Eurozone steady, portfolio resilient

GDP expands +0.9% y/y, inflation eases to 2.3%, ECB rate at 1.75%. Portfolio EBITDA +6.2% with EUR 480M dry powder ready for two planned exits in the next 12 months.

Agenda

1

Macro dashboard: Four indicators that shape our outlook.

2

Sector implications: Where exposures meet the cycle.

3

Portfolio heat view: Companies on plan, two consumer laggards.

4

Watch list and recommendations: Actions for H2 2025 and H1 2026.

02 / 08

Eurozone macro: moderate growth, lower inflation, supportive policy

+0.9%

GDP y/y – expansion continues at trend.

2.3%

Inflation – down 0.4 pp vs prior quarter, approaching target.

1.75%

ECB policy rate – accommodative against inflation level.

1.14

EUR/USD – euro stable, export conditions neutral.

Source: Eurostat, ECB, ECB reference rate as of 30 September 2025.

03 / 08

Sector exposures: industrials and software benefit; consumer needs watch

Industrials | 34%

Cyclical tailwind from rate-sensitive capex. Q3 orders stable. Robust.

Software | 28%

Recurring revenue resilient, EUR tailwind on cross-border. Favourable.

Consumer | 22%

Discretionary spending soft; two companies below plan. Under watch.

Healthcare | 16%

Non-cyclical, volume driven. Margins stable. Steady.

Sector allocation vs benchmark: industrials overweight, consumer underweight. No immediate rebalancing needed.

Source: Aurelia Capital portfolio data, Q2 2025.

04 / 08

Aggregate EBITDA +6.2% y/y; two consumer companies trail

Portfolio heat – count of companies

Segment	On/above plan	Below plan
Industrials (4)	4	0
Software (3)	3	0
Consumer (2)	0	2
Healthcare (2)	2	0
Total (11)	9	2

Source: Q2 2025 performance reviews. Two consumer cos below plan: WoodHaven Retail and Pinnacle Home Goods.

EBITDA contribution by sector

EBITDA share % of aggregate portfolio EBITDA. Consumer share compressed.

05 / 08

Two consumer laggards: short-term fix and 12-month exit runway

Below plan

WoodHaven Retail

Revenue -5% y/y; discretionary furniture cycle. Management has reduced overhead and launched a trade-only channel. Target: back to flat by Q4.

Below plan

Pinnacle Home Goods

Margin pressure from inventory clearance. New CEO appointed in June; restructuring plan underway. Exit planned within 12 months.

Watch list – three names

IndustrialsKeller Systems: order book conversion slow; watch Q3.

SoftwareRio SaaS: ARR growth decelerated to 8% from 14%.

ConsumerPinnacle (see above). WoodHaven considered stable by Q4.

Source: Aurelia Capital portfolio monitoring, September 2025.

06 / 08

Two exits in 12 months, EUR 480M dry powder ready

2

Exits planned within 12 months: Pinnacle Home Goods (consumer) and NORDI Industrial (industrials, majority sale). Combined estimated EV EUR 140M.

€480M

Dry powder – uncommitted capital available for follow-ons and new platform investments. No near-term capital call expected.

Source: Aurelia Capital exit pipeline, Q3 2025. EV estimates based on current multiples.

07 / 08

Recommendation

Defend industrials, fix consumer, prepare exits and deploy selectively

H2 2025 (next two quarters)

·Return WoodHaven Retail to at-plan by Q4 with the trade channel and cost actions.
·Prepare Pinnacle Home Goods and NORDI Industrial data rooms for Q1 2026 sale launch.
·No new platform investments in consumer; deploy EUR 60M in add-on for software (Rio SaaS bolt-on M&A).

H1 2026 (two quarters ahead)

·Execute exits: target EUR 120–160M combined gross proceeds.
·Recycle capital: deploy up to EUR 80M in new industrial platform (specialty manufacturing).
·Maintain dry powder buffer of at least EUR 300M for follow-ons and market dislocations.

Source: Aurelia Capital strategy. All amounts in EUR. Exit proceeds are management estimates.

08 / 08