Mid Wynd International Investment Trust Plc - Half-year Financial Report
LEI: 549300D32517C2M3A561
Half-Yearly Financial Report (Unaudited) for the six months ended
Highlights
-- The Company’s share price was 776 pence as of 31 December 2025 ,
representing a Share Price Total Return for the six months ended 31
December 2025 of 5.2%.
-- The Company’s Net Asset Value Total Return of 3.8% for the six months
ended 31 December 2025 trailed our comparator index, the MSCI All
Country World Index (‘MSCI ACWI’), which returned 13.3%.
-- The Company’s discount narrowed to 1.2% from 2.5%, and averaged 2.0%
during the six months ended 31 December 2025 which compared favourably
with the average discount for the Association of Investment Companies
Global Sector of 8.5%.
-- The Board has declared an interim dividend of 3.85p per share (2024
interim dividend: 3.85p) which will be paid on 27 March 2026 to those
shareholders on the register at the close of business on 6 March 2026 .
“The Company’s investments are currently being held at remarkably attractive valuations, and the Board is optimistic that the coming year will bring a significant improvement in both absolute and relative performance.”
For further information, please contact:
Company Secretary
Email: cosec@junipartners.com
Enquiries: 0131 378 0500
Performance Highlights
Six months ended Six months ended Year ended 30
Total returns June
31 December 2025 31 December 2024
2025
Net asset value per share† 3.8% 0.8% (5.1)%
Share price† 5.2% 0.1% (5.9)%
MSCI All Country World Index 13.3% 6.5% 7.2%
(GBP)
Six months ended Year ended 30
Six months ended June
Revenue and dividends 31
31 December 2025 2025
December 2024
Revenue earnings per share 1.67p 2.01p 5.54p
Dividends per share* 3.85p 3.85p 8.35p
Twelve months ended Twelve months Year ended 30
Ongoing charges ended June
31 December 2025
31 December 2024 2025
Ongoing charges 0.70% 0.60% 0.64%
As at
As at As at
Capital 30 June
31 December 2025 31 December 2024
2025
Net asset value per share 785.37p 812.18p 760.96p
Share price 776.00p 794.00p 742.00p
Net cash† 1.1% 1.9% 1.3%
Discount† 1.2% 2.2% 2.5%
Source: Lazard/Morningstar
†Alternative Performance Measure.
* The interim dividend for the six months to
Percentage total return
Total returns Since
to Six months to 31
December 2025 1 year 3 years* 5 years* 10 years* Lazard
31 December
2025 appointment*
Net asset
value per 3.8% (2.3)% 15.5% 18.9% 161.2% 12.2%
share†
Share price† 5.2% (1.2)% 12.5% 14.7% 155.1% 12.6%
MSCI All
Country World 13.3% 13.9% 57.0% 72.7% 232.0% 44.8%
Index (GBP)
Source:Lazard/Morningstar
†Alternative Performance Measure.
* Total returns over 3, 5 and 10 years cover the period over which
Chairman’s Statement
Dear Shareholders,
I present the interim report for the six months ended
As shareholders will read in the Investment Manager’s review, the equity market's style shift away from Quality, which has affected our performance almost from the point at which Lazard assumed management of the Company’s portfolio, is continuing. Although NAV per share total return is considerably improved on the comparable period, and indeed the whole of the year to
Investment performance
For the six months ended
Earnings and dividend
The net return for the six months to
The Board is proposing an interim dividend of
The Ongoing Charges Ratio (‘OCR’) for the period ended
Share capital and discount management
The sustained programme of buybacks undertaken by the Company since early 2023 continued throughout the period under review. The Company’s policy, within normal market conditions, is to issue and repurchase shares where necessary to maintain the share price within a 2% band relative to the NAV. The Company’s NAV is assessed on a real time basis when buying or selling the Company’s shares using modelling that updates live prices and exchange rates to provide the most accurate valuation.
Our buybacks have been successful in maintaining a low discount to NAV for our share price thereby benefitting shareholders in terms of liquidity, NAV accretion and a low level of discount volatility. As at
All share buybacks were accretive to net asset value for existing shareholders, enhancing the NAV total return by approximately £1.2 million, equivalent to 108% of the Company’s operating expenses for the period.
