Caledonia Investments plc Q2 2027 Earnings Recap

Caledonia’s shares rose 5.7% after it reported a 5.4% first-half NAV total return and announced a 20p-per-share special dividend. The positive portfolio return was led by public companies, while Private Capital was nearly flat, partly due to weak demand for Cooke Optics’ established lenses.

Key Takeaways

• NAV total return was 5.4% for the half-year to 30 September 2026; the 10-year annualized return was 9.1%.
• Public Companies returned 12.3% over six months. Caledonia invested £32m and realized £102m in the pool.
• Private Capital returned 0.6%; gains from several holdings and Stonehage Fleming were largely offset by a lower Cooke Optics valuation.
• Caledonia received £290m from the Stonehage Fleming sale, a 3.2x money multiple and 33% above its March 2025 carrying value.
• It invested about £110m in Blue Diamond and Conquip, and announced a 20p special dividend alongside its 3.84p interim dividend.