NG Interim Report 2025

Interim Report — for the six months ended 30 September 2025

Interim Report —­For the six months ended 30 September 2025

PROFIT WITH PURPOSE

northern-gritstone.com

PROFIT WITH PURPOSE

Independent Auditors' disclaimer letter

To the Directors of Northern Gritstone Limited Request for access to our interim report dated 28 November 2025 You have asked us to agree to you providing to external recipients (the “recipient”) a copy of our report dated on x November 2025 (the “Report”) prepared in connection with our review of the interim financial information of the company for the period ended 30 September 2025.

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Interim Report — for the six months ended 30 September 2025

01

02

03

Our vision

Highlights

04

08

Chief Executive’s statement

04

05

06

10

3

Portfolio update

Purpose & Impact

Directors' report

12

18

22

07

08

09

Independent review report

Financial statements and notes

Appendix

24

26

36

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01

Our vision Northern Gritstone is seizing the North of England's innovation opportunity by investing in science and technology startups solving global problems with the potential and ambition to scale worldwide.

4

Prior to Northern Gritstone launching, in 2019 only £28 million of venture capital funding was invested in university spinouts in the North of England.* Since Northern Gritstone first raised capital in 2022, the company and its co-investors have invested £388m, a figure which continues to rise as we overcome the historical lack of essential infrastructure in the region.

Our goal, alongside generating high returns for our shareholders, is to create the ecosystem and talent pool needed to support world-class venture capital across the Northern Arc - an economic region spanning the North-West of England and connecting into West and South Yorkshire.

At the core of our investment philosophy is ‘Profit with Purpose’; creating an ecosystem that can support groundbreaking inventions which, over time, will flow back to have a positive societal and economic impact. Profit means delivering attractive returns to our shareholders, who have the patient capital to invest into and benefit from the returns of the world-class companies of tomorrow.

* 2019 investment into spinouts based in the North of England quoted in ‘Equity Investment into UK Spinouts Report (2019)’ by Beauhurst

Interim Report — for the six months ended 30 September 2025

Investee companies launch

High-paid job creation

PROFIT WITH PURPOSE

Northern Gritstone invests and supports

5

North of England A new Silicon Valley

New funders enter the region Skilled workers & companies relocate to the region

Region recognised as an innovation leader

RTH NO OF D N GLA N E

PROFIT NGIS BUSINESS WITH PURPOSE SUPPORT SERVICES

6

The high-performance growth experts – NG Innovation Services Our investment strategy focuses on value creation with companies hitting milestones to meet crucial inflexion points. Although capital is vital, we know that the ecosystem is critical for early-stage companies to thrive, which is the role of NG Innovation Services.

The five functions of NG Innovation Services across talent, sales, fund-raising and venture building, are helping our portfolio companies grow into world-class businesses.

These functions provide the critical infrastructure and connections needed by ambitious leadership teams.

Interim Report — for the six months ended 30 September 2025

NG Studios cohort 4 participants

NG Studios

NG Co-Investment

bespoke pre-seed programs transforming deep tech and life sciences research into scalable, investment-ready businesses

building syndicates that align investors and founders to support scalable growth

7

5

1

4

2

3

NG Growth

NG Talent

hands on coaching and a proven growth model to drive sales

connecting early-stage founders to a community of experts and peers

NG Business Services accessing fundamental services - IT, Finance, HR, Insurance, and Branding –through best-in-breed service provider panels

PROFIT WITH PURPOSE

02

Highlights PORTFOLIO No. of investee companies

44

At 30 Sept 2025

28

Portfolio valuation

Lifetime gross portfolio MoM

£64.7m £38.7m

0.9x

Invested in portfolio**

Lifetime gross portfolio IRR

£73.8m £44.0m

-8%

At 30 Sept 2025

At 30 Sept 2024

At 30 Sept 2025

0.9x At 30 Sept 2024

At 30 Sept 2024

8

At 30 Sept 2025

At 30 Sept 2024

At 30 Sept 2025

-10% At 30 Sept 2024

** At 30 Sep 2025 Northern Gritstone had committed an additional unfunded amount of £6.5m

(2024: £2.7m) .

COMPANY Total committed capital

Ordinary share capital paid up

NAV & UOS per share*

Ordinary share capital

£262m £212m At 30 Sept 2025

At 30 Sept 2024

Preference share capital

£100m At 30 Sept 2025

£100m At 30 Sept 2024

40%

35%

At 30 Sept 2025

At 30 Sept 2024

£0.92

£0.97

At 30 Sept 2025

At 30 Sept 2024

* Net asset value and uncalled ordinary share capital per ordinary share.

To supplement performance assessment, Northern Gritstone uses Alternative Performance Measures, which are not defined under IFRS. Definitions and further details are provided on page 37.

Interim Report — for the six months ended 30 September 2025 2024

NGIS BUSINESS SUPPORT SERVICES

PURPOSE & IMPACT Invested & Committed Co-investment into the North of England

£308m At 30 Sept 2025

£271m

No. of people employed by investee companies

843

At 30 Sept 2025

At 30 Sept 2024

Northern Gritstone and co-investor funding by location At 30 Sept 2025

£388m

£178m North East

£58m

No. of jobs created

West Yorkshire

312

187

At 30 Sept 2025

At 30 Sept 2024

693 At 30 Sept 2024

£69m North West

PRIMARY PORTFOLIO UN SUSTAINABLE DEVELOPMENT GOALS ALIGNMENT At 30 Sept 2025

Note: Numbers refer to the UN classification of the Sustainable Development Goals.

£83m

South Yorkshire

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03

Chief Executive’s statement 10

Northern Gritstone has continued to evolve over the past six months despite the enduring poor market backdrop.

Before turning to our activities in the period as a business, I want to reflect more on the prolonged downturn in private markets generally and then VC more specifically.

Northern Gritstone began its journey in a truly “risk-on” market when there was clearly a level of post-covid exuberance throughout the asset space – in terms of pricing, capital raised, capital deployed, etc. However, the hangover since has been large! My usual rule of thumb that private markets lag public markets by 18 months seems not to be the case, as with so many other historic linkages currently.

