Month: September 2026

CAMBRIDGE, United Kingdom, Sept. 25, 2026 (GLOBE NEWSWIRE) — Bango (AIM: BGO), the global platform for subscription bundling and payments, today announces its unaudited Interim Results for the six months ended 30 June 2026.

Financial overview (unaudited):

	1H26	1H25	Change
Revenue
Payments1	$13.6M	$14.3M	-5%
Subscriptions2	$12.3M	$10.9M	+13%
Total	$25.9M	$25.2M	+3%
Adj EBITDA3
Payments	$5.8M	$5.7M	+1%
Subscriptions	$3.2M	$1.0M	+224%
Total	$9.0M	$6.7M	+34%
Cash EBITDA4
Payments	$4.7M	$4.6M	+$0.1M
Subscriptions	($1.0M)	($5.3M)	+$4.3M
Total	$3.7M	($0.7M)	+$4.3M
Annual Recurring Revenue (ARR)5	$20.4M	$15.6M	+31%
Net Revenue Retention (NRR)6	119%	108%
	30 June 2026	31 Dec 2025
Net debt7	$8.7M	$9.2M	-$0.5M

Highlights

• ARR crossed the $20M milestone, growing to $20.4M, up 31% year-on-year (1H25: $15.6M), driven primarily by expansion within the existing customer base (NRR of 119%).
• ARR at period end increased to 39% of Group revenue for the last twelve months, continuing the transition toward a higher-quality and more predictable revenue mix (1H25: 29%).
• Active subscriptions increased 33% year-on-year to 25.6M, and six new Digital Vending Machine® (DVM) customers were awarded during the period, of which three were contracted by period end.
• Gross margin expanded by 310bps to 87%, reflecting the increasing contribution of higher-margin recurring subscription revenues and continued improvement in Payments revenue quality.
• Group Adjusted EBITDA increased 34% to $9.0M (1H25: $6.7M), driven by strong operating leverage within the Subscriptions segment, where Adjusted EBITDA more than tripled to $3.2M (1H25: $1.0M).
• Group Cash EBITDA improved from a loss of $0.7M in 1H25 to a positive contribution of $3.7M in 1H26 – with the first six months exceeding the total amount generated in the whole of FY25.
• Payments Adjusted EBITDA margin increased to 43% (1H25: 40%) following the planned restructuring of lower-margin, non-core payment routes, further improving profitability and cash generation.

Outlook

• Revenue quality continues to improve; restructuring of non-core payment routes is progressing ahead of plan and is expected to complete this year. The final outcome of the Payments restructuring may result in a low-single-digit variation in reported revenue, with negligible impact on Adjusted EBITDA. Trading for the Group remains in line with full year market expectations⁸.
• Subscriptions momentum has continued into 2H26 driven by expansion of existing customers. We continue to see exciting opportunities in our pipeline and remain cautiously optimistic despite the continued macroeconomic uncertainty. As of today, there have been eight DVM wins in FY26, with six contracted.

Bango CEO, Paul Larbey, said:

“Bango delivered a strong first half, with Annual Recurring Revenue increasing 31% to $20.4M, Adjusted EBITDA growing 34% to $9.0M and Cash EBITDA improving to $3.7M – exceeding, in six months, the amount generated in the whole of FY25. The combination of growing recurring revenue and the operating efficiencies delivered last year is translating into increasing profitability across the Group. This demonstrates the increasing operating leverage of our business which directly translates into cash EBITDA growth.

The Digital Vending Machine continues to scale as existing customers expand their use of the platform and we win new customers across Telcos and other consumer channels. Net Revenue Retention of 119% underlines the strength of our model: as customers add more subscription services and increase volumes, recurring revenue grows with minimal incremental cost. The opportunity for subscription bundling continues to expand across financial services and other sectors supporting our mission to become the platform of choice for subscription bundling.

We entered the second half with growing recurring revenue, an improving cash generation profile and a clear focus on disciplined execution. The Board remains confident in Bango’s growth prospects, underpinned by expansion from within the existing customer base and a strong pipeline of new opportunities.”

Investor Presentation:

Bango is hosting a presentation, open to all existing and potential shareholders, at 10.00am BST today. Investors can sign up to Investor Meet Company for free and register to join the call here:
https://www.investormeetcompany.com/bango-plc/register-investor

Notes

¹Payments segment revenue comprises Direct Carrier Billing (DCB) and wallets where revenue is derived by charging a percentage of the retail price paid by the consumer and one-off fees.
²Subscriptions segment revenue includes all Digital Vending Machine® (DVM) license and support fees, one-off DVM fees, fees from bundling which are charged as a percentage of the retail price and pre-stocked margin.
³Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, negative goodwill, exceptional items, share of net loss of associate and share based payment charge.
⁴Cash EBITDA is Adjusted EBITDA less net capital expenditure.
⁵Annual Recurring Revenue is the expected annual revenues to be generated in the next 12 months based on contracted revenues recognized as at 30 June.
⁶Net Revenue Retention is a measure of the retention and expansion of revenue from existing customers over the previous 12 months and is calculated by dividing the ARR from existing customers at the end of a period by the ARR generated from those same customers at the beginning of the period.
⁷Net debt is borrowings less cash, cash equivalents and short-term investments.
⁸In so far as the Board is aware, as of 24 September 2026, consensus expectations for FY26 were for revenue of $53.8M, Adjusted EBITDA of $19.5M and Cash EBITDA of $8.3M.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for making this announcement on behalf of Bango is Paul Larbey, Chief Executive Officer.

Full RNS announcement

View the full Interim Results RNS at: bangoinvestor.com/announcements

About Bango

Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers. 

The world’s largest content providers, including Amazon, Google and Microsoft  trust Bango technology to reach subscribers everywhere.

Bango, where people subscribe. For more information, visit www.bangoinvestor.com 

Contact

investors@bango.com

Standard Form TR-1

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the Central Bank of Ireland)i
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: Issuer Name: Irish Continental Group PLC ISIN: IE00BLP58571 LEI: 635400FQKB6QXERQOC74 Address: Ferryport, Alexandra Road, Dublin 1, Ireland
2. Reason for the notification (please tick the appropriate box or boxes): [X] An acquisition or disposal of voting rights [ ] An acquisition or disposal of financial instruments [ ] An event changing the breakdown of voting rights [ ] Other (please specify)iii:
3. Details of person subject to the notification obligationiv :
Name: Glazer Capital, LLC		City and country of registered office (if applicable): New York, USA
4. Full name of shareholder(s) (if different from 3.)v: Glazer Capital Enhanced Master Fund, Ltd.
5. Date on which the threshold was crossed or reachedvi: 23/09/2026
6. Date on which issuer notified: 24/09/2026
7. Threshold(s) that is/are crossed or reached: 3%
8. Total positions of person(s) subject to the notification obligation:
	% of voting rights attached to shares (total of 9.A)		% of voting rights through financial instruments (total of 9.B.1 + 9.B.2)	Total of both in % (9.A + 9.B)	Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached	3.039443%			3.039443%	148,466,858
Position of previous notification (if applicable)

9. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)	Number of voting rightsix					% of voting rights
	Direct			Indirect		Direct		Indirect
				4,512,565.00				3.039443%
SUBTOTAL A				4,512,565.00				3.039443%
B 1: Financial Instruments according to Regulation 17(1)(a) of the Regulations
Type of financial instrument		Expiration datex	Exercise/ Conversion Periodxi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights
			SUBTOTAL B.1
B 2: Financial Instruments with similar economic effect according to Regulation 17(1)(b) of the Regulations
Type of financial instrument	Expiration datex		Exercise/ Conversion Period xi		Physical or cash settlementxii		Number of voting rights			% of voting rights
					SUBTOTAL B.2

10. Information in relation to the person subject to the notification obligation (please tick the applicable box):   [ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii   [ X ] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:
Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Paul J. Glazer	3.039443%		3.039443%
11. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]
12. Additional informationxvi: Glazer Capital, LLC is the discretionary investment manager for investment funds (the “Clients”). This filing is a notification of major holding in the aggregate on behalf of such Clients.

Done at New York, USA on September 24, 2026.

LEI: 213800NNT42FFIZB1T09 
25 September 2026

Transactions in Own Shares

Foresight Group Holdings Limited (“Foresight”, the “Group”), a leading investment manager in real assets and providing capital for growth, announces that, in accordance with the terms of its current share buyback programme announced on 10 April 2025 (the “Share Buyback”), the Group purchased the following number of its ordinary shares of £nil par value (“Ordinary Shares”) each through JOH Berenberg, Gossler & Co KG (which is trading for these purposes as Berenberg) (“Berenberg”).

Date of purchase:	18 September 2026
Aggregate number of Ordinary Shares purchased:	10,000
Lowest price paid per share (GBp):	440.50
Highest price paid per share (GBp):	448.00
Volume weighted average price paid per share (GBp):	444.024000

Date of purchase:	21 September 2026
Aggregate number of Ordinary Shares purchased:	10,000
Lowest price paid per share (GBp):	441.50
Highest price paid per share (GBp):	447.50
Volume weighted average price paid per share (GBp):	443.917950

Date of purchase:	22 September 2026
Aggregate number of Ordinary Shares purchased:	10,000
Lowest price paid per share (GBp):	445.00
Highest price paid per share (GBp):	450.00
Volume weighted average price paid per share (GBp):	448.254400

Date of purchase:	23 September 2026
Aggregate number of Ordinary Shares purchased:	10,000
Lowest price paid per share (GBp):	436.00
Highest price paid per share (GBp):	441.50
Volume weighted average price paid per share (GBp):	438.550650

Date of purchase:	24 September 2026
Aggregate number of Ordinary Shares purchased:	10,000
Lowest price paid per share (GBp):	430.00
Highest price paid per share (GBp):	438.50
Volume weighted average price paid per share (GBp):	432.212200

Once settled, the purchased shares will be held by the Group in treasury, which means they will have no voting rights while they are held in treasury. Under the current Buyback Programme, an aggregate of 7,531,201 Ordinary Shares have been bought back.

