Emv Capital Plc · LSE:EMVC
Emv Capital — FY2024 Earnings Presentation
35 slides from Emv Capital's earnings presentation, June 2025
Slide 1: Final Results for the year ended 31 December 2024
DEEP TECH | LIFE SCIENCES | SUSTAINABILITY FINAL RESULTS For the year ended 31 December 2024 June 2025 DEEP TECH | LIFE SCIENCES | SUSTAINABILITY
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: Agenda
AGENDA 1. INTRODUCTION TO EMV CAPITAL PLC (EMVC) 2. FINANCIAL HIGHLIGHTS 2024 3. MARTLET CAPITAL MANDATE 4. VENTURE BUILDING PORTFOLIO 5. PORTFOLIO HIGHLIGHTS 6. OUTLOOK & STRATEGIC DIRECTION 7. SUMMARY 8. APPENDICES 3 DEEP TECH | LIFE SCIENCES | SUSTAINABILITY STRICTLY PRIVATE
Slide 4: Introduction to EMV Capital
EMVCAPITAL INTRODUCTION TO EMV CAPITAL
Slide 5: Introduction to EMV Capital plc
INTRODUCTION TO EMV CAPITAL PLC Vision to be a leading VC investment group in the deep tech and life sciences sectors Identifying, investing Over £100m Assets 70+ portfolio Building a EMV Capital Partners in, and building high Under Management companies sustainable platform Limited growth companies
Slide 6: Operating Model: Income Growth
OPERATING MODEL: INCOME GROWTH ACHIEVE FINANCIAL STABILITY AND INDEPENDENCE FEE GENERATING: established route to breakeven through fee income Recurring fund Corporate finance Value creation Exits & management fees fundraising fees services fees Carried Interest 6 DEEP TECH | LIFE SCIENCES | SUSTAINA
Slide 7: Operating Model: Capital Growth
OPERATING MODEL: CAPITAL GROWTH GROW VALUE OF OUR PORTFOLIO COMPANIES VENTURE BUILDING VALUE CREATION SERVICES Selective capital efficient Supporting a cohort of companies balance sheet investment and in protecting value and value in-kind services to capitalise growth upon value opportunities Suppor
Slide 8: Operating Model: AUM Growth
OPERATING MODEL: AUM GROWTH SCALE RECURRING MANAGEMENT FEES / CARRIED INTEREST AUM growth increases carried interest returns, potential and recurring management fees Key AUM components ▪ EMV Capital balance sheet investments ▪ Third party / Managed (investor syndicate) ▪ Martlet Capital Fund ▪ EIS E
Slide 9: Operating Model: Listing as a Differentiator
OPERATING MODEL: LISTING AS A DIFFERENTIATOR EMV Capital has made productive use of its quotation Directors & PDMRs, 16.91% • December 2024 £1.5m placing (at a 15% premium) • Issuance of shares at a premium to anchor Q-Bot fundraisings • Ability to selectively issue shares to suppliers or strategic
Slide 10: EMV Capital Portfolio
EMV CAPITAL PORTFOLIO DEEP TECH, LIFE SCIENCES, SUSTAINABILITY Over £105m raised by the EMV Capital portfolio companies in 2024 Liver cancer Portfolio of 50+ Medical biomarker, Recycling of plastic Lab technology, Regenerative medicine, Wearable gut monitor, diagnostics, companies managed late clini
Slide 11: Martlet Capital Portfolio
MARTLET CAPITAL PORTFOLIO DISCRETIONARY FUND MANAGER TO CAMBRIDGE-BASED VC FUND Over £171m raised by the Martlet Capital portfolio companies in 2024 11 DEEP TECH | LIFE SCIENCES | SUSTAINABILITY STRICTLY PRIVATE
Slide 12: Financial Highlights
EMVCAPITAL FINANCIAL HIGHLIGHTS
Slide 13: Financial Highlights 2024
FINANCIAL HIGHLIGHTS 2024 P&L Group revenue increased by c.70% to £2.5m (2023: £1.4m) • Driven by 67% increase in EMV Capital ‘core’ revenues of £2.0m (2023: £1.2m) - covering c.58% of ‘core’ costs • Other subsidiary revenue of £0.5m (ProAxsis) Adjusted loss at ‘core’ (i.e. prior to portfolio subsid
Slide 14: 'Core' Group Revenue
‘CORE’ GROUP REVENUE P&L £2.0 GBP (million) £1.2 £0.9 Fund £0.8 Services Management £0.8m Fees £0.2 £0.6m 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 Fundraise Fees • Growing recurring fees from fund management and portfolio monitoring £0.6m • Corporate finance fees from syndicated n
Slide 15: Fair Value Growth: Direct Holdings
FAIR VALUE GROWTH: DIRECT HOLDINGS Selective balance sheet investments delivering capital value growth Growth Prospects for CAGR 26% £41.8 Direct Holdings £37.7 £35.6 GBP (million) ▪ Portfolio company value £21.2 £31.0 growth ▪ Deepening stakes at £11.8 favourable terms ▪ New ventures added to the 3
Slide 16: Fair Value Growth: Managed AUM
FAIR VALUE GROWTH: MANAGED AUM Strong AUM expansion driving recurring revenue and performance fee potential CAGR 43% £60.8 Growth Prospects for Managed AUM GBP (million) £38.4 ▪ Value growth in managed companies £22.1 £23.5 ▪ EIS fund practice scaling £14.6 organically ▪ New Fund launches driving 31
Slide 17: Fair Value Composition
