6 August 2026

RIT Capital Partners plc ("RIT" or the "Company")

Unaudited half-year results for the six months ended 30 June 2026

RIT reports strong portfolio performance

Portfolio highlights

Capital allocation

Events after the reporting period

Philippe Costeletos, Chairman of RIT Capital Partners plc, said:

Maggie Fanari, Chief Executive Officer of J. Rothschild Capital Management, investment manager for RIT Capital Partners plc, said:

About RIT Capital Partners

RIT Capital Partners plc ("RIT") was founded as the Rothschild Investment Trust in 1971. Today, RIT is a member of the FTSE 250 Index and one of the UK's largest investment trusts with total assets of approximately £4.7 billion. RIT's purpose is to grow your wealth meaningfully over time through a diversified and resilient global portfolio across quoted equities, private investments and uncorrelated strategies. Since listing on the London Stock Exchange in 1988, RIT has generated a total share price return of 10.6% per annum for its shareholders. RIT is managed by its wholly owned subsidiary, J. Rothschild Capital Management Limited (JRCM).

For more information:

J. Rothschild Capital Management (Manager):
T: 020 7647 8565
E: [email protected]

Deutsche Numis (Joint broker):
Nathan Brown/Vicki Paine
T: 020 7260 1000

JP Morgan Cazenove Limited (Joint broker):
William Simmonds
T: 020 3493 8000

Brunswick Group (Media enquiries):
Nick Cosgrove/Jack Curtis
T: 020 7404 5959

[email protected]

www.ritcap.com 

A description of all terms used above, including further information on the calculation of Alternative Performance Measures (APMs) is set out in the Glossary and APMs section at the end of this RNS.

THE FOLLOWING IS EXTRACTED FROM THE COMPANY'S HALF-YEARLY FINANCIAL REPORT

CHAIRMAN'S STATEMENT

Introduction

The first half of 2026 demonstrated two important characteristics of RIT: the resilience of our long-term investment strategy and the importance of disciplined stewardship by the Board.

Against a backdrop of heightened geopolitical uncertainty, shifting interest rate expectations and continued reassessment of the economic implications of artificial intelligence (AI), the Company delivered the highest net asset value ("NAV") per share in its history. At the same time, the Board reviewed the Company's capital allocation framework and in July announced a number of initiatives designed to enhance long-term shareholder value.

These developments reflect the Board's two fundamental responsibilities: overseeing an investment strategy capable of delivering attractive long-term returns and ensuring that shareholder capital is allocated in a manner that maximises value. Strong investment performance and disciplined capital allocation are complementary responsibilities. Shareholder value depends on both.

Performance

RIT's NAV per share increased by 9.0% (with dividends reinvested), to finish the first half of the year at 3,159p. The share price closed at 2,290p, delivering a total shareholder return of 2.0% (including dividends). Over the same period, our inflation hurdle of CPI plus 3%, measured 2.8%, while the ACWI (50% £), our relative KPI, returned 12.5%.

The Board is pleased with the progress made by Maggie Fanari and the investment team during the first half of the year. Investment performance has been strong, the quality of the portfolio has continued to improve, and the Company's differentiated investment approach has been further strengthened. These developments reinforce our Board's confidence in the Manager's execution and in the Company's ability to continue delivering attractive long-term returns.

All three investment pillars - Quoted Equities, Private Investments and Uncorrelated Strategies, delivered positive returns with each making a meaningful contribution to the NAV during the period.

We are particularly encouraged by the breadth of these returns, reflecting the resilience and diversification of the portfolio. Private Investments were a significant contributor during the period, reflecting strong progress across a number of holdings and further demonstrating the value of the Company's differentiated access to exceptional private businesses.

Over the 12 months to 30 June 2026, NAV per share increased by 19.7% (with dividends reinvested) compared with 26.9% for the ACWI (50% £) and 5.6% for our CPI plus 3% absolute KPI. In the same period, total shareholder return was 20.3%. Further details on our NAV performance and portfolio are set out in the Manager's Report.