As a result of the above, of the Group’s 116,347,803 Ordinary Shares currently in issue, a total of 111,279,491 have voting rights and 5,068,312 held in treasury and are therefore non-voting. The total number of voting shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in the Group under the FCA’s Disclosure Guidance and Transparency Rules.

In accordance with Article 5(1)(b) of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, the table below contains detailed information of the individual trades made by Berenberg as part of the Share Buyback.

Individual information:

Number of ordinary shares purchased	Transaction price (GBp share)	Time of transaction (UK Time)	Trading Venue
608	445.500	18/09/2026 08:28:03	LSE
575	446.000	18/09/2026 08:34:05	LSE
100	446.000	18/09/2026 08:34:05	LSE
194	448.000	18/09/2026 09:14:09	LSE
64	448.000	18/09/2026 09:14:09	LSE
317	448.000	18/09/2026 09:14:09	LSE
54	446.500	18/09/2026 09:22:04	LSE
140	446.500	18/09/2026 09:22:04	LSE
242	446.500	18/09/2026 09:22:04	LSE
194	445.000	18/09/2026 09:23:31	LSE
105	444.500	18/09/2026 09:51:19	LSE
246	444.500	18/09/2026 09:51:20	LSE
202	445.000	18/09/2026 10:05:20	LSE
1815	444.000	18/09/2026 10:25:35	LSE
967	444.000	18/09/2026 10:25:35	LSE
200	444.000	18/09/2026 10:44:14	LSE
200	445.000	18/09/2026 10:51:08	LSE
194	445.500	18/09/2026 11:52:55	LSE
413	444.500	18/09/2026 12:16:00	LSE
275	444.000	18/09/2026 12:34:44	LSE
194	443.000	18/09/2026 13:06:06	LSE
503	443.000	18/09/2026 13:06:06	LSE
194	442.500	18/09/2026 13:07:45	LSE
310	441.500	18/09/2026 14:16:12	LSE
279	440.500	18/09/2026 14:53:50	LSE
404	440.500	18/09/2026 15:17:00	LSE
255	441.500	18/09/2026 15:30:29	LSE
3	441.500	18/09/2026 15:30:29	LSE
400	441.500	18/09/2026 15:30:29	LSE
353	441.500	18/09/2026 15:30:29	LSE
1283	444.500	21/09/2026 08:38:45	LSE
295	444.500	21/09/2026 08:38:45	LSE
226	446.000	21/09/2026 08:40:25	LSE
100	447.500	21/09/2026 09:20:03	LSE
742	447.500	21/09/2026 09:22:18	LSE
345	446.000	21/09/2026 09:22:44	LSE
441	444.500	21/09/2026 09:24:28	LSE
246	444.500	21/09/2026 09:24:28	LSE
412	444.000	21/09/2026 09:24:34	LSE
884	443.500	21/09/2026 09:24:43	LSE
1990	443.500	21/09/2026 09:24:51	LSE
1990	443.000	21/09/2026 09:25:00	LSE
1046	441.500	21/09/2026 09:25:21	LSE
777	445.500	22/09/2026 08:48:11	LSE
113	445.500	22/09/2026 08:48:11	LSE
260	445.000	22/09/2026 08:50:34	LSE
58	446.000	22/09/2026 09:13:41	LSE
277	446.000	22/09/2026 09:15:31	LSE
285	445.500	22/09/2026 09:30:27	LSE
421	447.000	22/09/2026 09:46:51	LSE
616	449.000	22/09/2026 09:50:05	LSE
211	448.000	22/09/2026 10:01:25	LSE
195	448.000	22/09/2026 10:19:05	LSE
442	447.500	22/09/2026 10:29:15	LSE
254	448.500	22/09/2026 10:46:48	LSE
329	449.500	22/09/2026 10:55:05	LSE
195	450.000	22/09/2026 11:06:16	LSE
923	449.500	22/09/2026 11:07:48	LSE
1917	449.500	22/09/2026 11:13:13	LSE
195	450.000	22/09/2026 11:13:39	LSE
978	449.500	22/09/2026 11:17:39	LSE
221	448.500	22/09/2026 11:21:04	LSE
561	447.500	22/09/2026 11:59:02	LSE
549	448.000	22/09/2026 12:59:18	LSE
223	448.000	22/09/2026 13:09:48	LSE
655	441.500	23/09/2026 08:01:09	LSE
222	441.500	23/09/2026 08:18:19	LSE
196	440.000	23/09/2026 08:30:15	LSE
196	440.000	23/09/2026 08:31:09	LSE
196	439.500	23/09/2026 08:54:52	LSE
516	439.500	23/09/2026 09:41:08	LSE
1008	438.500	23/09/2026 09:51:12	LSE
126	438.500	23/09/2026 09:51:12	LSE
85	438.500	23/09/2026 09:51:12	LSE
205	438.500	23/09/2026 10:14:22	LSE
268	438.500	23/09/2026 10:14:28	LSE
337	440.000	23/09/2026 10:24:22	LSE
201	439.500	23/09/2026 10:44:55	LSE
213	439.000	23/09/2026 11:16:36	LSE
2	438.500	23/09/2026 11:31:09	LSE
6	438.500	23/09/2026 11:31:09	LSE
199	438.500	23/09/2026 11:31:14	LSE
463	438.000	23/09/2026 12:09:50	LSE
49	437.500	23/09/2026 12:23:18	LSE
214	437.500	23/09/2026 12:23:18	LSE
214	437.000	23/09/2026 12:27:29	LSE
214	437.500	23/09/2026 13:08:42	LSE
267	437.500	23/09/2026 13:09:30	LSE
277	438.000	23/09/2026 13:29:04	LSE
301	437.000	23/09/2026 13:42:46	LSE
256	438.000	23/09/2026 13:59:52	LSE
62	437.500	23/09/2026 14:01:36	LSE
196	437.500	23/09/2026 14:09:09	LSE
220	437.500	23/09/2026 14:31:31	LSE
125	437.500	23/09/2026 14:31:31	LSE
75	437.500	23/09/2026 14:31:33	LSE
253	437.000	23/09/2026 14:41:40	LSE
514	436.000	23/09/2026 15:18:10	LSE
601	438.000	23/09/2026 15:42:28	LSE
208	438.000	23/09/2026 15:46:05	LSE
218	438.000	23/09/2026 15:46:50	LSE
624	439.500	23/09/2026 15:54:42	LSE
18	439.000	23/09/2026 16:00:29	LSE
394	438.500	24/09/2026 08:44:45	LSE
320	438.500	24/09/2026 08:44:45	LSE
320	437.000	24/09/2026 08:44:57	LSE
206	437.000	24/09/2026 08:44:57	LSE
807	434.000	24/09/2026 09:26:12	LSE
351	434.000	24/09/2026 09:26:12	LSE
303	432.500	24/09/2026 09:35:06	LSE
246	432.000	24/09/2026 10:13:10	LSE
241	432.000	24/09/2026 10:27:02	LSE
209	430.500	24/09/2026 10:38:04	LSE
299	430.000	24/09/2026 10:45:10	LSE
82	430.000	24/09/2026 10:45:10	LSE
11	430.000	24/09/2026 10:45:10	LSE
53	430.000	24/09/2026 10:45:10	LSE
397	432.000	24/09/2026 11:27:08	LSE
37	431.500	24/09/2026 11:47:00	LSE
158	432.000	24/09/2026 11:49:20	LSE
39	432.000	24/09/2026 11:49:20	LSE
126	431.500	24/09/2026 12:05:08	LSE
79	431.500	24/09/2026 12:05:12	LSE
206	432.500	24/09/2026 12:18:09	LSE
197	432.000	24/09/2026 13:03:26	LSE
218	433.000	24/09/2026 13:28:49	LSE
229	432.000	24/09/2026 13:45:08	LSE
197	431.000	24/09/2026 14:11:42	LSE
198	431.000	24/09/2026 14:12:00	LSE
246	431.000	24/09/2026 14:12:00	LSE
234	431.000	24/09/2026 14:35:19	LSE
252	430.500	24/09/2026 14:41:35	LSE
218	430.000	24/09/2026 14:43:36	LSE
62	430.000	24/09/2026 14:51:33	LSE
502	431.000	24/09/2026 14:55:14	LSE
225	430.500	24/09/2026 14:56:14	LSE
338	430.000	24/09/2026 14:56:15	LSE
400	430.000	24/09/2026 14:56:15	LSE
400	430.000	24/09/2026 14:56:15	LSE
225	430.500	24/09/2026 14:58:00	LSE
231	431.000	24/09/2026 15:14:24	LSE
393	430.500	24/09/2026 15:32:55	LSE
351	430.500	24/09/2026 15:32:55	LSE

For further information please contact:

Foresight Group Investors
Ben McGrory
+44 (0) 7443 821577
ir@foresightgroup.eu

Berenberg (Joint Corporate Broker)
James Felix / John Welch / Dan Gee-Summons
+44 (0) 203 753 7800

H-Advisors Maitland
Sam Cartwright / Audrey Da Costa
+44 (0) 782 725 4561 / +44 (0) 781 710 5562
Foresight@h-advisors.global

About Foresight Group Holdings Limited

Founded in 1984, Foresight is a leading investment manager in real assets and capital for growth, operating across the UK, Europe, and Australia.

