Title: 239943998.pdf URL Source: https://documentscdn.financialexpress.net/Literature/227DBB3F3384E7955B485302E2C29F94/239943998.pdf Published Time: 2026-04-01T15:07:23.000Z Number of Pages: 2 Markdown Content: # Gresham House Income & Growth VCT plc ## Quarterly update for the three months ended 31 December 2025 ## Overview Gresham House Income & Growth VCT plc (LSE: GHV1) (“Company”) has an objective to provide investors with an attractive return by maximising the stream of tax-free dividend distributions from the income and capital gains generated by a diverse and carefully selected portfolio of investments whilst continuing at all times to qualify as a VCT. ## Quarter highlights ƒ Adjusted NAV Total Return decreased by (0.6)% (2.5p dividend added back) ƒ 2.5p dividend paid on 30 October 2025 to shareholders on the register as of 3 October 2025 ƒ Net Asset Value (NAV) per share decreased (4.3)% to 63.89p ƒ £4.8mn invested into one new portfolio company and one follow-on investment into an existing portfolio company, Arkk Consulting % of total assets 31 Dec 2025 30 Sep 2025 AIM 5% 3% Unquoted 67% 63% Liquid assets 28% 34% Total assets 100% 100% Position at 31 Dec 2025 Position at 30 Sep 2025 Company % of NAV at 31 Dec 2025 1 1 Preservica Ltd 22.6 2 2 MPB Group Ltd 10.2 3 4 Arkk Consulting Ltd 4.8 4 3 Data Discovery Solutions Ltd (ActiveNav) 3.5 5 5 Rapunzel Newco Ltd (Virgin Wines) 3.3 6 6 Caledonian Leisure Ltd 2.0 7 8 Legatics Holdings Ltd 1.7 8 9 Cityswift Ltd 1.6 9 10 Ozone Technology Group Ltd 1.5 10 14 IDOX plc 1.4 Total 52.6 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. ## Top ten investments Analysis of total assets Investment performance In the three months to 31 December 2025, the Company’s NAV per share decreased by 2.89 pence (4.3%) to 63.89 pence. This decrease was principally due to a dividend payment of 2.50 pence per share paid on 30 October 2025. Adjusting for the dividend payment, on a total return basis, the NAV per share decreased by 0.39 pence, or (0.6)% during the quarter. During the quarter, the value of the portfolio decreased by (0.5)%. Despite this, there were valuation uplifts across half the portfolio due to strong trading performance as well as growth within those companies. However, this was more than offset by a softening of the M&A market in H2 2025 as well as isolated cases of underperformance. ## Fundraising On 5 February 2026, the Company and Gresham House Income & Growth 2 VCT plc (GHV2) launched offers for subscription to raise up to £65mn in aggregate, with the discretion to utilise over-allotment facilities to raise up to a further £30mn in aggregate. This is an investment advertisement in connection with the prospectus and is to be read alongside the fund offering documentation which is available on the Company’s website. ## Performance summary The total returns set out below are stated before the inclusion of VCT tax reliefs which are designed to mitigate 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. VCT dividends that may be received by investors are tax free. Capital return 31 Dec 2025 30 Sep 2025 Change Total Net assets £204.7mn £215.2mn (4.9)% NAV per share 63.9p 66.8p* (4.3)% Share price** 61.0p 63.5p* (3.9)% Total return Three month One year Since launch*** NAV total return **** (0.6)% 2.2% 333.9% * Includes dividend of 2.5p per share paid on 30 October 2025 ** Mid pice as per London Stock Exchange *** December 2007 **** NAV total return = NAV + reinvested dividends; Source: Gresham House Asset Management Publication date: 4 March 2026 57.5% 29.9% 1.0% 11.6% Technology Consumer Markets Healthcare & Education Business services 58.5% 30.0% 0.8% 10.7% Technology Consumer Markets Healthcare & Education Business services Events after the period end Since 31 December 2025, the Company has: ƒ On 30 January 2026, purchased 3,460,906 Ordinary Shares of 1 pence each at a price of 61.07 pence per share for cancellation ƒ Invested £3.7mn into two existing portfolio companies, Focal Point positioning (£0.2mn) and Mobility Mojo (£0.5mn) and one new company, Veremark (£3.0mn) ƒ On 2 March 2026, the Board declared a 2.5 pence dividend payable on 10 April 2026 to shareholders on the register on 13 March 2026 Investments made New / follow-on Date Cost (£’000) Tembo Money Ltd New December 25 2,431 Arkk Consulting Ltd Follow-on December 25 2,354 Total investments 4,785 Investment and realisations activity 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 © 2026 Gresham House > Board > Maurice Helfgott - Chair > Graham Paterson - Director Justin Ward - Director Nemone Wynn-Evans - Director > Brokers > Panmure Liberum 25 Ropemaker Street, London EC2Y 9LY Tel: 020 3100 2000 ## Get in touch � ghvcts@greshamhouse.com � +44 (0) 20 7382 0999  Gresham House VCTs, 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 adviser for Gresham House Income & Growth VCT 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.greshamhousevcts.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.greshamhouse.com/greshamhousevcts > Key dates > Financial Year End: 30 September Interim: 31 March > Recent dividends > April 2025 2.5p > October 2025 2.5p ## Portfolio analysis > Direct investments only, does not include investments in funds. Portfolio breakdown by sector -31 Dec 2025 Portfolio breakdown by sector -30 Sep 2025 Realisations Date Proceeds (£’000) Total multiple N/A - - - Total realisations -