The sluggish market means that life as an early-stage investor is increasingly demanding. Access to capital for both fund managers and investees is paramount in ensuring not just performance but, for many, survival. What needs to be achieved within the early years – the Seed to Series A journey – is now exceptional if a company wants to continue in its development. It means at a base level, by Series A an investee needs to have in place a high-performing commercial team, commercial traction with product in market and a clear line of sight to revenue growth in the succeeding 24 months. Not easy.

Interim Report — for the six months ended 30 September 2025

This is why the role of Northern Gritstone Innovation Services is so vital. Our team of professionals across talent, sales, fund-raising and venture building all lean in to ensure that our investees have the best chance of hitting the very demanding levels required by the market.

Against this background I’m delighted that we have continued to develop our NG Studios offering. 16 companies will have gone through both life science and deep-tech focused programs over the course of this financial year. These programs are co-developed and delivered with our partners: KQ Labs at the Francis Crick Institute; and Deeptech Labs.

They are both exceptional and give these companies the best opportunity to raise the right level of investment at Seed to ensure that the Series A milestones can be hit.

We have seen a small drop in NAV per share in the first six months to 92p. We are confident that this does not reflect the potential of our portfolio which now numbers 44 investments.

We have a strong pipeline of both new investments and re-ups into a number of our high-performing assets where we already have significant stakes. It is our expectation that we will see a positive in-year investment return over the course of this financial year.

Our involvement in developing the Northern Arc ecosystem is continuing as we help to bring in additional funding partners to the region. A great example of this is our collaboration with Parkwalk, which during the period saw the launch of the Northern Universities Venture Fund – a fund managed by Parkwalk which will allow retail investors the ability to co-invest in opportunities originated

by Northern Gritstone.

We are doing this at the same time as driving ambition and aspiration in the next generation with our student outreach programme to which we added our first internships over this summer. Our student outreach programme has now been delivered to 200 students.

"I’M DELIGHTED THAT WE HAVE CONTINUED TO DEVELOP OUR NG STUDIOS OFFERING" One area on which we focus is the total level of funding of which Northern Gritstone has been party to along with our portfolio co-investors.

At the half year, I’m pleased to note that we have now been part of £388 million of earlystage funding for IP rich businesses in the North of England since our inception – in 2019 this was just £28 million for the whole region.

I remain positive as to what we are doing at Northern Gritstone – as one investor noted to me recently: “It is when, not if, Duncan”.

Duncan Johnson

CHIEF EXECUTIVE OFFICER

26 November 2025

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PROFIT WITH PURPOSE

04

Portfolio update

12

The Company made 12 new investments and 3 followon investments in the period, deploying a total of:

The fair value of the portfolio at 30 September 2025 was:

£11.4m

£64.7m

During the period there was a change in the fair value of investments of:

£(3.4)m

This change is the result of the portfolio seasoning and a small number of businesses deteriorating in performance, which is expected in a portfolio of early-stage ventures.

On a more positive note, we are pleased with the progress of those businesses in the portfolio which we believe have the potential for exceptional performance, amongst these being: •

• •

Optalysys, which during the period launched the world’s first FHE (Fully Homomorphic Encryption) server for blockchains that can process data at scale without decrypting it; Microlub, which during the period entered into two joint development agreements with global companies; and Imperagen, which during the period won its first major commercial contract with a blue-chip customer.

In the past six months we expanded our portfolio of IP-rich, knowledge-intensive companies, including launching two NG Studios cohorts – one focused on deep-tech and the other focused on life sciences.

Profiles of select new and follow-on investments made in the period appear on pages 14 to 17.

Interim Report — for the six months ended 30 September 2025

£M Top 10 holdings by carrying value

Fair Value at 31 Mar 25

Investment cost during the period

Change in fair value during the period

Fair Value at 30 Sep 25

Return to date Internal rate of return %

Return to date Multiple of money

Pragmatic

7.5

-

-

7.5

-

1.0 x

Optalysys

5.0

-

1.0

6.0

9%

1.2 x

Phagenesis

3.3

1.6

-

4.9

-

1.0 x

Phlux

4.7

-

-

4.7

39%

1.4 x

Sitehop

-

4.1

(0.1)

4.0

(46)%

1.0 x

Microlub

2.4

-

0.7

3.1

69%

1.7 x

Exciting Instruments

3.0

-

-

3.0

30%

1.3 x

Crucible

2.9

-

-

2.9

11%

1.2 x

Imperagen

2.0

0.6

-

2.6

25%

1.6 x

Partful

2.5

-

-

2.5

-

1.0 x

Other

23.4

5.1

(5.0)

23.5

(15)%

0.6 x

56.7

11.4

(3.4)

64.7

(8)%

0.9 x

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PROFIT WITH PURPOSE

sitehop.com

• Founded by Melissa Chambers (CEO) and Ben Harper (CTO) in 2020 to tackle the increasing challenge of encrypting data in motion.

• As data moves across networks it is vulnerable to interception, tampering, and espionage. AI has driven a massive expansion of data in motion, however existing encryption solutions consume too much energy and add significant latency.

14

• Sitehop’s solution encrypts and decrypts data packets, delivering ultra-low latency (835 nanoseconds vs average of microseconds), which is suitable for real-time financial transactions and to deliver 5G networks.

• Its solution is based on FPGA (Field Programmable Gate Array) hardware and includes post-quantum cryptography (PQC) in a software-reconfigurable format. It is third-party compatible and can be seamlessly integrated into existing networks without requiring bespoke modifications.

• The company is based in Sheffield and employs 22 FTE.

INVESTMENT DETAILS

13% £4.0m

Northern Gritstone equity held

Current valuation

Key co-investors include: Amadeus, Manta Ray and Mercia

KEY INVESTMENT HIGHLIGHTS Marketing & scaling opportunity • The overall cybersecurity market is worth $2 trillion and accelerating, with specific spending relevant to Sitehop worth $200bn in 2024 - an area growing at over 12% per annum.

IP & barriers to entry • Sitehop’s core technology is protected by a patent.

• Sitehop’s expert FPGA engineers have developed key implementation knowledge that is protected as trade secret.

Productisation & pipeline • Sitehop is selling its solution to Telcos, Governments and Critical National infrastructure where low latency and security are paramount.