With decades of experience, Foresight offers investors access to attractive investment opportunities at the forefront of change. Foresight actively builds and grows investment solutions to support the energy transition, decarbonise industry, enhance nature recovery and realise the economic potential of ambitious companies.

A constituent of the FTSE 250 index, Foresight’s diversified investment strategies combine financial and operational skillsets to maximise asset value and provide attractive returns to its investors. Its wide range of private and public funds is complemented with a variety of investment solutions designed for the retail market.

Foresight is united by a shared commitment to build a sustainable future and grow thriving companies and economies.

Visit https://foresight.group for more information.

Follow us on LinkedIn for key updates. 

ICG Enterprise Trust plc (the “Company”)

25 September 2026

Transaction in Own Shares

The Company announces that on 24 September 2026 it bought back 15,000 of its own shares under the long-term buyback programme, to be held as treasury shares, at an average price of 1389 pence per share.

Further details are set out below:

• Number of shares held as treasury shares following settlement of this purchase: 3,342,560
• Total shares in issue excluding treasury shares following settlement of this purchase: 60,211,632

The Company has bought back these shares under the authority granted by shareholders at its Annual General Meeting in June 2026, which permits the Company to repurchase a maximum of 14.99% of its ordinary shares. The actual number of shares repurchased by the Company will depend on market conditions. This authority lasts until the next shareholder authority granted (expected to be at the Annual General Meeting in 2027), or until expressly revoked by shareholders.

No maximum consideration payable has been determined by the Company, but the Company is unable to pay a price for any shares pursuant to the buyback which would equate to a premium to the net asset value. It is the Company’s current intention to hold any shares bought back in treasury.

The Company has instructed Numis Securities Limited (trading for these purposes as Deutsche Numis) as its broker in respect of its buyback transactions. This arrangement is in accordance with the UKLA Listing Rules and the Company’s general authority to repurchase shares.

Analyst / Investor enquiries:

Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020

Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344

Media:

Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395

TR-1: Standard form for notification of major holdings

1. Issuer Details
ISIN
GB00BL6K5J42
Issuer Name
ENDEAVOUR MINING PLC
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
Van Eck Associates Corporation
City of registered office (if applicable)
New York
Country of registered office (if applicable)
United States
4. Details of the shareholder

Name	City of registered office	Country of registered office
VanEck Gold Miners UCITS ETF
VanEck Africa Index ETF
VanEck Gold Miners ETF
VanEck Gold Miners ETF AU
VanEck Junior Gold Miners ETF
VanEck Junior Gold Miners UCITS ETF
VanEck MSCI International Quality ETF
VanEck Natural Resources ETF
VanEck S&P Global Mining UCITS ETF

5. Date on which the threshold was crossed or reached
21-Sep-2026
6. Date on which Issuer notified
23-Sep-2026
7. Total positions of person(s) subject to the notification obligation

.	% of voting rights attached to shares (total of 8.A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)	Total of both in % (8.A + 8.B)	Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached	7.000580	0.000000	7.000580	16917283
Position of previous notification (if applicable)	6.975666	0.000000	6.975666

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)	Number of direct voting rights (DTR5.1)	Number of indirect voting rights (DTR5.2.1)	% of direct voting rights (DTR5.1)	% of indirect voting rights (DTR5.2.1)
GB00BL6K5J42	16917283		7.000580
Sub Total 8.A	16917283		7.000580%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument	Expiration date	Exercise/conversion period	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights
Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument	Expiration date	Exercise/conversion period	Physical or cash settlement	Number of voting rights	% of voting rights
Sub Total 8.B2

9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

Ultimate controlling person	Name of controlled undertaking	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Van Eck Associates Corporation	VanEck Gold Miners ETF	2.440480		2.440480%
Van Eck Associates Corporation	VanEck Natural Resources ETF	0.004850		0.004850%
Van Eck Associates Corporation	VanEck Gold Miners ETF AU	0.098340		0.098340%
Van Eck Associates Corporation	VanEck Gold Miners UCITS ETF	0.387910		0.387910%
Van Eck Associates Corporation	VanEck Africa Index ETF	0.023980		0.023980%
Van Eck Associates Corporation	VanEck Junior Gold Miners ETF	3.420980		3.420980%
Van Eck Associates Corporation	VanEck S&P Global Mining UCITS ETF	0.098780		0.098780%
Van Eck Associates Corporation	VanEck Junior Gold Miners UCITS ETF	0.510350		0.510350%
Van Eck Associates Corporation	VanEck MSCI International Quality ETF	0.014870		0.014870%

10. In case of proxy voting
Name of the proxy holder
Glass Lewis
The number and % of voting rights held
16,917,283 shares and 7.00% voting rights
The date until which the voting rights will be held

If date does not apply, explain below
Open
11. Additional Information
Correction of a previous notification, specifically correcting the number of shares in section 10
12. Date of Completion
24-Sep-2026
13. Place Of Completion
Tampa, FL, USA

Attachment

• 2024 09 24 TR1 Notification

Press release

Montrouge, September 25^th, 2026

End of Crédit Agricole S.A.’s share repurchase program

Crédit Agricole S.A.’s share repurchase program, which started on 10 August 2026, was fully completed on 23 September 2026.

As of 23 September 2026, 31,999,995 shares of Crédit Agricole S.A. have been purchased pursuant to the irrevocable instruction given to an independent investment services provider, for an aggregate purchase price of 605,540,453 euros. Such irrevocable instruction was therefore terminated as of the same date.

As previously announced, this transaction aims at offsetting the dilutive effect of the 2026 capital increase reserved for employees, and the shares purchased in the context of this share repurchase program will be cancelled.

This transaction’s impact on Crédit Agricole S.A.’s CET1 ratio is -14 basis points, and -9 basis points on Crédit Agricole group’s one.

Execution of the existing liquidity agreement with Kepler Cheuvreux was temporarily suspended during the execution of the share repurchase program and will resume.

Crédit Agricole S.A. press contacts
Alexandre Barat: 06 19 73 60 28 – alexandre.barat@credit-agricole-sa.fr
Olivier Tassain: 06 75 90 26 66 – olivier.tassain@credit-agricole-sa.fr

All our press releases can be found at: https://www.credit-agricole.com/en

        @Credit_Agricole            Groupe Crédit Agricole

Attachment

• 2026 09 25 PR CASA end SBB (EN)

Octopus Titan VCT plc

Half-Yearly Report

Octopus Titan VCT plc announces the half-yearly report for the six months ended 30 June 2026.

Titan’s mission is to invest in the people, ideas and industries that will change the world.

Octopus Titan VCT plc (‘Titan’ or the ‘Company’) is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or the ‘Portfolio Manager’) via its investment team Octopus Ventures.

Key financials

	HY2026	HY2025	FY2025
Net assets (£’000)	£742,726	£786,495	£732,844
Profit/(loss) after tax (£’000)	£9,663	£(36,884)	£(90,535)
NAV per share	45.1p	47.7p	44.5p
Total value per share1	150.7p	153.3p	150.1p
Total return per share2	0.6p	(2.3)p	(5.5)p
Total return per share %3	1.3%	(4.6)%	(10.9)%
Dividends paid in the period	Nil	0.5p	0.5p
Dividend yield %4	0.0%	1.0%	1.0%
Dividend declared	1.0p	Nil	Nil

1. Total value per share is an alternative performance measure, calculated as NAV plus cumulative dividends paid since launch.
2. Total return per share is an alternative performance measure, calculated as movement in NAV per share in the period plus dividends paid in the period.
3. Total return % is an alternative performance measure, calculated as total return/opening NAV.
4. Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV.

Interim Management Report

Chair’s statement

Titan’s total return for the six months to 30 June 2026 was 1.3%, with net assets at the period end totalling £743 million.

The Net Asset Value (NAV) per share at 30 June 2026 was 45.1p, compared with 44.5p at 31 December 2025. No dividends were paid during the period, resulting in a total return of 1.3%.

After a prolonged period of declining NAV, it is encouraging to report a modest increase in the first six months of the year. The Board, however, remains cautious. Performance remains materially below the levels we are seeking to achieve over the longer term and a modest improvement over a single six-month period does not constitute a recovery.

Underlying portfolio valuation movements were mixed. A number of companies delivered positive operational progress and valuation increases, while others continued to experience trading, funding or market-related pressures. Encouragingly, the number and value of write-offs and disposals at minimal or nil value have fallen materially. As shareholders will recall, these items caused much of the NAV decline in 2025. More detail on the principal movements in the portfolio is set out in the Portfolio Manager’s review.

Furthermore, there has been a significant improvement in realisation activity during the period, with the Company receiving disposal proceeds of £45.5 million compared with only £6.5 million in the whole of 2025. This represents welcome progress against one of the priorities identified through the Strategic Review, although further improvement is required if Titan is to meet its longer-term objective for realisations to support dividends, operating costs and a proportion of share buybacks sustainably. This objective is not yet being achieved.