Capital allocation

While the Company's investment performance has been strong, the Board has remained dissatisfied by the persistent discount at which the Company's shares have traded. The Board believes that successful long-term investing requires disciplined stewardship of both the portfolio and the capital entrusted to us by shareholders. Although discounts are influenced by many factors beyond a Board's control, we have a responsibility to act where we believe we can improve long-term shareholder outcomes. That conviction led us to review the Company's capital allocation framework.

In July 2026, we announced a package of strategic initiatives designed to enhance shareholder returns. This included a tender offer for up to £300 million of shares at a 15% discount to the preliminary NAV as at 30 June 2026. We believe the tender offer presented an attractive liquidity option for shareholders wishing to realise part or all of their investment while being accretive to NAV per share for continuing shareholders.

The result of the tender offer was encouraging. Approximately 80% of shares were not elected for tender by shareholders, signalling the long-term nature of our shareholder base, and their continued confidence in the Company's differentiated investment strategy and in Maggie Fanari and the management team responsible for delivering it.

We now look forward to implementing the wider package of capital allocation initiatives, including the continuation of our active share buyback programme. Since 2023, the Company has repurchased more than 13% of its issued share capital, representing approximately £392 million of capital returned to shareholders as at 30 June through regular buybacks. We intend to continue repurchasing shares where appropriate while ensuring we retain the financial flexibility to invest in attractive investment opportunities as they arise.

We also recognise the importance of dividends as a key component of total shareholder returns. Accordingly, we have commenced a review of the Company's dividend policy, including consideration of a higher dividend from 2027. We expect to communicate the outcome of that review alongside our annual results next March.

Importantly, these initiatives reflect our confidence in the quality of the portfolio, the Manager's execution and the opportunities we continue to see. Our approach to capital allocation evolves alongside the continued success of RIT's investment strategy, which remains unchanged.

Outlook

The investment environment remains uncertain. Geopolitical tensions continue to evolve, inflation and interest rate expectations remain fluid, and technological innovation continues to reshape industries and capital markets at an extraordinary pace. Nonetheless, we believe the Company enters the second half of the year from a position of strength.

While much investor attention has understandably focused on a relatively small number of companies benefitting from advances in AI, we continue to identify attractive opportunities across both public and private markets. Our flexible investment mandate, long-established global relationships and patient investment horizon continue to provide access to differentiated opportunities that are not readily available to many investors.

The first half of 2026 reinforced the Board's confidence in both the Company's investment strategy and its approach to capital allocation. Together, they provide a strong foundation for continuing to build long-term shareholder value.

On behalf of my fellow Directors, I would like to thank you, our shareholders, for your continued confidence and support.

Philippe Costeletos

Chairman

CEO LETTER

Dear Shareholders,

I am pleased to report a NAV per share total return of 9.0% for the six months to 30 June 2026, extending our long-term track record of 10.7% annualised since inception in 1988, with less volatility than equity markets.

Compounding at this rate over decades requires both the ability to capture growth and the discipline to protect capital when markets fall. Our portfolio is carefully constructed to do just this. In the first quarter of 2026, when global equity markets fell -2.0%, our portfolio delivered +1.6%. With more settled markets later into the period, we captured 71.4% of the index return for the first half of the year.

Investing through structural change

We have long argued that two structural forces are reshaping the global investment landscape: the transition toward a more fragmented, multipolar world and the AI-driven technological revolution. Both themes are now playing out, and in many respects accelerating faster than we first anticipated.

The closure of the Strait of Hormuz during the period made clear what a multipolar world means in practice. The security of global shipping routes, energy supply, and strategic resources can no longer be assumed. Governments are responding; investing in energy independence, defence capability, and industrial resilience.

Germany has launched its largest defence and infrastructure spending programme since reunification, while Japan has committed to doubling its defence budget by 2027 and accelerated investment in domestic semiconductor manufacturing. Latin America and the broader emerging world are also increasing emphasis on economic resilience, creating the conditions for a more durable growth cycle. We believe this broadening of investment opportunities beyond the United States is a structural shift that remains in its early stages.

