MAVEN INCOME & GROWTH VCT PLC

Interim Report • Oct 29, 2025

National Storage Mechanism | Additional information

RNS Number : 1700F

Maven Income & Growth VCT PLC

29 October 2025

Maven Income and Growth VCT PLC

Interim Results for the Six Months Ended 31 August 2025

Highlights

•    NAV total return at 31 August 2025 of 147.82p per Ordinary Share

•    NAV at 31 August 2025 of 36.36p per Ordinary Share

•    Increased interim dividend of 1.50p per Ordinary Share paid on 29 August 2025

•    Offer for Subscription closed early, fully subscribed, raising £10 million

•    New fund raising for 2025/26 and 2026/27 tax years launched in early October 2025

•    Two new private companies added to the portfolio

•    Exit from Horizon Ceremonies completed, generating an initial return of 2.1x cost and over £1.8 million in cash, with the potential for further deferred proceeds

Overview

Against a mixed economic backdrop, your Company has delivered a resilient performance in the first half of the financial year. Most of the companies in the private equity portfolio continue to make positive commercial progress and achieve revenue growth, which has resulted in the valuations of certain holdings being uplifted. Conversely, AIM continues to be a challenging market and, although it represents a small proportion of NAV, the value of your Company's AIM quoted portfolio has declined further, which has modestly impacted overall performance. A significant development during the period under review was the realisation of Horizon Ceremonies, one of the largest holdings in the portfolio, which generated an initial return of 2.1x cost and over £1.8 million in cash. Further to this material realisation, the Directors were pleased to declare an increased interim dividend of 1.50p per Ordinary Share, which was paid to Shareholders on 29 August 2025.

During the period under review, the macroeconomic outlook has been dominated by ongoing geopolitical tensions. Whilst this created a challenging backdrop for the economy and financial markets, it is encouraging to report that your Company has delivered a resilient performance, which helps to demonstrate the strength of the investment strategy and its ability to support long term growth in Shareholder value.

The previous financial year was your Company's most successful period for realisations from the growth portfolio, with the completion of six profitable private company exits to a range of private equity and trade buyers. A key priority for the new financial year has been to maintain a steady rate of investment to replenish the portfolio through the addition of high growth companies, whilst also providing follow-on funding to support those portfolio companies that are making commercial progress and where additional growth capital can help to expedite their expansion plans. It is pleasing to report that, during the period under review, £2.4 million was deployed, with two new VCT qualifying private companies added to the portfolio alongside the provision of follow-on funding to support the growth and progression of 15 existing portfolio companies.

The Manager continues to see good demand for growth capital across its network of regional offices and maintains a focus on identifying entrepreneurial companies, with strong management teams, that operate in disruptive or high growth sectors such as cyber security, data analytics, regtech, speciality software and training, where growth is less sensitive to consumer or discretionary spending and where revenues tend to be contracted and recurring in nature. A trend of growth in recurring revenues provides the Manager with a key metric against which progress, and commercial traction, can be monitored and measured. The rate of revenue growth is also an important benchmark that potential acquirers will review when evaluating the rate of progression of a business and its potential. Notably, several of the earlier stage businesses in the portfolio are now achieving scale, with annual recurring revenues (ARR) reaching, or exceeding, the important milestone of £5 million, which is often regarded as a key inflexion point in order to attract potential buyers. There are a number of high performing companies in the portfolio that are establishing strong positions in their respective markets, both in the UK and internationally, and which have the potential to deliver superior returns at exit.

A key development during the period under review was the realisation of Horizon Ceremonies, the owner and operator of three established crematoria. Your Company first invested in Horizon Ceremonies in 2017, backing an experienced team with a clear strategic objective to build, own and operate a portfolio of next generation crematoria located across the UK, in areas that were historically underserved or where the existing facility was outdated. Horizon's crematoria have quickly become important community facilities and have consistently received industry recognition and awards for their exceptional service and support to families. Having received several unsolicited acquisition approaches, a competitive exit process was initiated in 2024, with the sale to UK pension fund, Railpen, completing in early July 2025. The exit generated an initial return of 2.1x cost and cash proceeds of over £1.8 million for your Company, with potential for further deferred proceeds, contingent on the receipt of planning approval at two further sites.

Enhanced Dividend Policy

The Directors understand the importance of tax free distributions to Shareholders and, as announced in the 2025 Annual Report, have enhanced the dividend policy by increasing the target annual yield from 5% to 6% of NAV per Ordinary Share at the immediately preceding year end.

Shareholders should be aware that this remains a target and that decisions on distributions take into consideration a number of factors, including the realisation of capital gains, the adequacy of distributable reserves, the availability of surplus revenue and the VCT qualifying level, all of which are kept under close and regular review. As the portfolio continues to expand and the proportion of younger growth companies increases, the timing of distributions will be more closely linked to realisation activity, whilst also reflecting the requirement to maintain the VCT qualifying level.

Increased Interim Dividend

In line with the new policy and following the realisation of Horizon Ceremonies, an increased interim dividend of 1.50p per Ordinary Share, in respect of the year ending 28 February 2026, was paid on 29 August 2025 to Shareholders who were on the register at 25 July 2025. Since the Company's launch, and after receipt of this interim dividend, a total of 111.46p per Ordinary Share will have been paid in tax free distributions. It should be noted that the payment of a dividend reduces the NAV of the Company by the total amount of the distribution.

