TUESDAY

A24

AF1X2ZUB

12/05/2026

290

COMPANIES HOUSE

FIDELITY SPECIAL VALUES PLC

Half-Yearly Report for the six months ended 28 February 2026

Company number 2972628

Investment Objective and Overview

Fidelity Special Values PLC aims to achieve long-term capital growth primarily through investment in equities (and their related financial instruments) of UK companies which the Investment Manager believes to be undervalued or where the potential has not been recognised by the market.

The Company aims to achieve long-term capital growth for shareholders by investing in 'special situations'. It primarily invests in companies listed in the UK, but may invest up to 20% of total net assets outside of UK companies.

Contrarian stock-picking approach – The Portfolio Manager, Alex Wright, assisted by Co-Portfolio Manager, Jonathan Winton, looks for unloved companies that are entering a period of positive change that the market has not yet recognised. They follow a

highly disciplined investment process that focuses first on evaluating downside risk and then on identifying positive change and potential upside. Their philosophy is to base investment decisions on company fundamentals rather than top-down market or macroeconomic factors.

Leveraging Fidelity's global research platform – This contrarian approach is research intensive in order to identify and gain conviction in opportunities that are out of favour with other investors. The depth of Fidelity's

research ensures that there is a sufficient number of strong investment ideas to build a diversified portfolio at all points of the market cycle.

Performance – In the six month reporting period, the Company's net asset value total return was +17.1%, the share price total return was +23.1% and the FTSE All-Share Index (Benchmark) returned +18.9%.

Claire Boyle, Chair

Directors' Reports

At a Glance	02
Financial Highlights	03
Chair’s Statement	04
Portfolio Manager’s Half-Yearly Review	07
Twenty Largest Holdings	12
Interim Management Report and Directors’ Responsibility Statement	14

Financial Statements

Income Statement	18
Statement of Changes in Equity	20
Balance Sheet	22
Cash Flow Statement	23
Notes to the Financial Statements	24

Information for Shareholders

Shareholder Information	33
Financial Calendar	34
Directory	35
Data Protection	36
Glossary of Terms	37

Fidelity Special Values PLC | Half-Yearly Report 2026

At a Glance

Six months ended 28 February 2026

Net Asset Value per Ordinary Share total return¹,²

$$
+17.1\%
$$

(28 February 2025: +1.8%)

Ordinary Share Price total return¹,²

$$
+23.1\%
$$

(28 February 2025: +5.2%)

FTSE All-Share Index (Benchmark) total return¹

$$
+18.9\%
$$

(28 February 2025: +5.2%)

Interim Dividend per Ordinary Share

$$
3.49p
$$

(28 February 2025: 3.36p)

¹ Includes reinvested income.
² Alternative Performance Measures. See Glossary of Terms on page 37.

As at 28 February 2026

Shareholders' Funds

£1,465.5m

Market Capitalisation

£1,492.0m

Capital Structure

Ordinary Shares of 5 pence each

324,348,920

Summary of the key aspects of the Investment Policy

The investment approach is flexible, with positions in large, medium and smaller sized companies, across all industries. The Company may make limited investments in companies outside of the UK.

The Company may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio management and investment purposes.

The Company is able to gear the portfolio and the Board takes the view that long-term returns for shareholders can be enhanced by the use of gearing in a carefully considered and monitored way.

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Half-Yearly Report 2026 | Fidelity Special Values PLC

Financial Highlights

| | 28 February
2026 | 31 August
2025 |
| --- | --- | --- |
| Assets | | |
| Shareholders' Funds | 1,465.5m | £1,267.2m |
| Net Asset Value ("NAV") per ordinary share¹ | 451.83p | 392.26p |
| Share price and discount data | | |
| Share price at period end | 460.00p | 380.00p |
| Share price: period high² | 460.00p | 388.50p |
| Share price: period low² | 372.00p | 295.50p |
| Premium/Discount at period end¹ | 1.8% | (3.1%) |
| Maximum Premium/Lowest Discount² | 1.8% | (2.3%) |
| Maximum Discount period high² | (4.4%) | (10.6%) |

Alternative Performance Measures. See Glossary of Terms on page 37.
For the six month period to 28 February 2026 and for the year to 31 August 2025.

Fidelity Special Values PLC | Half-Yearly Report 2026

Chair's Statement

Overview and Performance

This is my first report to you as Chair of the Company, and also the first time since February 2016 that we have included a statement from the Chair at the half-year stage. It is a privilege to have taken on this role, and in an increasingly fast-moving geopolitical and industry environment, my Board colleagues and I felt it would be useful to take this opportunity to provide a more frequent update to shareholders alongside your Portfolio Manager, Alex Wright's regular interim review.

Your Company has continued to perform well in the period under review, with NAV and share price total returns of +17.1% and +23.1% respectively, compared with the FTSE All-Share Index (Benchmark) return of +18.9%. This is despite the fact that the performance of the UK equity market has continued to be driven principally by the largest companies, with midsized and smaller companies, which make up the greater part of your Company's portfolio, lagging behind. (The FTSE 100 Index returned +20.0% in the six months to 28 February 2026, while the Mid-Cap FTSE 250 Index saw a total return of +11.5%). You can read more about the drivers of performance in the Portfolio Manager's Review in the following pages, but in brief, the contributors to returns have included banks and defence stocks, merger and acquisition (M&A) activity, and not owning some highly valued larger companies such as Diageo and London Stock Exchange Group, which have performed poorly.

It is encouraging to see Alex and his co-Portfolio Manager Jonathan Winton's value-orientated, contrarian approach continuing to keep up in an environment in which UK equities have again outperformed other developed markets (and particularly the US) in both sterling and US dollar terms. Your Company's investment strategy has been proven to perform across investment cycles, with not only double-digit annualised returns over one, three, five and ten years, but also excellent returns since launch in 1994, and throughout Alex's tenure from 2012. The Board continue to have confidence in this disciplined investment strategy, which we believe has increasing relevance in the current uncertain environment.

Dividends

While your Company's investment approach is focused on long-term capital growth rather than income generation, dividends have historically formed an important part of the total shareholder return. The Board's policy is to pay dividends twice a year, in order to smooth the dividend payments for the Company's financial year.

The Company's revenue return for the six months to 28 February 2026 was 2.48 pence per share (28.02.25: 3.51 pence), and the Board is recommending an interim dividend of 3.49 pence per share (28.02.25: 3.36 pence) to be paid on 22 June 2026 to shareholders on the register at the close of business on 15 May 2026 (ex-dividend date 14 May 2026). This represents an increase of 3.9% on the prior period interim dividend.

Fidelity Special Values has a strong and consistent dividend history, with the Board having maintained or grown the dividend in each of the past 16 years. The Company has substantial revenue reserves (£32m or 9.9 pence per share at end of February 2026) on which we have drawn only once, during the Covid pandemic in 2020. We remain committed to this track record of delivering income alongside capital growth, a record that places the Company towards the top of the Association of Investment Companies' list of 'next-generation dividend heroes'.

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Half-Yearly Report 2026 | Fidelity Special Values PLC

Discount Management and Share Issuance

Investment trust discounts remain wide, standing at an average of 13.4% on 28 February 2026, compared with 14.1% on 31 August 2025¹. Against this backdrop it is encouraging to note that your Company's rating has remained appreciably better than this, beginning the half-year period at a discount to NAV of 3.1% and ending it at a premium of 1.8%.

Just as your Board seeks to maximise value for shareholders by using share buybacks to limit the discount when supply exceeds demand (and thereby enhance NAV per share), we also look to maintain an orderly market by issuing shares when excess demand pushes the price above the NAV per share. During the period under review, no shares were repurchased. However, with the shares trading at a premium to NAV from late January 2026 until the end of the reporting period, during February the Board was able to reissue all of the shares held in Treasury (1,050,000) as well as 250,000 new shares from its blocklisting. At the latest practicable date of this report, the share price remained at a premium to NAV of 0.6%.

While continued strong performance has undoubtedly helped to maintain demand for your Company's shares, the Board would also like to note our appreciation of Fidelity's ongoing efforts to raise the profile of the strategy, and in particular the time that both Alex and Jonathan take to promote the Company in the media and at investor events.

Board Changes

As noted above, I took over as Chair of the Company following the Company's Annual General Meeting on 11 December 2025, succeeding Dean Buckley, who had served on the Board for 10 years and as Chair since December 2022. My fellow Directors and I thank him for his significant contribution and dedicated service over his tenure and wish him well in his future endeavours. I look forward to building on the strong foundations he and his predecessors have established, and to working with the Board and Fidelity in the interests of all shareholders.

Christopher Casey, who joined the Board in January 2025, takes on my previous roles as both Senior Independent Director and Chair of the Audit Committee. Chris has a strong background in investment trusts and accountancy and will bring rigour and accountability to both roles. We were also delighted to welcome Hamish Baillie to the Board as a non-executive Director at the start of 2026. Hamish brings a wealth of experience in investment trust management and closed-ended fund governance, and his perspective will be a valuable addition to the Board's deliberations, further strengthening our collective expertise.

