Gresham House Income & Growth VCT plc · LSE:GHV1
Gresham House Income & Growth VCT — Shareholder Meeting (March 2026)
50 slides from Gresham House Income & Growth VCT's shareholder meeting presentation, Mar 2, 2026
Slide 1: Gresham House VCTs Shareholder event & AGM
Gresham House VCTs Shareholder event & AGM Supporting the future of UK and Irish businesses 2 March 2026 1
Slide 2: Risk warning
Risk warning An investment in either or both of Gresham House Income & Growth VCT plc (GHV1) and Gresham House Changes in legislation concerning VCTs may limit the number of investment opportunities, reduce the level Income & Growth VCT 2 plc (GHV2), (together the Companies or the Gresham House VCTs
Slide 3: Maurice Helfgott and Clive Boothman, Chairs
Maurice Helfgott Chair, Gresham House Income & Growth VCT plc Clive Boothman Chair, Gresham House Income & Growth 2 VCT plc 3
Slide 4: Welcome and introduction
Welcome and introduction Agenda Time Activity 11:00 am Welcome and introduction 11:10 am Investment Adviser presentation 12:10 pm Q&A 12:30 pm Lunch 1:30 pm Annual General Meeting - Gresham House Income & Growth VCT plc 1:45 pm Annual General Meeting - Gresham House Income & Growth 2 VCT plc 4
Slide 5: Gresham House Income & Growth VCT plc Board of Directors
Gresham House Income & Growth VCT plc Board of Directors Maurice Helfgott Graham Paterson Senior Independent Director Chair Chair of the Management Engagement Committee Chair of the Nomination & Remuneration Committee Nemone Wynn-Evans Justin Ward Chair of the Audit Committee Chair of the Investment
Slide 6: Gresham House Income & Growth 2 VCT plc Board of Directors
Gresham House Income & Growth 2 VCT plc Board of Directors Clive Boothman Ian Blackburn Senior Independent Director Chair Chair of the Management Engagement Committee Chair of the Nomination & Remuneration Committee Lucy Armstrong Sarah Clark Chair of the Audit Committee Chair of the Investment Comm
Slide 7: Chair Remarks: Dividends
Gresham House Income Gresham House Income & Growth VCT plc & Growth 2 VCT plc Dividends Dividends Chair Remarks Chair Remarks 7
Slide 8: Trevor Hope, Managing Director & CIO Private Equity
Trevor Hope Managing Director & CIO Private Equity 8
Slide 9: Focused on delivering financial returns by investing in themes
Focused on delivering financial returns for clients by investing in themes that are shaping the world in which we live. 0.9 0.9 3.7 Energy transition Social impact 1 £10.7bn AUM 1.5 Productive growth capital Nature & climate 2.7 Strategies within our themes: Forestry Energy Transition Public Equity
Slide 10: Investment Adviser
Investment Adviser Gresham House Asset Management Limited became Investment Adviser to the Gresham House VCTs (formerly Mobeus VCTs) in September 2021. The combined team advises and manages the Investing in the next generation of high-growth Gresham House VCTs and Baronsmead VCTs1 businesses, target
Slide 11: Budget 2025
Budget 2025 The UK Budget on 25 November 2025 introduced several amendments to the VCT scheme from April 2026: ▪ The Government is increasing the Venture Capital Trust (VCT) and Enterprise Investment Scheme (EIS) limits to allow investors to follow-on as companies grow beyond the start-up phase: – A
Slide 12: Net Asset Value: At year end September 2025
Net Asset Value: At year end 30 September 2025 GHV1 £215.2mn1 GHV2 £177.7mn1 Gresham House Income & Growth VCT plc Gresham House Income & Growth 2 VCT plc 46 41 £142.2mn £119.2mn Value of Value of investments 2 investments 2 £73.0mn £58.5mn Liquid Liquid assets3 assets3 Past performance is not neces
Slide 13: New investments
New investments New and exciting opportunities have continued to be made. GHV1 and GHV2 in the year to 30 September 2025 Investee company Date Total VCT investment1 (£mn) GHV1 (£mn) GHV2 VCT (£mn) October 2024 1.88 0.55 0.42 November 2024 5.00 1.45 1.13 April 2025 1.99 0.64 0.54 May 2025 7.78 2.49 2
Slide 14: oe QUANTUM
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Slide 15: Follow-on investments
