EMV Capital Trading and Portfolio Update
Strong operational and portfolio performance during 2025
We are pleased to provide the following trading and portfolio update ahead of the announcement of our preliminary results for the year ended 31 December 2025, which we expect to announce during May 2026.
Operational and Financial Highlights:
- Total AUM expected to be reported in excess of £100 million as at 31 December 2025
- £12.0m of syndicated fundraisings completed across fourteen portfolio companies during 2025, reflecting continued hands-on portfolio support
- Direct stakes increased to £11.3m over three years, equating to £10.4m of fair value creation from £0.9m invested (cash and in-kind), a 12.9x multiple
- Acquisition of XF-73 intellectual property and clinical assets from Destiny Pharma, establishing a new company, AMR Bio Limited, to develop the assets and plan a route through to commercialisation
- Group revenue expected to be approximately £2.8 million, representing c.16% growth driven by higher corporate finance fees, increased fundraising activity and higher recurring fund management fees following the full operational integration of Martlet Capital
Selected Portfolio Highlights:
- Wanda Health – secured multi-million dollar contracts; delivering double digit month on month revenue growth
- EpiBone – completed $4m fundraising, led by EMV Capital Partners, to advance its skeletal reconstruction products
- AMR Bio – newly formed venture building company, created following the acquisition of XF-73 assets, to develop the assets and plan a route to commercialisation
- Deeptech Recycling – progressing commercial projects including a 9,000 tpa plant in Norway supported by c.£11 million of Norwegian government debt financing programme
- Sofant Technologies – achieved world-first Ka-band transmit array demonstration and completed £6.25m fundraising, led and syndicated by EMV Capital, to advance transition to commercial sales
- Martlet Capital – fully integrated during 2025, the Martlet portfolio demonstrated resilience and fair value progression, supported by selective follow-on investments and an initial secondary exit that delivered proceeds of approximately £320k and a 2.5x return
Commenting on the update, Dr Ilian Iliev, Chief Executive Officer of EMV Capital plc, said:
“EMV Capital has continued to make steady progress during 2025. We have maintained AUM above £100 million, completed the integration of Martlet Capital, advanced our Venture Building programme and supported a number of existing and new portfolio companies through important funding and commercial milestones.
“Our focus remains on capital efficiency, active portfolio management and building a resilient platform that can deliver long-term value for shareholders. Our operational ‘core’ income growth is demonstrating the potential of our differentiated strategy to deliver revenue growth even in the absence of liquidity events. Whilst we remain cautious in the near term, we believe the quality of our portfolio and the strength of our operating model position the Group well for further growth as market conditions normalise, and the M&A market improves.”
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