Despite the modest increase in NAV during the period, longer-term investment performance remains disappointing. Titan’s one-year total return was -2.6p (-5.5%), five-year total return was -47.2p (-41.4%) and ten-year total return was -4.0p (-4.2%).

In the six months to 30 June 2026, the Company utilised £11.9 million of its cash resources, comprising £3.9 million in investments and £8.0 million in management fees and other running costs. No dividends were paid and no share buybacks were undertaken during the period.

Cash and corporate bonds totalled £190 million at 30 June 2026, representing 26% of net assets, compared with £154 million and 21% respectively at 31 December 2025.

Objectives, guardrails and oversight
The Board continues to monitor progress against the agreed objectives and guardrails established as part of the Strategic Review. These provide defined measures against which the Company’s performance and progress towards a more sustainable position are assessed. For the period ended 30 June 2026, the Company has not met its guardrail metrics and Titan therefore remains within its Transition Period. The Board continues to look for sustained evidence of improved investment performance and realisations before concluding that the Company is operating at, or close to, a sustainable level.

As part of the Board’s ongoing oversight of the portfolio, it held a dedicated strategy session during the period with the Portfolio Manager. Recognising the importance of the existing portfolio to delivering improved returns and realisations, the session considered in detail the prospects of individual portfolio companies and potential pathways to value creation and liquidity.

The Portfolio First strategy has also continued to concentrate resources and capital on supporting the existing portfolio, strengthening operational performance and progressing opportunities for cash realisations.

The progress during the first half is welcome, but it remains too early to draw firm conclusions. Further improvements will be required and the Board will continue to monitor performance closely against the framework established through the Strategic Review.

The revised fee arrangements introduced following the Strategic Review also remain in place, including the mechanism under which Octopus may rebate a proportion of its annual management fee during the Transition Period if the agreed performance and realisation requirements are not achieved.

While any rebate is determined based on performance over the full year, the half-yearly results reflect the Board’s current expectation of the rebate that may become payable for 2026.

Dividends
In determining dividend payments, the Board carefully considers NAV performance, the level and timing of cash realisations, available cash, distributable reserves and the Company’s continued compliance with VCT regulations, including the requirement for at least 80% of relevant holdings to be invested in VCT qualifying investments. The Board also fully recognises the importance that shareholders place on tax-free dividends.

Having considered these factors, together with the Company’s forecast cash position at 31 December 2026, the Board has declared an interim dividend of 1.0 pence per share, payable on 18 December to shareholders on the register on 4 December. The dividend will result in a cash payment of approximately £16.5 million.

Based on current forecasts, following payment the Company is expected to remain above the Board’s target cash guardrail, while the dividend will also increase headroom above the minimum VCT qualifying holdings requirement. No Dividend Reinvestment Scheme (DRIS) will operate in respect of this dividend.

The Board believes that a dividend represents an appropriate use of the Company’s available capital at this stage, providing a return of cash across the shareholder base while supporting the management of the Company’s VCT qualifying position. However, improving NAV performance remains a key priority. While cash realisations improved significantly during the period, the proposed dividend exceeds the total return generated during the first half of the year and the level of distribution has therefore been set in the context of current performance, alongside the Company’s liquidity and VCT requirements.

Titan remains within its Transition Period and continues to operate outside the agreed guardrails for investment performance and realisations, while also remaining below its sustainability Alternative Performance Measure (APM) target. The declaration of this dividend does not represent a change in the Board’s assessment of the Company’s underlying performance, nor a current intention to return to a regular level of distributions.

The Board continues to monitor the interaction between performance, realisations, liquidity, distributable reserves, the agreed guardrails and the Company’s VCT qualifying position. These factors can change over time and need to be considered collectively when determining the appropriate level of distributions. The Board will review the position again as part of the full-year accounts process, including whether a further distribution would be appropriate at that time.

Share buybacks
The Board also recognises the importance that shareholders place on having access to liquidity in their shares.

No share buybacks were undertaken during the period. As set out following the Strategic Review, the ability to conduct buybacks during the Transition Period is dependent on the Company’s overall performance, liquidity position, realisations, distributable reserves and continued compliance with VCT and other regulatory requirements.

Although there has been progress during the period, the Board believes it remains appropriate to maintain a disciplined approach to the use of capital while the Company remains in the Transition Period.

Additionally, Titan’s shares continue to trade in the secondary market at a significant discount to the last reported NAV. Under the current authorities and pricing constraints, this means the Company is unable to conduct buybacks in a manner that is both compliant and fair to shareholders.

The Board remains mindful of the importance of the buyback facility in providing liquidity for shareholders and will keep the potential reintroduction of share buybacks under review.

Principal risks and uncertainties
The Board continues to review the principal risks facing the Company on a regular basis.

The principal risks and uncertainties described on pages 42 to 45 of the 2025 Annual Report remain relevant.

Market conditions for private venture-backed companies continue to be challenging. While there have been some signs of improvement in venture investment activity, fundraising and exit activity remain subdued, with realisations concentrated among a relatively small number of companies.

Public equity markets proved relatively resilient during the period. However, valuation multiples for listed companies in sectors relevant to Titan’s portfolio, particularly software, remained under pressure. As these public market multiples can provide relevant benchmarks when valuing comparable private companies, this continues to influence valuations across parts of Titan’s portfolio. Against this backdrop, the portfolio remains exposed to risks including funding availability, valuation movements, company-specific execution, foreign exchange movements and the timing and value of realisations.

The Board and Portfolio Manager continue to monitor these risks closely.

Board of Directors
As part of the Board’s ongoing succession planning, and taking account of shareholder sentiment, I have informed the Board of my intention to step down as Chair of the Company. Having joined the Board in 2018 as a Non-Executive Director, served as Chair of the Audit Committee from June 2021, and subsequently been appointed Chair of the Board in 2022, I believe it is now the appropriate time to begin the process of appointing my successor. A search will commence for an external Chair, and on appointment of the new Chair, I will retire from the Board.

Lord Rockley has also indicated his intention to step down from the Board. Lord Rockley has made a significant contribution to the Company over his 5 years as Chair of the Audit Committee and will remain in post while the Board progresses its succession plans, helping to ensure an orderly transition and continuity of experience.

A structured recruitment process will now commence for a new independent Non-Executive Chair, and an additional independent Non-Executive Director.

The Board is conscious of the importance of maintaining continuity and appropriate skillset and experience during a period of change for the Company. We also recognise the importance of ensuring the Board continues to evolve as Titan progresses through its Transition Period. The phased approach to these appointments is intended to provide an orderly handover while ensuring the Board continues to have the appropriate balance of skills, experience and independence to oversee the Company.

Annual General Meeting (AGM)
At the AGM held in June, all resolutions were passed by way of a poll. However, the resolutions for the approval of the Directors’ Remuneration Policy and Remuneration Report and the re-election of all Directors (resolutions 2 to 8 respectively) received more than 20% of votes against. In accordance with the AIC Code of Corporate Governance, the Board has contacted the relevant shareholders to understand their reasons for voting against.

The responses received were broadly consistent and primarily related to the Company’s disappointing investment performance. The Board recognises these concerns and hopes that the actions taken following the Strategic Review, together with the ongoing monitoring of progress against the agreed guardrails and the early progress reported during the period, provide shareholders with some reassurance that clear measures are in place against which the Company’s progress can be assessed.

Alongside our formal shareholder engagement, the Board again commissioned an independent shareholder survey during the period. The level of participation from shareholders and independent financial advisers was the highest in the Company’s research to date.

The findings showed broad support for the principal changes arising from the Strategic Review, particularly the revised fee structure and the focus on maximising value from the existing portfolio. At the same time, shareholders and financial advisers were clear that improved investment performance remains the principal measure by which progress will ultimately be judged.

The Board agrees with that assessment and will continue to communicate openly on progress.

Outlook
At the end of the previous financial year, the Board said that the period ahead needed to demonstrate tangible progress through, as a minimum, greater stability in NAV, an improvement in realisation activity and evidence of stronger operational performance within portfolio companies.

The first six months of the year have shown some movement in the right direction. NAV has increased modestly and the level of cash realisations has improved substantially. A number of companies in the portfolio are also demonstrating encouraging operational progress.

However, there remains considerable work to do. The Company has not yet met its agreed guardrails, performance over recent years remains disappointing and conditions across venture markets continue to be fairly challenging. The timing and value of future realisations also remain inherently uncertain.

The Board will therefore maintain the disciplined approach established through the Strategic Review. The immediate priorities remain to protect and build value within the existing portfolio, direct capital selectively towards those companies which have the potential to generate the greatest return, and continue to progress credible opportunities for realisation.

Tom Leader
Chair

Portfolio Manager’s review
Following the Strategic Review, our priority remains the Portfolio First strategy: focusing our time and Titan’s capital on supporting the existing portfolio and maximising long-term value for shareholders. During the first half of 2026, this has meant a selective approach to further investment, alongside an increased focus on portfolio performance and opportunities for realisation.

Focus on performance
The NAV per share at 30 June 2026 was 45.1p, compared with 44.5p at 31 December 2025, representing a total return of 1.3% for the six months ended 30 June 2026.

