Interim Results

EMV Capital PLC

24 September 2026

Strictly embargoed for: 07.00 a.m. on 24 September 2026

EMV CAPITAL PLC

("EMVC", "Group" or "the Company")

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026

EMV Capital plc (AIM: EMVC), the deep tech, life sciences and sustainability venture capital investment group, today announces its unaudited interim results for the six months ended 30 June 2026 ("H1 2026").

ANALYST AND INVESTOR PRESENTATION

A live results presentation will be held online on the Investor Meet Company platform at 14.00 BST today. The presentation is open to all existing and potential shareholders. Investors can register free of charge via the following link: https://www.investormeetcompany.com/emv-capital-plc/register-investor.

Those already registered with Investor Meet Company and following EMV Capital will automatically receive an invitation.

OPERATIONAL HIGHLIGHTS

• AUM increased to £117.5 million at 30 June 2026 (31 December 2025: £112.5 million), driven principally by continued fundraising and new investment activity, with net portfolio fair value movements broadly neutral in the period.
• Approximately £3.6 million of third-party capital syndicated across 15 portfolio transactions during the period, demonstrating continued demand for high-quality portfolio companies despite selective venture capital market conditions.
• Successful third-party fundraising by Glycotest and ProAxsis, providing growth capital and resulting in both companies ceasing to be subsidiaries of EMV Capital and being deconsolidated from the Group for accounting purposes from 30 June 2026.
• Continued expansion of the Group's Corporate Finance, Value Creation Services and Fund Management activities, strengthening recurring revenue streams and enhancing long-term platform scalability.
• Continued investment in scalable infrastructure through investment in AI and data systems. This includes the implementation of a new integrated private markets platform designed to enhance investor and adviser engagement, and deployment of several AI-assisted workflows.

FINANCIAL HIGHLIGHTS⁽¹⁾

• Net assets increased to £33.4 million (31 December 2025: £13.7 million) with NAV per share up 145% to £1.20 (31 December 2025: £0.49), primarily reflecting the deconsolidation of Glycotest and ProAxsis. On a consistent fair value basis, Adjusted NAV per share⁽²⁾ increased by 16% to £1.23 (31 December 2025: £1.06), providing a more representative measure of underlying growth.
• The Group reported a profit of £17.8 million, driven by a non-recurring, non-cash, £25.1 million deconsolidation gain. Excluding this gain and the initial £5.2 million⁽⁵⁾ non-cash phantom carried interest charge (PCI Charge), the underlying result was a net loss of £2.1 million (H1 2025: £1.5 million loss). This includes the losses of Glycotest and ProAxsis through to deconsolidation on 30 June 2026.
• EMV Capital Core⁽³⁾ (the Group's core venture capital business, excluding subsidiary portfolio companies) reported a profit of £19.0 million, or an underlying net loss of £0.9 million (H1 2025: £0.3 million loss) after excluding the same £25.1 million deconsolidation gain and £5.2 million PCI Charge.
• EMV Capital Core revenue increased by 9% to £1.5 million⁽⁴⁾ (H1 2025: £1.3 million⁽⁴⁾), driven by higher value creation services and corporate finance fees.
• Cash at 30 June 2026 was £0.7 million (31 December 2025: £0.5 million), with a further £0.3 million held in readily realisable quoted securities (31 December 2025: £0.3 million).

Notes:

(1)      Financial Highlights include alternative performance measures regarding the Group's core venture capital and fund management platform on an underlying basis - see Financial Review section and financial statements below for the Group's statutory reported results.

(2)      Adjusted NAV is calculated as reported net assets plus the incremental fair value of any portfolio companies accounted for as subsidiaries or associates, as if these were held as investments at fair value rather than consolidated. At 30 June 2026, the adjustment relates solely to DName-iT, held through the equity-accounted associate Cetromed; at 31 December 2025 and 30 June 2025, it also included Glycotest and ProAxsis.

(3)      EMV Capital Core comprises EMV Capital plc, EMV Capital Partners Limited and other EMV Capital operating and holding companies in the Group.

(4)      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). Comparative (H1 2025) re-stated on this basis.

(5)      The initial recognition of the PCI Charge is measured by reference to the fair value of the Group's direct and indirect portfolio investments of £117.5 million at 30 June 2026, and illustrates the phantom carried interest that would be payable if the entire portfolio were to be realised for that value, in cash, at that date. For the avoidance of doubt, no amount becomes payable under the scheme unless and until the underlying investments are realised, and then it is payable in stages in accordance with the PCI Plan. See Note 6 to the financial statements for further details.

SELECTED PORTFOLIO COMPANY HIGHLIGHTS

AMR Bio

• Developing XF-73, a post-Phase 2 antimicrobial asset targeting the surgical site infection market, projected to reach c.US$18.0 billion by 2034.
• Formed in H2 2025 following the acquisition of XF-73 intellectual property and clinical assets from Destiny Pharma Limited.
• Appointed a technical leadership team with over 50 years' combined experience in antimicrobial development, regulation and commercialisation.
• Advancing an updated clinical roadmap towards a Phase 3 trial and commercialisation; preparing for an FDA Type B meeting in October 2026 to confirm the Phase 3 trial design and endpoints.
• Post period, EMV Capital Partners syndicated a £0.7million of a £1.0 million investment round, extending AMR Bio's runway into H1 2027.

DeepTech Recycling

• Proprietary reactor technology converting mixed plastic waste into recycled oil products, addressing an advanced recycling infrastructure opportunity projected to require over US$40 billion of investment during the 2030s and over US$90 billion during the 2040s.
• EMV Capital was engaged during the period to conduct a strategic review identifying the most effective route to commercialising the technology at scale.
• A pipeline of further plant opportunities is building, supporting a capital-efficient route to scaling the technology across multiple sites.

Glycotest

• US-based liver disease diagnostics company commercialising novel blood tests for life threatening liver cancers and fibrosis-cirrhosis, with an addressable market of c.US$800 million for the HCC Panel alone.
• Closed the first tranche of a US$3.2 million fundraising led by EMV Capital Partners, strengthening the balance sheet and consolidating the shareholder base, with a second c.US$0.3 million close executed in H2 2026.
• The funding will accelerate clinical data generation for the HCC Panel with the University of Georgia's Complex Carbohydrate Research Centre, with data expected in Q4 2026.
• Should data be positive, Glycotest will implement a roadmap to first revenues, subject to further funding.

ProAxsis

• Commercial protease biomarker-led research company supporting drug development and clinical research through specialist biomarker insights. Completed its transition to an independently funded growth company.
• Targeting the growing respiratory diagnostics market, projected to reach US$9 - 10 billion by 2030, with potential expansion from research applications into clinical, at-home testing, and other disease areas such as cancer.
• H1 2026 revenue increased to £129k (H1 2025: £12k) as production recovered from an OEM supplier issue.
• Advanced its COPD study with Imperial College London, which if successful will open up the COPD clinical trials market.

SageTech

• Specialises in the research, design, manufacture, and distribution of technologies for capturing and recycling waste volatile anaesthetic agents.
• Targeting an addressable veterinary market of approximately 104,000 VET-Dock installations across the UK, Europe and US, based on an estimated 52,000 clinics providing general anaesthesia.
• Continued to scale veterinary adoption, including with Mars Veterinary Health and Independent Vetcare.
• Post period, completed a £2.5 million investment round, with South West Investment Fund having contributed £1.0 million of Series A investment, with a further £0.5 million committed (subject to matching).

Sofant

• Developing cutting edge phased array antennas for satellite and terrestrial communications, featuring a high energy efficiency and a modular, scalable design. The serviceable obtainable market for this type of technology estimated as c.US$3.0 billion by management.
• Significant interest from leading industry OEMs for both civilian and defence use, with multiple pilots underway on both sides of the Atlantic.
• Appointed Will Whitehorn OBE, former President of Virgin Galactic, as Chairman of the Board in January 2026, bringing significant commercial space sector expertise to support the company's growth. Post period, a new CFO was appointed with significant deep tech sector experience.

Vortex

• Commercialises the VTX-1 liquid biopsy platform for label-free isolation of circulating tumour cells (CTCs) from blood, supporting cancer research, drug development and precision medicine; the liquid biopsy market is forecast to grow from c.US$4.0 billion in 2025 to c.US$7.0 billion by 2030.
• Installed VTX-1 at The Doctors Laboratory, one of Europe's largest commercial pathology laboratories; among the first evaluations of a dedicated CTC platform in a high-throughput setting.
• First company selected for the expanded AstraZeneca Exchange programme, creating further opportunities in oncology research and drug development.
• Transferred VTX-1 manufacturing from the US to the UK, improving supply chain resilience and productivity, while expanding internationally through US and European pilots and collaborative studies.

Wanda

• Operates in the rapidly expanding US Remote Patient Monitoring market, forecast to reach c.US$110.7 billion by 2033, with a focus on complex cardiometabolic populations, including GLP-1 supported weight management pathways.
• Reached US$1 million in annualised recurring revenue (ARR) in mid-2026, supported by deepening client partnership in the US, and deployment across 17 US trade union health plans.
• Expanded leadership team to a full executive suite of CEO, Exec Chair, CTO and CFO, all with relevant experience from the digital health industry.
• Preparing for a Series A round, supported by EMVCP.

POST PERIOD HIGHLIGHTS

• Established new portfolio company Winalot BV to acquire a fully constructed chemical recycling plant in Rotterdam (originally developed at a cost of over €50 million), with the acquisition funded entirely through third-party debt financing syndicated by EMV Capital Partners and no cash equity investment by EMVC. This acquisition provides a capital-efficient route to commercialising DeepTech Recycling's proprietary reactor technology at scale.