Since the period end and up until
The rate of buybacks continues to be such that in order to ensure the Company has sufficient capacity to maintain the discount control mechanism until the date of the 2026 AGM (when new allotment and buyback authorities will be sought), a further General Meeting will be held on
Shareholder engagement and communications
At a time when an increasing number of shareholders would like to engage with their investee companies in a wide variety of ways, the Directors have striven to improve our shareholder communication and marketing strategies. We believe that keeping existing shareholders fully informed and attracting new investors are key to the Company’s long term health. Details of how the Board approaches this are available on page 42 of the Annual Financial Report to
If you have not already done so we would encourage you to sign up for updates using the QR code at the back of this Interim Report. The Board is always keen to hear from shareholders and, should you wish, you can contact me through
Outlook
The Board’s view remains that which was expressed in last year’s Annual Report. Whilst our portfolio companies have suffered from the style shift away from quality companies, such shifts in sentiment do not generally last for long periods. The Investment Manager’s approach is designed to generate good returns for shareholders over the long term, and the Board is pleased that the Investment Manager has maintained its investment style and focus. The Investment Manager’s review notes that around half of the Company’s investments were trading at the period end in the bottom half of their PE range in the last 10 years, notwithstanding healthy underlying growth. This confirms the Board’s views that the Company’s investments are currently being held at remarkably attractive valuations, and the Board is optimistic that the coming year will bring a significant improvement in both absolute and relative performance.
The Board respects and is grateful for the considerable patience shown by shareholders.
Chairman
Investment Manager’s Review
Market summary
Global equity markets rose sharply over the six months, supported by strong demand for AI, solid corporate earnings and a generally improving interest rate outlook. AI enthusiasm drove a substantial portion of the market return: eight of the top ten contributors to the MSCI ACWI were AI leveraged technology stocks, collectively accounting for 49% of the index’s return. However, the rally entered a more cautious phase in the fourth quarter as investors questioned the sustainability of elevated AI capital expenditure. Nvidia, for example, underperformed the MSCI ACWI by 3% in the fourth quarter, and only two of the “Magnificent 7” outperformed the MSCI ACWI over the full year. We believe that the elevated volatility and growing investor scepticism of AI spending levels are a positive sign that the market is returning its focus to fundamentals. In our view, such a normalisation could be auspicious for the types of Quality companies in which we invest, as we expect companies’ stock performance should be more reflective of the level and sustainability of their financial returns.
In addition to benefitting from many AI-exposed companies, the US market was also buoyed by three consecutive
In
Across
Overview and outlook
During the second half of 2025, the Company saw increases in both its share price and NAV of 5.2% and 3.8% respectively. This is compared to a market return of 13.3% over the period, as measured by the MSCI ACWI in GBP terms. The Company ended the period with the share price trading at 1.2% below the NAV (“at a discount”), compared with an average discount of 7.2% amongst its AIC Global Sector peer group.
Since becoming responsible for the management of the Company’s investments in
Market conditions during our tenure have been highly unusual. A narrow cohort of large cap stocks has driven returns, leading to historically narrow market breadth and significant style dispersion. Such periods naturally raise questions about the resilience of established investment approaches. Having invested through multiple market cycles, we see parallels with the late 1990s – an era characterised by concentrated leadership and elevated valuations. These moments of inflection can feel like a “new normal”, but historical investment disciplines tend to eventually prevail.
As we look ahead to 2026, we have revisited the principles underlying our investment philosophy. Our focus remains on high quality companies with durable competitive advantages, strong balance sheets and the ability to generate and compound free cash flow over time. Based on these criteria, our conviction across our holdings has strengthened. The majority of our companies continue to demonstrate strong financial productivity and defensible competitive positions. Over time, we believe share prices are likely to reflect these fundamentals.
Reasons for optimism
Periods such as the one we have experienced are uncomfortable but can often be constructive for long-term investors. They reinforce discipline, sharpen process and frequently sow the seeds of future outperformance. Around half of our holdings are trading in the bottom half of their PE range over the past 10 years – in stark contrast to the progress of their underlying earnings power.
As we enter 2026, we believe the portfolio is well positioned for a more normalised market environment and we remain optimistic about the long term prospects for shareholders.
