Unaudited Interim Results for the six months ended 28 February 2026

The key signal is not the modest uplift in net assets itself, but that an EOB-focused vehicle is still compounding NAV in an environment where private-market marks have been under pressure and exit liquidity remains selective. That suggests C4C’s portfolio is either benefiting from lower operating leverage than the broader small-cap universe or from valuation support tied to control/stakeholder-aligned ownership models, which tend to hold up better when public comps de-rate. The second-order winner here is the EOB ecosystem: advisers, succession platforms, and employee ownership trustees should see a better fundraising and conversion backdrop if the listed vehicle can keep showing NAV resilience.

The main risk is that this is a lagging indicator. NAV growth over six months does not guarantee realizable value if underlying holdings are illiquid, especially in a market where discount rates and financing costs can still compress transaction multiples over the next 2-4 quarters. If there is any reliance on a small number of marks, the apparent stability could reverse quickly when a single asset is revalued or a disposal process drags into a weaker macro tape.

The market may be underestimating the strategic optionality embedded in a public EOB investment platform. If C4C can use a stronger NAV base to raise capital or co-invest, it can become a consolidator in a niche where competition is more relationship-driven than price-driven, which is valuable in an environment where institutional capital is avoiding illiquid micro-private assets. The contrarian view is that the stock can look cheap on a stated-NAV basis, but the real issue is whether that NAV is monetizable within 12-18 months; without distributions or realizations, a premium can remain structurally absent.