Dr Ilian Iliev, Chief Executive Officer of EMV Capital, commented:

"In the first half of 2026 we continued to execute our strategy, with several proof points of our model. The restructuring of Glycotest and ProAxsis out of the balance sheet and into independently funded businesses took careful, structural work - but it's a natural step in how we operate: we back businesses early, help them scale, then step back as they secure their own funding, while retaining a meaningful stake in what they go on to achieve.

"We continued our work with several Venture Build portfolio companies which we anticipate will lead to significant value inflection points later in 2026 and into 2027. AMR Bio is on track for an updated Phase 3 trial design for XF-73, Wanda continues to scale its remote patient monitoring platform across US trade union health plans, and DeepTech Recycling reached an important turning point by securing an EU scale-up site through EMVC support. These are the kinds of commercial, technical and fundraising milestones that set up further value creation - and, in time, cash returns.

"Financially, the platform is scaling: EMVC Core revenue up 9%, AUM up to £117.5 million, a growing recurring revenue base, and a significant pipeline of growth opportunities".

-Ends-

For more information, please contact:
EMV Capital plc	via Rosewood
Ilian Iliev, CEO
Panmure Liberum (UK) Limited (NOMAD and Broker)	+44 (0)20 7886 2500
Emma Earl / Will Goode / Freddy Crossley / Mark Rogers (Corporate Finance)
Rupert Dearden (Corporate Broking)
Rosewood (Financial PR)	+44 (0)20 7653 8702
John West / Llewellyn Angus / Lily Pearce

About EMV Capital plc (EMVC)

CHIEF EXECUTIVE OFFICER'S STATEMENT

I am pleased to report significant progress in the implementation of our strategy. This is reflected in our growing AUM and revenues, but also in specific portfolio company advancements which are expected to reflect in due course in further value increase and - in due course - cash investment returns.

Our platform approach is delivering results. Group revenue increased 22% to £1.3 million, whilst EMVC Core revenue, which includes fees charged to portfolio companies that are eliminated on consolidation, increased 9% to £1.5 million. Although the Group continued to report an underlying loss reflecting investment in the platform and adverse fair value movements, NAV increased to £33.4 million as at 30 June 2026 (primarily reflecting the deconsolidation of Glycotest and ProAxsis), equivalent to £1.20 per share.

AUM grew to £117.5 million, reflecting continued capital deployment across existing investment strategies, successful portfolio fundraising activity and the increasing scale of the Group's managed investment platform. Investors remain selective, but we believe the current market continues to favour experienced managers with established investor networks, specialist sector expertise and the ability to create value operationally rather than through financial engineering or capital alone.

At the portfolio level, we completed an important milestone as Glycotest and ProAxsis transitioned from majority-owned subsidiaries into independently funded associate companies, completing the transition to a VC model in our portfolio. This benefits the companies, by giving them an independent route to growth, while also providing for a clearer structure at the EMVC level. We structured the transactions in a way that protected EMVC's economic value, whilst making them attractive to investors. -

Alongside these transactions, the wider portfolio made encouraging operational progress as outlined in the portfolio review section.  Post period, we were pleased to welcome Winalot BV to our Venture Build portfolio -an exciting synergistic addition of a mature plastic chemical recycling asset to our portfolio with significant upside potential. Notably, the acquisition was structured in a capital efficient manner, at nil cash cost to EMVC as outlined below.

Assets under Management

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 4% to £117.5 million from £112.5 million on 31 December 2025, and comprises:

·    £37.8 million fair value of direct holdings (31 December 2025: £38.9 million), of which £36.1 million equity investments on balance sheet (31 December 2025: £14.6 million) and £1.7 million subsidiaries and associates (31 December 2025: £24.3 million);

·    £52.4 million (31 December 2025: £46.4 million) managed and third-party holdings (excluding Funds) at directors' unaudited valuations; and

·    £27.3 million (31 December 2025: £27.2 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.

Portfolio valuations: The Group reviews its portfolio valuations quarterly. The review at 30 June 2026 took  account of each company's trading, funding position and prospects, including Q-Bot, G-Tech and PointGrab, where progress has been slower than anticipated or funding conditions remain challenging. This resulted in £2.3 million of fair value write-downs across the direct and managed portfolio (of which £0.4 million on the direct portfolio is recognised in the results), offset by £1.2 million of fair value increases on a Total AUM basis. The Group continues to work with management teams and will reassess valuations as further evidence emerges.

Growing AUM remains a key strategic objective for EMV Capital. AUM is not simply a measure of the capital under management. It is a driver of long-term value creation by deploying capital into productive opportunities, setting the basis for further direct and advised fair value, while supporting the platform through corporate finance and management fees. Importantly, these targeted fundraisings support portfolio companies throughout their lifecycle, while leveraging additional third-party capital.

As illustrated by the Winalot transaction, our capital-efficient model enables EMV Capital to participate in substantially more investment opportunities than would otherwise be possible using its balance sheet alone, while creating recurring revenue streams that complement long-term investment returns.

Our investment strategies: Venture Build and Co-invest

We have two core investment strategies within our platform: Venture Build and Co-invest.

Through Venture Build, we take significant equity positions - typically in excess of 30% and often at a discount to prior valuations - in established, IP-rich businesses that have encountered meaningful funding or operational challenges, providing not only capital but also strategic guidance, board representation, corporate finance expertise and operational support to help rebuild and reposition these businesses. As portfolio companies mature, de-risk and reach key commercial inflection points, our aim is for these positions to behave increasingly like co-investments over time: we seek to introduce third-party growth capital that enables those businesses to scale whilst allowing EMV Capital to retain meaningful equity interests and continued exposure to value upside.

Through Co-invest we take smaller minority equity positions taken alongside trusted co-investors - primarily, but not only, alongside our Martlet Capital fund. These positions require significantly less hands-on involvement than our Venture Build holdings and provide a differentiated source of potential returns.

Together, our Venture Build and Co-invest practices provide EMV Capital with a differentiated approach across the risk/return spectrum, broadening the portfolio's diversification whilst retaining meaningful exposure to our highest-conviction positions.

Venture Build Portfolio Developments

As noted elsewhere, Glycotest and ProAxsis each completed transactions that strengthened their long-term funding positions. As a result, both companies ceased to be consolidated subsidiaries on 30 June 2026 and became associate companies held as investments at fair value. This changes their accounting treatment but not the Group's strategic involvement. EMV Capital retains significant equity positions in both businesses, continues to be represented on their Boards and has entered into long-term Value Creation Services ("VCS") agreements with both companies. Our team has helped both companies work through a challenging few years, and we continue to expect value growth potential in each of them. Glycotest is close to a major validation point through its Georgia Tech collaboration, and en-route to launching, through a CLIA lab strategy. In turn, ProAxsis is expanding its inflammatory biomarker platform to multiple use cases, including COPD (clinical study with Imperial College) and potentially the cancer diagnostics space.

During the period, EMVC was engaged to perform strategic reviews of both Ventive, part of the Venture Build programme, and Q-Bot. These reviews consider refreshed strategies and potential corporate reorganisations, including the separation of particular business activities where this could preserve or enhance shareholder value, as well as help make the companies more attractive to external investors or acquirers. This advisory work relating to execution of the review recommendations remains ongoing.

Following EMVC's work to restart and restructure DName-iT and successive funding rounds arranged through EMVCP, DName-iT paid £0.25 million to the Group, repaying most of a loan acquired by the Group in 2021 through the CetroMed acquisition. The loan had been valued at nil for Total AUM reporting purposes. Although the intercompany payment has no effect on the Group's reported results (as CetroMed is a subsidiary holding the interest in DName- iT), it demonstrates the value recovered through EMVC's work with DName-iT.

DeepTech Recycling and the Winalot transaction

EMV Capital was engaged to support a strategic review of DeepTech Recycling during the period, to identify the most effective route to commercialising its technology. Working with management, we identified several strategic options in the marketplace. Post period, this work culminated in the establishment of a new portfolio company, Winalot BV ("Winalot") for the acquisition of a fully constructed chemical recycling plant in the Port of Rotterdam in the Netherlands, from Pryme N.V., as part of the latter's wind-down of operations. The plant had previously benefited from over €50 million of investment in its development by Pryme N.V. prior to the acquisition by Winalot, and it was acquired at a significant discount. 

We believe the transaction is win-win for all parties. DeepTech Recycling benefits through the acceleration of its strategy, now with a high-specification chemical recycling plant in which its proprietary technology can be deployed - and demonstrated to the market. EMV Capital benefits both through its direct and indirect stakes in DeepTech Recycling, as well as the exposure to the Winalot plant's expected commercial growth and EBITDA potential (upon successful commercial relaunch). 

The acquisition was funded entirely through third-party debt financing syndicated by EMV Capital Partners, enabling the Group to obtain an initial 100% interest in Winalot without making a cash equity investment. The Group's interest is expected to be diluted through the issue of shares to DeepTech Recycling, in consideration for the contribution of its proprietary fluidised-bed reactor technology and related assets (the terms of which are subject to reaching definitive legal agreements), and through subsequent equity funding round to further finance the integration and re-commissioning of the plant.

Subject to securing the required funding and successfully completing this programme, the first phase plant is intended to establish approximately 9,000 tonnes per annum ("tpa") of mixed-plastic processing capacity.

Winalot is expected to generate revenues and reach profitability from the sale of recycled plastic waste-to-oil products shortly after the estimated construction period of approximately 12-18 months from financing. As the existing plant infrastructure provides scope for subsequent expansion to up to 30,000tpa, there is the scope for further expansion if the commercial case exists.  We will provide further information to the market as the project progresses and the business case is further validated.

