RIT Capital Partners : publishes October 2025 NAV and commentary

About RIT

RIT Capital Partners plc (RIT) is listed on the London Stock Exchange's FTSE 250 Index and is one of the UK's largest

investment trusts. RIT is managed by its wholly-owned subsidiary, J. Rothschild Capital Management Limited (JRCM).

Our purpose is to grow your wealth meaningfully over time, through a diversified and resilient global portfolio. RIT is therefore best thought of as a core diversifier and part of a portfolio's global equity exposure.

At a glance

2,903p

NAV per share

2,165p

Share price

-25.4%

Discount at month end

£4.5bn

Total assets

2.5%

NAV per share total return in month

12.8%

NAV per share total return in 2025

10.6%1 10.6%1

Average annualised Average annualised NAV per share total return share price total return

since inception, 1988 since inception, 1988

Total return performance	Month	YTD	1 Year	3 Years	5 Years	10 Years
NAV per share	2.5%	12.8%	13.4%	25.7%	55.6%	122.5%
Share price	7.3%	11.5%	19.5%	3.3%	29.3%	65.1%
CPI plus 3% per annum2	0.6%	5.7%	6.8%	20.3%	47.0%	84.9%
ACWI (50% £)3	3.8%	17.4%	21.2%	66.4%	97.5%	210.6%
Annual total return		2021	2022	2023	2024	2025 YTD
NAV per share		23.6%	-13.3%	3.2%	9.4%	12.8%
Share price		35.1%	-21.5%	-9.6%	7.9%	11.5%
CPI plus 3% per annum2		8.4%	13.5%	7.0%	5.5%	5.7%
ACWI (50% £)3		20.0%	-12.9%	18.4%	20.1%	17.4%

‌Performance 31 October 2025 NAV Commentary

RIT's unaudited diluted NAV as at 31 October 2025 (with debt at fair value) was 2,903p per £1 ordinary share (30 September 2025: 2,852p), +2.5% from the previous month and following the payment of a 21.5p interim dividend. YTD RIT's NAV per share total return was +12.8%.

Global equities performed well across both developed and emerging markets in October, led by technology stocks and solid Q3 earnings. In the US, despite a government shutdown delaying key economic data releases, markets rose as investor sentiment remained upbeat. US equities were again driven by the technology sector and enthusiasm for AI-related stocks following positive earnings updates.

Economic indicators improved across Europe primarily due to reduced trade uncertainty, with several major indices reaching record highs, reflecting investor confidence. Asian markets advanced, with Japan outperforming following the conclusion of a national election. Chinese equities underperformed, giving back some of their recent gains.

The US dollar strengthened on easing geopolitical tensions with China. Commodities broadly

rose, led by gold which continued its rally.

Against this backdrop, our diversified portfolio delivered positive returns across all three investment pillars, benefitting from exposure to our highest conviction themes including the acceleration of technological adoption across sectors, and a global reshaping of supply chains and investment flows as the world becomes increasingly multi-polar.

Highlights:

• Positive performance during the month was led by our Quoted Equities pillar, which contributed meaningfully to NAV. Key drivers of performance came from our direct technology holdings and our specialist managers investing in biotech and life sciences.

• Private Investments delivered strong returns, boosted by the receipt of robust third quarter valuations for some of our largest fund investments exposed to fintech, AI and enterprise software. As at 31 October, 37% of the funds portfolio is held at the 30 September 2025 reported valuations, with the majority of the balance at 30 June 2025.

• Uncorrelated Strategies, which acts as a steady diversifier of returns, was additive to our NAV, supported by strength in gold and solid contributions from credit strategies.

• Currency contributed positively, primarily due to the US dollar's appreciation against

  sterling, resulting in favourable translation effects for our portfolio.

• We maintained our ongoing share buyback programme, repurchasing £3m or approximately 146,000 shares in October. YTD, we have repurchased approximately

  £66.5m of shares at an estimated accretion benefit of +68bps of NAV.

