Temple Bar Investment Trust Plc (LON:TMPL) has presented its unaudited half-year results for the six months ended 30 June 2026.
This Announcement is not the Company’s Half-Year Report. It is an abridged version of the Company’s full Half-Year Report for the six months ended 30 June 2026. The full Half-Year Report, together with a copy of this announcement, will also shortly be available on the Company’s website: www.templebarinvestments.co.uk where up to date information on the Company, including daily NAV, share prices and fact sheets, can also be found. The Company’s Half-Year Report is also being published in hard copy format.
The Company’s Half Year Report for the six months ended 30 June 2026 has been submitted to the UK Listing Authority, and will shortly be available for inspection on the National Storage Mechanism (NSM): https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information please contact: Mark Pope, Frostrow Capital LLP 020 3008 4913.
Summary of Results
| Six months | Year to | Six months | |
| to 30 June | 31 December | to 30 June | |
| 2026 | 2025 | 2025 | |
| £000 | £000 | £000 | |
| NAV total return, with debt at fair value 1,2 | 5.4% | 33.9% | 14.2% |
| Share price total return 1,2 | 5.2% | 45.3% | 19.9% |
| FTSE All-Share Index 3 | 7.2% | 24.0% | 9.1% |
| NAV per share with debt at book value | 381.6p | 369.1p | 320.6p |
| NAV per share with debt at fair value 1 | 385.9p | 373.4p | 325.4p |
| Share price | 390.5p | 378.5p | 319.0p |
| Premium/(Discount) of share price to NAV per share with debt at fair value 1 | 1.2% | 1.4% | (2.0%) |
| Dividends per share paid in the period | 7.65p | 15.00p | 6.75p |
| Historical dividend yield 1 | 3.9% | 4.0% | 3.9% |
| Net gearing with debt at book value | 6.2% | 5.8% | 6.6% |
| Ongoing charges 1 | 0.58% | 0.59% | 0.59% |
1 Alternative Performance Measure. See the glossary of terms for definition and more information.
2 Source: Morningstar.
3 Source: Redwheel.
Temple Bar – The investment case
Temple Bar is differentiated by an investment approach that focuses on companies whose stock market value is at a significant discount to the fair or intrinsic value of the business. The portfolio is selected through deep fundamental analysis by an experienced, well-resourced management team.
The Company offers a competitive income yield and the Board supports a progressive dividend policy.
Recent returns have been strong as the undervaluation of many UK shares has been realised either through corporate takeovers or by companies buying back their own shares.
Despite the strong returns that the Company has enjoyed over recent years, the Portfolio Manager Redwheel believes that the portfolio of stocks continues to look undervalued, and this bodes well for future returns.
Think value investing, think Temple Bar.
Chair’s Statement
Performance
During the six months ended 30 June 2026, the Company’s Net Asset Value (“NAV”) per share with debt at fair value total return was +5.4%, and the share price total return was +5.2%. This compares with a total return of +7.2% from the FTSE All-Share Index. While this represents a modest underperformance of the Company’s benchmark, this should be taken in the context of the Company’s strong absolute and relative performance in recent years. Since Redwheel took over as Portfolio Manager on 30 October 2020 to the reporting date of 30 June 2026, the Company’s NAV total return is +216% (+22.5% per annum) compared with a total return of +118% (+14.8% per annum) for the FTSE All-Share Index.
Following strong performance since the reporting date of 30 June 2026, the Company’s year-to-date NAV per share with debt at fair value and share price total returns are +15.1% and +14.1% respectively, at the time of writing. This compares to the year-to-date benchmark return of +10.8%.
The first half of 2026 saw marked fluctuations in investor sentiment, largely as a result of geopolitical developments. At the start of the year, the FTSE All-Share Index rose strongly, up 9.7% on a total return basis in the first two months. However, the US/Israeli attack on Iran at the end of February led to a surge in energy prices with Brent Crude rising to over $120 per barrel. Equity investors were concerned about a resurgence of inflation and slower global growth, resulting in a 6.7% fall in the FTSE All-Share Index in March on a total return basis. Q2 saw a recovery as the Strait of Hormuz reopened on the back of a tentative peace deal, with the FTSE All-Share Index rising 4.7% on a total return basis during the quarter.
Within Temple Bar’s portfolio, the oil stocks performed strongly during H1 2026, whilst several of the Financials holdings also outperformed, notably Aberdeen Group, Standard Chartered and NN Group. The largest detractors from performance in absolute terms were WPP and Stellantis. However, the key factor behind the relative underperformance versus the benchmark was the fact that the Company did not hold shares in two large companies, HSBC and Rolls-Royce, which together added more than 3% to the FTSE All-Share Index return.