Encouragingly, we have seen early signs of improvement beneath the surface of global markets in recent months. Market breadth has begun to recover, and for the first time in years developed markets outside the US have outperformed.
We believe these developments could create a more favourable backdrop for global, benchmark-agnostic strategies such as ours. In our view, they are particularly supportive for Mid Wynd, as our portfolio is constructed not by mirroring the largest index constituents but by identifying businesses with enduring advantages.
This is illustrated by our exposure to the growing semiconductor market. Yes, we have long-standing positions in popular chip manufacturer TSMC and in ASML, which manufactures photolithography machines critical for printing circuits on to silicon wafers in microchips. But we also hold less well-known beneficiaries, like VAT Group, which makes high-performance vacuum valves and other components essential to the manufacturing of semiconductors. These companies operate with near monopolistic characteristics that are central to our investment approach: technological leadership, high barriers to entry and strong cash generation. And they are, in our opinion, undervalued by the market.
Beyond this, we have a well-diversified portfolio of attractively valued companies that continue to generate strong profits, underpinning our confidence in Mid Wynd’s long-term prospects. Below we highlight just three.
High-quality compounders
EssilorLuxottica
is another high-quality industry leader. Following the merger of lens maker Essilor and frame specialist
Six-month performance recap
As mentioned, despite signs of a potential regime shift, AI was a material performance driver in the second half of 2025, with market-perceived AI winners 1 gaining 23.0% and perceived AI losers falling 14.1%. The portfolio’s positioning relative to this “AI winners” trade hurt performance, with 73% of our relative underperformance attributable to our active weights within perceived AI-winner/loser industries. Our 300-bps average underweight to perceived AI winners throughout the period reflects our concern that many of these companies (and/or the businesses that they sell to) may never generate a return on recent, outsized investment in AI, and we are encouraged that market participants have begun to share these worries.
Conversely, our 780-bps average overweight exposure to perceived AI losers reflects our view that the market is underestimating our holdings’ competitive advantages in proprietary data, distribution, customer trust and regulatory positioning. We believe these strengths will allow them to succeed even if AI proliferates broadly.
A look at the top contributors and detractors for the period reflects the influence of the “AI winners” trade.
What helped
Five principal contributors
Company Contribution to Total Return (%) Taiwan Semiconductor Manufacturing (‘TSMC’) 1.76 Apple 1.65 Amphenol 1.23IQVIA 0.87 Thermo Fisher Scientific 0.85
Source: Lazard/FactSet. Data in GBP and for the period from
TSMC , the only scaled, leading edge semi foundry and a critical enabler of AI (given that nearly all accelerated computer chips are manufactured on its processes), rose in value after reporting strong earnings, driven by robust AI and high performance computing demand. The company reported record foundry orders, which reinforced TSMC’s leadership in advanced nodes. We have owned the company since 2014, recognising its durable competitive advantages in scale, leading edge process development and consistent execution. This combination supports a self-reinforcing cycle in which technology leadership drives market share gains; expanding scale enhances cost competitiveness and cash generation; and those cash flows are reinvested to sustain continued semiconductor process innovation.
Apple , the world’s leading smartphone vendor, rose after the company reported solid results, driven by strong gross margin performance despite tariff headwinds. The company also unveiled its latest line of iPhones during the period and cited strong iPhone replacement demand. We expect Apple to sustain high levels of financial productivity and cash flow through continued growth of the Apple ecosystem, an increasing mix of services revenue streams and optionality around new platforms and replacement cycles driven by AI advances.
Diversified electrical connector and sensor maker Amphenol gained after reporting strong earnings, resulting from robust growth in AI data centre sales. We like the company due to its ability to provide a critical component at a low cost, a competitive advantage that helps it maintain favourable pricing. Additionally, we are attracted to its low-capital-intensity, high-cash-generation, disciplined approach to acquisitions in fragmented markets and advantageous positioning in AI data centres.
The share price of Life science company Thermo Fisher Scientific responded positively after management reported better-than-expected earnings across all their major business segments. In our opinion, we believe the company’s strategic expansion efforts and broad global footprint position it well to capture future growth opportunities. Thermo Fisher’s integrated portfolio of research products and development services provides a differentiated, end-to-end offering for customers. The company benefits from attractive secular growth drivers, strong financial characteristics, and leading positions across highly fragmented end markets.