Dividend Investment Scheme (DIS)

Your Company operates a DIS, through which Shareholders can, at any time, elect to have their dividend payments utilised to subscribe for new Ordinary Shares issued under the standing authority requested from Shareholders at Annual General Meetings. Ordinary Shares issued under the DIS are free from dealing costs and should benefit from the tax reliefs available on new Ordinary Shares issued by a VCT in the tax year in which they are allotted, subject to an individual Shareholder's particular circumstances.

Shareholders can elect to participate in the DIS in respect of future dividends by completing a DIS mandate form and returning it to the Registrar (The City Partnership). The mandate form, terms & conditions and full details of the scheme (including tax considerations) are available from the Company's webpage at: mavencp.com/migvct . Election to participate in the DIS can also be made through the Registrar's online investor hub at:

maven-cp.cityhub.uk.com/login .

If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should seek advice from a suitably qualified adviser.

Offer for Subscription

On 27 March 2025, your Company's Offer for Subscription, which had opened in September 2024, closed early, fully subscribed, having raised a total of £10 million, including the £5 million over-allotment facility. All new Ordinary Shares in relation to this Offer have now been allotted, with three allotments for the 2024/25 tax year and one allotment for

the 2025/26 tax year.

This additional liquidity will facilitate the further expansion and development of the portfolio in line with the investment strategy. The funds raised will also allow your Company to maintain its share buy-back policy, spreading costs over a wider asset base, with the objective of maintaining a competitive ongoing charges ratio for the benefit of all Shareholders.

On 2 October 2025, your Company launched a new Offer for Subscription alongside offers by three other Maven managed VCTs. Your Company has a target raise of £12.5 million, including a £5 million over-allotment facility. The Offers remain open until 1 May 2026, unless fully subscribed ahead of this date and further details, including the Prospectus can be found at: mavencp.com/vctoffer .

Portfolio Developments

During the first half of the financial year, most of the companies in the private equity portfolio have continued to meet operational and financial targets as set out in their business plans. It is pleasing to report that the valuations of certain private companies have been uplifted in line with the progress achieved.

Since your Company first invested, carbon reduction software specialist Manufacture 2030 (M2030) has consistently delivered strong revenue growth, with ARR more than doubling in two years and projected to increase further throughout the current year. M2030 operates in a rapidly growing sector, where it provides a disruptive software solution that allows large corporates and multinationals to achieve Scope 3 carbon reduction targets by measuring, managing and reducing carbon emissions across their supply chain, with the objective of achieving the targets set out in the United Nations' Sustainable Development Goals. The business continues to expand its blue chip client base and has added six new large corporate customers to the platform so far this year. M2030 maintains a strong pipeline of opportunities and a near term objective is to expand its presence in North America, which is viewed as a key growth market.

Contract software specialist Summize continues to deliver impressive growth and trade ahead of budget. In the past two years, the business has achieved over 100% growth in ARR and is on track to outperform its targets again this year. Summize has developed an artificial intelligence (AI) powered digital contracting software solution that simplifies and streamlines the process for writing and renewing contracts, helping to drive operational efficiencies for customers, and continues to see strong demand both in the UK and US. In Autumn 2023, the business opened its first international office in Boston to launch its US expansion strategy and has subsequently experienced rapid growth in that market, with more than half of total sales now generated from US clients with significant future growth potential. In April 2025, Summize was awarded 5th place in the Top 100 League Table at the GP Bullhound 2025 Northern Tech Awards, whilst also winning the Judge's Innovation Award. The management team is highly ambitious and remains focused on growing the client base and increasing ARR in both the UK and US.

Since initial investment in September 2022, specialist training software provider Bud has made encouraging commercial progress, with ARR and learner numbers both doubling. Bud's integrated platform provides an end-to-end solution for training providers, universities, colleges and employers delivering apprenticeships, covering enrolment, training delivery, learner management, and compliance through one portal. A core benefit of the solution is that it streamlines processes and reduces administrative tasks, whilst also ensuring ongoing compliance with specific funding requirements to minimise the risk of clawback. The business has a healthy pipeline of prospective opportunities and the outlook is encouraging, supported by the recent changes to the Growth and Skills Levy.

Against a backdrop of ongoing geopolitical tension and with several recent high profile cyber attacks causing significant operational disruption to mainstream UK companies, cyber security specialist CYSIAM continues to experience strong demand for its products and services as clients seek to bolster their cyber defences. The business continues to expand its Managed Detection and Response (MDR) service, which provides protection against, detection of and response to cyber attacks within a software as a service (SaaS) wrapper, with a valuable recurring revenue stream. In May 2025, CYSIAM was named European Rising Star Partner of the Year at the Crowdstrike Europe Partner Symposium. Crowdstrike is a NASDAQ listed global cyber security leader and this award recognises the contribution of its partners to help customers to prevent breaches and enhance cyber security. The cyber security market remains a high growth area and CYSIAM is well placed to continue to scale and achieve the financial and strategic objectives within its business plan.

Demand responsive transport software provider Liftango also continues to make encouraging commercial progress and is expanding its market presence and global footprint, with live projects currently operating in six continents. The business provides the technology to support on-demand transport programmes, which enable users to plan, launch and scale shared mobility projects that reduce costs by optimising routes, whilst simultaneously addressing sustainability goals such as lower vehicle usage, which helps to decrease carbon emissions and combat localised congestion. Having achieved success in Australia and the UK, Liftango is now focused on expanding into international markets, with the Middle East and the Americas identified as key growth territories. The business works with many Fortune 500 companies, as well as large global bus operators and government transport agencies and is well positioned to deliver further growth as it secures new contracts and extends its market position.

