Why the new strategy is working

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<p>We have just released our annual report for the year to October 2025.</p> <p>This has been the first full year of implementation of the Path for Growth strategy that we announced in November 2024, so a milestone year for us.</p> <p>As a reminder, following the comprehensive review in 2024, we expanded the investment team to 3 co-managers, we focused on fewer holdings in the portfolio to allow the managers to apply greater scrutiny and day to day monitoring of each company, we rebalanced the sector mix for broader diversity and we targeted businesses further up the financial maturity curve to improve resilience.</p> <p>Importantly, we also expanded our remit to realign to the largest constituent of our benchmark, the S&amp;P Global Small Cap Index through the previous $5bn market cap ceiling. This was because the managers were finding great innovators, transformative businesses, new opportunities above the previous scale limit.</p> <p>So… this has been a real test year for us – are we on the right lines with the strategy… is it working?</p> <p>The short answer is yes. During the Company’s financial year I am delighted that Edinburgh Worldwide has delivered a near 30% increase in net asset value, significantly above our benchmark the S&amp;P Global Small Cap Index which grew just under 13% in sterling terms during the same period. And this momentum has continued since the end of October.</p> <p>That said, I am deeply aware that there is a desire and expectation from shareholders to see this performance continue through 2026 and beyond. I am truly excited by our portfolio and its potential, and I assure you that this Board is resolutely focused on keeping this positive performance going, holding Baillie Gifford to account for ongoing delivery, yet managing concentration risk and our unlisted mix in line with our shareholder approved approach and frameworks.</p> <p>So, onto Saba. In the context of a strong 2025, I have to state my personal frustration that we are once again under attack from this US Hedge Fund. They launched this second attack less than 10 months after shareholders overwhelmingly rejected their proposals last February. They have not listened to you, our shareholders, and they are using aggressive tactics, unedifying personal attacks and incorrect information to undermine your Trust.</p> <p>And here’s my ask: Your views are so important to shape the future of Edinburgh Worldwide – please speak up, please vote – my job is to hear your collective voice and respect your wishes.</p> <p>Details of how to vote are included on this website, but do be aware that voting windows are closing imminently – some as early as 12 January</p> <p>Thanks once again for listening and thanks in advance for voting.</p>