The performance over the five years to 30 June 2026 is shown below:

	Year ended 31 December 2021	Year ended 31 December 2022	Year ended 31 December 2023	Year ended 31 December 2024	Year ended 31 December 2025	Six months ended 30 June 2026
NAV (p)	105.7	76.9	62.4	50.5	44.5	45.1
Cumulative dividends paid (p)	92.0	97.0	102.0	105.1	105.6	105.6
Total value (p)	197.7	173.9	164.4	155.6	150.1	150.7
Total return1	20.3%	(22.5)%	(12.4)%	(14.1)%	(10.9)%	1.3%
Dividend yield2	11.3%	4.7%	6.5%	5.0%	1.0%	0.0%

1. Total return % is an alternative performance measure, calculated as total return/opening NAV.
2. Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV.

The increase in NAV was supported by positive net valuation movements across 40 companies, which collectively increased the value of the portfolio by £49.8 million. The largest positive contributors to NAV were XYZ Reality, Pelago and Quantum Motion Technologies (QMT). These movements were principally driven by strong revenue growth and commercial performance, as well as improved funding prospects at XYZ Reality. This positive underlying performance more than offset the impact of lower market valuation multiples at some companies.

These gains were partially offset by downward valuation movements across 42 companies, which collectively reduced the value of the portfolio by £42.5 million. The largest negative contributors to NAV were Amplience, Many Group and Vitesse. These movements were principally driven by lower market valuation multiples and more cautious valuation assumptions. This was despite strong commercial progress at some of these businesses, including improved profitability or recurring revenue growth.

The remaining companies experienced no net valuation movement during the period. This includes companies held at nil value and businesses where the available valuation evidence supported maintaining the previous carrying value.

Overall, these movements resulted in a net positive valuation movement of £7.2 million across the portfolio, excluding foreign exchange movements.

The gain on Titan’s uninvested cash reserves was £2.7 million in the six months to 30 June 2026, primarily driven by a return of £3.2 million on the money market funds and bond coupon income, and a fair value movement of £(0.5) million in the corporate bond portfolio. The objective for the money market funds is to earn appropriate market rates on highly liquid treasury holdings, with limited risk to capital.

Disposals
During the six months to 30 June 2026, the Company received £45.5 million in cash and deferred proceeds from portfolio realisations, representing a significant improvement on the level achieved in the previous full year alone. These exits generated a gain of £7.1 million recognised in the income statement during the period.

Generating cash from the existing portfolio remains an important focus under the Portfolio First strategy. We continue to dedicate significant resource to progressing potential realisations, both through full exits and opportunities to realise part of the Company’s investment where we believe this is in shareholders’ interests.

While the improvement in realisation activity during the period is encouraging, further progress is required and the timing and value of future exits remain inherently uncertain.

Full exits
During the period, Flock, a commercial motor insurance business, was acquired by Admiral. The transaction resulted in the full disposal of Titan’s investment, generating proceeds of £9.0 million. The sale contributed to the improvement in realisation activity during the period, an important focus of the Portfolio First strategy.

Partial exits
Titan has also generated £34.9 million through two partial realisations, while allowing the Company to retain exposure to the future performance of both businesses. Partial realisations are an important part of our approach to generating liquidity from the portfolio. The team actively assesses opportunities to realise part of Titan’s holdings where we believe this can generate attractive proceeds for the Company while retaining exposure to potential future value.

Exits at a loss and placed into administration
In March, Inflow was acquired by Cerebral, a US-based mental healthcare provider. The transaction was completed through an exchange of shares, meaning the Company received shares in Cerebral in place of its holding in Inflow.

Also in March, the Company exited its investment in Elo Health with no capital returned.

Unfortunately, Haiper, Smiler and Orbex Space were placed into administration during the period. In aggregate, Titan’s original investment cost in these companies was £20.3 million. At 31 December 2025, they were collectively valued at £nil.

The companies had been unsuccessful in securing sufficient further funding and had explored the available alternatives before entering administration.

During the six months, Origami Energy, All Plants and GTN were also fully dissolved, having exited the portfolio following administration in previous reporting periods.

The failure of a portfolio company is always disappointing for Octopus and shareholders alike, but it is an inherent characteristic of venture capital investing. We expect successful realisations to outweigh losses over the medium to long term.

Deferred proceeds
During the six months, Titan also received £1.6 million of deferred proceeds relating to companies disposed of in previous reporting periods. These included proceeds relating to Papercup (to Scale AI in 2025) and Cobee (to Pluxee in 2024).

VCT qualifying status
Shoosmiths LLP provides both the Board and Octopus with advice concerning ongoing compliance with HMRC rules and regulations relating to VCTs and has advised that Titan continues to comply with the conditions set by HMRC for maintaining approval as a VCT.

In particular, as at 30 June 2026, 84% of the portfolio, as measured under HMRC rules, was invested in VCT-qualifying investments, above the 80% current VCT-qualifying threshold. This threshold is continually monitored both internally by the Manager and by external advisers, and proactive measures are taken to maintain compliance.

	Year ended 31 December 2021	Year ended 31 December 2022	Year ended 31 December 2023	Year ended 31 December 2024	Year ended 31 December 2025	Six months ended 30 June 2026	Total
Disposal proceeds1 (£’000)	221,504	62,213	45,637	41,432	6,510	45,549	422,845

1. This table includes cash and deferred proceeds received in the period.

Portfolio First strategy
Following the Strategic Review, Titan remains in its Transition Period and we continue to operate the Portfolio First strategy which has been in place since mid-2024.

Our principal focus is on maximising value from the existing portfolio. Given Titan’s position, we believe the best path to value recovery is through focusing on existing holdings. Our resources are therefore concentrated on supporting portfolio companies to improve their operational performance, strengthen their financial position and, where appropriate, prepare for future liquidity events.

This means taking an increasingly selective approach to the deployment of further capital. We assess both the potential return from providing additional funding and the opportunity cost of committing Titan’s capital when deciding whether to participate in a portfolio company’s funding round.

We have also continued to strengthen the resources dedicated to portfolio optimisation, with greater focus on identifying and preparing companies for potential exits and other liquidity events. We have also continued to support portfolio companies through our dedicated People and Talent team, working with founders and leadership teams on areas including leadership development, senior recruitment and organisational design.

New and follow-on investments
One investment classified as a new investment for reporting purposes was made during the six months to 30 June 2026. This represented the second tranche of Titan’s existing investment in RemoFirst, which was originally committed to in 2024, before the Company adopted its Portfolio First strategy. No investments in new portfolio companies were made during the period.

Titan invested £2.7 million across three follow-on investments in existing portfolio companies during the period. These included further investment in Living Optics, Puraffinity and AgileRL. Follow-on investment remains selective and is considered where we believe additional capital can protect or enhance Titan’s existing position and offers an appropriate potential return for shareholders.

There were also a number of funding rounds completed by portfolio companies in which Titan chose not to participate. This reflects the Portfolio First strategy and the greater discipline now being applied to capital allocation. Choosing not to participate does not necessarily indicate a negative view of a company; rather, each decision considers the full context of Titan’s objectives.

Valuations
Titan’s unquoted portfolio companies are valued in accordance with UK GAAP accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

This means we value the portfolio at fair value, which is the price we expect people would be willing to buy or sell an asset for, assuming they had all the information available that we do, are knowledgeable parties with no pre-existing relationship, and that the transaction is carried out under the normal course of business.

‘External price’ includes valuations based on funding rounds that were typically completed by the reporting date or shortly after the period end, and exits of companies where terms have been issued with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability-weighted ‘scenario analysis’ is considered.

‘Milestone analysis’ is used for very early-stage investments that are not yet generating revenue. The initial value is estimated by starting with the price from the most recent funding round. This is then adjusted based on the company’s progress against qualitative milestones, such as product development, customer growth, or regulatory approvals, to reflect any increase or decrease in value.

For companies with multiple business segments or revenue streams, we may value each component separately to reflect the differing characteristics and economics of the underlying activities. The resulting component values are then combined to determine the overall fair value of the business.

Valuation methodology by value:

• Multiples: 60%
• External price: 25%
• Milestone analysis: 9%
• Scenario analysis: 6%

Valuation methodology by number of companies:

• Multiples: 28
• External price: 22
• Milestone analysis: 16
• Scenario analysis: 25
• Write off: 36

Top 20

The top 20 holdings represented 69% of Titan’s portfolio value at 30 June 2026.

The concentration of value within Titan’s largest holdings means that the performance of these companies will continue to have a significant influence on overall shareholder returns. Supporting these businesses to build value and, where appropriate, progress towards successful realisations therefore remains a central part of the Portfolio First strategy.

	Portfolio	Investment focus	Investment cost	Total valuation including cost	Value multiple1
1	Skin+Me	Health	£11.5m	£43.2m	3.8x
2	Pelago	Health	£17.9m	£31.1m	1.7x
3	Elliptic	Fintech	£9.0m	£29.2m	3.2x
4	vHive	Deep tech	£8.0m	£27.7m	3.5x
5	ManyPets	Fintech	£10.0m	£23.8m	2.4x
6	Vitesse	Fintech	£8.8m	£23.4m	2.7x
7	Amplience	B2B software	£12.4m	£23.1m	1.9x
8	Permutive	B2B software	£19.0m	£19.7m	1.0x
9	Legl	B2B software	£7.3m	£17.2m	2.4x
10	Token	Fintech	£13.6m	£16.1m	1.2x
11	RemoFirst	Fintech	£6.2m	£15.4m	2.5x
12	Automata	Health	£14.3m	£14.1m	1.0x
13	Bondaval	Fintech	£7.1m	£13.4m	1.9x
14	Quantum Motion	Deep tech	£5.1m	£12.4m	2.4x
15	Ometria	B2B software	£11.5m	£11.5m	1.0x
16	Voy2	Health	£2.1m	£11.4m	5.4x
17	Intropic	Fintech	£8.4m	£11.1m	1.3x
18	Taster	Consumer	£8.1m	£11.1m	1.4x
19	CoMind	Deep tech	£7.9m	£10.8m	1.4x
20	Seatfrog	Consumer	£9.6m	£10.0m	1.0x

1. The value multiple is calculated by dividing the current valuation by the investment cost.
2. Menwell Limited (trading as Voy, formerly Manual).