Board Strategy Day

In February 2026, the Board held its annual Strategy Day, which provides a valuable opportunity to step back from our day-to-day oversight and consider governance and strategy in a more top-down and forward-looking manner. We undertake a comprehensive analysis of the strengths, weaknesses, opportunities and threats facing the business, which can help to inform the Board's priorities over the coming year. As part of the day, we met with Fidelity's risk team to take a deeper dive into the opportunities and threats presented by artificial intelligence (AI), as well as addressing the management of cyber-risk in the broader business. The Strategy Day was also attended by a representative of our new auditor, PricewaterhouseCoopers LLP.

¹ Source: Winteritaad Investment Trusts, Refinitiv

Fidelity Special Values PLC | Half-Yearly Report 2026

Chair's Statement continued

Outlook

Recent developments in global trade policy and the war between the US, Israel and Iran have further elevated ongoing geopolitical tensions and contributed to increased volatility in commodity markets and supply chains, increasing uncertainty around the global economy, and the trajectory of inflation and interest rates on both sides of the Atlantic. However, your Company has weathered many storms across more than thirty years, and we remain confident that Alex and Jonathan's patient and contrarian approach to identifying unloved and undervalued companies, and their rigorous bottom-up investment process, will continue to deliver attractive performance over the long-term notwithstanding any shorter-term pressures for shareholders. As part of Fidelity, the managers have a strong team behind them, and we as your Board remain committed to robust governance and achieving long-term value for shareholders.

The success of the Company is borne out not only by its investment performance, but also its long-term dividend record, and by the fact that strong investor demand has meant that we have been able to issue new shares and grow the capital base. This was further underlined by the three-yearly continuation vote held at December's AGM, in which 97.12% of those voting approved the continuation of the Company as an investment trust. I would like to thank all shareholders for their continued support, and I look forward to reporting further progress at the year end.

Claire Boyle

Chair

28 April 2026

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Half-Yearly Report 2026 | Fidelity Special Values PLC

Portfolio Manager's Half-Yearly Review

Performance

In the six month reporting period to 28 February 2026, the Company recorded strong absolute returns with a net asset value ("NAV") per share return of +17.1% and a share price return of +23.1%, compared to a +18.9% return for the FTSE All Share Index (the "Benchmark"), all on a total return basis. This report seeks to summarise the period, highlight the key drivers of performance and set out the Portfolio Manager's forward-looking views.

The Company's NAV underperformance against the Benchmark was primarily driven by the performance divergence between large and mid-cap stocks in the UK market. This was reflected in the FTSE 100's gain of 20.0% compared with the FTSE 250's rise of 11.5%. Given the Company's substantial exposure to mid-cap stocks, this large-cap driven market environment weighed on relative returns, although this was partly mitigated by strong stock selection within large-cap companies.

Market Review

The reporting period for this investment review is 1 September 2025 to 28 February 2026. As a result, the performance review and positioning update relate to this period and therefore precede the events taking place in the Middle East since early March 2026. We have, however, incorporated a forward-looking perspective in the outlook section to reflect more recent developments. As this remains a rapidly developing situation, the investment team's views are subject to change as events evolve.

UK equities delivered strong performance, supported by attractive relative valuations, diversification by international investors and a gradually improving global monetary backdrop. The period began with cautiousness ahead of the UK Autumn Budget, as fiscal uncertainty weighed on investor sentiment, particularly in domestically focused stocks. Mixed signals over possible revenue measures added to the speculation. However, the final announcement revealed fewer near-term fiscal surprises and reassured markets. Global central banks continued to ease their policy stance, with both the US Federal Reserve and the Bank of England delivering rate cuts before the end of the year.

2026 started on a strong note, supported by an improving growth narrative and continued rotation towards more value-oriented areas of the market. Performance was broad-based, with gains across the market-cap spectrum, led by mid and small-caps. However, this was short lived, as February's rally was driven strongly by large-cap stocks, given its favourable sector mix and rotation away from artificial intelligence ("AI") companies. Global geopolitics remained an important theme, contributing to volatility in energy and metals prices. For the UK market this proved broadly supportive, given its sizeable exposure to oil majors and mining companies, which benefited from firmer commodity pricing.

From a sector perspective, market gains were primarily led by basic materials, utilities and health care, supported by a constructive environment for commodity prices, while defensive sectors benefited from earnings resilience and a more favourable growth backdrop. Technology was the only sector to post negative returns, reflecting market concerns around AI disruption, notably in software and information services companies. Against this backdrop, both value and growth segments advanced, but value outperformed by a significant margin. Similarly, large-cap stocks were the strongest performers, as investors favoured greater international revenue

Fidelity Special Values PLC | Half-Yearly Report 2026

Portfolio Manager's Half-Yearly Review continued

exposure, while mid and small-cap stocks underperformed.

Portfolio Review

Over the period, the Company's NAV delivered strong absolute returns but underperformed its Benchmark.

Beverages company C&C Group declined against a challenging backdrop for the hospitality sector. The company reported results below expectations, primarily due to weaker performance in its distribution channels, reflecting softness in wine and spirits and evidence of customers trading down across product categories. However, its branded business (Tennent's and Bulmers) delivered robust growth, and the company is actively strengthening distribution channels and product categories to improve profitability.

Elsewhere, shares in staffing companies Hays and PageGroup were a source of weakness. Both companies were weighed down by weak underlying recruitment markets, reflecting caution among both corporates and candidates when it comes to undertaking job searches. Investor concerns have also centred around the potential for disintermediation and job displacement from AI. We believe these concerns are overstated and have yet to see clear evidence that AI has structurally impaired these businesses. Current challenges appear largely cyclical, and we are already seeing signs of improvement in staffing activity in certain markets, such as the US, where AI adoption is the most advanced.

Within the consumer discretionary sector, our holdings in media agency WPP and digital media company Future declined. WPP's performance has been weaker than expected, as we had believed the company was further along in its turnaround journey following

its previous restructuring. The company has since lost meaningful market share, driven by client account losses and a cyclical downturn in advertising spending. Concerns around potential disruption from AI have also weighed on its shares. However, WPP remains an interesting turnaround opportunity and its shares are trading at very attractive levels. The company is under new management and has seen recent improvements in client account wins. Future's underperformance was driven by a valuation de-rating, reflecting concerns over the impact of AI on its web traffic. The company has taken steps to mitigate this, improving the diversification and monetisation of its content, including a shift towards more direct, owned distribution channels. Its shares are trading on low single-digit multiples, with the valuation underpinned by its price comparison business. The company is highly cash generative and is carrying out significant share buybacks, which is highly accretive to its earnings power.

Stock selection among large-cap companies contributed positively to performance, driven by our lack of exposure to expensive 'quality' companies. Several of these companies were impacted by market fears of AI disruption, such as RELX, Experian, Compass and London Stock Exchange Group. Collectively, they witnessed a sharp de-rating from their stretched valuation multiples. In addition, not holding Diageo and 3i Group contributed positively, as both companies came under pressure from weaker earnings, and in Diageo's case, structural concerns around future demand for spirits.

Integrated utility company SSE was the top owned contributor to relative performance. Its shares rose after it announced a multi-year investment plan focused on regulated networks and renewables. In November, the company unveiled a £33 billion five-year investment programme, including a £2 billion equity raise,

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Hall-Yearly Report 2026 | Fidelity Special Values PLC

as it seeks to upgrade the UK's regulated electricity networks, bolster its renewables business and strengthen its balance sheet. Geotechnical engineering company Keller also outperformed, supported by a continued run of earnings upgrades. The business has become more streamlined and is benefiting from strong demand linked to data centre activity and infrastructure-related projects in the US.

Gold miners have benefited from the continued shift in central bank reserves away from US Treasuries, as well as strong retail demand for precious metals, both of which underpinned the rally in the commodity price. South Africa-focused gold miner Pan African Resources advanced against this backdrop, alongside delivering strong production updates and the ramp up of its new mine.

Defence remained a key market theme, supporting our holdings in defence contractor Babcock and outsourcing company Serco. Babcock's highly specialised operations, growing international order book and ongoing self-help initiatives continued to support share price performance. Serco, which has around 40% revenue exposure to defence, gained from securing major contract wins and renewals in both the US and the UK, helping to offset headwinds from the loss of the Australian immigration contract. Elsewhere, the position in Mitle rallied after the company delivered a robust half-year trading update, beating revenue expectations and highlighting strong pipeline momentum. This strength has been driven by growth in energy efficiency and data-centre related projects as well as greater opportunities in the public-sector.

Within the banking sector, Standard Chartered was among the top contributors, following a strong trading update in October 2025 that highlighted robust growth in its global banking and wealth divisions. Not holding a position in HSBC detracted from relative performance. However, we prefer Standard Chartered as its wealth management business starts from a lower base and offers stronger growth prospects.

