Half-year Financial Report

Intuitive Investments Group plc

10 June 2026

 

10 June 2026

Intuitive Investments Group plc

Half Year report for the six months to 31 March 2026

Hui10 scaling rapidly as IIG advances Main Market opportunity

Intuitive Investments Group plc (SFS: IIG) ("IIG"or the "Company"), the closed-end investment company focused on fast growing and high potential investment opportunities, announces its unaudited half year financial results for the six months to 31 March 2026. 

The period has been characterised by significant operational progress at Hui10 Inc. ("Hui10"), the Company's most significant investment. Post period end, the Company issued the announcement of the proposed combination with Acceler8 Ventures plc ("AC8") and the intended admission of the enlarged group to the Equity Shares (Commercial Companies) category of the Official List and trading on the London Stock Exchange's Main Market. The Board believes this represents a significant strategic milestone, creating a structure that better reflects the Group's operating business, broadens access to institutional investors and supports the long-term objective of delivering enhanced value for shareholders.

Sir Nigel Rudd, Chairman, said:

"The first half of the year has seen a step-change in operational progress at Hui10, with rapid expansion of its national infrastructure, strong growth in transaction volumes and the achievement of several strategically important partnerships.

Alongside this progress, the Board has recently announced that the Company is in an offer period under the Takeover Code following the announcement of a possible all-share combination with AC8, which the Board believes supports the long-term objective of delivering enhanced value for shareholders."

Highlights in relation to IIG

	31 March 2026	30 September 2025	31 March 2025	30 September 2024
Net Assets	£498.1 million	£328.0 million	£319.0 million	£311.4 million
Investments1	£496.3 million	£326.9 million	£318.3 million	£310.4 million
Cash	£1.3 million	£1.2 million	£0.7 million	£1.1 million
NAV per share2.	207.5p	150.3p	153.2p	153.9p3
% Increase/(decrease) from previous period end	38.0%	(1.9%)	(0.5%)	(0.3%)

Notes

1.        Includes loan to an investment company

2.        Adjusted for share consolidation.

3.        Restated

•	Post period end, announcement of a possible all-share combination with Acceler8 Ventures plc under Rule 2.4 of the Takeover Code
•	Increase in the carrying value of Hui10, the Company's principal investment, reflecting continued operational progress and business growth
•	Disposal of the Company's entire holding in Touchless Innovations Limited, increasing strategic focus on Hui10
•	£20 million of equity raised in January 2026 and on lent to Hui10 to support Hui10's rollout, with a further £25 million committed, and no further funding requirements currently anticipated

Highlights in relation to Hui10

Hui10 continued to make strong operational progress during the period, with significant growth across its network, user base and transaction activity. The continued expansion of the Lucky World and UGO platforms reflects increasing confidence in Hui10's technology and supports the Board's belief in the long-term growth potential of the business.

As at 31 March	2026	2025
Connected Lucky World Lottery Shops	9,543	2,563
UGO UnionPay POS Terminals	753	323
Total Registered Users	1,161,063	344,207
Twelve months to 31 March	2026	2025
Lottery Transaction Value through Lucky World (RMB)	674,364,565	15,289,951
UGO Scratchcard Sales (RMB)	9,656,594	4,501,000
Lucky World Merchandise Revenue (RMB)	1,309,387	285,873

•	Landmark agreement with the China Financial Certification Authority ("CFCA") enabling progression towards paperless lottery pilot
•	TEAM CHINA partnership strengthening alignment with national policy and brand ecosystem

Outlook

•	Continued growth in network scale, user engagement and transaction activity supports confidence in Hui10's long-term growth trajectory
•	Hui10 remains well positioned to participate in a future paperless lottery pilot, with its technology platform, operational infrastructure and strategic partnerships developed to support implementation at scale
•	The Board believes that the combination of strong operational momentum and Hui10's established position within the Chinese lottery ecosystem creates a significant opportunity to deliver long-term shareholder value

Enquiries:

Intuitive Investments Group plc	www.iigplc.com
Sir Nigel Rudd, Non-Executive Chairman Giles Willits, CEO	Via FTI Consulting
Zeus Dominic King / James Hornigold	[phone]
FTI Consulting	[phone]
John Waples / Valerija Cymbal / Jemima Gurney	[e-mail]

About Intuitive Investments Group plc

IIG is a closed-end investment company focused on fast growing and high potential investment opportunities. Following its move to the Specialist Fund Segment of the London Stock Exchange, IIG made an investment in Hui10 in October 2023 which now forms its main investment focus.

