Final Results for the year ended 31 December 2025

About this update from Emv Capital Plc

[{"type":"text","content":"\n \n Strictly embargoed for: 07.01 a.m. on 19 May 2026 \n EMV CAPITAL PLC \n (\"EMVC\", \"Group\" or \"the Company\") \n FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025 \n EMV Capital Plc (AIM: EMVC), the deep tech and life sciences venture capital investment group, announces its audited results for the year ended 31 December 2025. \n INVESTOR PRESENTATION \n The Company will hold a live online presentation for investors at 10.30 a.m. on 19 May 2026 via the Investor Meet Company platform. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 09.00 a.m. on 19 May 2026, or at any time during the live presentation. \n Investors can sign up to Investor Meet Company for free via: Investor Meet Company \n Commenting on the results, Dr Charles Spicer, Chair of EMVC said: \n \"Against a challenging macroeconomic and funding backdrop, EMV Capital continued to demonstrate the resilience and scalability of its platform, increasing AUM to £112.5 million, strengthening recurring revenues and further integrating the Martlet Capital practice. The Board remains cautiously optimistic. While market conditions remain selective, we believe the Group is well positioned across sectors benefiting from long-term structural growth trends.\" \n OPERATIONAL HIGHLIGHTS \n ·     Continued scaling of the Group's core venture capital platform and strengthening of recurring and transactional revenue streams. \n ·      Growth in AUM to £112.5 million as at 31 December 2025 (31 December 2024: £98.5 million). \n ·    Group performance supported by disciplined capital deployment, increased fundraising activity, and active, hands ‑ on portfolio management. \n ·    EMV Capital continued to support its portfolio through syndicated fundraisings totalling £12.0 million (2024: £10.6 million) of debt and equity across fourteen (2024: twelve) of its portfolio companies. \n ·     Continued to advance the Group's Venture Build programme, a differentiated and capital ‑ efficient component of our strategy backing undervalued IP-rich companies with fundraising and management support. The value of EMV Capital's direct stakes into its most recent cohort of Venture Build companies has increased to £10.8 million over three years, equating to £10.0 million of fair value creation from £0.9 million invested (cash and in ‑ kind), a 12.4x multiple. \n ·      Established new portfolio company, AMR Bio Limited, for the strategic acquisition of key XF ‑ 73 intellectual property and clinical assets from Destiny Pharma Limited; a Phase 3-ready, first-in-class topical antimicrobial designed to prevent post-surgical infections and help address the escalating global threat of antimicrobial resistance; and to develop the assets and plan a route through to Phase 3 launch and commercialisation. \n ·     Strengthened the organisation's platform through expansion of senior finance leadership, appointing Anesh Patel as Group CFO and Company Secretary and creating a dedicated Portfolio CFO role assumed by Stephen Crowe (former EMVC CFO), enhancing Group ‑ level financial oversight and hands ‑ on portfolio support (both non-Board positions). \n ·     Continued to invest in digital infrastructure, automation and process improvements, alongside the development of AI and data strategies to drive operational efficiency and support growth. \n ·      Completed the integration of the Martlet investment practice, led a follow-on investment round into Martlet Capital, and launched a co-investment programme with several co-investments into Cambridge high-tech cluster companies; with the Martlet portfolio seeing an initial secondary exit that delivered proceeds of approximately £0.3 million and a 2.5x return. \n   \n FINANCIAL HIGHLIGHTS \n ·    Fair value of equity investments on balance sheet increased 9% to £14.6 million (2024: £13.4 million), reflecting disciplined portfolio stewardship despite ongoing macroeconomic uncertainty. \n ·     Group revenue of £2.9 million (2024: £2.5 million), representing c.17% growth driven by higher corporate finance fees, increased fundraising activity and higher recurring fund management fees following the full operational integration of Martlet Capital. \n ·    EMV Capital Core (1) revenue of £3.2 million (2) (2024: £2.4 million), representing 31% growth. Continues to cover a significant proportion of the Group's core operating costs, reflecting the continued progress towards financial self-sufficiency of the platform. \n ·     Group losses for the year narrowed 83% to £0.6 million (2024: £3.7 million), reflecting revenue growth and active cost management alongside targeted investment in team and infrastructure, and fair value gains of £1.4 million (non-cash). \n o  EMV Capital Core, being the core venture capital and investment management segment of the Group and therefore excluding subsidiary portfolio company losses, generated a profit of £1.5 million (2024: £1.5 million loss), driven by the above fair value gains (non-cash). \n ·      Group cash balance of £0.5 million as at 31 December 2025 (31 December 2024: £1.0 million) with a further £0.3 million held in readily realisable quoted securities as at 31 December 2025 (31 December 2024: £1.4 million). \n   \n POST PERIOD HIGHLIGHTS \n ·      Appointment of AMR Bio (see Operational Highlights above) leadership team, bringing over 50 years of combined expertise in antimicrobial development, regulatory affairs, and pharmaceutical commercialisation; and significant regulatory advancement for XF-73, including the successful transfer of the XF-73 FDA registration to AMR Bio in the USA. \n   \n KEY PORTFOLIO HIGHLIGHTS IN 2025 (3) \n Wanda Health \n ·      Operates in the rapidly expanding US Remote Patient Monitoring market, forecast to reach c.US$110.7 billion by 2033 (CAGR 19.8% from 2025-2033), with a focus on complex cardiometabolic populations, including GLP-1 supported weight management pathways. \n ·      Secured multi-million-dollar contracts in the US, out-competing larger industry players and delivering significant revenue growth in 2025. \n ·      Completed a £0.86 million fundraising in 2025, led and syndicated by EMV Capital Partners, to support continued commercial expansion. \n ·      EMVC holds a 16.5% direct interest valued at c.£1.7 million and manages third-party capital representing a 30.2% interest valued at c.£3.5 million (unaudited). \n EpiBone \n ·      US-based clinical-stage regenerative medicine specialist focused on skeletal reconstruction. \n ·      Completed a US$4.0 million fundraising in 2025, in which EMV Capital Partners played a lead role in syndicating a US$0.75 million co-investment, significantly increasing its direct and indirect stakes in the company and gaining a board observer seat. \n ·      The proceeds of the funding are to accelerate clinical development of its key products and further corporate development. \n ·      EMVC holds a 1.7% direct interest valued at c.£1.3 million and manages third-party capital representing a 5.3% interest valued at c.£4.2 million (unaudited). \n AMR Bio \n ·      New addition to the Venture Build programme, formed following the acquisition of key intellectual property and clinical assets relating to the XF-73 drug platform from Destiny Pharma Limited. \n ·      XF-73 is a first-in-class topical antimicrobial designed to prevent post-surgical infections and help address the escalating global threat of antimicrobial resistance in humans. \n ·     AMR Bio will develop the assets and plan a route to commercialisation, with a focus on preparing the company for a Phase 3 clinical trial, and explore other applications of the technology. \n ·      The transaction was structured with £475,000 upfront cash consideration and deferred milestone-linked payments, while introducing third-party capital through EMV Capital Partners and establishing a new venture within the portfolio. \n ·     EMVC holds a 30.0% direct interest valued at c.£0.6 million and manages third-party capital representing a 70.0% interest valued at c.£1.3 million (unaudited). \n Deeptech Recycling Technologies \n ·      Proprietary, patented chemical recycling technology that converts currently unrecyclable plastic waste into oil that can be used by the petrochemical industry as feedstock for producing virgin quality plastic. \n ·     Strong pipeline of commercial projects progressing toward execution, including plans for a 10,000 tonnes per annum plant in Norway supported by c.£11 million of Norwegian government debt financing programme (to be provided subject to matched funding). \n ·    Completed a c.£1.22 million equity fundraising in 2025, led and syndicated by EMV Capital Partners, to support commercial deployment. \n ·    EMVC holds an 18.0% direct interest valued at c.£2.8 million and manages third-party capital representing a 29.7% interest valued at c.£4.7 million (unaudited). \n Sofant Technologies \n ·    Achieved a major industry milestone in October 2025 with the successful demonstration of the world's first fully functioning Ka-band transmit array using proprietary radio frequency microelectromechanical system (RF MEMS) beamforming technology. \n ·    Supported by programmes with both the European Space Agency and the UK Space Agency, advancing toward commercial launch. \n ·      Completed a c.£6.25 million equity fundraising in 2025, led and syndicated by EMV Capital Partners, with participation by Scottish Enterprise, the National Security Strategic Investment Fund and other investors. \n ·      EMVC holds a 1.1% direct interest valued at c.£0.5 million and manages third-party capital representing a 24.1% interest valued at c.£12.5 million (unaudited). \n Q-Bot \n ·      UK-based robotics and AI company providing underfloor insulation and building surveying technologies, with more than 5,000 installations in the UK. \n ·     Completed a c.£1.1 million fundraising in 2025, led and syndicated by EMV Capital Partners, to support Q-Bot's growth strategy, following a pivot to a lean technology business. \n ·     EMVC holds a 27.1% direct interest valued at c.£1.4 million and manages third-party capital representing a 53.0% interest valued at c.£3.5 million (unaudited). \n Martlet Capital \n ·      We completed the full operational integration of Cambridge-based Martlet Capital into the Group during 2025. \n ·     The Martlet portfolio demonstrated resilience and fair value progression, supported by selective follow-on investments and an initial secondary exit that delivered proceeds of approximately £0.3 million and a 2.5x return. The integration has strengthened the Group's Funds practice and expanded its opportunity set for recurring management fees, carried interest and third-party AUM growth. \n ·    In line with Group strategy, EMV Capital's EIS practice has co-invested in Martlet portfolio companies, Xampla (bioplastics) and OctaiPipe (AI datacentre software), and intends to increase its co-investments within the Martlet portfolio. This will deepen the fund's presence in the world-renowned Cambridge cluster, provide investors with greater diversity, and increase sources of carried interest available to the Group. \n   \n Notes \n (1) EMV Capital Core comprises EMV Capital plc, EMV Capital Partners Limited and other EMV Capital operating and holding companies in the Group. \n (2) EMV Capital Core revenue is a non-IFRS alternative performance measure, reflecting EMV Capital's core venture capital and investment management activities as a standalone investment business. It assumes all portfolio companies are treated as investments rather than as subsidiaries and therefore excludes portfolio company operating revenues while including fundraising and other fees charged by EMV Capital Core to portfolio companies (including subsidiary portfolio companies). \n (3) Portfolio holdings and fair values are stated on a fully diluted basis (including share options and warrants but excluding convertible loans). \n   \n Commenting on the outlook for the Group, Dr Ilian Iliev, CEO of EMVC added: \n \"We believe EMV Capital is increasingly differentiated through its combination of active portfolio management, scalable fee-generating activities and exposure to sectors addressing major global challenges.  