Full-Year Update

Onward Opportunities Limited

12 January 2026

 

12 January 2026

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Full-Year Update

Another year of strong NAV growth and outperformance;

top quartile in sector in FY25 and since inception

Onward Opportunities Limited (AIM: ONWD), the investment company targeting opportunities in UK smaller companies, is pleased to provide an update regarding the 12-month period ended 31 December 2025 ("FY25"), ahead of publication of the Company's audited FY25 results in Q1 2026.

Company Update

·        Record NAV performance in FY25 All-time high Net Asset Value ("NAV") of 143.7 pence per share at 31 December 2025, equating to a NAV return of +11.1% over 12 months, reflecting another encouraging period of NAV performance ·       Continued track record of outperformance ·   Top quartile NAV performance of +50.2% since inception in March 2023, furthering the Company's track record of outperformance versus its target returns and comparator indices: §     Outperformed the FTSE AIM All Share Index Total Return since inception by  48.8% and the FTSE Small Cap Index Total Return by 11.2% over the same period §   NAV outperformance amongst peers in the AIC UK Smaller Companies     sector, ranking 3rd in Sector since inception §  Despite challenging market conditions for UK smaller companies, the  Company has delivered its target of generating absolute returns of 15% per  annum ·       Company 12-month Total Shareholder Return ("TSR") to 31 December 2025 of +7.6%, contributing to a Total Shareholder Return of 48% since inception ·     Series of further capital raises each at a premium to NAV, reflecting ongoing investor   demand Completed four capital raises during FY25, each with an issue price at a premium to the prevailing NAVs at the time of issue. These totalled £7.5m and meant that the Company was again one of the top 10 most successful investment companies and trusts at raising capital on the London Stock Exchange Performance Table H2 2025  6-months FY25 1-Year 2-Year Since Inception ONWD Total NAV Return 'investment performance' +11.9% +9.4% +34.9% +50.2% ONWD Total Shareholder Return +11.7% +7.6% +44.0% +48.0% Portfolio Update ·    Top five contributors to returns in FY25 were Audioboom (+£3.5m), Rent Guarantor Holdings (+£1.6m), Pebble Beach Systems (+£1.0m), Springfield Properties (+£900k), and Angling Direct (+£800k). ·   Five largest detractors from FY25 returns were investment losses at Synectics (-£1.4m),   MPAC Group (-£1.2m), React Group (-£760k), Vianet (-£620k), and Northcoders (-£570k).

Laurence Hulse, Founder & Lead Fund Manager, said:

"To have delivered a NAV return of +11.1% for 2025 which contributes to a +50.2% return since inception in 2023 has been the best possible way by which to thank our supportive and expanding shareholder base. The Company is now well in excess of £40m in capitalisation. It was particularly pleasing to deliver shareholders both an all-time high in NAV per share (143.7p) and the ONWD share price (148p) for the second year in succession.  

Our investment strategy and its ability to identify companies with idiosyncratic catalysts trading at fundamentally mispriced valuations drove our absolute and relative performance. Exceptional performances from five of our holdings more than offset weakness elsewhere in our concentrated portfolio. While some of these suffered frustrating years operationally, this of course leaves potential upside to come and opportunities in our active pipeline of future investments. We also expect interest rates to fall faster than many currently anticipate this year, which could provide an additional tailwind.

2026 is reputedly the year of the fire horse; symbolising bold action, perseverance and success. Let us see. For now, Onwards."

For further information, please contact:

Onward Opportunities Limited Andrew Henton, Chairman Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Founder & Lead Fund Manager	Via Houston
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Ben Jeynes / Seamus Fricker Chris West / Matt Lewis - Sales and ECM	Tel: [phone]
Dowgate Capital Limited (Joint Broker) Russell Cook / Dan Ingram	Tel: [phone]
Houston (PR advisers) Charlie Barker / Nick Jackman	Tel: [phone] [e-mail]

About Onward Opportunities

Onward Opportunities Limited ("Onward" or the "Company") is a closed-end investment company listed on London's Alternative Investment Index (ONWD:AIM).

Onward was launched by lead fund manager Laurence Hulse in March 2023 to target a structural market opportunity in UK-listed smaller companies, with the aim of generating absolute returns of 15% or more per annum.

Onward has been one of the best performing and fastest growing UK Smaller Companies funds since launch, with Net Asset Value (NAV) growth of over 50% as at 31 December 2025, representing significant outperformance against its benchmark UK AIM All-Share TR indices (see performance table below). The Company has raised over £30m through its Initial Public Offering and follow-on capital raises and was recognised as 2024's 'AIM IPO of the year' at the Small Cap Awards and for 'Best Use of AIM' at 2025's AIM Awards.

Onward has an investment committee (IC) that has a combined experience of c.160 years and a history of value creation for clients. Collectively, IC members have over £3m of 'skin in the game' invested into the fund. The team uses an active investment approach for identifying investment opportunities and driving those investments to an outcome with the aim of generating higher returns by capitalising on market inefficiencies.

Performance as at 31 December 2025:

	H2 2025  6-months	FY25 1-Year	2-Year	Since Inception
ONWD Total NAV Return 'investment performance'	+11.9%	+9.4%	+34.9%	+50.2%
ONWD Total Shareholder Return	+11.7%	+7.6%	+44.0%	+48.0%

For more information please visit: www.onwardopportunities.co.uk

About Dowgate Wealth (Onward Opportunities portfolio manager):

Dowgate Wealth is a fast-growing independent UK wealth management business, providing a bespoke and personalised investment service to over 3,000 clients. Founded in 2019, the Group has expanded to a team of 19 investment managers, with over £2 billion of assets under management. 

Dowgate Wealth is proud to be a firm where employees own a stake in the company. This underpins the firm's culture of entrepreneurialism and long-term thinking, which is further supported by taking an asset agnostic approach to investing.

 

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