About Hui10

Hui10 is a technology company involved in the digital transformation of the Chinese lottery. Its paperless lottery play platform unlocks the market expansion of the Chinese lottery aiming to increase the number of people playing the lottery from the current 10% participation level to target more than 30%. Lucky World is Hui10's omnichannel commerce platform which provides China's existing 200,000 lottery only shops access to a wider fastmoving consumer goods product offering through its growing number of commercial partnerships with leading Chinese suppliers.  

Chairman and Chief Executive's Report

We are pleased to present the unaudited half year report for Intuitive Investments Group plc ("IIG" or the "Company") for the six-month period ended 31 March 2026.

The period has been characterised by strong operational progress at Hui10, alongside significant corporate developments, including the announcement of the proposed combination with Acceler8 Ventures plc and the intended admission of the enlarged group to the Equity Shares (Commercial Companies) category of the Official List and trading on the London Stock Exchange's Main Market.

Hui10 - operational progress and scaling

Hui10, which represents substantially all of the Company's investment portfolio, has delivered a step-change in performance and continues to scale its national infrastructure across China.

During the past twelve months, Hui10 has:

•	Increased lottery transaction value through the Lucky World platform to over RMB 670 million during the twelve months ended 31 March 2026 (HY25: RMB 15.3m)
•	Expanded the Lucky World network to more than 9,500 connected lottery shops (HY25: 2,563), further strengthening Hui10's presence across China's lottery ecosystem
•	Increased the registered user base more than threefold to more than 1.1 million users (HY25: 0.3 million users), reflecting growing engagement with the platform
•	Continued the rollout of UGO UnionPay POS terminals across transport and retail environments, more than doubling the installed network year-on-year
•	Generated revenues from both UGO scratchcard sales and Lucky World merchandise activities, demonstrating the increasing commercialisation of the platform
•	Continued to expand its geographical footprint and deepen relationships with key participants across the Chinese lottery ecosystem, supporting the scalability of the platform and future growth opportunities

This growth reflects the successful execution of Hui10's strategy to digitise and expand access to the Chinese lottery through its integrated technology platform, combining payments, settlement, retail enablement and customer engagement.

The Board believes that these milestones demonstrate that Hui10 has moved beyond initial deployment and is now entering a phase of accelerated scaling, supported by increasing transaction volumes, expanding infrastructure and growing user adoption.

Strategic positioning and partnerships

Hui10 has continued to strengthen its position within the Chinese lottery ecosystem through a number of key developments.

Most notably, Hui10 entered into an agreement with the China Financial Certification Authority ("CFCA"), one of China's leading national electronic certification and digital authentication authorities established by PBOC as a wholly owned subsidiary of China UnionPay, representing a key step towards enabling deployment of its paperless lottery platform, subject to regulatory direction. This represents an important milestone in aligning Hui10's platform with national regulatory and security infrastructure.

The Company has also continued to build on its partnership with TEAM CHINA, supporting the promotion of TEAM CHINA branding and merchandise across Hui10's network and the rollout of flagship Sports Lottery+ stores. TEAM CHINA is the official commercial brand of the Chinese Olympic Committee, China's national teams and elite athletes, operating under the General Administration of Sport of China. The relationship provides Hui10 with a unique commercial position and significant institutional credibility within China's sports ecosystem, linking community-level sports participation with elite national sporting programmes.

In addition, Hui10 has entered into commercial partnerships with leading domestic and international brands, enhancing the Lucky World platform and supporting the development of a broader retail ecosystem.

