Emv Capital Plc · LSE:EMVC
Emv Capital — H1 2026 Earnings Presentation
27 slides from Emv Capital's earnings presentation, Sep 24, 2026
Slide 1: Investor Presentation: Interim results for six months ended 30 June 2026
DEEP TECH | LIFE SCIENCES | SUSTAINABILITY INVESTOR PRESENTATION Interim results for the six months ended 30 June 2026 24 September 2026
Slide 2: Disclaimer
DISCLAIMER This presentation (and any information contained in any oral presentation accompanying it) (Presentation) has been prepared by EMV Capital plc (Company). This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act
Slide 3: Contents
CONTENTS 1. Introduction 2. H1 2026 Financial Highlights 3. Venture Build and Co-invest strategy 4. Portfolio Highlights 5. Outlook and Strategic Direction 6. Summary 7. Appendices 3 DEEP TECH | LIFE SCIENCES | SUSTAINABILITY STRICTLY PRIVATE
Slide 4: Introduction to EMVC
INTRODUCTION TO EMVC Vision to be a leading deep From £12m AUM / 8 tech and life sciences VC in companies in 2020... to £117m AUM / 70+ the UK and Europe companies in H1 2026 Identifying, investing £117.5m AUM 70+ portfolio Building a EMV Capital Partners in, and building high at 30 June 2026 compan
Slide 5: Effective Board and Executive Leadership
EFFECTIVE BOARD AND EXECUTIVE LEADERSHIP SUPPORTED BY STRONG OPERATIONAL TEAM, VENTURE PARTNERS AND ADVISERS DR CHARLES SPICER DR JONATHAN ROBINSON DR ILIAN ILIEV ED HOOPER ANESH PATEL Non-Executive Chair Senior Independent Director CEO Executive Director and GC Group Chief Financial Officer ▪ Exper
Slide 6: Key Highlights H1 2026
KEY HIGHLIGHTS H1 2026 Continued growth in AUM, NAV per share, revenues and platform £117.5m £1.20 / £1.23 £1.5m 12.4x AUM NAVPS / Adjusted NAVPS EMVC CORE REVENUE VENTURE BUILD MULTIPLE +4% vs Dec-25 +16% vs Dec-25 +9% vs H1 2025 £0.9m cost → £10.8m FV (Adjusted NAVPS) • Glycotest and ProAxsis deco
Slide 7: EMV Capital Portfolio – Selected Companies
EMV CAPITAL PORTFOLIO – SELECTED COMPANIES DEEP TECH & LIFE SCIENCES – ACROSS VENTURE BUILD AND CO-INVEST PORTFOLIO DEEP TECH PORTFOLIO LIFE SCIENCES PORTFOLIO DRUG DISCOVERY FUTURE OF COMPUTE & THERAPEUTICS SEMICONDUCTORS MEDTECH & DIAGNOSTICS SENSING DIGITAL HEALTH AI, AUTONOMOUS SYSTEMS & ROBOTIC
Slide 8: Total AUM of £117.5m as at 30 June 2026
TOTAL AUM OF £117.5M AS AT 30 JUNE 2026 4% growth since 31 December 2025 Total AUM by holding type Direct and Managed/3rd Party AUM by company EIS Fund £1.8m Glycotest £18.9m Sofant £13.9m ProAxsis £9.3m Martlet Capital DeepTech £8.1m Fund Directly £25.5m owned SageTech £6.5m £37.8m EpiBone £5.6m Wa
Slide 9: Operating Model: Income Growth
OPERATING MODEL: INCOME GROWTH Scalable, repeatable revenue streams OPERATIONAL INCOME: approaching cash breakeven from fee income CAPITAL RETURNS: from exits and carried interest Corporate finance Value creation Recurring fund Exits & fundraising fees services fees management fees Carried Interest
Slide 10: Operating Model: Capital Growth
OPERATING MODEL: CAPITAL GROWTH OUR TWO INVESTMENT STRATEGIES VENTURE BUILD CO-INVEST • Significant stakes, typically over 30%, often at a discount to prior • Smaller minority stakes alongside trusted co-investors valuations • Primarily alongside our Martlet Capital fund portfolio • Established, IP-
Slide 11: Operating Model: AUM Growth as Source of Capital
OPERATING MODEL: AUM GROWTH AS SOURCE OF CAPITAL SCALE INVESTMENT CAPACITY WITH RECURRING MANAGEMENT FEES / CARRIED INTEREST Key capital/AUM components ▪ EMV Capital balance sheet investments ▪ Third party / Managed (investor syndicate) ▪ Martlet Capital Fund ▪ EIS Evergreen Fund ▪ New fund initiati
Slide 12: Six Years of Consistent AUM Growth Since H1 2020
SIX YEARS OF CONSISTENT AUM GROWTH SINCE H1 2020 46% CAGR from H1 2020 to H1 2026 6-year AUM growth 46% CAGR £117.5 £112.5 Consistent growth despite £98.5 £27.2 £27.3 difficult markets £74.0 £25.8 £65.3 Diversified sources and channels £53.1 £46.4 £52.4 provide more routes to growth £22.8 £37.6 £35.