Follow-on investments Further investments into existing portfolio companies have been made. GHV1 and GHV2 in the year to 30 September 2025 Investee company Date Total VCT investment1 (£mn) GHV1 (£mn) GHV2 (£mn) November 2024 1.00 0.31 0.27 December 2024 1.00 0.54 0.46 December 2024 0.40 0.12 0.10 Ja
Slide 16: Track record
Track record NAV total returns* to investors from £100,000** invested in Offer years £300,000 £239,161 £250,000 £225,645 £215,717 £198,072 £185,698 £189,618 £190,027 £55,934 £200,000 £56,041 £55,385 £52,378 £134,779 £55,552 £150,000 £126,200 £125,626 £75,044 £84,269 £100,000 £89,311 £78,284 £64,741
Slide 17: Dividend targets and history
Dividend targets and history New annual dividend target post-merger of 7% of the NAV per share GHV1* GHV2* 2.5p paid 2p paid Annual target Annual target 7% of opening October 25 7% of opening October 25 NAV** NAV** Pence Pence 40 39.0p 40 34.0p 34.5p 35 35 30.5p 29.0p Average 30 Average 30 28.0p 26.
Slide 18: Strong relative performance
Strong relative performance NAV Total Return (NAV plus dividends paid) Rank VCT 5 year % Rank VCT 10 year % 1 Foresight VCT 69.97 1 Gresham House Income & Growth 2 VCT 128.16 2 British Smaller Companies VCT 63.61 2 British Smaller Companies VCT 119.01 3 British Smaller Companies VCT 2 57.44 3 Albion
Slide 19: Performance update - 2025 financial year
Performance update - 2025 financial year GHV1 30 September 2025 results GHV2 30 September 2025 annual results Pence Pence NAV per share at 30 September 2024 70.90 NAV per share at 30 September 2024 54.70 5.5p dividends paid to shareholders in the year (5.50) 2.0p dividends paid to shareholders in th
Slide 20: Performance update: Q1 - 2026 financial year
Performance update: Q1 - 2026 financial year GHV1 31 December 2025 first quarter GHV2 31 December 2025 first quarter Pence Pence NAV per share at 30 September 2025 66.78 NAV per share at 30 September 2025 54.29 Dividends paid to shareholders in the quarter (2.50) Dividends paid to shareholders in th
Slide 21: Portfolio highlights video
Portfolio highlights video 21
Slide 22: Jens Düing, Head of Portfolio
Jens Düing Head of Portfolio 22
Slide 23: Headlines dominated by uncertainty and risk
Headlines dominated by uncertainty and risk i. Geopolitical & economic ii. Recent software sell-off uncertainty not seen for many decades World Economic Forum: Turmoil and Anthropic AI Tool Sparks Selloff from trade wars dominate ‘summer Davos’ Software to Broader Market BBC, 25 June 2025 Bloomberg
Slide 24: The UK economy continues its post Covid adjustments
The UK economy continues its post Covid adjustments... Inflation has moderated and UK employment remains BOE interest rate is stabilised above target rate1 relatively stable1 trending down2 UK inflation (CPI) UK employment rate BOE Interest Rates 12 75.4 5.5 10 75.2 5 Inflation rate (% p.a.) Employm
Slide 25: Economic indicators highlighting a slow recovery
...with economic indicators highlighting a slow recovery UK real income trends UK GDP: positive growth Subdued business & upwards1 trend1 consumer sentiment2 UK Real Income UK Consumer & Business Confidence UK GDP 8 55 710,000 40 6 25 10 4 690,000 -5 £'mn -20 arial 2 -35 0 670,000 -50 -65 -2 -80 650
Slide 26: Supporting portfolio companies in mastering the challenges of scaling up
Focus on supporting portfolio companies in mastering the challenges of scaling up ▪ Scale of Gresham House enables the following benefits: o Enabling portfolio companies to share knowledge / experiences o Sourcing topical experts unavailable / too expensive for individual companies Q1 '26 Q2 '26 Q3
Slide 27: Portfolio highlights for the year to September 2025
Portfolio highlights for the year to September 2025 Preservica, Preserve365 product launched in collaboration with Microsoft MPB, expansion into four new EU markets and reached profitability while transacting £225mn of GMV CitySwift, more than doubled annual recurring revenue ARKK, continued to impr
Slide 28: Portfolio performance
Portfolio performance Cumulative quarterly portfolio movement * Diligent and prudent cash management remain a key focus GHV1 GHV2 5.0% Majority of portfolio companies are up on a revenue 4.0% basis year on year1 3.0% Earlier stage portfolio companies taking longer to hit 2.0% core milestones 1.0% 0.