This backdrop also strengthens the case for real assets. We established an oil position ahead of the Iran conflict and subsequently exited it, realising meaningful gains. Looking further ahead, commodity supply constraints are likely to prove more persistent than markets currently anticipate, which could support the case for commodities.

Meanwhile, the AI revolution is entering a new phase. The investment opportunity is shifting beyond infrastructure and toward applications, as AI begins to automate increasingly complex knowledge work. We expect fewer but larger winners in this cycle; category leaders whose advantages compound over time. Access to those companies, before they reach public markets, is where we see the greatest opportunity.

Portfolio positioning and performance

Performance over the period reflected the benefits of the portfolio changes we have undertaken over the past two years. Private Investments were a notable driver, supported by landmark realisations and meaningful valuation gains. Uncorrelated Strategies provided an important ballast during the sharp sell-off of the first quarter. Our Quoted Equities book lagged the narrow, US technology-led rally of the second quarter, an unsurprising outcome given our deliberate geographic diversification toward opportunities elsewhere. We expect a broadening of market leadership to benefit this area of the portfolio.

Quoted Equities, our largest allocation, returned 7.8%. During the period we appointed Carrhae Capital, adding specialist emerging markets capability in a region where we see compelling long-term opportunity.

Private Investments returned 9.1%. Our network has placed us in a privileged position: investing early, alongside the best partners, in what we believe are category-defining companies. Over the past two years, we have realised more than 43% of the private portfolio, generating £569m, in a market where realisations remain broadly muted. Realisations on our direct private investments over this period were at an aggregate 70% above their carrying value.

SpaceX completed its initial public offering during the period, representing one of the most significant private realisations in RIT's history. At the point of IPO, our investment in SpaceX produced an unrealised gain of £110m, or 4.0x our invested capital in the Private Investments pillar. We added to our positions in Anthropic and Databricks, both central to the AI era. We initiated new investments in Cognition, which is building the agentic AI layer, and Stripe, one of the defining application layer businesses of this decade. Deployment remains disciplined and selective, focused on our highest conviction themes. RIT is one of the very few listed vehicles through which shareholders can access leading private companies before they reach public markets.

Uncorrelated Strategies returned 5.6%. Gold and our absolute return managers provided steady diversification during the sharp risk-off move of the first quarter. Macro managers contributed strongly through the second quarter.

Outlook

Looking ahead, we are very mindful of the risk of more persistent inflation, particularly given the elevated valuation levels of markets. We are watching two dynamics closely.

First, global monetary conditions have tightened. The US Federal Reserve rate cuts delivered in late 2025 have given way to expectations of further hikes in the coming months, as inflation has proved both higher and more persistent than anticipated. More importantly, long-end bond yields have remained elevated due to both Middle Eastern tensions and a resilient global economy. The substantial fiscal commitments now being made to defence, energy security and industrial policy, along with massive spending on AI infrastructure, are themselves likely to prove inflationary over the medium term, even if they ultimately help bring inflation down over time.

Second, the AI investment narrative is diverging. Whilst public markets remain enthusiastic about infrastructure and semiconductor companies, there are growing questions about the scale of returns on the very high levels of capital expenditure. We believe in time, the greatest value will be created in the application layer, where companies with proprietary models, unique data, and scalable businesses can build lasting competitive advantages. We continue to favour expressing our AI conviction through private markets and have reservations about the levels of public market excitement around semiconductor stocks.

The structural forces we have identified are strengthening rather than fading. The commitment to building resilience outside the United States is improving the growth outlook for non-US economies, and we see more compelling opportunities in those markets than at any point in recent memory.

In a world of structural change, RIT is built to thrive. Our unique combination of disciplined top-down asset allocation, rigorous bottom-up selection, permanent capital, and access to what we believe are exceptional private investments is designed for precisely this environment. Capturing growth, managing risk, compounding wealth. That is what we aim to do for our shareholders.

We thank you for your continued trust and support.