In November 2024, your Company invested in RiskSmart, an early stage regtech business operating in the risk management sector. The business has developed a risk management platform that leverages data insights and machine learning to provide real time information to help transform how businesses manage governance, risk and compliance. Since investment, RiskSmart has delivered strong growth in ARR and currently has over 70 clients, which is an increase of over 100% in 12 months. RiskSmart has a strong pipeline of new opportunities and is on track to further increase ARR through the remainder of the current year. The business is run by an ambitious and experienced team and was recently named one of Prolific North's Tech Scale ups to Watch 2025, which spotlights the most dynamic, ambitious and high growth technology businesses across the North of England.

As may be expected with a large portfolio of growth focused businesses, there are a small number of investee companies that have not achieved their commercial targets and are trading behind plan. In certain cases, valuations have been reduced to reflect the slower than anticipated progress, with provisions taken against the cost of a small number of specific holdings.

This has been another challenging period for AIM, with investor appetite for smaller quoted equities remaining subdued. Low levels of liquidity have also resulted in high volatility, with share prices responding disproportionately to limited news flow or trading activity. The Manager retains a highly selective approach to supporting new AIM investment opportunities and, during the period, completed one small follow-on transaction.

Treasury Management

The Board and the Manager maintain a proactive approach to treasury management, where the objective remains to optimise the income generated from cash held prior to investment in VCT qualifying companies, whilst meeting the requirements of the Nature of Income condition. This is a mandatory part of the VCT legislation, which stipulates that not less than 70% of a VCT's income must be derived from shares or securities.

Your Company has a diversified portfolio of treasury management investments with strong fundamentals and attractive income characteristics, comprising of money market funds (MMFs), open-ended investment companies (OEICs) and London Stock Exchange listed investment trusts, with the remaining cash held on deposit across several UK banks in order to minimise counterparty risk. This strategy ensures ongoing compliance with the Nature of Income condition, whilst also providing a healthy stream of income that currently generates a blended annualised yield of over 3% across the combined treasury management portfolio and uninvested cash. It is worthwhile highlighting that this is a dynamic portfolio, which will vary in size depending on your Company's rate of investment, realisations and overall liquidity levels. Full details of the treasury management holdings can be found in the Investment Portfolio Summary in the Interim Report.

New Investments

During the reporting period, two new private companies were added to the portfolio:

• Digilytics is a provider of an AI enabled solution that automates loan application processing. The platform uses machine learning and large language models to read and extract data from key documents such as payslips, bank statements and utility bills, ensuring both consistency and completeness. It then evaluates the application against eligibility criteria and affordability metrics, while also screening for potential fraud. Digilytics helps lenders to reduce costs and error rates, whilst improving the response time for applicants. The funding from the Maven VCTs is being used to support the sales and marketing function and invest in product development. The near term objective is to launch in the US, where there is an identified market opportunity.

• PowerPhotonic is an established designer and manufacturer of a wide range of precision micro-optics products for use within lasers. Using proprietary manufacturing processes and equipment the company designs and manufactures high quality waferscale freeform optics with advanced properties that are designed for application in three core markets, the largest of which is the defence sector. The business is also expanding its presence in the life sciences sector, with applications in precision medical devices and instrumentation as well as advanced manufacturing where the business focuses on beam shapers to make industrial processes more efficient. With strong levels of IP, PowerPhotonic has a defendable market position and the funding from the Maven VCTs is being used to support growth by facilitating the expansion of the sales and marketing team to help the business increase its revenue base and broaden its presence in the UK and US.

The following investments were completed during the reporting period:

	Investments	Date	Sector		£'000
	New unlisted
	Arimon Limited (trading as Digilytics)1	March & June 2025	Software & technology		484
	Kerrera TopCo Limited (trading as Kube Networks)2	April 2025	Software & technology		76
	PowerPhotonic Limited	June 2025	Industrials & engineering		325
	Total new unlisted                                                                                                                                                                   885
	Follow-on unlisted
	Alderley Lighthouse Labs Limited	May 2025	Pharmaceuticals, biotechnology & healthcare		137
	AMufacture Limited	May 2025	Industrials & engineering		124
	Automated Analytics Limited	August 2025	Marketing & Advertising technology		104
	DiffusionData Limited	March 2025	Software & technology		36
	Fixtuur Limited (formerly Shortbite Limited)	May 2025	Software & technology		100
	Laverock Therapeutics Limited	June 2025	Pharmaceuticals, biotechnology & healthcare		124
	Liftango Group Limited	April 2025	Software & technology		6
	mypura.com Group Limited (trading as Pura)	June 2025	Business services		90
	Plyable Limited3	March & August 2025	Software & technology		226
	Relative Insight Limited	June 2025	Marketing & Advertising technology		60
	RevLifter Limited	March 2025	Marketing & Advertising technology		16
Sensoteq Limited		March 2025		Software & technology	216
The Algorithm People Limited (trading as Optimize)		April 2025		Software & technology	22
Zinc Digital Business Solutions Limited		March 2025		Software & technology	154
Total follow-on unlisted                                                                                                                                                       1,415
Total unlisted                                                                                                                                                                        2,300
Follow-on AIM quoted
GENinCode PLC		March 2025		Pharmaceuticals, biotechnology & healthcare	126
Total follow-on AIM quoted                                                                                                                                                    126
Total AIM quoted                                                                                                                                                                     126
Money market funds 4
Aviva Investors Sterling Government Liquidity Fund (Class 3)		April 2025		Money market fund	1,000
Fidelity Institutional Liquidity Sterling Fund (Class F)		March 2025		Money market fund	500
Total money market funds                                                                                                                                                 1,500
Real estate investment trusts 4
Land Securities Group PLC		May 2025		Investment trust	107
Tritax BigBox REIT PLC		May 2025		Investment trust	153
Total real estate investment trusts                                                                                                                                        260
Infrastructure investment trust 4
Foresight Solar Fund Limited		May 2025		Investment trust	125
Total Infrastructure investment trust                                                                                                                                          125
Total investments completed                                                                                                                                              4,311 during the period