Slide 29: Portfolio performance - unrealised
Portfolio performance - unrealised Significant unrealised risers and fallers - 30 September 2025 10 8 GHV1 Net increase 6 £5.81mn 4 £mn 2 GHV2 Net increase - £5.65mn -2 -4 Preservica MPB CitySwift Arkk Caledonian ActiveNav Aquasium Orri Connect Vivacity Bella & Duke Leisure Technology Childcare Inve
Slide 30: Portfolio performance - realised
Portfolio performance - realised Realised gains and losses in year ended 30 September 2025 0.40 0.20 0.00 GHV1 Net realised loss -0.20 £1.38mn -0.40 -0.60 £mn -0.80 -1.00 -1.20 GHV2 Net realised -1.40 loss -1.60 £1.12mn -1.80 -2.00 Wetsuit Outlet Mable Therapy Azarc MyTutor RotaGeek Investments sele
Slide 31: Exits in 2025
Exits in 2025 During the year, exits across the Gresham House VCTs (GHV1 & GHV2) generated c.£23.49mn in cash proceeds over the life of the investment Gresham House VCTs Gresham House VCTs GHV1 proceeds GHV2 proceeds Exits Exit date Multiple of cost investment (£mn) cash proceeds (£mn) (£mn) (£mn) M
Slide 32: Case study
Case study - ▪ Leading innovator in digital preservation archiving solutions ▪ Enabling review, migration and analysis of critical digital assets ▪ Fully embedded in Microsoft 365 ecosystem ▪ Serving global blue-chip customers, e.g. Bank of England, HSBC, GSK, the State of Vermont and Amnesty Intern
Slide 33: Case study
Case study - Investment thesis ▪ Become a category leader Revenue & GHV valuation history 20.0 100 ▪ Regulatory tailwinds ▪ Prove profitability potential with top quartile SaaS 80 metrics 15.0 60 10.0 Value creation 40 ▪ Develop a category defining product 5.0 ▪ Drive international expansion 20 ▪ Su
Slide 34: Portfolio - summary
Portfolio - summary ▪ Challenging trading environment expected to continue ▪ Increased investment portfolio support ▪ Winners emerging, e.g. Preservica and MPB ▪ Combined with investments in cutting edge innovators like Nu Quantum View ahead ▪ Growing portfolio support activities ▪ Exit environment
Slide 35: Summary
Summary ▪ 2025 performance – consistent delivery relative to stated targets ▪ Announcement of Interim Dividends ▪ Investment strategy and portfolio construction reflects a disciplined balance of risk & return ▪ Macro factors continue to create a challenging environment for SMEs ▪ Investment opportun
Slide 36: Offers for Subscription 2025/26 tax year
Offers for Subscription 2025/26 tax year 36
Slide 37: Gresham House VCTs Share Offer
Gresham House VCTs Share Offer The Offers will close for applications (unless fully subscribed earlier or otherwise at the discretion of the relevant board) at 10.00am on 31 March 2026. The planned share allotment date is 1 April 2026. ▪ The Companies are seeking to raise, in aggregate, up to £65 mi
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Slide 39: Annual General Meetings commence
Gresham House Income Gresham House Income & Growth VCT plc Annual & Growth 2 VCT plc Annual General Meeting will General Meeting will commence at 1:30pm commence at 1:45pm 39
Slide 40: Gresham House Income & Growth VCT plc Annual General Meeting
