Temple Bar Investment Trust Plc

Annual Financial Report for the year ended 31 December 2025

London, 20 March 2026  Temple Bar Investment Trust Plc (LSE:TMPL), the UK-listed investment company that focuses on intrinsic value and long-term growth by investing primarily in UK-listed securities, has today announced annual results for the year ended 31 December 2025.

Highlights:

  • Net Asset Value (“NAV”) total return with debt at fair value of +33.9% (2024: +19.9%) [1] , once again exceeding the Benchmark, the FTSE All-Share Index, which delivered +24.0% (2024: +9.5%) [2]
  • Share price total return of +45.3%, (2024: +19.1%) 1
  • Dividend of 15 pence per ordinary share  an increase of 33.3% (2024: 11.25 pence), representing a yield of 4%
  • Premium of 1.4% of share price to NAV per share with debt at fair value (2024: discount of 6.6%)  enabling the Company to reissue shares from Treasury and raise over £50m at the time of writing since issuance began in October 2025
  • The Company’s market capitalisation is £1.1bn at the time of writing, up from £776m at the start of 2025

Charles Cade, Chairman of Temple Bar Investment Trust comments:

“2025 was another strong year for the Company’s performance, both in absolute terms and relative to the FTSE All-Share Index, the Company’s benchmark. The Net Asset Value total return with debt at fair value was +33.9% and the share price total return was +45.3%, compared with a total return of +24.0% for the Benchmark.

“Returns were primarily driven by stock selection rather than broader market movements, reflecting the Portfolio Manager’s focus on company fundamentals, valuation discipline and active engagement with investee companies.

“The Board continues to monitor the Company’s net revenue position closely and, based on the latest forecasts, expects to maintain a progressive dividend policy with future annual dividends increasing over time. It is the Board’s current intention to increase the quarterly dividends to 3.90p per share in 2026 (2025: 3.75p per share), an increase of 4.0% on 2025, representing an annualised dividend yield of 4.3%, based on the share price at the time of writing.  

“The combination of strong performance, a rising dividend and increased marketing has led to significant demand for the Company’s shares, particularly from retail investment platforms such as interactive investor and Hargreaves Lansdown. This has helped move the Company’s share price to a premium to Net Asset Value per share. I am pleased to report that as a result, the Company was able to re-issue 5,045,000 shares out of treasury during the year at an average premium of 3.0%, raising £18.6m. Since 31 December 2025 to 18 March 2026, further shares have been re-issued from treasury and as a result, the Company’s market capitalisation is £1.1bn at the time of writing, up from £776m at the start of 2025.

“In our last annual report, we highlighted that the Board monitors the Company’s investable universe to ensure that the Portfolio Manager has a large enough opportunity set to build a diversified portfolio of attractively valued investments. At present, the Portfolio Manager continues to believe that the opportunity set is large enough under the Company’s current investment restrictions. However, should the universe of UK listed companies continue to reduce materially, the Board may in the future propose a broadening of the investment policy to increase the ability of our Portfolio Manager to access overseas opportunities beyond the current 30% limit.

“It would be easy for investors to take fright given the uncertain macro-economic and geopolitical outlook. It is worth recognising, though, that the Company’s performance is not closely correlated to the health of the UK economy. Indeed, the Portfolio Manager estimates that only approximately 35% of the underlying revenue of the portfolio companies comes from the UK. On a global level, the outlook is equally uncertain. However, the Company’s Portfolio Manager has historically been adept at taking advantage of periods of market dislocation. As a result, the Board believes that Temple Bar is well-placed to continue delivering attractive long-term returns for shareholders through a combination of capital growth and income.

“This is my first Chair’s Statement for Temple Bar, having been appointed as Chair on 2 December 2025 when Richard Wyatt retired from the Board. I would like to thank Richard for his significant contribution, and I take on the role of Chair with the Company in a far stronger position than it has been for many years. Together with Arthur Copple, the previous Chair, Richard was instrumental in the decision to appoint Redwheel as Portfolio Manager in 2020, at a time when value investing was firmly out of favour. Since Redwheel took over the management of the Company’s portfolio at the end of October 2020, the Net Asset Value total return to the end of 2025 has been +199.8% compared with +103.7% for the Benchmark, representing outperformance of 8.9% per annum.”

Ian Lance and Nick Purves, co-managers of Temple Bar Investment Trust comment:

“The Company’s portfolio performed well in 2025. Six stocks, NatWest Group, Barclays, Standard Chartered, Aviva, NN Group, and Johnson Matthey, rose by more than 50% in the year, and each thereby added at least 2% to the Company’s absolute return. Another eight stocks, including ABN Amro, GlaxoSmithKline, Aberdeen, Macys and BET, each added at least 1% to the Company’s absolute return. Only one stock, WPP, detracted more than 1% from the Company’s return in the year, more than halving in the period.

“Although valuations have risen from the quite extreme levels seen post the COVID pandemic, they are still low in an absolute and historical sense. In aggregate, the Company’s portfolio is now valued at around eleven times earnings, higher than it was, but still a discount to the wider UK market, and around half the valuation accorded to the wider global equity indices. Accordingly, we believe the Company is still priced to deliver meaningful excess return, and shareholders can look forward to the future with optimism.”

You don’t have to take high risks with your hard earned.

It is the Board’s current intention to increase the quarterly dividends to 3.90p per share in 2026 (2025: 3.75p per share), an increase of 4.0% on 2025, representing an annualised dividend yield of 4.3%, based on the share price at the time of writing. 

One to consider if Mr. Market gives you the opportunity.