Outlook

There were some encouraging developments during the first half of 2026, although progress remains modest and much more still needs to be done.

Global venture investment and exit values have shown signs of improvement, although activity remains concentrated in a relatively small number of larger transactions and businesses associated with AI. Funding conditions for many other venture-backed companies remain challenging, while valuation multiples for publicly listed software companies, which can provide relevant benchmarks for valuing comparable companies in Titan’s portfolio, have remained under pressure.

Against this backdrop, we remain focused on the areas within our control.

The Portfolio First strategy means concentrating our time and capital on those existing portfolio companies where we believe there is the greatest potential to create and realise value. This includes working with management teams to improve operational performance and capital efficiency, supporting appropriate funding rounds selectively and preparing companies for liquidity events where market conditions and company performance make this possible.

The improvement in realisation activity during the first half is encouraging versus the previous year, and demonstrates that liquidity can be generated from the portfolio even in a selective exit environment. However, the timing of individual transactions remains inherently uncertain and further realisations are required.

Similarly, the modest improvement in NAV is welcomed after several years of declining performance, but it is too early to conclude that this represents a durable change in trajectory.

Our focus for the remainder of the year therefore remains unchanged: to improve performance across the existing portfolio, exercise discipline in the deployment of Titan’s capital and pursue opportunities to realise value for shareholders.

Rebuilding shareholder confidence will require sustained delivery over time and we remain focused on making progress against the objectives established following the Strategic Review.

Directors’ responsibilities statement

The Directors confirm that to the best of their knowledge:

• the half-yearly financial statements have been prepared in accordance with ‘Financial Reporting Standard 104: Interim Financial Reporting’ issued by the Financial Reporting Council;
• the half-yearly financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
• the half-yearly report includes a fair review of the information required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules, being:
  • we have disclosed an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;
  • we have disclosed a description of the principal risks and uncertainties for the remaining six months of the year; and
  • we have disclosed a description of related party transactions that have taken place in the first six months of the current financial year, that may have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last annual report that could do so.

By Order of the Board

Tom Leader 
Chair

Income statement

	Unaudited			Unaudited			Audited
	Six months to 30 June 2026			Six months to 30 June 2025			Year to 31 December 2025
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Gain/(loss) on disposal of fixed asset investments	–	7,077	7,077	–	1,184	1,184	–	(5,227)	(5,227)
Gain/(loss) on disposal of current asset investments	–	5	5	–	105	105	–	(15)	(15)
Gain/(loss) on valuation of fixed asset investments	–	7,245	7,245	–	(29,593)	(29,593)	–	(72,727)	(72,727)
(Loss)/gain on valuation of current asset investments	–	(440)	(440)	–	1,450	1,450	–	(145)	(145)
Investment income	3,180	–	3,180	1,503	–	1,503	8,074	–	8,074
Investment management fee	(300)	(5,706)	(6,006)	(413)	(7,838)	(8,251)	(750)	(14,253)	(15,003)
Other expenses	(1,397)	–	(1,397)	(3,324)	–	(3,324)	(5,464)	–	(5,464)
Foreign exchange translation	–	(1)	(1)	–	42	42	–	(28)	(28)
Proft/(loss) before tax	1,483	8,180	9,663	(2,234)	(34,650)	(36,884)	1,860	(92,395)	(90,535)
Tax	–	–	–	–	–	–	–	–	–
Proft/(loss) after tax	1,483	8,180	9,663	(2,234)	(34,650)	(36,884)	1,860	(92,395)	(90,535)
Proft/(loss) per share – basic and diluted	0.1p	0.5p	0.6p	(0.1)p	(2.1)p	(2.2)p	0.1p	(5.6)p	(5.5)p

• The ‘Total’ column of this statement is the profit and loss account of the Company; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
• All revenue and capital items in the above statement derive from continuing operations.
• Titan has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

Titan has no other comprehensive income for the period.

The accompanying notes form an integral part of the financial statements.

Balance sheet

	Unaudited		Unaudited		Audited
	As at 30 June 2026		As at 30 June 2025		As at 31 December 2025
	£’000	£’000	£’000	£’000	£’000	£’000
Fixed asset investments		546,284		620,190		573,410
Debtors: amounts falling due after more than one year		3,190		–		3,597
Current assets:
Money market funds	134,629		75,328		75,018
Corporate bonds	53,381		84,569		77,809
Applications cash1	20		18		18
Cash at bank	2,232		918		806
Debtors: amounts falling due within one year	3,553		6,280		3,447
		193,815		167,113		157,098
Creditors: amounts falling due within one year	(563)		(808)		(1,261)
Net current assets		193,252		166,305		155,837
Net assets		742,726		786,495		732,844
Share capital		1,648		1,647		1,648
Share premium		475		257		256
Capital redemption reserve		141		141		141
Special distributable reserve		1,048,301		1,048,301		1,048,301
Capital reserve realised		(221,111)		(149,705)		(241,857)
Capital reserve unrealised		(45,804)		(67,716)		(33,239)
Revenue reserve		(40,924)		(46,430)		(42,406)
Total equity shareholders’ funds		742,726		786,495		732,844
NAV per share		45.1p		47.7p		44.5p

1. Cash held but not yet allotted.

The accompanying notes form an integral part of the financial statements.

The statements were approved by the Directors and authorised for issue on 24 September 2026 and are signed on their behalf by:

Tom Leader
Chair
Company Number 06397765

Statement of changes in equity

	Share capital £’000	Share premium £’000	Capital redemption reserve £’000	Special distributable reserve1 £’000	Capital reserve realised1 £’000	Capital reserve unrealised £’000	Revenue reserve1 £’000	Total  £’000
As at 1 January 2026	1,648	256	141	1,048,301	(241,857)	(33,239)	(42,406)	732,844
Comprehensive income for the period:
Management fees allocated as capital expenditure	–	–	–	–	(5,706)	–	–	(5,706)
Current year gain on disposal of fixed asset investments	–	–	–	–	7,077	–	–	7,077
Current year gain on disposal of current asset investments	–	–	–	–	5	–	–	5
Gain on fair value of fixed asset investments	–	–	–	–	–	7,245	–	7,245
Loss on fair value of current asset investments	–	–	–	–	–	(440)	–	(440)
Profit after tax	–	–	–	–	–	–	1,483	1,483
Foreign exchange translation	–	–	–	–	–	–	(1)	(1)
Total comprehensive income for the period	–	–	–	–	1,376	6,805	1,482	9,663
Contributions by and distributions to owners:
Share issue2	–	219	–	–	–	–	–	219
Total contributions by and distributions to owners	–	219	–	–	–	–	–	219
Other movements:
Prior year fixed asset gains now realised	–	–	–	–	18,305	(18,305)	–	–
Prior year current asset gains now realised	–	–	–	–	1,065	(1,065)	–	–
Total other movements	–	–	–	–	19,370	(19,370)	–	–
Balance as at 30 June 2026	1,648	475	141	1,048,301	(221,111)	(45,804)	(40,924)	742,726

1. Included within these reserves is an amount of £740,462,000 which is considered distributable to shareholders under Companies Act rules. The Income Taxes Act 2007 restricts distribution of capital from reserves created by the conversion of the share premium account into a special distributable reserve until the third anniversary of the share allotment that led to the creation of that part of the share premium account. As at 30 June 2026, £764,229,000 of the special reserve is distributable under this restriction.

2. During the period, 491,661 shares were issued in connection with the client rebate allotment.

The accompanying notes form an integral part of the financial statements.

	Share capital £’000	Share premium £’000	Capital redemption reserve £’000	Special distributable reserve1 £’000	Capital reserve realised1 £’000	Capital reserve unrealised £’000	Revenue reserve1 £’000	Total  £’000
As at 1 January 2025	1,647	–	141	1,056,537	(125,444)	(57,285)	(44,238)	831,358
Comprehensive income for the period:
Management fees allocated as capital expenditure	–	–	–	–	(7,838)	–	–	(7,838)
Current year gain on disposal of fixed asset investments	–	–	–	–	1,184	–	–	1,184
Current year gain on disposal of current asset investments	–	–	–	–	105	–	–	105
Loss on fair value of fixed asset investments	–	–	–	–	–	(29,593)	–	(29,593)
Gain on fair value of current asset investments	–	–	–	–	–	1,450	–	1,450
Loss after tax	–	–	–	–	–	–	(2,234)	(2,234)
Foreign exchange translation	–	–	–	–	–	–	42	42
Total comprehensive income for the period	–	–	–	–	(6,549)	(28,143)	(2,192)	(36,884)
Contributions by and distributions to owners:
Share issue	1	256	–	–	–	–	–	257
Dividends paid	–	–	–	(8,236)	–	–	–	(8,236)
Total contributions by and distributions to owners	1	256	–	(8,236)	–	–	–	(7,979)
Other movements:
Prior year fixed asset losses now realised	–	–	–	–	(18,048)	18,048	–	–
Prior year current asset gains now realised	–	–	–	–	336	(336)	–	–
Total other movements	–	–	–	–	(17,712)	17,712	–	–
Balance as at 30 June 2025	1,648	256	141	1,048,301	(149,705)	(67,716)	(46,430)	786,495

1. Included within these reserves is an amount of £784,450,000 which is considered distributable to shareholders under Companies Act rules. The Income Taxes Act 2007 restricts distribution of capital from reserves created by the conversion of the share premium account into a special distributable reserve until the third anniversary of the share allotment that led to the creation of that part of the share premium account. As at 30 June 2025, £656,897,000 of the special reserve is distributable under this restriction.