Yours sincerely,

Maggie Fanari

Chief Executive Officer, J. Rothschild Capital Management Limited

MANAGER'S REPORT - EXTRACTS

Performance Highlights

Our NAV per share total return for the first half of the year was 9.0% with positive returns across all three investment pillars. Our annualised return since inception has risen to 10.7%, as we continue to deliver healthy returns over the long term.

Over this period our absolute reference hurdle of CPI plus 3% returned 2.8%, while our relative hurdle, ACWI (50% £), delivered 12.5%.

Portfolio highlights

Our strong half-year return reflected the strength of our diversified portfolio:

Currency translation contributed positively to our return as the US dollar strengthened against sterling. The portfolio returns were partially offset by operating costs and interest on our borrowings and benefitted from the accretion on buybacks.

Asset allocation, returns and contribution

Balance sheet

We believe strong portfolio performance is underpinned by maintaining a healthy balance sheet that enables flexibility to act on opportunities and deliver sustainable shareholder returns. At the end of the period, we held £227m in cash balances, £100m in committed but undrawn facilities, and £361m in drawn borrowings. Taking these into consideration, this represented gearing of 5.5%, calculated using guidance from the Association of Investment Companies (AIC). After the reporting period, we secured an additional £50m facility with the Industrial and Commercial Bank of China on the same terms as our existing facility.

Buybacks

During the first half of 2026, we continued to capitalise on the wide discount at which our shares traded to underlying NAV. Our conviction in the portfolio and performance underpins the continuation of the buyback programme. To 30 June, we allocated £60m to acquire approximately 2.7 million shares or 1.9% of share capital, adding estimated accretion of 0.5% to our NAV total return over the period. Since the start of 2023, we have repurchased more than 13% of our share capital, amounting to £392m. The estimated accretion from buybacks over this time added 3.3% to our NAV total return.

Events after the reporting period

On 8 July 2026, RIT announced a package of strategic initiatives comprising a £300m tender offer; a review of the dividend policy, including consideration of an increased dividend from 2027; the continuation of the Company's active share buyback programme; and the continued application of a disciplined capital allocation framework focused on long‑term value creation. Further detail can be found in Note 7.

Regulatory Disclosures

Statement of Directors' responsibilities

In accordance with the Disclosure and Transparency Rules 4.2.4R, 4.2.7R and 4.2.8R, we confirm that to the best of our knowledge:

Principal risks and uncertainties

The principal risk categories facing the Group for the second half of the financial year are unchanged from those described in the Report and Accounts for the year ended 31 December 2025. These principal risks are kept under continual review. No material emerging risks have been identified in the first half of the year and the principal risks we identify comprise:

As an investment company, the most significant risk is market risk. As reflected on in the Chairman's Statement and Manager's Report, geopolitical tensions and inflation are some of the challenges we face in 2026, while technological innovation continues at pace.

From an operational risk perspective, we continue to keep our internal controls under close scrutiny and remain satisfied that the control environment is effective.

Going concern

The key factors likely to affect the Group's ability to continue as a going concern were set out in the Report and Accounts for the year ended 31 December 2025. As at 30 June 2026, there have been no significant changes to these factors. Having reviewed the Company's forecasts, including the tender offer announced in July, and other relevant evidence, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the condensed interim financial statements.

Philippe Costeletos

Chairman

For and on behalf of the Board.

CONDENSED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

CONSOLIDATED INCOME STATEMENT

Six months ended 30 June

The total column of this statement represents the Group's consolidated income statement, prepared in accordance with UK adopted international accounting standards (UK adopted IAS). The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies (AIC). All items in the above statement derive from continuing operations.

CONSOLIDATED STATEMENT OF COMPRHENSIVE INCOME

Six months ended 30 June

Other comprehensive income items are never reclassified to profit or loss.

The Notes form part of these condensed interim financial statements.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

The Notes form part of these condensed interim financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

The Notes form part of these condensed interim financial statements.

CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)

The Notes form part of these condensed interim financial statements.