Portfolio Positioning

We have actively recycled capital from areas of strong performance and leaned into unfoved businesses with attractive turnaround potential. While the investment process is driven by bottom-up stock selection, we group the market into four super sectors - financials, resources, defensives and other GDP sensitive companies.

Financials remain our largest absolute sector weight, but this is highly diversified across a variety of sub-sectors, geographies and business models. We maintain a positive view on banks and continue to see value across our holdings. These include emerging market-focused Standard Chartered, domestic lenders Lloyds Banking Group, NatWest Group and Close Brothers, Irish banks AIB Group and Permanent TSB Group Holdings, as well as a couple of smaller banking positions. Over the period, we recycled part of our NatWest holding into Lloyds. Our insurance exposure moderated as we took profits, while the Just Group position acts as a cash proxy following the takeover bid from Brookfield Wealth Solutions. We also selectively added to asset managers Jupiter and Man Group, where valuations looked particularly attractive. Both companies subsequently made further progress in their turnarounds.

Defensive companies generally performed well, and we have opportunistically taken profits in several positions. These included consumer goods company Reckitt Benckiser, tobacco companies Imperial Brands and British American Tobacco, regulated grid

Fidelity Special Values PLC | Half-Yearly Report 2026

Portfolio Manager's Half-Yearly Review continued

operator National Grid and defence-related businesses Babcock and Serco. In contrast, we added to our DCC position. The company has shifted focus towards its core energy business with the disposal of its health care business last year and planned sale of its technology division. While the market has been cautious around the restructuring and the challenges of navigating the energy transition, we believe these concerns are overdone and the company is focusing on its higher return business.

We increased our position in a variety of cyclical areas, where we see attractive valuations and turnaround potential. For example, staffing companies (Hays, PageGroup and Sthree) are trading at trough valuation levels and offer an attractive risk/reward profile over three to five years. Current valuations reflect significant disruption to the businesses, while offering substantial upside should a recovery in hiring materialise. We also see opportunities in consumer-related sectors, alongside housing and construction, where valuations remain depressed and stocks are pricing in significant negativity. Many of these businesses combine attractive stock-specific opportunities with depressed industry volumes, offering multiple catalysts to support a turnaround. We exited low-cost carrier Ryanair following strong performance, as the investment thesis had largely played out. Similarly, we sold Rolls Royce after strong execution in its civil aerospace business and a significant improvement in margins, delivered strong share price performance which led to more demanding valuations levels.

Within resources, our underweight position increased as the basic materials sector sharply outperformed, notably precious metals and mining companies. Against this strong performance backdrop, we trimmed our two small gold mining positions and exited two

copper miners. While we remain underweight large-cap miners, reflecting our negative view on iron ore, we added to our Glencore position, supported by its attractive commodity mix and our constructive long-term outlook for copper. We also hold Kazatomprom, the world's largest uranium producer, which benefits from its low-cost position and favourable supply and demand dynamics. The Company holds around 4.5% in oil companies, representing a meaningful underweight relative to the UK benchmark and reflecting our cautious medium-term outlook and sector valuations. Our largest position is French-listed TotalEnergies, which remains our preferred oil major compared with UK peers.

Use of Gearing

We have continued to use contracts for difference (CFDs) to gear the portfolio's long exposure and eliminate some of the currency exposure for those holdings listed outside of the UK. Overall, the Company's net gearing increased from 5.4% at the beginning of the period to 8.5% at the end of February 2026.

Outlook

We remain positive on the long-term outlook for UK equities. UK valuations continue to trade at meaningful discounts to other major regions - both on absolute price to earnings multiples and after adjusting for structural sector differences, such as the heavy weighting of technology in US indices. The UK still offers many pockets of value, particularly among smaller and mid-sized companies.

There were early signs of an economic inflection, particularly across industrial and consumer-facing sectors that have faced a prolonged period of weakness. However, developments in the Middle East (as at 30 March) have clearly added complexity and increased near-term uncertainty. The duration

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of the conflict remains a key focus for markets, given its impact on oil prices, inflation, interest rate policy, growth expectations and broader risk sentiment. On a relative basis, the UK market's defensive sector composition and meaningful exposure to health care, utilities, consumer staples and oil majors should offer some resilience compared with other regions.

As in previous periods of uncertainty, we are spending significant time engaging with companies to understand how current conditions are affecting them and the resilience of balance sheets. We are closely monitoring developments and leveraging Fidelity's extensive analyst network, both globally and across industries, to see how wider trends could impact the portfolio. Our focus remains on bottom-up fundamentals, with positioning decisions driven by valuations and contrarian investment opportunities, rather than macro-economic events.

Another recent development has been increased volatility linked to AI. Companies perceived to be sensitive to AI disruption have sold off sharply. Markets have indiscriminately punished anything with even indirect AI exposure, often without clear evidence of structural impairment. We believe this environment increasingly tilts in favour of value investors and plays to Fidelity's strengths in fundamental research. Companies trading on rich multiples leave little margin for error. When investors assume a company's monopoly advantage will endure, even a modest shift in competitive dynamics, including the risk of AI-driven disruption, can justify a meaningful de-rating. We have seen this dynamic in information services and software businesses, where valuations have rightly fallen from very high levels. However, in most cases they still remain expensive, although there are areas of opportunity. Generally, the outlook for many industries is less predictable and businesses regarded as having unassailable moats or monopoly positions may not enjoy the same dominance in the future.

We avoid companies where their stretched valuations rely on long-term certainty. Instead, we focus on attractively valued businesses where the market has overreacted to perceived AI threats and where balance sheets provide strong downside support. The low valuation multiples we pay for stocks means that we do not need to take a decisive view on the outlook beyond the next ten years. We also look for cheap, underappreciated beneficiaries - companies with genuine exposure to structural change that the market has yet to fully recognise, such as outsourcing company Mitie, which supports the design and delivery of data centres. Integrated utility company SSE also benefits from AI-related growth through higher need for electricity grids and renewable energy demands.

We continue to believe that market conditions favour our value contrarian investment style. When uncertainty is rife, this typically results in more opportunities to pick up very attractively valued stocks. The large divergences in performance between different parts of the market create good opportunities to make attractive returns over a three-to-five-year view. The portfolio benefits from a favourable upside/downside profile and our holdings trade at a meaningful discount to the broader UK market, despite having the potential for robust earnings growth, strong returns on capital and relatively low levels of debt. This quality profile reinforces our confidence in delivering attractive long-term returns for investors.

Alex Wright
Portfolio Manager
28 April 2026

Fidelity Special Values PLC | Hall-Yearly Report 2026

Twenty Largest Holdings

as at 28 February 2026

The Asset Exposures shown below and on the next page measure exposure to market price movements as a result of owning shares, bonds and derivative instruments. The Fair Value is the realisable value of the portfolio as reported in the Balance Sheet. Where the Company holds shares and bonds, the Asset Exposure and Fair Value will be the same. For derivative instruments, Asset Exposure is the market value of the underlying asset to which the Company is exposed, while the Fair Value reflects the profit or loss on the contract since it was opened, and is based on how much the share price of the underlying asset has moved.

	Asset Exposure		Fair Value
	£'000	%¹	£'000
Exposures – shares unless otherwise stated
Standard Chartered
Banks	64,407	4.4	64,407
DCC
Industrial Support Services	62,306	4.3	62,306
Lloyds Banking Group
Banks	51,278	3.5	51,278
TotalEnergies (long CFDs)
Oil Gas & Coal	49,211	3.4	402
Aviva
Life Insurance	48,169	3.3	48,169
SSE
Electricity	47,980	3.3	47,980
British American Tobacco
Tobacco	44,162	3.0	44,162
Smith & Nephew
Medical Equipment & Services	41,454	2.8	41,454
AstraZeneca
Pharmaceuticals & Biotechnology	41,104	2.8	41,104
Glenveagh Properties (shares and long CFDs)
Household Goods & Home Construction	39,867	2.7	39,464
Imperial Brands
Tobacco	36,888	2.5	36,888
NatWest Group
Banks	35,576	2.4	35,576

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Half-Yearly Report 2026 | Fidelity Special Values PLC

	Asset Exposure		Fair Value
	£'000	%¹	£'000
AlB Group (long CFDs)
Banks	33,754	2.3	(496)
Mitie Group
Industrial Support Services	33,566	2.3	33,566
Just Group
Life Insurance	31,449	2.2	31,449
Serco Group
Industrial Support Services	31,210	2.1	31,210
Greencore Group
Food Producers	30,757	2.1	30,757
Cairn Homes (long CFDs)
Household Goods & Home Construction	29,034	2.0	1,302
Keller Group
Construction & Materials	26,693	1.8	26,693
Glencore
Industrial Metals & Mining	26,371	1.8	26,371
Twenty largest exposures	805,236	55.0	694,042
Other exposures	784,250	53.5	717,134
Gross Asset Exposure (114 holdings)	1,589,486	108.5
Portfolio Fair Value			1,411,176

¹ Asset Exposure is expressed as a percentage of Shareholders' Funds.