These developments, together with Hui10's integration with UnionPay and expanding national infrastructure, position the business to benefit from increasing lottery participation and wider digitalisation trends in China. The Board believes that Hui10's combination of proprietary technology and intellectual property, recognised software development, cybersecurity and operational governance standards, strategic relationships across the lottery, payments and sports ecosystems, nationally capable infrastructure and expanding retailer network creates significant barriers to entry and supports the long-term scalability of its platform.

Funding and capital position

Over the past 12 months, a total of £56 million of equity funding has been raised and committed to support Hui10's continued rollout and development.

Based on the funding secured to date, together with existing committed capital, the Board does not currently anticipate any requirement for additional funding to deliver Hui10's near-term strategic objectives.

This strengthened capital position provides a solid foundation for the next phase of growth as Hui10 continues to expand its national footprint and progress towards the expected deployment of paperless lottery initiatives.

Strategic review and corporate developments

As previously announced, the Company has been evaluating strategic options to enhance shareholder value, broaden access to institutional capital and facilitate a transition from the Specialist Fund Segment of the London Stock Exchange to the Equity Shares (Commercial Companies) category of the Official List and trading on the Main Market.

Following this review, on 8 April 2026 the Company announced that it had reached agreement in principle on the terms of a possible all-share combination with Acceler8 Ventures plc ("AC8"). If completed, the proposed transaction would result in the admission of the enlarged group to the Equity Shares (Commercial Companies) category of the Official List and trading on the London Stock Exchange's Main Market. The Board believes that the proposed transaction has the potential to broaden the shareholder base, improve access to institutional investors and create a structure more closely aligned with the Group's operating business and long-term growth ambitions.

As a result of the announcement, the Company is currently in an offer period under the City Code on Takeovers and Mergers. There can be no certainty that any firm offer will ultimately be made. Further announcements will be made as appropriate and in accordance with the Company's regulatory obligations.

As part of the Company's ongoing preparation for potential strategic outcomes, during the period amendments were made to Hui10's pre-existing management incentive plan and warrant arrangements. These amendments provide greater flexibility in relation to potential corporate events, including the ability to accelerate vesting where appropriate, while maintaining alignment between management and shareholder interests.

During the period, the Company also established an Employee Benefit Trust ("EBT") to support the operation of its share-based incentive arrangements. The EBT may be used to acquire and hold shares in the Company to satisfy awards under existing and future employee incentive schemes.

Non Hui10 Portfolio investments

During the period, the Company completed the disposal of its investment in Touchless Innovations Limited.

The disposal is consistent with the Company's strategy of focusing its resources on its core investment in Hui10, which now represents substantially all of the Group's portfolio value.

Following the disposal, the Company's remaining non-core investments represent a small proportion of total assets and the Board does not anticipate making further new investments outside of Hui10.The balance of the IIG portfolio is focused on small technology and healthcare companies which following the sale of Touchless Innovations Limited make up only 0.2% of the total asset valuation of the Company.

The Board will continue to review the Company's remaining non-core investments with a view to realising value where appropriate.

Financial performance

NAV per share has increased since the year end at 207.5 pence (30 September 2025: 150.3 pence) largely due to the increase in Hui10's valuation and the resulting unrealised gain recognised in income. Net Assets were £498.1 million (30 September 2025: £328.0 million), including investments and loans to investment companies of £496.3 million (30 September 2025: £326.9 million) and cash of £1.3 million (30 September 2025: £1.2 million).

The Company reported a net profit for the period of £156.0 million, primarily reflecting the fair value increase in the valuation of Hui10, alongside interest income on the Hui10 Loan and management charge income from Hui10 offset by administrative and downward fair value movements on the portfolio outside of Hui10.

Given the cash and liquid investments compared to the administrative costs, the Company has adequate working capital. The Board does not propose to declare a dividend.

Outlook

Hui10 enters the second half of the financial year with strong operational momentum.

The Company expects continued expansion of the Lucky World network, further growth in transaction volumes and user adoption, and continued progress towards the anticipated deployment of paperless lottery initiatives, subject to regulatory direction.