1 Investment completed in two tranches .

2 Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share transaction to acquire ISN Solutions Group Limited.

3 Follow-on investment completed in two tranches.

4 Investments completed as part of the treasury management strategy.

.

At the period end, the portfolio comprised of 123 unlisted and quoted investments, at a total cost of £55.8 million.

Realisations

In addition to the material realisation of Horizon Ceremonies, which generated over £1.8 million in cash proceeds, the Manager also completed an exit from legacy holding ISN Solutions, which was acquired through an all-share transaction by Glasgow based specialist IT managed service provider Kube Networks as part of a buy and build strategy. The acquisition provides ISN with the opportunity to grow as part of a larger business and, as part of the transaction, your Company has gained an equity holding in Kube Networks.

The table below gives details of the realisations completed during the reporting period:

Realisations	Year first invested	Complete/ partial exit	Cost of shares disposed of £'000	Value at 28 February 2025 £'000	Sales proceeds £'000	Realised gain/(loss) £'000	Gain/(loss) over 28 February 2025 value £'000
Unlisted
Horizon Ceremonies Limited (trading as Horizon Cremation)1	2017	Complete	988	1,928	1,705	717	(233)
ISN Solutions Group Limited2	2014	Complete	323	84	76	(247)	(8)
Total unlisted			1,311	2,012	1,781	470	(231)
Infrastructure investment trust3
BBGI Global Infrastructure SA	2023	Complete	220	218	219	(1)	1
Total infrastructure investment trust			220	218	219	(1)	1
Real estate investment trust3
Care REIT PLC	2023	Complete	114	91	126	12	35
Total real estate investment trust			114	91	126	12	35
Total realisations completed during the period			1,645	2,321	2,126	481	(195)

1 Redemption of loan notes excludes further redemption premium and yield received of £156,808, which is disclosed as revenue for financial reporting purposes.

2 ISN Solutions Group Limited was acquired by Kerrera TopCo Limited (trading as Kube Networks Limited) in an all share transaction. As a result, your Company gained an equity holding in Kube Networks Limited.

3 Realisations completed as part of the treasury management strategy.

Principal and Emerging Risks and Uncertainties

The principal and emerging risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2025 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in larger quoted companies. The valuation of investee companies is influenced by economic conditions including, interest rates, investor sentiment, and market liquidity. The Company and the Manager also continuously assess other key risks, including compliance with applicable laws and regulations, adherence to VCT qualifying rules, and the robustness of internal controls maintained by the Manager and relevant third parties. These risks and procedures are reviewed regularly by the Risk Committee and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.

Global conflict and political instability was added to the Risk Register as an emerging risk during a previous period, as the Directors were not only aware of the heightened cyber security risk but were mindful of the impact that any change in the underlying economic conditions could have on the valuation of investee companies. These included fluctuating interest rates, increased fuel and energy costs, and the availability of bank finance, all of which could be impacted during times of geopolitical uncertainty and volatile markets. The Board and the Manager continue to monitor the impact of geopolitical issues, and wider market conditions, on portfolio companies.

During the period under review, AI was added to the Risk Register as an emerging risk to reflect the increased use of AI by either the Manager or portfolio companies, which could lead to increased exposure to risks relating to data protection, cyber security and intellectual property.

Share Buy-backs

The Directors acknowledge the need to maintain an orderly market in the Company's shares and have delegated authority to the Manager to enable the Company to buy back its own shares in the secondary market for cancellation, or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. It should be noted that the Company cannot buy back shares when it is in a closed period, which is the time from the end of a reporting period until either the announcement of the relevant results or the release of an unaudited NAV. Additionally, a closed period may be introduced if the Directors or the Manager are in possession of price sensitive information.

It is intended that the Company will seek to buy back shares with a view to maintaining a share price that is at a discount of approximately 5% to the latest published NAV per Ordinary Share, subject to various factors including market conditions, available liquidity and the maintenance of the Company's VCT qualifying status. During the period under review, 3,485,586 Ordinary Shares were bought back at a total cost of £1.28 million.

Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company's shares. Any instruction by a Shareholder to buy or sell shares on the secondary market must be directed through a stockbroker of their choice. To discuss a transaction, the Shareholder's broker should contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647 8132.

VCT Regulatory Update

During the period under review, there were no further amendments to the rules governing VCTs, and your Company remains fully compliant with the complex conditions and requirements of the scheme.

