Emv Capital Plc · LSE:EMVC
Emv Capital — H1 2025 Earnings Presentation
31 slides from Emv Capital's earnings presentation, Sep 30, 2025
Slide 1: Investor Presentation of Interim Results
DEEP TECH | LIFE SCIENCES | SUSTAINABILITY INVESTOR PRESENTATION OF INTERIM RESULTS For the six months ended 30 June 2025 30 September 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 FOR SIX MONTHS TO 30 JUNE 2025 3. VENTURE BUILDING PORTFOLIO 4. PORTFOLIO HIGHLIGHTS 5. OUTLOOK & STRATEGIC DIRECTION 6. SUMMARY 7. 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 5-year anniversary since Vision to be a leading VC adoption of new strategy investment group in the deep Started from £12m AUM tech and life sciences sectors and 8 companies in 2020 Identifying, investing Over £104m Assets 70 portfolio Building a EMV Capital Partners
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: EMV Capital Portfolio
EMV CAPITAL PORTFOLIO Destiny Pharma AMR DEEP TECH, LIFE SCIENCES, SUSTAINABILITY New AMR/ Infection prevention Liver cancer Portfolio of 50+ Medical biomarker, Recycling of plastic Lab technology, Regenerative medicine, Wearable gut monitor, diagnostics, companies managed late clinical waste, indus
Slide 10: Martlet Capital Portfolio
MARTLET CAPITAL PORTFOLIO DISCRETIONARY FUND MANAGER TO CAMBRIDGE-BASED VC FUND 10 DEEP TECH | LIFE SCIENCES | SUSTAINABILITY STRICTLY PRIVATE
Slide 11: Financial Highlights
EMVCAPITAL FINANCIAL HIGHLIGHTS
Slide 12: Financial Highlights - Six Months to 30 June 2025
FINANCIAL HIGHLIGHTS - SIX MONTHS TO 30 JUNE 2025 P&L Group revenue decreased slightly to £1.1m (H1 2024: £1.2m) • EMV Capital ‘core’ revenues of £1.0m (H1 2024: £1.0m) - covering c.79% of ‘core’ costs • Other subsidiary revenue of £0.1m (H1 2024: £0.2m) - all ProAxsis Adjusted loss at ‘core’ (i.e.
Slide 13: Financial Highlights – As at 30 June 2025
FINANCIAL HIGHLIGHTS – AS AT 30 JUNE 2025 Assets Under Management (AUM) and core performance • Total AUM (direct and indirect) £104.7m (FY2024: £98.5m, H1 2024: £106.7m) • £38.6m in fair value of direct holdings • £66.1m in fair value of managed and third-party holdings • £5.0m of new investments sy
Slide 14: Fair Value Composition
FAIR VALUE COMPOSITION AUM of £104.7m at 30 June 2025 PDS, £1.4 EpiBone Capital, £1.9 Other, £2.4 Evergreen EIS Fund, £1.4 DName-iT, £2.8 PointGrab, £3.5 Martlet Capital Fund, £26.5 Martlet Capital Wanda Health, Fund, £26.5 £3.6 EMV Capital Partners, £3.6 Ventive, £4.1 GBP GBP EMVC Direct Q-Bot, £4.
Slide 15: Valuation Metrics Indicate Significant Discount to Current Share Price
VALUATION METRICS INDICATE SIGNIFICANT DISCOUNT TO CURRENT SHARE PRICE £45.0 £1.39 £1.60 £40.0 £1.40 £35.0 £1.06 £1.20 GBP (MILLION) £30.0 £38.6 £1.00 £25.0 £0.80 GBP £29.3 £20.0 £0.49 £0.46 £0.60 £15.0 £10.0 £13.6 £0.40 £12.8 £5.0 £0.20 £0.0 £0.00 Mkt Cap NAV Adjusted NAV FV In addition: Fair value
Slide 16: Venture Building Portfolio
EMVCAPITAL VENTURE BUILDING PORTFOLIO
Slide 17: Venture Building: Strategic Approach & Value Creation
VENTURE BUILDING: STRATEGIC APPROACH & VALUE CREATION Approach Target IP-rich companies needing strategic direction £9.3m 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 18: Venture Building Programme – Portfolio Highlights
VENTURE BUILDING PROGRAMME – PORTFOLIO HIGHLIGHTS Plastic Waste Lab Blood Verification Heatpump Developer Liquid biopsy / cancer Digital health Chemical Recycling System diagnostics monitoring FV stake increase of FV stake increase of £1.7m FV stake increase of FV stake increase of FV stake increase
Slide 19: Venture Building Programme: Destiny Pharma AMR
VENTURE BUILDING PROGRAMME: DESTINY PHARMA AMR Market Transaction Surgical Site Infection: Responsible for 1.6m Deaths Globally Acquisition of XF-73 family of assets from In US alone: potential for up to 2m surgery patients p.a. ex-AIM listed Destiny Pharma XF-73 Asset: Syndicated c.£1.3m to
Slide 20: Portfolio Highlights
EMVCAPITAL PORTFOLIO HIGHLIGHTS
Slide 21: 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 SPVs with customers to build plants Market High-growth mobile, multi-or
Slide 22: Portfolio Highlights: Selected Companies
PORTFOLIO HIGHLIGHTS: SELECTED COMPANIES Product / Model Development and supply of assays ML-driven biomarker panel test for Robotics / Construction industry for basic and pharmaceutical early-stage liver cancer research Market Clinical trials/clinical research into >$800m US and $4bn global Multi-b
Slide 23: Outlook & Strategic Direction
OUTLOOK & STRATEGIC DIRECTION
Slide 24: Outlook: Strong Progress in a Volatile Market
OUTLOOK: STRONG PROGRESS IN A VOLATILE MARKET • Assets Under Management AUM grown to £104.7m Further upside potential through: Organic portfolio growth and follow-on rounds New fund launches Expansion of EIS practice • Revenue Targeting growth in recurring fee income to reach breakeven a
Slide 25: 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 26: Appendices
EMVCA APPENDICES PITAL
Slide 27: 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 28: 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 29: Fair Value of Directly Held Portfolio Holdings
FAIR VALUE OF DIRECTLY HELD PORTFOLIO HOLDINGS At 30 June 2025 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) DIRECT ASSETS EMV Capital UK Venture
Slide 30: Fair Value of Managed Portfolio Holdings
FAIR VALUE OF MANAGED PORTFOLIO HOLDINGS At 30 June 2025 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 scie
Slide 31: Join Our Community
JOIN OUR COMMUNITY Follow EMV Capital plc on LinkedIn & Twitter 25-28 Old Burlington Street, London W1S 3AN www.emvcapital.com