The complex transactions executed in the year to date demonstrate the differentiation of the Group's investment model. As portfolio companies grow, we seek to attract external capital to fund their next stages of development, supporting a capital-efficient approach while retaining exposure to future value creation across an increasingly broad and diversified portfolio. At the same time, we are able to take advantage of complexity and time-pressured situations by creating value from unique special situations which benefit EMVC and its portfolio companies.

Corporate Finance

Our Corporate Finance function remains an important enabler of EMV Capital's integrated venture capital platform. It provides us with in-house capability to build and execute complex transactions, supporting portfolio companies, and enabling opportunistic high-potential transactions such as Winalot. Our investor network continues to grow, as investors gain exposure to our operating style.

During H1 2026, EMV Capital Partners syndicated approximately £3.6 million of third-party capital across 15 transactions, reflecting continued demand for high-quality investment opportunities despite a selective fundraising environment. These transactions included both follow-on funding for existing portfolio companies and support for new investment opportunities. There was significant work in progress at period end, which has developed a promising pipeline for H2 2026, some of which has since been executed (such as the Winalot transaction).

Debt financing is becoming an increasingly important component of our Corporate Finance practice. EMV Capital Partners has continued to expand its network of specialist and private credit providers, enabling it to structure and syndicate debt alongside equity funding to meet portfolio companies' capital requirements. During the period, the team arranged an unsecured £0.7 million loan facility for EMVC through our investor network, with no external arrangement fees incurred. This capability was further demonstrated post period through the debt financing of the Winalot transaction.

Beyond the Group's own portfolio, Corporate Finance continues to create additional commercial opportunities through relationships developed with institutional investors, family offices, venture capital funds and strategic corporate partners, supporting future fundraising activity and expanding co-investment opportunities.

Fundraising and advisory activities generated corporate finance fees of £0.42 million in H1 2026 (H1 2025: £0.38 million) for EMVC Core.

Fund Management

Our funds Martlet Capital and the EMVC Evergreen EIS Fund have continued to perform well. Overall fair value has remained stable at £27.3 million (31 December 2025: £27.2 million) across both funds, with some modest exits in the period.

The Martlet Capital fund also provides our co-invest strategy with enhanced access to high-quality deal flow across deep tech, life sciences and sustainability. In line with this, EMV Capital's EIS practice has continued to execute its co-investment programme alongside Martlet portfolio companies, completing a c.£207k investment into Qkine in April. Post period, a further c.£202k was invested into Dogtooth, and a c.£159k investment progressed in an AI-related company.

The EMVC Evergreen EIS Fund continues to perform well, giving investors differentiated exposure to a diversified portfolio of high-growth, IP-rich deep tech and life sciences companies through EMV Capital's Venture Build approach and co-investment alongside institutional and corporate investors. Proprietary deal flow, drawn from the Group's existing portfolio of more than 70 companies and its university, corporate and international networks, allows the fund to invest in businesses it often already knows and has supported through earlier stages of growth. Independent research by Hardman & Co. recently highlighted this two-pronged strategy, along with the additional governance and transparency the Company provides as the fund's AIM-quoted parent. EMV Capital is building relationships with IFAs and Wealth Managers, which is expected to accelerate flows into the fund, which attracts capital to the wider platform while providing follow-on funding for qualifying portfolio companies.

Fund Management generated fees of £0.48 million in H1 2026 (H1 2025: £0.48 million).

Value Creation Services (VCS)

VCS remains a key differentiator of EMV Capital's integrated venture capital platform and a significant driver of recurring revenues. Unlike many traditional venture capital investors, EMV Capital takes an active role in supporting portfolio companies throughout their development - spanning strategic advisory, corporate finance, operational and commercial support, Board representation, governance, investor engagement and transaction execution - helping them to navigate the challenges of scaling innovative businesses in highly specialised markets.

We are continuing to build our VCS capacity both through in-house resources, but also a growing panel of preferred service providers who we believe are suited for our Venture Build portfolio.  These relationships cover areas including HR, IT management, IP, law firms, recruiters, licensing strategy specialists, data and AI specialists, as well as interim or fractional CFOs and access to other platforms. We also introduced a dedicated Portfolio CFO function for the Venture Build companies at their early stages of transition. 

VCS fees generated by EMVC Core in H1 2026 increased by 20% to £0.57 million (H1 2025: £0.47 million), driven by new contracts.

Platform and People

We made good progress during the first half of 2026 implementing various technology, data and AI initiatives. We are transforming our private investors platform through the implementation of Delio Core OS, an integrated private markets platform designed to support investor and adviser onboarding, transaction execution, oversight and reporting across the EMVC Evergreen EIS Fund, the Martlet Capital Fund and the Group's deal-by-deal activities. Once fully implemented, the platform is expected to improve the investor experience and provide scalable infrastructure to support our planned growth.

We have also progressed the use of various AI tools across our team, creating time and cost efficiencies across several workflows.

In May 2026, we were pleased to introduce our new phantom carried interest scheme for Executive Directors and certain members of the senior leadership team. The scheme directly aligns the team with our shareholders: rewards are generated only from successful portfolio exits after the relevant capital and performance hurdles have been met, meaning the team benefits when shareholders do. It reflects established venture capital practice, supports long-term value creation and helps us attract and retain the talent needed to grow the EMV Capital platform.

We recently welcomed a new Associate Director to our Corporate Finance team, increasing our capacity to support portfolio company transactions and generate advisory revenues, together with a new Business Development colleague focused on fundraising and investor engagement for our EIS co-invest strategy.

We have also concluded a successful search to further build our senior adviser network with experience in scaling VC operations in the UK and internationally, resulting in the appointment of a Senior Investor in Residence.

AIM Quotation

We continue to view our AIM quotation as a key differentiator relative to many privately owned venture capital peers. It provides the ability to issue equity to counterparties and enhances confidence among co-investors and portfolio companies. It helps in our discussions with IFAs and Wealth Managers which we expect will result in due course to the addition of EMVC to further investment panels.

Outlook

The second half of 2026 should bring further, steady progress. A number of portfolio companies are approaching important commercial, clinical, regulatory and financing milestones.  Our team remains focused on executing the current opportunity set, which we expect will result in continued AUM and revenue growth, and value growth in our companies. We remain focused on expanding AUM, growing recurring revenues, developing new fund management opportunities and supporting portfolio companies through their next stages of growth.

Our longer-term aim remains unchanged - to build a platform that generates returns from several sources: recurring fund management and advisory revenues, rising portfolio value, and, in time, realisations and carried interest. This diversified model should strengthen the resilience of the Group and its capacity to pursue new investment opportunities.

We remain confident in our strategy, and in EMV Capital's ability to deliver long-term value for shareholders through careful investment management, active venture building and the continued growth of our platform.

None of this happens without the people behind it. My thanks go to the Board, the wider EMV Capital team, our portfolio company management teams and our shareholders for their continued support.

Dr Ilian Iliev

Chief Executive Officer

PORTFOLIO REVIEW

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.

The Group can invest in portfolio companies directly 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.

Total AUM increased 4% to £117.5 million at 30 June 2026 (31 December 2025: £112.5 million), comprising £37.8 million of direct holdings at fair value (31 December 2025: £38.9 million), £52.4 million of third-party holdings excluding Funds (31 December 2025: £46.4 million), and £27.3 million through Funds (31 December 2025: £27.2 million). Direct holdings were broadly stable in aggregate, though Glycotest and ProAxsis now sit within them as associates held at fair value following deconsolidation. Fair values follow the IPEV Guidelines and are set out below.

Looking ahead, the Board expects a number of portfolio companies to reach important commercial, clinical and financing milestones during the remainder of 2026, creating further opportunities to introduce third-party capital, realise value from selected investments and continue expanding the Group's recurring revenue platform.

Portfolio holdings and fair values below are stated on a fully diluted basis, unless stated otherwise.

Table 1: Fair Value of Directly Held Portfolio Holdings

Fair Value of Direct Holdings
Portfolio Company	Country	Technology/ Sector	Stage	H1 26 stake (%)	Fair Value (£m)
					H1 26	FY 25	H1 25
Glycotest	US	Medtech: Liver cancer diagnostics	Late clinical	48.7%	£13.7	-	-
ProAxsis	UK	Medtech: Respiratory diagnostics	Sales	82.3% economic interest(1)	£8.0	-	-
Vortex Biotech Holdings	UK	Medtech: Liquid biopsy	Pilot	21.6%	£3.1	£3.1	£3.5
DeepTech Recycling	UK	Waste management: Recycling of plastic	Pilot	17.7%	£2.8	£2.8	£2.5
Wanda Connected Health Systems (Wanda)	UK/US	Medtech: remote patient monitoring	Sales	16.4%	£1.7	£1.7	£1.5
EpiBone	US	Medtech: Regenerative medicine	Early clinical	1.8%	£1.3	£1.3	£1.0
Q-Bot	UK	Robotics: construction industry	Sales	24.6%	£1.0	£1.4	£1.4
SageTech Medical Equipment	UK	Waste management:  anaesthetic gases	Sales	4.3%	£1.0	£0.9	£0.9
Ventive	UK	Energy: Heat pumps and passive ventilation	Sales	9.7%	£0.8	£0.8	£0.9
AMR Bio	UK	Therapeutics; antibiotic resistance	Phase 2 complete	29.7%	£0.6	£0.6	-
Sofant Technologies	UK	Semiconductors: satellite antennas	Pilot	1.1%	£0.5	£0.5	£0.5
CytoVale	US	Medtech:  Sepsis diagnostics	Sales (FDA Cleared)	0.2%	£0.4	£0.4	£0.4
G - Tech Medical	US	Medtech: Wearable gut monitor	Early clinical	4.4%	£0.3	£0.4	£0.3
PDS Biotechnology (NASDAQ Listed)	US	Therapeutics: Immuno-oncology	Phase 3 and 2 clinical	1.1%	£0.3	£0.3	£1.0
Martlet Capital Limited	UK	Venture capital	n/a	1.1%	£0.2	£0.2	£0.2
QuantalX Neuroscience	IL	Medtech: brain monitoring	Late clinical	0.3%	£0.2	£0.1	£0.1
PointGrab	IL	IoT: Smart building automation	Sales	0.6%	£0.0	£0.0	£0.1
TOTAL					£36.1	£14.6	£14.3

Note (1): The Group's undiluted holding in ProAxsis is 49.9% of issued share capital, following a capital reorganisation undertaken by ProAxsis on 30 June 2026, under which all shareholders were issued warrants pro rata to their existing holdings. These warrants are economically equivalent to the underlying shares but exercisable only to the extent that the holder's shareholding would remain below 50%. Accordingly, the Group may only exercise its warrants as and when further shares are issued by ProAxsis. The 82.3% shown above is the Group's fully diluted economic interest, assuming full exercise by all warrant holders and (for illustration purposes) disregarding this exercise condition.