What hurt
Five principal detractors
Company Contribution to Total Return (%) Verisk Analytics (0.79)Wolters Kluwer (0.75) SPS Commerce (0.75) RELX (0.72) Zoetis (0.35)
Source: Lazard/FactSet. Data in GBP and for the period from
Information service providers
RELX
and
-- Ownership of proprietary data – unique, non-substitutable datasets that
generic models cannot easily replicate.
-- Speed and willingness to innovate – particularly the integration of new
technologies into existing products.
-- The importance of accuracy and trusted suppliers – especially in use
cases requiring highly reliable information.
We believe companies with distinctive content and the ability to innovate quickly should be advantaged due to their already strong customer relationships, allowing for an easier up-sell for high-quality, trusted insights enhanced with AI. Historically, information service providers have been able to price new value-added content at a premium, and we believe AI will be no different. For example, RELX has already introduced AI-enabled legal products at roughly a 20% price premium relative to earlier offerings, and we have seen growth accelerate in RELX’s legal business from ~2% to now 9% organic as a result of the shift towards AI and analytics. The significant valuation compression seen in 2025 stands in contrast to the operational performance and competitive positioning of RELX and
SPS Commerce , a leader in supply-chain software for retailers, suppliers and logistics providers, reported disappointing results and guidance below expectations, driven by headwinds with recent acquisitions. SPS’s software enables automation of the historically manual flow of critical documents such as purchase orders, invoices and shipping notices between parties. Increased complexity in omnichannel retail and fragmentation of suppliers should drive more demand for SPS’s products, in addition to increasing data flow along its network (revenue has a volume component). We believe the stock is undervalued as investors are conflating a cyclical slowdown with a structural one and underappreciate adjacent opportunities to monetise the network.
The share price of Animal-health company
Zoetis
declined after the management reported quarterly earnings below expectations and reduced full year revenue guidance, reflecting softer demand in key therapeutic areas. Despite these challenges, management reiterated confidence in the long-term outlook, pointing to early signs of stabilisation in Librela (osteoarthritis) and strong livestock growth that helped offset weakness in companion animal products. Upcoming catalysts—including longer acting osteoarthritis and dermatology treatments and a robust pipeline of 12 potential blockbuster candidates—also support the outlook. Zoetis remains highly financially productive, with meaningful competitive advantages such as a diversified portfolio, strong innovation track record, and an estimated
Investment philosophy
Our investment philosophy is based on the belief that great companies can also make great investments. In other words, we believe companies that can sustain the highest levels of financial productivity tend to outperform the market.
We think the market undervalues these companies because of its adherence to the economic law of competition. This theory prescribes that high returns on capital attract competition, which results in an erosion of these returns towards a cost of capital. However, we think plenty of real-world examples show this theory does not work. We are convinced that companies that beat the market-implied fade of returns also beat the market.
In addition to high financial productivity, we are also looking for companies that have the opportunity and appetite to reinvest in their business to grow (but only if at similarly high levels of financial productivity). This combination of high financial productivity and growth produces a compounding effect on cash flow and earnings, which we believe is particularly valuable. These types of exceptional businesses are often inefficiently valued by market participants, who may be more focused on near-term multiples than the longer-term earnings power of the company.
Putting this together, we seek to invest in companies that we believe can generate sustainably high financial productivity, those that can reinvest for growth and those for which the market is pricing in a fade in returns faster or sooner than we expect.
This investment philosophy is supported by our long-term study of global financial markets, “Relative Value Investing” and its update “Quality Investing” covering nearly 30 years. 2
Engagement highlights
Argenx
Immune Biotech
Dialogue over time strengthens shareholder trust
As long-term shareholders, we aim to foster strong company relationships that deliver insightful open dialogues. A good example of this over the last year was our engagement with Argenx, a global immunology biotech company that develops and commercialises antibody-based therapies for severe autoimmune diseases. Since
1. Significant progress had been made to conform with market best practice and align compensation with long-term shareholder value creation.
