Trading Update: NAV/share up 53% since 1 Jan 2026

Kelso, the main-market listed investment vehicle which holds c.10 UK investments with an average market cap of c.£400m, most of which are market leaders in their sectors, provides an update on its recent trading.

Since the Company’s interim results and trading update on 2 September 2026, which reported 2026 year to date NAV per share growth of 43% and NAV per share of 3.3p, Kelso has seen a further c.10% increase in NAV per share driven by gains across most of its investments. As at 27 October 2026, Kelso’s estimated unaudited NAV per share was 3.6p, up 53% since the start of the year and 130% since inception in January 2023, a compounded annualised growth rate of 25%.

Net assets have grown from £10.3m on 1 January 2026 to £19.6m on 27 October 2026, reflecting estimated portfolio gains of c.£7.2m and new funds raised of £3.4m, net of costs, financing charges, taxes and share buybacks.

The improvement since 2 September has principally come from Saga plc, Likewise Group plc, CVS Group plc, THG plc, NCC Group plc and TheWorks PLC. Save for the new investment in Likewise Group plc as announced on 8 October 2026, which is now up 37% on its average cost of 31p, there have been no material changes to Kelso’s portfolio since 2 September.

Sir Nigel Knowles, Chairman, commented:

‘Kelso’s NAV per share is up 53% this year and has more than doubled since we started in January 2023. We continue to believe UK small and mid-caps are materially undervalued and that our portfolio has plenty of future potential. We also have a number of new attractive investments under consideration.’