Mercia Asset Management Plc · LSE:MERC
Mercia Asset Management — ShareSoc Growth Company Seminar 2026
16 slides from Mercia Asset Management's conference presentation, Mar 25, 2026
Slide 1: ShareSoc Growth Company Seminar
ShareSoc Growth Company Seminar Mark Payton & Martin Glanfield London 25 March 2026
Slide 2: Agenda
Agenda 1.Who we are and what we do 2.Our 10-year growth story Martin Glanfield 3.FY25 financial highlights Chief Financial Officer 4.Sustained growth and Mercia ‘27 5.How we create value for shareholders Dr Mark Payton Chief Executive Officer 2
Slide 3: What is Mercia?
What is Mercia? A leading UK private capital asset manager sourcing deals others do not always see Vision First choice for Investees, Fund Investors, Employees and Shareholders Core focus Regional UK capital deployment (Venture, Development Capital and Property Finance) Geographic footprint Physical
Slide 4: Mercia's opportunity… Why?
Mercia’s opportunity… In 2021* there were However, approximately 12,600 high-growth** 66%*** of the businesses in the UK, of which c.21% were based investment deployed in the UK was into London- Why? in London based businesses 4
Slide 5: Be where the deals are...
Be where the deals are... With offices in: Newcastle e Leeds ¢ Hull « Sheffield e Nottingham London e Bristol e Henley-in-Arden e Birmingham © = mercia s! management
Slide 6: Seeing many of the best
Seeing many of the best c.£95m invested in H1: • c.£43m in venture and direct investments • c.£33m in development capital • c.£19m in property finance 6
Slide 7: Large addressable growth markets…
Large addressable growth markets… VENTURE CAPITAL* DEVELOPMENT CAPITAL* PROPERTY FINANCE** Between £4-6bn was invested in the Between £5-10bn was invested in Between £6-14bn was invested in the UK in 2024 from early stage to Series the UK in 2024 for investment ranges UK in 2024 in Mercia’s target p
Slide 8: Our journey
Our journey 2010. Founded, c.£12m FuM in venture focused on university spinouts in the West Midlands, one office, 3 employees 2014. IPO on AIM raising £70m, c.£23m FuM, focused on venture for the Midlands and North of England 2017. £40m raised on AIM, c.£337m in FuM focused on venture and developmen
Slide 9: New asset allocations
New asset allocations We expect allocations to UK private assets to grow steadily across venture capital, development capital, property finance and real assets, driven by regulatory change, policy momentum and portfolio diversification initiatives. Growth in UK private assets, supported by: • >£4bn
Slide 10: UK investment market, c.£9.1trn
UK investment market, c.£9.1trn UK Investment market AUM by Client Group (2023-2024) DB Pensions £1900bn (25.8%) Retail Funds £1430bn (19.4%) Insurers £900bn (12.2%) Individual DC/SIPPs £750bn (10.2%) DC Pensions £600bn (8.1%) Wealth managers/IFAs £550bn (7.5%) All figures are rounded estimates base
Slide 11: H1 FY26 financial review
H1 FY26 financial review _ -mercia
Slide 12: Interim financial results
£17.2m –3.9% 43.4p Revenue Net assets per share (H1 2025: £17.9m) (31 March 2025: 43.6p) £4.2m +13.7% £2.0bn EBITDA Assets under management Interim (H1 2025: £3.7m) (31 March 2025: £2.0bn) financial results 0.39p +5.4% c.£52m Interim dividend per share Organic funds under management inflows (H1 2025
Slide 13: Long-dated, diversified FuM
Long-dated, diversified FuM • Over 80% recurring revenues, with blended • Long-dated funds comprising evergreen or 10-year LP type structures – all closed end fee margin of c.2% 210 400 517 FuM by 522 FuM by FuM by 776 asset class investor type fund type (£’m) (£’m) (£’m) 959 454 1 081 402 118 Ventu
Slide 14: Mercia '27 is on track
Mercia ‘27 is on track Looking forwards FY24 FY25 FY26 FY27 • Building FuM pipeline Assets under management (“AuM”) £1.8bn £2.0bn → c.£3bn • Improving operational efficiency resulting in increased EBITDA and EBITDA margin EBITDA £5.5m £7.6m → c.£10m • Direct investments developing with a number in a
Slide 15: Top direct investments account for 80% of portfolio value
Top 10 direct investments account for 80% of portfolio value Moving towards breakeven Revenue growth and good Pivotal clinical trial First OEM launch expected New game development customer retention 2026 Developing commercial Cash breakeven and expanding Developing clinical trial plans Cash breakeve
Slide 16: Value creation for shareholders
Value creation for shareholders 10-year growth story: • 100% AuM growth every three years since IPO • £800m+ realised across balance sheet and managed funds • Return on invested capital (ROIC): 14–17% across three acquisitions • 55% CAGR in AuM over the past decade • Predictable income, increasing d
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