REG - EMV Capital PLC - Trading and Portfolio Update

EMV CapitalAnnouncement

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RNS Number : 1919R  EMV Capital PLC  02 February 2026

Strictly embargoed for: 07.00 a.m. on 02 February 2026

 

EMV Capital plc

(EMV Capital or EMVC or the Company or the Group)

Trading and Portfolio Update

Strong operational and portfolio performance during 2025

 

EMV Capital plc (AIM: EMVC), the deep tech, life sciences and sustainability
venture capital investment group, provides the following trading and portfolio
update ahead of the announcement of its preliminary results for the year ended
31 December 2025, which the Company expects to announce during May 2026.

Operational Highlights

 * Continued scaling of the Group's core venture capital platform, with growth in
AUM and strengthening of both recurring and transactional revenue streams.

 * Total AUM expected to be reported in excess of £100 million as at 31 December
2025 (31 December 2024: £98.5 million).

 * Group performance supported by disciplined capital deployment, increased
fundraising activity, and active, hands‑on portfolio management.

 * EMV Capital continued to support its portfolio through syndicated fundraisings
totalling £12.0 million (2024: £10.6 million) across fourteen (2024: twelve)
portfolio companies.

 * Continued to advance the Venture Building programme, a differentiated and
capital‑efficient component of EMV Capital's strategy, with the value of EMV
Capital's direct stakes increasing to £11.3 million over three years equating
to £10.4 million of fair value creation from £0.9 million invested (cash and
in‑kind), a 12.9x multiple.

 * Strategic acquisition of key XF‑73 intellectual property and clinical assets
from Destiny Pharma Limited, establishing a new company, AMR Bio Limited, to
develop the assets and plan a route through to commercialisation.

 * Strengthened internal platform through expansion of senior finance leadership,
appointing Anesh Patel as Group CFO (non‑Board) and creating a dedicated
Portfolio CFO role filled by Stephen Crowe, enhancing Group‑level financial
oversight and hands‑on portfolio support.

 * Continued to invest in digital infrastructure, automation and process
improvements, alongside the development of AI and data strategies to drive
operational efficiency and support growth.

 

Financial Highlights (unaudited)

 * Group revenue expected to be approximately £2.8 million (FY24: £2.5
million), representing c.16% growth driven by higher corporate finance fees,
increased fundraising activity and higher recurring fund management fees
following the full operational integration of Martlet Capital.

 * EMV Capital core revenue¹ expected to be approximately £3.2 million (2024:
£2.4 million) which continues to cover a significant proportion of the
Group's core operating costs, reflecting the continued progress towards
financial self-sufficiency of the platform.

 * Group cash balance of £0.5 million as at 31 December 2025 (31 December 2024:
£1.0 million) with a further approximately £0.3 million held in readily
realisable quoted securities as at 31 December 2025 (31 December 2024: £1.4
million).

Note (1): "EMV Capital core revenue" is a non-IFRS 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. EMV Capital core comprises EMV Capital plc, EMV Capital
Partners Limited and other EMV Capital operating companies in the Group.

 

Outlook

EMV Capital continues to see high-quality opportunities across its portfolio
and pipeline despite market conditions for venture capital and exits remaining
challenging. Structural tailwinds across deep tech, life sciences and
sustainability, including healthcare demand, defence and security priorities,
and industrial and supply-chain realignment all continue to strengthen. Whilst
no major exits occurred during the period, several portfolio companies have
been and continue to be engaged in potential M&A and other strategic
partnership discussions, evidencing a greater market appetite for corporate
transactional activities and growth.

The Group remains focused on disciplined capital deployment, proactive
portfolio management and the continued scaling of its Funds and Venture
Building platforms. The Board believes EMV Capital is well positioned to
navigate ongoing market uncertainty and to benefit from a recovery in capital
markets as sentiment improves.

 

Key Portfolio Highlights(2)

During 2025, a number of portfolio companies made strong strategic, commercial
and technical progress, advancing towards key value inflection points despite
a selective funding environment. Selected highlights include:

Note (2): Portfolio holdings and fair values below are stated on a fully
diluted basis (including share options and warrants but excluding convertible
loans).

Wanda Health

 * Operates in the rapidly expanding US Remote Patient Monitoring market,
forecast to reach c.US$110.7 billion by 2033 (CAGR 19.8% from 2025-2033).

 * Secured multi-million-dollar contracts in the US, out-competing larger
industry players and delivering consistent double-digit month-on-month revenue
growth.

 * Completed a £0.86 million fundraising in 2025, led and syndicated by EMV
Capital Partners, to support continued commercial expansion.

 * EMV Capital holds a 16.5% direct interest (valued at c.£1.7 million
(unaudited)) and manages third-party capital representing a 30.2% interest
(valued at c.£3.5 million (unaudited)).

EpiBone

 * US-based clinical-stage regenerative medicine specialist focused on skeletal
reconstruction.

 * Completed a US$4 million fundraising in 2025, in which EMV Capital Partners
played a lead role in syndicating a US$0.75 million co-investment,
significantly increasing its direct and indirect stakes in the company and
gaining a board observer seat.

 * The proceeds of the funding are to be deployed to accelerate clinical
development of its key products and further corporate development.

 * EMV Capital holds a 1.7% direct interest (valued at c.£1.3 million
(unaudited)) and manages third-party capital representing a 5.3% interest
(valued at c.£4.2 million (unaudited)).

