REG-Albion Enterprise VCT PLC: Interim Management Report

Albion Enterprise VCTAnnouncement

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Albion Enterprise VCT PLC 
Interim Management Statement 
LEI Code: 213800OVSRDHRJBMO720

Introduction 
I present Albion Enterprise VCT PLC (the “Company”)’s interim management
statement for the period from 1 October 2025 to 31 December 2025.

Performance and dividends 
The Company's unaudited net asset value (“NAV”) on 31 December 2025 was
£290.1 million or 115.23 pence per share (excluding treasury shares), a
decrease of 0.99 pence per share (0.9%) since 31 March 2025.

After accounting for the second dividend for the year ending 31 March 2026 of
2.82 pence per share paid on 27 February 2026 to shareholders on the register
on 6 February 2026, the NAV is 112.41 pence per share.

Fundraising

On 11 February 2026 the Company announced the closure of the Albion VCTs Top
Up Offers 2025/26, having raised £30 million, before issue costs. Under the
terms of the Albion VCTs Prospectus Top Up Offers 2025/26, the following new
ordinary shares, of nominal value 1 penny each, were allotted during the year:

 Date of allotment  Number of shares allotted  Issue price  (pence per share)  Net consideration received  (£’000)     
 19 December 2025   15,320,428                 115.03p – 116.21p               17,270                                  

Portfolio 
The following investments have been made during the period:

 New investments        £’000     Activity                                                          
 Bound Rates            2,379     FX risk management platform.                                      
 Clstr (T/A Kinfolk)    1,537     AI agent operating system for workforce operations.               
 Outerlimit Group       1,424     Runtime security and policy enforcement platform for agentic AI.  
 Total new investments  5,340                                                                       



 Further investments        £’000     Activity                                                                                    
 OutThink                   168       SaaS platform to measure and manage human risk for enterprises.                             
 Seldon Technologies        35        Software company that enables enterprises to deploy Machine Learning models in production.  
 Total further investments  203                                                                                                   

Top ten holdings (as at 31 December 2025)

 Investment                        Carrying value  £000s   % of net asset value  Activity                                                                                                                                           
 Quantexa                          54,065                  18.6%                 Decision intelligence platform to help solve challenges across customer intelligence, KYC, financial crime, risk management, fraud, and security.  
 Oviva                             24,098                  8.3%                  A technology enabled service business in medical nutritional therapy (“MNT”).                                                                      
 Proveca                           14,886                  5.1%                  Reformulation of medicines for children.                                                                                                           
 Gravitee TopCo (T/A Gravitee.io)  10,230                  3.5%                  API management platform.                                                                                                                           
 Convertr Media                    8,967                   3.1%                  A customer acquisition platform which tracks advertising leads all the way to sale.                                                                
 Tem-Energy                        7,653                   2.6%                  Energy trading platform.                                                                                                                           
 Healios                           4,370                   1.5%                  Provider of an online platform delivering family centric psychological care primarily to children and adolescents.                                 
 Treefera                          4,194                   1.4%                  Data platform for forestry and nature-based assets.                                                                                                
 TransFICC                         4,173                   1.4%                  A provider of a connectivity solution, connecting financial institutions with trading venues via a single API.                                     
 Runa Network                      4,154                   1.4%                  Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts.                                                 

A full breakdown of the Company’s portfolio can be found on the Company’s
webpage on the Manager’s website at www.albion.capital/vct-funds/AAEV.

Share buy-backs 
During the period from 1 October 2025 to 31 December 2025, the Company
purchased 1,633,670 shares for £1,758,000 (including stamp duty) at an
average price of 107.08 pence per share. All of the shares were cancelled.

It remains the Board’s policy to buy back shares in the market, subject to
the overall constraint that such purchases are in the Company’s interest,
including the maintenance of sufficient resources for investment in existing
and new portfolio companies and the continued payment of dividends to
shareholders.

It is the Board’s intention for buy-backs to be at around a 5% discount to
net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end 
The Company paid a dividend of 2.82 pence per Ordinary share on 27 February
2026 to shareholders on the register on 6 February 2026. The Company issued
the following Ordinary shares of nominal value 1 penny per share under the
dividend reinvestment scheme:

 Date of allotment  Number of shares allotted  Issue price  (pence per share)  Net invested  £’000     
 27 February 2026   962,981                    109.90                          1,036                   

As part of Oviva’s recent Series D funding round, which completed in January
2026, the Company made a partial disposal of its holding. The Company received
proceeds of £5.1 million from the sale of c.20% of its stake in Oviva
representing 5.1x the original weighted average cost of those shares.

There have been no other material events or transactions after the period end
to the date of this announcement.

Further information 
Further information regarding historic and current financial performance and
other useful shareholder information can be found on the Company’s webpage
on the Manager’s website at www.albion.capital/vct-funds/AAEV.

Ben Larkin, Chairman 
19 March 2026

For further information please contact: 
Vikash Hansrani 
Operations Partner

Albion Capital Group LLP - Tel: 020 7601 1850