SCHRODER UK PUBLIC PRIVATE TST PLC

Net Asset Value • Nov 28, 2025

National Storage Mechanism | Additional information

RNS Number : 3607J

Schroders Capital Gbl Inn Tst PLC

28 November 2025

Schroders Capital Global Innovation Trust plc

Q3 2025 Quarterly Net Asset Value

Schroders Capital Global Innovation Trust plc (the "Company") today announces its net asset value ("NAV") as of 30 September 2025.

Summary

• As of 30 September 2025, NAV per share stands at 21.42p, which is flat relative to the NAV per share as of 30 June 2025 (21.42p).
• Performance over the quarter benefited from an upward revaluation of Revolut, reflecting continued strong performance. This was offset by negative revaluations to companies including Bizongo, Ada Health and AgroStar.
• On 27 February 2025, shareholders voted in favour of the discontinuation resolution and adoption of the revised investment objective and policy to provide for the managed wind-down of the Company with an orderly realisation of the Company's assets, including an initial return of capital to shareholders.
• In July, the Company completed its planned initial capital return to shareholders of £37 million through a tender offer, purchasing 173,220,974 Ordinary Shares at a final tender price of 21.119983 pence per share.
• As of 30 September 2025, the Company held £19.2 million in cash and money market (sterling liquidity) funds, representing 14.1% of NAV.

Performance

As at 30 September 2025, the Company's NAV stood at £136.1 million, down from £173.2 million at 30 June 2025. The reduction mainly reflects the £37 million initial capital return to shareholders (before costs). The NAV per share was unchanged over the period at 21.42p.

Attribution analysis (£m)	Private equity			Public equity	Money market funds	Cash & cash equivalents	Other assets/liabilities	NAV
Life sciences	Venture	Growth
Fair value as at 30.06.25	19.9	27.1	66.7	2.8	47.6	9.7	(0.6)	173.2
+ Investments	1.2	-	-	-	7.8	(9.0)	-	-
- Realisations	(0.1)	-	-	-	(37.8)	37.9	-	-
+/- Fair value gains/(losses)	(0.2)	0.3	0.8	(0.8)	0.3		-	0.4
- Capital returned to shareholders	-	-	-	-	-	(36.6)	-	(36.6)
+/- Expenses	-	-	-	-	-	(0.7)	(0.2)	(0.9)
Fair value as at 30.09.25	20.8	27.4	67.5	2.0	17.9	1.3	(0.8)	136.1

Overall, portfolio performance was broadly flat, with a slight increase of £0.2 million during the quarter.

• Growth holdings increased by £0.8 million (+0.5% contribution to NAV), driven by continued strong performance at Revolut, partially offset by declines in AgroStar, Ada Health and Bizongo.
• Venture holdings increased by £0.3 million (+0.2% contribution), primarily reflecting the strengthening of USD-denominated assets.
• Life science holdings decreased by £0.2 million (+0.1% contribution), due to revised valuations of contingent milestone payments from prior exits to reflect greater uncertainty around timing and probability.
• The remaining public equity holding, Autolus Therapeutics, declined by £0.8 million (-0.5% contribution), following a 30.6% fall in share price during the quarter.

Foreign Exchange

Foreign exchange movements had a modest positive impact on NAV, as USD, EUR, and CHF-denominated assets benefited from the depreciation of sterling over the period.

Cash

As at 30 September 2025, the Company held £19.2 million in cash and sterling liquidity funds.

Investment activity

Realisations

During the quarter, realisations totalled £0.1 million, reflecting deferred proceeds from a prior exit.

Investments

The Company made investments of £1.2 million, primarily related to existing commitments within the life sciences portfolio.

Following the change in investment policy, no new investments will be undertaken other than those arising from pre-existing contractual commitments, and any further investments require Board approval.

Top 10

The Company's top 10 holdings as of 30 September 2025 compared with the respective value and percentage weighting as of 30 June 2025.

Holding	Strategy	Fair value as of 30 June 25 (£m)	% of NAV	Fair value as of 30 September 25 (£m)	% of NAV
Atom Bank	Growth	23.1	13.3%	23.1	17.0%
Revolut	Growth	14.5	8.4%	18.8	13.8%
Nexeon	Venture	7.8	4.5%	7.8	5.7%
Back Market	Growth	7.7	4.4%	7.8	5.7%
Salica Environmental Technologies Fund	Growth	7.2	4.1%	7.2	5.3%
AI Company II1	Growth	6.2	3.6%	6.3	4.6%
AgroStar	Growth	6.0	3.4%	4.3	3.2%
CeQur	Life sciences	3.9	2.3%	4.0	2.9%
Securiti	Venture	3.6	2.1%	3.7	2.7%
AI Company III1	Venture	3.6	2.1%	3.7	2.7%

¹Actual name not disclosed due to confidentiality.

Outlook

Following shareholder approval of the discontinuation resolution, the Company has transitioned to a managed wind-down, focusing on the orderly realisation of its existing portfolio. The objective remains to maximise value while returning capital to shareholders efficiently.

In October, after the period end, the Company announced that its portfolio company, Securiti AI, had signed a definitive agreement to be acquired by Veeam Software for a total consideration of $1.725 billion. Full details of the transaction have not been disclosed. However, in accordance with the Company's valuation policy, the Manager currently estimates that the holding will be valued at £7.7 million post transaction, representing a positive valuation adjustment of approximately £4.0 million relative to the holding value as at 30 September 2025.

In November, Revolut announced the completion of a share sale valuing the company at $75 billion, alongside a series of global expansion milestones, including its final banking authorisation and upcoming launch in Mexico, its banking incorporation licence in Colombia, and upcoming launch in India. As at 30 September 2025, the Company's holding in Revolut remains valued at a discount to this recent transaction.

Looking ahead, further realisations are expected to occur primarily via trade sales and IPOs, although many potential exits may involve deferred consideration, either through lock-up arrangements or structured payment terms. Proceeds generated during the wind-down will be retained in cash or liquid funds pending subsequent capital returns to shareholders.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. The securities shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell.

Enquiries:

Kirsty Preston / Charlotte Banks (PR)        020 7658 6000

Francesca Davis / Katherine Fyfe                020 7658 6000

Schroder Investment Management Limited

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

STRFFFSILVLDFIE