Unaudited Interim Results 2026

Marwyn Value Investors Limited

30 September 2026

LEI: 213800L5751QTTVEA774

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30 September 2026

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY" OR "MVIL")

Investment Update and Unaudited Interim Results 2026

UNAUDITED INTERIM RESULTS 2026

Marwyn Value Investors Limited announces the publication of its interim results for the six months ended 30 June 2026.

The Interim Results are available on the 'Annual Reports and Interim Results' section of the Company's website, http://www.marwynvalue.com/company-information/financial-reports, and the results have been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Highlights

·      Zegona: following the completion of both FibreCo transactions (PremiumFiber with MasOrange and GIC, and FiberPass with Telefónica and AXA), delivering €1.8 billion of combined upfront proceeds; returned €1.6 billion to shareholders via a special dividend and buyback, and reduced leverage from 3.1x to 2.4x along with a successful debt repricing. Revenue stabilisation delivered with continued focus on margin improvements and growing free cash flow  

·      InvestAcc: H1 26 Interim Results showed revenue up 130% to £13.8 million and Group EBITDA up 274% to £4.9 million following completion of the AJ Bell Platinum SIPP and SSAS acquisition, continued underlying organic growth and execution of strategic projects alongside progressing M&A pipeline

·      AdvancedAdvT: full year results to February 2026 ahead of market expectations (revenue up 23% to £53.4 million, Adjusted EBITDA up 28% to £14.5 million); completed a first £10 million share buyback programme, repurchasing 6.1 million shares, and launched a second £10 million buyback in September 2026

·      Le Chameau: completed the operational separation from its previous strategic partner, with Silvercloud now holding 100% of the business outright; a new management team in place and delivering on strategic plans in the run-up to centenary year in 2027

·      Palmer: continued to expand its client base and secure new mandates across its London, Madrid, Luxembourg and Jersey hubs, supported by further investment from the Marwyn Funds during the period

·      MVI Ordinary Shares acquisition: the Master Fund acquired 10.7 million MVIL ordinary shares during the period for a total cost of £15.2m

·      Ordinary share NAV Total Return of -2.4% with £2.5m (4.53p per share) paid in dividends. Ordinary Share Price Total Return of +3.7%

·      £138.8 million net assets attributable to ordinary shares (net asset value per ordinary share of 250.1p)

·      Increased Manager alignment: CIO James Corsellis added to his holding again in June 2026, taking his aggregate holding (together with Marwyn Capital Management Limited) to c.7 million shares (approximately 12.37% of voting rights); Marwyn's management and employees now hold over 14% of the Company in aggregate

Robert Ware, Chairman of Marwyn Value Investors Limited, commented:

"The portfolio enters the second half with a number of different routes to further value creation. Some, particularly Zegona, are now principally about earnings, cash generation and capital allocation. Others, including InvestAcc, AdvancedAdvT, Le Chameau and Palmer, retain substantial opportunities to grow their underlying businesses through a combination of organic development and further M&A. The Board's focus is therefore unchanged: to ensure that capital remains allocated where there is a clear route to attractive long-term returns, that the Manager maintains its discipline in making those allocations, and that shareholders continue to benefit from both capital growth and distributions as value is realised."

CIO Investment Commentary

Zegona

Zegona's annual report for the year to 31 March 2026, published in June, records that the value creation plan set out at the acquisition of Vodafone Spain in May 2024 has been substantially delivered. Revenue has stabilised and returned to growth in the second half of the year, margins have expanded through a broad efficiency programme, and both FibreCo transactions have completed.

The transactions generated €1.8 billion of upfront proceeds, of which €1.6 billion was returned to shareholders, including a €1.4 billion special dividend which satisfied and subsequently cancelled the 523 million Zegona shares issued to the Vodafone Group as part of the initial acquisition of Vodafone Spain, reducing the share count by c.69%.

Leverage (measured as net debt divided by EBITDAaL) fell to 2.4x at 31 March 2026 and 2.33x by 30 June. In June, Zegona also refinanced all of its senior debt. The €3.7 billion transaction closed in July, extended maturities beyond five years and cut annual interest costs by around €60 million, to a run rate of about €170 million, against €294 million two years ago. Zegona was also promoted into the MSCI United Kingdom Index and the FTSE Global Equity Index Series during the period.

The business is now in a different phase from that of the past two years. With the structural transactions complete, the drivers of value from here are more conventional: sustaining revenue growth and converting margin gains into free cash flow. On 24 September, Zegona set out how that cash will be used. It intends to return all free cash flow to shareholders over time, starting with a €400 million return made up of a proposed €200 million ordinary dividend and a new €200 million share buyback. We believe the management team is well placed to deliver this next phase.