Management team • CEO and CTO have worked in several startups and sold into large enterprises and governments.

The management team also includes Head of Operations and Head of People, who have experience working at a scale-up stage and possess relevant experience for this stage of the business.

PURPOSE AND IMPACT Decent Work & Economic Growth New skilled jobs based in the North of England will be generated through this investment.

Industry, Innovation and Infrastructure Developed an ultra-low latency encryption solution offering a PQC solution and is compatible with any 3rd party infrastructure.

Responsible Production and Consumption Enables ultra-low encryption at 10x lower power usage.

Interim Report — for the six months ended 30 September 2025

phovir.com

• Founded in 2023, Phovir Technologies is developing miniature infrared spectroscopy technology that puts advanced material analytics directly in the palm of your hand, delivering critical insights everywhere, anytime, to everyone.

• The sensor is built using a MEMS (microelectromechanical systems) chip, which is scalable and low-cost compared to other competing solutions.

• Phovir is a spin-out company from the University of Manchester, founded by Dr Tim Echtermeyer.

• The global spectrometry market size is valued at $20bn and is expected to grow at a CAGR of 7.7% from 2025 to 2030.

• PhovIR is in early prototype stage and will use this investment to hire a CEO, build the wider team and commence field tests with its minimum viable product - allowing the company to demonstrate novelty and value to customers.

• PhovIR is a graduate of the NG Studios programme.

INVESTMENT DETAILS

26% £1.6m

Northern Gritstone equity held

Current valuation

Key co-investors include: Science Creates Ventures

KEY INVESTMENT HIGHLIGHTS Marketing & scaling opportunity • The initial beachhead markets—Agritech (£3.5bn), Gas Sensing (£2.9bn), and Counterfeit Detection (£3bn) —offer fast feedback cycles, enabling rapid MVP iteration, pricing validation, and business model refinement.

IP & barriers to entry • PhovIR has developed a novel sensor which is protected by a patent, and a machine learning algorithm based on proprietary data. Combined, this gives the company a competitive moat.

Productisation & pipeline • Phovir has built an MVP which offers full-spectrum near-infrared (NIR) capabilities of 1.1 to 2.6 µm in a tiny footprint with low power consumption making it suitable for portable applications.

Management team • Founder & CTO, Tim Echtermeyer, is an expert in MEMS technology. Previously a Project Manager at Bosch where he was responsible for the translation of MEMS devices from research to commercial stage.

• Exec Chair, Steve Turley, experienced CEO & Chairman. Current Chair EFFECT Photonics.

PURPOSE AND IMPACT Sustainable cities and communities The company’s applications in gas sensing and smart cities enable more sustainable processes.

Industry, Innovation and Infrastructure Developing a low-cost novel portable sensor that opens the current market applications in Agritech & Industrial sensing.

Responsible Production and Consumption New skilled jobs based in the North of England will be generated through this investment.

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PROFIT WITH PURPOSE

Cohort 4

• AmpliSi* is a spinout from the School of Chemical, Materials and Biological Engineering at the University of Sheffield.

• The company is developing scalable, safe, and sustainable porous silicon for next-gen batteries that deliver higher energy density than traditional graphite. The technology can be seamlessly integrated into existing battery manufacturing lines.

• Coretech* is a spinout from the University of Leeds.

• The company has developed closed-loop flow chemistry technology consisting of hardware combined with novel AI software, automating the production of active pharmaceutical ingredients tailored for specific parameters.

16

• CybPass is a spinout from the University of Sheffield.

• Plant Organelle Technology is a spinout from the University of Manchester.

• The company is developing semi-autonomous, expert in-the-loop security and compliance assurance for AI systems in high risk, regulated industries.

• The company has developed a method of incorporating variant DNA sequences into the genomes of organelles (specifically mitochondria and chloroplasts). This method facilitates the editing of organelle DNA to create plants with new and improved characteristics.

• Ultracell Networks is a spinout from the School of Electronic and Electrical Engineering at the University of Leeds.

• The company is developing passive optical networks designed to replace power consuming access and aggregation switches in data centres.

* Subscription agreement signed after the period-end.

Interim Report — for the six months ended 30 September 2025

Cohort 5

• Assemblify is a spinout from the University of Leeds.

• The company is building a human-relevant blood-brain barrier platform that de-risks central nervous system drug development.

• IVFmicro is a spinout from the University of Leeds.

• The company improves assisted reproductive technology and in-vitro fertilization treatments using microfluidic technology for embryo culture.

• Nanoncolytics* is a spinout from the University of Sheffield.

• RNA Forge* is a spinout from the University of Sheffield.

• The company is developing a bio-inspired nanoparticle platform for the encapsulation of sensitive biologics. This enables their safe, intravenous delivery, unlocking the potential for even the most difficult-to-treat diseases.

• The company is developing a product for manufacturing of RNA (Ribonucleic Acid) vaccines and therapeutics at high quality and low cost, for clinical trials and commercial use.

• SilVia Bio* is a spinout from the University of Sheffield.

• Tandem Nano is a spinout from the University of Liverpool.

• Rising therapeutic complexity is delaying many effective drugs coming to market, as cell-based manufacturing struggles to meet production demands. The company’s platform rapidly diagnoses cellular bottlenecks and delivers highsuccess-rate media solutions that boost yield and quality, unlocking the full potential of mammalian cells for biomanufacturing.

• The company simplifies therapeutic dosing.

Through oral and long-acting nanoformulations they reduce the cost and frequency of dosing to transform drug therapy and facilitate equal, global access to medication.

* Subscription agreement signed after the period-end.

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PROFIT WITH PURPOSE

05

Purpose & Impact

18

During the six months to 30 September 2025 Northern Gritstone has continued to develop its Purpose & Impact (‘P&I’) strategy. This report provides an update on developments in the period. The next P&I focused survey of our investee companies will be undertaken in March 2026, with the results of that survey incorporated into the annual report.

Entities backed During the period the Group invested in an additional 12 companies. In total, the Group has now backed 44 science and innovationbased businesses in the North of England, all enjoying strong intellectual property underpinned by world-class science and an ability if successful to become world-leading businesses.

Capital leveraged Since inception, an additional £308m of co-investment has been invested or committed by a series of local, European and other international investors into the North of England alongside the Company’s £80m of committed and invested capital.