2. Pay was appropriately aligned with performance given the share price had increased ~50% since IPO.
Although the Remuneration Policy did not receive approval at the 2025 AGM, securing 73% support versus the required 75% majority, it has since passed at the 2025 EGM. Following further dialogue with the company, Lazard remained supportive of the policy and voted FOR. Additional changes to the policy included enhanced performance metrics, clearer peer group definitions, and the removal of future CEO vs. current CEO pay limit distinctions. Whilst we did not believe that these additional changes were necessary for the Remuneration Policy to pass, we commend the company for further striving to align with market expectations. We were also impressed by its tenacity towards driving its broader shareholder and proxy advisory engagement programme.
Throughout 2025, Lazard has built a strong partnership with the company, offering valuable investor insights. This open dialogue fostered greater trust in Argenx’s governance, which we believe will further strengthen company and shareholder alignment.
Hexagon
Industrial
Escalating governance concerns to drive improved shareholder outcomes
Another recent example has been our engagement with Hexagon. It is a global leader in metrology, making advanced sensors and software that help industries like manufacturing and construction become safer, more efficient, and automated. Since the beginning of 2022, we have met with members of Hexagon’s C-suite, board, investor relations, and sustainability team 35 times. Over this period, we identified governance concerns related to board independence, reporting transparency, and ESG metrics in executive compensation, which we expressed during engagements. Slow progress in addressing our concerns meant that we employed our escalation framework: raising our concerns first to members of the board and then also by voting against certain board members. We are pleased with the progress that Hexagon has made over the past two years in addressing the business risks we raised—which were reflected in our votes at the 2024 annual general meeting. Given our extensive engagement with the company in the past, management was keen to hear our views on qualities we would like to see in the new CEO when it was announced in
Over the course of 2025, we have continued to engage with the company, digging into topics including the new Vice Chairman’s management philosophy and the sustainability benefits of metrology within industries such as construction and agriculture.
Exposures by sector and region
In line with our investment process, our sectoral and regional exposures are driven by stock selection. Changes in exposure from
-- Purchases: Argenx (Health Care), Boston Scientific (Health Care), Palo
Alto Networks (Information Technology), SPS Commerce (Information
Technology)
-- Sales: Adobe (Information Technology), Nordson (Industrials), Rockwell
Automation (Industrials)
Sector exposure rose in Health Care, Information Technology, and Communications Services and fell in Industrials, Financials, Consumer Staples and Consumer Discretionary. Typically, the strategy has zero weight in Real Estate, Energy, Materials and Utilities, as companies in these sectors tend not to generate sufficient returns on capital to be considered of high quality.
Fund Managers
1 The “AI Winners and Losers” baskets are composites of tradeable baskets created by third-party sell-side firms, including Goldman Sachs, Morgan Stanley,
2 All data measured from 1996 to 2022.
Interim Management Report and Responsibility Statement
Principal risks and uncertainties
Pursuant to DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, the principal risks and uncertainties faced by the Company include strategic risk, market risks, legal and regulatory risk and operational risks including reliance on third-party service providers and reliance on key personnel.
The Directors have assessed these risks and are of the opinion the nature of the risks and the way in which they are managed have not materially changed from the description provided on pages 26 to 29 of the previous Annual Financial Report for the year ended
Related party transactions
During the six months ended
Going concern
The Directors have considered the Company’s principal risks and uncertainties together with its current financial position, the liquid nature of its investments, assets and liabilities, projected revenue and expenses and the Company’s dividend policy and share buyback programme. It is the Directors’ opinion that the Company has adequate resources to continue in operational existence for the foreseeable future, a period of at least 12 months from the approval of this Half-Yearly Financial Report. For this reason, the going concern basis of accounting continues to be used in the preparation of these financial statements.
Responsibility statement of the Directors in respect of the half-yearly financial report
The Directors confirm that to the best of their knowledge, in respect of the Half-Yearly Financial Report for the six months ended
-- the condensed set of financial statements has been prepared in
accordance with Financial Reporting Standard (‘FRS’) 104: ‘Interim
Financial Reporting’;
-- the Half-Yearly Financial Report, includes a fair review of the
information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last Annual Financial Report that could do so.
