid-market high-yield opportunities.

Within the Equity-centric component of External Managers, the strongest contribution over the half year came from Paradigm BioCapital, the portfolio's Biotech specialist. Performance was supported by an improvement in sector sentiment, aided by positive clinical data and takeover approaches for some of its largest holdings. The Helikon Long Short Equity Fund also continued its strong run, with gold mining exposure leading returns at the start of the period.

Although the Equity-centric component was weaker towards the end of the period, performance remained positive and outperformed MSCI ACWI. Earlier in the half year, the managers benefited from avoiding many of the market's weakest areas, including more speculative AI names that subsequently sold off. Later weakness reflected the deliberate overweighting of Asian markets, which bore the brunt of the sell-off in March, together with some exposure to software stocks, a sector weakened by fears of AI-driven disintermediation. Negative contribution was led by Praesidium Strategic Software Opportunities, the portfolio's software manager, and the LIFE Korea Engagement Fund, which detracted -105bps and -36bps respectively. Briarwood Capital, a value-oriented manager focused on small- and mid-cap equities, also detracted, contributing -19bps.

LIFE Korea Engagement Fund was added to the portfolio, while CQS Credit Multi Asset Fund was redeemed in full. Elsewhere, equity market volatility was used to add exposure to Praesidium Strategic Software Opportunities, Niatross Investments Asia Opportunities and Strategic Capital's Japan-up, while trimming exposure to stronger-performing managers, notably Contrarian Emerging Markets, Helikon Long Short Fund and Paradigm BioCapital.

Direct Investments

Direct Investments focus on good quality yet under-valued companies with unappreciated change potential, predominantly listed in the UK and continental Europe. Our selection criteria are unchanged, notably healthy top-line growth prospects, potential strong business profitability, solid balance sheets and management teams with proven track records. However, with the tailwind for large cap "quality" stocks potentially fading, security selection and position sizing are more important than ever in this area. We have de-emphasised our team's activities in this sub-strategy, selecting Brown Advisory's Global Focus Fund as our preferred vehicle for exposure to world-class companies with durable advantages and strong compounding potential. The fund's disciplined process aligns perfectly with our philosophy and - being within Brown Advisory and managed by our colleagues - it is available to Majedie's shareholders without an additional layer of fees.

The portfolio includes nine publicly listed equity positions, alongside Global X Copper Miners ETF and Brown Advisory's Global Focus strategy. Collectively, these holdings account for 19% of total assets.

The Direct Investments component contributed +36bps to overall performance in the first half of the financial year. Much of the positive contribution came from the portfolio's copper exposure, notably through the ETF, which added +62bps, and smaller positions in copper options, which added a further +27bps. Although the portfolio is typically invested in single securities selected in-house, on this occasion a more diversified approach was considered appropriate. The objective was to gain exposure to equities that appeared undervalued relative to a commodity we believed was poised to rally, while avoiding the mine-specific risk associated with investment in a single company.

Among individual holdings, Computacenter plc, IMI plc, and Weir Group plc all contributed positively, as did Allfunds Group plc, which was subject to a successful takeover bid by Deutsche Boerse shortly after entering the portfolio and was subsequently sold before the terms of the takeover were announced. The principal detractors were Stabilus SE, a European automotive supplier, and Breedon Group, a vertically integrated construction materials group operating in the U.K. and the U.S.

The holding in Brown Advisory Global Focus was affected by weakness in several positions amid fears of AI-related disruption, which the manager believes to be fundamentally unwarranted. With prospective IRRs higher than they have been for some time, the weakness was viewed as an opportunity to increase the portfolio's exposure to this strategy.

Special Investments

Through Marylebone Partners' proprietary ideas network, Majedie has access to selectively sourced co-investments, special purpose vehicles and thematic opportunities, each subject to stringent underwriting criteria before inclusion in the portfolio. The Special Investments sleeve is distinctive and has the potential to deliver higher returns than the other parts of the portfolio, albeit with a wider range of potential outcomes for each opportunity.