This represents c.4x the value that Northern

Gritstone has invested. Total funding to date made by Northern Gritstone and co-investors stands at £388m.

During the period we worked with Parkwalk to launch the Northern Universities Venture Fund, which is managed by Parkwalk and will allow retail investors the ability to co-invest in opportunities originated by Northern Gritstone.

Job creation The 44 investments Northern Gritstone has made to date funded 312 additional jobs, with significantly more to follow as the monies invested are fully deployed by the investee companies. At 30 September 2025 Northern Gritstone’s investee companies employed 843 people in total.

Interim Report — for the six months ended 30 September 2025

PRIMARY PORTFOLIO UN SUSTAINABLE DEVELOPMENT GOALS ALIGNMENT

The Group’s portfolio continues to align strongly with the same UN sustainable development goals reported at 31 March 2025.

Climate THE COMPANY’S CARBON EMISSIONS1 AND INTENSITY RATIOS DURING THE PERIOD WERE: tCO2e

6 months ended 30 Sep 2025

6 months ended 30 Sep 2024

Scope 1 — own operations

-

-

Scope 2 — own operations

0.7

0.7

Scope 3 — own operations

21.3

21.8

Total emissions from own operations

22.0

22.5

Annualised tCo2e / average employee

1.4

1.7

Scope 3 — investee companies

32.4

6.7

Total emissions

54.5

29.2

1.7

1.4

Annualised tCo2e / average invested capital £m

Scope 3 — investee companies — Includes the scope 1 and scope 2 emissions of the companies in which Northern Gritstone has invested, pro-rated to reflect Northern Gritstone’s relative share of ownership.

1. The methodology used for the calculation of Greenhouse Gas emissions is the GHG Protocol Corporate Accounting and Reporting Standard. Carbon conversion factors have been taken from the UK Government’s GHG Conversion Factors for Company Reporting. Emissions are reported as tCO2e. Scope 2 emissions are reported as location based. Scope 3 emissions related to the Group’s own operations cover material areas only, which are employee commuting, business travel and working from home. Greenhouse Gas Emissions related to the companies in which Northern Gritstone has invested include the scope 1 and scope 2 emissions of those companies only. A financial control approach has been adopted and consequently these emissions are reported within scope 3 and reflect Northern Gritstone’s relative share of ownership.

The total level of carbon emissions increased in the period driven by scope 3 emissions from investee companies as a result of an increase in the Group’s average invested capital, which rose to £65.4m during the period ended 30 September 2025 (6 months ended 30 September 2024: £41.8m).

The Group aims to minimise its carbon footprint in the first instance and then to offset any excess carbon emissions. Carbon offsets are purchased annually following calculation of emissions for the Group’s full financial year.

The Group remains committed to the Net Zero Asset Manager’s initiative and the net zero targets set under the Paris Aligned Asset Owners Net Zero Investment Framework. Progress against these will be reported in the Annual Report.

19

PROFIT WITH PURPOSE

Equality, diversity and inclusion THE GENDER AND DIVERSITY MEASURES REPORTED BY THE COMPANY ARE: AT 30 SEP 2025 Total no. people

% Male

Female

Ethnic minority background

Total no. people

% Male

Female

Ethnic minority background

Group Board

11

73%

27%

9%

10

70%

30%

10%

Investment Committee

5

60%

40%

20%

4

50%

50%

25%

Senior Leadership Team

6

50%

50%

-

4

50%

50%

-

All employees

26

35%

65%

8%

20

40%

60%

10%

In the long-term, the Group aims to reflect the communities in which it operates across all levels of the business and will continue to focus on developing a diverse and inclusive team as it builds out its operations.

20

AT 30 SEP 2024

During the period the Group continued to adhere to the principles of the Investing in Women Code, of which it is a signatory, engaged positively on diversity matters with investee companies (including through talent support services provided by Northern Gritstone Innovation Services) and held the Group’s annual Equality, Diversity and Inclusion Day, which celebrated the diversity of our workforce and enabled reflection, engagement and consideration of future plans with regards to equality, diversity and inclusion.

Governance No material governance or legal issues arose during the period. The Group focuses on working closely with its investee companies and their Boards.

Through this involvement, as well as bringing to bear the Group’s growing operational and supporting resources where appropriate, the Group takes an active role in developing, assisting, supporting and monitoring the strategic development of our investee companies.

Wider purpose and impact The Group is focused on ensuring that it works closely with other businesses in the North of England along with supporting the local communities in which we operate. This is alongside being a strong advocate for the Northern innovation economy and supporting this with commercial initiatives wherever possible.

In June 2025 Northern Gritstone hosted a senior delegation from the Kingdom of Bahrain, which included two days visiting innovation hubs in Leeds, Manchester and Sheffield. The visit culminated in the announcement of a £2bn investment partnership between the Kingdom of Bahrain and the UK. During the period the Group also engaged with multiple external stakeholders to advocate for the Northern innovation economy, including representing the region at an entrepreneurshipfocused roundtable at HM Treasury and contributing to the Science and Innovation Audit for Greater Manchester.

We were pleased to host two undergraduate interns from the University of Leeds over the summer and the Group continued its outreach programme, which has now been delivered to 200 students. The Group also continued its engagement with its charity partners, with the aim of maximising local impact.

Interim Report — for the six months ended 30 September 2025

21

PROFIT WITH PURPOSE

06

Directors’ report on the interim financial statements

22

GENERAL INFORMATION

BASIS OF PREPARATION

These interim financial statements of Northern Gritstone Limited (the ‘Company’) are prepared for the six months ended 30 September 2025 and are prepared on a consolidated basis, incorporating the Company’s subsidiaries (together, the ‘Group’).

The comparative financial information presented herein for the period ended 31 March 2025 does not constitute full statutory accounts within the meaning of the Companies Act 2006. The Group’s Annual Report and Accounts for the period ended 31 March 2025 have been delivered to the Registrar of Companies. The Group’s independent auditor’s report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.

This condensed set of interim consolidated financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK. The annual consolidated financial statements of the Group for the year ended 31 March 2026 will be prepared in accordance with UK-adopted international accounting standards. This condensed set of interim consolidated financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group’s published consolidated financial statements for the period ended 31 March 2025.

