Reporting FY26 finals (Y/E Jan), there has been further value emergence in the portfolio as strategic execution continues. Charging through the ranks, Volt and Ai Marine contributed 15p to NAVps in H2 having broken through key milestones. Alongside the (already known) realised gains from the SSRU exit (+12p/sh) and Paladin deferred (+12p/sh), diluted NAV ended the year at 960p (+13% yoy, +5% vs HY). £10.5m dividends have already been paid with a further £9m in wait from an explicit payout plan. We see further embedded value in the portfolio as momentum continues to build and exits are regularly achieved ahead of carrying value.
