Half-year Financial Report

FORESIGHT TECHNOLOGY VCT PLC

LEI: 21380013CXOR8N6OD977

18 DECEMBER 2025

UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Financial Highlights

Company

• Net Asset Value per share at 30 September 2025 was 92.0p (31 March 2025: 91.4p).
• During the period, the Company invested in two new portfolio companies and executed four follow-on investments in existing companies.
• During the period, under the buyback policy, the Company completed the repurchase and subsequent cancellation of
  
  

0.4 million shares at an average discount of 5.0% to the prevailing NAV per share.

• During the period, £3.0 million was raised under the offer dated 5 September 2024.

• Since the end of the reporting period, a further £1.2 million has been raised under the new offer for subscription which was launched on 16 September 2025, bringing the total funds raised to £46.4 million.
• Since the end of the reporting period, two follow-on investments into Xim ("Lifelight") Limited and Synaptec Limited have been made, bringing total deployment to £34.5 million.
  
  

Chairman’s Statement

On behalf of the Board, I am pleased to present the Unaudited Half-Yearly Financial Report for Foresight Technology VCT plc for the six months ended 30 September 2025 and to provide you with an update on the Company.

COMPANY

The FWT share class was launched in December 2019, and represents an exciting investment opportunity. The Company provides investors with the opportunity to invest in a portfolio of early-stage companies with high growth-potential, developing innovative and occasionally transformational technologies across a range of different sectors.

Fundraising and share issues

The offers for subscription, dated 5 September 2024 and relaunched on 16 September 2025, are each up to £15 million (with an overallotment facility for up to an additional £10 million) through the issue of shares. During the six months ended 30 September 2025, across the former offer, 3.0 million shares were allotted, raising a further £3.0 million, bringing the total funds raised to over £45.2 million.

Post period end, a further 1.3 million FWT Shares were allotted, increasing the total funds raised to £46.4 million.

Portfolio and deal activity

During the period the Company's Net Asset Value ("NAV") increased by 0.7% from 91.4p per share as at 31 March 2025 to 92.0p as at 30 September 2025. A detailed analysis of the investment portfolio performance over the period is given in the Investment Manager’s Review.

The Company has experienced a productive six months, with two new investments completed in Spaceflux Limited and SenseAI Vision Limited. The Company also completed four follow-on investments into existing portfolio companies Zayndu Limited, Audioscenic Limited, Opsydia Limited and Kognitiv Spark Inc. Many portfolio companies continue to make strong technical and commercial progress, navigating a challenging business environment with resilience. The Investment Manager remains closely engaged with the portfolio, supporting the teams to achieve key milestones that will enable further funding rounds or position them for successful exits.

Portfolio highlights include Previsico Limited, whose flood forecasting platform is seeing strong demand from the insurance sector, culminating in an oversubscribed Series A funding round. Meanwhile, Xim Limited ("Lifelight") has become the first company to achieve EU Class II medical certification for blood pressure measurement using only a smartphone camera. Case studies on these two companies can be found on page 10 of the Half-Year Report.

Details of each of the top ten companies by value as at 30 September 2025 can be found on page 11 of the Half-Year Report.

As at 30 September 2025, the Company had made investments totalling £34.1 million in 37 exciting portfolio companies. Post period end, the Company made two follow-on investments totalling £0.4 million.

The Investment Manager continues to see a strong pipeline of potential investments sourced through its regional networks and well-developed relationships with universities, advisers and the SME community, however, it is also focused on supporting the existing portfolio through the current economic environment. Following the fundraising over the last couple
of years, the Company is in a position to fully support the portfolio, where appropriate, and exploit potential attractive investment opportunities.

Management fees

The annual management fee of the Company is calculated as 2.0% of net assets and equated to £412,000 during the period. The Board believes that the annual management fee represents good value for investors.

Responsible investing

The Board acknowledges the Investment Manager’s ongoing commitment to responsible investing. Foresight integrates sustainability criteria across its business and investment activities. Sustainability analysis is embedded within the investment process and is considered fundamental to assessing business quality and sustainability. Five core ESG principles guide the evaluation of investee companies and progress against these principles is tracked annually throughout the investment lifecycle, from initial review to exit.

Buybacks

The Board is pleased to have achieved an average discount across all buybacks of 5.0% to the Net Asset Value per share in the period and continues to have an objective of maintaining buybacks at a discount of 5.0%, subject to market conditions.

