Title: 239229229.pdf URL Source: https://documentscdn.financialexpress.net/Literature/C459E7745F619CE9FBA744B20F41AD7B/239229229.pdf Number of Pages: 2 Markdown Content: # Baronsmead Venture Trust plc ## Quarterly update for the three months ended 31 December 2025 ## Quarter highlights ƒ Net Asset Value (NAV) per share decreased 3.1% to 50.3p ƒ Declared a 2.0p dividend payable on 24 March 2026 to shareholders on the register as at 27 February 2026 ƒ £6.4mn invested into one new unquoted company and four follow-on investments into three unquoted and one quoted companies ## Investment performance In the three months to 31 December 2025, the Company’s underlying NAV per share fell 1.6p (3.1%) to 50.3p. Post period end, the NAV per share increased 1.8% to 51.2p per share as at 28 February 2026 before the deduction of 2.0p dividend. The unquoted portfolio rose 0.1% in the quarter, with valuation uplifts from strong trading across more than half the portfolio, including Patchworks, Orri and Fu3e. Position at 31 Dec 2025 Position at 30 Sep 2025 Company % of NAV at 31 Dec 2025 1 1 Cerillion plc 6.5 2 2 Netcall plc 5.0 3 3 Patchworks Integration Ltd 4.2 4 4 Property Franchise Group plc 2.8 5 5 Airfinity Ltd 2.8 6 6 IDOX plc 2.1 7 27 SecureCloud+ Ltd 1.7 8 16 Fu3e Ltd 1.5 9 7 Popsa Holdings Ltd 1.5 10 11 IntelliAM AI plc 1.2 Total 29.3 Capital at risk. Past performance is not a reliable indicator of future performance. Tax treatment depends on the individual circumstances of each client and may be subject to change in future. > 1. Direct investments only, does not include investments in the Equity Funds. ## Top ten investments 1Analysis of total assets Quoted Unquoted The quoted portfolio and Gresham House Managed Funds* declined 4.7%, reflecting broad weakness in UK small caps, which underperformed large caps amid uncertainty surrounding the 2025 Autumn Budget. Despite this backdrop, several holdings performed strongly. Idox benefited from a recommended cash offer by Long Path Partners, while Tan Delta Systems (2023 IPO) advanced on new contract wins with Shell Marine and progress in product trials with a major global online retailer. These gains were offset by a general de- rating across the UK small-cap sector. High-quality holdings such as Cerillion, Netcall and Property Franchise Group saw valuations soften despite positive operational news flow, driven primarily by short-term macroeconomic sentiment and budget-related volatility rather than any known deterioration in the underlying company fundamentals. ## Fundraising On 14 October 2025, the Company and Baronsmead Second Venture Trust plc launched offers for subscription to raise up to £30mn in aggregate, with the discretion to utilise over-allotment facilities to raise up to a further £20mn in aggregate. This is an investment advertisement in connection with the prospectus and is to be read alongside the fund offering documentation. (https://www.baronsmeadvcts.co.uk )Publication date: xx August 2024 ## Performance summary These total returns are stated before the inclusion of VCT tax reliefs which are designed to compensate the higher risks and costs associated with investing in smaller companies and the constraints of the VCT legislation. The tax reliefs given at the time of subscription have varied between 20% and 40%, so any adjusted performance measure including this relief will vary depending on the date of subscription. Capital return 31 Dec 2025 30 Sep 2025 Change Total net assets £214.7mn £216.7mn NAV per share 50.3p 51.9p -3.1% Share price** 48.4p 48.4p 0.0% Total return Three month One year Since launch*** NAV total return * -3.1% -0.35% 315.27% *NAV total return = NAV + reinvested dividends; Source: Gresham House Asset Management. ** Mid price as per London Stock Exchange *** April 1998 % of total assets 31 Dec 2025 30 Sep 2025 Gresham House Managed Funds 32% 32% AIM 28% 30% Unquoted 28% 25% Liquid assets 12% 13% Total assets 100% 100% Overview Baronsmead Venture Trust plc (the Company) is a tax-efficient listed company which aims to achieve long-term positive investment returns for private investors, including tax-free dividends. *Includes WS Gresham House UK Micro Cap Fund, WS Gresham House UK Multi Cap Income Fund, WS Gresham House UK Smaller Companies Fund and Strategic Equity Capital plc. 3. Totals may not sum due to rounding 66% 18% 8% 8% Technology Healthcare & education Business services Consumer markets 65% 18% 8% 9% Technology Healthcare & education Business services Consumer markets © 2026 Gresham House > Board > Fiona Miller Smith - Chair Michael Probin - Director David Melvin - Director Mandeep Singh - Director > Brokers > Panmure Liberum Ropemaker Place, Level 12, 25 Ropemaker