AMR Bio

 * New addition to the Venture Building programme, formed following the
acquisition in September 2025 of key intellectual property and clinical assets
relating to the XF-73 drug platform from Destiny Pharma Limited, an ex-AIM
quoted biotechnology company.

 * AMR Bio, was created to develop the assets and plan a route to
commercialisation, with a focus on preparing the company for a Phase 3
clinical trial.

 * The transaction was structured with £475,000 upfront cash consideration and
deferred milestone-linked payments, while introducing third-party capital
through EMV Capital Partners and establishing a new venture within the
portfolio.

 * EMV Capital holds a 30.0% direct interest (valued at c.£0.6 million
(unaudited)) and manages third-party capital representing a 70.0% interest
(valued at c.£1.3 million (unaudited)).

Deeptech Recycling Technologies

 * Proprietary, patented chemical recycling technology converting hard-to-recycle
plastic waste into synthetic oil and wax products (Plaxx®).

 * Strong pipeline of commercial projects progressing toward execution, including
a 9,000 tpa plant in Norway supported by c.£11 million of Norwegian
government debt financing programme (to be provided subject to
matched-funding, which it is anticipated will be provided by project
counterparties).

 * Completed a c.£1.22 million equity fundraising in 2025, led and syndicated by
EMV Capital Partners, to support commercial deployment.

 * EMV Capital holds a 18.0% direct interest (valued at c.£2.8 million
(unaudited)) and manages third-party capital representing a 29.7% interest
(valued at c.£4.7 million (unaudited)).

Sofant Technologies

 * Achieved a major industry milestone in October 2025 with the successful
demonstration of the world's first fully functioning Ka-band transmit array
using proprietary RF MEMS beamforming technology.

 * Supported by programmes with the European Space Agency and UK Space Agency,
advancing toward commercial launch.

 * Completed a c.£6.25 million equity fundraising in 2025, led and syndicated by
EMV Capital, Partners, as the company transitions from R&D into early
production and commercial sales.

 * EMV Capital holds a 1.1% direct interest (valued at c.£0.5 million
(unaudited)) and manages third-party capital representing a 24.1% interest
(valued at c.£12.5 million (unaudited)).

Q-Bot

 * UK-based robotics and AI company that provides robotic underfloor insulation
and building surveying technologies.

 * Completed a c.£1.1 million fundraising in 2025, led and syndicated by EMV
Capital Partners, to support Q-Bot's growth strategy, following its recent
transition to a lean technology business.

 * EMV Capital holds a 27.1% direct interest (valued at c.£1.4 million
(unaudited)) and manages third-party capital representing a 53.0% interest
(valued at c.£3.5 million (unaudited)).

Martlet Capital

During the year, EMV Capital completed the full operational integration of
Martlet Capital Management into the Group. The Martlet portfolio demonstrated
resilience and fair value progression, supported by selective follow-on
investments and an initial secondary exit that delivered proceeds of
approximately £320k and a 2.5x return. The integration has strengthened the
Group's Funds practice and expanded its opportunity set for recurring
management fees, carried interest and third-party AUM growth.

In line with Group strategy, EMV Capital's EIS practice has co-invested in
Martlet portfolio companies, Xampla (bioplastics) and OctaiPipe (AI datacentre
software), and intends to increase its co-investments within the Martlet
portfolio. This will deepen the fund's presence in the Cambridge cluster,
provide investors with greater diversity, and increase sources of carried
interest available to the Group.

Commenting on the update, Dr Ilian Iliev, Chief Executive Officer of EMV
Capital plc, said:

"EMV Capital has continued to make steady progress during 2025. We have
maintained AUM above £100 million, completed the integration of Martlet
Capital, advanced our Venture Building programme and supported a number of
existing and new portfolio companies through important funding and commercial
milestones.

"Our focus remains on capital efficiency, active portfolio management and
building a resilient platform that can deliver long-term value for
shareholders. Our operational 'core' income growth is demonstrating the
potential of our differentiated strategy to deliver revenue growth even in the
absence of liquidity events. Whilst we remain cautious in the near term, we
believe the quality of our portfolio and the strength of our operating model
position the Group well for further growth as market conditions normalise, and
the M&A market improves."

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Ed Hooper, Executive Director and General Counsel of
the Company.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

-ends-

 

For more information, please contact:

 EMV Capital plc                                                             via Rosewood
 Ilian Iliev, CEO

 Panmure Liberum 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)

EMV Capital plc, is a deep tech and life sciences venture capital investment
group with an international portfolio of high-growth companies. With a focus
on generating superior returns for investors from the fast-growing sectors and
technologies that will define our future, EMV Capital invests in, manages and
strengthens early-stage IP-rich companies.

EMV Capital holds both direct equity stakes and carried interest in its
portfolio companies, creating an evergreen structure that supports extensive
growth and value creation. EMV Capital's investment thesis is realised through
these capital sources:

·      capital-efficient investments through Group balance sheet;

·      fund management of the Evergreen EIS and Martlet Capital Funds;

·      syndicated investments leveraging its network of third-party
investors.

EMV Capital's approach is characterised by its proactive management style,
aiming to advance portfolio companies to critical value inflection points by
actively engaging with them. Companies are supported through Board
representation and the use of its Value Creation Services practice.

Headquartered in London, with a Cambridge presence and strong international
links, EMV Capital is quoted on the AIM market of the London Stock Exchange.

www.emvcapital.com (http://www.emvcapital.com)

 

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