Ocean Wilsons (OCN) Q2 2025 TU earnings summary

Executive summary

• Investment portfolio returned 6.2% in Q2 2025, 5.1% year-to-date, amid challenging macroeconomic conditions.

• Completed sale of 56% interest in Wilson Sons S.A., generating $594 million in net cash proceeds.

• Paid final dividend of $0.59 per share following the Wilson Sons disposal.

• Launched and completed an oversubscribed tender offer, repurchasing 20% of issued share capital.

• Proposed all-share merger with Hansa to create a larger, diversified investment company.

Financial highlights

• NAV as of 30 June 2025: $944.2 million, or $26.70 per share, including pre-tender offer cash.

• Investment portfolio valued at $340.9 million, or $9.64 per share.

• Tender offer repurchased 7,072,608 shares at 1,543 pence per share, totaling £109.1 million.

Outlook and guidance

• Combination with Hansa expected to complete in late September 2025, subject to shareholder approval.

• If the merger does not proceed, potential changes to listing category and capital allocation policy may be required.

• Combined Group intends to undertake annual share repurchases of 2% to 4% of share capital.