Street, London EC2Y 9LY Tel: 020 3100 2000 ## Get in touch � baronsmeadvcts@greshamhouse.com � +44 (0) 20 7382 0999  Baronsmead, 80 Cheapside, London EC2V 6EE This factsheet is distributed by Gresham House Asset Management Limited (Gresham House) which is authorised and regulated by the Financial Conduct Authority (the FCA) with reference number 682776 and having its registered office at 5 New Street Square, London EC4A 3TW as investment manager for Baronsmead Venture Trust plc (the Company). All information in this factsheet has been provided to you for information only. Whilst the information in this factsheet has been published in good faith, no representation or warranty express or implied, is made by Gresham House or by any other person as to its accuracy or completeness and it should not be relied on. Gresham House and its affiliates assume no liability or responsibility and owe no duty of care for any consequences of any person acting in reliance on the information contained in this factsheet or for any decision based on it. This factsheet should not be construed as investment or other advice, an investment recommendation or investment research. Past performance is not a reliable indicator of how the investment will perform in the future. The value of investments may fall as well as rise and investors may not get back the amount invested. Funds investing in smaller companies may carry a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid than securities in larger companies. An investment in the Company should be regarded as a long-term investment. This factsheet is not intended as, nor should it be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest in any jurisdiction. Before investing you should read the most recent prospectus or annual report and the Key Information Document (KID) available from www.baronsmeadvcts.co.uk as they contain important information regarding the Company including charges, tax and fund specific risk warnings. If you are in any doubt as to the matters contained in this factsheet, you should seek independent advice from a regulated financial adviser. This factsheet has not been submitted to or approved by the securities regulatory authority of any state or jurisdiction. Any dissemination or unauthorised use of the factsheet by any person or entity is strictly prohibited. Please contact a member of the Gresham House team if you wish to discuss your investment or to feedback on this document. Gresham House is committed to meeting the needs and expectations of all stakeholders and welcomes any suggestions to improve its service delivery. www.baronsmeadvcts.co.uk ## Portfolio analysis 3 > Direct investments only, does not include investments in the Equity Funds. Portfolio breakdown by sector -31 Dec 2025 Portfolio breakdown by sector -30 Sep 2025 Events after the period end Since 31 December 2025, the Company has: ƒ Invested £3.5mn into one new company and three existing portfolio companies (£2.3mn and £1.2mn respectively) ƒ On 22 January 2026, allotted 9,711,233 Ordinary shares of 10 pence each in the capital of the Company pursuant to the second allotment under the current Offer ƒ On 29 January 2026, made full realisation of IDOX plc, realising proceeds of £4.5mn and making a return of 7.4x cost ƒ On 16 February 2026, purchased 9,070,821 Ordinary shares of 10 pence each at a price of 50.69 pence per share to be held in Treasury ƒ On 19 February 2026, allotted 5,114,507 Ordinary shares of 10 pence each in the capital of the Company pursuant to the third allotment under the current Offer ƒ Declared a 2.0p dividend payable on 24 March 2026 to shareholders on the register as at 27 February 2026 Investments made New / follow-on Date Cost (£’000) SecureCloud+ Ltd Follow-on Oct 25 2,349 Tembo Money Ltd New Dec 25 1,864 Fu3e Ltd Follow-on Nov 25 839 Airfinity Ltd Follow-on Oct 25 720 KRM22 plc Follow-on Nov 25 603 Total investments 6,375 Investment and realisations activity 2 Risks to be aware of ƒ The value of the Company and the income from it is not guaranteed and may fall as well as rise ƒ As your capital is at risk you may get back less than you originally invested ƒ Past performance is not a reliable indicator of future performance ƒ Tax treatment depends on the individual circumstances of each client and may be subject to change in the future ƒ Funds investing in smaller, younger companies may carry a higher degree of risk than funds investing in larger, more established companies. Investments in smaller companies may be less liquid than investments in larger companies > 2. Direct investments only, does not include investments in / realisations from the Equity Funds. Quoted Unquoted ## Most recent NAV 49.2p per share