The Half-Yearly Financial Report for the six months ended
Chairman
Condensed Statement of Comprehensive Income
For the six months For the six months
ended ended For the year ended
31 December 2025 31 December 2024 30 June 2025 (audited)
(unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Gains/
(losses) on
investments
held at - 10,770 10,770 - 2,215 2,215 - (20,732) (20,732)
fair value
through
profit or
loss
Currency
gains/ - 12 12 - (41) (41) - (69) (69)
(losses)
Income 1,182 - 1,182 1,535 - 1,535 3,763 - 3,763
Investment
management (67) (599) (666) (81) (732) (813) (147) (1,327) (1,474)
fee
Other (346) (136) (482) (312) (126) (438) (619) (257) (876)
expenses
Net return/
(loss)
before 769 10,047 10,816 1,142 1,316 2,458 2,997 (22,385) (19,388)
finance
costs and
taxation
Finance
costs of - - - - - - - - -
borrowings
Net return/
(loss) on
ordinary 769 10,047 10,816 1,142 1,316 2,458 2,997 (22,385) (19,388)
activities
before
taxation
Taxation on
ordinary (173) - (173) (187) - (187) (478) 71 (407)
activities
Net return/
(loss) on
ordinary 596 10,047 10,643 955 1,316 2,271 2,519 (22,314) (19,795)
activities
after
taxation
Net return/
(loss) per 2 1.67p 28.16p 29.83p 2.01p 2.76p 4.77p 5.54p (49.08)p (43.54)p
ordinary
share
The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in this statement derive from continuing operations. No
operations were acquired or discontinued during the period.
The net return for the period disclosed above represents the Company’s total
comprehensive income.
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Financial Position
As at As at As at
Note
31 December 2025 31 December 2024 30 June 2025
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Non current assets
Investments held at
fair value through 4 255,858 363,729 303,478
profit or loss
Current assets
Debtors 744 605 660
Cash and cash 6 2,712 7,192 4,068
equivalents
3,456 7,797 4,728
Creditors
Amounts falling due (900) (776) (705)
within one year
Net current assets 2,556 7,021 4,023
Total net assets 258,414 370,750 307,501
Capital and reserves
Share capital 7 3,320 3,320 3,320
Capital redemption 16 16 16
reserve
Share premium - 242,115 242,115
Special reserve 220,171 - -
Capital reserve 31,068 120,334 57,234
Revenue reserve 3,839 4,965 4,816
Shareholders’ funds 258,414 370,750 307,501
Net asset value per 8 785.37p 812.18p 760.96p
ordinary share
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Changes in Equity
For the six months ended 31 December 2025 (unaudited)
Share Capital Share Special Capital Revenue Shareholders’
Note capital redemption premium reserve1,2 reserve2 funds
reserve reserve2
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Shareholders’
funds at 1 July 3,320 16 242,115 - 57,234 4,816 307,501
2025
Net return on
ordinary - - - - 10,047 596 10,643
activities after
taxation
Cancellation of - - (242,115) 242,115 - - -
share premium*
Costs of
reclassification - - - (78) - - (78)
of share premium
Repurchase of
shares into 7 - - - (21,866) (36,213) - (58,079)
Treasury
Dividends paid - - - - - (1,573) (1,573)
Shareholders’
funds at 31 3,320 16 - 220,171 31,068 3,839 258,414
December 2025
For the six months ended 31 December 2024 (unaudited)
Share Capital Share Special Capital Revenue Shareholders’
Note capital redemption premium reserve2 reserve1,2 reserve2 funds
reserve
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Shareholders’
funds at 1 3,320 16 242,115 - 152,673 5,970 404,094
July 2024
Net return on
ordinary
activities - - - - 1,316 955 2,271
after
taxation
Repurchase of
shares into 7 - - - - (33,655) - (33,655)
Treasury
Dividends - - - - - (1,960) (1,960)
paid
Shareholders’
funds at 31 3,320 16 242,115 - 120,334 4,965 370,750
December 2024
For the year ended 30 June 2025 (audited)
Share Capital Share Special Capital Revenue Shareholders’
Note capital redemption premium reserve2 reserve1,2 reserve2 funds
reserve
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 3,320 16 242,115 - 152,673 5,970 404,094
July 2024
Net loss on
ordinary
activities - - - - (22,314) 2,519 (19,795)
after
taxation
Repurchase of
shares into 7 - - - - (73,125) - (73,125)
Treasury
Dividends - - - - - (3,673) (3,673)
paid
Shareholders’
funds at 30 3,320 16 242,115 - 57,234 4,816 307,501
June 2025
1 Capital reserve as at 31 December 2025 includes realised losses of
£15,996,000 (31 December 2024 realised gains: £69,481,000; 30 June 2025
realised gains: £33,046,000).