At the end of the period under review, the portfolio held ten Special Investments, totalling 13% of the portfolio. During the period, Special Investments contributed +98bps to performance and comprise the following:

Six co-investments in public equities, each with an active engagement angle and (according to the idea sponsors) potential for a multiple return on invested capital over the investment period.

A co-investment in a sector of the Chinese economy that should benefit from greater pricing discipline under anti-involution measures.

Another thematic opportunity (expressed via an external fund and a sector ETF) is in the listed uranium sector.

A special purpose vehicle focused on U.S. employee retention tax credits with Marblegate Asset Management.

A European litigation-finance opportunity brought to us by Bow Street Capital.

The Special Investments programme delivered a strong overall outcome over the half year. While there were several notable successes and we remain optimistic about the return potential of the current holdings, not all outcomes met our expectations. Performance over the period was led by the Sprott Uranium Miners ETF, which contributed +34bps to overall performance, rallying sharply as the sector rose strongly before retracing. We used this strength to trim the position. Project Vista (a holding in the public equity of Orizon Valorizacao de Residuos), a Brazilian waste renewables platform, delivered a strong performance contributing +33bps. It benefitted from earnings upgrades and the announcement of a transformational acquisition of Vital Engenharia Ambiental S.A., which added new capabilities in integrated waste collection and landfill. Bow Street Global Opportunities Fund (Project Galicia), a European litigation finance investment, also contributed positively, adding +25bps. The portfolio's co-investment in Oxford Biomedica plc (Project Ox) performed well earlier in the period, although it later detracted after giving back gains made following a takeover approach from EQT that did not progress. Overall, the position detracted -14bps over the period. We understand there remains strategic value in the company, alongside the fundamental upside.

Elsewhere, shares in Project Sherpa (a holding in the public equity of VF Corporation with Engaged Capital) extended their recovery as the turnaround gathered momentum, contributing +25bps, while Project Senior (a holding in the public equity of CVS Corporation with Glenview Capital) consolidated its strong gains for the calendar year, finishing flat for the period. Project Zeno (a holding in the public equity of Bank of Cyprus Holdings plc) was exited following a successful holding period during which the company delivered strong earnings growth, increased its dividend payout ratio to 100% and saw a subsequent re-rating of the stock, contributing +13bps for the period. Some outcomes were less favourable, with Project Wrigley (a holding in the public equity of Portillo's Inc.) and Project Diameter (a holding in the public equity of Concentrix Corp.) both underperforming. The latter position was exited by Impactive Capital, the idea sponsor, towards the end of 2025. It remains early days for Project Philadelphia (JB Investments Offshore Fund), but progress is broadly in line with our expectations.

We continue to exercise extreme discipline in capital deployment. Despite a fertile environment, we rejected most candidate ideas over the period; only those situations with the most compelling risk-adjusted profiles meet our high bar for entry.

CURRENCY

At a time when the dominance of the U.S. dollar is beginning to come into question, it is also important to remind investors that a shareholding in Majedie should be seen as a sterling-denominated asset; movements in exchange rates should not significantly affect its Net Asset Value. Except for Special Investments and the portfolio's position in the Global X Copper Miners ETF, we seek to neutralise the impact of currency fluctuations using currency forwards.

OUTLOOK

The key question to ask is whether the oil shock proves more damaging to growth than to inflation.

It is understandable that the market's first instinct is to treat this as an inflation problem. But history suggests the larger and more durable effect often falls on growth, especially when the shock arrives in an economy already facing restrictive real interest rates.

An oil spike acts like a regressive tax. Households cannot quickly reduce fuel consumption, so they cut spending elsewhere: on travel, dining, retail, and other discretionary categories. Companies face a similar squeeze. Transport, chemicals, agriculture and heavy industry all come under margin pressure, while hiring and capital spending become harder to justify. The inflationary effect is immediate and visible. The damage to growth tends to emerge more gradually and then builds.