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

1.  Basis of accounting

These condensed financial statements are the unaudited half-yearly consolidated financial statements of RIT Capital Partners plc (RIT or the Company) and its subsidiaries (together, the Group) for the six months ended 30 June 2026. They are prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, and with International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the United Kingdom, and were approved on 5 August 2026. These half-yearly consolidated financial statements should be read in conjunction with the Report and Accounts for the year ended 31 December 2025, which were prepared in accordance with UK adopted IAS. There have been no changes to the IAS since 31 December 2025 that impact our reporting requirements. The half-yearly consolidated financial statements have been prepared in accordance with the accounting policies set out in the notes to the consolidated financial statements for the year ended 31 December 2025, and detailed further in Note 6 Financial Instruments.

Critical accounting estimates and judgements

The preparation of financial statements in conformity with UK adopted IAS requires the use of certain critical accounting estimates. It also requires the Manager and Board to exercise judgement in the process of applying the Group's accounting policies. The areas requiring a higher degree of judgement or complexity and where assumptions and estimates are significant to the consolidated financial statements are in relation to the valuation of private investments and property.

2.  Business and geographical segments

For both the six months ended 30 June 2026 and the six months ended 30 June 2025, the Group is considered to have three principal operating segments, all based in the UK, as follows:

Key financial information for the six months ended 30 June 2026 is as follows:

Key financial information for the six months ended 30 June 2025 is as follows:

3.  Earnings per ordinary share - basic and diluted

The basic earnings per ordinary share for the six months ended 30 June 2026 is based on the profit of £333.5 million (30 June 2025: £104.0 million) and the weighted average number of ordinary shares in issue during the period of 141.1 million (30 June 2025: 153.4 million). The weighted average number of shares is adjusted for shares held in the EBT and in treasury in accordance with IAS 33 - Earnings per share.

The diluted earnings per ordinary share for the period is based on the basic shares (above) adjusted for the effect of share-based payment awards.

4.  Net asset value per ordinary share - basic and diluted

Net asset value per ordinary share is based on the following data:

5.  Dividends

The above amounts were paid as distributions to equity holders of the Company in the relevant period from accumulated capital profits.

Dividends are not paid on shares held in treasury and the EBT waives its rights to all dividends.

On 2 March 2026 the Board declared a first interim dividend of 22.5 pence per share in respect of the year ended 31 December 2026, which was paid on 24 April 2026.

The Board declares the payment of a second interim dividend of 22.5 pence per share in respect of the year ending 31 December 2026. This will be paid on 30 October 2026 to shareholders on the register on 2 October 2026. Both interim dividends are funded from accumulated capital profits.

6.  Financial instruments

IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows:

The vast majority of the Group's financial assets and liabilities, investment properties and property, plant and equipment are measured at fair value on a recurring basis.

The Group's policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period when they are deemed to occur.

A description of the valuation techniques used by the Group with regards to investments categorised in each level of the fair value hierarchy is detailed below. Where the Group invests in a fund or a partnership, which is not itself listed on an active market, the categorisation of such investments between levels 2 and 3 is determined by reference to the nature of the fund or partnership's underlying investments. If such investments are categorised across different levels, the lowest level of the hierarchy that forms a significant proportion of the fund or partnership exposure is used to determine the reporting disclosure.

If the proportion of the underlying investments categorised between levels changes during the period, these will be reclassified to the most appropriate level.

Level 1

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Where a market price is available but the market is not considered active (including discount adjustments to quoted prices in the case of restrictions to sell such securities), the Group has classified these investments as level 2.

Level 2

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximise the use of observable market data where it is available. Specific valuation techniques used to value OTC derivatives include quoted market prices for similar instruments, counterparty quotes and the use of forward exchange rates to estimate the fair value of forward foreign exchange contracts at the balance sheet date. Investments in externally-managed funds which themselves invest primarily in listed securities are valued at the price or net asset value released by the investment manager or fund administrator as at the balance sheet date.

Level 3

The Group considers all private investments, whether direct or funds, as level 3 assets, as the valuations of these assets are not typically based on observable market data. Where other funds invest into illiquid stocks, these are also considered by the Group to be level 3 assets.