2 The Company may pay dividends from both capital and revenue reserves.
* During the period, the reduction of the Company’s share premium account to
create additional capital reserves which could be used for share buybacks
(approved by shareholders at the May 2025 general meeting) received court
approval. Accordingly, £242m of share premium was transferred to a special
capital reserve.
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Cash Flows
For the six For the six months
months ended ended For the year ended
Note 30 June 2025
31 December 2025 31 December 2024 (unaudited)
(unaudited) (unaudited)
£’000 £’000 £’000
Net cash outflow
from operations 5 (1,223) (1,630) (3,193)
before dividends
and interest
Dividends received 1,173 1,529 3,748
from investments
Interest received 9 6 21
Net cash
(outflow)/inflow (41) (95) 576
from operating
activities
Cash flow from
investing
activities
Purchase of (26,477) (46,083) (68,655)
investments
Sale of investments 84,743 83,687 143,623
Realised currency (7) (38) (65)
losses
Net cash generated
from investing 58,259 37,566 74,903
activities
Cash flow from
financing
activities
Repurchase of
shares into 7 (57,945) (34,058) (73,474)
Treasury
Legal costs for
cancellation of (78) - -
share premium
Dividends paid (1,573) (1,960) (3,673)
Net cash outflow
from financing (59,596) (36,018) (77,147)
activities
Net
(decrease)/increase (1,378) 1,453 (1,668)
in cash and cash
equivalents
Cash and cash
equivalents at 4,068 5,742 5,742
start of the period
(Decrease)/increase
in cash in the (1,378) 1,453 (1,668)
period
Currency gains/
(losses) on cash 22 (3) (6)
and cash
equivalents
Cash and cash
equivalents at end 6 2,712 7,192 4,068
of the period
The accompanying notes are an integral part of the financial statements.
Notes to the Half-Yearly Financial Report
1.(a) Accounting policies The unaudited condensed financial statements for the six months to31 December 2025 comprise the statements set out in the Interim Report together with the related notes. The financial statements have been prepared in accordance with the Company’s accounting policies as set out in the Annual Financial Report for the year ended30 June 2025 and are presented in accordance with the Companies Act 2006 (the ‘Act’), FRS 104 and the requirements of the Statement of Recommended Practice ‘Financial Statements ofInvestment Trust Companies and Venture Capital Trusts’ (‘SORP’) issued by theAssociation of Investment Companies (‘AIC’) inJuly 2022 . The financial information contained within this Half-yearly Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Act. The financial information for the year ended30 June 2025 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditors’ report on those accounts was not qualified and did not contain statements under sections 498(2) or (3) of the Act. The unaudited condensed financial statements for the six months ended31 December 2025 have been prepared on a going concern basis. 1.(b) Expenses All expenses are accounted for on an accruals basis. Expenses are charged through the revenue reserve except where they relate directly to the acquisition or disposal of an investment, in which case they are added to the cost of the investment or deducted from the sale proceeds, and where they are connected with the maintenance or the enhancement of the value of investments are charged to the capital reserve. The management fees, company secretarial and administration fees, the cost of operating the discount control mechanism and finance costs are allocated 90% to capital and 10% to revenue. 2. Return per share Return per share has been calculated based on the weighted average number of ordinary shares in issue for the six months ended31 December 2025 being 35,682,488 (six months ended31 December 2024 : 47,602,419 and year ended30 June 2025 : 45,463,998). 3. Dividends An interim dividend for the six months ended31 December 2025 of3.85 pence per ordinary share (six months ended31 December 2024 :3.85 pence ) has been declared. This dividend will be paid on27 March 2026 to those shareholders on the register at close of business on6 March 2026 . 4. Fair value hierarchy All investments are designated at fair value through profit or loss on initial recognition in accordance with FRS 102. The following table provides an analysis of these investments based on the fair value hierarchy as described below which reflects the reliability and significance of the information used to measure their fair value. The disclosure is split into the following categories: Level 1 – Investments with unadjusted quoted prices in an active market; Level 2 – Investments whose fair value is based on inputs other than quoted prices that are either directly or indirectly observable; Level 3 – Investments whose fair value is based on inputs that are unobservable (i.e. for which market data is unavailable). 