In the 2025 Spring Statement, the Chancellor confirmed that the UK Government would continue to work with leading entrepreneurs and venture capital firms to ensure that its policy supports the UK business environment, including the role of tax relief schemes such as VCTs and the EIS. Through the VCT Association (VCTA), of which the Manager is a founding member, and the Association of Investment Companies (AIC), of which the Company is a member, the Manager will remain actively involved in discussions with policy makers to promote and reinforce the important role that VCTs play in supporting some of Britain's brightest and most entrepreneurial smaller companies and creating regional employment opportunities.

Valuation Methodology

Consistent with industry best practice, the Board and the Manager continue to apply the International Private Equity and Venture Capital Valuation (IPEV) Guidelines as the central methodology for all private company valuations. The IPEV Guidelines are the prevailing framework for fair value assessment in the private equity and venture capital industry. The Directors and the Manager continue to adhere to the IPEV Guidelines in all private company valuations. In accordance with normal market practice, investments quoted on AIM, or another recognised stock exchange, are valued at their closing bid price at the period end. The Board and the Manager are cognisant of the FCA Review of Private Market Valuations and will continue to prioritise governance as the fundamental building block for robust valuation reviews, ensuring ongoing accountability.

Environmental, Social and Governance (ESG)

Although your Company's investment policy does not incorporate ESG aims, and portfolio companies are not required to meet any specific targets, Maven recognises the importance of having a robust ESG framework and policy in place when making new investments. Through its ESG and Responsible Investment Policy, ESG considerations are taken into account during early stage due diligence, thereby ensuring that all risks and opportunities are assessed prior to an investment completing, and can be monitored regularly thereafter.

The Manager continues to be an active signatory to the Principles for Responsible Investment and the Investing in Women Code and, alongside these external commitments, in 2024 formally launched a Female Founder Funding Programme designed to support female founded businesses.

The Manager maintains awareness of forthcoming ESG regulations. In 2024, the FCA introduced the Sustainability Disclosure Requirements, which applies to all firms and includes new anti-greenwashing rule. The Manager has ensured adherence with these new requirements. Additionally, the Manager is aware of Task Force for climate-related Financial Disclosures (TCFD) and International Financial Reporting Standards (IFRS) regulations, and is actively preparing for compliance.

Outlook

Although the economic outlook remains mixed, with good levels of liquidity and a proven investment strategy, your Company is well placed to continue to deliver growth in Shareholder value. In the second half of the year, a key objective will be to maintain a healthy rate of new investment. Maven's regionally based team of investment executives are currently assessing an extensive pipeline of opportunities, which should result in several new companies being added to the portfolio over the coming months. In addition, the Manager will continue to assess exit opportunities that help to maximise Shareholder value and support your Company's increased target dividend of 6% of NAV per Ordinary Share at the immediately preceding year end.

John Pocock

Chair

29 October 2025

Summary Of Investment Changes

For The Six Months Ended 31 August 2025

	Valuation 28 February 2025		Net investment/ (disinvestment) £'000	Appreciation/ (depreciation) £'000	Valuation 31 August 2025
	£'000	%	£'000	%
Unlisted investments
Equities	35,509	54.1	960	32	36,501	55.5
Loan stock	7,651	11.6	(441)	(64)	7,146	10.9
	43,160	65.7	519	(32)	43,674	66.4
AIM/AQSE Investments1
Equities	548	0.8	126	(274)	400	0.6
Other investments2
Investment trusts	4,797	7.3	40	78	4,915	7.5
OEICs	2,012	3.1	-	2	2,014	3.1
MMFs	5,500	8.4	1,500	-	7,000	10.6
Total investments	56,017	85.3	2,185	(226)	57,976	88.2
Cash	9,533	14.5	(1,794)	-	7,739	11.8
Net current assets	130	0.2	(107)	-	23	-
Net assets	65,680	100.0	284	(226)	65,738	100.0

1 Shares traded on the Alternative Investment Market (AIM), Aquis Stock Exchange (AQSE) and the Main Market of the London Stock Exchange.

2 These holdings represent the treasury management portfolio, which consists of permitted non-qualifying holdings in investment trusts, open-ended investment companies (OEICs) and money market funds (MMFs).