Table 2: Directors' Valuations of Subsidiaries & Associates (estimates)

Directors' Valuations of Subsidiaries & Associates
Portfolio Company	Country	Technology/ Sector	Stage	H1 26 stake (%)	Fair Value (£m)
					H1 26	FY 25	H1 25
Glycotest	US	Medtech: Liver cancer diagnostics	Late clinical	-	-	£11.0	£11.0
ProAxsis	UK	Medtech: Respiratory diagnostics	Sales	-	-	£8.0	£8.0
DName-iT	UK/BEL	Medtech: Lab technology	Pilot	25.3%	£1.7	£1.7	£1.7
EMV Capital Partners(2)	UK	Venture capital	Sales	100%	-	£3.6	£3.6
TOTAL					£1.7	£24.3	£24.3

Note (2): EMV Capital Partners is the FCA-authorised and regulated fund management and investment platform within the Group. Its valuation has been excluded from AUM from H1 2026 onwards, to align the measure more closely with underlying investment assets.

Third-Party Stakes

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.

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.

Table 3: Fair Value of Third-Party Portfolio Holdings (estimates)

Portfolio Company	Country	Technology/ Sector	Stage	H1 26 third-party stake (%)	AUM Fair Value (£m)
					H1 26	FY 25	H1 25
Sofant Technologies	UK	Semiconductors: satellite antennas	Pilot	23.6%	£13.4	£12.5	£11.8
SageTech Medical Equipment	UK	Waste management: anaesthetic gases	Sales	23.2%	£5.5	£5.0	£4.6
Glycotest	US	Medtech: Liver cancer diagnostics	Late clinical	48.8%	£5.2	£1.8	£1.3
DeepTech Recycling	UK	Waste management: Recycling of plastic	Pilot	30.6%	£5.2	£4.7	£4.0
EpiBone	US	Medtech: Regenerative medicine	Early clinical	5.6%	£4.3	£4.2	£0.9
Wanda	UK/US	Medtech: remote patient monitoring	Sales	30.4%	£3.7	£3.5	£2.1
Ventive	UK	Energy: Heat pumps and passive ventilation	Sales	32.1%	£3.7	£3.3	£3.2
Q-Bot	UK	Robotics: construction industry	Sales	48.1%	£2.8	£3.5	£2.8
DName-iT	UK/BEL	Medtech: Lab technology	Pilot	30.8%	£2.6	£2.2	£1.1
Vortex Biotech Holdings	UK/US	Medtech: Liquid biopsy	Pilot	13.6%	£2.0	£2.0	£2.2
Martlet Capital Limited	UK	Venture capital	Harvesting	7.3%	£2.0	£1.9	£1.8
AMR Bio	UK	Therapeutics; antibiotic resistance	Phase 2 complete	70.3%	£1.4	£1.3	-
ProAxsis	UK	Medtech: Respiratory diagnostics	Sales	8.7%(3)	£1.3	£1.0	£0.8
PointGrab	IL	IoT: Smart building automation	Sales	16.5%	£1.1	£1.5	£3.4
TOTAL(4)					£54.4	£48.3	£40.0

Note (3): The 8.7% advised interest is stated on a fully diluted basis, assuming exercise in full by all warrant holders and disregarding the exercise condition described above in Note (1).

Note (4): Includes the fair value of Martlet Capital Limited; this is excluded from the Total AUM metric to prevent double counting.

Table 4: Fair Value of Fund Management Portfolio (estimates)

Portfolio Company	Country	Technology/ Sector	Stage	AUM Fair Value (m)
				H1 26	FY 25	H1 25
Martlet Capital Portfolio	UK	Investment	Life Sciences/DeepTech	£25.5	£25.6	£26.5
EMV Capital Evergreen EIS Fund	UK	EIS Investment	Life Sciences/DeepTech	£1.8	£1.6	£1.4
TOTAL				£27.3	£27.2	£27.9

Review of selected portfolio companies:

("2025" comparatives below refer to the position as at 31 December 2025)

AMR Bio

·      Location: London

·      Technology/Sector: Therapeutics; antibiotic resistance

·      Holding: Direct 29.7% (2025: 30.0%); Advised 70.3% (2025: 70.0%)

·      Fair Value: Direct £0.6 million (2025: £0.6 million); Advised £1.4 million (2025: £1.3 million)

·      Accounting treatment: Associate held as investment at FVTPL

Overview

AMR Bio Ltd was established by EMV Capital in September 2025 for the strategic acquisition of the XF-73 intellectual property and clinical assets from Destiny Pharma Limited, and to develop the assets through to a Phase 3 trial and commercialisation. Destiny Pharma was an AIM-quoted clinical-stage biotechnology company that had completed a successful Phase 2b trial for XF-73 Nasal before appointing administrators in August 2024, having invested c.£50m in the programme. AMR Bio acquired the asset at a fraction of that prior spend, together with a fully validated clinical dataset, dual FDA Fast Track and Qualified Infectious Disease Product (QIDP) designation, and UK MHRA Accelerated Access status under the Innovative Licensing and Access Pathway (ILAP), supporting an accelerated route to market.

Key developments H1 2026 

EMV Capital regards execution and leadership as central to the investment case. AMR Bio has delivered each planned milestone on schedule over the past nine months on a lean budget, from transfer of the FDA IND (Nasal) and pIND (Dermal) to the appointment of Cardinal Health as US regulatory agent and the agreement of an October 2026 FDA Type B meeting date, with the supporting data package submission underway and on schedule. The team is led by Executive Chair Nigel Brooksby (former senior leader, Pfizer and Sanofi), supported by Destiny Pharma's founding scientific team, and backed by EMV Capital's Venture Build programme.

In a Phase 2b trial, 124 patients were enrolled and the primary endpoint was met in 83 evaluable patients (p<0.0001), with a greater than 99% reduction in nasal S. aureus burden and no resistance observed after 55 in vitro passages. XF-73 is administered as four doses over 24 hours before surgery plus one post-operative dose, compared with the 5-7 day course required for mupirocin, the current standard of care, to which global resistance now exceeds 14%.

The addressable opportunity is substantial: post-surgical infections cost the US healthcare system c.US$10 billion annually, within a global surgical site infection market projected to reach US$17.95 billion by 2034, and global mupirocin resistance now exceeds 14%, undermining a standard of care unchanged since the 1980s. XF-73 occupies an uncontested position among Phase 3-ready assets, differentiated by mechanism of action, a dosing regimen compatible with emergency surgery, and freedom to operate protected by eighteen active patents across two families with coverage to 2034.

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. AMR Bio is also exploring partnership opportunities to support the Phase 3 programme and future commercialisation.

Post period developments:

An FDA Type B meeting is scheduled for October 2026, at which AMR Bio will seek written confirmation of the Phase 3 trial design and endpoints. A second, earlier-stage programme, XF-73 Dermal, is progressing preclinically toward burn and wound infection indications, targeting non-dilutive and grant funding, and addressing an estimated US$9 billion global market.

EMV Capital Partners syndicated a £0.7 million of a £1.0 million investment round to fund preparations for the FDA Type B meeting, development of the CMC/GMP manufacturing roadmap, CRO scoping and Phase 3 trial costing, and to prepare for a Series A financing.

DeepTech Recycling

·      Location: Oxfordshire, UK

·      Technology/Sector: Waste management; Recycling of plastic

·      Holding: Direct 17.7% (2025: 18.0%), Advised 30.6% (2025: 29.7%)

·      Fair Value: Direct £2.8 million (2025: £2.8 million); Advised £5.2 million (2025: £4.7 million)

·      Accounting treatment: Equity investment at FVTOCI

Overview

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.

Key developments in H1 2026

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:

·      Secured formal approval from the NHS (Health Tech Research Centre) to undertake proof of concept studies demonstrating the recycling of medical plastic waste. Agreement has been reached with two NHS trusts, where collection of single-use plastic waste for the initial trial programme is now in progress, representing a further step toward validating additional high value end markets.

·      In the EU, the company continued working on developing commercial capacity to recycle waste polystyrene with a major Central European Group and producer of expanded polystyrene. Having completed proof-of-concept testing, the company has initiated joint IP and development testing with its partner.  

·      In Norway, the company continues to work with its industrial partners on a c.£22 million project, to be co-funded by Innovation Norway. The project requires funding for the remaining project costs, with several interested funders having been identified, including a climate fund.