Interim Report — for the six months ended 30 September 2025

ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, such as expectations of future events, and are believed to be reasonable under the circumstances. Actual results may differ from these estimates. In preparing these interim consolidated financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the audited consolidated financial statements for the period ended 31 March 2025.

GOING CONCERN The Directors are required to satisfy themselves that it is reasonable to presume that the Group is a going concern. The Directors have prepared a medium-term financial plan, including cash flow forecasts for a period of 12 months from the date of approval of these interim consolidated financial statements which indicate that, taking account of severe but plausible

downsides, the Group will have sufficient funds to meet its liabilities as they fall due for a period of 12 months from the date of approval of the interim consolidated financial statements.

The Directors therefore continue to adopt the going concern basis in preparing the interim consolidated financial statements.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES The Directors confirm to the best of their knowledge that the interim consolidated financial statements have been prepared in accordance with IAS 34 as adopted for use in the UK. On behalf of the Board

Lord Jim O’Neill CHAIRPERSON

26 November 2025

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07

Independent review report to Northern Gritstone Limited

24

CONCLUSION

BASIS FOR CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting.

We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (“ISRE (UK) 2410”). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.

Accordingly, we do not express an audit opinion.

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 which comprises the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Cashflows, Consolidated Statement of Changes in Equity and Notes to the Consolidated Financial Statements.

As disclosed in note 1, the annual financial statements of the company are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting.

Interim Report — for the six months ended 30 September 2025

CONCLUSIONS RELATING TO GOING CONCERN Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the company to cease to continue as a going concern.

RESPONSIBILITIES OF DIRECTORS The directors are responsible for preparing the half-yearly financial report in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting. In preparing the half-yearly financial report, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE REVIEW OF THE FINANCIAL INFORMATION In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the halfyearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

USE OF OUR REPORT This report is made solely to the Company and has been prepared in accordance with the terms of our engagement letter dated 30 September 2025 to assist the Company and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the Company for this report.

This report must not be used for any purpose other than that for which it was prepared, or be reproduced or referred to in any other document or made available to any third party. We accept no duty or responsibility and deny any liability to any third party who is shown and/or gains access to this report.

James Barber

BDO LLP CHARTERED ACCOUNTANTS, LONDON, UK

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

25

PROFIT WITH PURPOSE

08

Consolidated financial statements and notes CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

26

6 months ended 30 Sep Notes 2025 £'000

6 months ended 30 Sep 2024 £'000

12 months ended 31 Mar 2025 £'000

433

184

610

PORTFOLIO RETURN AND REVENUE Revenue from services and other income Change in fair value of equity investments

2

(3,970)

(6,345)

(8,068)

Change in fair value of financial instruments

3

(1,557)

2,362

3,195

(5,094)

(3,799)

(4,263)

Share-based payment charge

(726)

(578)

(1,027)

Other administrative expenses

(3,524)

(2,616)

(5,771)

Total Administrative Expenses

(4,250)

(3,194)

(6,798)

Operating Profit / (Loss)

(9,344)

(6,993)

(11,061)

Finance income / (costs)

288

450

688

(9,056)

(6,543)

(10,373)

-

-

-

(9,056)

(6,543)

(10,373)

Total Portfolio Return and Revenue

ADMINISTRATIVE EXPENSES

Profit / (Loss) before taxation Taxation Profit / (Loss) for the period and total comprehensive income / (loss) for the period attributable to shareholders

The consolidated financial statements on pages x to x were approved by the Board of Directors of Northern Gritstone Limited (registered number: 12982592) and were signed on its behalf by:

James Hadley

CHIEF FINANCIAL OFFICER

26 November 2025

Interim Report — for the six months ended 30 September 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Notes

At 30 Sep 2025 £'000

At 30 Sep 2024 £'000

At 31 Mar 2025 £'000

ASSETS Non-Current Assets Property, plant and equipment

34

18

25

Equity investments

2

64,726

38,740

56,718

Equity rights

3

23,278

25,912

25,373

88,038

64,670

82,116

Trade and other receivables

160

157

8,992

Cash and cash equivalents

16,086

20,076

8,346

Total Current Assets

16,246

20,233

17,338

Total Assets

104,284

84,903

99,454

1,341

1,418

1,743

1,341

1,418

1,743

Trade and other payables

2,124

1,169

1,683

Total Current Liabilities

2,124

1,169

1,683

Total Liabilities

3,465

2,587

3,426

100,819

82,316

96,028

-

-

-

120,856

90,647

107,735

2,904

1,724

2,178

Retained earnings / (Accumulated deficit)

(22,941)

(10,055)

(13,885)

Total Equity

100,819

82,316

96,028

Total Non-Current Assets Current Assets

LIABILITIES Non-Current Liabilities Provision for liabilities and charges

4

Total Non-Current Liabilities Current Liabilities

Net Assets EQUITY Called up share capital Share premium account Share based payment reserve

5

27

PROFIT WITH PURPOSE

CONSOLIDATED STATEMENT OF CASHFLOWS

6 months ended 30 Sep 2025 Notes £'000

6 months ended 30 Sep 2024 £'000

12 months ended 31 Mar 2025 £'000

448

137

648

Cash paid to suppliers and employees

(4,050)

(2,878)

(5,367)

Net cash inflow / (outflow) from operating activities

(3,602)

(2,741)

(4,719)

(15)

(1)

(16)

(10,560)

(3,144)

(21,873)

(10,575)

(3,145)

(21,889)

Proceeds from the issue of share capital

21,949

10,599

19,354

Fees paid directly attributable to the issue of share capital

(320)

(109)

(109)

Finance income / (costs)

288

450

687

Net cash inflow / (outflow) from financing activities

21,917

10,940

19,932

Net increase / (decrease) in cash

CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from services

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Purchase of equity investments

28

Net cash inflow / (outflow) from investing activities

2

CASH FLOWS FROM FINANCING ACTIVITIES

Cash and cash equivalents at the beginning of the period

7,740

5,054

(6,676)

8,346

15,022

15,022

Cash and cash equivalents at the end of the period

16,086

20,076

8,346

Interim Report — for the six months ended 30 September 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Called Up Share Capital (i) £’000