Fidelity Special Values PLC | Hall-Yearly Report 2026

Interim Management Report and Directors' Responsibility Statement

Principal and Emerging Risks

The Board, with the assistance of the Manager (FIL Investment Services (UK) Limited), has developed a risk matrix which, as part of the risk management and internal controls process, identifies the key existing and emerging risks and uncertainties faced by the Company.

The Board considers that the principal risks and uncertainties faced by the Company continue to fall into the following categories: economic, geopolitical and market; competition and marketplace threats impacting business growth; investment performance (including the use of derivatives and gearing); changes in legislation, taxation or regulation; cybercrime and information security; business continuity and crisis management; operational; key person and operational support; and discount control. Information on each of these risks is given on pages 26 to 29 in the Strategic Report section of the Annual Report for the year ended 31 August 2025, a copy of which can be found on the Company's pages of the Manager's website at www.fidelity.co.uk/specialvalues.

Although the principal risks and uncertainties remain the same as those at the last year end, the magnitude of their uncertainty continues to change. Geopolitical risks facing the company continue to increase, including political and trade tensions globally, trade sanctions and a challenging regulatory environment hindering investment. Global economic uncertainty is raised by the recent Middle East conflict injecting fresh volatility into global markets and oil prices and supplies, the ongoing war in Ukraine, tensions between China and the US and South Korea and North Korea, the South China Sea dispute affecting shipping routes and implications of China and Taiwan relations. The Board and the Manager remain vigilant in monitoring such risks.

Other emerging risks may continue to evolve from future geopolitical and economic events.

In recent months, there have been developments around the FCA's proposed Consumer Composite Investment (CCI) cost disclosure. The developments have been encouraging and should help investors. The Pension Schemes Bill, as currently proposed, excludes investment trusts and there is a risk that if adopted this could divert demand away from investment trusts.

There continues to be an increase in the threats facing the investment trust sector and this has resulted in a rise in merger and acquisition activity. The Board, the Manager, and the Company's Broker closely monitor industry activity and the peer group and actively manage supply and demand through its discount policies and mechanisms. In addition, an annual strategy review is undertaken by the Board to ensure that the Company continues to offer a relevant product to shareholders.

The investment company sector has generally suffered from wider discounts compared to long-term averages. Against this background, the Company has not needed to use its discount management policy and was trading at a premium during part of and at the end of the reporting period.

Climate change continues to be a key emerging and principal risk confronting asset managers and how this may impact the Company as a risk on investment valuations and potentially shareholder returns. It can potentially impact the operations of investee companies, their supply chains and their customers. Additional risks may also arise from increased regulations, costs and net-zero programmes which can all impact investment returns. The Board notes the Manager's ESG

Half-Yearly Report 2026 | Fidelity Special Values PLC

considerations, including climate change, in the Company's investment process and how it may affect investment valuations and potentially shareholder returns.

The Board and the Manager are also monitoring the emerging risks and opportunities posed by the rapid advancement of artificial intelligence ("AI") and technology and how this may threaten the Company's activities and its potential impact on the portfolio and investee companies. AI can provide asset managers with powerful tools, such as enhancing data analysis, risk management, trading strategies, operational efficiency and client servicing, all of which can lead to better investment outcomes and more efficient operations. However, with these advances in computer power, there are risks from its increasing use and manipulation with the potential to harm, including a heightened threat to cybersecurity.

Market fluctuations will impact the value of shares in the Company and investors should remember that holding shares in the Company should be considered to be a long-term investment. Risks are mitigated by the investment trust structure of the Company which means that the Portfolio Manager is not required to trade to meet investor redemptions. Therefore, investments in the Company's portfolio can be held over a longer-time horizon.

The Manager has appropriate business continuity and operational resilience plans in place to ensure the continued provision of services. This includes investment team key activities, including those of portfolio managers, analysts and trading/support functions. The Manager reviews its operational resilience strategies on an ongoing basis and continues to take all reasonable steps in meeting its regulatory obligations, assess its ability to

continue operating and the steps it needs to take to serve and support its clients, including the Board.

The Company's other third-party service providers also have similar measures in place to ensure that business disruption is kept to a minimum.

Transactions with the Manager and Related Parties

The Manager has delegated the Company's portfolio management of assets and company secretariat services to FIL Investments International. Transactions with the Manager and related party transactions with the Directors are disclosed in Note 13 to the Financial Statements on pages 31 and 32.

Going Concern Statement

The Directors have considered the Company's investment objective, risk management policies, liquidity risk, credit risk, capital management policies and procedures, the nature of its portfolio, its expenditure and cash flow projections. The Directors, having considered the liquidity of the Company's portfolio of investments (being mainly securities which are readily realisable) and the projected income and expenditure, are satisfied that the Company is financially sound and has adequate resources to meet all of its liabilities and ongoing expenses and can continue in operational existence for a period of at least twelve months from the date of this Half-Yearly Report.

This conclusion also takes into account the Board's assessment of the ongoing risks as outlined above.

Accordingly, the Financial Statements of the Company have been prepared on a going concern basis.

Fidelity Special Values PLC | Half-Yearly Report 2026

Interim Management Report and Directors' Responsibility Statement continued

Continuation votes are held every three years and the last continuation vote was put to shareholders at the AGM on 11 December 2025. 97.12% of the votes cast were in favour of continuation. The next continuation vote will be put to shareholders at the AGM in January 2029.

By Order of the Board
FIL Investments International
28 April 2026

Directors' Responsibility Statement

The Disclosure Guidance and Transparency Rules ("DTR") of the Financial Conduct Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements.

The Directors confirm to the best of their knowledge that:

a) the condensed set of Financial Statements contained within the Half-Yearly Report has been prepared in accordance with the Financial Reporting Council's Standard: FRS 104: Interim Financial Reporting; and

b) the Chair's Statement, Portfolio Manager's Half-Yearly Review on pages 4 to 11 and the Interim Management Report on pages 14 to 16, include a fair review of the information required by DTR 4.2.7R and 4.2.8R.

In line with previous years, the Half-Yearly Report has not been audited by the Company's Independent Auditor.

The Half-Yearly Report was approved by the Board on 28 April 2026 and the above responsibility statement was signed on its behalf by Claire Boyle, Chair.

Fidelity Special Values PLC | Hall-Feerly Report 2026

Income Statement

for the six months ended 28 February 2026

| | Six months ended 28 February 2026
unaudited | | | |
| --- | --- | --- | --- | --- |
| | Notes | Revenue
£'000 | Capital
£'000 | Total
£'000 |
| Gains on investments | | - | 186,400 | 186,400 |
| Gains/(losses) on derivative instruments | | - | 20,154 | 20,154 |
| Investment and derivative income | 4 | 13,514 | - | 13,514 |
| Other interest | 4 | 1,627 | - | 1,627 |
| Investment management fees | 5 | (4,002) | - | (4,002) |
| Other expenses | | (497) | - | (497) |
| Foreign exchange gains/(losses) | | - | 18 | 18 |
| Net return on ordinary activities before
finance costs and taxation | | 10,642 | 206,572 | 217,214 |
| Finance costs | 6 | (2,612) | - | (2,612) |
| Net return on ordinary activities before
taxation | | 8,030 | 206,572 | 214,602 |
| Taxation on return on ordinary activities | 7 | (31) | - | (31) |
| Net return on ordinary activities after
taxation for the period | | 7,999 | 206,572 | 214,571 |
| Return per ordinary share | 8 | 2.48p | 63.92p | 66.40p |

The Company does not have any other comprehensive income. Accordingly, the net return on ordinary activities after taxation for the period is also the total comprehensive income for the period and no separate Statement of Comprehensive Income has been presented.

The total column of this statement represents the Income Statement of the Company. The revenue and capital columns are supplementary and presented for information purposes as recommended by the Statement of Recommended Practice issued by the AIC.

No operations were acquired or discontinued in the period and all items in the above statement derive from continuing operations.