With several routes to commercial deployment, we believe DeepTech Recycling 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 H1 2026.

Post period developments:

DeepTech Recycling entered into late-stage discussions regarding the contribution of its proprietary fluidised-bed reactor technology and related assets to Winalot BV, a new EMV Capital portfolio company established to acquire a fully constructed chemical recycling plant in the Port of Rotterdam, the Netherlands, from Pryme N.V. as part of the latter's wind-down of operations. In consideration for the contribution, DeepTech Recycling is expected to be issued shares in Winalot, subject to reaching definitive agreements.

Glycotest, Inc.

·      Location: Merion, PA, US

·      Technology/Sector: Medtech; Liver cancer diagnostics

·      Holding: Direct 48.7% (2025: 52.7%); Advised 48.8% (2025: 5.8%)

·      Fair Value: Direct £13.7 million* (2025: £11.0 million); Advised £5.2 million* (2025: £1.8 million)

·      Accounting treatment: Associate held as investment at FVTPL

*The Direct and Advised stakes are valued based on the latest post-money valuation of Glycotest, using a waterfall model reflecting liquidation preferences. Although the two holdings represent similar fully diluted ownership interests, they sit in different share classes with different rights, therefore value is allocated by liquidation preference instead of ownership percentage.

Overview

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.

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.

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.

Key developments H1 2026

 Having previously advanced its partnership with the University of Georgia's Complex Carbohydrate Research Centre through assay development for the HCC Panel blood test, Glycotest has now closed the  first tranche of a US$3.2 million fundraising, securing US$1.05 million in fresh cash with the assistance of EMV Capital, to move this program forward. The funding is being deployed to generate preliminary clinical data on samples selected from the company's extensive patient biobank to catalyse investor and strategic partnering discussions.

The company has also initiated discussions with potential partners for its 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. Given the potential of the liver fibrosis testing opportunity, Glycotest is evaluating options to strengthen the intellectual property for its Fibrosis Test, including further increasing test performance and potentially extending patent life.

Post period developments

Following the 30 June close of the above-referenced financing, EMVCP syndicated a second tranche of US$0.3 million. The company recommenced work with the University of Georgia and expects data on patient biobank samples to be available in Q4 2026. In parallel, with patient sample collection complete, the company continues to progress the closure of clinical sites that participated in the HCC Panel clinical validation study, with up to nine additional sites expected to be closed by the end of the year.

ProAxsis

·      Location: Antrim, UK

·      Technology/Sector: Research; Respiratory

·      Holding: Direct 82.3%* (2025: 86.4%); Advised 8.7%** (2025: 8.4%)

·      Fair Value: Direct £8.0 million (2025: £8.0 million); Advised £1.3 million (2025: £1.0 million)

·      Accounting treatment: Associate held as investment at FVTPL

*Economic interest on a fully diluted basis as explained in Note (1) to Table 1 above.

**Economic interest on a fully diluted basis as explained in Note (3) to Table 3 above.

Overview

ProAxsis Limited is a commercial protease biomarker-led research company supporting drug development and clinical research through specialist biomarker insights. A spin-out from Queen's University Belfast, the company supports pharmaceutical, biotechnology and research organisations through specialist biomarker insights, research-use assays and scientific collaboration. ProAxsis targets the growing respiratory diagnostics market, projected to reach US$9-10 billion by 2030, with a pathway from research applications into clinical and at-home testing, as well as into other disease areas such as cancer.

At the core of ProAxsis' scientific offering is its proprietary ProteaseTag® technology, designed to selectively capture and measure active protease biomarkers within complex biological samples. 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. This technology has been translated into a point-of-use test (NEATstik®), designed to enable fast, routine assessment of active NE levels.

ProAxsis' expertise has supported clinical research and biomarker programmes across areas including bronchiectasis, alpha-1 antitrypsin deficiency, COPD and cystic fibrosis. Building on its deep expertise in the measurement of active proteases, ProAxsis is now working to expand its scientific capabilities across additional biomarkers, applications and disease areas.

Key developments H1 2026

ProAxsis completed its transition to an independently funded growth company during the period, having previously been incubated as a subsidiary of EMV Capital plc. Revenue for H1 2026 increased to £129k (H1 2025: £12k), as production recovered from a major OEM supplier issue that had led to a pause in production for three of the company's four catalogue products. Two of the three impacted products are now back on the market, with back-orders fulfilled, new sales received and revenues continuing to increase. ProAxsis continues to receive interest from pharma and clinical research businesses for use of its offering in clinical trials.

Progress continued in the COPD clinical research study with Imperial College London, launched in 2025. The study was extended from an initial 12 months to 21 months to capture the next exacerbation season (the winter months) and ensure sufficient patient enrolment to complete the planned study and is now expected to complete in June 2027. If successful, the study is expected to open up the clinical trials market in COPD and, over the longer term, support COPD point-of-care applications.

The company relocated into new facilities at Randox's state-of-the-art laboratories near Belfast International Airport during 2025, providing ProAxsis with a strong base for production and potential for future collaborations.

ProAxsis has continued to strengthen its commercial strategy, with plans to expand the application of its technology into additional disease areas, including cancer, while continuing to build out its respiratory product portfolio and develop solutions for both clinical and home-use settings. The Scientific Advisory Board has also been strengthened with the appointment of business and academic leaders from Oxford University, Imperial College London and Queen's University Belfast. In our view, these steps leave the business well positioned for its next phase of development.

Post period developments:

ProAxsis completed a first close of £0.3 million in July 2026 of an up to c.£1.0 million raise and is planning further closes in H2 2026. The company expects this to take the business through to breakeven on its current operations and to fund completion of the COPD clinical research study. The company also continues to benefit from the UKRI funded Future Medicines Institute consortium grant and the University of Dundee LifeArc collaborative grant.

SageTech

·      Location: Devon, UK

·      Technology/Sector: Waste management; Anaesthetic gases

·      Holding: Direct 4.3% (2025: 4.5%); Advised 23.2% (2025: 24.3%)

·      Fair Value: Direct £1.0 million (2025: £0.9 million); Advised £5.5 million (2025: £5.0 million)

·      Accounting treatment: Equity investment at FVTOCI

Overview

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 unused volatile anaesthetic agents (sevoflurane, isoflurane, desflurane) through selective adsorption onto a reusable capture canister, preventing the significant climate impact caused by these gases and reducing exposure to clinical staff.

Key developments H1 2026

Following its commercial launch in the UK veterinary market in 2025, SageTech secured adoption across three customer segments: corporate groups, buying groups and independent clinics. SageTech has continued to work with Mars Veterinary Health and Independent Vetcare in the UK, rolling out further across their respective vet clinic estates. The first half of the year also focused on planning pilot installations in Mars Veterinary Health European and US clinics. The European pilot went live after the period end in September 2026, with the US pilot scheduled to launch in October 2026. Additional, early US adoption includes piloting in a small number of Veterinary Emergency Group clinics (a PE-backed emergency clinic chain) and a large installation in the small animal department of the Colorado State University Vet School.

The £3.5 million Innovate UK grant project, which started in November 2025 under the Sustainable Medicines Manufacture theme, is progressing in line with plan. It is being delivered with the support of partner organisations in the UK Government High Value Manufacturing Catapult network.

The company has redesigned its human healthcare solution, reducing its costs and generating data to support an improved business case for NHS hospital adoption. This is anticipated to launch to early adopters from summer 2027 onwards.

During the first half of the year, the company made important progress in securing Series A investment by signing Heads of Terms with the South West Investment Fund (managing funds from the British Business Bank), to match up to £1.5 million over two instalments and subject to achieving certain commercial milestones and raising matched investment. As the period came to an end, the required matched investment had been secured from new and existing private shareholders, and the deal concluded within the first weeks of H2 2026. The company intends to use the proceeds to build a small veterinary sales and marketing team for the UK market, freeing existing resource to focus on selected international expansion.

Vortex

·      Location: Manchester, UK

·      Technology/Sector: Medtech; Liquid biopsy; cancer diagnostics; circulating tumour cell (CTC) enrichment

·      Holding: Direct 21.6% (2025: 22.1%); Advised 13.6% (2025: 13.9%)

·      Fair Value: Direct £3.1 million (2025: £3.1 million); Advised £2.0 million (2025: £2.0 million)

·      Accounting treatment: Equity investment at FVTOCI

Overview

Vortex Liquid Biopsy Solutions develops and commercialises proprietary liquid biopsy technologies for the enrichment and analysis of circulating tumour cells (CTCs) from blood samples. The company's VTX-1 platform enables label-free isolation of intact cancer cells, supporting applications in cancer research, drug development, biomarker discovery and precision medicine. Vortex works with pharmaceutical, biotechnology and clinical partners to advance the adoption of liquid biopsy technologies across oncology.

Vortex operates within the rapidly growing liquid biopsy market, which was estimated to be worth approximately US$4.0 billion in 2025 and is forecast to exceed US$7.0 billion by 2030. Growth is being driven by increasing adoption of precision oncology and demand for minimally invasive diagnostic and disease monitoring technologies. Within this market, Vortex focuses on CTCs, which can provide unique biological insights beyond those available through circulating tumour DNA (ctDNA) analysis alone.

Increased adoption of liquid biopsy technologies in oncology, coupled with demand for single-cell and multiomic analysis to support precision medicine and pharmaceutical drug development, is expected to drive continued market growth.

Key developments H1 2026

During the first half of 2026, Vortex achieved a major milestone through the installation and operation of its VTX-1 liquid biopsy platform within The Doctors Laboratory (TDL), one of Europe's largest commercial pathology laboratories.