Private fund investments are principally held at the most recent fair values provided by the GPs managing those funds, adjusted for subsequent investments, distributions, and currency movements up to the period end, and are subject to periodic review by the Manager. Adjustments are also made where pricing events occur and the Manager has sufficient information to suggest the period-end valuation should be adjusted.

Direct co-investments are also held at the most recent fair values provided by the GPs managing those co-investments, adjusted for subsequent investments, distributions, currency moves, as well as pricing events where the Manager has sufficient information to suggest the period-end valuation should be adjusted. The remaining directly-held private investments are valued on a semi-annual basis using techniques including a market approach or income approach. The valuation process involves the investment functions of the Manager who prepare the initial valuations, which are then subject to review by the finance function, with the final valuations being determined by the Valuation Committee, comprised of independent non-executive Directors, of which the Audit and Risk Committee Chair is also a member.

Specific valuation techniques used will typically include the value of recent transactions, earnings multiples, discounted cash flow analysis, and, where appropriate, industry specific methodologies. The acquisition cost, if determined to be fair value, may be used to calibrate inputs to the valuation. The valuations will often reflect a synthesis of a number of distinct approaches in determining the final fair value estimate. The individual approach for each investment will vary depending on relevant factors that a market participant would take into account in pricing the asset. These might include the specific industry dynamics, the company's stage of development, profitability, growth prospects or risk as well as the rights associated with the particular security.

Borrowings at 30 June 2026 comprise senior loan notes and bank loans, the latter comprising revolving credit facilities and a term loan. The revolving credit facilities pay floating rate interest, and are typically drawn in tranches with a duration of three or six months. These are short-term in nature, and their fair value approximates their nominal value. The term loan was drawn in September 2024 with a tenor of three years and pays floating rate interest. The loan notes were issued in 2015 with tenors of between 10 and 20 years and their remaining weighted average tenor is 5.2 years (December 2025: 5.7 years). They are valued on a monthly basis using a discounted cash flow model where the discount rate is derived from the yield of similar tenor UK Government bonds, adjusted for any significant changes in either credit spreads or the perceived credit risk of the Company.

The fair value of investments in non-consolidated subsidiaries is considered to be the net asset value of the individual subsidiary as at the balance sheet date. The net asset value comprises various assets and liabilities which are fair valued on a recurring basis and is considered to be level 3.

On a semi-annual basis, the Group engages external, independent and qualified valuers to determine the fair value of the Group's investment properties and property, plant and equipment held at fair value. The following table analyses the Group's assets and liabilities within the fair value hierarchy, as at 30 June 2026:

As at 30 June 2026

Movements in level 3 assets

During the six months to 30 June 2026, investments with a fair value of £579.9 million were transferred from level 3 to 2. This is as a result of new financial information received during the period in respect of the underlying investments.

Investments held at fair value of £1,939.8 million comprise all private investments of £1,431.4 million, and £145.2 million of quoted stocks held within private investment funds, investments held in non-consolidated subsidiaries (£47.9 million), with the balance of £315.3 million held across quoted equity and absolute return and credit funds.

Level 3 assets

Level 3 assets - direct private investments

Further information in relation to the directly-held private investments is set out in the following table. This summarises the portfolio by the primary method used in estimating the fair value of the investment. As a range of valuation methods and inputs may be used in the valuation process, selection of a primary method is subjective, and designed primarily to assist the subsequent sensitivity analysis.

Primary valuation method/approach

The majority of the direct private investments are structured as co-investments, managed by a GP. For these investments, the valuation approach is to typically use the latest quarterly fair valuations provided by the GP, adjusted for any subsequent investments/distributions and currency moves as well as pricing events or other factors, where there is sufficient information to suggest the period-end valuation should be adjusted.