19
Hall-Yearly Report 2026 | Fidelity Special Values PLC

Six months ended 28 February 2025			Year ended 31 August 2025
unaudited			audited
Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
-	9,427	9,427	-	117,016	117,016
-	(1,264)	(1,264)	-	2,195	2,195
17,399	-	17,399	51,646	-	51,646
845	-	845	2,375	-	2,375
(3,315)	-	(3,315)	(6,857)	-	(6,857)
(470)	-	(470)	(944)	-	(944)
-	(66)	(66)	-	(546)	(546)
14,459	8,097	22,556	46,220	118,665	164,885
(2,956)	-	(2,956)	(6,225)	-	(6,225)
11,503	8,097	19,600	39,995	118,665	158,660
(118)	-	(118)	(272)	-	(272)
11,385	8,097	19,482	39,723	118,665	158,388
3.51p	2.50p	6.01p	12.28p	36.67p	48.95p

Fidelity Special Values PLC | HoliYearly Report 2026

Statement of Changes in Equity

for the six months ended 28 February 2026

	Notes	Share capital £'000
Six months ended 28 February 2026 (unaudited)
Total Shareholders' funds at 31 August 2025		16,205
New ordinary shares issued	11	12
Issue of ordinary shares from Treasury	11	-
Net return on ordinary activities after taxation for the period		-
Dividend paid to Shareholders	9	-
Total Shareholders' funds at 28 February 2026		16,217
Six months ended 28 February 2025 (unaudited)
Total Shareholders' funds at 31 August 2024		16,205
Repurchase of ordinary shares into Treasury	11	-
Net return on ordinary activities after taxation for the period		-
Dividend paid to Shareholders	9	-
Total Shareholders' funds at 28 February 2025		16,205
Year ended 31 August 2025 (audited)
Total Shareholders' funds at 31 August 2024		16,205
Repurchase of ordinary shares into Treasury	11	-
Net return on ordinary activities after taxation for the year		-
Dividends paid to Shareholders	9	-
Total Shareholders' funds at 31 August 2025		16,205

Hall-Yearly Report 2026 | Fidelity Special Values PLC

Share premium account £'000	Capital redemption reserve £'000	Other non-distributable reserve £'000	Capital reserve £'000	Revenue reserve £'000	Total shareholders' funds £'000
238,442	3,256	5,152	949,776	54,357	1,267,188
1,125	-	-	-	-	1,137
1,236	-	-	3,469	-	4,705
-	-	-	206,572	7,999	214,571
-	-	-	-	(22,097)	(22,097)
240,803	3,256	5,152	1,159,817	40,259	1,465,504
238,442	3,256	5,152	834,580	45,906	1,143,541
-	-	-	(2,628)	-	(2,628)
-	-	-	8,097	11,385	19,482
-	-	-	-	(20,418)	(20,418)
238,442	3,256	5,152	840,049	36,873	1,139,977
238,442	3,256	5,152	834,580	45,906	1,143,541
-	-	-	(3,469)	-	(3,469)
-	-	-	118,665	39,723	158,388
-	-	-	-	(31,272)	(31,272)
238,442	3,256	5,152	949,776	54,357	1,267,188

Fidelity Special Values PLC | Hall-Yearly Report 2026

Balance Sheet

as at 28 February 2026

Company number 2972628

| | Notes | 28 February
2026
unaudited
£'000 | 31 August
2025
audited
£'000 | 28 February
2025
unaudited
£'000 |
| --- | --- | --- | --- | --- |
| | | | | |
| Fixed assets | | | | |
| Investments | 10 | 1,410,180 | 1,164,423 | 1,094,910 |
| Current assets | | | | |
| Derivative instruments | 10 | 2,489 | 1,213 | 4,028 |
| Debtors | | 7,745 | 10,672 | 12,374 |
| Amounts held at futures clearing houses and
brokers | | 120 | 1,300 | 795 |
| Cash and cash equivalents | | 48,690 | 94,109 | 41,676 |
| | | 59,044 | 107,294 | 58,873 |
| Current liabilities | | | | |
| Derivative instruments | 10 | (1,493) | (3,530) | (6,096) |
| Other creditors | | (2,227) | (999) | (7,710) |
| | | (3,720) | (4,529) | (13,806) |
| Net current assets | | 55,324 | 102,765 | 45,067 |
| Net assets | | 1,465,504 | 1,267,188 | 1,139,977 |
| Capital and reserves | | | | |
| Share capital | 11 | 16,217 | 16,205 | 16,205 |
| Share premium account | | 240,803 | 238,442 | 238,442 |
| Capital redemption reserve | | 3,256 | 3,256 | 3,256 |
| Other non-distributable reserve | | 5,152 | 5,152 | 5,152 |
| Capital reserve | | 1,159,817 | 949,776 | 840,049 |
| Revenue reserve | | 40,259 | 54,357 | 36,873 |
| Total shareholders' funds | | 1,465,504 | 1,267,188 | 1,139,977 |
| Net asset value per ordinary share | 12 | 451.83p | 392.26p | 352.61p |

Signed on behalf of the Board by Claire Boyle, Chair

23
Hall/Yearly Report 2026 | Fidelity Special Values PLC

Cash Flow Statement

for the six months ended 28 February 2026

	28 February	28 February	31 August
	2026	2025	2025
	unaudited	unaudited	audited
	£'000	£'000	£'000
Operating activities
Investment income received	17,565	18,750	42,920
Net derivative income received	3,287	1,796	5,969
Interest received	1,627	822	2,352
Investment management fee paid	(3,950)	(3,361)	(6,820)
Directors' fees paid	(129)	(93)	(181)
Other cash payments	(402)	(141)	(801)
Net cash inflow from operating activities before finance costs and taxation	17,998	17,773	43,439
Finance costs paid	(2,655)	(2,974)	(6,228)
Overseas taxation (suffered)/recovered	(27)	251	(223)
Net cash inflow from operating activities	15,316	15,050	36,988
Investing activities
Purchases of investments	(268,815)	(162,160)	(352,069)
Sales of investments	207,368	194,529	425,818
Receipts on long CFDs	39,275	27,326	70,434
Payments on long CFDs	(21,914)	(21,241)	(61,062)
Receipts on short CFDs	-	460	460
Payments on short CFDs	-	(1,621)	(1,622)
Movement on amounts held at futures clearing houses and brokers	1,180	(795)	(1,300)
Net cash (outflow)/inflow from investing activities	(42,906)	36,498	80,659
Net cash (outflow)/inflow before financing activities	(27,590)	51,548	117,647
Financing activities
Dividends paid	(22,097)	(20,418)	(31,272)
Repurchase of ordinary shares	-	(1,137)	(3,469)
Net proceeds from issue of ordinary shares	4,250	-	-
Net cash outflow from financing activities	(17,847)	(21,555)	(34,741)
Net (decrease)/increase in cash and cash equivalents	(45,437)	29,993	82,906
Cash and cash equivalents at the beginning of the period	94,109	11,749	11,749
Effect of movement in foreign exchange	18	(66)	(546)
Cash and cash equivalents at the end of the period	48,690	41,676	94,109
Represented by:
Cash at bank	2,501	2,408	1,937
Amount held in Fidelity Institutional Liquidity Fund	46,189	39,268	92,172
	48,690	41,676	94,109

Fidelity Special Values PLC | Half-Yearly Report 2026

Notes to the Financial Statements

1 Principal Activity

Fidelity Special Values PLC is an Investment Company incorporated in England and Wales that is listed on the London Stock Exchange. The Company's registration number is 2972628, and its registered office is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. The Company has been approved by HM Revenue & Customs as an Investment Trust under Section 1158 of the Corporation Tax Act 2010 and intends to conduct its affairs so as to continue to be approved.

2 Publication of Non-statutory Accounts

The Financial Statements in this Half-Yearly Report have not been audited by the Company's Independent Auditor and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 (the "Act"). The financial information for the year ended 31 August 2025 is extracted from the latest published Financial Statements of the Company. Those Financial Statements were delivered to the Registrar of Companies and included the Independent Auditor's Report which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Act.

3 Accounting Policies

(i) Basis of Preparation

The Company prepares its Financial Statements on a going concern basis and in accordance with UK Generally Accepted Accounting Practice ("UK GAAP") and FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland, issued by the Financial Reporting Council. The Financial Statements are also prepared in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts ("SORP") issued by the Association of Investment Companies ("AIC") in July 2022. FRS 104: Interim Financial Reporting has also been applied in preparing this condensed set of Financial Statements. The accounting policies followed are consistent with those disclosed in the Company's Annual Report and Financial Statements for the year ended 31 August 2025.

(ii) Going Concern

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these Financial Statements. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements. This conclusion also takes into account the Directors' assessment of the risks faced by the Company as detailed in the Interim Management Report on pages 14 to 16.

25
Half-Yearly Report 2026 | Fidelity Special Values PLC

4 Income

	Six months ended 28 February 2026 unaudited £'000	Six months ended 28 February 2025 unaudited £'000	Year ended 31 August 2025 audited £'000
Investment income
UK dividends	8,882	11,409	33,971
UK property income distributions	304	788	1,522
UK scrip dividends	-	512	512
UK property income scrip dividends	264	-	-
Interest on securities	180	964	1,512
Overseas dividends	1,540	2,283	7,562
	11,170	15,956	45,079
Derivative income
Dividends received on long CFDs	2,344	1,443	6,567
Investment and derivative income	13,514	17,399	51,646
Other interest
Interest received on bank deposits, collateral and money market funds	1,627	823	2,352
Interest received on CFDs	-	22	23
	1,627	845	2,375
Total income	15,141	18,244	54,021

Special dividends of £1,133,000 have been recognised in capital during the period (six months ended 28 February 2025 and year ended 31 August 2025: £2,947,000).

