	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)¹	15.0	18.9	46.5	97.7	145.3
NAV total return (with debt at fair value)¹	15.0	19.1	52.2	120.4	160.4
FTSE Actuaries All-Share Index Total Return²	9.1	11.2	35.5	67.3	92.7
Share price total return²	14.2	22.8	48.0	135.9	187.5
Change in Retail Price Index³	3.2	4.7	19.0	38.2	56.2

Past performance cannot be relied on as a guide to future performance. The value of investments and any income from them can go down as well as up. Your capital is at risk.

Highlights

Share price total return comfortably outperformed the FTSE Actuaries All-Share Index by over 5% with a total return of 14.2% for H1 2025.
Net asset value (NAV) total return, with debt and Independent Professional Services ("IPS") business at fair value, for H1 2025 delivered a performance of 15.0% (15.0% with debt at par).
Another robust performance from IPS, with net revenue increasing by 7.7%, profit before interest and tax up by 7.5% (compared to H1 2024) and valuation up 4.8% to £203.8 million (compared to 31 December 2024).
The Company issued 1.3 million new Ordinary Shares at a premium to NAV during H1 with net proceeds of £11.6 million.

View the full RNS and Half Year report here.

Robert Hingley, Chairman, said:

"I am pleased with the excellent performance Law Debenture has delivered in the first half of 2025, against a difficult market backdrop. The share price total return of 14.2% exceeded our benchmark by over 5% and we are proud that our long-term record of benchmark outperformance remains strong. We remain confident that Law Debenture is well-positioned for further growth and to deliver long-term returns for shareholders due to the diversified combination of a high-quality equity portfolio and good growth potential for IPS."
 
Denis Jackson, Chief Executive Officer, commented:
 
"Law Debenture has once again demonstrated its resilience and ability to adapt against a backdrop of elevated market turbulence and continued macroeconomic uncertainty. Our unique combination of IPS with the investment portfolio has meant we have been able to navigate these headwinds and continue delivering outperformance of our benchmark. I am confident that our well-diversified structure means we are capable of continuing to create value for our shareholders over the long-term."

Investment Portfolio
Our portfolio of investments is managed by James Henderson and Laura Foll of Janus Henderson Investors.
 
Our objective is to achieve long-term capital growth in real terms and steadily increasing income. The aim is to achieve a higher rate of total return than the FTSE Actuaries All-Share Index Total Return through investing in a diversified portfolio of stocks.
 
Independent Professional Services
We are one of the leading providers of independent professional services, built on three excellent foundations: our Pensions, Corporate Trust and Corporate Services businesses. We operate internationally, with offices in the UK, New York, Ireland, Hong Kong, Delaware and the Channel Islands.
 
Companies, agencies, organisations and individuals throughout the world rely upon Law Debenture to carry out our duties with the independence and professionalism upon which our reputation is built.
 

Teneo (Financial PR) - Jo Blackshaw/Oscar Burnett: +44 (0)20 7260 2700;
 lawdeb@teneo.com
 
1 NAV is calculated in accordance with the AIC methodology, based on performance data held by Law Debenture including fair value of the IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value and both total returns account for shareholder returns through dividends.
 
2 Source: Refinitiv.
 
3 Source: Office for National Statistics published RPI, June 2025.
 
4 Calculated based on data held by Law Debenture for the period ended 30 June 2025.
 
Important information NAV performance is not the same as share price performance and investors may not realise returns in line with NAV performance. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this statement is intended to or should be construed as advice. This statement is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Issued in the UK by The Law Debenture Corporation p.l.c. The Law Debenture Corporation p.l.c. is registered in England and Wales with company number 30397 and registered address at 8th Floor, 100 Bishopsgate, London, United Kingdom EC2N 4AG. It is authorised and regulated by the Financial Conduct Authority as an internally managed AIF with firm reference number 629081. This statement is directed at and for use only by investors in the United Kingdom.

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