In the six months ended 30 September 2025 the Company has purchased 359,873 shares which were subsequently cancelled.

Outlook

Global events over the past six months have reinforced the relevance of the Company’s investment strategy. From record-breaking European heatwaves and flash floods to the continued need for productivity-enhancing technologies in developed economies, the world is facing urgent challenges that demand innovative solutions. The announcement of over $1.5 trillion in global Artificial Intelligence ("AI") infrastructure investment in 2025, and three of the largest cyber-attacks in UK corporate history, further validate the focus on high-growth companies addressing systemic risks and opportunities.

The past six months have also seen continued efforts by the UK Labour Government to stimulate growth in the UK’s technology sector. A particular highlight has been the announcement of over £40 billion in AI and cloud infrastructure investment from global leaders including Microsoft, Google and Nvidia. This surge in capital reflects growing confidence in the UK’s digital economy and lays the foundation for the next generation of AI-enabled companies – further reinforcing the relevance of our strategy: investing in diversified high-growth potential, innovative companies.

The Board applauds the UK Government’s decision to raise the investment limits and gross asset test thresholds for VCT qualifying companies in the November 2025 budget. These changes will enable VCT funds to invest further into a company’s funding journey, helping to address the "growth" stage funding gap that is widely recognised in the industry. At the same time, the board is disappointed to see the reduction in tax relief afforded to VCTs from 30% to 20%, which may have a temporary impact on funds raised in the wider VCT market. The Investment Manager reports that it is already taking actions to mitigate the effect of this transition period.

At the same time, there is growing concern that the AI sector may be entering a "bubble" phase, with a correction increasingly seen as a matter of when, not if. In this environment, the Investment Manager is drawing on its more than 40-year track record of disciplined investing through multiple economic cycles. The focus remains on identifying the market "signal" which includes technologies with defensible Intellectual Property ("IP"), clear economic value and alignment with long-term global trends and avoiding the "noise" of hype-driven narratives.

The UK deep tech ecosystem is showing signs of renewed momentum. Deep tech companies are those developing technologies to address the most urgent global challenges. Fundraising conditions are improving, supported by increased capital allocations to defence and dual-use technologies. Investors are also beginning to look beyond pure-play AI businesses, and with this in mind, the Investment Manager is focussed on investing in companies that show attractive and defensible characteristics, alongside growth potential.

Finally, the M&A environment is showing signs of recovery, with recent successful exits in UK technology boosting optimism. While deal volumes remain below 2024 levels, analysts are optimistic that activity will increase in 2026, driven by AI-led consolidation and international interest in UK technology. The portfolio remains well positioned to benefit from long-term structural trends shaping the global economy and the Investment Manager remains focused on positioning the portfolio for potential realisations.
Thank you for your continued support.

Ernie Richardson
Chairman
18 December 2025

Investment Manager’s Review

Summary

Between the launch of the FWT Share class on 20 December 2019 and the end of the reporting period, the Company had raised
£45.2 million. The offer provides investors with the opportunity to invest in a portfolio of early stage companies with high growth potential, developing innovative and occasionally transformational technologies across a range of different sectors. As at 30 September 2025, the Company had made investments into 37 companies totalling £34.1 million. Exit opportunities are under review with a hope to realise value from the investment portfolio in the next financial year.

New Investments

Two new investments totalling £1.1 million were completed in the six months to 30 September 2025. There is a strong pipeline of opportunities to pursue during the next six months to 31 March 2026.

Spaceflux Limited - In July 2025, the Company completed a £0.5 million initial investment into Spaceflux, as part of an oversubscribed £5.4m funding round. Spaceflux is a provider of real-time Space Situational Awareness ("SSA") and Space Traffic Management solutions using a global network of 14 advanced optical ground sensors, combined with proprietary software, AI and analytics. A surge in satellite launches, leading to rising levels of orbital debris and therefore risks of collisions has driven growing market demand for motoring solutions and increased investment from governments and the defence sector. Spaceflux has established itself as a trusted provider of SSA, providing services to several customers across the UK, and is targeting international growth with the new funding. This investment will support Spaceflux’s continued growth and international market expansion.

SenseAI Vision Limited - In August 2025, the Company completed a £0.6 million initial investment into SenseAI Vision as part of a seed investment round, which also included participation from the Foresight Technology EIS fund and other external investors. SenseAI Vision has developed an innovative software-based compressive sensing technology for use initially in electron microscopy but is also applicable for other imaging modalities. This investment will support product development and roll-out to research and industrial customers.

