Annual Financial Report

LEI: 213800L5751QTTVEA774

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO

30 April 2026

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

Annual Report and Financial Statements 2025

Marwyn Value Investors Limited announces the publication of its annual results for the year ended 31 December 2025.

The Annual Report and Financial Statements are available on the 'Financial Reports' section of the Company's website, http://www.marwynvalue.com/company-information/financial-reports, and will be uploaded to, and available on, the National Storage Mechanism.

HIGHLIGHTS

·      Ordinary share NAV Total Return of +35.4% with >£5m (9.06p per share) paid in dividends. Ordinary Share Price Total Return of +63.6%

·      InvestAcc Group: acquisition of the AJ Bell Platinum SIPP and SSAS book, adding c.£10 million of high-quality recurring revenue, taking AuA to £9+ billion and the customer base to c.18,000, along with delivering organic revenue growth of 28%

·      Zegona: continued to execute its value-creation plan following the acquisition of Vodafone Spain, completing two FibreCo transactions and initiating a capital allocation programme, including a special dividend, a substantial share consolidation, buyback, and deleveraging

·      AdvancedAdvT: robust top-line and margin progression, with recurring revenue ~80% and significant Adjusted EBITDA growth, supported by targeted bolt-on M&A and operational improvements. FY26 reporting expected to exceed expectations

·      Le Chameau: progressed strategic initiatives as it approaches its centenary in 2027 with continued brand-elevating partnerships and focus on core hero products

·      Palmer: significant client wins and expansion of operational capabilities

·      £145 million net assets attributable to ordinary shares (net asset value per share ordinary share of 260.6p)

·      Increased Manager alignment: CIO James Corsellis increased shareholding to over 12%

Robert Ware, Chairman of Marwyn Value Investors Limited, commented:

"After many years of building and refining the portfolio, we believe the Company has entered a particularly attractive phase of its lifecycle. The value creation plans across our operational portfolio companies are progressing strongly, and the operational and strategic milestones delivered over the last 12-18 months give us confidence on the portfolio's ability to deliver further NAV growth. With a well-balanced portfolio, proven Management Partners, and a strategy built on patient, disciplined capital allocation, the Company is well positioned to continue delivering for shareholders."

Chief Investment Officer - Investment Commentary and Outlook

2025 has been a highly significant year for the Company, with strong performance reflecting both the progress made across our operating portfolio and increasing market recognition of that progress. The Company delivered a NAV Total Return of +35.4% for the 12 months ended 31 December 2025, with 3 and 5 year NAV TR performance at +69.9% and +104.4% respectively. These are the outcomes we seek: long-term, compounding value from businesses whose strategic levers we understand and influence.

Global economic and geopolitical conditions remained turbulent through 2025 and into early 2026. Trade policy uncertainty increased, and sentiment toward artificial intelligence produced real swings in public markets. We kept a tight focus on risk and portfolio monitoring throughout.

Trading across the portfolio held up well. AdvancedAdvT, InvestAcc and Palmer each run on high levels of recurring revenues - software licences, pension administration fees and fund services retainers - which gives the Company a stable base that is largely insulated from short-term macro noise. Zegona has continued to perform strongly, with operating cash flow compounding materially since the acquisition of Vodafone Spain and the business tracking well ahead of its original plan. Le Chameau continues to execute its brand elevation strategy ahead of its centenary year in 2027.

Artificial intelligence remains an important driver of market narratives around software businesses, shaped by changing views of its impact. In our portfolio, AdvancedAdvT is most directly exposed to AI-driven sentiment (and potential product disruption). AdvT management's view, set out in more detail in the Investment Portfolio section of the Annual Report and Financial Statements, is that AI is both an opportunity and a risk for the platform: it raises productivity and expands addressable markets. Our assessment, supported by operational evidence directly from AdvT, is their mission-critical vertical software is not materially threatened by current AI capabilities, whilst the January 2026 acquisition of the MatchingCore intellectual property is a concrete example of AdvT investing to capture that opportunity. Short-term valuations will continue to move with sentiment. Our conviction is that long-term value will be driven by earnings growth and disciplined capital allocation, not by the month's prevailing narrative.