Looking further ahead, the Board believes that Hui10 is well positioned to capitalise on the significant long-term opportunity presented by the digital transformation of China's lottery sector.

In parallel, as announced separately post the half-year end, the Company is currently in an offer period under the UK City Code on Takeovers and Mergers following the announcement of a possible all-share transaction. There can be no certainty that any firm offer will ultimately be made.

The Board's priority remains to ensure that the value being created within Hui10 is appropriately reflected for shareholders.

Nigel Rudd Chairman

Giles Willits Chief Executive Officer

10 June 2026

Investments (including loans)	Method of fair value valuation	Valuation as at 31 March 2026 £	Valuation as at 30 September 2025 £
Later stage investments
Hui10 Inc	Valuation based on market based transactions supported by a discounted cashflow	455,554,809	299,345,526
	Loan - Initially recorded at fair value plus accrued interest	40,016,690	25,050,866
BioQ Pharma Inc	Value on conversion from loan notes	153,030	153,030
Touchless Innovations Limited	Divested in the period	-	1,047,000
Series A and B investments
Axol Bioscience Limited	Last investment round	79,472	79,472
The Electrospinning Company Limited	Discounted cashflow	436,894	436,894
Micrima Limited	Last investment round	34,557	34,557
Momentum Bioscience Limited	In liquidation	-	375,000
Outec Limited	Last investment round	1,563	7,813
PneumoWave Limited	In liquidation	-	395,503
Closing Fair Value		496,277,015	326,925,661

IIG Portfolio Overview

Hui 10 Inc. ("Hui10")

The Group invested £299.4 million in October 2023 to acquire 100% of Hui10 Inc. Hui10 continues to represent the principal investment of the Company.

For the six months ended 31 March 2026, the Directors have reassessed the fair value of Hui10 in accordance with IFRS 13 Fair Value Measurement and IAS 34 Interim Financial Reporting, taking into account developments since 30 September 2025.

Consistent with the approach adopted at the year end, the Directors have considered a number of valuation methodologies. A discounted cash flow (income approach) has been prepared; however, this continues to rely on significant unobservable inputs, including assumptions regarding future growth and a high Weighted Average Cost of Capital reflecting execution risk. As such, the income approach has been used as a corroborative cross-check only.

The primary valuation continues to be based on a market approach. At 30 September 2025, this was anchored to the Company's August 2025 equity raise. For the interim period, the Directors have considered whether subsequent observable market data provides additional evidence of fair value.

Since 30 September 2025, the Company's share price has increased from approximately £1.06 to £1.57 as at 31 March 2026, alongside an increase in the number of the shares in issue following a further equity raise. The Directors consider this share price movement to represent observable market participant behaviour and, when adjusted for an appropriate NAV discount consistent with that applied at the year end (33.5%), provides relevant evidence in assessing the fair value of the underlying investment.

Accordingly, the Directors have updated the implied Net Asset Value of the Company using the period-end share price and applied the consistent discount methodology to derive an implied valuation for Hui10. After adjusting for movements in the Company's net assets excluding Hui10 (including loans and other balances), this results in an increase in the fair value of Hui10 of £156.2 million during the period.

The fair value of Hui10 at 31 March 2026 is therefore £455.6 million (30 September 2025: £299.4 million).

The valuation remains classified within Level 3 of the fair value hierarchy. Consistent with the Group's policy, a sensitivity to the NAV discount remains a key unobservable input. Consistent with the Group's Level 3 valuation policy, a ±5% sensitivity to the NAV discount would result in a valuation range for Hui10 of £420.8 million to £495.9 million (based on a central valuation of £455.6 million).

Post period end, the announcement of a possible all-share combination with Acceler8 Ventures plc implied a value for the Company of approximately £600 million, providing further external validation of the value created within Hui10, although no firm offer has yet been made and there can be no certainty that any such transaction will occur.