Fidelity Special Values PLC | Hall-Yearly Report 2026

Notes to the Financial Statements continued

5 Investment Management Fees

| | Six months ended
28 February 2026
unaudited
£'000 | Six months ended
28 February 2025
unaudited
£'000 | Year ended
31 August 2025
audited
£'000 |
| --- | --- | --- | --- |
| Investment management fees | 4,002 | 3,315 | 6,857 |

FIL Investment Services (UK) Limited is the Company's Alternative Investment Fund Manager and has delegated portfolio management to FIL Investments International ("FII"). Both companies are Fidelity group companies.

FII charges investment management fees at an annual rate of 0.60% of net assets. Fees are accrued on a daily basis and payable monthly.

6 Finance Costs

| | Six months ended
28 February 2026
unaudited
£'000 | Six months ended
28 February 2025
unaudited
£'000 | Year ended
31 August 2025
audited
£'000 |
| --- | --- | --- | --- |
| Interest paid on CFDs | 2,581 | 2,938 | 6,122 |
| Interest paid on bank overdrafts | 31 | 18 | 103 |
| | 2,612 | 2,956 | 6,225 |

7 Taxation on Return on Ordinary Activities

| | Six months ended
28 February 2026
unaudited
£'000 | Six months ended
28 February 2025
unaudited
£'000 | Year ended
31 August 2025
audited
£'000 |
| --- | --- | --- | --- |
| Overseas taxation | 31 | 118 | 272 |
| Total taxation charge for the period | 31 | 118 | 272 |

27
HoliYearly Report 2026 | Fidelity Special Values PLC

8 Return per Ordinary Share

	Six months ended 28 February 2026 unaudited	Six months ended 28 February 2025 unaudited	Year ended 31 August 2025 audited
Revenue return per ordinary share	2.48p	3.51p	12.28p
Capital return per ordinary share	63.92p	2.50p	36.67p
Total return per ordinary share	66.40p	6.01p	48.95p

The return per ordinary share is based on the net return on ordinary activities after taxation for the period divided by the weighted average number of ordinary shares held outside of Treasury during the period, as shown below:

	£'000	£'000	£'000
Net revenue return on ordinary activities after taxation	7,999	11,385	39,723
Net capital return on ordinary activities after taxation	206,572	8,097	118,665
Net total return on ordinary activities after taxation	214,571	19,482	158,388
	Number	Number	Number
---	---	---	---
Weighted average number of ordinary shares held outside of Treasury	323,151,130	324,066,047	323,570,427

Fidelity Special Values PLC | Half-Yearly Report 2026

Notes to the Financial Statements continued

9 Dividends Paid to Shareholders

| | Six months ended
28 February 2026
unaudited
£'000 | Six months ended
28 February 2025
unaudited
£'000 | Year ended
31 August 2025
audited
£'000 |
| --- | --- | --- | --- |
| Final dividend of 6.84 pence per ordinary share paid for the year ended 31 August 2025 | 22,097 | - | - |
| Interim dividend of 3.36 pence per ordinary share paid for the year ended 31 August 2025 | - | - | 10,854 |
| Final dividend of 6.30 pence per ordinary share paid for the year ended 31 August 2024 | - | 20,418 | 20,418 |
| | 22,097 | 20,418 | 31,272 |

The Company has declared an interim dividend for the six month period to 28 February 2026 of 3.49 pence per ordinary share (2025: 3.36 pence). The interim dividend will be paid on 22 June 2026 to shareholders on the register at the close of business on 15 May 2026 (ex-dividend date 14 May 2026). The total cost of this interim dividend, which has not been included as a liability in these Financial Statements, is £11,320,000 (2025: £10,854,000). This amount is based on the number of ordinary shares in issue held at the date of this report.

10 Fair Value Hierarchy

The Company is required to disclose the fair value hierarchy that classifies its financial instruments measured at fair value at one of three levels, according to the relative reliability of the inputs used to estimate the fair values.

Classification	Input
Level 1	Valued using quoted prices in active markets for identical assets
Level 2	Valued by reference to inputs other than quoted prices included in level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly
Level 3	Valued by reference to valuation techniques using inputs that are not based on observable market data

29
Half-Yearly Report 2026 | Fidelity Special Values PLC

10 Fair Value Hierarchy continued

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. The valuation techniques used by the Company are as disclosed in the Company's Annual Report for the year ended 31 August 2025 (Accounting Policies Notes 2 (k) and 2 (l) on pages 62 and 63). The table below sets out the Company's fair value hierarchy:

| 28 February 2026 (unaudited) | Level 1
£'000 | Level 2
£'000 | Level 3
£'000 | Total
£'000 |
| --- | --- | --- | --- | --- |
| Financial assets at fair value through profit or loss | | | | |
| Investments | 1,407,596 | 2,391 | 193 | 1,410,180 |
| Derivative instrument assets | - | 2,489 | - | 2,489 |
| | 1,407,596 | 4,880 | 193 | 1,412,669 |
| Financial liabilities at fair value through profit or loss | | | | |
| Derivative instrument liabilities | - | (1,493) | - | (1,493) |
| | Level 1
£'000 | Level 2
£'000 | Level 3
£'000 | Total
£'000 |
| 31 August 2025 (audited) | | | | |
| Financial assets at fair value through profit or loss | | | | |
| Investments | 1,159,745 | 2,357 | 2,321 | 1,164,423 |
| Derivative instrument assets | - | 1,213 | - | 1,213 |
| | 1,159,745 | 3,570 | 2,321 | 1,165,636 |
| Financial liabilities at fair value through profit or loss | | | | |
| Derivative instrument liabilities | - | (3,530) | - | (3,530) |
| | Level 1
£'000 | Level 2
£'000 | Level 3
£'000 | Total
£'000 |
| 28 February 2025 (unaudited) | | | | |
| Financial assets at fair value through profit or loss | | | | |
| Investments | 1,070,007 | 24,358 | 545 | 1,094,910 |
| Derivative instrument assets | - | 4,028 | - | 4,028 |
| | 1,070,007 | 28,386 | 545 | 1,098,938 |
| Financial liabilities at fair value through profit or loss | | | | |
| Derivative instrument liabilities | - | (6,096) | - | (6,096) |

Fidelity Special Values PLC | Hall-Yeonly Report 2026

Notes to the Financial Statements continued

11 Share Capital

| | 28 February 2026
unaudited | | 31 August 2025
audited | | 28 February 2025
unaudited | |
| --- | --- | --- | --- | --- | --- | --- |
| | Number of shares | Nominal value £'000 | Number of shares | Nominal value £'000 | Number of shares | Nominal value £'000 |
| Issued, allotted and fully paid ordinary shares of 5 pence each held outside of Treasury | | | | | | |
| Beginning of the period | 323,048,920 | 16,152 | 324,098,920 | 16,205 | 324,098,920 | 16,205 |
| Ordinary shares issued out of Treasury | 1,050,000 | 53 | - | - | - | - |
| New ordinary shares issued | 250,000 | 12 | - | - | - | - |
| Ordinary shares repurchased into Treasury | - | - | (1,050,000) | (53) | (800,000) | (40) |
| End of the period | 324,348,920 | 16,217 | 323,048,920 | 16,152 | 323,298,920 | 16,165 |
| Ordinary shares of 5 pence each held in Treasury¹ | | | | | | |
| Beginning of the period | 1,050,000 | 53 | - | - | - | - |
| Ordinary shares issued out of Treasury | (1,050,000) | (53) | - | - | - | - |
| Ordinary shares repurchased into Treasury | - | - | 1,050,000 | 53 | 800,000 | 40 |
| End of the period | - | - | 1,050,000 | 53 | 800,000 | 40 |
| Total share capital | | 16,217 | | 16,205 | | 16,205 |

¹ Ordinary shares held in Treasury carry no rights to vote, to receive a dividend or to participate in a winding up of the Company.

During the period, 250,000 new ordinary shares were issued (year ended 31 August 2025 and six months to 28 February 2025: nil). The premium arising on the issue of these new ordinary shares amounting to £1,125,000 was credited to the share premium account.

In addition, 1,050,000 ordinary shares held in Treasury were issued (year ended 31 August 2025 and six months ended 28 February 2025: nil). As a result, £1,236,000 was credited to the share premium account and £3,469,000 to capital reserve.

No ordinary shares were repurchased into Treasury during the period (year ended 31 August 2025: 1,050,000 ordinary shares repurchased at a cost of £3,469,000 and six months ended 28 February 2025: 800,000 ordinary shares repurchased at a cost of £2,628,000).