The people we back matter as much as the businesses. Eamonn O'Hare and Robert Samuelson at Zegona, Mark Hodges and Will Self at InvestAcc, and Vin Murria OBE at AdvancedAdvT are among the most experienced operators in their respective sectors, with track records of value creation through prior Marwyn vehicles and beyond. Waheed Alli at Le Chameau and Martin Schnaier at Palmer are building businesses with long runways ahead. That depth of partnership, on top of the recurring-revenue foundation across most of the portfolio, is why I expect MVI to keep delivering NAV growth and sustainable returns through whatever the next 12-24 months bring.

Zegona

Since completing the acquisition of Vodafone Spain in May 2024 at 3.9x EV/EBITDAaL, Zegona has executed at pace on three fronts. First, revenue stabilisation: +29k broadband and +26k contract mobile lines added across the last three quarters of FY25, reversing years of decline. Second, efficiency: organisational simplification and cost actions lifted the EBITDAaL margin from 34% to 37% and the cashflow margin from 18% to 23%. Third, infrastructure monetisation, through two FibreCo joint ventures - PremiumFiber with MasOrange (GIC taking c.25%) and FiberPass with Telefónica (AXA IM Alts taking c.40%). In 2025 Zegona commenced its capital allocation programme - a €1.4 billion special dividend, a c.69% reduction in share count through the cancellation of c.523 million shares, a €200 million buyback, and €200 million of debt reduction - while continuing to push on operations. There is still room for operating cash flow to expand, and further value to come from network partnerships and wholesale.

InvestAcc

2025 was the year InvestAcc moved from a platform to a scaled consolidator. Completing the AJ Bell Platinum SIPP & SSAS book in November 2025 added around 3,400 customers and £10 million of recurring revenue, taking AuA above £9 billion across c.18,000 accounts and strengthening the Group's lead in "full" SIPP administration. The Kartesia relationship provides additional M&A capacity. Underlying trading was strong: organic revenue growth of 28%, Trading EBITDA up 62% to £6.9 million at margins above 40%, and AuA +82% year-on-year. We remain confident in the three-year plan to reach £20 million+ of EBITDA, supported by disciplined execution and a visible pipeline.

AdvancedAdvT

AdvT reported revenue of c.£53 million for the period to 28 February 2026, a 22% increase on the prior year, with recurring revenue at around 80% and Adjusted EBITDA of not less than £14.4 million (FY25 £11.3 million) at an Adjusted EBITDA margin above 27%. The improvement reflects operating gains, the SaaS mix shift, and nine acquisitions completed since July 2023 (c.£45 million deployed net of cash acquired) - most recently the bolt-ons of Celaton, GOSS and HFX, and, post period, the MatchingCore intellectual property in January 2026. With c.£96 million of cash on the balance sheet as at 28 February 2026, AdvT has the capacity to keep executing accretive M&A. The £10 million buyback programme launched in March 2026 is, in my view, a clear signal from management that the current price does not reflect the underlying value of the software businesses. The strategy is straightforward: operational excellence and targeted acquisitions to compound recurring revenue and margins.

Le Chameau

The five-year centenary plan continues to progress. FY25 revenue was £18.5 million, with the range focused on premium products, direct-to-consumer now 33% (£5.0 million) of continuing lines revenue, and gross margin of 67.8%. Strategic collaborations (for example Loro Piana and the CHANEL J12 Boat Race) are lifting brand equity ahead of 2027. During 2025 Le Chameau also separated from its previous strategic partner to re-establish as a standalone business and moved its direct-to-consumer operation onto Shopify in time for the centenary. Luxury sector multiples eased in 2025 on softer demand and tariff effects, and our valuation reflects that. Our view remains that product quality, margin discipline and brand elevation are the right drivers of long-term shareholder value.