  ‌A distinctive approach

  Our key differentiators are our unrivalled network, internal expertise and flexible investment mandate. These enable us to source and underwrite high-quality, often hard-to-access investments, and implement them in a capital efficient way across asset classes and geographies.

  A well-balanced, unique portfolio

  Each of our investments is meticulously chosen, structured and monitored to create a unique, high-conviction, balanced portfolio. Where every position matters but none has a disproportionate impact on returns. And where returns compound over time.

  Our global portfolio is diversified across three primary strategic pillars -Quoted Equities, Private Investments and Uncorrelated Strategies -always with a long-term view and focus on risk management.

  Long-term investing

  Above all, our approach is long term. We aim to deliver compelling growth through market cycles and superior long-term performance, with less risk than equity markets.

  Risk warnings

  Please refer to page five for important information regarding risk warnings.

  Key facts
  NAV per share	2,903p
  Share price	2,165p
  Discount	-25.4%
  Total assets	£4.5bn
  Net assets	£4.0bn
  Average YTD net quoted equity exposure4	52%
  OCF5	0.76%
  Gearing6	4.2%
  Shares in issue (less treasury shares)	139,781,813
  First interim dividend paid (25 Apr 2025)	21.5p
  Second interim dividend paid (31 Oct 2025)	21.5p
  Total dividend (2025)	43.0p
  YTD annualised dividend yield	2.0%
  ISIN	GB0007366395
  Financial year end	31 Dec
  Manager	JRCM

  Performance since inception

  £10,000 invested in RIT at inception in 1988 would be worth ~£422,000 today (with dividends reinvested) compared to the same amount invested in the ACWI (50% £)3 which would be worth ~£173,000.

  5,000%

  4,000%

  Annual dividend per share (p)

  39

  38

  37

  35

  35

  34

  32

  33

  31

  30

  43

  3,000%

  2,000%

  1,000%

  0%

  1988 1994 2000 2006 2012 2018 2024

  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

  CPI plus 3.0% ACWI (50% £) (TR)3Share Price (TR) NAV per share (TR)

  ‌A well-balanced, diversified portfolio across three main pillars Quoted Equities Private Investments Uncorrelated Strategies

  Diversified, global, and high conviction strategies

  held directly through stocks, as well as public equity funds.

  High-quality assets in private markets,

  held through both direct investments and specialist managers.

  A mix of strategies which aim to generate

  consistent returns in different market conditions, with a lower correlation to equity markets across the cycle.

  We target high-conviction investments in listed equity We target high-quality assets in private markets, aiming

  markets, aiming for returns that outperform relevant to generate double-digit compound returns over the Underlying investments in this pillar are in traded equity market indices. We source these investments long term. These investments have been a compelling instruments primarily focused on absolute return either directly through our internal team or through source of returns. strategies (including market neutral and macro

  our network and exceptional specialist managers. managers), credit investments, and some real assets

  and government bonds. We access most of these strategies through specialist external managers or co-investments.

  30 - 60% NAV

  Long-term allocation range

  20 - 40% NAV

  Long-term allocation range

  20 - 40% NAV

  Long-term allocation range

  29%

  4%

  4%

  2%

  4%

  32%

  23%

  0%

  11%

  11%

  10%

  8%

  7%

  1%

  Quoted Equities		45%
  	Stocks 4	18%
  	Funds	27%
  Private Investments		32%
  	Funds 4,7	23%
  	Direct	9%
  Uncorrelated Strategies		23%
  	Absolute return and credit	20%
  	Real assets	2%
  	Government bonds and rates	1%

  Asset allocation (% NAV) Currency exposure (% NAV)8 Geographical exposure (% NAV)9