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Hall-Yearly Report 2026 | Fidelity Special Values PLC

12 Net Asset Value per Ordinary Share

The calculation of the net asset value per ordinary share is based on the total shareholders' funds divided by the number of ordinary shares held outside of Treasury.

| | 28 February
2026
unaudited | 31 August
2025
audited | 28 February
2025
unaudited |
| --- | --- | --- | --- |
| Total shareholders' funds | £1,465,504,000 | £1,267,188,000 | £1,139,977,000 |
| Ordinary shares held outside of Treasury at the period end | 324,348,920 | 323,048,920 | 323,298,920 |
| Net asset value per ordinary share | 451.83p | 392.26p | 352.61p |

It is the Company's policy that shares held in Treasury will only be reissued at a premium to net asset value per ordinary share and, therefore, shares held in Treasury have no dilutive effect.

13 Transactions with the Manager and Related Parties

FIL Investment Services (UK) Limited is the Company's Alternative Investment Fund Manager and has delegated portfolio management and the role of Company Secretary to FIL Investments International ("FII"). Both companies are Fidelity group companies.

Details of the current fee arrangements are given in Note 5 on page 26. During the period, the following expenses were payable to FII:

| | Six months ended
28 February
2026
unaudited
£'000 | Six months ended
28 February
2025
unaudited
£'000 | Year ended
31 August
2025
audited
£'000 |
| --- | --- | --- | --- |
| Investment management fees | 4,002 | 3,315 | 6,857 |
| Marketing fees | 115 | 123 | 230 |

Fidelity Special Values PLC | Hall-Yearly Report 2026

Notes to the Financial Statements continued

13 Transactions with the Manager and Related Parties continued

At the Balance Sheet date, the following balances payable to FII were accrued and included in other creditors:

	Six months ended 28 February 2026 unaudited £'000	Year ended 31 August 2025 audited £'000	Six months ended 28 February 2025 unaudited £'000
Investment management fees	659	607	525
Marketing fees	65	33	87

As at 28 February 2026, the Board consisted of five non-executive Directors (as shown in the Directory on page 35), all of whom are considered to be independent. None of the Directors have a service contract with the Company.

The annual fee structure from 1 September 2025 is as follows:

	1 September 2025 £
Chair	52,000
Chair of the Audit Committee	42,000
Senior Independent Director	35,000
Director	33,000

Directors' Shareholdings are as follows:

	28 February 2026 Ordinary Shares
Hamish Baillie	5,000
Claire Boyle	7,466
Christopher Casey	7,000
Ominder Dhillon	7,750
Alison McGregor	20,000

33
Hall-Yearly Report 2026 | Fidelity Special Values PLC

Shareholder Information

Investing in Fidelity Special Values PLC

Fidelity Special Values PLC is a company listed on the London Stock Exchange and you can buy its shares through a platform, stockbroker or bank. Fidelity also offers a range of options, so that you can invest in the way that is best for you. Details of how to invest and the latest Key Information Document can be found on the Company's pages on the Manager's website at www.fidelity.co.uk/specialvalues

CONTACT INFORMATION

Shareholders and Fidelity's Platform Investors should contact the appropriate administrator using the contact details given below and on the next page. Links to the websites of major platforms can be found online at www.fidelity.co.uk/its

Shareholders on the main share register

Contact MUFG Corporate Markets, Registrar to Fidelity Special Values PLC, Central Square, 29 Wellington Street, Leeds LS1 4DL.

Email: [email protected]

Telephone: +44 (0) 371 664 0300 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open 9:00 - 17:30, Monday to Friday, excluding public holidays in England and Wales).

Details of individual shareholdings and other information can also be obtained from the Registrar's Investor Centre at https://uk.investorcentre.mpms.mufg.com/. Shareholders are able to manage their shareholding online by registering for the Investor Centre, a free and secure online service.

Facilities include:

Account Enquiry - Shareholders can access their personal shareholding, including share transaction history, dividend payment history and obtain an up-to-date shareholding valuation.

Amendment of Standing Data - Shareholders can change their registered postal address and add, change or delete dividend mandate instructions. Shareholders can also download forms such as change of address, stock transfer and dividend mandate forms as well as buy and sell shares in the Company.

Should you have any queries in respect of the Investor Centre, contact the helpline on +44 (0) 371 664 0300 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open 9:00 - 17:30, Monday to Friday excluding public holidays in England and Wales).

Fidelity Platform Investors

Contact Fidelity, using the freephone numbers given below, or by writing to: UK Customer Service, Fidelity, PO Box 391, Tadworth KT20 9FU.

Website: www.fidelity.co.uk

Private investors: call free on 0800 41 41 10, 9:00 - 18:00, Monday to Saturday.

Financial advisers: call free on 0800 41 41 81, 8:00 - 18:00, Monday to Friday.

Fidelity Special Values PLC | Half-Yearly Report 2026

Shareholder Information continued

General Enquiries

General enquiries should be made to the Secretary, at the Company's registered office: FIL Investments International, Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Telephone: 01737 836347

Email: [email protected]

Website: www.fidelity.co.uk/its

If you hold Fidelity Special Values PLC shares in an account provided by Fidelity International, you will receive a report every six months detailing all of your transactions and the value of your shares.

ShareGift

You may donate your shares to charity free of charge through ShareGift. Further details are available at www.sharegift.org.uk.

FINANCIAL CALENDAR 2026/2027 - KEY DATES
28 February 2026	Half-Yearly Period End
April 2026	Announcement of Half-Yearly Results
May 2026	Publication of Half-Yearly Report
14 May 2026	Ex-Dividend Date
15 May 2026	Dividend Record Date
22 June 2026	Payment of Interim Dividend
31 August 2026	Financial Year End
November 2026	Publication of Annual Report
December 2026	Ex-Dividend and Dividend Record Dates
January 2027	Annual General Meeting
January 2027	Payment of Final Dividend

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Data Protection

General Data Protection Regulation ("GDPR")

What personal data is collected and how is it used

The Company is an investment trust which is a public limited company and has certain regulatory obligations such as the requirement to send documents to its shareholders, for example, the Annual Report and other documents that relate to meetings of the Company. The Company will therefore collect shareholders' personal data such as names, addresses and identification numbers or investor codes and will use this personal data to fulfil its statutory obligations.

Any personal data collected will be kept securely on computer systems and in some circumstances on paper. Personal information is kept secure in line with Fidelity's Information Security policies and standards. If you are unhappy with how we have used your personal data, you can complain by contacting the UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Sharing personal data

In order to assist the Company in meeting its statutory requirements, the Company delegates certain duties around the processing of this data to its third party service providers, such as the Company's Registrar and Printers. The Company has appointed Fidelity to undertake marketing activities for the Company and their privacy statement can be found on the Company's website at https://investment-trusts.fidelity.co.uk/security-privacy/

The Company's agreements with the third party service providers have been updated to be compliant with GDPR requirements. The Company confirms to its shareholders that their data will not be shared with any third party for any other purpose, such as for marketing purposes. In some circumstances, it may be necessary to transfer shareholders' personal data across national borders to Fidelity Group entities operating in the European Economic Area ("EEA"). Where this does occur, the European standard of protections will be applied to the personal data that is processed. Where personal data is transferred within the Fidelity group, but outside of the EEA, that data will subsequently receive the same degree of protection as it would in the EEA.

Retention period

Personal data will be kept for as long as is necessary for these purposes and no longer than legally permitted to do so.

Requesting access, making changes to personal data and other important information

Shareholders can access the information that the Company holds about them or ask for it to be corrected or deleted by contacting Fidelity's UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Fair treatment of investors

The legal and regulatory regime to which the Company and the Directors are subject ensures the fair treatment of investors. The Listing Rules require that the Company treats all shareholders of the same class of shares equally. In particular, the Directors have certain statutory duties under the Companies' Act 2006 with which they must comply. These include a duty upon each Director to act in the way she or he considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.

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Glossary of Terms

AIC

The Association of Investment Companies ("AIC"). The Company is a member of the AIC.

AIF

Alternative Investment Fund ("AIF"). The Company is an AIF.

AIFM

Alternative Investment Fund Manager ("AIFM"). The Board has appointed FIL Investment Services (UK) Limited to act as the Company's AIFM (the Manager).

AIFMD

The Alternative Investment Fund Managers Directive ("AIFMD") is a European Union Directive implemented on 22 July 2014.

Alternative Performance Measures

The Company uses the following Alternative Performance Measures which are all defined in this Glossary of Terms:
- Discount/Premium;
- Gearing;
- Net Asset Value (NAV) per Ordinary Share;
- Ongoing Charges;
- Revenue, Capital and Total Returns; and
- Total Return Performance (Net Asset Value Total Return or Ordinary Share Price Total Return).

Asset Exposure

The value of an underlying security or instrument to which the Company is exposed, whether through direct or indirect investment (including the economic value of the exposure to the underlying asset of derivatives).

Benchmark

FTSE All-Share Index against which the performance of the Company is measured.

Blocklisting

A facility that allows the Company to issue new ordinary shares to meet demand in the market over a period of time.

Collateral

Asset provided as security for the unrealised gain or loss under a contract for difference.