The accompanying notes form an integral part of the financial statements.

	Share capital £’000	Share premium £’000	Capital redemption reserve  £’000	Special distributable reserve1 £’000	Capital reserve realised1 £’000	Capital reserve unrealised  £’000	Revenue reserve1 £’000	Total  £’000
As at 1 January 2025	1,647	–	141	1,056,537	(125,444)	(57,285)	(44,238)	831,358
Comprehensive income for the year:
Management fees allocated as capital expenditure	–	–	–	–	(14,253)	–	–	(14,253)
Current year loss on disposal of fixed asset investments	–	–	–	–	(5,227)	–	–	(5,227)
Current year loss on disposal of current asset investments	–	–	–	–	(15)	–	–	(15)
Loss on fair value of fixed asset investments	–	–	–	–	–	(72,727)	–	(72,727)
Loss on fair value of current asset investments	–	–	–	–	–	(145)	–	(145)
Gain after tax	–	–	–	–	–	–	1,860	1,860
Foreign exchange translation	–	–	–	–	–	–	(28)	(28)
Total comprehensive income for the year	–	–	–	–	(19,495)	(72,872)	1,832	(90,535)
Contributions by and distributions to owners:
Share issue (includes DRIS)2	1	256	–	–	–	–	–	257
Share issue costs	–	–	–	–	–	–	–	–
Repurchase of own shares	–	–	–	–	–	–	–	–
Dividends paid (includes DRIS)2	–	–	–	(8,236)	–	–	–	(8,236)
Total contributions by and distributions to owners	1	256	–	(8,236)	–	–	–	(7,979)
Other movements:
Share premium cancellation	–	–	–	–	–	–	–	–
Prior year fixed asset losses now realised	–	–	–	–	(53,999)	53,999	–	–
Prior year current asset gains now realised	–	–	–	–	581	(581)	–	–
Transfer between reserves	–	–	–	–	(43,500)	43,500	–	–
Total other movements	–	–	–	–	(96,918)	96,918	–	–
Balance as at 31 December 2025	1,648	256	141	1,048,301	(241,857)	(33,239)	(42,406)	732,844

1. Included within these reserves is an amount of £730,799,000 (2024: £829,571,000) which is considered distributable to shareholders under Companies Act rules. The Income Taxes Act 2007 restricts distribution of capital from reserves created by the conversion of the share premium account into a special distributable reserve until the third anniversary of the share allotment that led to the creation of that part of the share premium account. As at 31 December 2025, £656,897,000 (2024: £375,740,000) of the special reserve is distributable under this restriction.

2. The Company did not operate any DRIS during the year ended 31 December 2025.

The accompanying notes form an integral part of the financial statements.

Cash flow statement

	Unaudited Six months to 30 June 2026	Unaudited Six months to  30 June  2025	Audited Year to 31 December 2025
	£’000	£’000	£’000
Reconciliation of loss to cash flows from operating activities
Profit/(loss) before tax	9,663	(36,884)	(90,535)
Decrease/(increase) in debtors	116	3	(986)
Decrease in creditors	(700)	(1,044)	(591)
(Gain)/loss on disposal of current asset investments	(5)	(105)	15
Loss/(gain) on valuation of current asset investments	440	(1,450)	145
(Gain)/loss on disposal of fixed asset investments	(7,077)	(1,184)	5,227
(Gain)/loss on valuation of fixed asset investments	(7,245)	29,593	72,727
Outflow from operating activities	(4,808)	(11,071)	(13,998)
Cash flows from investing activities
Sale of current asset investments1	23,993	7,233	12,277
Purchase of fixed asset investments	(3,917)	(8,176)	(14,722)
Proceeds from sale of fixed asset investments	45,549	2,503	6,510
Inflow from investing activities	65,625	1,561	4,065
Cash flows from financing activities
Movement in applications account	2	(4)	(4)
Dividends paid (net of DRIS)	–	(8,236)	(8,236)
Purchase of own shares	–	–	–
Share issues (net of DRIS)	219	257	257
Share issues costs	–	–	–
Inflow/(outflow) from financing activities	221	(7,983)	(7,983)
Increase/(decrease) in cash and cash equivalents	61,038	(17,494)	(17,916)
Opening cash and cash equivalents	75,842	93,758	93,758
Closing cash and cash equivalents	136,881	76,264	75,842
Cash and cash equivalents comprise
Cash at bank	2,232	918	806
Applications cash	20	18	18
Money market funds	134,629	75,328	75,018
Closing cash and cash equivalents	136,881	76,264	75,842

1. Proceeds from the sale of current asset investments principally relate to the realisation of corporate bond holdings as investments matured during the period.
The accompanying notes form an integral part of the financial statements.

Condensed notes to the financial statements

1. Basis of preparation

The unaudited half-yearly results for the six months ended 30 June 2026 have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (January 2022) and the Statement of Recommended Practice (SORP) for Investment Companies re-issued by the Association of Investment Companies in July 2022.

2. Publication of non-statutory accounts

The unaudited half-yearly results for the six months ended 30 June 2026 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The comparative figures for the year ended 31 December 2025 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor’s report on those financial statements, in accordance with Chapter 3, Part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company’s auditor.

3. Earnings per share

The profit per share is based on 1,647,807,550 Ordinary shares (30 June 2025: 1,647,303,176 and 31 December 2025: 1,647,516,355), being the weighted average number of shares in issue during the period. There are no potentially dilutive capital instruments in issue and so no diluted returns per share figures are relevant. The basic and diluted earnings per share are therefore identical.

4. Net asset value per share

	30 June	30 June	31 December
	2026	2025	2025
Net assets (£’000)	742,726	786,495	732,844
Ordinary shares in issue	1,648,217,720	1,647,726,059	1,647,726,059
Net asset value per share	45.1p	47.7p	44.5p

5. Dividends

No dividend was declared in respect of the year ended 31 December 2025, and no dividend was paid during the six months ended 30 June 2026.

6. Buybacks and allotments

During the six months to 30 June 2026, the Company did not repurchase any Ordinary shares (six months ended 30 June 2025: the Company did not repurchase any Ordinary shares; year ended 31 December 2025: the Company did not repurchase any Ordinary shares).

During the six months to 30 June 2026, 491,661 shares were issued in connection with the client rebate allotment at a weighted average price of 44.5p per share (six months ended 30 June 2025: 513,704 shares at a weighted average price of 50.0p per share; year ended 31 December 2025: 513,704 shares were issued at an average price of 50.0p per share).

7. Transactions with the Manager and Portfolio Manager

Octopus AIF Management Limited acts as the Manager of the Company and has appointed Octopus Investments Limited to act as Portfolio Manager, responsible for portfolio management and the day-to-day running of the Company.

On 11 September 2025, the Company entered into a new investment management and non-investment services agreement (the IMNISA) with the Manager and Portfolio Manager, replacing the previous separate investment management and non-investment services arrangements. Under the previous arrangements, the Company paid an annual management charge of 2% of NAV together with a separate fee for non-investment services.

Under the IMNISA, Octopus provides investment management services together with financial, company secretarial and product management non‑investment services to the Company, in return for a single combined management fee.

Under the IMNISA, Octopus AIF Management Limited and Octopus Investments Limited are together entitled, in aggregate, to a management fee of 2% per annum of the Company’s NAV, payable quarterly in advance and calculated using the latest published NAV of the Company and the number of shares in issue at each quarter end. The management fee is subject to tiering, reducing to 1.75% where NAV is between £500 million and £750 million, and to 1.4% where NAV exceeds £750 million. The management fee is also reduced where the Company’s uninvested cash exceeds 10% of NAV and the overall actual percentage rate charged on that excess amount exceeds the average total return on that uninvested cash.

During the period, the Company incurred management fees of £6,006,000 payable to Octopus (30 June 2025: £8,251,000 investment management fees and £1,067,000 non-investment services fees under the previous fee arrangements; 31 December 2025: £15,003,000 total investment management and non-investment services fees under the new agreement).

During a transitional period following the implementation of the IMNISA (the ‘Transition Period’), the Manager will rebate up to 20% of the management fee back to the Company where certain performance and realisation targets are not achieved. Accordingly, during the period an accrued rebate of £977,000 (31 December 2025: £913,000) was recognised in respect of the period from 1 January 2026 to 30 June 2026.

Under the IMNISA, the Manager is entitled to a performance-related incentive fee in respect of accounting periods commencing on or after 1 January 2034. No performance-related fees were accrued for the six months to 30 June 2026 (30 June 2025: £nil; 31 December 2025: £nil).