Hui10 is a technology company involved in the digital transformation of the Chinese lottery. Its paperless lottery play platform unlocks the market expansion of the Chinese lottery aiming to increase the number of people playing the lottery from the current 10% participation level to a target of more than 30%. Lucky World is Hui10's omnichannel commerce platform which provides China's existing 200,000 lottery only shops access to a wider fastmoving consumer goods product offering through its growing number of commercial partnerships with leading Chinese suppliers.  

BioQ Pharma Incorporated ("BioQ")

Investment of US$1.0 million by way of unsecured convertible loan notes and warrants, which were converted into equity in July 2025. The valuation is based on the investment at the point of conversion and the investment is now held at fair value of £153,030. 

BioQ is a commercial-stage, medical device and pharmaceutical company, addressing the infusible drugs market. BioQ's proprietary InveniousTM platform comprises a "connect-and-go" drug-device system combination, which can be utilised to improve the delivery of infusible medicines. BioQ's platform includes a bespoke unit-dose delivery solution for infusible drugs, whereby a diluent delivery system and administration line are combined in one self-contained, ready-to-use presentation. The key benefits of the platform include reduced cost and complexity compared to current infusion techniques.

Axol Biosciences Limited ("Axol")

Investment of £249,000 in A ordinary shares, held at £79,472, fair value for which the last funding round is deemed the most appropriate basis of measurement. Axol last undertook a fundraise in May 2024.

Axol produces high quality human cell products, particularly in relation to pluripotent stem cell and critical reagents such as media and growth supplements, which are sold to medical research and drug discovery organisations. Axol also provides contract research for example customising cell lines for customers, such as reprogramming and differentiation. The Chairman of Axol is Jonathan Milner, who was previously deputy chairman of Abcam plc.

The Electrospinning Company Limited ("TECL")

Investment of £500,000 in ordinary shares, held at £436,894 based on a discounted cashflow of the business using latest projections.

TECL has a technology platform built around the process of electrospinning, a technique for production of micro and nano-fibre biomaterials from a variety of natural and synthetic polymers, and a suite of post-processing technologies to convert the biomaterials into medical device components. The core business is the sale of product development and manufacturing services to medical device companies. TECL is also using its know-how to develop proprietary materials for targeted out-licensing opportunities, aiming to capture more of the end-market value created by its innovations and expertise.

Micrima Limited ("Micrima")

The initial investment of £230,000 was by way of convertible loan note. The Company undertook a fundraising which triggered the conversion of the convertible loan note; therefore the investment is held at £34,557 fair value for which the last funding round is deemed the most appropriate basis of measurement. Microma last undertook a fundraise in September 2024.

Micrima specialises in radiofrequency technology to improve early diagnosis of breast cancer and measure breast density. Micrima continues to make progress, but has suffered delays in its commercial launch and as a consequence is looking to refocus on breast density measurement.

Momentum Bioscience Limited ("Momentum")

Investment of £125,000 in preferred A ordinary shares, formerly held at £375,000 fair value, for which last funding round was deemed the most appropriate basis of measurement. Momentum undertook an additional subscription in December 2023. In December 2025 the company entered into creditors' voluntary liquidation and a result the investment has been written down to nil, with a corresponding fair value loss recognised in profit or loss.

Ocutec Limited ("Ocutec")

Investment of £250,000 in ordinary shares, held at £1,563 fair value, for which the last funding round is deemed the most appropriate basis of measurement. Ocutec completed a fundraising in March 2026.

Ocutec has patented technology covering the formulation of novel contact lens products, contact lens comfort solutions and injection moulding technology for rapid manufacturing. Ocutec is based in Glasgow, and has been operating since 2006, having been spun out of the University of Strathclyde.

PneumoWave Limited ("PneumoWave")

Investment of £450,000 in new ordinary shares, held at £395,503 fair value up to 30 September 2025, for which the last investment round was deemed the most appropriate basis of measurement. IIG invested £100,000 by way of convertible loan notes which convert at a 15% discount to the Series A and £350,000 in the pre-series A funding round.

