REG-Volta Finance Limited - Net Asset Value(s) as at 31 August 2025

Volta FinanceAnnouncement

24/09/2025 15:45

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Volta Finance Limited (VTA / VTAS)
August 2025 monthly report


NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO
THE UNITED STATES

Guernsey, September 24th 2025

AXA IM has published the Volta Finance Limited (the “Company” or “Volta
Finance” or “Volta”) monthly report for August 2025. The full report is
attached to this release and will be available on Volta’s website shortly
(www.voltafinance.com).

Performance and Portfolio Activity

Dear Investors,

In August, Volta Finance achieved a net performance of -0.8% bringing
year-to-date performance to +3.2%. This performance can be compared with US
High Yield and Euro High Yield which respectively returned +6.3% and +4.0%
over the same period.

Although July was a solid month in terms of performance for global markets,
early signs painting a mixed picture had emerged. In August we saw the
confirmation of these trends, notably weak labor market indicators and
stretched valuations in the tech sector raised concerns about the current
economic momentum. Inflation data remained elevated but broadly in line with
expectations, fueling speculation that the Federal Reserve could pivot towards
rate cuts as early as September. This narrative gained traction following Fed
Chair Jerome Powell’s dovish tone at the Jackson Hole Symposium, where he
acknowledged rising risks to employment and hinted at potential easing. On the
other side of the pond, the Bank of England surprised markets with a rate cut
to 4%, its lowest level in over two years, amid persistent inflation and
political uncertainty. In mainland Europe, German business confidence surged
unexpectedly, while in France, fiscal concerns resurfaced following political
tensions and a cabinet in jeopardy, triggering the widening of the OAT-Bund
spread. In that context, Credit markets were roughly unchanged in August with
the Itraxx Xover (Europe) moving from +269bps to +268bps while its US cousin
(CDX) moved from +323bps to +322bps (July 31(st) to Aug 31(st)). In the
meantime, US HY posted a +1.22% gain while Euro HY was flat at +0.07%.

Turning to loans and CLOs, August was pretty much in line with July with
repricings being at the forefront of the loan market leading to lower
expectations in terms of CLO Equity distributions: according to Bank of
America research, year-to-date, 28% of the loan market has been repriced at
the end of August, leading to c.20bps of loan portfolio spread compression. At
the same time, the inflated secondary loan trading prices led to further early
redemptions of post-reinvestment period CLOs.

Through the month, Volta received an early redemption of c. €7m equivalent
from a European CLO Equity position. We decided to reinvest the proceeds into
a Euro CLO debt tranche (€5.7m eq.), which offered a shorter Credit-duration
profile and a significant coupon. As a result, cash was stable through the
month and remained at 18%. Volta Finance’s cashflow generation was stable at
€28m equivalent in interest and coupons over the last six months,
representing close to 21% of August NAV on an annualized basis.

Over the month, Volta’s CLO Equity tranches returned -1.1%** while CLO Debt
tranches returned +1.2% performance**. The EUR/USD move to 1.1702 from 1.1423
had an impact on our long dollar exposure (14%) in terms of performance
(-0.34%).

As of end of August 2025, Volta’s NAV(*) was €271.8m, i.e. €7.43 per
share.

*It should be noted that approximately 3.92% of Volta’s GAV comprises
investments for which the relevant NAVs as at the month-end date are normally
available only after Volta’s NAV has already been published. Volta’s
policy is to publish its NAV on as timely a basis as possible to provide
shareholders with Volta’s appropriately up-to-date NAV information.
Consequently, such investments are valued using the most recently available
NAV for each fund or quoted price for such subordinated notes. The most
recently available fund NAV or quoted price was 3.85% as at 31 July 2025,
0.07% as at 30 June 2025.

** “performances” of asset classes are calculated as the Dietz-performance
of the assets in each bucket, taking into account the Mark-to-Market of the
assets at period ends, payments received from the assets over the period, and
ignoring changes in cross-currency rates. Nevertheless, some residual currency
effects could impact the aggregate value of the portfolio when aggregating
each bucket.

