Ocean Wilsons Holdings Limited

Quarterly Update - Q1 2025

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its first quarter update for 2025.

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons," the "Company") is a Bermuda based investment holding company with two subsidiaries: Ocean Wilsons (Investments) Limited which holds a managed portfolio of global investments, and Wilson Sons S.A. ("Wilson Sons"), which operates a port and maritime logistics company in Brazil.

Implied Net asset value at 31 March 2025

As previously announced, the Company has agreed to sell its subsidiary Wilson Sons for total cash consideration of R$4.352 billion (equivalent to R$17.50 per Wilson Sons share). It should be noted that this consideration will be converted from R$ to US$ at the exchange rate published by the Central Bank of Brazil as of the business day immediately preceding the completion date and will be paid net of applicable Brazilian withholding tax.  Based on exchange rates at the time of the announcement of the transaction in October 2024, the Company expected to realise cash proceeds, net of transaction costs and taxes, of at least US$593 million.  Following completion of the transaction, the Company will make an announcement to confirm, inter alia, the amount of net proceeds actually received from it.

At 31 March 2025, the investment portfolio was valued at US$321.2 million which represents US$9.08 (£7.03) per Ocean Wilsons' share.

In aggregate, including US$47.4 million of cash at the holding company level, this results in an implied net asset value per Ocean Wilsons' share of US$27.20 (£21.06).

The Company declared a dividend of US$1.22 (£0.92) which was approved at the annual general meeting and will be paid on 28 May 2025.

Investment Portfolio

In the 3 months ended 31 March 2025 the portfolio decreased in value by US$4.3 million, or 1.3%. With stocks markets extremely volatile over the period this was a very encouraging outcome.  The result was driven by falling public equity markets as tariff announcements caused significant volatility, leading to the underperformance of the US market, and offset by the diversifying portfolio which delivered a positive return amidst the volatility, as did the private equity book, with the newer funds being particularly strong.

Wilson Sons' Q1 2025 Financial Results

Wilson Sons' year to date Q1 2025 net revenues of US$131.3 million were 1.5% higher than Q1 2024 (US$129.4 million). Profit for the 3 months period was US$33.1 million up 56.1% over the prior year. (2024: US$21.2 million) primarily driven by exceptional performance in logistics and towage operations.

On 8 May 2025, Wilson Sons announced its Q1 2025 results. The full announcement is available on the Wilson Sons' investor relations webpage (www.wilsonsons.com.br/ir) and on the website of the Brazilian Securities and Exchange Commission

Strategic Review Update

Wilson Sons Sale

On 21 October 2024, the Company announced that it had entered into an agreement with MSC Mediterranean Shipping Company SA, the international shipping group, to sell its entire shareholding in Wilson Sons. Completion of that transaction remains subject to the ongoing regulatory review process and satisfaction or waiver of the remaining conditions precedent and is anticipated to occur in Q2 2025.

Use of Proceeds

On 20 March 2025, the Company announced that it intends to return a portion of the net proceeds of the Wilson Sons disposal to shareholders by way of a tender offer for up to 7,072,608 ordinary shares of 20 pence each in the capital of the Company, representing 20% of the issued share capital of the Company (the "Tender Offer"). The Board expects to launch the Tender Offer as soon as reasonably practicable following completion of the Wilson Sons disposal, at which point the detailed terms of the Tender Offer, including its structure, terms and pricing, will also be provided to shareholders.

The Board continues to consider a range of strategic options in relation to its use of the rest of the net proceeds of the Transaction remaining after completion of the Tender Offer. The Board expects to make a further announcement as and when appropriate.

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