Contract For Difference (CFD)

A contract for difference is a derivative. It is a contract between the Company and an investment house at the end of which the parties exchange the difference between the opening price and the closing price of an underlying asset of the specified financial instrument. It does not involve the Company buying or selling the underlying asset, only agreeing to receive or pay the movement in its share price. A contract for difference allows the Company to gain access to the movement in the share price by depositing a small amount of cash known as collateral. The Company may reason that the asset price will rise, by buying ("long" position) or fall, by selling ("short" position). If the Company holds long positions, dividends are received and interest is paid. If the Company holds short positions, dividends are paid and interest is received.

Custodian

An entity that holds (as intermediary) the Company's assets, arranges the settlement of transactions and administers income, proxy voting and corporate actions. The Company's Custodian is JPMorgan Chase Bank.

Depositary

An entity that oversees the custody, cash arrangements and other AIFM responsibilities of the Company. J.P.Morgan Europe Limited act as the Company's Depositary.

Fidelity Special Values PLC | Hall-Yearly Report 2026

Glossary of Terms continued

Derivatives

Financial instruments (such as futures, options and contracts for difference) whose value is derived from the value of an underlying asset or other financial instrument.

Discount

If the share price of the Company is lower than the net asset value per ordinary share, the Company is said to be trading at a discount. The discount is shown as a percentage of the net asset value per ordinary share.

Fair Value

The fair value is the best measure of the realisable value of the investments, including derivatives, at a point in time and is measured as:

Listed and AIM quoted investments - valued at bid prices or last market prices as available, otherwise at published price quotations;
Unlisted investments - valued using an appropriate valuation technique in the absence of an active market;
Contracts for difference - valued as the difference between the settlement price of the contract and the value of the underlying shares in the contract (unrealised gains or losses); and
Futures and options - valued at the quoted trade price for the contract.

Fidelity International (Fidelity)

FIL Limited and its subsidiary group companies including FIL Investment Services (UK) Limited and FIL Investments International which act as AIFM, Secretary and Investment Manager.

Future

An agreement to buy or sell a fixed amount of an asset at a fixed future date and a fixed price.

Gearing

The economic exposure of the portfolio to its underlying assets in excess of total net assets. It represents the additional exposure to the market above Shareholders' Funds. The Company uses two measures of gearing (Gross Gearing and Net Gearing).

Gross Asset Exposure

The value of the portfolio to which the Company is exposed, whether through direct or indirect investment (including the economic value of the exposure to the underlying asset of the derivatives). It is the sum total of all Asset Exposures.

Gross Gearing

The amount by which Gross Asset Exposure exceeds Shareholders' Funds, expressed as a percentage of Shareholders' Funds.

Hedging

A strategy aimed at minimising or eliminating the risk of loss through adverse movements normally involving taking a position in a derivative such as a future or an option.

Investment Manager

FIL Investments International performs this role for the Company.

Manager

FIL Investment Services (UK) Limited is the appointed Manager under the AIFMD and has delegated the portfolio management of assets to the Investment Manager.

Net Assets or Net Asset Value (NAV)

Also described as Shareholders' Funds, net assets represent the total value of the Company's assets less the total value of its liabilities. For valuation purposes it is common to express the net asset value on a per ordinary share basis.

Net Asset Value per Ordinary Share

The net asset value divided by the number of ordinary shares in issue.

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Net Gearing

The amount by which Net Market Exposure exceeds Shareholders' Funds, expressed as a percentage of Shareholders' Funds.

Net Market Exposure

Net Market Exposure is the total of all long exposures, less short exposures and less exposures hedging the portfolio.

Ongoing Charges

Total operational expense (excluding finance costs and taxation) incurred by the Company as a percentage of the average daily net asset values for the reporting year.

Options

An option is a contract which gives the right but not the obligation to buy or sell an underlying asset at an agreed price on or before an agreed date. Options may be calls (buy) or puts (sell) and are used to gain or reduce exposure to the underlying asset on a conditional basis.

Portfolio Manager

Alex Wright is the appointed Portfolio Manager of the Company and is responsible for managing the Company's assets. He is supported by the Co-Portfolio Manager, Jonathan Winton.

Premium

If the share price of the Company is higher than the net asset value per ordinary share, the Company's shares are said to be trading at a premium. The premium is shown as a percentage of the net asset value per ordinary share.

Registrar

An entity that manages the Company's Shareholder register. The Company's Registrar is MUFG Corporate Markets.

Reserves

Share premium account represents the amount by which the proceeds from the issue of ordinary shares has exceeded the cost of those ordinary shares. It is not distributable by way of dividends and it cannot be used to fund share repurchases.
Capital redemption reserve maintains the equity share capital of the Company and represents the nominal value of shares repurchased and cancelled. It is not distributable by way of dividends and it cannot be used to fund share repurchases.
Other non-distributable reserve represents amounts transferred from the warrant reserve. It is not distributable by way of dividends and it cannot be used to fund share repurchases.
Capital reserve represents realised gains or losses on investments and derivatives sold, unrealised increases and decreases in the fair value of investments and derivatives held and other income and costs recognised in the capital column of the Income Statement. It can be used to fund repurchases and issuance of shares from Treasury and it is distributable by way of dividends.
Revenue reserve represents retained revenue surpluses recognised through the revenue column of the Income Statement. It is distributable by way of dividends.

Return

The return generated in a given period from investments:

Revenue Return reflects the dividends and interest from investments and other income net of expenses, finance costs and taxation;

Fidelity Special Values PLC | Half-Yearly Report 2026

Glossary of Terms continued

Capital Return reflects the gains and losses on investments and derivative instruments, including foreign exchange related gains and losses;
Total Return reflects the aggregate of revenue and capital returns.

Shareholders' Funds

Shareholders' Funds are also described as net asset value and represent the total value of the Company's assets less the total value of its liabilities as shown in the balance sheet.

Total Return Performance

The return on the share price or net asset value per ordinary share taking into account the rise and fall of share prices and the dividends paid to shareholders. Any dividends received by the shareholder are assumed to have been reinvested for additional shares (for share price total return) or in the Company's assets (for net asset value total return).

Treasury Shares

Ordinary shares of the Company that have been repurchased by the Company and not cancelled but held in Treasury. These shares do not receive dividends, have no voting rights and are excluded from the net asset value per ordinary share calculation.

www.fidelity.co.uk/its

Fidelity, Fidelity International, the Fidelity International logo and # symbol are trademarks of FIL Limited

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This publication has been manufactured using 100% offshore wind electricity sourced from UK wind.

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Fidelity Special Values PLC — Interim / Quarterly Report 2026

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FIDELITY SPECIAL VALUES PLC

Investment Objective and Overview

Contents

Directors' Reports

Financial Statements

Information for Shareholders

At a Glance

Financial Highlights

Chair's Statement

Overview and Performance

Dividends

Discount Management and Share Issuance

Board Changes

Board Strategy Day

Chair's Statement continued

Outlook

Claire Boyle

Portfolio Manager's Half-Yearly Review

Performance

Market Review

Portfolio Manager's Half-Yearly Review continued

Portfolio Review

Portfolio Positioning

Portfolio Manager's Half-Yearly Review continued

Use of Gearing

Outlook

Twenty Largest Holdings

Interim Management Report and Directors' Responsibility Statement

Principal and Emerging Risks

Transactions with the Manager and Related Parties

Going Concern Statement

Interim Management Report and Directors' Responsibility Statement continued

Directors' Responsibility Statement

Income Statement

Statement of Changes in Equity

Balance Sheet

Cash Flow Statement

Notes to the Financial Statements

1 Principal Activity

2 Publication of Non-statutory Accounts

3 Accounting Policies

(i) Basis of Preparation

(ii) Going Concern

4 Income

Notes to the Financial Statements continued

5 Investment Management Fees

6 Finance Costs

7 Taxation on Return on Ordinary Activities

8 Return per Ordinary Share

Notes to the Financial Statements continued

9 Dividends Paid to Shareholders

10 Fair Value Hierarchy

10 Fair Value Hierarchy continued

Notes to the Financial Statements continued

12 Net Asset Value per Ordinary Share

13 Transactions with the Manager and Related Parties

Notes to the Financial Statements continued

13 Transactions with the Manager and Related Parties continued

Shareholder Information

Investing in Fidelity Special Values PLC

CONTACT INFORMATION

Shareholders on the main share register

Facilities include:

Fidelity Platform Investors

Shareholder Information continued

General Enquiries

ShareGift

Directory

BOARD OF DIRECTORS

ALTERNATIVE INVESTMENT FUND MANAGER

INVESTMENT MANAGER, SECRETARY AND REGISTERED OFFICE

BANKER AND CUSTODIAN

DEPOSITARY

FINANCIAL ADVISER AND STOCKBROKER

INDEPENDENT AUDITOR

LAWYER

Fidelity Special Values PLC Interim / Quarterly Report 2026