Gresham House Income & Growth VCT plc Annual General Meeting 2 March 2026 Leonardo Royal London St Paul's, 10 Godliman St, London EC4V 5AJ 40
Slide 41: The formal business of the Annual General Meeting
The formal business of the Annual General Meeting 1. Adoption of the Annual Report and Accounts for the year ended 30 September 2025 2. Approval of the Directors’ Remuneration Report 3. Approval of the Company's Remuneration Policy 4. To re-elect Maurice Helfgott as a Director of the Company 5. To r
Slide 42: Proxy votes received
Proxy votes received 1. Adoption of the Annual Report and Accounts for the year ended 30 September 2025 For At the proxy’s discretion Against Withheld Votes % Votes % Votes % Votes 8,908,996 97.26 231,804 2.53 19,545 0.21 201,594 2. Approval of the Directors’ Remuneration Report For At the proxy’s d
Slide 43: Proxy votes received
Proxy votes received 5. To re-elect Graham Paterson as a Director of the Company For At the proxy’s discretion Against Withheld Votes % Votes % Votes % Votes 8,254,728 90.04 270,545 2.95 642,918 7.01 193,748 6. To re-elect Justin Ward as a Director of the Company For At the proxy’s discretion Agains
Slide 44: Proxy votes received
Proxy votes received 9. To authorise the Directors to allot shares in the Company For At the proxy’s discretion Against Withheld Votes % Votes % Votes % Votes 8,452,700 92.52 311,355 3.41 371,291 4.07 225,963 10. To authorise the Directors to disapply pre-emption rights of members (Special Resolutio
Slide 45: Gresham House Income & Growth 2 VCT plc Annual General Meeting
Gresham House Income & Growth 2 VCT plc Annual General Meeting Monday, 2 March 2026 Leonardo Royal London St Paul's, 10 Godliman St, London EC4V 5AJ 45
Slide 46: The formal business of the Annual General Meeting
The formal business of the Annual General Meeting 1. Adoption of the Annual Report and Accounts for the year ended 30 September 2025 2. Approval of the Directors’ Remuneration Report 3. Approval of the Company's Remuneration Policy 4. To re-elect Clive Boothman as a Director of the Company 5. To re-
Slide 47: Proxy votes received
Proxy votes received 1. Adoption of the Annual Report and Accounts for the year ended 30 September 2025 For At the proxy’s discretion Against Withheld Votes % Votes % Votes % Votes 7,767,031 96.26 288,741 3.58 13,034 0.16 156,390 2. Approval of the Directors’ Remuneration Report For At the proxy’s d
Slide 48: Proxy votes received
Proxy votes received 5. To re-elect Lucy Armstrong as a Director of the Company For At the proxy’s discretion Against Withheld Votes % Votes % Votes % Votes 7,344,505 91.79 264,404 3.30 392,718 4.91 223,569 6. To re-elect Ian Blackburn as a Director of the Company For At the proxy’s discretion Again
Slide 49: Proxy votes received
Proxy votes received 9. To authorise the Directors to allot shares in the Company For At the proxy’s discretion Against Withheld Votes % Votes % Votes % Votes 7,548,303 93.00 261,986 3.23 305,764 3.77 109,143 10. To authorise the Directors to disapply pre-emption rights of members (Special Resolutio
Slide 50: Thank you for joining
Thank you for joining 50
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