31 December 31 December 30 June 2025 2024 2025 £’000 £’000 £’000 (unaudited) (unaudited) (audited) Level 1 255,858 363,729 303,478 Total value of investments 255,858 363,729 303,478 5. Reconciliation of net return before finance costs and taxation to cash from operations For the year For the six For the six months ended 31 months ended 31 ended 30 June December 2025 December 2024 2025 £’000 £’000 £’000 (unaudited) (unaudited) (audited) Net return/(loss) before finance 10,816 2,458 (19,388) costs and taxation (Gains)/losses on investments (10,770) (2,215) 20,732 Currency (gains)/losses (12) 41 69 Decrease in accrued income and 37 207 94 other debtors Dividend income (1,173) (1,529) (3,748) Interest received (9) (6) (21) Increase/(decrease) in creditors 61 (399) (524) Overseas tax suffered (173) (187) (407) Net cash outflow from operations (1,223) (1,630) (3,193) before interest and dividends 6. Analysis of changes in net cash At 30 June Cashflow Exchange At 31 December 2025 movements 2025 £’000 £’000 £’000 £’000 (audited) (unaudited) (unaudited) (unaudited) Cash and cash 4,068 (1,378) 22 2,712 equivalents Total 4,068 (1,378) 22 2,712 7. Share capital In the six months ended31 December 2025 , 7,506,000 ordinary shares were purchased intoTreasury at a total cost of £58,079,000 (six months ended31 December 2024 : 4,225,500 ordinary shares at a total cost of £33,655,000 and year ended30 June 2025 : 9,465,000 ordinary shares at a total cost of £73,125,000). In the six months ended31 December 2025 , no ordinary shares were sold fromTreasury (six months ended31 December 2024 and year ended30 June 2025 : no ordinary shares were sold fromTreasury ). In the six months ended31 December 2025 , no new ordinary shares were allotted (six months ended31 December 2024 and year ended30 June 2025 : no new ordinary shares were allotted). As at31 December 2025 , 33,477,758 ordinary shares were held inTreasury (31 December 2024 : 20,732,258;30 June 2025 : 25,971,758). 8. Net asset value per ordinary share The calculation of the net asset value per ordinary share is based on the following: 31 December 31 December 30 June 2024 2025 2025 (unaudited) (unaudited) (audited) Shareholders’ funds 258,414 370,750 307,501 (£’000) Number of ordinary shares in issue at 32,903,356 45,648,856 40,409,356 period end Net asset value per 785.37p 812.18p 760.96p ordinary share 9. Related party transactions The Directors are considered to be related parties. No Director has an interest in any transactions which are, or were, unusual in their nature or significant to the nature of the Company. The Directors receive fees for their services. During the six months ended31 December 2025 , £87,500 was paid to Directors (six months ended31 December 2024 : £85,000 and year ended30 June 2025 : £170,000) of which £nil was outstanding at the period end (31 December 2024 : outstanding £nil;30 June 2025 : outstanding £nil). 10. Transactions with the Investment Manager The investment management fees payable to Lazard are disclosed in the Statement of Comprehensive Income. The amount outstanding at31 December 2025 was £251,000 (31 December 2024 : £364,000 and30 June 2025 : £296,000). The existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies and therefore the Investment Manager is not considered to be a related party. 11. Post Balance Sheet Events Following the period end and up to24 February 2026 , 2,446,000 ordinary shares were bought back to be held inTreasury , at a total cost of £18,613,000. 12. Status of this report These are not full statutory accounts for the purposes of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year ended30 June 2025 , which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies. No full statutory accounts in respect of any period after30 June 2025 have been reported on by the Company’s auditors or delivered to the Registrar of Companies. A copy of the Half-Yearly Financial Report will be sent to shareholders and is available on the Company’s website at midwynd.com. Shareholders are encouraged to visit the website for further information on the Company. For further information please contact:Juniper Partners Limited Company Secretary email: cosec@junipartners.com
