Financial:

·    Net Asset Value (“NAV”) per Ordinary Share of 76.1p (31 March 2025: 95.1p).

·    Ordinary Shareholders’ NAV of £437.5m (31 March 2025: £547.4m).

·    Gross Asset Value (“GAV”) of £922m (31 March 2025: £1,061m).

·    Total Income of £141.3m (31 March 2025: £135.5m).

·    NESF Group Portfolio and Holdco EBITDA of £104.5m (31 March 2025: £96.9m).

·    Cash income of £71.9m (31 March 2025: £67.1m).

·    Amount available for Ordinary Share distribution of £56.2m (31 March 2025: £50.3m).

·    Weighted average cost of capital of 6.9% (31 March 2025: 6.6%).

·    Weighted average discount rate across the portfolio of 8.5% (31 March 2025: 8.0%).

Dividend:

·    Total dividends declared of 8.43p per Ordinary Share for the twelve months ended 31 March 2026 (31 March 2025: 8.43p).

·    Dividend cover for the twelve months ended 31 March 2026 was 1.2x (31 March 2025: 1.1x).

·    Following the payment of the target dividend of 8.43p for the financial year ended 31 March 2026, the Company has transitioned from a progressive dividend policy to a percentage-based dividend policy, targeting a 75% distribution of operating free cash flows, post debt servicing and portfolio and fund operating expenses.

·    The estimated dividend guidance range for the financial year ending 31 March 2027 is between 4.5p – 5.1p per Ordinary Share, subject to portfolio performance. This guidance is the equivalent to a dividend yield range of c.9% – c.11% based on the company’s share price as at 19 June 2026.

·    As a result of the 75% dividend payout policy mechanics on earnings post debt amortisation, this would translate to a 1.3x dividend cover.

·    As at 31 March 2026, the Company had declared total Ordinary Share dividends of £443m since inception, the equivalent to 84.7p per Ordinary Share.