Investment Portfolio Summary

As at 31 August 2025

Investment	Valuation £'000	Cost £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted
2 Degrees Limited (trading as Manufacture 2030)	2,075	922	3.2	5.9	45.6
Summize Limited	1,994	796	3.0	3.9	31.9
Bright Network (UK) Limited	1,978	1,164	3.0	6.9	32.2
Bud Systems Limited	1,799	846	2.7	4.7	13.0
Rockar 2016 Limited (trading as Rockar)	1,750	948	2.7	4.2	15.3
Zinc Digital Business Solutions Limited	1,356	955	2.1	10.1	38.7
HCS Control Systems Group Limited	1,246	846	1.9	6.9	29.6
CYSIAM Limited	1,145	373	1.7	6.0	21.7
Novatus Global Limited2	1,115	238	1.7	1.4	2.8
Martel Instruments Holdings Limited	1,058	807	1.6	14.9	29.3
mypura.com Group Limited (trading as Pura)	1,003	588	1.5	2.4	22.2
Precursive Limited	1,000	1,000	1.5	6.8	27.7
Ensco 969 Limited (trading as DPP)	993	557	1.5	4.9	29.6
Hublsoft Group Limited	969	786	1.5	5.5	18.3
Biorelate Limited	937	555	1.4	2.7	24.9
DiffusionData Limited	919	1,000	1.4	4.8	16.5
Sensoteq Limited	912	912	1.4	7.7	20.0
Liftango Group Limited	895	895	1.4	4.1	31.6
Enpal Limited (trading as Guru Systems)	888	888	1.4	7.5	14.1
Plyable Limited	873	873	1.3	15.6	43.5
Vodat Communications Group (VCG) Holding Limited	852	567	1.3	5.0	26.9
Horizon Technologies Consultants Limited	828	796	1.3	5.5	11.7
Relative Insight Limited	820	820	1.2	4.2	26.6
Nano Interactive Group Limited	819	727	1.2	4.0	11.9
BioAscent Discovery Limited	734	174	1.1	4.4	35.6
Laverock Therapeutics Limited	721	721	1.1	2.4	10.7
MirrorWeb Holdings LLC3	708	708	1.1	1.1	3.9
Blackdot Solutions Limited	696	696	1.1	2.1	10.1
Metrion Biosciences Limited	696	696	1.1	5.1	13.1
CODILINK UK Limited (trading as Coniq)	675	450	1.0	1.3	3.6
WaterBear Education Limited	649	245	1.0	5.1	34.1
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations)	631	448	1.0	2.5	9.9
Filtered Technologies Limited	621	725	0.9	4.1	21.3
Delio Limited	574	882	0.9	2.8	12.4
Automated Analytics Limited	531	354	0.8	2.8	31.2
RiskSmart Limited	497	199	0.8	2.4	43.2
Arimon Limited (trading as Digilytics)	484	484	0.7	3.5	14.4
Whiterock Group Limited	470	470	0.7	8.1	29.8
Connected Data Company Limited	423	423	0.6	3.9	11.8
Flow UK Holdings Limited	420	598	0.6	7.3	27.7
McKenzie Intelligence Services Limited	403	159	0.6	1.6	4.8
AMufacture Limited	394	385	0.6	6.8	21.8
Alderley Lighthouse Labs Limited	386	386	0.6	8.0	56.1
NorthRow Limited	365	1,179	0.6	6.6	26.2
ebb3 Limited	356	252	0.5	5.7	64.9
The Algorithm People Limited (trading as Optimize)	348	163	0.5	1.9	13.3
HiveHR Limited	346	346	0.5	4.4	40.2
Fixtuur Limited (formerly Shortbite Limited)	339	984	0.5	6.9	50.5
Kani Payments Holdings Limited	336	336	0.5	2.0	12.8
Rico Developments Limited (trading as Adimo)	325	760	0.5	3.4	6.5
PowerPhotonic Limited	325	325	0.5	2.7	19.0
Snappy Shopper Limited	309	309	0.5	0.4	1.3
Growth Capital Ventures Limited	300	288	0.5	5.3	42.1
iAM Compliant Limited	246	149	0.4	1.9	47.2
Cat Tech International Limited	238	206	0.4	-	-
Zing TopCo Limited (trading as Zing)	185	185	0.3	4.9	42.8
Boomerang Commerce Inc (trading as CommerceIQ)4	177	451	0.3	0.1	0.4
XR Games Limited	174	515	0.3	1.7	59.3
RevLifter Limited	116	116	0.2	1.5	42.8
TC Communications Holdings Limited	102	413	0.2	4.1	31.2
Kerrera TopCo Limited (trading as Kube Networks)5	76	76	-	0.1	39.7
C4X Discovery Holdings PLC6	27	40	-	0.1	0.8
Other unlisted investments	20	3,507	-
Total unlisted	43,647	38,662	66.4
AIM/AQSE quoted7
GENinCode PLC	108	683	0.2	2.9	10.1
Cambridge Cognition Holdings PLC	48	62	0.1	0.4	3.5
Arecor Therapeutics PLC	46	167	0.1	0.2	2.4
Eden Research PLC	30	59	0.1	0.2	4.3
Kanabo Group PLC8	26	1,639	-	-	-
Avacta Group PLC	26	7	-	2.0	7.9
Vianet Group PLC	24	37	-	0.1	1.3
Gelion PLC	17	121	-	0.1	0.1
Incanthera PLC	15	46	-	0.5	0.5
Other AIM/AQSE investments	60	1,153	0.1
Total AIM quoted	400	3,974	0.6
Private equity investment trusts9
HgCapital Trust PLC	670	434	1.0	-	0.1
Patria Private Equity Trust PLC (formerly abrdn Private Equity Opportunities Trust PLC)	490	349	0.7	0.1	0.2
ICG Enterprise Trust PLC	473	343	0.7	0.1	0.2
HarbourVest Global Private Equity Limited	372	194	0.6	-	-
NB Private Equity Partners Limited	366	430	0.6	0.1	0.2
Pantheon International PLC	362	307	0.6	-	-
CT Private Equity Trust PLC	344	276	0.5	0.1	0.3
Apax Global Alpha Limited	130	121	0.2	-	0.1
Partners Group Private Equity Limited	120	110	0.2	-	0.1
Caledonia Investments PLC	102	100	0.2	0.1	0.1
Total private equity investment trusts	3,429	2,664	5.3
Global equity investment trust9
Alliance Witan PLC (formerly Alliance Trust PLC)	302	280	0.5	-	-
Total global equity investment trust	302	280	0.5
Real estate investment trusts9
Tritax BigBox REIT PLC	147	153	0.2	-	-
Land Securities Group PLC	97	107	0.1	-	-
Total real estate investment trusts	244	260	0.3
Infrastructure investment trusts9
Pantheon Infrastructure PLC	335	270	0.5	0.1	0.2
3i Infrastructure PLC	258	249	0.4	-	-
Foresight Solar Fund Limited	133	125	0.2	-	0.1
International Public Partnerships Limited	116	140	0.2	-	-
Foresight Environmental Infrastructure Limited (formerly JLEN Environmental Assets Group Limited)	98	150	0.1	-	0.1
Total infrastructure investment trusts	940	934	1.4
Open-ended investment companies9
Royal London Short Term Fixed Income Fund (Class Y Income)	1,010	1,018	1.6	0.1	0.2
Royal London Short Term Money Market Fund (Class Y Income)	1,004	1,009	1.5	-	-
Total open-ended investment companies	2,014	2,027	3.1
Money market funds9
abrdn Liquidity Fund (Lux) - Sterling Fund K-1 Inc GBP	1,000	1,000	1.6	-	-
Aviva Investors Sterling Government Liquidity Fund (Class 3)	1,000	1,000	1.5	-	-
BlackRock Institutional Sterling Liquidity Fund (Core)	1,000	1,000	1.5	-	-
-BlackRock Institutional Sterling Government Liquidity Fund (Core Dis)	1,000	1,000	1.5	-	-
Fidelity Institutional Liquidity Sterling Fund (Class F)	1,000	1,000	1.5	0.1	0.1
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)	1,000	1,000	1.5	0.4	0.9
HSBC Sterling Liquidity Fund (Class A)	1,000	1,000	1.5	-	-
Total money market funds	7,000	7,000	10.6
Total investments	57,976	55,801	88.2