Follow-on investments
The Company made follow-on investments into four companies during the six months to 30 September 2025, totalling £3.0 million. Further details of each of these are provided here.

The additional equity injections in the period were used to support further growth plans, such as launching new products and expansion of commercial capabilities. The Investment Manager continues to successfully navigate the volatility that has been felt across the markets over the course of the year and remains vigilant about the health of the portfolio and the need for follow-on funding during the first half of 2026. Given the size of the portfolio, further opportunities to deploy capital into growing existing investments are expected.

Opsydia Limited - In April 2025, the Company completed a £1.1 million follow-on investment into Opsydia. With guidance from Foresight, Opsydia has pivoted into a new market opportunity of optical networking and interconnects, driven by the growing need to transmit data optically in high-performance AI data centres. To support this transition, Foresight appointed a Chair and Chief
Technology Officer, both bringing deep sector expertise and leadership experience. The investment will support Opsydia’s commercialisation in this fast-growing sector.

Audioscenic Limited - In April 2025, the Company completed a £1.3 million follow-on investment into Audioscenic, which has developed a software-based solution that unlocks the full potential of 3D audio. Since the initial and previous
follow-on investments, the team has grown significantly and three products have launched, including an award-winning gaming soundbar. The latest investment will support further commercialisation as Audioscenic aims to establish its technology as the industry standard for spatial audio across consumer electronics.

Zayndu Limited - In April 2025, the Company completed a £0.4 million follow-on investment into Zayndu, as part of a £1.4 million fundraising round. Zayndu is a Loughborough University spin-out developing cold plasma-based seed treatment technology that boosts crop yields without the use of agricultural chemicals. Since initial investment in November 2023, Zayndu has enhanced its product design and grown its customer base. Foresight introduced key board members, including a Chair and Non-Executive Director. The follow-on investment will support continued scaling and expansion.

Kognitiv Spark Inc - In September 2025, the Company completed a £0.3 million follow-on investment into Kognitiv Spark, a software company that provides 3D data to support field service workers in remote locations via Augmented Reality. This investment will support further development of the technology stack along with driving further commercial growth.

Unaudited Half-Yearly Results and Responsibilities Statements

Principal Risks and Uncertainties

The principal risks faced by the Company are as follows:

• Market risk
• Strategic and performance risk
• Internal control risk
• Legislative and regulatory risk
• VCT qualifying status risk
• Investment valuation and liquidity risk

The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Accounts for the year ended 31 March 2025. A detailed explanation can be found on pages 24 and 25 of the Annual Report and Accounts which is available on Foresight Group’s website at www.foresight.group or by writing to Foresight Group LLP at: The Shard, 32 London Bridge Street, London, SE1 9SG.

Since the annual report, the UK Government, as part of the November 2025 Budget, has announced a reduction in tax relief on VCT funds from 30% to 20% as of 1 April 2026. At the time of writing, the implications of this announcement are still being assessed, but it may result in an increase in inflows into the VCT market ahead of this change, followed by a drop in inflows from April 2026 onwards. The Investment Manager recognises this risk and is identifying measures to protect and grow value in the portfolio should inflows be impacted by these changes. The emerging risks identified in the previous report included those of climate change and geopolitical tensions. These emerging risks continue to apply and be monitored. The Board and the Investment Manager continue to follow all emerging risks closely with a view to identifying where changes affect the areas of the market in which portfolio companies operate. This enables the Investment Manager to work closely with portfolio companies, preparing them so far as possible to ensure they are well positioned to endure potential volatility.

Directors' Responsibility Statement

The Disclosure and Transparency Rules (“DTR”) of the Financial Conduct Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Half-Yearly Financial Report.

The Directors confirm to the best of their knowledge that:

      a)   the summarised set of financial statements has been prepared in accordance with FRS 104

      b)   The Half-Yearly Financial Report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)

      c)   The summarised set of financial statements gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by DTR 4.2.4R

      d)   The Half-Yearly Financial Report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein)

Going Concern

The Company’s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report of the Annual Report. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the Chair’s Statement, Strategic Report and Notes to the Accounts of the 31 March 2025 Annual Report.

In addition, the Annual Report includes the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk.