PneumoWave last raised money in September 2024 by way of convertible loan note however more recent attempts at fundraising have been unsuccessful and the Board of Pneumowave have taken the decision to appoint administrators. As such the investment has been written down to nil, with a corresponding fair value loss recognised in profit or loss.

Statement of Comprehensive Income Six months ended 31 March 2026		Notes		6 months to 31 March 2026 (Unaudited) £'000		6 months to 31 March 2025 (Unaudited) £'000		Year to 30 September 2025 (Audited) £'000
Investment income
Finance income				938		315		834
Dividend income				147
Gains/(losses) on realised investments				(147)		-		1
Unrealised gains/(losses) due to FX				-		36		12
Gains/(losses) on investments at fair value				155,433		(11)		(4,510)
Management fees				192		-		323
				156,563		340		(3,340)
Total administrative expenses				(546)		(431)		(937)
Profit/(Loss) before tax				156,016		(91)		(4,277)
Corporation tax								-
Profit/(Loss) for the period				156,016		(91)		(4,277)
Other comprehensive income								-
Total comprehensive income attributable to the owners of the company				156,016		(91)		(4,277)
Earnings/(Loss) per share
Basic - pence		3		71.4p		(0.1)p		(2.1)p
Diluted - pence				71.4p		(0.1)p		(2.1)p

Statement of Financial Position As at 31 March 2026		Notes		As at 31 March 2026 (Unaudited) £'000		As at 31 March 2025 (Unaudited) £'000		As at 30 September 2025 (Audited) £'000
ASSETS
Non-current assets
Investments		4		456,260		306,380		301,875
				456,260		306,380		301,875
Current assets
Trade and other receivables				40,633		11,994		25,052
Cash and cash equivalents				1,284		725		1,216
				41,917		12,719		26,268
TOTAL ASSETS				498,177		319,099		328,143
EQUITY
Non-current assets
Called up share capital		5		24,006		20,822		21,821
Deferred shares				48		48		48
Share premium				329,144		304,180		311,330
Other reserves				144		144		5,234
Own reserves				(900)		-		-
Retained Earnings/(Accumulated deficit)				145,621		(6,206)		(10,395)
Total Equity				498,063		318,988		328,038
LIABILITIES
Current liabilities
Trade and other payables				114		111		105
TOTAL LIABILITIES				114		111		82
TOTAL EQUITY AND LIABILITIES				498,177		319,099		328,143
Net asset value per share				207.5p		153.2p		150.3p

Statement of Changes in Equity Six months to 31 March 2026		Called up Share Capital £'000	Deferred Shares £'000	Share Premium £'000	Other Reserves £'000	Own Reserves £'000	Retained Earnings £'000	Total Equity £'000
Balance at 30 September 2024		20,229	48	297,062	144	-	(6,118)	311,365
Loss for the period		-	-	-	-	-	(88)	(88)
Issued shares during the period		592	-	7,119	-	-	-	7,711
Balance at 31 March 2025		20,821	48	304,181	144	-	(6,206)	318,988
Loss for the period		-	-	-	-	-	(4,189)	(4,189)
Shares cancelled in the period		(325)	-	(4,765)	5,090	-	-	-
Issued shares during the period		1,325	-	11,914	-	-	-	13,239
Balance at 30 September 2025		21,821	48	311,330	5,234	-	(10,395)	328,038
Profit for the period		-	-	-	-	-	156,016	156,016
Transfer of shares to Employee Benefit Trust		-	-	-	-	(900)	-	(900)
Reclassification of prior year share cancellation to loan payable (note 6)		-	-	-	(5,090)	-	-	(5,090)
Issued shares during the period		2,185		17,815				20,000
Balance at 31 March 2026		24,006	48	329,144	144	(900)	145,621	498,063

