CROWN PLACE VCT PLC

Management Discussion and Analysis • Nov 27, 2025

National Storage Mechanism | Additional information

Albion Crown VCT PLC

Interim Management Statement

LEI Code: 213800SYIQPA3L3T1Q68

Introduction

I present Albion Crown VCT PLC (the “Company”)’s interim management statement for the period from 1 July 2025 to 30 September 2025.

Performance and dividends

Ordinary shares

The Ordinary shares unaudited net asset value (NAV) as at 30 September 2025 was £117.0 million or 30.24 pence per Ordinary share, a decrease of 0.09 pence per Ordinary share (0.30%) since 30 June 2025.

After accounting for the dividend of 0.76 pence per Ordinary share, to be paid on 5 December 2025 to shareholders on the register on 7 November 2025, the NAV is 29.48 pence per Ordinary share.

C Shares

The C shares unaudited NAV as at 30 September 2025 was £52.4 million or 39.83 pence per C share, a decrease of 0.26 pence per C share (0.65%) since 30 June 2025.

After accounting for the dividend of 1.00 pence per C share, to be paid on 5 December 2025 to shareholders on the register on 7 November 2025, the NAV is 38.83 pence per C share.

Fundraising

On 23 October 2025 the Company announced the publication of its prospectus for the Albion VCTs Top Up Offers 2025/26 of new Ordinary shares seeking to raise up to £20 million (before issue costs), with an overallotment facility of up to an additional £10 million. The Offers opened for applications on 3 November 2025. Further details can be found at www.albion.capital/offers.

Portfolio

As detailed in the Annual Report and Financial Statements for the year ended 30 June 2025, after reviewing detailed cash flow forecasts, the Board has agreed with the Manager that the current investment focus for the C share class will be on supporting existing portfolio companies and not to make further new investments. This is to ensure that the C share class has sufficient cash resources for follow-on investments, dividends and share buybacks.

The following investments have been made during the period from 1 July 2025 to 30 September 2025:

New investments	Ordinary shares	C shares	Activity
£’000	£’000
Agio Ratings	776	-	Credit ratings agency for the digital assets market
Fit Collective Labs	188	-	AI-powered platform to enable better understanding of Stock Keeping Unit (“SKU”) level economics for fashion retailers
Total new investments	964	-

Further investments	Ordinary shares	C shares	Activity
£’000	£’000
Tem-Energy	253	32	Energy trading platform
PerchPeek	144	10	Digital Relocation Platform
Total further investments	397	42

Combined top ten holdings as at 30 September 2025:

Investment	Carrying value £’000			% of combined net asset value	Activity
Ordinary shares	C shares	Combined
Quantexa	20,877	-	20,877	12.3%	Network analytics platform to detect financial crime
Gravitee Topco (T/A Gravitee.io)	5,399	5,678	11,077	6.5%	API management platform
Oviva	6,882	-	6,882	4.1%	A technology enabled service business in medical nutritional therapy (“MNT”)
Chonais River Hydro	2,033	3,557	5,589	3.3%	Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
Runa Network	2,980	2,497	5,477	3.2%	Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts
The Evewell Group	2,680	2,704	5,384	3.2%	Operator and developer of women’s health centres focusing on fertility
Elliptic Enterprises	1,798	3,140	4,938	2.9%	Provider of Anti Money Laundering services to digital asset institutions
TransFICC	2,691	2,044	4,735	2.8%	A provider of a connectivity solution, connecting financial institutions with trading venues via a single API
Proveca	4,689	-	4,689	2.8%	Reformulation of medicines for children
Cantab Research (T/A Speechmatics)	1,560	2,291	3,851	2.3%	Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device

A full breakdown of the Company’s Ordinary and C share portfolios can be found on the Company’s webpage on the Manager’s website at www.albion.capital/vct-funds/CRWN.

Share buy-backs

During the period from 1 July 2025 to 30 September 2025, the Company did not buy back any shares as it was in a close period.

It remains the Board’s policy to buy back Ordinary and C 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

On 23 October 2025, the Company announced the publication of its prospectus for the Albion VCTs Top Up Offers 2025/26 as detailed above.

The Company disposed of its holding in The Evewell Group for initial proceeds of £5.2 million (Ordinary shares £2.6 million; C shares: £2.6 million), representing a 2.8x return on cash invested (including interest and dividends received) with the potential to return 3.2x through an earnout.

Further information

In line with the Merger Circular approved in December 2024, the C share class (CRWC) will convert into Ordinary shares (CRWN) on a relative Net Asset Value basis as at 30 June 2026, which is expected to complete in November 2026.

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/CRWN.

Richard Glover, Chairman

27 November 2025

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP – Tel: 020 7601 1850