Octopus received £0.02 million in the period to 30 June 2026 (30 June 2025: £0.01 million; 31 December 2025: £0.02 million) in regard to arrangement and monitoring fees in relation to investments made on behalf of Titan. Since 31 October 2018, Octopus no longer receives such fees in respect of new investments or any such new fees in respect of further investments into portfolio companies in which Titan invested on or before 31 October 2018, with any such fees received after that time being passed to Titan.

8. Related party transactions
Titan owns Zenith Holding Company Limited, which owns a share in Zenith LP, a fund managed by Octopus.

Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Titan’s portfolio companies, but they have no controlling interests in those companies.

The Directors received the following dividends from Titan:

	Period to	Period to	Year to
	30 June	30 June	31 December
	20262	2025	2025
Jane O’Riordan1	–	779	573
Tom Leader (Chair)	–	241	241
Lord Rockley	–	395	395
Gaenor Bagley	–	121	121
Julie Nahid Rahman	–	22	22
Rupert Dickinson	–	–	–

1. Jane O’Riordan retired as a Director on 4 December 2025.
2. No dividends were paid during the six months ended 30 June 2026.

9. Voting rights and equity management

The following table shows the percentage voting rights held by Titan of each of the top ten investments held in Titan, on a fully diluted basis.

	% equity
Investments	held by Titan
Mr & Mrs Oliver Ltd (trading as Skin + Me)	20.6%
Digital Therapeutics (trading as Pelago, formerly Quit Genius)	14.0%
Elliptic Enterprises Limited	5.8%
vHive Tech Limited	19.0%
Many Group Limited (trading as Many Pets)	7.5%
Vitesse PSP Limited	9.8%
Amplience Limited	21.3%
Permutive Inc.	17.2%
The Justice Platform Inc. (trading as Legl)	20.1%
Token	13.3%

10. Post balance sheet events
The following events occurred between the balance sheet date and the signing of this half‑yearly report:

• the Company received £2.5 million in disposal and deferred consideration proceeds; and
• the Company declared an interim dividend of 1.0p to be paid on 18 December 2026.

11. Half-Yearly Report
The unaudited half-yearly report for the six months ended 30 June 2026 will shortly be available to view at https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-titan-vct/

A copy of the report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

For further information please contact:

Rachel Peat  
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067

LEI: 213800A67IKGG6PVYW75

LONDON and PHILADELPHIA, Sept. 25, 2026 (GLOBE NEWSWIRE) — Avacta Therapeutics (AIM: AVCT, the “Company”, “Avacta”), a life sciences company developing innovative, targeted oncology drugs, today announces the presentation of the FOCUS-01 trial design and preclinical data highlighting the potential of AVA6103 (FAP-Exd) in pancreatic ductal adenocarcinoma (PDAC).  FOCUS-01 is the Phase 1 trial of AVA6103, the Company’s first Next-Generation pre|CISION^® peptide-drug conjugate (PDC) and is being presented at the American Association for Cancer Research (“AACR”) Conference on Pancreatic Cancer in San Diego, California, held between 25-28 September 2026.

The presentation highlights the design of the FOCUS-01 Phase 1 study of AVA6103 and updated preclinical data supporting the assessment of AVA6103 in patients with PDAC. AVA6103 is designed to significantly increase the therapeutic window of the highly potent payload, exatecan, and the trial implements a dose-dense arm, dosing every two weeks (Q2W), to enhance the delivery of payload to the tumor over traditional dosing of ADCs at every three weeks (Q3W).  Preclinical studies using the dose-dense regimen in patient-derived xenograft (PDX) mouse models of PDAC demonstrate that AVA6103 achieved tumor-targeted delivery of exatecan with highly durable complete and partial responses in multiple models observed for weeks following cessation of dosing.

Additionally, researchers observed high FAP expression in PDAC with close proximity of FAP-expressing cancer-associated fibroblasts (CAFs) to both blood vessels and tumor cells, shown via multiplex immunofluorescence (mIF). These findings support the mechanism of action of the Next Gen pre|CISION medicines: efficient PDC delivery to the tumor, cleavage and release of payload with tumor cell uptake of released payload.

Christina Coughlin, CEO of Avacta, commented:

“The preclinical data presented at AACR underscore the significant potential of AVA6103 in addressing the challenges of pancreatic cancer, a disease with limited treatment options and poor prognosis. The robust preclinical efficacy, combined with the high FAP expression in PDAC, further strengthens our confidence in AVA6103 as a promising therapeutic candidate to improve treatment options for patients.

“This adds to the momentum of AVA6103 and highlights the potential of our unique pre|CISION^® technology to bring hope to patients battling PDAC and other aggressive cancers. The first clinical data from the FOCUS-01 trial, providing clinical evidence consistent with tumor-specific delivery of exatecan by AVA6103, have further reinforced our confidence in this program and we are now moving towards an initial efficacy readout from the study in H1 2027.”

FOCUS-01: Trial in Progress

The FOCUS-01 Phase 1a trial is a first in-human, multicenter dose escalation trial of AVA6103 and is enrolling patients with select tumor types predicted to be sensitive to the payload exatecan, including PDAC. Patients with PDAC are enrolled in the Q2W dosing arm, a dose-intense regimen designed to match standard of care in the indication. The ability to deliver dose intensity and flexible administration is unique to pre|CISION^® Next-Gen PDCs because:

• In contrast to antibodies, the pre|CISION^® peptide does not accumulate, enabling more frequent dosing when appropriate; and
• The pre|CISION^® Next-Gen mechanism retains and cleaves the conjugate inside the tumor, significantly limiting systemic exposure to the payload and enabling the interval between doses to be shortened, allowing delivery of higher dose intensity compared to ADCs.

Preliminary safety and pharmacokinetic (PK) data from the first three dose levels of the FOCUS-01 trial, reported earlier this month, demonstrated proof of mechanism in patients treated in the first three cohorts in the trial. AVA6103 demonstrated a favorable safety profile and was well tolerated through the first three dose levels up to a payload dose approximately 50% higher than the maximum tolerated dose (MTD) of conventional exatecan.

The pharmacokinetic data of the PDC, released peptide and released exatecan patients were remarkably consistent with predictive PK modelling based on preclinical data, greatly increasing confidence that the safety profile, tumor selectivity and antitumor efficacy observed in the preclinical studies of AVA6103 will translate into the clinic.

Enrollment is ongoing in both arms of the study with patients treated at dose level 4, which represents an absolute dose of payload that is more than double the MTD of conventional exatecan and approaches the equivalent topoisomerase I inhibitor payload dose of the approved dose of Enhertu^® in breast cancer.

Details of the poster presentation

Title:  A Phase I Trial of FAP-Exd (AVA6103), a Fibroblast Activation Protein (FAP)-enabled pre|CISION® Peptide-drug Conjugate Delivering Sustained Tumor Microenvironment (TME) Release of Exatecan in Patients with FAP-positive Solid Tumors

First Author: Alex Spira, MD

Session: New Frontiers in Biology and Therapeutic Development

Date: September 26, 2026

Enhertu^® (trastuzumab deruxtecan; T-DXd) is a protease cleavable-linker ADC, approved for both breast cancer and gastric cancer indications (an AstraZeneca/Daiichi Sankyo product). Enhertu^® is a registered trademark of Daiichi Sankyo Company, Limited and AstraZeneca.

For further information from Avacta, please contact:

Avacta Group plc Christina Coughlin, Chief Executive Officer	https://avacta.com/ via Cohesion Bureau
Strand Hanson Limited (Nominated Adviser) James Harris / Chris Raggett / James Dance	www.strandhanson.co.uk
Zeus (Broker) James Hornigold / George Duxberry / Dominic King	www.zeuscapital.co.uk
Cohesion Bureau Communications / Media / Investors Chris Maggos	avacta@cohesionbureau.com

About Avacta – https://avacta.com/

Avacta Therapeutics is a clinical-stage life sciences company expanding the reach of highly potent cancer therapies through its proprietary pre|CISION® platform. pre|CISION® is a payload delivery system based on a tumor-specific protease (Fibroblast Activation Protein or FAP) that is designed to concentrate highly potent payloads in the tumor microenvironment while sparing normal tissues. Avacta’s innovative pre|CISION® peptide drug conjugates (PDC) are a novel entry to the XDC drug class, leveraging the success of antibody drug conjugates with alternative methods of delivery beyond antibodies.

Our pre|CISION® PDCs leverage this tumor-specific release mechanism in a small molecule format to provide unique benefits over traditional antibody drug conjugates (ADC), releasing active payload in the tumor and reducing systemic exposure and toxicity which enables dosing to be optimized to deliver the best outcomes for patients. The lead clinical program is AVA6103, a Next Generation FAP-enabled controlled release pre|CISION® version of exatecan that delivers the payload directly in the tumor with limited peripheral blood exposure and is currently in clinical development as a treatment for tumor types sensitive to exatecan including cervical cancer, HR+ breast cancer, small cell lung cancer, gastric cancer, colorectal cancer and pancreatic cancer.

About AVA6103 (FAP-Exd)

AVA6103 is the second clinical candidate and is the first asset in the pipeline based on the Next Generation innovative pre|CISION® controlled release mechanism that provides for prolonged release of payload directly in the tumor, minimizing systemic exposure. AVA6103 is being evaluated in the FOCUS-01 Phase 1 trial (F AP-Exd in O ncologic C ancers with U nmet needS). Preclinical data suggest this approach has optimized payload delivery with a high intratumoral concentration and prolonged exposure of released payload in the tumor, coupled with limited systemic exposure to the released payload.

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 rns@lseg.com or visit www.rns.com.