LMS CAPITAL PLC — Net Asset Value 2026

Apr 24, 2026

National Storage Mechanism | Additional information

RNS Number : 7216B

LMS Capital PLC

24 April 2026

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT MAY CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

LEI: 2138004UJ1TW8UCELX08

24 April 2026

LMS CAPITAL PLC

First Quarter 2026 Update

LMS Capital plc (the "Company"), the listed Investment Company, provides the following update covering the period from 1 January 2026 to date and including the NAV at 31 March 2026.

Financial Highlights

·    Unaudited Net Asset Value ("NAV") at 31 March 2026 was £27.4 million (33.9p per share). This compares to £29.0 million (35.9p per share) at 31 December 2025;

·    £1.6 million (2.0p per share) was returned to shareholders in February 2026, bringing the total returned to shareholders under the realisation strategy to £3.2 million, equivalent to 4.0p per share;

·    After adjusting for the February return of capital to shareholders the NAV is broadly unchanged over the period;

·    Increases in portfolio value of £0.4 million, principally due to foreign exchange gains, offset running costs and investment costs for the period; and

·    Cash at 31 March 2026 was £3.4 million compared to £6.8 million at 31 December 2025;

o    Realisations in the period to 31 March 2026 were £0.7 million, realised from the Weber fund;

o    As previously envisaged, there were follow-on investments in Dacian and Castle View. The investment in Dacian is in line with previous estimates to allow the company to execute its business plan. Further investment has been made at Castle View to reduce debt under the existing facility and release previously unsold apartments for rental. There are now four rental apartments with a further one under offer. The company is in the process of establishing a new bank facility to refinance the rental units.

Unaudited Net Asset Value at 31 March 2026

The unaudited 31 March 2026 NAV is summarised below:

	Unaudited	Audited
	31 March 2026	31 December  2025
	£'000s
Castle View, Windsor	8,645	7,526
Dacian	10,829	9,669
Other -      Opus Capital -      Elateral -      Weber -      Other	3,066 1,100 787 277	3,092 1,100 1,495 300
Total Investments	24,704	23,182
Cash	3,410	6,761
Other Net Assets/Liabilities	(731)	(925)
Net Asset Value	27,383	29,018

The NAV at the end of March is based on the valuation of the Company's investments as at 31 December 2025, adjusted for transactions in the three months ended 31 March 2026, price movements on quoted securities, movements in foreign currency exchange rates, cash calls and distributions from funds, and the latest information available from third-party fund managers, generally the 31 December 2025 fund valuation reports, except for Weber Capital Partners which is based on 31 March 2026 valuations.

The person responsible for the release of this announcement on behalf of the Company is IQ EQ Corporate Services (UK) Limited, the Company Secretary.

For further information please contact:

LMS Capital plc

Nick Friedlos, Managing Director

0207 935 3555

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