The accelerating demands of AI infrastructure, energy efficiency, healthcare innovation and industrial resilience continue to reinforce the relevance of our portfolio. \n \"Several portfolio companies are approaching important commercial, technical and regulatory milestones, and we believe the Group is well positioned to benefit as market conditions improve.  While we remain disciplined and cautious, we are increasingly optimistic about the medium-term opportunity set across both our existing portfolio and new investment pipeline.\" \n The person responsible for arranging the release of this announcement on behalf of the Company is Ed Hooper, Executive Director and General Counsel of the Company. \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. \n -Ends- \n \n \n \n \n For more information, please contact: \n \n \n \n \n EMV Capital plc \n \n \n via Rosewood \n \n \n \n \n Ilian Iliev, CEO \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n Panmure Liberum (UK) Limited (NOMAD and Broker) \n \n \n +44 (0)20 7886 2500 \n \n \n \n \n Emma Earl / Will Goode / Freddy Crossley / Mark Rogers (Corporate Finance) \n \n \n   \n \n \n \n \n Rupert Dearden (Corporate Broking) \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n Rosewood (Financial PR) \n \n \n +44 (0)20 7653 8702 \n \n \n \n \n John West / Llewellyn Angus / Lily Pearce \n \n \n   \n \n \n \n \n   \n About EMV Capital plc (EMVC) \n EMV Capital plc, is a deep tech and life sciences venture capital investment group with an international portfolio of high-growth companies. With a focus on generating superior returns for investors from the fast-growing sectors and technologies that will define our future, EMV Capital invests in, manages and strengthens early-stage IP-rich companies. \n EMV Capital holds both direct equity stakes and carried interest in its portfolio companies, creating an evergreen structure that supports extensive growth and value creation. EMV Capital's investment thesis is realised through these capital sources: \n ·      capital-efficient investments through Group balance sheet; \n ·      fund management of the Evergreen EIS and Martlet Capital Funds; \n ·      syndicated investments leveraging its network of third-party investors. \n EMV Capital's approach is characterised by its proactive management style, aiming to advance portfolio companies to critical value inflection points by actively engaging with them. Companies are supported through Board representation and the use of its Value Creation Services practice. \n Headquartered in London, with a Cambridge presence and strong international links, EMV Capital is quoted on the AIM market of the London Stock Exchange. \n \n (1) CHAIR'S STATEMENT \n The geopolitical and macroeconomic uncertainties which have characterised recent years persisted through 2025 and continue. Global growth remained uneven, capital markets selective, and access to both equity and debt capital constrained for many private and public companies. While inflationary pressures moderated in some regions, interest rates remained elevated for much of the year, and IPO and M&A markets in both the UK and the US showed limited signs of sustained recovery. Against this backdrop, valuations across technology-rich sectors remain volatile and exit activity continues to be subdued. \n   \n Despite these challenges, EMV Capital continued to make tangible progress during the year, maintaining its focus on deep tech, life sciences and sustainability. These areas continue to offer compelling opportunities, despite the prevailing market conditions. \n   \n The executive team actively manages the Group's portfolio and is further developing the EMVC platform with a clear focus on capital efficiency, resilience and long-term value creation. Assets under management (AUM) increased to £112.5 million during the year, reflecting both disciplined portfolio stewardship and continued engagement with third-party investors. \n   \n The full operational integration of Martlet Capital into the EMVC platform strengthened the Group's Fund Management capability, expanded opportunities for co-investment, and enhanced the resilience of our revenue base. The Martlet portfolio demonstrated fair value progression, including a strategic secondary transaction that delivered realised proceeds and validated the underlying quality of the assets. \n   \n The Group advanced its Venture Build programme, a differentiated and capital-efficient component of our strategy. In September 2025, we completed the acquisition of the XF-73 drug platform assets from Destiny Pharma, establishing a new venture within the portfolio with limited upfront cash deployment and meaningful long-term optionality. This transaction exemplifies the Group's ability to structure and execute complex opportunities to grow both third-party assets under management and generate direct equity exposure. \n   \n EMV Capital Partners supported companies across the wider portfolio through selective fundraisings and restructuring activity. Notable transactions during the year included successful funding rounds at Wanda and Sofant, each of which marked important commercial inflection points and delivered fair value progression across both the Group's direct holdings and its third-party managed assets. These outcomes underscore the value of EMVC's hands-on approach and our ability to attract strategic capital in challenging market conditions. \n   \n As the Group has scaled, we have invested further in the strength of the EMVC platform itself. During the year, we strengthened the senior finance function with the appointment of Anesh Patel as Group Chief Financial Officer and Company Secretary and the creation of a dedicated Portfolio CFO role. This structure reflects the increasing sophistication of the Group and its operations, and reinforces our commitment to strong governance, disciplined financial management and proactive portfolio support. \n   \n Looking ahead, the Board remains sensibly cautious, but quietly confident. Challenging market conditions and periods of dislocation create opportunities. The rapid transformation of the energy sector, driven by grid modernisation, the energy transition and recent market shocks, has brought increased focus to companies that address critical infrastructure challenges and provide practical solutions. We have demonstrated that our portfolio is well poised in that regard. EMV Capital's diversified revenue model, disciplined investment approach and exposure to long-term themes across deep tech, life sciences and sustainability position the Group well to address global uncertainties, and to benefit further as market conditions normalise. \n   \n On behalf of the Board, I would like to thank our executive directors, the wider EMV Capital team, our colleagues across the portfolio companies and our shareholders for their continued commitment and support. \n   \n Dr Charles Spicer, \n Chair \n 18 May 2026 \n \n \n   \n (2) CHIEF EXECUTIVE OFFICER'S STATEMENT \n Overview \n I am pleased to report that 2025 was a year of consistent progress against the priorities of EMV Capital, despite ongoing challenges across global capital markets. While funding conditions remained selective and exit markets subdued, the Group has made considerable progress in its strategy of building a resilient, capital-efficient venture capital investment and realisations platform focused on deep tech, life sciences and sustainability. \n   \n Our multi-disciplinary venture capital platform approach is delivering results, with AUM growing to £112.5 million at 31 December 2025, Group revenues increasing 17% to £2.9 million, and EMVC core revenues increasing 31% to £3.2 million. \n   \n The Group now has direct and indirect interests in over 70 portfolio companies, providing shareholders with diversified exposure to businesses operating across multiple stages of development and sub-sectors. \n   \n Reflecting continued market headwinds limiting valuations and the availability of follow-on capital for early-stage businesses, we remained focused on capital efficiency and disciplined deployment of balance sheet resources. We continued to engage pro-actively with portfolio companies, working closely with management teams and co-investors to protect value, streamline funding needs and monitor delivery against key commercial, technical and regulatory milestones. Whilst performance across individual holdings was mixed, the overall portfolio remained resilient, with significant progress made by multiple portfolio companies. \n   \n In our Venture Build practice, we continued to drive our companies through key value inflection points, thereby attracting third party investment and protecting and enhancing the value of our deep direct stakes. Whilst we have not yet seen any exits from this programme, we have created a significant value uplift in the form of c. £10.0 million of fair value created from total Group investments of £0.9 million. We added AMR Bio to our Venture Build portfolio after its acquisition of the XF-73 assets from Destiny Pharma. \n   \n During the year we concluded the full integration of Martlet Capital into EMV Capital, strengthening the Group's fund management capability. EMVC secured the first exit from the Martlet Capital portfolio since its appointment as fund manager, generating realised proceeds from a profitable secondary sale and further validating the underlying quality of the portfolio. We also launched a co-investment programme alongside Martlet Capital, selectively investing from our EIS investment practice alongside several Martlet Capital portfolio companies, providing more diversification and depth to our portfolio and enhancing the quality and scale of our portfolio investor base.  \n   \n Our AIM quotation remains an important strategic asset, providing flexibility in structuring transactions, supporting the issuance of equity to counterparties and enhancing confidence among co-investors and portfolio companies. We continue to view this as a key differentiator relative to many privately owned venture capital peers. \n   \n Strategy and Commercial Model \n Our Group operates a distinctive and flexible commercial model. We have a platform that combines in-house  corporate finance, fund management, pro-active portfolio management, management support services capabilities. This model enables EMVC to generate and scale-up multiple revenue streams from portfolio companies whilst supporting their continued funding requirements and growth. We generate investment returns through a mixture of direct capital returns and carried interest from managed third party capital.  \n Our strategy is executed through the following key pillars: \n ·      Growing the value of our portfolio company holdings through two core investment strategies: \n o  Venture Build: investing in significant (25%+) direct and indirect stakes in selected companies with high-potential IP at attractive valuations, actively managing and supporting these businesses through our corporate finance and value creation services functions to drive operational and commercial progress. \n o  Co-invest: actively managing minority stakes in high-potential startups alongside trusted co-investors (primarily but not only through our Martlet Capital fund), securing Board or observer seats as appropriate and closely monitoring performance. \n ·      Scaling our Funds practice , building on the integration of Martlet Capital and the EMVC Evergreen EIS Fund, we are looking to add further fund management mandates from both organic growth and third party opportunities. \n ·      Creating multiple routes to investment returns , combining investment returns expected from M&A and IPOs with profitable secondaries, combining capital returns from direct investment and stakes with carried interest returns from third party funds under management. \n ·    Building a resilient, high-performance platform , enabled by a high-performing team, strong governance, our network of trusted advisers and venture partners, and selective implementation of AI to enhance processes and build competitive advantage. \n ·      Achieving financial self-sufficiency , through disciplined expenditure and cashflow management, a growing base of recurring revenues, a path to operational breakeven, while selectively investing in growth initiatives. \n ·      Growing our capital raising function, expanding our thriving EIS practice, growing relationships with family offices, wealth managers and IFAs, corporate and institutional investors to increase access to capital for our portfolio companies and our Funds practice. \n   \n Together, these elements support our objective to deliver long-term value for shareholders through outsized investment returns from portfolio company exits, while achieving financial self-sufficiency at the EMVC core level. \n   \n Operational Review \n   \n Assets Under Management \n Total AUM includes directly held assets on the balance sheet as well as assets managed for third parties where the Group has carried interest arrangements. Total AUM increased by 14% to £112.5 million (2024: £98.5 million), and comprise: \n   \n ·     £38.9 million (2024: £37.7 million) fair value of direct holdings, of which £14.6 million relates to equity investments on the balance sheet (2024: £13.4 million) and £24.3 million relates to subsidiaries and associates at directors' unaudited valuation (2024: £24.3 million); \n ·    £46.4 million (2024: £35.0 million) managed and third-party holdings (excluding Funds) at directors' unaudited valuations; and \n ·     £27.2 million (2024: £25.8 million) of assets managed through Funds (Martlet Capital and the EMVC Evergreen EIS Fund) where EMV Capital Partners is the appointed investment manager, at directors' unaudited valuations. \n   \n During the year, the AUM increase was primarily driven by portfolio fundraisings, fair value progression and the acquisition of the XF-73 drug platform from Destiny Pharma. \n   \n Corporate Finance Practice \n EMV Capital Partners syndicates investments from its extensive network of high net worth and family office investors, focusing on late seed to Series A equity stages. During the year, we introduced a new funding line to selected portfolio companies, providing them with syndicated debt and generating additional fee income and potential carried interest for the firm. \n   \n The Corporate Finance practice is central to our operating model, generating fees while building AUM. It also strategically provides our portfolio companies with an investment partner that can react fast to funding needs and attract third party funding. \n   \n We syndicated £12.0 million (2024: £10.6 million) of third-party capital across fourteen (2024: twelve) portfolio companies in 2025, supporting portfolio development and contributing to fair value progression across direct holdings. In addition to supporting the growth of those portfolio companies, for the majority of that syndicated capital, the Group benefits from carried interest arrangements and as such it is included within total AUM. Fundraising and advisory activities generated corporate finance fees of £1.1 million (2024: £0.7 million) for EMVC Core.  \n   \n Value Creation Services (VCS) Practice \n Our VCS function enables EMVC to selectively support companies executing a strategy pivot or reset, as well as to support the companies in our Venture Build portfolio. We provide this much needed support through a curated blend of our in-house team and a panel of expert venture partners and advisers , with capabilities spanning investment/exit readiness, financial modelling and support services, IT, AI and cybersecurity, IP licensing, corporate collaborations, and sourcing executive talent. We believe this capability enables EMVC to drive outsized returns for our portfolio. We typically provide these services through long-term retainer arrangements until the recipient company is able to operate on a more standalone basis. EMV Capital generated VCS fees of £1.0 million in 2025 (2024: £1.1 million). \n   \n Venture Build Practice \n The Group continued advancing its Venture Build programme, which includes DeepTech Recycling, DName-iT, Ventive, Vortex, Wanda. During the year, we added AMR Bio Limited to the programme following its acquisition of Phase 3-ready XF-73 drug platform assets from Destiny Pharma, achieving this with minimal upfront cash while retaining significant upside potential. \n   \n Our Venture Build programme is characterised by the deep involvement of our VCS team driving business plan development and implementation, alongside our Corporate Finance practice facilitating funding. EMVC helps companies progress to the point where a Series A or scale-up round is possible, and to the point at which our VCS services are no longer needed. Over the past three years, the programme has seen significant growth in the value of EMVC's direct stakes to £10.8 million as at year-end, representing c.£10.0 million of fair value created from total investment of £0.9 million (£0.4 million cash and £0.5 million in-kind services), a 12.4x multiple. \n   \n Fund Management Practice \n Fund management is an important and scalable component of our business model, generating £1.0 million of fees in 2025 (2024: £0.7 million). Central to this is Martlet Capital, which now provides meaningful recurring management fees alongside long-term carried interest exposure, and continued building momentum over 2025, including raising c.£1.3 million in May 2025 to support follow-on investments and working capital. \n   \n The EMVC Evergreen EIS Fund offers investors exposure to a diversified portfolio of potential high-growth companies from Seed to Series A, co-investing alongside EMVC managed investors. This fund also generates recurring management fees and carried interest exposure while supporting portfolio company funding. We believe it is positioned for further investment and growth through ongoing engagement with IFAs and wealth managers, supported by continued resilience in the EIS market following changes in UK tax legislation. \n   \n We are evaluating new fund management opportunities, with the aim of providing additional investment firepower for existing and new portfolio companies, and additional management and performance fees. \n   \n Platform Development and Governance \n As the Group has scaled, we have continued to invest in strengthening the platform. We expanded the senior finance leadership team with the appointment of our new Group Chief Financial Officer and Company Secretary and the creation of a dedicated Portfolio CFO role. This structure reflects the increasing needs of the Group and supports both enhanced financial oversight at Group level and deeper hands-on support across the portfolio. We are also exploring and implementing use cases for AI across our platform to bring resilience, efficiency and scalability. \n   \n Investor Relations and Communications \n Through the year we have increased our engagement with our portfolio investor base, to help inform and educate about our investment model, and report on the progress of our portfolio. Doing so is facilitated by synergies with our capital raising function. We launched the Virtual 'Meet the Portfolio' series through Investor Meet Company, increased coverage of portfolio progress through social media, and alongside a busy schedule of in-person events. We also re-launched a thought leadership series of blogs, building on our privileged view across our extensive portfolio and the wider markets. \n   \n Technology investment during a period of global volatility \n In a period of extreme geopolitical volatility and AI-led transformation of economies, our investment focus on deep tech and life sciences means our portfolio is directly aligned with critical market needs. Major global developments continue to drive technology investment trends, and we believe our portfolio and investment strategies position us in a resilient manner for this new environment. We continue to work closely with portfolio companies and make selective investments to ensure we are well placed to capitalise on opportunities in a complex and evolving global landscape. \n   \n The rapid growth of AI deployment is creating challenges and opportunities across the value chains of our sectors of focus. We are positioned at the forefront of this shift through investments in our broader portfolio. Martlet Capital portfolio companies such as OctaiPipe, Porotech, Cambridge GaN Devices, Paragraf and Nu Quantum are enabling more efficient, scalable and sustainable computing infrastructure. \n   \n The shock to global energy markets through the conflicts in Ukraine and in the Gulf has reinforced the importance of energy efficiency, electrification and alternative resource solutions. We expect higher prices and irregular supply will accelerate the commercial adoption of deep tech innovations that reduce energy consumption, improve system performance, and enhance resilience. Portfolio companies such as Q-Bot, Deeptech Recycling and Ventive are addressing inefficiencies in the built environment and resource utilisation, whilst Cambridge GaN Devices and Echion are supporting the electrification of transport and industrial systems. In parallel, Sofant is contributing to the growing demand for resilient communications infrastructure in a world under strain. \n   \n We must, of course, consider the growing impact of AI on our investment strategy and the VC industry as a whole. Many SaaS focused VC and PE portfolios have experienced pressures, as barriers to entry have decreased for SaaS businesses with new AI-based digital offerings promising to achieve more for less, and the SaaS billing model itself under pressure. While our position in the market is not immune to AI pressures, we believe the impact will be intermediated in a different manner. Overall, deep tech and life sciences investee companies may benefit from AI disruption, as AI enables an acceleration in hardware innovation, and increased capital efficiency. The data and AI revolution also drives demand for hardware, often coming from deep tech start-ups. Pharma innovation is being accelerated through selective deployment of AI, such as around drug discovery, clinical studies and regulatory approaches. We are watching developments closely and working with our portfolio companies to help them access and harness the latest in AI expertise. \n   \n Outlook \n The Directors remain cautious but confident in the outlook for the Group. Crossing £100 million in AUM is a meaningful milestone. But for us, it marks a point from which to grow further, rather than a destination. The platform we have built, the portfolio we have assembled, and the team we have in place give us confidence that the next phase of our growth will be quicker and more impactful than the last. We entered 2026 with a portfolio we believe is well-positioned to deliver the outsized returns our shareholders expect. \n   \n Periods of market dislocation have historically rewarded patient, operationally engaged investors. We believe the current environment is no different. Our model is built to lean in: identifying and supporting exceptional deep tech and life sciences companies at the moments they need a committed finance partner the most. We are confident that the sectors in which we operate are benefiting from structural tailwinds, driven by advances in technology, healthcare demand, security and defence priorities, and broader industrial and supply-chain realignment. \n   \n While investment rounds are often taking longer to complete and are being structured on more investor-friendly terms, we continue to see high-quality opportunities across our portfolio. We are working closely with companies to manage cash, prioritise key value inflection points and position them to benefit as market conditions improve. \n   \n Core to our model is of course generating investment returns through exits. Despite a challenging environment, through 2025 we had several portfolio companies engage in promising exit and M&A discussions. Whilst full exits have not yet crystallised, pipeline activity is encouraging and the environment in our market segments is showing recovery signs. As our portfolio companies grow and market conditions improve, we expect several of them to approach natural exit points. At the same time, we are pursuing and executing on profitable secondary opportunities as a way of accelerating exits and generating early returns.  \n   \n We are continuing to build the platform, targeting further growth in AUM through a combination of organic and  transactional growth in our portfolio and fund management practice. With a resilient operating platform, diversified revenue base and disciplined investment strategy, EMV Capital is well positioned to navigate continued uncertainty and capitalise on a future market recovery. \n   \n Building something lasting in venture capital requires more than capital - it requires a strong, resilient and entrepreneurial team. I am fortunate to lead a team that embodies these qualities. I would like to thank our Chair, Non-Executive Director, the wider EMV Capital team, our portfolio company management teams and our shareholders for their continued support and commitment throughout the year. \n   \n Dr Ilian Iliev \n CEO \n 18 May 2026 \n   \n   \n \n \n   \n (3) PORTFOLIO PERFORMANCE \n EMV Capital's direct and third-party assets under management portfolio consists of more than 70 companies across deep tech, life sciences and sustainability, and in varying stages of development. A significant number of these companies are generating commercial revenues, progressing through clinical or technical validation programmes and/or engaging in corporate collaborations. \n   \n The Group can invest in portfolio companies directly (from its balance sheet) and/or by deploying third-party funds where the Group has carried interest arrangements. Accordingly, the Group's AUM combines both direct holdings and third-party assets under management (including fund management mandates). The combination of direct and third-party AUM provides enhanced returns potential and influence in portfolio companies in a capital-efficient manner. \n   \n The combined AUM of direct and third-party holdings was £112.5 million at 31 December 2025 (2024: £98.5 million). The fair value of direct holdings (including subsidiary undertakings consolidated in these financial statements), as measured by the Directors' fair value methodology, was £38.9 million (2024: £37.7 million). The fair value of managed and third-party holdings (excluding Funds) was £46.4 million (2024: £35.0 million). The fair value of assets managed through Funds was £27.2 million (2024: £25.8 million). Movements in fair value during the year reflect a combination of portfolio fundraisings, valuation adjustments, selective realisations and changes in the mix of direct and third-party exposures. \n   \n The Directors apply the International Private Equity and Venture Capital Valuation (IPEV) Guidelines valuation principles in deriving fair value for the portfolio, as summarised in the tables below. \n   \n Table 1 : Fair Value of Directly Held Portfolio Holdings \n \n \n \n \n Fair Value of Direct Holdings \n \n \n \n \n Portfolio Company \n \n \n Country \n \n \n Technology/ Sector \n \n \n Stage \n \n \n Group Stake (%) \n \n \n Fair Value (£m) \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Vortex Biotech Holdings \n \n \n UK \n \n \n Medtech: Liquid biopsy \n \n \n Sales \n \n \n 22.1% \n \n \n £3.1 \n \n \n £3.5 \n \n \n \n \n Deeptech Recycling \n \n \n UK \n \n \n Waste management: Recycling of plastic \n \n \n Pilot \n \n \n 18.0% \n \n \n £2.8 \n \n \n £1.8 \n \n \n \n \n Wanda Connected Health Systems (Wanda) \n \n \n UK/US \n \n \n Medtech: remote patient monitoring \n \n \n Sales \n \n \n 16.5% \n \n \n £1.7 \n \n \n £1.4 \n \n \n \n \n Q-Bot \n \n \n UK \n \n \n Robotics: construction industry \n \n \n Sales \n \n \n 27.1% \n \n \n £1.4 \n \n \n £0.8 \n \n \n \n \n EpiBone \n \n \n US \n \n \n Medtech: Regenerative medicine \n \n \n Early clinical \n \n \n 1.7% \n \n \n £1.3 \n \n \n £1.1 \n \n \n \n \n SageTech Medical Equipment \n \n \n UK \n \n \n Waste management:  anaesthetic gases \n \n \n Sales \n \n \n 4.5% \n \n \n £0.9 \n \n \n £0.9 \n \n \n \n \n Ventive \n \n \n UK \n \n \n Energy: Heat pumps and passive ventilation \n \n \n Sales \n \n \n 10.1% \n \n \n £0.8 \n \n \n £0.9 \n \n \n \n \n AMR Bio \n \n \n UK \n \n \n Therapeutics; antibiotic resistance \n \n \n Phase 2 complete \n \n \n 30.0% \n \n \n £0.6 \n \n \n - \n \n \n \n \n Sofant Technologies \n \n \n UK \n \n \n Semiconductors: satellite antennas \n \n \n Early sales \n \n \n 1.1% \n \n \n £0.5 \n \n \n £0.5 \n \n \n \n \n CytoVale \n \n \n US \n \n \n Medtech:  Sepsis diagnostics \n \n \n Sales (FDA Cleared) \n \n \n 0.2% \n \n \n £0.4 \n \n \n £0.4 \n \n \n \n \n G - Tech Medical \n \n \n US \n \n \n Medtech: Wearable gut monitor \n \n \n Early clinical \n \n \n 4.4% \n \n \n £0.4 \n \n \n £0.3 \n \n \n \n \n PDS Biotechnology (NASDAQ Listed) \n \n \n US \n \n \n Therapeutics: Immuno-oncology \n \n \n Phase 3 and 2 clinical \n \n \n 1.1% \n \n \n £0.3 \n \n \n £1.4 \n \n \n \n \n Martlet Capital Limited \n \n \n UK \n \n \n Venture capital \n \n \n n/a \n \n \n 1.1% \n \n \n £0.2 \n \n \n £0.2 \n \n \n \n \n QuantalX Neuroscience \n \n \n IL \n \n \n Medtech: brain monitoring \n \n \n Late clinical \n \n \n 0.4% \n \n \n £0.1 \n \n \n £0.1 \n \n \n \n \n PointGrab \n \n \n IL \n \n \n IoT: Smart building automation \n \n \n Sales \n \n \n 0.3% \n \n \n £0.0 \n \n \n £0.1 \n \n \n \n \n TOTAL \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £14.6 \n \n \n £13.4 \n \n \n \n \n   \n Table 2: Directors' Valuations of Subsidiaries & Associates (estimates and unaudited) \n   \n \n \n \n \n Directors' Valuations of Subsidiaries & Associates \n \n \n \n \n Portfolio Company \n \n \n Country \n \n \n Technology/ Sector \n \n \n Stage \n \n \n Group Stake (%) \n \n \n Fair Value (£m) \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Glycotest \n \n \n US \n \n \n Medtech: Liver cancer diagnostics \n \n \n Late clinical \n \n \n 52.7% \n \n \n £11.0 \n \n \n £11.0 \n \n \n \n \n ProAxsis \n \n \n UK \n \n \n Medtech: Respiratory diagnostics \n \n \n Sales \n \n \n 86.4% \n \n \n £8.0 \n \n \n £8.0 \n \n \n \n \n DName-iT \n \n \n UK/BEL \n \n \n Medtech: Lab technology \n \n \n Pilot \n \n \n 25.9% \n \n \n £1.7 \n \n \n £1.7 \n \n \n \n \n EMV Capital Partners * \n \n \n UK \n \n \n Venture capital \n \n \n Sales \n \n \n 100% \n \n \n £3.6 \n \n \n £3.6 \n \n \n \n \n TOTAL \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n £24.3 \n \n \n £24.3 \n \n \n \n \n   \n * EMV Capital Partners is the FCA authorised and regulated fund management and investment platform within the Group. \n   \n Third-Party Stakes \n   \n Carried interest or profit share agreements typically range from 15% to 20% of accumulated profits earned for investors above a minimum return hurdle rate of c. 10%. Third-party AUM is expected to grow through further syndicated investments in existing and new portfolio companies, the development of the Funds practice and co-investment activity. \n   \n The Consolidated Statement of Financial Position reflects owned portfolio positions as equity investments and financial assets measured at fair value in accordance with applicable accounting standards. The fair value of the third-party holdings and assets under management set out in Tables 3 and 4 below is not included within the Group's audited financial statements and represents unaudited Directors' estimates. \n   \n Table 3: Fair Value of Third-Party Portfolio Holdings (estimates and unaudited) \n \n \n \n \n \n Portfolio Company \n \n \n Country \n \n \n Technology/ Sector \n \n \n Stage \n \n \n Third-party Stake (%) \n \n \n AUM Fair Value (£m) \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n Sofant Technologies \n \n \n UK \n \n \n Semiconductors: satellite antennas \n \n \n Early sales \n \n \n 24.1% \n \n \n £12.5 \n \n \n £11.8 \n \n \n \n \n SageTech Medical Equipment \n \n \n UK \n \n \n Waste management: anaesthetic gases \n \n \n Sales \n \n \n 24.3% \n \n \n £5.0 \n \n \n £4.6 \n \n \n \n \n Deeptech Recycling \n \n \n UK \n \n \n Waste management: Recycling of plastic \n \n \n Pilot \n \n \n 29.7% \n \n \n £4.7 \n \n \n £2.5 \n \n \n \n \n EpiBone \n \n \n US \n \n \n Medtech: Regenerative medicine \n \n \n Early clinical \n \n \n 5.3% \n \n \n £4.2 \n \n \n £0.9 \n \n \n \n \n Wanda \n \n \n UK/US \n \n \n Medtech: remote patient monitoring \n \n \n Sales \n \n \n 30.2% \n \n \n £3.5 \n \n \n £1.3 \n \n \n \n \n Q-Bot \n \n \n UK \n \n \n Robotics: construction industry \n \n \n Sales \n \n \n 53.0% \n \n \n £3.5 \n \n \n £1.8 \n \n \n \n \n Ventive \n \n \n UK \n \n \n Energy: Heat pumps and passive ventilation \n \n \n Sales \n \n \n 31.2% \n \n \n £3.3 \n \n \n £2.9 \n \n \n \n \n DName-iT \n \n \n UK/BEL \n \n \n Medtech: Lab technology \n \n \n Pilot \n \n \n 30.2% \n \n \n £2.2 \n \n \n £1.1 \n \n \n \n \n Vortex Biotech Holdings \n \n \n UK/US \n \n \n Medtech: Liquid biopsy \n \n \n Sales \n \n \n 13.9% \n \n \n £2.0 \n \n \n £2.2 \n \n \n \n \n Martlet Capital Limited \n \n \n UK \n \n \n Venture capital \n \n \n n/a \n \n \n 7.4% \n \n \n £1.9 \n \n \n £1.6 \n \n \n \n \n Glycotest \n \n \n US \n \n \n Medtech: Liver cancer diagnostics \n \n \n Late clinical \n \n \n 5.8% \n \n \n £1.8 \n \n \n £1.3 \n \n \n \n \n PointGrab \n \n \n IL \n \n \n IoT: Smart building automation \n \n \n Sales \n \n \n 16.9% \n \n \n £1.5 \n \n \n £3.8 \n \n \n \n \n AMR Bio \n \n \n UK \n \n \n Therapeutics; antibiotic resistance \n \n \n Phase 2 complete \n \n \n 70.0% \n \n \n £1.3 \n \n \n £0.0 \n \n \n \n \n ProAxsis \n \n \n UK \n \n \n Medtech: Respiratory diagnostics \n \n \n Sales \n \n \n 8.4% \n \n \n £1.0 \n \n \n £0.8 \n \n \n \n \n TOTAL [1] \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n £48.3 \n \n \n £36.6 \n \n \n \n \n   \n Table 4: Fair Value of Fund Management Portfolio (estimates and unaudited) \n \n \n \n \n \n Portfolio Company \n \n \n Country \n \n \n Technology/ Sector \n \n \n Stage \n \n \n AUM Fair Value (m) \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Martlet Capital Portfolio \n \n \n UK \n \n \n Investment \n \n \n Life Sciences/DeepTech \n \n \n £25.6 \n \n \n £24.5 \n \n \n \n \n EMV Capital Evergreen EIS Fund \n \n \n UK \n \n \n EIS Investment \n \n \n Life Sciences/DeepTech \n \n \n £1.6 \n \n \n £1.3 \n \n \n \n \n TOTAL \n \n \n \n \n \n \n \n \n \n \n \n £27.2 \n \n \n £25.8 \n \n \n \n \n   \n REVIEW OF CORE PORTFOLIO COMPANIES \n   \n Glycotest, Inc. \n ·      Location: Merion, PA, US \n ·      Technology/Sector: Medtech; Liver cancer diagnostics \n ·      Holding: Direct 52.7% (2023: 52.7%); Advised 5.8% (2023: 5.8%) \n ·      Fair Value: Direct £11.0 million (2024: £11.0 million); Advised £1.5 million (2024: £1.3 million) \n ·      Accounting treatment: Subsidiary \n   \n Overview: \n Glycotest is a US-based liver disease diagnostics company commercialising novel and unique blood tests for life threatening liver cancers and fibrosis-cirrhosis. The company was founded in 2012 by EMV Capital (then NetScientific) based on technology originating at the Baruch S. Blumberg Institute and Drexel University College of Medicine. \n   \n Glycotest's lead product, the HCC Panel, is a biomarker panel powered by a proprietary algorithm for the early detection of curable, early-stage hepatocellular carcinoma (HCC) - the most common form of primary liver cancer. The HCC Panel has outperformed the current standard of care blood tests in preliminary clinical studies. Glycotest estimates that the early detection market for HCC presents a market opportunity of more than US$800 million in the US alone. \n   \n Glycotest has also developed a blood test for the second most prevalent form of liver cancer, cholangiocarcinoma, and a blood test for staging liver fibrosis. \n   \n Key developments 2025: \n Following the announcement last year of its partnership with the University of Georgia Complex Carbohydrate Research Center to develop novel glycoproteomic assays for the company's HCC Panel blood test for early-stage liver cancer, Glycotest has advanced this project through the initial assay development phase with promising preliminary data on selected patient samples. Further progress is expected to be supported by additional financing, which the company is actively pursuing with the assistance of EMV Capital. \n   \n The company has initiated initiating discussions with potential partners for both its HCC Panel and Fibrosis Test. The Fibrosis Test has shown promise for staging liver fibrosis in preliminary clinical evaluations. The importance of effective staging tests for liver fibrosis has increased with the emergence of drug therapy for the rapidly expanding MASH (non-viral hepatitis) population where treatment is typically initiated once patients reach intermediate fibrosis stages. \n   \n Post-balance sheet date developments: \n Completed c.$0.30 million of a planned c.$1 - 1.5 million fundraising, led and syndicated by EMV Capital Partners. \n   \n ProAxsis \n ·      Location: Belfast, UK \n ·      Technology/Sector: Research; Respiratory \n ·      Holding: Direct 86.4% (2024: 88.5%); Advised 8.4% (2024: 9.1%) \n ·      Fair Value: Direct £8.0 million (2024: £8.0 million); Advised £1.0 million (2024: £0.8 million) \n ·      Accounting treatment: Subsidiary \n   \n Overview: \n ProAxsis Limited is a commercial biomarker-led research company supporting drug development and clinical research through specialist biomarker insights. A spin-out from Queen's University Belfast, the company has commercialised activity-based immunoassays targeting active Neutrophil Elastase (NE), Proteinase 3 (Pr3) and Cathepsin G (Cat G) as biomarkers of lung infection and inflammation in chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), bronchiectasis and cystic fibrosis (CF). \n   \n This technology has been translated into a point-of-use test (NEATstik®), designed to enable fast, routine assessment of active NE levels. \n   \n Key developments 2025: \n The company ended 2024 with revenues up 92% to £470k, a lower cost base and a promising sales pipeline for 2025. However, at the start of 2025 an issue with a major OEM supplier led to a pause in production which lasted until September. The company undertook a comprehensive supplier review, resulting in a more resilient and diversified supply chain. Production restarted in September, with a pipeline of contracts for execution. The production pause led to a significant decrease in sales during 2025, with deliveries postponed into late 2025 and 2026. It is expected that sales will recover in 2026 and beyond. \n   \n ProAxsis continues to receive interest from pharma and clinical research businesses for use of its offering in clinical trials. It supplied assays utilised in Insmed's Phase II clinical trial supporting the FDA approval and subsequent launch of a first-in-class treatment for non-cystic fibrosis bronchiectasis (NCFB). \n   \n In line with its focus to expand into the large COPD market, ProAxsis launched a 12-month COPD clinical study with Imperial College London in October 2025. Should it be successful, we expect it to open up the clinical trials market in COPD and longer term around COPD point of care applications. \n   \n The company also moved into new facilities at Randox's state of the art laboratories near Belfast International Airport, providing ProAxsis with a strong base for production and potential for collaborations. \n   \n Post-balance sheet date developments: \n ProAxsis is in the process of a private fundraise which is expected to take the business through to breakeven on its current operations and support completion of the COPD clinical study. It also continues to benefit from several grants from LifeArc and Future Medicines Institute. \n   \n DName-iT \n ·      Location: Cambridge, UK \n ·      Technology/Sector: Medtech; Lab technology \n ·      Holding*: Direct 25.9% (2024: 30.7%); Advised 30.2% (2024: 19.1%) \n ·      Fair Value: Direct £ 1.7 million (2024: £1.7 million); Advised £2.2 million (2024: £1.1 million) \n ·      Accounting treatment: Associate \n   \n *Represents the Group's effective economic interest; the Group holds 34.5% fully diluted (38.3% actual) interest in DName-iT, through CetroMed Limited, which is 75%-owned and fully consolidated. \n   \n Overview: \n DName-iT is a UK-based spin-out from the world-renowned Katholieke Universiteit Leuven. Its laboratory solution addresses the identification and elimination of sample handling errors in Next Generation Sequencing (NGS) tests used in high-priority areas like cancer diagnostics, precision medicine, and non-invasive prenatal testing (NIPT). DName-iT has created proprietary molecular barcodes based on its two ground-breaking patents - one for DNA barcodes used for economic pooling of NGS samples, and one for sample identification. These DName TM barcodes, combined with DName-iT's software that analyses the barcodes in sequencing results, create the DName TM platform - a solution that highlights NGS laboratory process problems such as sample swaps and sample and reagent cross contamination. This significantly increases confidence in sequencing results, which have become ever more important to clinicians and patients. \n   \n Key developments 2025: \n The Board's strategy for DName-iT continues to be to maintain a lean, capital efficient strategy, while validating the business case and exploring alternative monetisation strategies, including licensing. \n   \n The first activity stream being progressed is the DName TM platform, having achieved significant milestones including Medical Device Class 1 registration in both the UK and EU, continuing DName TM shelf-life testing with ProAxsis (a company in the EMV Capital portfolio), and receiving notification that its 2017 \"DName barcodes\" patent was granted in 2025 in both the US and Europe (adding to prior approvals in China, Japan and India). \n   \n The second stream builds on the recognition that DName-iT's 2007 \"Barcoding for economic pooling\" patent has significantly more potential licensing opportunities than originally anticipated. Similar licensing programmes in the NGS sector have resulted in multi-million-dollar agreements. The company is now focused on executing its licensing strategy that will unlock the patent's full commercial potential. This includes defending patent rights, challenging potentially overlapping patents in Europe and the US, and actively pursuing patent licensing opportunities in the UK, Europe and the US. \n   \n At the end of 2025, EMV Capital Partners led c.£1m equity round, providing the company with runway into 2027. \n A Chief Commercial Officer with blood collection tube manufacturing and supply chain experience was hired and a detailed go to market strategy has been reviewed and approved by the company's board. A part-time CEO was appointed who also has experience in licensing and scale-ups. \n   \n Post-balance sheet date developments: \n Licensing discussions are currently underway. Execution partners for both blood collection tube production and laboratory workflow testing have been secured. \n   \n Vortex \n ·      Location: Manchester, UK \n ·      Technology/Sector: Medtech; Liquid biopsy \n ·      Holding: Direct 22.1% (2024: 22.1%); Advised 13.9% (2024: 13.9%) \n ·      Fair Value: Direct £ 3.1 million (2024: £3.5 million); Advised £2.0 million (2024: £2.2 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n Vortex has developed a quasi-automated system that includes a proprietary \"no touch\" microfluidic chip, which captures intact, label-free and pure circulating tumour cells (CTCs) from blood samples with high yields. These CTCs can then be analysed using a range of downstream workflows that help to characterise their properties. The system assists researchers and clinicians in obtaining critical insights from whole cancer cells that underpin one of the key drivers of metastasis, treatment resistance and disease recurrence. The company is based in the UK, but its origins are from IP developed at UCLA, US.  \n   \n Key developments 2025: \n Vortex relocated to Manchester Science Park, establishing a modern headquarters and laboratory, launching the site at a high-profile event attended by the Mayor of Greater Manchester. Operating out of a low-cost and high-skills location in Manchester, the company has strong links to other oncology and diagnostics clusters in Cambridge and London, as well as international links with the US and Europe. \n   \n   \n Several clinical studies progressed meaningfully during the year: University of Maryland's apoptotic sensitivity study advanced through workflow and SOP refinements; CHU Nice completed its uveal melanoma study, with reporting expected in 2026; Axon Dx completed detailed recovery analysis, directly informing ongoing improvement in cartridge design and VTX 1 performance; and Medical University of Vienna study planning continued with materials transfer agreement (MTA) refinements and plans for ovarian cancer integration in 2026. \n   \n Vortex progressed a significant upgrade pathway for the VTX 1 platform during H2 2025, including airflow sensor improvements, BIOS updates, stabilisation of cartridge production through enhanced quality control processes and preparatory work for a new batch of upgraded VTX 1 units to be assembled by a UK manufacturing partner. Documentation and process improvements were also made which support future ISO 13485 accreditation and the FDA regulatory process. \n   \n Strategic partnerships were expanded across pharma, NHS, academic and global diagnostic networks, notably: \n ·   AstraZeneca, where participation in the AstraZeneca Exchange Programme provides the company with access, mentorship and strategic visibility within one of the world's leading oncology organisations; and \n ·     TDL and Sonic Healthcare, where the relationship progressed from exploratory discussions into operational planning, including refinement of study protocols and preparations for the installation of a VTX 1 instrument at TDL's London facility.        \n   \n Post-balance sheet date developments: \n ·     Resuming a relationship with Johns Hopkins University, where the Hur Lab began onboarding Vortex as an approved vendor, with Vortex supplying a full VTX 1 calibration kit and cartridges to support new research programmes. The university is expected to commence testing of the platform and generation of clinical data during 2026. \n ·   Manufacture and delivery of first VTX-1 units from the new UK manufacturer - a milestone in the company's refreshed value chain. \n ·      Launch of a fundraising to take the company through the next stage of growth. \n   \n Deeptech Recycling \n ·      Location: Oxfordshire, UK \n ·      Technology/Sector: Waste management; Recycling of plastic \n ·      Holding: Direct 18.0% (2024: 21.2%), Advised 29.7% (2024: 29.3%) \n ·      Fair Value: Direct £2.8 million (2024: £1.8 million); Advised £4.7 million (2024: £2.5 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n DeepTech Recycling is a UK-based technology company addressing the global environmental crisis caused by the insufficient and unsustainable management of plastic waste. Its technology converts currently unrecyclable plastic waste, that would normally be landfilled or incinerated, into oil that can be used by the petrochemical industry as feedstock for producing virgin quality plastic. The company's mission is to make plastic sustainable and support the critical global transition towards a circular economy for plastics. DeepTech Recycling is pursuing a capital efficient investment approach, whereby plastic recycling plants are set up as SPVs funded by end users and feedstock suppliers, whilst the company provides the design and operates under a licensing arrangement. \n   \n Key developments 2025: \n The company made further progress towards achieving its objective to reach Final Investment Decision (FID) in one or more key projects. The launch of one or more of these projects is expected to generate material revenues, drive increases to shareholder value, and open the route to further licensing. The company has focused on the following projects from its pipeline: \n   \n ·     A planned 10,000 tonne per annum commercial mixed plastic waste recycling plant in Norway developed with a Norwegian industrial partner, reached an important milestone with the SPV established by the partner in late 2024 receiving an indicative term sheet for up to £11 million debt financing from the Norwegian Government, with DRT acting as the technology partner. \n ·      Discussions are underway for a second facility in Norway and the UK . \n ·    In the EU, the company is working on developing commercial capacity to recycle waste polystyrene. Having completed proof-of-concept testing, DeepTech Recycling has initiated joint IP and development testing with a major Central European Group and producer of expanded polystyrene.  \n   \n With several routes to commercial deployment, we believe it has a good position in a growing market, amidst a growing global awareness around the essential role of chemical recycling in dealing with the environmental challenges of plastic waste and ensuring sustainable, circular polymer production. This ambitious development programme was backed by funding syndicated by EMV Capital Partners during 2025. \n   \n   \n Post-balance sheet date developments: \n The company has secured formal approval from the NHS (Health Tech Research Centre) to undertake proof of concept studies demonstrating the recycling of medical plastic waste. Collection of used plastic waste for the initial trial programme is now in progress, representing a further step toward validating additional high value end markets. \n   \n Wanda \n ·      Location: Bristol, UK and US \n ·      Technology/Sector: Medtech; Remote patient monitoring \n ·      Holding: Direct 16.5% (2024: 20.2%); Advised 30.2% (2024: 19.2%) \n ·      Fair Value: Direct £ 1.7 million (2024: £1.4 million; Advised £3.5 million (2024: £1.3 million) \n ·      Accounting treatment: Equity investment at fair value through other comprehensive income (FVTOCI) \n   \n Overview: \n Wanda is a digital health platform focused on supporting GLP-1 therapy and cardiometabolic health. It is operating in the rapidly expanding US remote patient monitoring market, which is forecast to reach c.US$110.7 billion by 2033 (CAGR 19.8% from 2025-2033). Wanda empowers healthcare providers and payers with early detection of patient exacerbations, enabling faster interventions, preventing adverse events, and improving patient adherence. Originally a spin-out from UCLA, the company is now headquartered in Bristol, UK, with sales and operational presence in the US. \n   \n Key developments 2025: \n Following several years of product platform development, refinement, and commercial pilots, the company focused on the GLP-1 market segment in the US, responding to market-pull. The company has onboarded several healthcare providers as well as a national pharmacy benefit manager, with ARR steadily increasing. The company is also progressing its FDA regulatory pathway. Its revenues have grown significantly during 2025, expected to reach the key $1m ARR mark in mid-2026. \n   \n Wanda completed a £0.86 million fundraising in 2025, led and syndicated by EMV Capital Partners to support continued commercial expansion and the ongoing scale-up of the business, and investors have continued to provide support to the company since then. \n   \n While the company's ARR is increasing, there are various operational risks associated with the scale-up stage and EMVC is closely monitoring and supporting the development of the company's board and senior management team to help manage this next phase of growth. \n   \n Q-Bot \n ·      Location: London, UK; \n ·      Technology/Sector: Robotics; Construction industry \n ·      Holding: Direct 27.1% (2024: 15.1%); Advised 53.0% (2024: 21.2%) \n ·      Fair Value: Direct £ 1.4 million (2024: £0.8 million); Advised £3.5 million (2024: £1.8 million) \n ·      Accounting treatment: Equity investment at FVTPL (following increase in ownership to >20% in 2025) \n   \n Overview: \n Q-Bot is an award-winning robotics company developing robust, purpose-built, software-enabled robot solutions for the built environment, and in particular the retrofit of underfloor insulation. Its robot-enabled platform and workflow solution is used to survey, monitor, and install underfloor insulation in floor voids. Having already been deployed in over 5,000 homes across the UK and France, Q-Bot is helping to improve energy efficiency, increase home comfort, and align with new regulations around decarbonisation. Q-Bot is seeking to capture a significant share of the underfloor insulation market in the UK and internationally, whilst exploring new applications in construction robotics. \n   \n Key developments: \n Following a strategy review and rescue funding during 2024, Q-Bot completed its restructuring into a leaner business. The pivot to this lighter model completed in 2025, with operating expenditure reduced by 60%+, and a streamlined focus on its core capabilities of robotised underfloor insulation for the UK and international markets. \n   \n On the back of this transition a new CEO with industry experience in scale-ups and partnerships was attracted to the business, to lead the implementation of a focused commercial growth strategy with a focus on Q-Bot's core strengths. With a much lower cost base, Q-Bot management expects breakeven and profitability to arrive sooner than under the previous model, in turn facilitating further growth. It is also planning on supplementing the Robotics platform with various AI tools that can improve efficiency and profitability of the installations. \n   \n EMVC is cautiously optimistic for the Q-Bot's prospects, now based on a leaner platform with a clear and focused strategy and a strong product-market fit. It has rebuilt its sales pipeline, with Q-Bot now framework-specified or invited to tender in multiple multi-year programmes in the UK, as well as securing a second partnership in France. \n   \n Risks remain around execution, team continuity, market adoption and fundraising. If the company successfully delivers on its strategy, there is the potential for meaningful upside in valuation with comparison to other robotics and AI companies in the ConstructionTech space. \n   \n EpiBone \n ·      Location: New York, NY \n ·      Technology/Sector: Medtech; Regenerative medicine \n ·      Holding: Direct 1.7% (2024: 1.4%), Advised 5.3% (2024: 1.1%) \n ·      Fair Value: Direct £ 1.3 million (2024: £1.1 million); Advised £4.2 million (2024: £0.9 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n EpiBone is a clinical-stage regenerative medicine company developing living, patient-specific bone and cartilage grafts using adult stem cells. By integrating 3D imaging and proprietary bioreactor technology, EpiBone has developed an advanced and proven approach to musculoskeletal repair that regenerates, rather than replaces, bone, cartilage, and joint tissue. \n   \n The company is addressing the multibillion-dollar bone and joint repair market with a pipeline that includes engineered bone grafts, osteochondral implants, and an injectable cartilage therapy currently advancing into clinical trials. EpiBone has received FDA IND approval to conduct clinical studies for its stem cell-based bone and osteochondral implants and has expanded internationally with regulatory and clinical programmes underway in Thailand and the UAE. \n   \n Key developments 2025: \n EpiBone made significant progress across its clinical and commercial strategy in 2025, advancing key programs in Thailand, the UAE, and the United States. The company received IND approval from the Thai FDA for its injectable cartilage product (EB-iAC), marking its first regulatory clearance for a cartilage therapy outside the US. Initial patient implants are scheduled to begin enrolment in mid-2026. This milestone simultaneously supports commercial efforts in Florida, where EB-iAC will treat knee osteoarthritis, strengthening US market entry in preparation for a Series B raise. These developments position the company to generate early clinical data, and accelerate commercialisation pathways. \n   \n In the UAE, EpiBone secured initial funding from PureHealth to support its osteoporosis programme and was selected for the Khalifa Industrial Zone manufacturing accelerator, which opens the door to GMP production capabilities in the UAE. In parallel, US Air Force partnerships continue to progress enabling advancement of ongoing clinical work for their bone and osteochondral implants. \n   \n EpiBone completed a $4 million shareholding fundraising in 2025, in which EMV Capital Partners played a lead role in syndicating a $0.75 million co-investment, significantly increasing its direct and indirect stakes in the company and gaining a board observer seat. The proceeds of the funding will accelerate clinical development of its key products and further corporate development. \n   \n SageTech \n ·      Location: Devon, UK \n ·      Technology/Sector: Waste management; Anaesthetic gases \n ·      Holding: Direct 4.5% (2024: 5.0%), Advised 24.3% (2024: 24.6%) \n ·      Fair Value: Direct £ 0.9 million (2024: £0.9 million); Advised £5.0 million (2024: £4.6 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n SageTech is a medical device and pharmaceutical company specialising in the research, design, manufacture, and distribution of technologies for capturing and recycling waste volatile anaesthetic agents in both human and animal healthcare. Its circular solution safely captures volatile anaesthetic agents (sevoflurane, isoflurane, desflurane) through