The company completed the transition of VTX-1 manufacturing from the United States to the United Kingdom, improving supply chain resilience, reducing production costs and lead times, and providing greater control over future manufacturing scale-up. Additional instrument builds were completed during the period to support growing demand from research and clinical collaborators.

Vortex further strengthened its strategic relationship with AstraZeneca through participation in the AstraZeneca Exchange programme, becoming the first company selected for the expanded initiative. The programme has supported engagement with AstraZeneca scientists and clinical teams and created opportunities to explore liquid biopsy applications in oncology research and drug development.

The company continued to expand its international footprint through pilot programmes and instrument deployments in the United States and Europe, generating additional application and performance data across a range of oncology use cases. These programmes are expected to support future commercial growth and strategic partnerships.

Vortex also continued to strengthen the clinical evidence base for its technology through collaborative studies and publication activity, contributing to the growing body of data supporting the use of circulating tumour cells in precision medicine and cancer research.

As a flagship participant in the Cambridge-Manchester innovation partnership, Vortex continues to strengthen links between two of the UK's leading life sciences clusters, leveraging relationships across academia, healthcare, industry and investment communities to accelerate growth and technology adoption.

Wanda

·      Location: Bristol, UK and US

·      Technology/Sector: Digital Health -  Cardio Metabolic Virtual Care Platform

·      Holding: Direct 16.4% (2025: 16.5%); Advised 30.4% (2025: 30.2%)

·      Fair Value: Direct £1.7 million (2025: £1.7 million); Advised £3.7 million (2025: £3.5 million)

·      Accounting treatment: Equity investment at fair value through other comprehensive income (FVTOCI)

Overview

Wanda is a Virtual Care 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). The platform is sold to payers, pharmacy benefit managers (PBMs) and employers running cardiometabolic and weight-management programmes. Its virtual-care platform combines personalised health coaching, connected monitoring and AI-enabled behaviour change, targeting improved engagement, medication adherence and long-term outcomes, particularly for people using GLP-1 therapies. Originally spun out of UCLA, Wanda is headquartered in Bristol, UK, with sales and operational capabilities across the US.

Key developments H1 2026

Following several years of platform development, refinement and commercial pilots, Wanda has focused its US strategy on the rapidly growing GLP-1 and cardiometabolic health market in response to customer demand. The company has established a strategic partnership with a national pharmacy benefit manager and has deployed its programmes across 17 trade union health plans. Following significant growth throughout 2025 and continued commercial progress in 2026, Wanda reached US$1 million in ARR in mid-2026. The company is also progressing its FDA regulatory pathway. Positioning for growth, the company expanded its leadership team to a full executive suite of CEO, Exec Chair, CTO and CFO, all with relevant experience in the digital health industry.

Following a £0.86 million fundraising in 2025, and a further £0.25 million fundraising in H1 2026, led and syndicated by EMV Capital Partners to support continued commercial expansion and the ongoing scale-up of the business, and preparation for a Series A round. 

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.

Martlet Capital Limited*

·      Location: Cambridge, UK

·      Technology/Sector: Venture capital; Deep Tech and Life Sciences

·      Holding: Direct 1.1% (2025: 1.1%); Advised 7.3% (2025: 7.4%)

·      Fair Value: Direct £0.2 million (2025: £0.2 million); Advised £25.5 million - portfolio fair value (2025: £25.6 million)

·      Accounting treatment: Equity investment at FVTOCI

*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.

Overview

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 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.

Key developments H1 2026

·    Oxford Space Systems achieved successful launch and in-orbit deployment of its novel Wrapped Rib Antenna on the Surrey Satellite Technology Limited (SSTL) CarbSAR In-Orbit Demonstration mission. The deployment marks a major milestone for OSS, providing flight heritage for its first large deployable reflector, that will be used to advance earth observation capabilities.

·    Qkine secured investment commitment of £1.6 million to expand the production of its high-purity, animal-origin-free growth factors, cytokines and complex proteins, contributing to improve stem cell research and advanced cell therapies.

·    Xampla, a University of Cambridge spinout developing materials made from natural plant polymers to replace single use plastics, further extended its Series A financing, taking the total round size to £13.2 million.

·    Cambridge GaN Devices announced a long‑term collaboration with global semiconductor company, NXP Semiconductors, to accelerate the adoption of its gallium nitride (GaN) power electronics technology in data centre and automotive applications.

·    Foventa Therapeutics (formerly known as Exonate) appointed experienced industry executive, Olav Hellebø, as CEO, ahead of advancing lead retinal therapy candidate EXN407 into a Phase  2b clinical trial for diabetic eye disease.

Post period developments

·    Dogtooth Technologies, a developer of fruit harvesting robots, completed a £14 million financing round, including equity, grant funding and a £10 million sale and leaseback arrangement.

·    FocalPoint signed a commercial agreement with STMicroelectronics (NYSE:STM) to deliver enhanced GNSS positioning reliability for automotive applications, by combining its software with STMicroelectronics' Teseo hardware platform.

FINANCIAL REVIEW

H1 2026 reflects further growth in recurring revenues and AUM together with the successful execution of transactions that simplify the Group's reporting structure and strengthen its long-term investment platform.

The financial key performance indicators (KPIs) for the six months ended 30 June 2026 are set out below.

KPIs	Unit	H1 2026	H1 2025	FY 2025	Change vs H1 2025(4)	Change vs FY 2025(4)
Equity investments (direct)	£m	36.1	14.3	14.6	153%	148%
Net Assets	£m	33.4	13.6	13.7	146%	145%
NAV per share	£/share	1.20	0.49	0.49	145%	145%
Adjusted NAV(1), (3)	£m	34.4	29.3	29.6	17%	16%
Adjusted NAV per share(1), (3)	£/share	1.23	1.06	1.06	17%	16%
Revenue	£m	1.3	1.0	2.9	22%	na
EMVC Core revenue(1)	£m	1.5	1.3	3.2	9%	na
Profit/(loss) for the period	£m	17.8	(1.5)	(0.6)	nm	na
EMVC Core profit/(loss) for the period(1)	£m	19.0	(0.3)	1.5	nm	na
Profit/(loss) for the period - underlying(2)	£m	(2.1)	(1.5)	(0.6)	44%	na
EMVC Core profit/(loss) for the period - underlying(1),(2)	£m	(0.9)	(0.3)	1.5	220%	na
Cash and cash equivalents	£m	0.66	0.55	0.51	20%	28%
Readily realisable quoted securities	£m	0.33	0.29	0.29	16%	16%

Note (1): Alternative performance measures (APMs).  Adjusted NAV, EMVC Core revenue and EMVC Core profit/(loss) are non-IFRS measures used by the Directors to assess the Group's core venture capital and fund management platform. These measures are calculated consistently with the definitions set out in the Group's 2025 Annual Report, available on the Company's website.

Note (2): Underlying profit/(loss) metrics exclude both the gain on deconsolidation of Glycotest and ProAxsis and the non-cash charge on initial recognition of the PCI Charge, which illustrates the phantom carried interest that would be payable if the entire portfolio were to be realised for that value, in cash, at that date. For the avoidance of doubt, no amount becomes payable under the PCI scheme unless and until the underlying investments are realised, and then it is payable in stages in accordance with the PCI Plan. See Note 6 of the financial statements for further details.

Note (3): Adjusted NAV is calculated as reported net assets plus the incremental fair value of any portfolio companies accounted for as subsidiaries or associates, as if these were held as investments at fair value rather than consolidated. At 30 June 2026, the adjustment relates solely to DName-iT, held through the equity-accounted associate Cetromed; at 31 December 2025 and 30 June 2025, it also included Glycotest and ProAxsis.

Note (4): Percentages are calculated using unrounded figures and may differ from those implied by the rounded amounts shown above.

Glycotest and ProAxsis deconsolidation

With effect from 30 June 2026, both businesses ceased to be subsidiaries, having been consolidated up to that date. Their deconsolidation resulted in a non-cash gain of £25.1 million (see Note 7). Although both remain associates, the Group has elected to measure them as equity investments at FVTPL, applying the exemption in IAS 28 available to venture capital and similar investment-focused entities, rather than using the equity method.

While EMV Capital retains significant equity interests, Board representation and long-term VCS agreements with both companies, this represents a further step in simplifying the Group's balance sheet and income statement (from H2 2026), supporting greater transparency for shareholders in assessing the underlying performance and value of the investment platform.

Equity investments performance

The Group's directly owned portfolio delivered a broadly stable underlying performance in H1 2026, despite continued macroeconomic uncertainty. The fair value of its equity investments increased to £36.1 million (31 December 2025: £14.6 million), primarily reflecting the recognition of the Group's retained interests in Glycotest (£13.7 million) and ProAxsis (£8.0 million) as equity investments at fair value following their deconsolidation.

Excluding this effect, the value of directly held equity investments decreased by £0.1 million, primarily comprising valuation gains of £0.3 million offset by valuation losses of £0.4 million. These valuation movements reflect portfolio company progress, funding activity and prevailing market conditions, in accordance with the Group's valuation methodology. As fair value movements on assets measured at FVTOCI are recognised in equity rather than profit or loss, the fair value movement reported in the income statement differs from this net movement.

Net Asset Value (NAV)

Net assets at 30 June 2026 were £33.4 million (31 December 2025: £13.7 million), the increase primarily reflecting the deconsolidation of Glycotest and ProAxsis.

NAV per share increased by 145% to £1.20 (31 December 2025: £0.49). Adjusted NAV per share, which treats portfolio subsidiaries and associates consistently at fair value in both periods and therefore provides a more representative measure of underlying growth, increased by 16% to £1.23 (31 December 2025: £1.06). This adjusted measure remains unaudited and does not form part of the reported financial statements.

