Follow-On Investment into Step Investments Limited

17 October 2025

Duke Capital Limited

("Duke Capital", "Duke" or the "Company")

Follow-On Investment into Step Investments Limited

Duke Capital Limited (AIM: DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, is pleased to announce a follow-on investment of £3.7 million into its existing capital partner, Step Investments Limited ("Step"). This investment will enable Step's radio-focused subsidiary, Bay Broadcasting Limited ("Bay"), to complete an acquisition and expand its portfolio.

Step is a diversified investment group, with core interests in the cinema advertising, digital outdoor advertising and radio stations across the UK and Ireland.

Highlights:

· Additional Duke funding of £3.7 million, will facilitate Step's acquisition of Western Community Broadcasting Services ("Galway Bay FM or GBFM").

· Established in 1989, GBFM is the leading radio station in the Galway region of Ireland, and broadcasts a mix of programming, including news, sport, current affairs, and local content.

· The acquisition expands Bay's portfolio of profitable and well-known Irish radio stations to four: Ireland's Classic Hits, Radio Nova, Sunshine 106.8, and now GBFM. Radio Nova and Sunshine 106.8 are ranked as the 2nd and 3rd most popular radio stations in Dublin.

· The financing increases Duke's total credit financing in Step to £15.2 million. The investment terms are in line Duke's typical cost of capital, including a starting yield of 13.5% and a +/- 6% annual revenue adjustment factor in respect of hybrid credit payments due.

· Duke has supported Step for over seven years with various forms of follow-on capital and the enlarged group now has substantial operations across the UK and Ireland with more than 400 employees.

Neil Johnson, Duke Capital CEO said:

"The Duke team is delighted to support Step and Bay in acquiring Galway Bay FM, a leading local broadcaster with deep roots in its community and a highly loyal audience. Galway Bay FM is a natural addition to Bay's existing radio portfolio, and this transaction is another example of how Duke's flexible capital can help long-standing partners like Step grow through acquisitions."

Mike Ormonde, Step CEO said:

"The acquisition of Galway Bay FM represents an exciting addition to Bay's growing radio portfolio and aligns with our strategy of investing in high-quality media assets. Galway Bay FM has been the voice of Galway for over three decades, and with the support of Bay's experienced management team, we see a clear opportunity to strengthen its commercial performance, broaden its reach and move Bay into the position of being the second largest commercial radio group in Ireland. We are delighted to have Duke's continued support as we execute on our growth strategy across the UK and Ireland."

Further information regarding Galway Bay FM

Founded in 1989, Galway Bay FM is a commercial local radio station broadcasting to Galway city and county under licence from Coimisiún na Meán. Galway Bay FM has consistently ranked as the top radio station in the region with a market share of over 30%, ahead of national and multi-city competitors. The station broadcasts a mix of current affairs, local news, sports coverage, and music programming from its Galway city premises.

Duke Capital Portfolio

A full list of Duke's current partners is included for reference on the Partners page of the Company's website: www.dukecapital.com/partners.

***ENDS***

For further information, please visit www.dukecapital.com or contact:

About Duke Capital

Duke is a leading provider of hybrid capital solutions for SME business owners in Europe and North America, combining the best features of both equity and debt.

Since 2017, Duke has provided unique long-term financing which eliminates re-financing risk and necessity for a short-term exit by providing a unique 'corporate mortgage' while also aligning its returns to grow with the success of the business.

Duke is focused on generating attractive risk-adjusted returns for shareholders and has a track record of achieving this across market cycles. It's three investment pillars are capital preservation, attractive dividend yield, and to provide upside upon exits.

Duke is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.