Share Premium (ii) £’000

Share Based Payment Reserve £’000

Retained earnings / (Accumulated deficit) (iii) £’000

Total £’000

At 31 Mar 2024

-

80,043

1,151

(3,512)

77,682

Comprehensive income / (loss)

-

-

-

(6,543)

(6,543)

Issue of equity

-

10,604

-

-

10,604

Equity-settled share-based payments

-

-

573

-

573

At 30 Sep 2024

-

90,647

1,724

(10,055)

82,316

Comprehensive income / (loss)

-

-

-

(3,830)

(3,830)

Issue of equity

-

17,088

-

-

17,088

Equity-settled share-based payments

-

-

454

-

454

At 31 Mar 2025

-

107,735

2,178

(13,885)

96,028

Comprehensive income / (loss)

-

-

-

(9,056)

(9,056)

Issue of equity

-

13,121

-

-

13,121

Equity-settled share-based payments

-

-

726

-

726

At 30 Sep 2025

-

120,856

2,904

(22,941)

100,819

i) Called up share capital — The nominal value of subscribed capital which has been called by the Group. See note 5 for additional information. ii) Share premium — The amount of subscribed share capital which has been called in excess of nominal value net of directly attributable issue costs. iii) Accumulated deficit — Cumulative net gains and losses recognised in the statement of comprehensive income.

29

PROFIT WITH PURPOSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1

Basis of preparation This condensed set of interim condolidated financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK. The annual financial statements of the Group for the year ended 31 March 2026 will be prepared in accordance with UK-adopted international accounting standards.

This condensed set of interim consolidated financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group’s published financial statements for the period ended 31 March 2025.

Note 2

Equity investments 30

EQUITY INVESTMENTS £’000

Level 1

Level 3

Total

At 31 Mar 2024

-

41,333

41,333

Investments during the period

-

3,544

3,544

Investments during the period – founder equity received

-

208

208

Transfers between hierarchy levels

-

-

-

Change in fair value during the period

-

(6,345)

(6,345)

At 30 Sep 2024

-

38,740

38,740

Investments during the period

-

18,329

18,329

Investments during the period – founder equity received

-

1,372

1,372

Transfers between hierarchy levels

-

-

-

Change in fair value during the period

-

(1,723)

(1,723)

At 31 Mar 2025

-

56,718

56,718

Investments during the period

-

11,440

11,440

Investments during the period – founder equity received

-

538

538

Transfers between hierarchy levels

-

-

-

Change in fair value during the period

-

(3,970)

(3,970)

At 30 Sep 2025

-

64,726

64,726

During the period the Directors reviewed the hierarchy levelling and concluded those assets previously classified as level 2, would be more appropriately classified as level 3. All comparatives have been updated accordingly.

The fair value of all investments is established using appropriate valuation techniques in line with International Private

Interim Report — for the six months ended 30 September 2025

Equity and Venture Capital Valuation guidelines and the Group's policy on financial asset valuation detailed in note 1 to the financial statements for the period ended 31 March 2025.

The founder equity received during the period relates to the receipt of equity from the University of Manchester in Phovir Technologies Limited under the Framework Agreement at nil cost. The reasons for the change in fair value during the period are detailed in the Portfolio update which appears on page 12 of this interim report.

At 30 September 2025 the Company had committed, subject to certain milestone provisions contained in the relevant legal documentation, to make further investments of £6,540k (At 30 September 2024: £2,660k, At 31 March 2025: £3,040k) in investee companies. As these relate to future investments, they have not been included in the financial statements.

Investment valuations require management judgement, with the key areas over which judgement is exercised described in note 2 to the financial statements for the period ended 31 March 2025. Illustrative sensitivities around the judgements applied to investment fair values at 30 September 2025 are:

VALUATION TECHNIQUE

At 30 Sep 2025 £'000

Variable input sensitivity

Positive Impact £'000

Negative Impact £'000

External term sheet

8,355

+ / - 10%

835

(835)

Recent financing <12 months

33,206

+ / - 10%

3,321

(3,321)

Other

23,165

+ / - 25%

5,791

(5,791)

Total investment fair value

64,726

9,947

(9,947)

31

Note 3

Equity rights 6 months ended 30 Sep 2025 £'000

6 months ended 30 Sep 2024 £'000

12 months ended 31 Mar 2025 £'000

Equity rights financial asset at the beginning of the period

25,373

23,758

23,758

Founder equity received during the period

(538)

(208)

(1,580)

Change in fair value during the period

(1,557)

2,362

3,195

Equity rights financial asset at the end of the period

23,278

25,912

25,373

Equity rights represent the present value of the founders’ equity of spinout companies that the Group will receive, at no cost, from the Universities of Leeds, Manchester and Sheffield, under the Framework agreement signed with these universities on 20 April 2021 subject to the Group investing a minimum of £200,000. The Group has received these rights for the period to 20 April 2036 in return for each of the Universities of Leeds, Manchester and Sheffield receiving a 2% non-dilutable shareholding in Northern Gritstone Limited.

The founder equity received during the period is recognised within equity investments.

The change in fair value during the period relates to the need to assess the present value as at 30 September 2025 of the founders’ equity of spinout companies that the Group will receive. This assessment of fair value includes updating assumptions for the latest market data.

The key variables which the Directors consider are relevant in determining a fair value for this financial asset are set out below. These variables are informed by market data.

