BriefingAurelia Capital

Aurelia Capital Q3

Macroeconomic briefing, portfolio performance review, and positioning recommendations for the board of directors.

Confidential2026

02 Executive summaryAurelia Capital

The Bottom Line

Aggregate strength clears the path for strategic exits and fresh capital deployment

+6.2%

Aggregate year-over-year EBITDA growth across all 11 companies.

2

Planned business exits prepared for execution within twelve months.

€480M

Dry powder available for software and industrial bolt-on acquisitions.

01
Macro indicators are stabilizing, offering a predictable operating environment.
02
Industrial and software segments drive the portfolio margin expansion.
03
Consumer segment weakness is isolated to two assets requiring immediate mitigation.

Confidential02 / 08

03 Macro environmentAurelia Capital

Eurozone stabilization provides a predictable backdrop for the next two quarters

Eurozone GDP

+0.9%

Modest year-over-year recovery limits broad recessionary risk across the industrial holdings.

Inflation Rate

2.3%

Approaching the core target, easing pressure on supply chain and input cost modeling.

ECB Policy Rate

1.75%

Lower baseline rates provide a more favorable leverage environment for pending acquisitions.

EUR / USD

1.14

Stable currency pairing preserves dollar-denominated export margins for the software segment.

Confidential03 / 08

04 Portfolio healthAurelia Capital

Nine assets are tracking to plan, isolating risk to two consumer holdings

Meeting or Exceeding Plan (9)

Aggregate margin positive

Alpha Manufacturing

Beta Automation

Gamma Robotics

Delta Cloud

Epsilon Security

Zeta Systems

Eta Health

Theta Clinics

Lambda Brands

Below Plan: Watch List (2)

Requires intervention

Iota Retail

Kappa Foods

Confidential04 / 08

05 Sector implicationsAurelia Capital

Heavy allocation to industrials and software insulates the broader portfolio

Sector	Exposure	Implication
Industrials	34%	Steady CapEx demand maintains strong multi-year billing backlogs.
Software	28%	High recurring revenue counteracts broader consumer volatility.
Consumer	22%	Headwinds demand aggressive cost control across both active assets.
Healthcare	16%	Non-discretionary spending profile continues to yield reliable growth.

Allocation by Segment

Industrials Software Consumer Healthcare

Confidential05 / 08

06 Watch listAurelia Capital

Interventions are actively deploying to defend margins in the consumer holdings

Consumer Asset

Iota Retail

Diagnosis: Extended supply chain delays combined with falling high-street foot traffic have eroded short-term cash flows.

→ Halt all uncommitted capital expenditure permanently for the fiscal year.
→ Initiate renegotiations on tier-one property leases to reduce fixed overhead.

Consumer Asset

Kappa Foods

Diagnosis: A slow response in price realization failed to capture the temporary spike in raw material input costs.

→ Push through an immediate price realization initiative across all wholesale accounts.
→ Trim underperforming SKUs from the catalog to reduce warehouse inventory burdens.

Confidential06 / 08

07 Capital movementAurelia Capital

The fund prepares two mature assets for exit while targeting software bolt-ons

Exit timeline

Q4 Current Year

Select Advisors

Engage independent sell-side advisors for the Beta Automation divestment.

Q1 Next Year

Launch Process

Distribute marketing materials to strategic buyers for both Beta and Epsilon Security.

Q3 Next Year

Target Close

Finalize transactions and return capital to LPs.

Dry powder allocation

€480M

Available capital for deployment

Deployment criteria:

Exclusively target bolt-on acquisitions.
Prioritize the software and industrial segments.
Ensure immediate accretion to existing portfolio margins, avoiding turnarounds.

Confidential07 / 08

08 RecommendationsAurelia Capital

The Next Six Months

Advance the exits, deploy capital selectively, and tighten consumer guardrails

Strategic directives

Monitor consumer assets weekly against their newly revised defensive budgets.
Initiate vendor selection for the Q4 exit processes immediately.
Begin originating bolt-on company targets for the software segment.

Immediate next step

Mandate the operating partners to present the restructured consumer operational plans and revised forecasts at the next Investment Committee in two weeks.

Confidential08 / 08