Palmer

Palmer continues to build out its private capital servicing platform, expanding regulatory coverage and investing in its team and infrastructure to support pipeline conversion, consistent with the "better-by-design" strategy established at launch. With all significant regulatory approvals now received, most recently Luxembourg CSSF clearance in June 2025, a larger prospective client pipeline has been unlocked. Effective 1 January 2025, Palmer also took over the administration of the Marwyn Funds across both listed and private vehicles, providing external validation of the platform's operational capabilities.

Acquisition companies (MAC III, MAC Alpha, 450)

We retain optionality through the listed acquisition vehicles. MAC Alpha appointed Avril Palmer-Baunack as Chair in 2025, which widens the origination reach. MAC III and Palmer mutually agreed to stop discussions on a potential combination given Palmer's commercial progress and its focus on organic growth; the vehicle continues to consider other transactions. 450 plc is still in discussion with Silvercloud Holdings on a potential acquisition. With Le Chameau's 2027 centenary approaching, the 450 Board concluded that any transaction would be better pursued as a private company so that Le Chameau's management can stay focused on the business. 450 accordingly cancelled its AIM admission in April 2026.

Outlook

The portfolio now consists of operating businesses with several clear value drivers. Zegona's operational improvements and potential for re-rating, InvestAcc's consolidation strategy and platform scaling, and AdvancedAdvT's operating momentum and M&A capacity each offer room for further NAV growth, whilst the businesses being built at Palmer and Le Chameau offer longer-term growth potential. We will remain disciplined with capital and focused on long-term value, and will continue to back the Management Partners running these businesses.

Thank you for your continued support, and thank you to the Board of MVIL for its stewardship.

James Corsellis, Chief Investment Officer

PERFORMANCE

Ordinary Shares

2016 Realisation Shares

2021 Realisation Shares

¹ NAV Total Return assumes the reinvestment of dividends paid to shareholders into the Company at NAV and is calculated on a cum-income basis.

² For the ordinary shares, inception to date movement is based on the combined weighted average NAV of Marwyn Value Investors I, II and B shares prior to their amalgamation, using the conversion ratio published on 17 April 2008.

³ For the realisation share classes, shareholder total return is calculated as the movement in total shareholder value, including all distributions made to Realisation shareholders over the relevant period.

⁴ Realisation class inception to date is calculated based on the Ordinary share performance up to the date the Ordinary shares were converted to the relevant Realisation class, then shareholder total return of the relevant Realisation Class from that date.

⁵ Realisation Class shareholder total return from creation of class represents total shareholder return for the relevant class from the date that ordinary shares were converted to realisation shares for each class.

Capitalised terms used in this announcement and not otherwise defined have the same meaning as detailed in the Company's Annual Report and Audited Financial Statements for the year ended 31 December 2025.

Company enquiries:

Marwyn Value Investors Limited

Scott Danks

[email protected]

Company Secretary - Palmer Fund Services (Jersey) Limited

[email protected]

1 Grenville Street

St Helier

Jersey JE2 4UF

Investor Relations - KK Advisory Limited

Kam Bansil

020 7039 1901

PR Adviser - FGS Global
Rollo Head 07768 994987
Chris Sibbald 07855 955531

Corporate Broker - Panmure Liberum Limited

Chris Clarke

0203 100 2200

The Company is a closed-ended investment company, trading on the London Stock Exchange's Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Current investments through its underlying funds include InvestAcc Group Limited, AdvancedAdvT Limited, Zegona Communications plc, the operating business of Le Chameau, 450 plc, Palmer Street Limited, Marwyn Acquisition Company III Limited and MAC Alpha Limited.

Shares in the Company are not designed or intended for retail investors. Marwyn Investment Management LLP, the Manager, does not promote shares in the Company to retail investors and they should not be offered to retail investors.

Cautionary Statement

This announcement contains forward-looking statements which are made in good faith based on the information available at the time of its approval. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance.

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