Slide 1: Investor Presentation: Results for the twelve months ended 31 December 2025
DEEP TECH | LIFE SCIENCES | SUSTAINABILITY INVESTOR PRESENTATION Results for the twelve months ended 31 December 2025 19 May 2026 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: Contents
CONTENTS 1. Introduction 2. 2025 Financial Highlights 3. Venture Build Overview 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 £112.5m AUM / 70+ the UK and Europe companies in 2025 Identifying, investing £112.5m AUM 70+ portfolio Building a EMV Capital Partners in, and building high at 31 December 2025 com
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 2025
Key Highlights 2025 A year of consistent progress against EMV Capital’s strategic priorities £112.5m £2.9m £3.2m 12.4x AUM GROUP REVENUE EMVC CORE REVENUE VENTURE BUILD MULTIPLE £0.9m directly invested → +14% year-on-year +17% year-on-year +31% year-on-year £10.8m value • £12.0m of third-party capit
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 £112.5m as at 31 December 2025
TOTAL AUM OF £112.5M AS AT 31 DECEMBER 2025 14% growth since prior year Total AUM by company Total AUM by holding type EIS Fund , £1.6 PointGrab, £1.5 CytoVale, Inc, £0.4 AMR Bio, £1.9 PDS Biotechnology, £0.3 Other, £0.7 Evergreen EIS EMV Capital Partners, £3.6 Fund, £1.6 DNameIT, £3.9 Ventive, Mart
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 GROW VALUE OF OUR PORTFOLIO COMPANIES PROACTIVE MANAGEMENT VENTURE BUILD PROGRAMME VALUE CREATION SERVICES Engagement with Boards and Selective capital efficient balance Supporting select companies to co-investors sheet and in-kind investment to drive value growth Pro
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 50% CAGR from H1 2020 to 2025 6-year AUM growth 50% CAGR £112.5 £98.5 £27.2 Consistent growth despite difficult £74.0 £25.8 markets £65.3 £46.4 Diversified sources and channels £53.1 £23.5 £38.4 £35.0 provide more routes to growth £35.8 £31.0 All segm
Slide 13: Financial Highlights – 2025
FINANCIAL HIGHLIGHTS – 2025 (£ millions) • Direct equity investments increased 9% to £14.6m. Equity investments Revenue (directly held) • Revenue increased 17% to £2.9m (2024: £2.5m) due to £3.2 £14.6 £2.9 £13.4 £2.5 £2.4 higher corporate finance and recurring fund management fees. • EMVC Core(1) re
Slide 14: Directly Owned Equity Investments Performance
DIRECTLY OWNED EQUITY INVESTMENTS PERFORMANCE Equity investments - year on year movement 1.5 14.6 13.4 2.0 (0.4) (0.1) (1.9) 31.Dec.2024 Decrease in FV Increase in FV Exch' rate differences Additions / conversions Realisations 31.Dec.2025 • 9% increase to £14.6m • Driven by a combination of portfoli
Slide 15: Venture Building: Strategic Approach & Value Creation
VENTURE BUILDING: STRATEGIC APPROACH & VALUE CREATION Approach A 12.4x multiple on investment ▪ Target IP-rich companies needing strategic re-direction £10.0m FAIR VALUE CREATED ▪ Restructure via direct equity (cash and/or in-kind FROM £10.0 services) and/or EMV Capital paper £0.9m INVESTED Growth S
Slide 16: Venture Building Programme – Portfolio
VENTURE BUILDING PROGRAMME – PORTFOLIO ACQUIRE ASSET SYNDICATE FUNDING ADVANCE PROGRAMME Target IP-rich assets Leverage third-party capital Build value & exit readiness Plastic Waste Lab Blood Verification Heatpump Developer Chemical Recycling System Direct stake FV increase of Direct stake FV incre
Slide 17: Venture Building Programme in Action
VENTURE BUILDING PROGRAMME IN ACTION: Market Transaction ▪ Surgical Site Infection: Responsible for 1.6m Deaths Globally ▪ Acquisition of XF-73 family of assets from ex- ▪ In US alone: potential for up to 2m surgery patients p.a. AIM-quoted Destiny Pharma XF-73 Asset ▪ Syndicated c.£1.3m to fund the
Slide 18: Portfolio Highlights: Selected Companies
PORTFOLIO HIGHLIGHTS: SELECTED COMPANIES Product / Model Next gen SatComs antenna Digital health platform Use cases: aircraft, UAVs, terrestrial, marine Targeting GLP-1 therapy using AI Market High-growth mobile, multi-orbit SatComs market GLP-1 support TAM of $8.6bn in US alone expected to reach $1
Slide 19: Subsidiary Portfolio Highlights
SUBSIDIARY PORTFOLIO HIGHLIGHTS Product / Model Development and supply of assays for basic and ML-driven biomarker panel test for early- pharmaceutical research stage liver cancer Market Clinical trials/clinical research into respiratory >$800m US and $4bn global market for diseases liver disease di
Slide 20: Strategy & Commercial Model – Targeting £200m+ AUM Milestone
STRATEGY & COMMERCIAL MODEL – TARGETING £200M+ AUM MILESTONE 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 Venture Build (25%+ stakes) Buil
Slide 21: Strong Underlying Portfolio Quality Not Reflected in Current Share Price
STRONG UNDERLYING PORTFOLIO QUALITY NOT REFLECTED IN CURRENT SHARE PRICE £45.0 £1.60 £1.39 £40.0 • NAV and FV metrics are as at 31.12.2025. £1.40 £35.0 £1.06 £1.20 £30.0 Value (£m) • Valuations remain conservative, excluding £1.00 Value per share (£) £25.0 ongoing fundraising rounds and post- £0.80
Slide 22: 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 23: 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 24: Appendices
EMVCA APPENDICES PITAL
Slide 25: Fair Value of Directly Held Portfolio Holdings
FAIR VALUE OF DIRECTLY HELD PORTFOLIO HOLDINGS (including portfolio subsidiaries and associates) At 31 December 2025 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. Portfolio Co
Slide 26: Fair Value of Funds/Managed Portfolio Holdings
FAIR VALUE OF FUNDS/MANAGED PORTFOLIO HOLDINGS At 31 December 2025 Portfolio Company Country Sector Stage Holding (%) FV (m) FUND MANAGEMENT Martlet Capital Portfolio UK Life sciences/DeepTech Sales - £25.6(1) EMV Capital Evergreen EIS Fund UK Life sciences/DeepTech Sales - £1.6 FUND MANAGEMENT TOTA