**Summary of Alliance Witan PLCs Final Results for the Year Ended 31 December 2025**
**Financial Performance**
**Share Price Total Return** 5.4%, with a share price of £12.82 as of 31 December 2025.
**Net Asset Value (NAV) Total Return** 4.7%, trailing the benchmark MSCI All Country World Index (MSCI ACWI) which returned 13.9%.
**Dividend** Increased by 6.1% to 28.32p per share, marking the 59th consecutive annual dividend rise.
**Average Discount to NAV** Narrowed to 4.1% from 4.7% in 2024, supported by share buybacks.
**Operational Highlights**
**Portfolio Performance** Despite a challenging year, the portfolio demonstrated resilience with a focus on long-term value creation.
**Share Buybacks** Repurchased 17.8 million shares (4.7% of shares in issue) in 2025, compared to 4.7 million in 2024, supporting the share price and NAV.
**Benchmark Underperformance** Attributed to the strong performance of concentrated markets and passive flows, particularly in AI-related stocks.
**Strategic Initiatives**
**Multi-Manager Approach** Continued to leverage the expertise of top stock pickers to build a diversified portfolio.
**ESG Integration** Progress towards Net Zero emissions by 2050, with a decrease in the portfolios weighted average carbon intensity.
**Marketing and Communication** Enhanced shareholder engagement through awards for marketing and communication, including best website and annual report.
**Board and Governance**
**Board Changes** Vicky Hastings and Andrew Ross stepped down as Directors in 2025.
**AGM** Scheduled for 29 April 2026 in London, with live streaming available for remote participation.
**Outlook**
**Market Volatility** Expect continued volatility due to geopolitical tensions and the impact of AI on various industries.
**Long-Term Confidence** The Board remains confident in the global multi-manager investment proposition to deliver strong, <mark style="background-color:yellow">above</mark>-benchmark returns over the long term.
**Financial Statements Key Points**
**Net Assets** £5.1 billion as of 31 December 2025.
**Earnings per Share (Revenue)** 18.5p.
**Total Dividend per Share** 28.32p.
**Ongoing Charges Ratio (OCR)** Decreased to 0.47% due to management fee waivers.
**Risk Management**
**Principal Risks** Investment, operational, and legal/regulatory compliance risks are actively monitored and managed.
**Emerging Risks** Geopolitical tensions, cybercrime, and the misuse of AI are identified as emerging risks.
**Viability and Going Concern**
**Viability Statement** The Board expects the Company to continue operating and meeting its liabilities for at least the next five years.
**Going Concern** Adequate financial resources to continue operations for at least twelve months.
**Conclusion**
Alliance Witan PLC demonstrated resilience in a challenging market environment, achieving its 59th consecutive annual dividend increase and maintaining a focus on long-term value creation. Despite underperforming the benchmark, the Company remains committed to its multi-manager strategy and ESG goals, positioning itself for sustained growth and shareholder value enhancement.