Statement of Cash Flows For the six months to 31 March 2026		Notes		6 months to 31 March 2026 (Unaudited) £'000		6 months to 31 March 2025 (Unaudited) £'000		Year to 30 September 2025 (Audited) £'000
Profit/(loss) from continuing operations				156,016		(91)		(4,277)
Adjusted by:
Unrealised interest income				(938)		(313)		(832)
Loss/(Profit) on disposal of investments				147		-		7
Unrealised losses due to foreign exchange				-		(36)		(12)
Profit/(losses) on investments due to fair value movements				(155,433)		11		4,503
Interest income				-				(2)
				(208)		(429)		(613)
Changes in working capital:
(Increase)/decrease in trade and other receivables				(234)		(7,648)		(301)
(Decrease)/increase in trade and other payables.				10		29		23
Loan advanced to investee				(19,500)		-		(19,911)
Proceeds from sale of investments				-				6
Cash used from continuing operations				(19,932)		(8,048)		(20,796)
Net cash outflow from operating activities				(19,932)		(8,048)		(20,796)
Cash flows from financing activities
Proceeds from issuance of shares				20,000		7,711		20,949
Net cash inflow from financing activities				20,000		7,711		20,949
Increase/(decrease) in cash and cash equivalents				68		(337)		153
Cash and cash equivalents at the beginning of the period				1,216		1,062		1,063
Cash and cash equivalents at the end of the period				1,284		725		1,216

Intuitive Investments Group Plc

Notes to the Half Yearly Report

For the 6 months to 31 March 2026

1.   General Information

IIG is an investment company seeking to provide investors with exposure to a portfolio concentrating on fast growing and/or high potential technology and life sciences businesses operating predominantly in the UK, continental Europe, the US and APAC, utilising the Board's experience to seek to generate capital growth over the long term for shareholders. Intuitive Investments Group Plc is a company incorporated and domiciled in England and Wales. The company is listed on the Specialist Funds segment on the Main Market of The London Stock Exchange. (ticker: IIG).

The unaudited financial information set out in this Half Yearly report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Company's statutory financial statements for the period ended 30 September 2025, prepared under UK-Adopted International Financial Reporting Standards ("IFRS"), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Sections 498(2) and 498 (3) of the Companies Act 2006.

Copies of the annual statutory accounts and the Half Yearly report can be found on the Company's website at http://www.iigplc.com/.

2.   Basis of preparation

This Half- Yearly report has been prepared using the historical cost convention, on a going concern basis and under IFRS. The interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report and Accounts for the year ended 30 September 2025.

3.   Earnings per Share

Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares outstanding during the period.

Reconciliations are set out below:

		6 months to 31 March 2026 (Unaudited)		6 months to 31 March 2025 (Unaudited)		Year to 30 September 2025 (Audited)
Basic
Earnings attributable to ordinary shareholders (£'000)		156,016		(91)		(4,277)
Weighted average number of shares (£'000)		218,535		206,639		208,945
Earnings/(loss) per share (pence)		71.4p		(0.1)p		(2.1)p
Diluted
Earnings attributable to ordinary shareholders (£'000)		156,016		(91)		(4,277)
Weighted average number of shares (£'000)		218,535		206,639		208,945
Earning/(loss) per share (pence)		71.4p		(0.1)p		(2.1)p

4.   Investments

Cost		£'000
At 30 September 2024		306,315
Additions		-
Disposals		-
Accrued interest		39
Exchange rate adjustment		36
Change in fair value		(11)
At 31 March 2025		306,380
Additions		-
Disposals		(7)
Accrued interest		26
Exchange rate adjustment		(24)
Change in fair value		(4,499)
At 30 September 2025		301,875
Additions		-
Disposals		(1,048)
Accrued interest		-
Exchange rate adjustment		-
Change in fair value		155,433
At 31 March 2026		456,260

5.   Share Capital

Issued share capital comprises:

		6 months to 31 March 2026 (Unaudited) £'000		6 months to 31 March 2025 (Unaudited) £'000		Year to 30 September 2025 (Audited) £'000
Deferred shares
250,000 deferred shares		48		48		48
Ordinary shares
Ordinary shares of 10p each		24,006		20,821		21,821
		24,054		20,869		21,869

On 27 October 2023 the Company acquired the entire issued share capital of Hui10 for a consideration of US$365m. The consideration was settled by the issue of 1,911,529,540 existing ordinary shares in the Company at a price of 15.66 pence per share.

