Caledonia Investments plc
Half-year results for the six months ended 30 September 2025
Financial highlights
| Six months | Year | ||
| 30 Sept 2025 | 31 Mar 20252 | ||
| Net asset value total return1 | 4.4% | 3.3% | |
| Net asset value per share | 566p | 548p | |
| Net asset value | £3,012m | £2,932m | |
| Interim dividend per share | 3.68p | 1.97p | |
- NAV total return, and investment and pool returns are Alternative Performance Measures
- On 25 July 2025, the company executed a 10:1 sub-division of its ordinary shares which reduced the nominal value from 5p to 0.5p. All number of share figures have been restated for periods prior to 25 July 2025
Highlights
- NAV Total Return: 4.4% to £3.0bn (566p per share)
- Strong portfolio performance: 9.9% from Public Companies and 7.7% from Private Capital, partly offset by ‑2.2% from Funds
- Agreement to sell Stonehage Fleming: Expected proceeds of £288m, 3.2x cost and 30% uplift to March 2025 carrying value
- Robust balance sheet with significant liquidity: £430m available to capitalise on new opportunities (£105m cash and £325m undrawn credit facilities)
- Progressive dividend: Interim dividend of 3.68p per share, reflecting the change in dividend payment profile to 50% of the prior year’s total annual dividend
- Share buybacks: Accretive purchases continued, delivering a 1.29p accretion to NAV per share
- Share split: 10:1 share split executed in July 2025, making Caledonia shares more accessible to a wider range of investors
Performance track record to 30 September 2025
| 6 months | 1 year | 3 years | 5 years | 10 years | |
| % | % | % | % | % | |
| NAV total return | 4.4 | 7.3 | 16.9 | 78.1 | 155.8 |
| Annualised | |||||
| NAV total return | 7.3 | 5.4 | 12.2 | 9.8 | |
| Total shareholder return1 | 12.3 | 8.4 | 12.3 | 8.7 | |
| CPIH2 | 4.1 | 4.3 | 4.9 | 3.3 | |
| FTSE All Share total return | 16.4 | 14.5 | 13.0 | 8.1 |
- Alternative Performance Measure
- Consumer Prices Index including owner occupiers’ housing costs (‘CPIH’)
Mat Masters, Chief Executive Officer, commented:
“Caledonia has delivered another strong performance over the first half of the year, with continued progress across our investment pools and particularly good results from both our Public Companies and Private Capital strategies.
Within Private Capital, the agreement to sell our interest in Stonehage Fleming represents an excellent outcome for Caledonia and is an example of our patient approach to capital in action: partnering with an exceptional management team to build an even stronger business, create significant value over the long-term and ultimately delivering excellent returns for shareholders.
In our Public Companies pool, Caledonia’s permanent balance sheet provided the flexibility to deploy capital swiftly during the period of market turbulence in April. This agility to act decisively, a structural advantage provided by our model, enabled us to capture attractive opportunities, resulting in strong returns over the period. Oracle was a stand-out performer, which gave us an opportunity to realise gains.
While the macroeconomic uncertainty that characterised the end of the last financial year has continued into the first half, our objective remains, as ever, on preserving and growing capital in real terms, looking through short-term market cycles and positioning Caledonia for sustained long-term value creation.”