Portfolio Activity
The Portfolio Manager focuses on long-term fundamentals though fluctuating sentiment can create attractive value opportunities. Reflecting this, seven new positions were initiated in H1 2026, including B&M European Value Retail, Land Securities and Kraft Heinz. These purchases were funded by the outright sale of holdings in Anglo American (profit taking) and Molson Coors (deteriorating outlook), as well as a reduction in some of the Energy and Financial stocks that had performed strongly. More details on portfolio activity during H1 2026 can be found in the Portfolio Manager’s Report. As at 30 June 2026, the portfolio included 40 holdings and net gearing with debt at fair value was 4.8%.
Capital
The Board remains committed to an active policy to manage the Company’s share price relative to its NAV. As at 30 June 2026, the Company’s shares traded at a premium of 1.2% to the NAV per share with debt at fair value, broadly unchanged from the start of the year.
The combination of strong performance, a rising dividend and increased marketing has continued to create significant demand for the Company’s shares. I am pleased to report that as a result, the Company was able to re-issue 13.84m shares out of treasury during the period at an average premium of 2.3%, raising £54.1m. Since this date, a further 3.41m shares have been re-issued from treasury at an average premium of 2.1%, raising a further £13.9m. As a result, the Company has raised a total of almost £87m since issuance began in October 2025 and the market capitalisation is £1.31bn at the time of writing, up from £1.11bn at start of the year.
Dividend
Temple Bar’s focus on cash-generative businesses continues to support a resilient income stream. Your Board has declared a second interim dividend of 3.90p per share (2025: 3.75p per share), payable on 25 September 2026 to shareholders on the register on 21 August 2026. This follows the payment of a first interim dividend of 3.90p per share on 26 June 2026. The current intention is to make two further quarterly payments of 3.90p per share in relation to the 2026 Financial Year, making a total of 15.60p for the year, representing an increase of 4.0% from 2025. At the time of writing, the prospective dividend yield on the Company’s shares is 3.7%, which compares with a dividend yield of 3.1% for the FTSE All-Share Index.
As explained in the Company’s most recent Annual Report, the Company’s dividend continues to include 3.0p per annum (0.75p per quarter) funded from capital reserves. This policy reflects a change in the nature of distributions by many listed companies in recent years, with substantial growth in the level of share buybacks either alongside or instead of dividends. The Board’s intention is to maintain a progressive dividend policy with future annual dividends rising over time.
Annual General Meeting (“AGM”) and Centenary Event
I would like to thank all shareholders who attended the Company’s AGM in London on 5 May 2026. All of the Board’s resolutions were passed by a substantial majority. A short video shown at the AGM, which summarises the Company’s 100-year history, can be found on the home page of the Company’s website ( www.templebarinvestments.co.uk ).
On 27 May 2026, Temple Bar also celebrated its centenary through a Market Close Ceremony at the London Stock Exchange. This event was attended by all the Company’s Directors, as well as key representatives from Redwheel and numerous other people who have contributed to the Company’s success in recent years.
Outlook
The geopolitical environment in the Middle East remains uncertain, leading to volatility in global energy prices and keeping interest rates higher for longer. In addition, there appears to be a likelihood of rising taxes in the UK following the recent change in Prime Minister. However, the Portfolio Manager believes that equity valuations already reflect a cautious outlook, outside of the AI-driven investments. Reflecting this, the Company’s portfolio is currently valued at around 11 times earnings, a meaningful discount to the wider UK market, and around half the valuation accorded to the wider global equity indices.
The attractiveness of the UK equity market has resulted in a high level of corporate activity, including takeovers and share buybacks. In 2026 to-date, there have been bids for a diverse range of UK listed companies, including Beazley, EasyJet, Segro, Schroders and Tate & Lyle. Whilst acting as a catalyst to narrow the UK valuation gap versus global equity markets, these takeovers, combined with a dearth of IPOs, inevitably reduce the size of the investment universe for the Company. At present, the Portfolio Manager continues to believe that the opportunity set is large enough under the Company’s current investment restrictions, which permit up to 30% of assets to be invested in businesses listed overseas. However, the Board continues to monitor this trend to ensure that the Portfolio Manager has sufficient opportunities to build a diversified portfolio of attractively valued investments.
Temple Bar is differentiated by its commitment to Value Investing, and its portfolio consists of businesses with robust balance sheets and strong cash generation. The Board and Redwheel are confident that this investment approach can continue to deliver attractive long-term returns for shareholders through a combination of capital growth and income.
Charles Cade
Chair
19 August 2026