FAIR VALUE COMPOSITION AUM of £98.5m at 31 December 2024 and £103m at 31 May 2025 PDS, £1.4 EpiBone Capital, £2.0 Other, £2.4 Evergreen EIS Fund, £1.3 DName-iT, £2.6 Martlet Capital Wanda Health, £2.7 Fund, £24.5 Dname-iT, £2.8 Martlet Capital Fund, £24.5 EMV Capital Partners, £3.6 Ventive, £3.8 GBP
Slide 18: Valuation Metrics Do Not Reflect Full Growth Potential
VALUATION METRICS DO NOT REFLECT FULL GROWTH POTENTIAL Significant discount to current share price £40.0 £1.38 £1.60 £35.0 £1.40 £1.09 £30.0 £37.7 £1.20 GBP (MILLION) £25.0 £1.00 £29.9 £20.0 £0.80 GBP £0.52 £15.0 £0.47 £0.60 £14.1 £10.0 £0.40 £12.2 £5.0 £0.20 £0.0 £0.00 Mkt Cap NAV Adjusted NAV FV C
Slide 19: Martlet Capital Mandate
EMVCAPITAL MARTLET CAPITAL MANDATE
Slide 20: Our Martlet Mandate
OUR MARTLET MANDATE Expanding AUM and Improving Our Network EMV CAPITAL APPOINTED AS INVESTMENT MANAGER TO MARTLET CAPITAL, A CAMBRIDGE-BASED VENTURE FUND • Transaction highlights ▪ £24.5m of AUM added (non-dilutive) ▪ Carried interest over Martlet Portfolio ▪ Recurring fund management fees secured
Slide 21: Venture Building Portfolio
EMVCAPITAL VENTURE BUILDING PORTFOLIO
Slide 22: Venture Building: Strategic Approach & Value Creation
VENTURE BUILDING: STRATEGIC APPROACH & VALUE CREATION Approach ▪ Target IP-rich companies needing strategic direction £8.5m FV CREATED FROM ▪ Restructure via direct equity (cash and/or in-kind services) £0.4m CASH INVESTMENT & ▪ Deploy EMV Capital shares where appropriate Growth Support £0.5m IN-KIN
Slide 23: Venture Building Programme – Portfolio Highlights
VENTURE BUILDING PROGRAMME – PORTFOLIO HIGHLIGHTS Plastic Waste Lab Blood Verification Heatpump Developer Liquid biopsy Digital health Chemical Recycling System cancer diagnostics monitoring Direct stake: Dec 2022 Direct stake: Dec 2021 Direct stake: Oct 2022 Direct stake: Aug 2022 Direct stake: May
Slide 24: Portfolio Highlights
EMVCAPITAL PORTFOLIO HIGHLIGHTS
Slide 25: Portfolio Highlights: Selected Companies
PORTFOLIO HIGHLIGHTS: SELECTED COMPANIES Product / Model Next gen SatComs antenna Digital health monitoring Chemical recycling platform for Use cases: aircraft, drones, terrestrial, Remote patient monitoring plastic waste marine Empowers healthcare providers SPVs with customers to build plants Marke
Slide 26: Portfolio Highlights: Selected Companies
PORTFOLIO HIGHLIGHTS: SELECTED COMPANIES Product / Model Respiratory diagnostic ML-driven biomarker panel test for Robotics / Construction industry Sale of kits and lab services early-stage liver cancer 5,000+ successful retrofit insulation installations Market 479m estimated cases of COPD >$800m US
Slide 27: Outlook & Strategic Direction
OUTLOOK & STRATEGIC DIRECTION
Slide 28: Outlook: Strong Progress in a Volatile Market
OUTLOOK: STRONG PROGRESS IN A VOLATILE MARKET • Assets Under Management ▪ AUM grown to £103m (unaudited, post year-end) ▪ Further upside potential through: ▪ Organic portfolio growth and follow-on rounds ▪ New fund launches ▪ Expansion of EIS practice • Revenue Momentum ▪ Continued growth in recurri
Slide 29: 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 30: Appendices
EMVCA APPENDICES PITAL
Slide 31: Effective Board Leadership
EFFECTIVE BOARD LEADERSHIP SUPPORTED BY STRONG OPERATIONAL TEAM, VENTURE PARTNERS AND ADVISERS DR ILIAN ILIEV ED HOOPER CEO Executive Director and GC ▪ Substantial shareholder of EMV Capital PLC (14%) ▪ Former Partner of a City-headquartered international law firm ▪ Founder of EMV Capital Partners ▪
Slide 32: PDMRs and Significant Shareholders
PDMRs AND SIGNIFICANT SHAREHOLDERS Committed management and supportive shareholder base Shareholder Shares Percentage holding Investor type Ilian Iliev 3,885,973 13.99% Director Ed Hooper 330,000 1.19% Director Jonathan Robinson 199,253 0.72% Director Charles Spicer 56,286 0.20% Director Other PDMRs
Slide 33: Fair Value of Directly Held Portfolio Holdings
FAIR VALUE OF DIRECTLY HELD PORTFOLIO HOLDINGS At 31 December 2024 Directors’ FV is calculated according to BVCA standards based on the price of the last third-party externally validated funding round Portfolio Company Country Sector Stage Holding (%) Fair Value (m) EMV Capital UK Venture capital Sa
Slide 34: Fair Value of Managed Portfolio Holdings
FAIR VALUE OF MANAGED PORTFOLIO HOLDINGS At 31 December 2024 Third-Party Managed FV is calculated according to BVCA standards based on the price of the last externally validated funding round Portfolio Company Country Sector Stage Holding (%) FV (m) FUND MANAGEMENT Martlet Capital Portfolio UK Life
Slide 35: Join Our Community
JOIN OUR COMMUNITY Follow EMV Capital plc on LinkedIn & Twitter 25-28 Old Burlington Street, London W1S 3AN www.emvcapital.com