1 Other clients of Maven Capital Partners UK LLP.

2 This holding reflects the retained minority interest following the sale in September 2024.

3 This holding represents the retained minority interest following the partial sale of the holding in MirrorWeb Limited in August 2024, with a proportion of the proceeds being re-invested in the new entity, MirrorWeb Holdings LLC.

4 This holding reflects the retained minority interest following the sale of e.fundamentals (Group) Limited to CommerceIQ in July 2022.

5 Your Company gained an equity holding in Kerrera TopCo Limited (trading as Kube Networks Limited) as a result of an all share transaction to acquire ISN Solutions Group Limited.

6 This company delisted from AIM during a previous period.

7 Investments are quoted on AIM/AQSE with the exception of Kanabo Group PLC, which is listed on the Main Market of The London Stock Exchange.

8 The holding in this investment resulted from the sale of The GP Service (UK) Limited, which completed in February 2022. The unlisted shares in Kanabo GP Limited were, in accordance with the terms of the original transaction, exchanged for shares in Kanabo Group PLC, which is listed on the Main Market of The London Stock Exchange.

9 Treasury management portfolio.

Income Statement

For the Six Months Ended 31 August 2025

	Six months ended 31 August 2025 (unaudited)			Six months ended 31 August 2024 (unaudited)			Year ended 28 February 2025 (audited)
Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
(Loss)/gain on investments	-	(226)	(226)	-	4,064	4,064	-	3,974	3,974
Income from investments	575	-	575	536	-	536	1,043	-	1,043
Other income	139	-	139	90	-	90	211	-	211
Investment management fees	(138)	(552)	(690)	(126)	(504)	(630)	(253)	(1,013)	(1,266)
Other expenses	(198)	-	(198)	(200)	-	(200)	(393)	-	(393)
Net return on ordinary activities before taxation	378	(778)	(400)	300	3,560	3,860	608	2,961	3,569
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return attributable to Equity Shareholders	378	(778)	(400)	300	3,560	3,860	608	2,961	3,569
Earnings per share (pence)	0.21	(0.43)	(0.22)	0.19	2.22	2.41	0.38	1.84	2.22

All gains and losses are recognised in the Income Statement.

The total column of this statement is the Profit & Loss Account of the Company. The revenue and capital return columns are prepared in accordance with the AIC SORP. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.

The accompanying Notes are an integral part of the Financial Statements.

Statement of Changes in Equity

For the six months ended 31 August 2025

Six months ended 31 August 2025 (unaudited)	Non-distributable reserves					Distributable reserves
Share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000		Special distributable reserve £'000	Revenue reserve £'000	Total £'000
At 28 February 2025	16,684	28,553	1,511	4,816	4,288		8,829	999	65,680
Net return	-	-	-	(707)	481		(552)	378	(400)
Dividends paid	-	-	-	-	-		(4,473)	(549)	(5,022)
Repurchase and cancellation of shares	(349)	-	349	-	-		(1,285)	-	(1,285)
Net proceeds of share issue	1,627	4,649	-	-	-		-	-	6,276
Net proceeds of DIS issue*	118	371	-	-	-		-	-	489
At 31 August 2025	18,080	33,573	1,860	4,109	4,769		2,519	828	65,738

	Non-distributable reserves				Distributable reserves
Six months ended 31 August 2024 (unaudited)	Share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Special distributable reserve £'000	Revenue reserve £'000	Total £'000
At 29 February 2024	15,469	23,119	835	5,676	(546)	15,598	872	61,023
Net return	-	-	-	2,046	2,018	(504)	300	3,860
Dividends paid	-	-	-	-	-	(1,612)	(242)	(1,854)
Repurchase and cancellation of shares	(381)	-	381	-	-	(1,425)	-	(1,425)
Net proceeds of share issue	938	2,699	-	-	-	-	-	3,637
Net proceeds of DIS issue*	43	122	-	-	-	-	-	165
At 31 August 2024	16,069	25,940	1,216	7,722	1,472	12,057	930	65,406

