Kelso Group Holdings

KLSO · Main Market · Retail · mcap £19m · 3.5p 1 open situation →

Kelso Group Holdings invests in UK-listed small companies it thinks the market undervalues and engages with their boards to unlock value. It also aims to earn fees from investor relations consulting and from its Selkirk acquisition vehicle.

Target	Promise	Said	Status
2025
end of 2025	Achieve a medium-term IRR / return of at least 25% per annum.	30 Sep 2024	◐ Partly kept
	“continue to believe that they will achieve a medium term IRR of 25% following the 55% appreciation in the first year of operation” Also stated 23 Apr 2025 · 30 Sep 2025 How it developed 30 Sep 2024 Said “continue to believe that they will achieve a medium term IRR of 25% following the 55% appreciation in the first year of operation” 23 Apr 2025 ◐ Partly “Our target return since inception has been 25% per annum. We achieved a 55% gross return on investments in our first year. However, 2024 performance was...” 23 Apr 2025 Said “Our target return since inception has been 25% per annum” 30 Sep 2025 Said “Kelso continues to target a 25% medium term IRR” 2 Sep 2026 ◐ Partly “NAV per share increased by c.43% to 3.3p for the 8 months to 31 August 2026. Since inception NAV per share returns of 115% have been achieved.” Status so far FY24 return was -1% and NAV flat to September 2025; NAV then rose 43% in eight months of 2026, so the medium-term target is still open. “Our target return since inception has been 25% per annum. We achieved a 55% gross return on investments in our first year. However, 2024 performance was broadly flat, reflecting the broader challenges and well documented malaise facing UK smaller listed companies. One quarter into our third year, we remain committed to achieving our three-year performance target, acknowledging that it will require strong performance throughout the remainder of 2025.”23 Apr 2025 · FY24 Results “NAV per share increased by c.43% to 3.3p for the 8 months to 31 August 2026. Since inception NAV per share returns of 115% have been achieved.”2 Sep 2026 · Interim Results & Trading Update - up 43% YTD
Today · 20 Oct 2026
2026
2026-04	The Works EBITDA to grow 15% to £11.0m for the year to April 2026.	23 Feb 2026	◐ Partly on track
	“For the year to April 2026, EBITDA is expected to grow by a further 15% to £11.0m, in line with company guidance.” How it developed 23 Feb 2026 Said “For the year to April 2026, EBITDA is expected to grow by a further 15% to £11.0m, in line with company guidance.” 2 Sep 2026 ◐ Partly “The recent results from The Works on 23 July 2026 showed strong progress in the year with adjusted EBITDA increasing to £14.0m from £9.5m in 2025” Status so far The Works adjusted EBITDA reached £14.0m in year to May 2026, exceeding the £11.0m target, but this was achieved after the April 2026 deadline. “The recent results from The Works on 23 July 2026 showed strong progress in the year with adjusted EBITDA increasing to £14.0m from £9.5m in 2025”2 Sep 2026 · Interim Results & Trading Update - up 43% YTD