CONTACTS

For the Investment Manager
AXA Investment Managers Paris
François Touati
francois.touati@axa-im.com        
+33 (0) 1 44 45 80 22

Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30        

Company Secretary and Administrator
BNP Paribas S.A, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com 
+44 (0) 1481 750 850

Corporate Broker
Cavendish Securities plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

***** 
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under The Companies
(Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the
London Stock Exchange's Main Market for listed securities. Volta’s home
member state for the purposes of the EU Transparency Directive is the
Netherlands. As such, Volta is subject to regulation and supervision by the
AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit
cycle and to provide a stable stream of income to its Shareholders through
dividends that it expects to distribute on a quarterly basis. The Company
currently seeks to achieve its investment objectives by pursuing exposure
predominantly to CLO’s and similar asset classes. A more diversified
investment strategy across structured finance assets may be pursued
opportunistically. The Company has appointed AXA Investment Managers Paris an
investment management company with a division specialised in structured
credit, for the investment management of all its assets.

*****

ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company
within the BNP Group, a global leader in financial protection and wealth
management. AXA IM is one of the largest European-based asset managers with
more than 3,000 professionals and €879 billion in assets under management as
of the end of June 2025.

*****

This press release is published by AXA Investment Managers Paris (“AXA
IM”), in its capacity as alternative investment fund manager (within the
meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance
Limited (the "Volta Finance") whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an
invitation or inducement to acquire shares in Volta Finance. Its circulation
may be prohibited in certain jurisdictions and no recipient may circulate
copies of this document in breach of such limitations or restrictions. This
document is not an offer for sale of the securities referred to herein in the
United States or to persons who are “U.S. persons” for purposes of
Regulation S under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), or otherwise in circumstances where such offer would be
restricted by applicable law. Such securities may not be sold in the United
States absent registration or an exemption from registration from the
Securities Act. Volta Finance does not intend to register any portion of the
offer of such securities in the United States or to conduct a public offering
of such securities in the United States.

*****

This communication is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth
companies, and other persons to whom it may lawfully be communicated, falling
within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as “relevant persons”). The securities referred to herein are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents. Past performance cannot be
relied on as a guide to future performance.

*****
This press release contains statements that are, or may deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "anticipated", "expects", "intends", "is/are expected", "may",
"will" or "should". They include the statements regarding the level of the
dividend, the current market context and its impact on the long-term return of
Volta Finance's investments. By their nature, forward-looking statements
involve risks and uncertainties and readers are cautioned that any such
forward-looking statements are not guarantees of future performance. Volta
Finance's actual results, portfolio composition and performance may differ
materially from the impression created by the forward-looking statements. AXA
IM does not undertake any obligation to publicly update or revise
forward-looking statements.

Any target information is based on certain assumptions as to future events
which may not prove to be realised. Due to the uncertainty surrounding these
future events, the targets are not intended to be and should not be regarded
as profits or earnings or any other type of forecasts. There can be no
assurance that any of these targets will be achieved. In addition, no
assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance
cannot be relied on as a guide to future performance or construed as a
reliable indicator as to future performance. Throughout this review, the
citation of specific trades or strategies is intended to illustrate some of
the investment methodologies and philosophies of Volta Finance, as implemented
by AXA IM. The historical success or AXA IM’s belief in the future success,
of any of these trades or strategies is not indicative of, and has no bearing
on, future results.

The valuation of financial assets can vary significantly from the prices that
the AXA IM could obtain if it sought to liquidate the positions on behalf of
the Volta Finance due to market conditions and general economic environment.
Such valuations do not constitute a fairness or similar opinion and should not
be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws
of France, having its registered office located at Tour Majunga, 6, Place de
la Pyramide - 92800 Puteaux. AXA IMP is authorized by the Autorité des
Marchés Financiers under registration number GP92008 as an alternative
investment fund manager within the meaning of the AIFM Directive.

*****

Attachment
*     Volta - Monthly report-August 2025
(https://ml-eu.globenewswire.com/Resource/Download/4d87c549-f8d8-44bd-a5e7-27f69e244f66)