selective adsorption onto a reusable capture canister, preventing the climate impact caused by these gases and reducing exposure to clinical staff. \n   \n Key developments 2025: \n SageTech continued to build commercial traction in 2025, progressing from successful trials into early-stage roll-out across key veterinary groups. The rollout across Linnaeus' (Mars UK) UK network of c.400 clinics is underway, with discussions ongoing to extend adoption in Mars Veterinary Health European and US clinics. Following successful paid trials with Independent Vetcare, the UK's largest corporate veterinary group, SageTech is progressing discussions for a phased rollout across its c.1,000 UK practices and c.1,500 international sites. \n   \n Sales activity to independent clinics has accelerated, supported by SageTech's listing across all major UK veterinary wholesalers, ensuring full market access. The contract with the Royal Veterinary College, recognised as one of the world's leading veterinary schools, continues to support clinical validation and awareness within the sector. Initial results, soon to be published, from a trial at Colorado State University Vet School (ranked #4 globally), are consistent with UK data and have proved very successful. \n   \n In the human healthcare channel, against a backdrop of challenges in NHS finances, the company has accelerated commercialisation efforts in the EU. In March 2024, the European Union introduced regulations to outlaw atmospheric release of certain fluorinated chemicals, including anaesthetic gases. This has come into law across all member states. SageTech has signed distribution agreements in Spain, The Netherlands, Belgium and Switzerland. A new £3.5m Innovate UK grant project started in earnest at the beginning of November 2025 which is seeking ways to increase efficiency and reduce costs to support a more compelling business case for NHS adoption. \n   \n Ventive \n ·      Location: London, UK; \n ·      Technology/Sector: Energy; Heat pumps and passive ventilation \n ·      Holding: Direct 10.1% (2024: 10.1%); Advised 31.2% (2024: 30.1%) \n ·      Fair Value: Direct £ 0.8 million (2024: £0.9 million); Advised £3.3 million (2024: £2.9 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n Ventive has designed and sells a passive air ventilation system (Windhive®), delivering passive heat recovery to school and other multi-occupancy buildings with near zero running costs. The technology has been in sales at low volumes for several years, and the company now plans to scale up production and deployment, reflecting positive market trends. \n   \n Ventive is also designing and developing an all-in-one HOME heat pump (Heat Pump) for domestic dwellings to provide ventilation, heating, and hot water through an intelligent exhaust-air heat pump with whole-house air handling system. The heat pump is designed to address the challenges of the Energy Transition, reducing installation complexity and moving people to clean-running, super-efficient heating and cooling solutions.  \n   \n Key developments: \n During 2025, Ventive continued to make steady progress across both the Windhive and Heat Pump product lines. The company prepared for market opportunities expected to arise from CF25 and other government initiatives that favour retrofit solutions across institutional buildings, such as churches, hospitals and police stations, which are anticipated to increase demand for its Windhive product. \n   \n The company advanced its Heat Pump CE certification process, which we expect to unlock significant commercial opportunities once achieved. \n   \n The company undertook fundraising activities, including working with an independent broker to engage potential  UK and international investor networks. This process broadened Ventive's visibility across multiple investor groups and has laid useful groundwork for a more substantial fundraise planned for 2026. \n   \n Post-balance sheet date developments: \n The company has appointed a new CEO with experience in scaling up ConstructionTech companies through to IPO. Ventive has also moved toward managing and reporting the business through two operating divisions, Windhive and Heat Pump, to streamline responsibilities and accelerate growth. \n   \n The company is planning a fundraising round of up to c.£1.0m to fund accelerated sales of Windhive, and to take the Heat Pump project through to final certification and launch. \n   \n   \n AMR Bio \n Location : London \n ·      Technology/Sector : Therapeutics; antibiotic resistance \n ·      Holding : Direct 30% \n ·      Fair Value : Direct £ 0.6 million (2024: Nil); Advised £1.3 million (2024: Nil) \n ·      Accounting treatment: Equity investment at fair value through profit or loss (FVTPL) \n   \n Key developments 2025: \n In September 2025, EMV Capital Partners made the strategic acquisition of key XF ‑ 73 intellectual property and clinical assets from Destiny Pharma Limited, establishing a new company, AMR Bio Limited, to develop the assets and plan a route through to commercialisation. The transaction was structured with £475,000 upfront cash consideration and deferred milestone-linked payments, while introducing third-party capital through EMV Capital Partners and establishing a new venture within the portfolio. EMV Capital Partners syndicated a £1.3 million investment round to finance the acquisition of the assets and setup of the business. \n   \n Destiny Pharma was an AIM-quoted clinical stage biotechnology company focused on the development and commercialisation of novel medicines to prevent and cure life threatening infections. In particular, its XF-73 programme was focused on the prevention of post-surgical site infections, a major part of the fight against the worldwide epidemic of antibiotic-resistant S. aureus (including MRSA). Having been quoted on AIM until 13 August 2024, the company subsequently appointed administrators in August 2024 and liquidators in August 2025. \n   \n Prior to going into administration, Destiny Pharma had completed a Phase 2b trial for its nasal gel and had advanced plans to launch a Phase 3 clinical trial. Key potential benefits of the XF drug platform acquired by Bidco include : \n ·      ultra-rapid bacteria kill; \n ·      the ability to kill bacteria in any growth phase; \n ·      the ability to kill bacteria within staphylococcal bacterial biofilms; \n ·      activity against all Gram positive bacteria tested to date and selected Gram negative bacteria; and \n ·      no bacterial (MRSA) resistance has been observed to date. \n   \n As part of EMVC's Venture Build programme, the company has consolidated the acquired assets, set up a new management team, and set up a new business plan and roadmap, anticipated to target the launch of a Phase 3 programme in due course. \n   \n The team is led by Executive Chair Nigel Brooksby (former senior leader, Pfizer and Sanofi), supported by several scientists and executives from the former Destiny team. \n   \n In line with EMV Capital's capital efficient investment approach, cash burn is kept low until the point a clear regulatory and investment path to a Phase 3 trial is confirmed. \n   \n Sofant Technologies \n ·      Location: Edinburgh, UK \n ·      Technology/Sector: Semiconductors; Satellite antennas \n ·      Holding : Direct 1.1% (2024: 1.2%); Advised 24.1% (2024: 27.2%) \n ·      Fair Value: Direct £ 0.5 million (2024: £0.5 million); Advised £ 12.5 million (2024: £11.8 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n Sofant is developing next generation phased array antennas for satellite and terrestrial communications, featuring a high energy efficiency and a modular, scalable design. Sofant believes its satellite terminal technology leads the industry in terms of Size, Weight, Power consumption, and Cost, enabling mobile connectivity across a wide range of airborne, land, and sea applications, including in-flight connectivity, maritime communications, and communications on the move for both military and commercial applications. \n   \n Key developments: \n Sofant achieved a major technical breakthrough in its RF MEMS technology, demonstrating full end-to-end beamforming capability with its MEMS technology and achieving world-class cycle reliability. The company's receive antenna has been successfully tested by two leading customers and it has successfully connected to a customer's satellite, marking a major technical milestone. The final version of the MEMS device is in production, with full antenna systems expected to be delivered to key customers during Q4 2026. \n   \n On the back of a rapidly growing SpaceTech market, Sofant has seen significant growth in market interest. \n   \n Post-balance sheet date developments: \n In January 2026, the company appointed Will Whitehorn OBE as Chairman of the Board of Directors. Will, formerly the first President of Virgin Galactic, played a vital role in launching commercial space travel and brings considerable expertise from the commercial space sector. \n   \n PDS Biotechnology Inc. \n ·      Location: Princeton, NJ, US \n ·      Technology/Sector: Therapeutics; Immuno-oncology \n ·      Holding: Direct 1.1% (2024: 2.7%) \n ·      Fair Value: Direct £ 0.3 million (2024: £1.4 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n PDS Biotechnology (NASDAQ: PDS) is a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers. The Company has initiated a pivotal clinical trial to advance its lead programme in advanced HPV16-positive head and neck squamous cell cancers (HNSCC). PDS Biotech's lead investigational targeted immunotherapy, Versamune® HPV, is being developed in combination with a standard-of-care immune checkpoint inhibitor, and also as a triple combination therapy that includes PDS01ADC, an IL-12 fused antibody drug conjugate (ADC), and a standard-of-care immune checkpoint inhibitor. \n   \n Key developments 2025: \n Despite challenging conditions in the US public market for biotech companies, PDS has continued to progress its clinical roadmap, with positive results reported in its clinical programmes: \n   \n ·      February 2025: raised up to $22 million through a registered direct offering priced at-the-market under Nasdaq rules with $11 million upfront and up to an additional $11 million of aggregate gross proceeds upon the cash exercise in full of warrants. \n ·      March 2025: initiated VERSATILE-003 Phase 3 Clinical Trial Evaluating Versamune® HPV in HPV16-Positive Head and Neck Cancer with the activation of the first trial site with additional clinical sites to follow. \n ·   May 2025: announced positive extended follow-up data for VERSATILE-002 and additional trials evaluating Versamune® HPV. \n ·   November 2025: completed VERSATILE-002 Phase 2 trial of PDS0101 + Pembrolizumab in HPV16-Positive Recurrent/Metastatic Head and Neck Cancer. Versamune® HPV plus pembrolizumab continued to be well tolerated in the first-line recurrent and/or metastatic HPV16-positive HNSCC population. \n   \n Thereafter, PSD announced its plan to seek accelerated approval pathway in the VERSATILE-003 Phase 3 randomised trial for PDS0101 in combination with pembrolizumab versus pembrolizumab monotherapy. \n   \n Post-balance sheet date developments: \n ·     The Company's IP position was strengthened with a new U.S. patent covering its PDS0101/Versamune® platform, extending expected market protection to over 20 years. \n ·     The Company also progressed its VERSATILE-003 Phase 3 trial, including obtaining FDA agreement for an amended protocol using progression-free survival (PFS) as an interim primary endpoint-supporting a potential accelerated approval pathway and potentially shortening timelines and costs. \n ·   Reported preliminary Phase 2 data for PDS01ADC (its IL-12 immunocytokine), indicating continued clinical development across additional oncology indications. \n   \n Martlet Capital Limited * \n ·      Location: Cambridge, UK \n ·      Technology/Sector: Venture capital; Deep Tech and Life Sciences \n ·      Holding: Direct 1.1% (2024: 1.1%); Advised 7.4% (2024: 6.4%) \n ·      Fair Value: Direct £ 0.2 million (2024: £0.2 million); Advised £25.6 million - portfolio fair value (2024: £24.5 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n * The Group holds a 1.1% interest in Martlet Capital Limited and, accordingly, reports it both as a direct portfolio investment and within the Fund Management practice. \n   \n Overview: \n Martlet Capital is an early-stage investor based in Cambridge, providing venture capital to IP-rich, deep tech, and life sciences B2B startups with high growth potential, including Paragraf, Nu Quantum, Xampla, Infinitopes, and Cambridge GaN Devices. Martlet Capital (and its predecessor entity) has invested in more than 80 startups since its launch in 2011 and with some notable exits. In 2021, EMV Capital co-led the spin-out of Martlet Capital from Marshall Group and a fundraising to scale its investment activity.  