Where the Manager has sufficient information to undertake its own valuation, a range of methods will typically be used. For companies with positive earnings, this will usually involve an earnings multiple approach, typically using EBITDA or similar. The earnings multiple is assessed by reference to similar listed companies or transactions involving similar companies. When an asset is undergoing a sale and the price has been agreed but not yet completed or an offer has been submitted, the agreed or offered price will be used, often with a discount as appropriate to reflect the risks associated with the transaction completing or any price adjustments. Where a company has been the subject of a recent financing round which is viewed as representative of fair value, this transaction price will be used. Other methods employed include discounted cash flow analysis and industry metrics such as multiples of assets under management or revenue, where market participants use these approaches in pricing assets.

The following table provides a sensitivity analysis of the valuation of directly-held private investments, and the impact on net assets:

Level 3 assets - other

The investment property and property, plant and equipment with an aggregate fair value of £56.4 million (December 2025: £55.0 million) were valued using a third-party valuation provided by CBRE. The properties were valued using weighted average capital values of £1,608 per square foot (December 2025: £1,499) developed from rental yields and supported by market transactions. A 5% per square foot increase/decrease in capital values would result in a £2.5 million increase/decrease in fair value (December 2025: £2.5 million increase/decrease).

The non-consolidated subsidiaries are held at their fair value of £47.9 million (December 2025: £46.8 million) representing £32.9 million of portfolio investments (December 2025: £30.2 million) and £15.0 million of remaining assets (December 2025: £16.6 million of remaining assets). A 5% change in the value of these assets would result in £2.4 million or 0.06% (December 2025: £2.3 million, 0.06%) change in total net assets.

The remaining investments held at fair value and classified as level 3 of £1,459.5 million (December 2025: £1,627.2 million) were valued principally using the most recent third-party valuations from a GP, administrator or fund manager. A 5% change in the value of these assets would result in a £73.0 million or 1.70% (December 2025: £81.4 million, 2.01%) change in net assets.

In aggregate, the sum of the direct private investments, investment property, property, plant and equipment, non-consolidated subsidiaries and the remaining fund investments represents the total level 3 assets of £1,996.2 million (December 2025: £2,113.5 million).

The following table analyses the Group's assets and liabilities within the fair value hierarchy, at 31 December 2025:

As at 31 December 2025

Movements in level 3 assets

7. Events after the reporting period

On 8 July, the Board announced a package of strategic initiatives designed to enhance long-term shareholder returns, improve liquidity and strengthen its capital allocation framework.

These initiatives comprised: a tender offer to purchase up to £300m of shares; a review of dividend policy, including consideration of an increased dividend from 2027, continuation of the Company's active share buyback programme; and the continued application of a disciplined capital allocation framework focused on long-term value creation.

The tender price at which shares were purchased in the tender offer was calculated as £26.8515 per share, being equal to 85% of the preliminary unaudited diluted NAV (with debt at fair value) as at 30 June 2026. This resulted in an estimated accretion benefit upon completion of the transaction in July of +1.3%.

The Company purchased 11.2 million shares for the total tender consideration of £300m, which were cancelled on completion of the transaction.

8. Comparative information

The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 June 2026 and 30 June 2025 has been neither reviewed nor audited.

The information for the year ended 31 December 2025 has been extracted from the latest published audited financial statements.

The audited financial statements for the year ended 31 December 2025 have been filed with the Registrar of Companies and the report of the auditors on those accounts contained no qualification or statement under section 498(2) or (3) of the Companies Act 2006.

GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES

Glossary

Within this Half-Yearly Financial Report, we publish certain financial measures common to investment trusts. Where relevant, these are prepared in accordance with guidance from the AIC, and this glossary provides additional information in relation to them.

Alternative performance measures (APMs): APMs are numerical measures of the Company's current, historical or future financial performance, financial position or cash flows, other than financial measures defined or specified in the Company's applicable financial framework - namely UK adopted IAS and the AIC SORP. They are denoted with an * in this section.

CPI: The CPI refers to the United Kingdom Consumer Price Index as calculated by the Office for National Statistics and published monthly. It is the UK Government's target measure of inflation and, from 1 January 2023, is used as a measure of inflation in one of the Company's KPIs, CPI plus 3.0% per annum.

