Schroder British Opportunities Trust plc

Net Asset Value as at 31 December 2025

Schroder British Opportunities Trust plc (the "Company") announces its unaudited net asset value ("NAV") as at 31 December 2025 was £82.3 million or 111.3p per share (30 September 2025: £81.2 million or 109.9p per share), following the quarterly valuation of the Company's unquoted holdings. This represents an increase of 1.40p per share (1.27%) compared with the NAV reported at the prior quarter end.

The Company's daily NAV calculation re-values the quoted company holdings on a daily basis, and the unquoted holdings quarterly post period end. This latest quarterly valuation of the unquoted holdings will be reflected in the daily unaudited NAV per share as of 27 March 2026, which will be published later today.

Portfolio

As at 31 December 2025, the Company had 19 portfolio company positions comprising 12 unquoted and 7 quoted companies.

Financial performance (unaudited)

Source: JPM, as of March 2026.

The 1.4% increase in NAV, from £81.2 million at 30 September 2025 to £82.3 million at 31 December 2025, comprised:

-     Unquoted holdings: 1.1%

-     Quoted holdings: 0.5%

-     Money market funds: 0.2%

-     Cost and other movements: -0.4%

We have continued to see strong earnings growth momentum across the unquoted portfolio in aggregate, with underlying financial performance across holdings remaining robust. As a result, the Company's unquoted holdings saw an aggregate fair value increase of £0.9 million (1.1%) during the quarter ended 31 December 2025. This increase was driven primarily by continued operational progress across the portfolio, with strong contributions from CFC Underwriting, Acturis and Arrive, reflecting underlying earnings growth and, in the case of Acturis, multiple expansion.

The Company's quoted holdings increased in fair value by £0.4 million supporting an overall uplift in NAV. Performance was led primarily by Watches of Switzerland Group and SSP Group, reflecting continued earnings momentum and improving trading conditions, particularly in the US and travel‑related end markets. In contrast, Bytes Technology detracted over the quarter, as the share price weakened amid concerns around near‑term growth expectations and a moderation in UK corporate IT spending.

Investment activity

On the unquoted side, the Company completed two new investments, JMG, a UK-based insurance broker, and CSL, one of the UK's leading B2B providers of critical connectivity IoT solutions.

Public equities continued to be reduced in line with the Board approved transition to a wholly private equity investment strategy. Following the March 2025 announcement and subsequent circular, the Company is exiting quoted holdings as it moves towards full private equity deployment.

Unquoted holdings

[1] Expana, formerly known as Mintec, rebranded in June 2024.

[2] Arrive, formerly known as EasyPark, rebranded in June 2025.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. None of the information in this report is to be considered a recommendation to buy or sell any securities.