Schroders Capital Global Innovation Trust (INOV) investor relations material

Executive summary

• NAV per share increased by 1.3% to 22.53p over the first half, with share price rising 10.5% and the NAV discount narrowing from over 30% to about 25%.

• Over 18 months into a managed wind-down, £65 million (39% of NAV at 30 Sep 2024) returned to shareholders via two tender offers.

• Portfolio performance led by life sciences holdings, notably Memo Therapeutics and Neurona Therapeutics, offset by weaker growth holdings.

• GBP 9.6 million realized from exits, including Bluewater Bio, Autolus Therapeutics, and life science milestones.

• No new or follow-on investments; focus remains on orderly asset realisation and capital return.

Financial highlights

• NAV increased from £141.2m to £143.1m in H1 2026; NAV per share up from 22.23p to 22.53p.

• Cash and liquid funds at period end were £34.3m (24% of NAV), after £38m in share repurchases/cancellations.

• Planned tender offer increased to £28m, bringing total capital returned to £66m since wind down.

• Net return after taxation for H1 2026 was £1.9m (0.30p per share).

• Portfolio value increased by 11.8% since Q3 2024, with 36% of starting value realized.

Outlook and guidance

• Focus remains on timely capital return to shareholders while maximizing portfolio value.

• Further capital distributions anticipated via tender offers or other mechanisms.

• No material realisations expected before 2028 due to minority equity positions and market conditions; portfolio may become more volatile as it concentrates.

• Further realisations will depend on company-specific and market developments.