InvestAcc

InvestAcc's full year results for 2025, reported in March, reflected the first full year of the group's consolidation strategy, with revenue up 43% to £15.0 million. The AJ Bell Platinum SIPP and SSAS acquisition, which completed in November 2025, is now integrated, and in the first half of 2026 the group completed the final phases of its Treasury Function programme and moved SIPP customers onto a single platform.

In a pre-close trading update on 17 August 2026, the InvestAcc Board said it expected full-year revenue and Group EBITDA to be above market expectations. Interim results released on 24 September 2026 showed revenue up 130% to £13.8 million, including organic growth of 56%, and Group EBITDA up 274% to £4.9 million. SIPP and SSAS schemes increased 38% to 19,251, pension scheme assets under administration reached £10.6 billion, and all consideration for the Platinum acquisition has been settled.

The regulatory backdrop has also moved in the group's favour. In June 2026 the FCA published consultation paper CP26/20, proposing clearer due-diligence standards for SIPP operators and stronger requirements governing the handling and recording of pension scheme money and assets. Final rules are expected in H1 2027, with full compliance required by 2029-30.

If adopted, we expect these proposals to raise the standard required of operators across the market, favouring well-capitalised administrators with established governance and encouraging smaller operators to consider their options. That is consistent with the market structure on which InvestAcc's consolidation strategy is based and should support the pipeline of acquisition and client-book opportunities the group is pursuing. The group's cash generation and its existing lending relationship with Kartesia provide a foundation for funding future acquisitions, although further facilities would be needed.

AdvancedAdvT

AdvancedAdvT reported results for the year to 28 February 2026 in June, with revenue up 23% to £53.4 million, recurring revenue up 24% to £43.2 million, representing 81% of the total revenue, and Adjusted EBITDA up 28% to £14.5 million. The results were ahead of market expectations for the second consecutive year.

The acquisition of the MatchingCore intellectual property extends the AI-enabled functionality within the Retain platform. Management's stated position is that artificial intelligence presents opportunities as well as risks and, for the mission-critical software markets in which AdvancedAdvT operates, can enhance the value of its platforms. The evidence during the year in contract wins, renewals, recurring revenue and margins supports that position.

The group ended the year debt-free with £96.2 million of cash and, having completed  an initial £10 million share buyback programme announced in March, has since announced a further £10 million share buyback programme in September, reflecting the Board's view of the value of the software operations relative to the market price. Our expectation is that management will continue to apply the same discipline to acquisition pricing that has characterised the platform to date.

Le Chameau

Le Chameau completed the third phase of its centenary strategy during the period. The operational separation from its former strategic partner is complete, Silvercloud now holds 100% of the business, a new management team is in place and the direct-to-consumer channel has been re-platformed on Shopify.

The financial consequences of the reset are visible in the FY26 numbers and should be read in that light. Total revenue for the year to March 2026 was £14.5 million against £18.5 million in FY25, reflecting the deliberate withdrawal from lower-margin, non-core product lines. Continuing lines revenue was £14.4 million, marginally below the prior year, during a period in which paid marketing was paused and the operating base was being rebuilt.

The business has recorded like-for-like revenue growth against the prior comparable period in the first quarter of the current financial year, and direct-to-consumer sales represent approximately a third of continuing lines revenue.

With the separation complete and the operating base rebuilt, management's focus for the second half is on the hero product ranges, further brand collaborations and preparation for the centenary year in 2027. Discussions between Silvercloud and 450 regarding a potential transaction remain in progress and there is no certainty that a transaction will complete.

Palmer

Palmer traded ahead of its business plan and secured further significant client wins. The progress of Palmer's proposition supported a further £3 million investment by the Marwyn Funds, committed in December 2025.

The additional capital is being applied to senior hires across fund administration and loan agency and to converting the client pipeline that has opened up since the group completed its principal regulatory approvals. New client mandates have been secured across its operating jurisdictions, the core data platform is fully operational, and the business is moving from establishing its infrastructure to building recurring revenue on it.

Acquisition companies

Discussions between MAC III and Palmer regarding a potential combination were terminated by mutual agreement in March 2026, Palmer's commercial momentum having reduced its near-term requirement for third-party capital. MAC III retains approximately £5 million of cash and continues to engage with other management teams.

MAC Alpha, under the chairmanship of Avril Palmer-Lavery, is at an early stage of identifying and progressing opportunities. 450's admission to AIM was cancelled in April 2026 so that its discussions with Silvercloud could proceed on a private basis.

These vehicles represent a relatively small proportion of the Company's net assets. Their value to shareholders lies in the optionality they provide to bring further Management Partners and platform acquisitions into the portfolio without requiring significant capital to be committed before an opportunity has been identified.

MVI Ordinary Shares

During the period, the Manager acquired 10.7 million Ordinary Shares in the Company on behalf of the Master Fund, at an average price of 141 pence per share, representing a discount of over 45% to the prevailing NAV per Ordinary Share.