In May 2024, EMV Capital Limited was appointed as investment manager to Martlet Capital Limited to manage, on a discretionary basis, its portfolio of investments.  In addition, EMV Capital acquired the operational venture capital business of Martlet Capital. \n   \n Key developments: \n During 2025, EMV Capital completed the full operational integration of Martlet Capital Management into the Group realising significant savings through synergies. The Martlet portfolio demonstrated resilience and fair value progression, supported by selective follow-on investments and an initial secondary exit that delivered proceeds of approximately £320k and a 2.5x return. The integration has strengthened the Group's Funds practice and expanded its opportunity set for recurring management fees, carried interest and third-party AUM growth. \n   \n In line with Group strategy, EMV Capital's EIS practice has co-invested in Martlet portfolio companies, Xampla (bioplastics) and OctaiPipe (AI datacentre software), and intends to increase its co-investments within the Martlet portfolio. This will deepen the fund's presence in the Cambridge cluster, provide investors with greater diversity, and increase sources of carried interest available to the Group. \n   \n Fund performance : the fair value of the fund's portfolio holdings has grown by 4.5% in 2025. Several of its portfolio companies executed follow-on investments, including Converge ($22 million), Stroll (£10.3 million) and Cambridge GaN Devices (£32 million), Paragraph ($55m) and Xampla ($14 million) closed investment rounds. We believe the growth in value and portfolio resilience is meaningful in the context of a challenging VC market, showing the promise of the Martlet portfolio which is now supported by EMVC's pro-active investment management strategy. \n   \n EMV Capital Partners led a c.£1.2 million fundraising into Martlet Capital during 2025, providing additional working capital for the business. This included £0.2 million from the EMV Capital investor network. \n   \n PointGrab \n ·      Location: Tel Aviv, Israel; \n ·      Technology/Sector: IoT; Smart building automation \n ·      Holding: Direct 0.3% (2024: 0.4%); Advised 16.9% (2024: 19.9%)D \n ·      Fair Value: Direct £0.0 million (2024: £0.1 million); Advised £1.5 million (2024: £3.8 million) \n ·      Accounting treatment: Equity investment at FVTOCI \n   \n Overview: \n PointGrab provides an IoT-based, AI powered office intelligent workspace solution, built on an AI edge-analytics sensing platform. Used by Fortune 500 companies globally, the platform helps organisations save up to 40% on real estate and facility management expenses. The solution offers occupancy data that enables energy saving, air quality monitoring, and smart facilities management, while the edge-analytics system prioritises privacy and data security. The company has deployed 15,000+ sensors in 40 countries, serving 45 Fortune 500 companies. \n   \n PointGrab's offering has supported the transition to hybrid working patterns post-COVID-19, including workplace density monitoring and social distancing. The company believes it is addressing a $1bn recurring annual opportunity. \n   \n Key developments: \n ·     The company is launching a Gen 2 battery-less sensor solution that is expected to accelerate sales due to lower installation costs. \n ·      The company's shareholders have continued to support the company through equity funding. \n   \n MONITORING PORTFOLIO \n   \n We have further minority investments in several companies that we monitor but have no active involvement or board representation, some of which may result in significant returns to EMV Capital upon exit. \n 1.     CytoVale is a UCLA spin-out that applies machine learning and high-speed imaging to detect diseases in real time. \n EMVC interest : Direct investment fair value of £381k (2024: £410k). \n 2.   G-Tech Medical is developing wearable technology to measure gastrointestinal motility. Key developments include an FDA 510k clearance submission and improved second-generation patches. \n EMVC interest : Direct investment fair value of £396k (2024: £425k). \n 3.   QuantalX Limited is developing DELPHI MD, a precise and objective brain evaluation tool for early prevention of brain degeneration. Key developments include FDA breakthrough designation. \n EMVC interest : Direct investment valued at approximately £55k (2024: £59k). \n 4.    CetroMed is a life sciences holding company with several portfolio companies spun out of the University of Leuven, Belgium, a leading European research institution. EMV Capital acquired 75% control in 2021 for a modest amount. \n   \n EMVC interest: CetroMed is a consolidated subsidiary for Group reporting purposes. If CetroMed was held as an equity investment, the director's fair value (unaudited) of the interest in CetroMed would be £1,598k (2024: £279k), which includes the attributable fair values of DName-iT and Oncocidia Limited which are held by CetroMed. \n   \n   \n \n \n   \n (4) FINANCIAL REVIEW \n   \n The financial key performance indicators (KPIs) for the year ended 31 December 2025 are set out below. \n   \n \n \n \n \n KPIs \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Directly owned equity investments \n \n \n £m \n \n \n 14.6 \n \n \n 13.4 \n \n \n 9% \n \n \n \n \n Net Assets \n \n \n £m \n \n \n 13.7 \n \n \n 14.1 \n \n \n (3)% \n \n \n \n \n NAV per share \n \n \n £/share \n \n \n 0.49 \n \n \n 0.52 \n \n \n (6%) \n \n \n \n \n Adjusted NAV per share* \n \n \n £/share \n \n \n 1.06 \n \n \n 1.09 \n \n \n (3%) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Revenue \n \n \n £m \n \n \n 2.9 \n \n \n 2.5 \n \n \n 17% \n \n \n \n \n EMVC Core revenue* \n \n \n £m \n \n \n 3.2 \n \n \n 2.4 \n \n \n 31% \n \n \n \n \n Loss for the year \n \n \n £m \n \n \n (0.6) \n \n \n (3.7) \n \n \n (83%) \n \n \n \n \n EMVC Core profit/ (loss) for the year* \n \n \n £m \n \n \n 1.5 \n \n \n (1.5) \n \n \n nm \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Cash and cash equivalents \n \n \n £m \n \n \n 0.5 \n \n \n 1.0 \n \n \n (49%) \n \n \n \n \n Readily realisable quoted securities \n \n \n £m \n \n \n 0.3 \n \n \n 1.4 \n \n \n (80%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n * Alternative Performance measures (APMs) used by the Group to supplement statutory reporting (non-IFRS). The Directors believe that these APMs assist in providing additional useful information on the underlying trends and performance of EMVC Core, being the core VC/investments business on a standalone basis. \n ·      Adjusted NAV is calculated as reported net assets, plus £16.0 million (2024: £15.8 million) being the incremental fair value of portfolio companies currently accounted for as subsidiaries or associates, as if these were held as investments at fair value rather than consolidated. \n ·      EMVC Core revenue assumes all portfolio companies are treated as investments rather than as subsidiaries. It represents reported Group revenue, excluding portfolio company operating revenues of £0.1 million (2024: £0.4 million), and including fundraising and other fees charged by EMV Capital Core to portfolio companies that are otherwise eliminated on consolidation of £0.4 million (2024: £0.4 million). \n ·      EMVC Core profit/(loss) is calculated as Group reported total loss for the year excluding the results of portfolio companies currently accounted for as subsidiaries or associates, being losses of £2.2 million (2024: £2.2 million loss).. \n   \n Equity investments performance \n The Group's directly owned portfolio delivered a resilient performance in 2025, with the fair value of its equity investments increasing 9% to £14.6 million (2024: £13.4 million), despite ongoing macroeconomic uncertainty, reflecting disciplined portfolio stewardship and continued engagement with third-party investors. \n   \n The increase was driven by a combination of portfolio company progress, funding activity, and market conditions, with notable contributions from: \n ·      Deeptech Recycling: £1.0 million increase in fair value following an up round, underpinned by continued operational progress; \n ·      AMR Bio: £0.6 million increase in fair value following the acquisition of assets out of the administration of Destiny Pharma, of which EMVC's cash investments was £100, with a subsequent uplift driven by a funding round in which EMVC's fees were settled in equity; \n ·    Wanda: £0.4 million increase in fair value following an up round, also underpinned by continued operational progress; \n ·    Vortex Biotech Holdings: £0.3 million decrease in fair value following a 10% valuation adjustment to reflect conditions in place at the year-end balance sheet date which may influence pricing dynamics in future funding rounds; \n ·     Ventive Limited: £0.1 million decrease in fair value following a 10% valuation adjustment to reflect conditions in place at the year-end balance sheet date which may influence pricing dynamics in future funding rounds; \n ·      Q-Bot: £0.5 million decrease in fair value following a down round and £1.2 million addition (non-cash) representing the fair value of equity received upon conversion of the CLA into shares; \n ·      PDS: £0.7 million decrease in fair value reflecting movements in the NASDAQ-quoted share price; and £0.4 million realisation of value through the sale of 515,097 shares in the year. \n   \n Overall, the portfolio continues to show evidence of underlying operational progress, with valuation movements reflecting both company-specific milestones and wider market dynamics. \n   \n Net Asset Value \n Net assets at 31 December 2025 were £13.7 million (2024: £14.1 million), as the £1.2 million increase in equity investments held at fair value was offset by an increase in loans and IFRS 16 lease liabilities, primarily at subsidiaries ProAxsis and Glycotest.  \n   \n NAV per share at 31 December 2025 was £0.49 (2024: £0.52). On an adjusted basis and assuming subsidiary holdings (primarily ProAxsis and Glycotest) and associate (DName-iT) were held as equity investments at fair value rather than consolidated and equity-accounted respectively, Adjusted NAV per share would be £1.06 (2024: £1.09). This adjusted measure provides additional insight into the underlying value of the portfolio; however, it remains unaudited and does not form part of the reported financial statements. \n   \n Revenue growth \n Revenue was £2.9 million (2024: £2.5 m...

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