Managed by

J. Rothschild Capital Management Limited

Half-Yearly Financial Report

For the six months ended 30 June 2025



Contents

1 About Us

3 Performance Highlights

Interim Review

8 Chairman's Statement

11 CEO Letter

14 Manager's Report

34 Investment Portfolio

38 Regulatory Disclosures

Condensed Interim Financial Statements

  1. Consolidated Income Statement and Consolidated Statement of Comprehensive Income (unaudited)

  2. Consolidated Balance Sheet (unaudited)

  3. Consolidated Statement of Changes in Equity (unaudited)

  4. Consolidated Cash Flow Statement (unaudited)

  5. Notes to the Financial Statements (unaudited)

Other Information (unaudited)

  1. Investment Portfolio Reconciliation

  2. Glossary and Alternative Performance Measures

  1. Investor Information

  2. Directory

    Notes

    Nothing in this Half-Yearly Financial Report should be construed as advice to buy or sell a particular investment. RIT Capital Partners plc (RIT or the Company) is a UK public listed company, and as such complies with the UK Financial Conduct Authority's (FCA) Listing Rules. The Company conducts its affairs so as to qualify for approval as an investment trust, and has been accepted as an approved investment trust by HM Revenue & Customs (HMRC), subject to continuing to meet the eligibility conditions. As an investment trust, it is not authorised or regulated by the FCA. RIT is classified as an Alternative Investment Fund (AIF) in accordance with the UK Alternative Investment Fund Managers Directive (AIFMD). The investment manager, administrator, and company secretary is J. Rothschild Capital Management Limited (JRCM or the Manager), a subsidiary of RIT. JRCM is authorised and regulated by the FCA and is classified as an Alternative Investment Fund Manager (AIFM) in accordance with AIFMD.

    About Us

    A timeless investment

    Our history

    Our purpose is to grow your wealth meaningfully over time, through a diversified and resilient global portfolio. To deliver

    this in a complex, changing world requires a distinctive approach. This is where our

    exclusive access, flexible investment mandate, experienced team and permanent capital give us an edge to outperform.

    RIT Capital Partners plc was founded by Lord Rothschild and can trace its roots back to the Rothschild Investment Trust, which he chaired from 1971. He instilled the firm's unique approach to

    generating attractive investment returns that remains constant to this day. It was subsequently renamed RIT Capital Partners and listed on the London Stock Exchange in 1988.

    What makes us different

    1. Flexible investment mandate to invest across different asset classes and geographies

    2. Access to exclusive opportunities not typically available to individual investors

    3. Internal expertise combined with insights from our network and specialist partners to create a diversified

and resilient global portfolio

Half-Yearly Financial Report 2025 RIT Capital Partners plc 1



Today

Today, RIT is one of the UK's largest investment trusts, a member of the FTSE 250 index with total assets in excess of £4 billion. The Rothschild family remain the largest shareholder, and RIT is managed by its wholly-owned

subsidiary, J. Rothschild Capital Management Limited (JRCM).

10.4%

Annualised NAV per share total return since inception (total return 3,794%)

10.3%

Annualised share price total return since inception

(total return 3,645%)

Investment approach

We combine our expertise in bottom-up investment selection across different structures, asset classes and geographies, while maintaining an equal focus on top-down risk management and portfolio construction. This approach aims to maximise returns over the long term while helping to mitigate the risk of undue capital loss.



2 Half-Yearly Financial Report 2025 RIT Capital Partners plc

Performance Highlights

All three of our strategic investment pillars -Quoted Equities, Private Investments and Uncorrelated Strategies - delivered positive returns in the first half of the year, with the largest contribution coming from our

Private Investments pillar.

3.4%

NAV per share total return

(including dividends)

10.3%

Dividend increase on 2024. 43p total dividend 2025

£4.2bn

Total assets; Net assets £3.8bn

102.7%

NAV per share total return over ten years, with less risk than equity markets1

-27.4%

Share price discount to NAV

10%

Share capital bought back since 2023 (~£300m)

1 Here we measure risk as the 10-year monthly NAV per share return volatility of 7.3% per annum, as compared to 10-year monthly volatility of the ACWI (50% £) of 12.3% per annum.

Half-Yearly Financial Report 2025 RIT Capital Partners plc 3



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Disclaimer

RIT Capital Partners plc published this content on August 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 07, 2025 at 06:07 UTC.