PROFIT WITH PURPOSE

At 30 Sep 2025 Long-term number of spinout companies financed per annum

At 30 Sep 2024

At 31 Mar 2025

9

9

9

Average equity stake acquired by the Group

15%

15%

15%

Proportion of spinout companies failing

70%

70%

70%

Discount rate

20%

20%

20%

Number of years until exit event

Proportion of spinout companies which exit

Prior to Series A funding

2.0

23.9%

51%

24.9

Prior to Series B funding

2.0

1.3%

61%

76.4

Prior to Series C funding

2.0

1.3%

68%

152.9

At IPO

2.0

3.5%

73%

537.5

Prior to Series A funding

2.0

22.0%

50%

25.3

Prior to Series B funding

2.0

1.9%

59%

101.0

Prior to Series C funding

2.0

1.3%

67%

202.0

At IPO

2.0

4.8%

73%

430.4

Prior to Series A funding

2.0

23.9%

50%

25.3

Prior to Series B funding

2.0

1.3%

59%

101.0

Prior to Series C funding

2.0

1.3%

67%

202.0

At IPO

2.0

3.5%

72%

537.5

EXIT TIMING

Dilution rate prior to exit

Valuation at exit £m

At 30 Sep 2025

At 30 Sep 2024

32

At 31 Mar 2025

The fair value of this financial asset is sensitive to a range of variables, the most significant of which are: • A change in the discount rate. Were this reduced to 15%, the fair value of the financial asset at 30 September 2025 would be £32.9m. Were the discount rate increased to 25%, the fair value of the financial asset at 30 September 2025 would be £17.1m.

• The long-term number of spinout companies financed per annum. Were this reduced to 8, the fair value of the financial asset at 30 September 2025 would be £21.2m. Were this increased to 10, the fair value of the financial asset at 30 September 2025 would be £25.4m.

• The average equity stake acquired by the Group. Were this reduced to 10%, the fair value of the financial asset at 30 September 2025 would be £15.5m. Were this increased to 20%, the fair value of the financial asset at 30 September 2025 would be £31.0m.

• The proportion of spin-out companies failing. Were this reduced to 60%, the fair value of the financial asset at 30 September 2025 would be £31.0m. Were this increased to 80%, the fair value of the financial asset at 30 September 2025 would be £15.5m.

Interim Report — for the six months ended 30 September 2025

Note 4 Provision for liabilities and charges At 30 Sep 2025 £'000 Long-term incentive plan liability

At 30 Sep 2024 £'000

At 31 Mar 2025 £'000

-

-

-

Provision for other liabilities and charges

1,341

1,418

1,743

Total provision for liabilities and charges

1,341

1,418

1,743

Long-term incentive plan liability: An overview of the long-term incentive plan scheme is given in note 1 to the financial statements for the period ended 31 March 2025. Based on the current fair value estimates for the relevant portfolio investments, the hurdle rate of the two vintages in existence has not been exceeded as at 30 September 2025. Consequently, no potential unrealised gain due to participants has been recognised. Upon maturity, the LTIP will be wholly cash settled.

Provision for other liabilities and charges: The Group employed the services of a placement agent to assist with the raising of capital. Fees are payable to this agent as ordinary share capital is paid up. The Group estimates that all of the ordinary share capital will be paid up in the future and recognises a provision for the fees payable to the placement agent in relation to the uncalled share capital.

33

Note 5

Share capital At 30 Sep 2025 Number

At 30 Sep 2024

£

Number

At 31 Mar 2025

£

Number

£

ALLOTTED, CALLED UP AND FULLY PAID Ordinary shares of 0.00001 pence

122,439,722

12

88,494,775

9

100,452,222

11

Special shares of 0.00001 pence

1,490,601,597

150

1,493,809,044

150

1,490,601,597

150

Total share capital

1,613,041,319

162

1,582,303,819

159

1,591,053,819

161

14,583

-

-

-

8,837,500

-

157,975,001

16

138,477,084

14

171,139,584

17

ALLOTTED, CALLED UP BUT NOT PAID Ordinary shares of 0.00001 pence ALLOTTED BUT NOT CALLED UP Ordinary shares of 0.00001 pence

The Company is limited by shares. The ordinary shares carry equal voting rights, equal rights to income and distributions of assets on liquidation, or otherwise, and no right to fixed income.

The special shares are held by the Universities of Leeds, Manchester and Sheffield. These special shares: • Entitle each of the Universities of Leeds, Manchester and Sheffield to be issued ordinary shares for no consideration if, on the issue of ordinary shares to third parties, their individual shareholding falls below 2.0% of the then in issue ordinary shares;

PROFIT WITH PURPOSE

• • • •

Carry no right to participate in the income of the Company; Carry no right to attend, speak or vote at, any general meeting of the Company; Entitle the holder to the nominal value of the special shares on a return of capital on liquidation or otherwise; and Are not transferable.

During the six months ended 30 September 2025 the Company called up an additional 5% of share capital from ordinary shareholders. Of these 13,164,583 ordinary shares called up in the period all had been fully paid as at 30 September 2025, with the exception of 14,583 ordinary shares, which were fully paid after 30 September 2025.

The Company has previously received a commitment to subscribe for up to 100,000,000 preference shares of £1.00 each at a subscription price of £1.00. As at 30 September 2025 these preference shares were not allotted.

Note 6

Related party transactions The Group discloses transactions with related parties that are not subsidiaries. The Group provided business support services to its associates in the period, chargeable on an arm’s length basis. The following amounts have been included in respect of these fees: STATEMENT OF COMPREHENSIVE INCOME

6 months ended 30 Sep 2025 £'000

Revenue from services and other income

6 months ended 30 Sep 2024 £'000

433

12 months ended 31 Mar 2025 £'000

184

610

34

STATEMENT OF FINANCIAL POSITION

At 30 Sep 2025 £'000

Trade debtors

At 30 Sep 2024 £'000 46

At 31 Mar 2025 £'000 30

77

The Group makes investments in the equity of unquoted investments in which it is possible to exert significant influence. The Group holds investments in associates at fair value through profit or loss in accordance with IFRS 9, but they are related parties. The total amounts included for investments where the Group has significant influence are as follows:

STATEMENT OF COMPREHENSIVE INCOME Net portfolio return and revenue

STATEMENT OF FINANCIAL POSITION Equity investments

6 months ended 30 Sep 2025 £'000 (3,537) At 30 Sep 2025 £'000 55,629

6 months ended 30 Sep 2024 £'000 (6,161) At 30 Sep 2024 £'000 31,240

12 months ended 31 Mar 2025 £'000 (7,458) At 31 Mar 2025 £'000 49,218

Vero HR Limited, where Andrew Graham served as Chairperson until 15 July 2025, charged the Group with fees of £5.3k during the six months ended 30 September 2025 in relation to HR services, all at arm’s length (six months ended 30 September 2024: £3.8k, twelve months ended 31 March 2025: £7.7k). As at 30 September 2025 £1.0k was outstanding but not overdue.