The Company has considerable financial resources together with investments and through the cash generated from fundraising activities. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The Half-Yearly Financial Report has not been audited nor reviewed by the auditor. On behalf of the Board

Foresight Group LLP
18 December 2025

Unaudited Income Statement
for the six months ended 30 September 2025

	Six months ended			Six months ended			Year ended
	30 September 2025			30 September 2024			31 March 2025
		(unaudited)			(unaudited)			(audited)
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Investment holding gains/(losses)	—	579	579	—	220	220	—	(2,206)	(2,206)
Income	135	—	135	140	—	140	335	—	335
Investment management fees	(103)	(309)	(412)	(87)	(261)	(348)	(180)	(541)	(721)
Other expenses	(176)	—	(176)	(232)	—	(232)	(478)	—	(478)
(Loss)/profit before taxation	(144)	270	126	(179)	(41)	(220)	(323)	(2,747)	(3,070)
Taxation	—	—	—	—	—	—	—	—	—
(Loss)/profit after taxation	(144)	270	126	(179)	(41)	(220)	(323)	(2,747)	(3,070)
(Loss)/profit per share
FWT Share	(0.3)p	0.6p	0.3p	(0.5)p	(0.1)p	(0.6)p	(0.9)p	(7.5)p	(8.4)p

The total columns of this statement are the profit and loss account of the Company and the revenue and capital columns represent supplementary information.

All revenue and capital items in the above Income Statement are derived from continuing operations. No operations were acquired or discontinued in the period.

The Company has no recognised gains or losses other than those shown above, therefore no separate statement of total recognised gains and losses has been presented.

The Company has only one class of business and one reportable segment, the results of which are set out in the Income Statement and Balance Sheet.

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.

Unaudited Reconciliation of Movements in Shareholders' Funds

for the six months ended 30 September 2025

	Called-up share capital	Share premium account	Capital redemption reserve	Distributable reserve*	Capital reserve*	Revaluation reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
As at 1 April 2025	420	1,450	208	36,961	(342)	(283)	38,414
Share issues in the period	30	2,943	—	—	—	—	2,973
Repurchase of own shares	(3)	—	3	(313)	—	—	(313)
Expenses in relation to share issues	—	(74)	—	—	—	—	(74)
Expenses in relation to prior year share issues	—	(9)	—	—		—	(9)
Investment holding gains	—	—	—	—	—	579	579
Management fees charged to capital	—	—	—	—	(309)	—	(309)
Revenue loss for the period	—	—	—	(144)	—	—	(144)
As at 30 September 2025	447	4,310	211	36,504	(651)	296	41,117

* Total distributable reserves at 30 September 2025 were £35,853,000 (31 March 2025: £36,619,000).

Unaudited Balance Sheet at 30 September 2025

Registered Number: 07289280

	As at 30 September 2025 (unaudited)	As at 30 September 2024 (unaudited)	As at 31 March 2025 (audited)
	£’000	£’000	£’000
Fixed assets
Investments held at fair value through profit or loss	34,433	26,560	29,733
Current assets
Debtors	262	88	10
Cash and cash equivalents	6,558	8,435	8,965
	6,820	8,523	8,975
Creditors
Amounts falling due within one year	(136)	(247)	(294)
Net current assets	6,684	8,276	8,681
Net assets	41,117	34,836	38,414
Capital and reserves
Called-up share capital	447	355	420
Share premium	4,310	32,099	1,450
Capital redemption reserve	211	208	208
Distributable reserve	36,504	93	36,961
Capital reserve	(651)	(62)	(342)
Revaluation reserve	296	2,143	(283)
Equity shareholders' funds	41,117	34,836	38,414
Net asset value per share
FWT Share	92.0p	98.2p	91.4p