On 13 December 2023, the Company issued 2,687,095 existing ordinary shares, fully paid for cash at a price of 15.66 pence per share.

5.  Share Capital (continued)

On 5 January 2024, the Company issued 11,353,767 existing ordinary shares, fully paid for cash at a price of 15.66 pence per share.

On 29 February 2024 the ordinary shares were consolidated on the basis of 1 new share for 10 old shares to simplify the company's capital structure.

On 21 March 2024, the Company issued 809,519 new ordinary shares, fully paid for cash at a price of £1.566 per share.

On 8 April 2024, the Company issued 159,642 new ordinary shares, fully paid for cash at a price of £1.566 per share.

On 18 October 2024, the Company issued 4,624,840 new ordinary shares, fully paid for cash at a price of £1.33 per share.

On 6 March 2025, the Company issued 1,300,000 new ordinary shares, fully paid for cash at a price of £1.20 per share.

On 9 April 2025, the Company cancelled 3,250,254 new ordinary shares, bought back for nil consideration.

On 16 June 2025, the Company issued 9,583,740 new ordinary shares, fully paid for cash at a price of £1.00 per share.

On 2 September 2025, the Company issued 3,654,180 new ordinary shares, fully paid for cash at a price of £1.00 per share.

On 13 January 2026, the Company issued 21,854,102 new ordinary shares, fully paid for cash at a price of 91.5 pence per share.

Warrants/Management Incentive Schemes Amendments

In August 2024, Hui10 established a share growth incentive scheme (the "MIP") under which participants are rewarded if a predetermined level of shareholder value is created over a specified period or upon a change of control of Hui10 (whichever occurs first). The reward is calculated by reference to the growth in the value of Hui10 above a hurdle value, subject to certain adjustments.

During the period, the terms of the MIP were amended to introduce a Company call option which enables the acceleration and settlement of participant entitlements on certain corporate events occurring. In consideration for these amendments, participant entitlements were increased. The Directors believe these changes improve alignment between management and shareholders while providing greater flexibility in relation to potential strategic transactions.

The Company also has certain warrant arrangements outstanding relating to both Hui10 and the Company's ordinary shares. During the period, amendments were made to the warrant in Hui10 to facilitate potential corporate transactions, including the introduction of provisions governing exercise and lapse on a change of control and a revision to the applicable exercise prices.

The Directors have considered the impact of these amendments and concluded that they do not give rise to a material share-based payment charge in the period.

Further details of these arrangements are set out in the Company's Annual Report for the year ended 30 September 2025 and subsequent announcements.

Employee Benefit Trust

During the period, the Company established an Employee Benefit Trust ("EBT") to support the operation of any future share-based incentive arrangements.

The EBT is controlled by the Company and is therefore consolidated within the Group financial statements. Any

shares held by the EBT are treated as own shares and are deducted from equity.

The EBT may acquire and hold ordinary shares in the Company to satisfy awards under existing and future incentive schemes.

During the period, 753,895 ordinary shares were transferred to the EBT.

6.   Reclassification of prior year share cancellation

During the period, following clarification of the underlying substance of a prior year share cancellation, the Group has recharacterised the transaction as a financing arrangement with Hui10. Hui10 funded the return of capital to the relevant shareholder and, accordingly, a liability of £5.1 million has been recognised.

An amount previously recognised in other reserves has been reclassified to a loan payable, with no impact on profit or loss.

7.   Post balance sheet events

Subsequent to the reporting date, the Company announced, pursuant to Rule 2.4 of the UK Takeover Code, that it is in discussions regarding a possible offer for the Company.

There can be no certainty that an offer will ultimately be made.

The Directors have considered the implications of such announcement and concluded that it represents a non-adjusting event after the reporting period. Accordingly, no adjustment has been made to the carrying value of the Group's investments as at 31 March 2026.

 

END