Caledonia Release Final Results

Caledonia Investments plc

Final results for the year ended 31 March 2025

Financial highlights

Mat Masters, Chief Executive Officer, commented:

“Caledonia has delivered another year of positive performance, with our long-term, disciplined investment approach continuing to prove its strength within a macroeconomic and geopolitical backdrop that remains highly volatile. All three of our investment pools contributed to growth, demonstrating the resilience and quality of our diversified portfolio.

The performance has further extended our track record of delivering consistent real returns for shareholders, alongside 58 years of consecutive dividend growth. The uncertain operating environment currently shows little sign of easing, but our focus remains on allocating capital prudently, investing in high-quality companies and fund managers with track records of success, and continuing to position Caledonia to compound value for our shareholders over the long term.”

NAV total return of 3.3%

• NAV of £2,932m (5,475p per share) +3.3% NAV total return (‘NAVTR’).

• All three investment pools contributed to growth, with the investment portfolio delivering a return of 3.5% in the year, inclusive of foreign exchange headwinds of c.£42m.
  • +4.7% return from Public Companies reflecting strong performance during the year impacted public equity market volatility in March.
  • +3.7% return from Private Capital with good performance from AIR-serv Europe and Stonehage Fleming partially offset by the previously reported reduction in the valuation of Cooke Optics.
  • +2.2% return from Funds with continued positive performance from our North American funds (+8.4% in local currency) offset by a small negative contribution from our Asia funds (-1.6% in local currency).

58 consecutive years of progressive dividend growth

• Proposed final dividend of 53.91p per share, taking total dividend for the year to 73.6p per share, a 4.5% increase compared to 2024 and extending our record of growing annual dividends to 58 consecutive years.

• Change in the dividend payment profile from 2025/2026 to increase the interim dividend to 50% of the prior year’s total annual dividend.

Robust balance sheet with significant liquidity, well positioned to take advantage of investment opportunities

• Net cash of £151m.

• New undrawn revolving credit facility of £325m, increased from £250m, providing total liquidity of £476m.

Increased flexibility for share buybacks

• Independent shareholder approval of an uncapped Rule 9 Waiver in December 2024 gives Caledonia increased flexibility to repurchase shares.

• £63m allocated to share buybacks, with 1,729,061 shares repurchased at an average discount of 34%, resulting in a 59.2p accretion to NAV per share.

Seeking shareholder approval for a 10:1 share split

• Seeking shareholder approval at the annual general meeting on 16 July 2025 for a 10:1 share split, making Caledonia shares more accessible to a wider range of investors.

Performance to 31 March 2025