Slide 13: Total AUM Movement – H1 2026 (+4%)
TOTAL AUM MOVEMENT – H1 2026 (+4%) ▪ AUM up 4% to £117.5m, driven by £9.0m of additions and conversions, partly offset by a £3.6m reclassification ▪ Net fair value movement was marginally negative (£1.2m increases against £2.3m decreases) +9.0 −3.6 +0.4 +0.2 £117.5m £112.5m −2.3 +1.2 +0.1 AUM 31 Dec
Slide 14: Financial Highlights – Balance Sheet
FINANCIAL HIGHLIGHTS – BALANCE SHEET (£ millions) Net Assets Adjusted NAV ▪ Net assets of £33.4m (31 Dec 2025: £13.7m) with NAV per share up 145% to £1.20 (31 Dec 2025: £0.49) – reflecting the Glycotest & ProAxsis deconsolidation £34.4 £33.4 £29.6 ▪ Adjusted NAV(1) of £34.4 million (31 Dec 2025: £29
Slide 15: Financial Highlights – Income Statement
FINANCIAL HIGHLIGHTS – INCOME STATEMENT (£ millions) • EMV Capital Core revenue increased by 9% to Revenue EMVC Core H1 2026 revenue mix £1.5m(2) (H1 2025: £1.3m (2)), driven by higher VCS and corporate finance fees Corporate finance (+9%) £0.4 VCS (+20%) • Covers over 70% of EMVC Core operating £1.
Slide 16: Total AUM Movement by Portfolio Company
TOTAL AUM MOVEMENT BY PORTFOLIO COMPANY Total AUM fair value rose £5.0m, led by Glycotest (+£6.1m), Sofant (+£0.9m) and SageTech (+£0.7m). (£6.0) (£4.0) (£2.0) £0.0 £2.0 £4.0 £6.0 £8.0 Glycotest £6.1 Sofant £0.9 SageTech £0.7 Deeptech Recycling £0.5 Ventive £0.5 DNameIT £0.4 Wanda £0.3 ProAxsis £0.3
Slide 17: Portfolio Highlights: Selected Companies
PORTFOLIO HIGHLIGHTS: SELECTED COMPANIES EMVC Company EMVC advised Company What it does H1 2026 highlights value direct (FV) (FV) XF-73 antimicrobial therapeutics; 18 • FDA IND/pIND transferred; MHRA ILAP granted 29.7% 70.3% c.£2m patents to 2034 • FDA Type B meeting set for Oct 2026 (£0.6m) (£1.4m)
Slide 18: Venture Build: Strategic Approach & Value Creation
VENTURE BUILD: STRATEGIC APPROACH & VALUE CREATION Approach A 12.4x multiple on investment ▪ Target IP-rich companies needing strategic re-direction £10.8m FAIR VALUE £10.8m ▪ Restructure via direct equity (cash and/or in-kind services) FROM and/or EMV Capital paper £0.9m INVESTED COST Growth Suppor
Slide 19: Venture Build Programme – Portfolio
VENTURE BUILD PROGRAMME – PORTFOLIO ACQUIRE ASSET SYNDICATE FUNDING ADVANCE PROGRAMME Target IP-rich assets Leverage third-party capital Build value & exit readiness New Addition Plastic Waste Lab Blood Verification Heatpump Developer Chemical Recycling System Cumulative FV uplift: £2.8m Cumulative
Slide 20: Post Period: New Venture Build Co
POST PERIOD: NEW VENTURE BUILD CO Transaction The asset ▪ New portfolio company, Winalot BV, acquired the fully ▪ Fully constructed industrial-scale chemical recycling plant – historical constructed Pryme One chemical recycling plant in the investments of €50m Port of Rotterdam ▪ Port of Rotterdam a
Slide 21: Strategy & Commercial Model – Targeting £200M+ AUM
STRATEGY & COMMERCIAL MODEL – TARGETING £200M+ AUM A DISTINCTIVE, MULTI-REVENUE PLATFORM COMBINING CORPORATE FINANCE, FUND MANAGEMENT, PORTFOLIO MANAGEMENT AND VALUE CREATION SERVICES 1. GROW PORTFOLIO VALUE 2. SCALE FUNDS PRACTICE 3. MULTIPLE RETURN ROUTES Build on Martlet Capital + EIS Fund M&A, I
Slide 22: Strong Underlying Portfolio Quality Not Reflected in Current Share Price
STRONG UNDERLYING PORTFOLIO QUALITY NOT REFLECTED IN CURRENT SHARE PRICE £45.0 £1.60 £1.35 • NAV, Adjusted NAV and FV metrics are £40.0 £1.40 £1.23 £35.0 £1.20 as at 30.06.2026 £1.20 Value (£m) £30.0 Value per share (£) £1.00 • Valuations remain conservative, £25.0 £0.80 excluding ongoing fundraisin
Slide 23: Summary
SUMMARY ADVANCING BUILDING A ROBUSTFUTURE-FOCUSED A SCALABLE, AND SUSTAINABLEVENTURE BUSINESS MODEL MODEL Well positioned to capitalise on the evolving venture capital landscape ▪ Capital gains potential: through targeted portfolio exits ▪ Carried interest upside: from third-party fund growth ▪ Path
Slide 24: Join Our Community
JOIN OUR COMMUNITY Follow EMV Capital plc on LinkedIn Virtual Meet the Portfolio on Investor Meet Company 25-28 Old Burlington Street, London W1S 3AN www.emvcapital.com
Slide 25: Appendices
EMVCAPITAL APPENDICES
Slide 26: Fair Value of Directly Held Portfolio Holdings
FAIR VALUE OF DIRECTLY HELD PORTFOLIO HOLDINGS At 30 June 2026 Directors' fair value is calculated in accordance with IPEV guidelines, based on the price of the most recent third-party funding round, calibrated to the reporting date. Fair values are stated on a fully diluted basis (unless stated oth
Slide 27: Fair Value of Funds/Managed Portfolio Holdings
FAIR VALUE OF FUNDS/MANAGED PORTFOLIO HOLDINGS At 30 June 2026 Portfolio Company Country Sector Stage Holding (%) FV (£m) FUND MANAGEMENT Martlet Capital Portfolio UK Life sciences/DeepTech Sales - £25.5(1) EMV Capital Evergreen EIS Fund UK Life sciences/DeepTech Sales - £1.8 FUND MANAGEMENT TOTAL £