Unaudited Cash Flow Statement

for the six months ended 30 September 2025

	Six months ended 30 September 2025 (unaudited) £’000		Six months ended 30 September 2024 (unaudited) £’000		Year ended 31 March 2025 (audited) £’000
Cash flow from operating activities
Deposit and similar interest received	135		140		305
Investment management fees paid	(632)		(216)		(743)
Secretarial fees paid	(93)		(27)		(104)
Other net cash payments	(281)		(195)		(26)
Net cash outflow from operating activities	(871)		(298)		(568)
Cash flow from investing activities
Purchase of investments	(4,121)		(3,500)		(9,099)
Net cash outflow from investing activities	(4,121)		(3,500)		(9,099)
Cash flow from financing activities
Proceeds of fund raising	2,957		3,087		9,705
Expenses of fund raising	(90)		(130)		(261)
Repurchase of own shares	(282)		—		(88)
Net cash inflow from financing activities	2,585		2,957		9,356
Net outflow of cash in the period	(2,407)		(841)		(311)
Reconciliation of net cash flow to movement in net funds
Decrease in cash for the period	(2,407)		(841)		(311)
Net cash at start of period	8,965		9,276		9,276
Net cash at end of period	6,558		8,435		8,965
Analysis of changes in net debt	At 1 April 2025 £’000	Cash Flow £’000		At 30 September 2025 £’000
Cash and cash equivalents	8,965	(2,407)		6,558

Notes to the Unaudited Half-Yearly Results

For the six months ended 30 September 2025

1  The Unaudited Half-Yearly Financial Report has been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 March 2025. Unquoted investments have been valued in accordance with IPEV Valuation Guidelines (as updated in December 2022).

2  These are not statutory accounts in accordance with S436 of the Companies Act 2006 and the financial information for the six months ended 30 September 2025 and 30 September 2024 has been neither audited nor formally reviewed. Statutory accounts in respect of the year ended 31 March 2025 have been audited and reported on by the Company’s auditor and delivered to the Registrar of Companies and included the report of the auditor which was unqualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006. No statutory accounts in respect of any period after 31 March 2025 have been reported on by the Company’s auditor or delivered to the Registrar of Companies.

3  Copies of the Unaudited Half-Yearly Financial Report for the six months ended 30 September 2025 will be sent to shareholders via their chosen method of communication and are available for inspection at the Registered Office of the Company at The Shard, 32 London Bridge Street, London, SE1 9SG. Copies are also available electronically at www.foresight.group.

4  Net asset value per share

The Net Asset Value per share is based on net assets at the end of the period and on the number of shares in issue at the date.

	Net assets £’000	Number of FWT Shares in issue
30 September 2025	41,117	44,708,213
30 September 2024	34,836	35,459,937
31 March 2025	38,414	42,045,605

5  Return per share

The weighted average number of shares used to calculate the respective returns are shown in the table below:

	FWT Shares
Six months ended 30 September 2025	44,663,985
Six months ended 30 September 2024	35,347,041
Six months ended 31 March 2025	36,685,138

Earnings for the period should not be taken as a guide to the results for the full year.

6   Income

	Six months ended 30 September 2025 (unaudited) £’000	Six months ended 30 September 2024 (unaudited) £’000	Year ended 31 March 2025 (audited) £’000
Dividends received	—	—	30
Deposit and other interest	135	140	305
Total income	135	140	335

7   Investments held at fair value through profit or loss

	£’000
Book cost at 1 April 2025	30,016
Investment holding gains at 1 April 2025	(283)
Valuation at 1 April 2025	29,733
Movements in the period:
Purchases at cost	4,121
Foreign exchange losses	(26)
Investment holding gains	605
Valuation at 30 September 2025	34,433
Book cost at 30 September 2025	34,137
Investment holding gains at 30 September 2025	296
Valuation at 30 September 2025	34,433

8   Transactions with the Investment Manager

Foresight Group LLP was appointed as Investment Manager on 27 January 2020 and earned fees of £412,000 in the six months ended 30 September 2025 (six months ended 30 September 2024: £348,000; year ended 31 March 2025: £721,000).

Foresight Group LLP is the Company Secretary (appointed in November 2017) and received accounting and company secretarial services fees of £60,000 in the six months ended 30 September 2025 (six months ended 30 September 2024: £50,000; year ended 31 March 2025: £102,000).

At the balance sheet date there was £16,000 due to (30 September 2024: £nil due from; 31 March 2025: £67,000 due to) Foresight Group LLP. No amounts have been written off in the period in respect of debts due to or from the Investment Manager.

9        Related party transactions

No Director has an interest in any contract to which the Company is a party other than their appointment and payment as Directors.

10  Post balance sheet event

Between the year end and the date of this report, under the offer for subscription to raise up to £15 million FWT shares (with an overallotment facility to raise up to a further £10 million), the Company issued a total of 1,301,238 shares which raised funds of £1.2 million.

Between the 30 September 2025 and the date of this report, the Company invested a total of £0.4 million across two existing investee companies.

END

For further information please contact:
Company Secretary
Steve Thayer, Foresight Group
020 3667 8100