  Quoted Equities

  Private Investments

  Uncorrelated Strategies

  Currency, liquidity and other

  45%

  Sterling US dollar

  Euro Japanese yen Chinese renminbi

  Other

  57%

  North America

  Europe Emerging Markets

  Global United Kingdom

  Japan Other

  52%

  ‌Further Information	Financial calendar 31 December 2025 - Year end March 2026 - Full Year 2025 results reported (estimated date) 30 April 2026 - AGM (scheduled date) August 2026 - Half Year 2026 results reported (estimated date) Board of Directors Philippe Costeletos (Chairman) Jutta af Rosenborg (Senior Independent Director) Helena Coles Vikas Karlekar Cecilia McAnulty André Perold Dame Hannah Rothschild DBE CBE Manager J. Rothschild Capital Management Limited 27 St. James's Place, London, SW1A 1NR [phone] Maggie Fanari, Chief Executive Officer	Key Contacts
  Sustainability A commitment to sustainability and ESG issues is a core focus of both our Board and our manager, J. Rothschild Capital Management Limited. Read about our approach to responsible investing on our website: https://www.ritcap.com/about-us/sustainability Portfolio case studies Our case study series offers a window into some of the opportunities we have invested in - both existing and realised. Read about our portfolio in action on our website: https://www.ritcap.com/case-studies How to invest RIT's shares can be held or purchased via a financial adviser, stockbroker, or an online investment platform. You can access most of these investment platforms via our website: https://www.ritcap.com/investor-relations/how-to-invest Website https://www.ritcap.com is constantly updated to ensure that our stakeholders can always access our latest data and information from any device.		Investor Relations T: 020 7647 8565 E: [e-mail] E: [e-mail]
  		Shareholder Enquiries For shareholder queries such as change of address, transfer of shares etc., please contact our Registrar, Computershare: T: 0370 703 6307 W: investorcentre.co.uk
  		Brokers JP Morgan Cazenove Limited (Joint Broker) William Simmonds T: 020 3493 8000 Deutsche Numis (Joint Broker) Nathan Brown/Vicki Paine T: 020 7260 1000
  		Media Brunswick Group T: 020 7404 5959 E: [e-mail]

  Footnotes:

  1. As of 31 October 2025. The since inception return is calculated using the NAV per share and closing share price at 2 August 1988.

  2. Using 30 September 2025 CPI data.

  3. The ACWI refers to the MSCI All Country World Index and is calculated using 50% of the index measured in Sterling and 50% measured in a Sterling hedged ACWI. The Sterling hedged ACWI is used as it incorporates hedging costs, which the portfolio also incurs, to protect against currency risk. It is applied from 1 January 2015 (from when it is readily available), and prior to this date it uses the index measured in local currencies.

     Before December 1998, when total return indices were introduced, the index is measured using a capital-only version.

  4. Included in Quoted Equity stocks and excluded from Private Investments funds is an adjustment of 4.0%, representing an estimate of publicly-traded equities held indirectly in Private investment funds, based upon the latest available fund valuations as at September 2025.

  5. As of 31 December 2024. This is RIT's own ongoing charges figure (OCF), calculated based on recommendations from the Association of Investment Companies and excluding performance-related amounts as well as costs incurred within third-party funds. See RIT's Annual Report & Accounts (ARA) for further detail.

  6. Gearing is calculated in accordance with AIC guidance as total assets, excluding cash, divided by net assets. Refer to p.133 in the ARA for further detail.

  7. As at 31 October, 37% of the funds portfolio is held at the 30 September 2025 reported valuations, with majority of the balance at 30 June 2025.

  8. Excluding currency options.

  9. Excludes the notional exposure from derivatives. When factoring in the exposure from equity futures and equity swaps, the exposure to North America and Europe increases by 3% and 1% respectively.

‌Risk warnings

Past performance is no indication of future performance. The price of shares and income from them can rise and fall so investors could get back less than they originally invested or nothing at all. Net Asset Value ("NAV") performance is not the same as share price performance and investors may not realise returns in line with NAV performance. Exchange rate changes may cause the value of underlying overseas investments to go down as well as up. The information contained in this document should in no circumstances be considered as advice or an investment recommendation and you should only consider investments that are right for you. If you are in any doubt about the suitability of an investment, you should speak to an independent financial adviser. Before investing in RIT shares, we strongly recommend you read the documentation in the Regulatory Disclosures section of the website, which contains key information. FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE's express written consent. FTSE does not promote, sponsor or endorse the content of this communication.