Revenue growth

Group revenue for the period increased by 22% to £1.3 million (H1 2025: £1.0 million) reflecting the recovery in ProAxsis sales and growth in EMVC Core revenues.

EMVC Core revenue, which excludes the impact of consolidated portfolio companies, was £1.5 million (H1 2025: £1.3 million), primarily due to higher value creation services fees driven by new contracts and higher corporate finance fees from increased fundraising activity. EMVC Core revenue covered over 70% of EMVC Core operating costs in the period, reflecting continued progress towards financial self-sufficiency of the platform.

Profits/(losses)

The Group reported a profit of £17.8 million (H1 2025: loss of £1.5 million), driven by a £25.1 million non-cash gain on the deconsolidation of Glycotest and ProAxsis. Excluding this gain and the £5.2 million⁽¹⁾ non-cash charge on initial recognition of the phantom carried interest scheme liability under IFRS 2 (see Note 6), the Group recorded an underlying loss of £2.1 million (H1 2025: loss of £1.5 million), principally reflecting £0.4 million of fair-value losses on investments held at FVTPL. Group results include subsidiary portfolio company losses of £1.2 million (H1 2025: £1.2 million) through to deconsolidation on 30 June 2026.

EMVC Core (the Group's core venture capital segment, excluding portfolio company losses) reported a profit of £19.0 million, and on the same underlying basis, a loss of £0.9 million (H1 2025: £0.3 million loss), principally reflecting £0.4 million of fair-value losses on investments held at FVTPL, and the timing of staff-related costs between periods.

Liquidity and capital position

The Group ended the period with cash of £0.7 million (31 December 2025: £0.5 million) and £0.3 million of readily realisable quoted securities (31 December 2025: £0.3 million).

During the period, EMVC entered into an unsecured £0.7 million loan facility, bearing interest at 11% per annum and repayable three years from first drawdown, with the option for early repayment. The facility, which carries no warrants, provides additional financial flexibility as the Company continues to optimise its capital structure, manage working capital and execute its investment strategy.

Overall, the first half reflects continued growth in recurring revenues and AUM alongside a simplification of the reporting structure following the deconsolidation of Glycotest and ProAxsis. Accordingly, their operating results will no longer be consolidated in the Group's income statement from H2 2026. The Group remains focused on progressing towards financial self-sufficiency at the EMVC Core level while retaining exposure to long-term investment returns.

Note (1): The initial recognition of the PCI Charge is measured by reference to the fair value of the Group's direct and indirect portfolio investments of £117.5 million at 30 June 2026, and illustrates the phantom carried interest that would be payable if the entire portfolio were to be realised for that value, in cash, at that date. For the avoidance of doubt, no amount becomes payable under the scheme unless and until the underlying investments are realised, and then it is payable in stages in accordance with the PCI Plan. See Note 6 to the financial statements for further details.

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2026

Continuing Operations	Notes		Unaudited 6 months ended 30 June 2026 £000s		Unaudited 6 months ended 30 June 2025 £000s	Audited Year ended 31 December 2025 £000s
Revenue	4		1,274		1,043	2,866
Cost of sales			(179)		(101)	(258)
Gross profit			1,095		942	2,607
Other income			5		52	138
Fair value changes (assets held at FVTPL)			(419)		-	1,366
Total other operating items	5		(414)		52	1,504
Research and development costs			(549)		(847)	(1,223)
Selling, general and administrative costs			(1,978)		(1,467)	(3,105)
Other costs			(63)		(106)	(181)
Initial recognition of phantom carried interest liability	6		(5,191)		-	-
Gain on loss of control of subsidiaries	7		25,060		-	-
Profit/(loss) from operations			17,959		(1,426)	(399)
Share of loss of equity accounted associate			(117)		(82)	(207)
Finance income			31		47	84
Finance expense			(158)		(48)	(165)
Profit/(loss) before taxation			17,715		(1,509)	(686)
Income Tax			41		38	44
Total profit/(loss) for the period			17,756		(1,471)	(642)
Profit/(loss) attributable to:
Owners of the parent	8		18,140		(1,131)	(21)
Non-controlling interests			(384)		(340)	(620)
			17,756		(1,471)	(642)
Basic and diluted profit/(loss) per share attributable to owners of the parent during the period:	8		64.9p		(4.1p)	(0.1p)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2026
	Notes	Unaudited Six months ended 30 June 2026 £000s	Unaudited Six months ended 30 June 2025 £000s	Audited Year ended 31 December 2025 £000s
Profit/(loss) for the period		17,756	(1,471)	(642)
Items that may be subsequently reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations		(217)	113	91
Change in fair value of investments classified as fair value through other comprehensive income		310	583	(494)
Total comprehensive income/(loss) for the period		17,849	(775)	(1,045)
Attributable to:
Owners of the parent		18,257	(550)	(515)
Non-controlling interests		(408)	(225)	(530)
		17,849	(775)	(1,045)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026
	Notes	Unaudited 30 June 2026 £000s	Unaudited 30 June 2025 £000s	Audited 31 December 2025 £000s
Assets
Non-current assets
Property, plant and equipment		19	49	59
Right-of-use assets		123	114	457
Intangible assets		1,365	1,946	1,887
Investments in equity-accounted associates		787	1,029	904
Equity investments classified as FVTOCI*		12,944	14,289	12,598
Equity investments classified as FVTPL**		23,179	-	1,957
Financial assets classified as FVTPL**		550	284	290
Total non-current assets		38,967	17,711	18,152
Current assets
Inventories		-	90	98
Trade and other receivables		2,048	1,301	1,015
Cash and cash equivalents		656	548	511
Total current assets		2,705	1,939	1,624
Total assets		41,672	19,650	19,776
Liabilities Current liabilities
Trade and other payables		(2,230)	(4,586)	(3,526)
Lease liabilities		(71)	(53)	(135)
Loans and borrowings		(719)	(495)	(2,096)
Total current liabilities		(3,020)	(5,134)	(5,757)
Non-current liabilities
Lease liabilities		(20)	(61)	(347)
Loans and borrowings		-	(877)	(22)
Other payables		(5,188)	-	-
Total non-current liabilities		(5,208)	(938)	(369)
Total liabilities		(8,228)	(6,072)	(6,126)
Net assets		33,444	13,578	13,650
Issued capital and reserves Attributable to the parent
Called up share capital		1,398	1,388	1,398
Warrants		42	42	42
Share premium account		76,343	76,243	76,343
Capital reserve account		237	237	237
Equity investment reserve		4,717	4,651	4,406
Foreign exchange and capital reserve		993	1,324	1,333
Retained earnings		(50,410)	(69,062)	(68,553)
Equity attributable to the owners of the parent		33,321	14,823	15,206
Non-controlling interests		124	(1,245)	(1,555)
Total equity		33,444	13,578	13,650

* Fair value through other comprehensive income

** Fair value through profit or loss

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2026
			Shareholders' equity
	Share capital £000s	Warrants £000s	Share premium £000s	Capital reserve £000s	Equity investment reserve £000s	Retained earnings £000s	Foreign exchange and capital reserve £000s	Total £000s	Non-controlling interests £000s	Total equity £000s
1 January 2025	1,368	42	76,013	237	4,068	(67,956)	1,326	15,098	(1,020)	14,078
Profit/(loss) for the period	-	-	-	-	-	(1,131)	-	(1,131)	(340)	(1,471)
Other comprehensive income:
Foreign exchange differences	-	-	-	-	-	-	(2)	(2)	115	113
Change in fair value in the period	-	-	-	-	583	-	-	583	-	583
Total comprehensive income	-	-	-	-	583	(1,131)	(2)	(550)	(225)	(775)
Issue of share capital	20	-	230	-	-	-	-	250	-	250
Share-based payments	-	-	-	-	-	25	-	25	-	25
30 June 2025	1,388	42	76,243	237	4,651	(69,062)	1,324	14,823	(1,245)	13,578
Profit/(loss) for the period	-	-	-	-	-	1,110	-	1,110	(280)	829
Other comprehensive income:
Foreign exchange differences	-	-	-	-	(7)	-	9	3	(25)	(22)
Change in fair value in the period	-	-	-	-	(1,077)	-	-	(1,077)	-	(1,077)
Total comprehensive income	-	-	-	-	(1,084)	1,110	9	35	(305)	(270)
Issue of share capital	10	-	100	-	-	-	-	110	-	110
Decrease in subsidiary holding	-	-	-	-	-	219	-	219	(5)	213
Share-based payments	-	-	-	-	-	19	-	19	-	19
Transfer of reserves to FVTPL	-	-	-	-	838	(838)	-	-	-	-
31 December 2025	1,398	42	76,343	237	4,406	(68,553)	1,333	15,206	(1,555)	13,650
Profit/(loss) for the period	-	-	-	-	-	18,140	-	18,140	(384)	17,756
Other comprehensive income:
Foreign exchange differences	-	-	-	-	1	-	(194)	(193)	(24)	(217)
Change in fair value in the period	-	-	-	-	310	-	-	310	-	310
Total comprehensive income	-	-	-	-	311	18,140	(194)	18,257	(408)	17,849
Loss of control of subsidiary	-	-	-	-	-	-	(146)	(146)	2,087	1,941
Share-based payments	-	-	-	-	-	4	-	4	-	4
30 June 2026	1,398	42	76,343	237	4,717	(50,410)	993	33,321	124	33,444

NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

1.         GENERAL INFORMATION

EMV Capital plc (the "Company") is a public limited company incorporated and domiciled in England and Wales. The Company's shares are admitted to trading on the AIM market of the London Stock Exchange.