Gearing*: Gearing is a measure of the level of debt deployed within the portfolio. The ratio is calculated in accordance with AIC guidance as total assets, net of cash, divided by net assets and expressed as a 'net' percentage, e.g. 110% would be shown as 10%.

Leverage: Leverage, as defined by the UK Alternative Investment Fund Managers Directive (AIFMD), is any method which increases the exposure of the portfolio, whether through borrowings or leverage embedded in derivative positions or by any other means.

ACWI (50% £): The MSCI All Country World Index is a total return, market capitalisation-weighted equity index covering major developed and emerging markets. Described in this report as ACWI (50% £), this is one of the Company's KPIs or reference hurdles and, since its introduction in 2013, has incorporated a 50% sterling measure. This is calculated using 50% of the ACWI measured in sterling and therefore exposed to translation risk from the underlying foreign currencies. The remaining 50% uses a sterling-hedged ACWI from 1 January 2015 (from when this is readily available). This incorporates hedging costs, which the portfolio also incurs, to protect against currency risk and is an investable index. Prior to this date it uses the index measured in local currencies. Before December 1998, when total return indices were introduced, the index was measured using a capital-only version.

Net asset value (NAV) per share: The NAV per share is calculated by dividing the total value of all the assets of the trust less its liabilities (net assets) by the number of shares outstanding. Unless otherwise stated, this refers to the diluted NAV per share, with debt held at fair value.

NAV total return*: The NAV total return for a period represents the change in NAV per share, adjusted to reflect dividends paid during the period. The calculation assumes that dividends are reinvested in the NAV at the month end following the NAV going ex-dividend. The NAV per share at 30 June 2026 was 3,159 pence, an increase of 238 pence, or 8.1%, from 2,921 pence at the previous year end. As dividends totalling 22.5 pence per share were paid during the period, the effect of reinvesting the dividends in the NAV is 0.9%, which results in a NAV total return of 9.0%. The since inception return is calculated using the NAV per share at 2 August 1988.

Net quoted equity exposure: This is the estimated level of exposure that the trust has to listed equity markets. It includes the assets held in the quoted equity category of the portfolio adjusted for the notional exposure from quoted equity derivatives, as well as estimated cash balances held by externally-managed funds, estimated exposure levels from hedge fund managers, and an estimate of quoted equities held in private investment funds.

Notional: In relation to derivatives, this represents the estimated exposure that is equivalent to holding the same underlying position through a cash security.

Ongoing charges figure (OCF)*: As a self-managed investment trust with operating subsidiaries, the calculation of the Company's OCF, performed on an annual basis alongside full year results, requires adjustments to the total operating expenses. In accordance with AIC guidance, the main adjustments are to remove non-recurring costs as well as direct performance-related compensation from JRCM, as this is analogous to a performance fee for an externally-managed trust.

Premium/discount: The premium or discount (or rating) is calculated by taking the closing share price on 30 June 2026 and dividing it by the NAV per share at 30 June 2026, expressed as a net percentage. If the share price is above/below the NAV per share, the shares are said to be trading at a premium/discount.

Return methodology: Unless otherwise stated, returns for pillars and sub-pillars are calculated using a simplified Modified Dietz method, where total profit and loss is divided by the average capital base over the period to account for cash flows during the period.

Share price total return or total shareholder return (TSR)*: The TSR for a period represents the change in the share price adjusted to reflect dividends reinvested on the ex-dividend date. Similar to calculating a NAV total return, the calculation assumes the dividends are notionally reinvested at the daily closing share price following the shares going ex-dividend. The share price on 30 June 2026 closed at 2,290 pence, an increase of 20 pence, or 0.9%, from 2,270 pence at the previous year end. Dividends totalling 22.5 pence per share were paid during the period, and the effect of reinvesting the dividends in the share price is 1.1%, which results in a TSR of 2.0%. The TSR is one of the Company's KPIs. The since inception return is calculated using the closing share price on 2 August 1988.

END OF HALF-YEARLY FINANCIAL REPORT EXTRACTS