The Manager's investment mandate permits it, at its discretion, to acquire and hold Ordinary Shares in the Company on behalf of the Master Fund. The Master Fund holds these shares as an investment, on the same basis as its other investments, and includes them in its NAV at the prevailing quoted price. The Master Fund may acquire further Ordinary Shares on the same basis, and the Manager will keep the holding under review.

Outlook

The first half has left each of the principal businesses at a clearer stage of its value creation plan. Zegona has largely completed the structural work undertaken following the Vodafone Spain acquisition and is moving into a period where revenue, margins, cash generation and capital allocation should increasingly determine returns. InvestAcc has demonstrated the economics of its consolidation model and is well placed to benefit from further consolidation in its market. AdvancedAdvT continues to grow while retaining a substantial balance sheet from which to make further investments.

At Le Chameau, the separation and operational reset are substantially complete and attention has moved back to growth in the core brand. Palmer has completed much of the regulatory and technology investment required to establish the platform and is increasingly focused on converting that infrastructure into recurring revenues.

These are different and largely uncorrelated routes to value creation. We do not need all of them to develop at the same rate or at the same point in the market cycle. Our task is to judge whether the underlying plans are being executed, whether the expected returns continue to justify the capital committed, and where additional capital can earn the best return.

That remains the basis on which we will allocate capital across the existing portfolio, new opportunities and, where appropriate, investments in the Company's own Ordinary Shares.

James Corsellis, Chief Investment Officer

PERFORMANCE

Ordinary Shares

	NAV Total Return1	FTSE SmallCap (ex-IC)	FTSE AIM All-Share
Six months to 30 June 2026	-2.4%	+4.4%	+1.6%
3 Years to 30 June 2026	+70.5%	+44.3%	+8.4%
Since inception2 (23 February 2006 to 30 June 2026)	+369.4%	+245.1%	-14.1%
Post period end
Eight months to 31 August 2026	+2.4%	+11.1%	+7.0%

2016 Realisation Shares

	Shareholder Total Return3	FTSE SmallCap (ex-IC)	FTSE AIM All-Share
Six months to 30 June 2026	+4.1%	+4.4%	+1.6%
Since inception4 (23 February 2006 to 30 June 2026)	+205.1%	+245.1%	-14.1%
Since creation of class5 (30 November 2016 to 30 June 2026)	+4.9%	+99.7%	+8.4%

2021 Realisation Shares

	Shareholder Total Return3	FTSE SmallCap (ex-IC)	FTSE AIM All-Share
Six months to 30 June 2026	-2.4%	+4.4%	+1.6%
Since inception4 (23 February 2006 to 30 June 2026)	+334.0%	+245.1%	-14.1%
Since creation of class5 (30 November 2021 to 30 June 2026)	+60.8%	+27.2%	-29.5%

¹ NAV Total Return assumes the reinvestment of dividends paid to shareholders into the Company at NAV and is calculated on a cum-income basis.

² For the Ordinary shares, inception to date movement is based on the combined weighted average NAV of Marwyn Value Investors I, II and B shares prior to their amalgamation, using the conversion ratio published on 17 April 2008.

³ For the Realisation share classes, shareholder total return is calculated as the movement in total shareholder value, including all distributions made to Realisation shareholders over the relevant period.

⁴ Realisation Class inception to date is calculated based on the Ordinary share performance up to the date the Ordinary shares were converted to the relevant Realisation class, then shareholder total return of the relevant Realisation Class from that date.

⁵ Realisation class shareholder total return from creation of class represents total shareholder return for the relevant class from the date that Ordinary shares were converted to Realisation shares for each class.

Capitalised terms used in this announcement and not otherwise defined have the same meaning as detailed in the Company's Unaudited Interim Results for the six months ended 30 June 2026.

Company enquiries:

Marwyn Value Investors Limited

Scott Danks

scottdanks@marwyn.com

Company Secretary - Palmer Fund Services (Jersey) Limited

marwyn@palmerfs.com

1 Grenville Street

St Helier

Jersey JE2 4UF

Investor Relations - KK Advisory Limited

Kam Bansil

020 7039 1901

PR Adviser - FGS Global
Rollo Head 07768 994987
Chris Sibbald 07855 955531

Corporate Broker - Panmure Liberum Limited

Chris Clarke

0203 100 2200

The Company is a closed-ended investment company, trading on the London Stock Exchange's Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Current investments through its underlying funds include AdvancedAdvT Limited, the operating business of Le Chameau, 450 plc, Marwyn Acquisition Company II Limited, Palmer Street Limited, Zegona Communications plc, Marwyn Acquisition Company III Limited and MAC Alpha Limited.

Shares in the Company are not designed or intended for retail investors. Marwyn Investment Management LLP, the Manager, does not promote shares in the Company to retail investors and they should not be offered to retail investors.

Cautionary Statement

This announcement contains forward-looking statements which are made in good faith based on the information available at the time of its approval. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance.

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