The registered office is c/o Azets, Burnham Yard, London End, Beaconsfield, Buckinghamshire HP9 2JH. The Company's registered number is 08026888.

The Company and its subsidiaries (together, the "Group") operate as a venture capital investment group focused principally on the deep tech, life sciences and sustainability sectors.

The condensed consolidated interim financial statements are presented in pounds sterling and rounded to the nearest thousand pounds ("£'000"), unless otherwise stated.

2.         BASIS OF PREPARATION

These condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with the recognition and measurement principles of UK-adopted International Financial Reporting Standards ("IFRS"). They should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2025 which were prepared in accordance with UK-adopted IFRS ("2025 Annual Report"). The same accounting policies and methods of computation have been applied as in the Group's annual financial statements for the year ended 31 December 2025, except as otherwise disclosed.

This interim financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and has not been audited or reviewed by the Company's auditor. The comparative information for the year ended 31 December 2025 has been extracted from the Group's statutory accounts for that year, which have been delivered to the Registrar of Companies.

The financial information for the six-month periods ended 30 June 2026 and 30 June 2025 is unaudited. The comparative information for the year ended 31 December 2025 is audited.

These condensed consolidated interim financial statements were approved by the Board of Directors on 23 September 2026.

3.         GOING CONCERN

As disclosed in the 2025 Annual Report, a material uncertainty existed in relation to the Group's and Company's ability to continue as a going concern, principally arising from the funding requirements of Glycotest and ProAxsis.

Glycotest and ProAxsis were deconsolidated on 30 June 2026, with Glycotest representing the predominant component of the funding requirement identified in the 2025 going concern assessment. Consequently, the Group's and Company's forecast funding requirement has been significantly reduced. The Group is no longer legally responsible for funding their ongoing operations; any further support provided as an investor would be discretionary and has not been assumed in the forecasts below.

The Directors have prepared and stress-tested updated cash flow forecasts covering at least 12 months from the approval of these interim financial statements. The funding requirements of EMVC Core are expected to be met primarily through corporate finance, value creation, fund management and other service fees, with any remaining requirement met through equity financing, debt facilities or selective realisations of portfolio investments.

While the deconsolidations have significantly reduced the Group's and Company's forecast funding requirement, both remain dependent on forecast revenues and, if required, additional funding or investment realisations, none of which is guaranteed. Accordingly, a material uncertainty continues to exist that may cast significant doubt on the Group's and Company's ability to continue as a going concern.

The Directors have a reasonable expectation that sufficient resources will be available to the Group and Company. Accordingly, these interim financial statements have been prepared on a going concern basis and do not include any adjustments that would be required if that basis were inappropriate.

4.         SEGMENTAL REPORTING

An operating segment is a component of the group that engages in business activities from which it may earn revenues and incur expenses, for which separate financial information is available and whose operating results are evaluated and as identified by Board of Directors.

The Board of Directors assess the performance of the operating segment using financial information which is measured and presented in a manner consistent with that in the financial statements.

Revenue from contracts with customers by segment:

6 month ended 30 June 2026	Delivered Goods £000s	Service Fees £000s	Total £000s
EMV Capital	-	1,145	1,145
ProAxsis	32	97	129
	32	1,242	1,274

6 month ended 30 June 2025	Delivered Goods £000s	Service Fees £000s	Total £000s
EMV Capital	-	1,039	1,039
ProAxsis	4	-	4
	4	1,039	1,043

Year ended 31 December 2025	Delivered Goods £000s	Service Fees £000s	Total £000s
EMV Capital	-	2,754	2,754
ProAxsis	66	46	112
	66	2,800	2,866

Total Profit/Loss for the period by segment:

	Unaudited 6 months ended 30 June 2026 £000s	Unaudited 6 months ended 30 June 2025 £000s	Audited Year ended 31 December 2025 £000s
EMVC Core	18,993	(274)	1,526
ProAxsis	(425)	(547)	(856)
Glycotest	(691)	(551)	(1,068)
Cetromed	(121)	(99)	(243)
	17,756	(1,471)	(642)

5.         OTHER OPERATING ITEMS

	Unaudited 6 months ended 30 June 2026 £000s	Unaudited 6 months ended 30 June 2025 £000s		Audited Year ended 31 December 2025 £000s
Change in fair value of assets held at FVTPL	(419)	-		1,366
R&D tax credit above the line	-	5		5
Grant Income	7	7		48
Miscellaneous income	(3)	40		86
	(414)	52		1,504

6.         INITIAL RECOGNITION OF PHANTOM CARRIED INTEREST LIABILITY

During the period, the Board adopted the EMV Capital Phantom Carried Interest Plan (the "PCI Plan"), effective 18 May 2026, under which selected key employees and executive officers hold points entitling them to notional payments linked to the realised performance of the Group's portfolio interests.

The PCI Plan is accounted for as a cash-settled share-based payment arrangement under IFRS 2 as the Company has no present obligation to settle in equity: it may elect to settle up to 50% of any payment in shares, but participants have no fixed entitlement to shares. A liability is recognised as employees render service and remeasured at each reporting date and immediately before settlement, with changes recognised in profit or loss. A charge of £5.2 million arose on initial recognition.

Of this resulting liability, only c.£10k represents phantom carried interest that had crystallised at the period end, in respect of indirect portfolio holdings. The balance of the PCI Charge is unrealised and is measured by reference to the fair value of the Group's direct and indirect portfolio investments of £117.5 million at 30 June 2026, illustrating the phantom carried interest that would be payable if the entire portfolio were to be realised for that value, in cash, at that date. For the avoidance of doubt, no amount becomes payable under the PCI Plan unless and until the underlying investments are realised, and then it is payable in stages in accordance with the PCI Plan.

7.         GAIN ON LOSS OF CONTROL OF SUBSIDIARIES

The non-cash gain on loss of control of subsidiaries of £25,060k (H1 2025: Nil) arose on the deconsolidation of Glycotest and ProAxsis following their recapitalisations during the period, and represents the difference between the fair value of the retained interests recognised and the carrying amounts of the former subsidiaries' net liabilities and non-controlling interests derecognised, together with the reclassification to profit or loss of cumulative exchange differences previously recognised in the foreign currency translation reserve in respect of Glycotest.

8.         PROFIT /  (LOSS) PER SHARE

Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period. Potential ordinary shares from vested outstanding options at 30 June 2026 were 1,723,210 (30 June 2025: 1,759,112; 31 December 2025: 1,723,210). These have not been included in diluted earnings per share because their effect is anti-dilutive.

	Unaudited 6 months ended 30 June 2026 £000s	Unaudited 6 months ended 30 June 2025 £000s	Audited Year ended 31 December 2025 £000s
Profit/ loss attributable to equity holders of the Company
Continuing operations	18,140	(1,131)	(21)
Total Profit / (loss) attributable to equity holders of the Company	18,140	(1,131)	(21)
Number of shares
Weighted average number of ordinary shares in issue	27,967,532	27,762,862	27,779,435

9.         CALLED UP SHARE CAPITAL

The total number of voting rights in the Company and issued capital at 30 June 2026 was 27,967,532 ordinary shares of 5p each (30 June 2025: 27,767,391; 31 December 2025: 27,967,532).

10.       RELATED PARTY DISCLOSURES

EMVC Core: Beckman Group and Melvin Lawson, who is interested in 14.43% (30 June 2025: 14.54%, 31 December 2025: 14.43%) of the issued share capital of EMV Capital, is also considered and presumed to be acting in concert with Dr Ilian Iliev, as defined by the City Code on Takeovers and Mergers.

ProAxsis: During H1 2026, the existing unsecured loan facility with AB Group, part of the Beckman Group, and Melvin Lawson was refinanced under a replacement facility agreement. The outstanding principal and accrued interest under the previous facility were consolidated into a new principal balance of £525k. The associated warrants remain in existence and continue to be exercisable in accordance with their original terms.

Q-Bot: EMV Capital provides corporate finance, consulting and management services to Q-Bot Limited, a related party as the Group has significant influence over the entity. During the period, revenue totalling £152k was recognised (H1 2025: £173k). The trade receivables balance outstanding at 30 June 2026 was £448k (31 December 2025: £282k).

Vortex: EMV Capital provides corporate finance, consulting and management services to Vortex Biosciences Inc. and Vortex Biotech Holdings Limited, a related party by common substantial shareholders. During the period, revenue totalling £48k was recognised (H1 2025: £42k). The trade receivables balance outstanding at 30 June 2026 is £147k (31 December 2025: £140k).

Wanda: EMV Capital provides corporate finance, consulting and management services to Wanda Connected Health Systems Limited, a related party by common substantial shareholders. During the period revenue totalling £86k was recognised (H1 2025: £131k). The trade receivables balance outstanding at 30 June 2026 is £9k (31 December 2025: £17k).

DeepTech Recycling: EMV Capital provides corporate finance, consulting and management services to DeepTech Recycling Limited, a related party by common substantial shareholders. During the period revenue totalling £108k was recognised (H1 2025: £106k). The trade receivables balance outstanding at 30 June 2026 is £21k (31 December 2025: £8k).

11.       EVENTS AFTER THE REPORTING PERIOD

Following the reporting period, the Group established a new portfolio company, Winalot BV, which acquired a fully constructed chemical recycling plant in Rotterdam, the Netherlands. The Group initially holds a 100% interest in Winalot BV, which is expected to be diluted following the issue of shares to DeepTech Recycling in consideration for the contribution of certain assets (subject to reaching definitive agreements) and through subsequent fundraising to finance the plant's development.

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