Trading and Operational Update

In brief · summary, not quotable

Duke Capital Limited anticipates a record fourth quarter for the financial year ending March 31, 2026, with expected recurring cash revenue of £7.0 million, an 8% year-on-year increase. Total cash revenue for the quarter is projected at £8.5 million, boosted by the final tranche of deferred consideration from the Fabrikat exit, which generated total proceeds of £11.4 million and a 35% IRR. This performance highlights the resilience of Duke's business model, demonstrating both strong recurring revenue and upside from exits.

Full announcement

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Duke Capital Limited (AIM: DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, is pleased to provide guidance on its trading for the fourth quarter of the financial year ending 31 March 2026 ("Q4 FY26").

Trading Update

Duke expects to achieve record recurring cash revenue* of £7.0 million in Q4 FY26. This represents an 8% year-on-year increase on Q4 FY25 (£6.5 million) and an increase of £0.2 million over the prior quarter, which saw the Company deliver recurring cash revenue of £6.8 million.

Total cash revenue for Q4 FY26 is expected to total £8.5 million following receipt of the final tranche of deferred consideration from the Fabrikat exit in February 2024.

Overview of quarterly revenue growth:

Recurring Cash Revenue*		Total Cash Revenue**
Q4 FY25	£6.5 million	£6.5 million
Q1 FY26	£6.6 million	£6.6 million
Q2 FY26	£6.6 million	£6.6 million
Q3 FY26	£6.8 million	£6.8 million
Q4 FY26 forecast	£7.0 million	£8.5 million

* Recurring cash revenue excludes exit premium receipts and cash gains from equity sales

** Total cash revenue is monthly cash distributions from Duke's partners plus exit premium receipts and cash gains from equity sales

Fabrikat exit

Duke invested £6.2 million into Fabrikat in February 2021 and received £3.2 million in distributions until the sale of the company in March 2024 to Metalogalva - Irmãos Silvas, SA, a Portuguese company in the area of engineering and steel protection.
Upon sale, Duke received total proceeds of £11.4 million, including £1.5 million in deferred payments, which resulted in a 35% IRR over a five-year period.

Neil Johnson, CEO of Duke Capital, said:

"We are delighted to report another record quarter of recurring cash revenue for Q4 FY26, rounding off a strong finish to the financial year. This performance reflects the resilience of our business model in navigating a challenging macroeconomic environment. Whilst the Bank of England's decision to hold rates in March reflects the ongoing uncertainty in global markets, including the situation in the Middle East, our business model has demonstrated its ability to perform across market cycles.

"The receipt of the final deferred consideration from the Fabrikat exit demonstrates our ability to provide upside for shareholders upon exits. While exits are expected in our business model, the timing of them is dependent on the broader fundraising environment. We are pleased to show both the resilience of our recurring revenue and upside from exits in the current quarter, and we look forward to updating shareholders further in our annual results."

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