	Non-distributable reserves				Distributable reserves
Year ended 28 February 2025 (audited)	Share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve unrealised £'000	Capital reserve realised £'000	Special distributable reserve £'000	Revenue reserve £'000	Total £'000
At 29 February 2024	15,469	23,119	835	5,676	(546)	15,598	872	61,023
Net return	-	-	-	(860)	4,834	(1,013)	608	3,569
Dividends paid	-	-	-	-	-	(3,204)	(481)	(3,685)
Repurchase and cancellation of shares	(676)	-	676	-	-	(2,552)	-	(2,552)
Net proceeds of share issue	1,806	5,187	-	-	-	-	-	6,993
Net proceeds of DIS issue*	85	247	-	-	-	-	-	332
At 28 February 2025	16,684	28,553	1,511	4,816	4,288	8,829	999	65,680

*DIS represents the Dividend Investment Scheme as detailed in the Interim Review.

The capital reserve unrealised is generally non-distributable other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments which are distributable.

Where all, or an element, of the proceeds of sales have not been received in cash or cash equivalent, and are not readily convertible to cash, they do not qualify as realised gains for the purposes of distributable reserves calculations and therefore do not form part of distributable reserves.

The accompanying Notes are an integral part of the Financial Statements.

Balance Sheet

As at 31 August 2025

	31 August 2025 (unaudited) £'000	31 August 2024 (unaudited) £'000	28 February 2025 (audited) £'000
Fixed assets
Investments at fair value through profit or loss	57,976	59,207	56,017
Current assets
Debtors	472	607	539
Cash	7,739	5,935	9,533
	8,211	6,542	10,072
Creditors
Amounts falling due within one year	(449)	(343)	(409)
Net current assets	7,762	6,199	9,663
Net assets	65,738	65,406	65,680
Capital and reserves
Called up share capital	18,080	16,069	16,684
Share premium account	33,573	25,940	28,553
Capital redemption reserve	1,860	1,216	1,511
Capital reserve - unrealised	4,109	7,722	4,816
Capital reserve - realised	4,769	1,472	4,288
Special distributable reserve	2,519	12,057	8,829
Revenue reserve	828	930	999
Net assets attributable to Ordinary Shareholders	65,738	65,406	65,680
Net asset value per Ordinary Share (pence)	36.36	40.71	39.37

The Financial Statements of Maven Income and Growth VCT PLC, registered number 03908220, were approved by the Board of Directors and were signed on its behalf by:

John Pocock

Director

29 October 2025

The accompanying Notes are an integral part of the Financial Statements.

Cash Flow Statement

For the Six Months Ended 31 August 2025

	Six months ended 31 August 2025 (unaudited) £'000	Six months ended 31 August 2024 (unaudited) £'000	Year ended 28 February 2025 (audited) £'000
Net cash flows from operating activities	(205)	(280)	(570)
Cash flows from investing activities
Purchase of investments	(4,311)	(7,686)	(12,452)
Sale of investments	2,208	7,845	15,794
Net cash flows from investing activities	(2,103)	159	3,342
Cash flows from financing activities
Equity dividends paid	(5,022)	(1,854)	(3,685)
Issue of Ordinary Shares	6,332	3,694	7,190
Net proceeds of DIS issue	489	165	332
Repurchase of Ordinary Shares	(1,285)	(1,425)	(2,552)
Net cash flows from financing activities	514	580	1,285
Net (decrease)/increase in cash	(1,794)	459	4,057
Cash at beginning of period	9,533	5,476	5,476
Cash at end of period	7,739	5,935	9,533

The accompanying Notes are an integral part of the Financial Statements.

Notes to the Financial Statements

1.  Accounting policies

The financial information for the six months ended 31 August 2025 and the six months ended 31 August 2024 comprises non-statutory accounts within the meaning of S435 of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 28 February 2025, which have been filed at Companies House and contained an Auditor's Report that was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.

2.  Reserves

Share premium account

The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs, including £127,893 current period trail commission (cumulative £387,708). This reserve is non-distributable.

Capital redemption reserve

The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve is non-distributable.

Capital reserve - unrealised

Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. This reserve is generally non-distributable, other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments that are distributable.

Capital reserve - realised

Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This reserve is distributable.

Special distributable reserve

The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve account. The special distributable reserve also represents capital dividends, capital investment management fees and the tax effect of capital items. This reserve is distributable.

Revenue reserve

The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders. This reserve is distributable.

3.  Return per Ordinary Share

	Six months ended 31 August 2025
The returns per share have been based on the following figures: Weighted average number of Ordinary Shares Revenue return Capital return	179,047,273 £378,000 (£778,000)
Total return	(£400,000)

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

·     the Financial Statements for the six months ended 31 August 2025 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland;

·     the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 28 February 2026; and

·     the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.

Other information

The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 August 2025, which was 180,799,329. A Summary of Investment Changes for the six months under review and an Investment Portfolio Summary as at 31 August 2025 are included above. A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders in due course. Copies of this announcement will be available to the public at the registered office of the Company at 6th Floor, Saddlers House, 44 Gutter Lane, London,EC2V 6BR, and at the office of the Manager, Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2 2LW; and, in due course, on the Company's webpage at mavencp.com/migvct.

Neither the content of the Company's webpages nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

By order of the Board

Maven Capital Partners UK LLP

Secretary

29 October 2025

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

IR BUBDGLXDDGUI