In a monetary regime that is looser than today's, an oil shock may well feed a more persistent inflation cycle. But when real rates are higher, incomes are already under pressure, so the shock mainly reduces output and investment rather than bidding prices up. In that setting, the more likely outcome is demand destruction. If economic growth falters but inflation proves less persistent than feared, then recession, not stagflation, would result. The next move could be towards lower policy rates rather than the higher ones currently assumed by the markets. Then, the question becomes whether policymakers are ahead of the curve, or behind it.

Over time, share prices follow the delivery of earnings and, even more importantly, of free cash flow. Data shows that the most consistently cash-generative companies have outperformed the rest, by a meaningful margin.

Today, investors are extending confidence to one class of historically cash-generative growth company, while withholding it from another. In the case of the hyperscalers (large cloud-computing and infrastructure companies), markets are willing to look through near-term pressure on free cash flow margins, inferring that current spending will support materially higher cash generation in due course.

In contrast, investors increasingly fear that AI will erode both growth and the cash-flow margins of software companies, even though there is limited evidence of that so far. That strikes us as too blunt an assessment. Some software business models will indeed come under pressure, particularly those with limited differentiation, or whose advantage rests mainly on routine code production. But many others are well positioned. They continue to grow, retain healthy margins, and benefit from competitive advantages, whether through ownership of customer data, their status as systems of record, or the deep operational embedding that makes them difficult to replace.

According to Preqin, roughly US$1.2 trillion has been raised by private-credit firms in the past five years. Operating outside the public bond and broadly syndicated loan markets, these non-bank lenders provide capital on privately negotiated terms. In our experience, when a lot of capital is raised to pursue a finite opportunity set, underwriting discipline seldom remains intact.

That concern has grown more acute as some loans made to software businesses have come under scrutiny. Industry estimates suggest as much as 30 per cent of direct lending exposure sits in software, with loans often underwritten against high valuation assumptions, limited creditor protection, loose covenants, and unappealing payment-in-kind features.

One manager in our network estimates that the typical software borrower has financial leverage of approximately 6x on its balance sheet, with low interest coverage and, in many cases, while it is still 'burning' cash. That uneasy combination points to more defaults ahead. The lack of tangible asset backing in software companies also suggests that recovery values on defaulted loans could be low. An economic slowdown would apply further pressure to credit markets. Against this backdrop, investors will discover which private-credit managers have cut corners, while the highest-quality practitioners should remain relatively resilient.

Although the Majedie portfolio has no exposure to private credit, and we reduced exposure to more liquid credit instruments last year, we are mindful of second-order effects. Allocators who are overextended in illiquid credit may be forced to sell more liquid securities. Our specialist credit managers remain focused on idiosyncratic positions that are already priced for adverse outcomes. Their portfolios are anchored in resilient and less cyclical areas that should be more insulated from economic and geopolitical stress. The emphasis remains on near-term, actionable catalysts, and owning instruments that have seniority in the capital structure. They have also mitigated market risk through portfolio-level credit and equity hedges designed to provide downside protection. That should leave our managers well placed to deploy capital into dislocations if conditions worsen.

CONCLUSION

Amid ongoing geopolitical and macro uncertainty, we expect the second half of the financial year to bring further market volatility, however we believe the fundamental case for Majedie's investments remains intact and, as a result, we have made very few adjustments to date. The first-half result reinforces the case for Majedie's diversified, idiosyncratic approach: the portfolio generated positive returns in volatile markets and retains liquidity to take advantage of further dislocation.

We wish to thank shareholders for their ongoing support and look forward to reporting further progress six months from now.

Portfolio as at 31 March 2026

Dan Higgins

Marylebone Partners LLP

27 May 2026

FURTHER INFORMATION

A copy of the Half-Year Financial Report will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism, in accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

END

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.

LEI: 2138007QEY9DYONC2723