Interim Report — for the six months ended 30 September 2025

Bruntwood Circle Square 4 Limited, which is a wholly-owned subsidiary of the Bruntwood Group Limited (a shareholder of the Company), charged the Group with fees of £61.2k during the six months ended 30 September 2025 in relation to property services, all at arm’s length (six months ended 30 September 2024: £31.0k, twelve months ended 31 March 2025: £82.0k). As at 30 September 2025 no amounts were outstanding or overdue.

Nexus Limited, which is a wholly-owned subsidiary of the University of Leeds, charged the Group with fees of £42.5k during the six months ended 30 September 2025 in relation to property services, all at arm’s length (six months ended 30 September 2024: £28.5k, twelve months ended 31 March 2025: £52.6k). As at 30 September 2025 no amounts were outstanding or overdue.

Accelerator Advisory Limited (trading as Deeptech Labs), where Alex Macpherson serves as an advisor and is a participant in a group carry scheme, provided consulting services to the Group during the six months ended 30 September 2025. In relation to these services, in the six months ended 30 September 2025 the Group transferred the following number of ordinary shares in investees to Accelerator Advisory Limited: 3,485 in PhovIR Technologies Limited (six months ended 30 September 2024: nil, twelve months ended 31 March 2025: 3,290 in MicroLub Limited, 744 in Exciting Instruments Limited and 848 in Bettering Our Worlds (BOW) Ltd).

Compensation to key management comprises costs relating to Executive Directors, Non-Executive Directors and the Senior Leadership Team of the Group that held positions during the period. Compensation to key management comprise:

6 months ended 30 Sep 2025 £'000

6 months ended 30 Sep 2024 £'000

12 months ended 31 Mar 2025 £'000

Wages and salaries

872

770

1,825

Social security costs

129

102

250

Pension and other benefit costs

50

25

75

-

-

-

644

505

909

1,695

1,402

3,059

LTIP charge Share-based payment charge

Note 7

Post-balance sheet events

Subsequent to the period end, but before these interim accounts were signed, the Group invested as follows: • • • • • • • •

£1,400k in IVF Micro Limited £350k in Coretech Sciences Limited £100k in Ocuwell Limited £100k in Pixel-Flo Limited £100k in AmpliSi Limited £100k in Nanoncolytics Limited £100k in Silvia Bio Limited £100k in RNA Forge Limited

35

PROFIT WITH PURPOSE

09

Appendix

36

Interim Report — for the six months ended 30 September 2025

ALTERNATIVE PERFORMANCE MEASURES The Group assesses performance using Alternative Performance Measures (“APMs”) which are not defined under IFRS. The Directors believe that these APMs assist in providing additional useful information on the underlying trends, performance and position of the Group. Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and incentive-setting purposes.

Definitions of the measures presented in the interim report and accounts are set out below.

Metric

Definition

6 months ended 30 Sep 2025

Invested in Portfolio

The value of capital invested by Northern Gritstone in equity investments since the inception of the Group

Invested & Committed Capital

The value of capital invested and committed by Northern Gritstone in equity investments since the inception of the Group

Invested & Committed Co-investment

Since the inception of Northern Gritstone to the reporting date, the value of capital invested and committed by third party investors in funding rounds in which Northern Gritstone has participated and subsequently

Gross Portfolio IRR

6 months ended 30 Sep 2024

12 months ended 31 Mar 2025

£73.8m

£44.0m

£62.4m

£80.4m

£46.7m

£65.4m

£308.3m

£271.0m

£300.6m

The internal rate of return calculated using total equity investment valuations and realisations compared to the total capital invested into the portfolio companies, over the period from inception to reporting date

(8)%

(10)%

(7)%

The multiple of money calculated using total equity investment valuations and realisations compared to the total capital invested into the portfolio companies, over the period from inception to reporting date

0.9x

0.9x

0.9x

NAV & UOS per share

Net asset value and uncalled ordinary share capital / Total number of ordinary shares issued at the reporting date

£0.92

£0.97

£0.95

No. of Jobs Created

The change in the number of people employed by companies in which Northern Gritstone has invested from the point of Northern Gritstone’s first investment to the reporting date

312

187

245

Portfolio Valuation

The total value of equity investments at the reporting period date

£64.7m

£38.7m

£56.7m

Scope 1

Direct carbon dioxide equivalent emissions produced by the Group during the period reported

-

-

-

Scope 2

Indirect carbon dioxide equivalent emissions from the Group's consumption of purchased energy during the period reported

0.7 tCO2e

0.7 tCO2e

1.7 tCO2e

Scope 3

Indirect carbon dioxide equivalent emissions that are linked to the Group’s operations during the period reported.

53.7 tCO2e

28.5 tCO2e

70.3 tCO2e

Gross Portfolio MoM

TABLE A Net asset value and uncalled share capital per share

At 30 Sep 2025 £ Net Asset Value (‘NAV’)

100,819,000

Uncalled ordinary share capital (‘UOS’)

157,389,750

Total (‘NAV & UOS’)

258,208,750

No. of ordinary shares

280,429,306

NAV & UOS per share (£)

0.92

37

PROFIT WITH PURPOSE

38

Company information and advisers Northern Gritstone offices LEEDS Nexus Discovery Way Leeds LS2 3AA

LONDON 60 Petty France London SW1H 9EU

MANCHESTER No.1 Circle Square 3 Symphony Park Manchester M1 7FS

Bankers

Legal Adviser

Independent Auditor

HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ

Macfarlanes LLP 20 Cursitor Street London EC4A 1LT

BDO LLP 55 Baker Street London W1U 7EU

SHEFFIELD The Innovation Centre 217 Portobello Sheffield S1 4DP

National Westminster Bank plc 250 Bishopsgate London EC2M 4AA Company Registration Number 12982592

Design by drumbeaters.co.uk Page 5 image credit: Crucible Therapeutics at University of Sheffield

Interim Report — for the six months ended 30 September 2025

PROFIT WITH PURPOSE

Alignments, memberships & support Signatory of:

Northern Gritstone portfolio companies

LEEDS Nexus Discovery Way Leeds LS2 3AA

LONDON 60 Petty France London SW1H 9EU

enquiries@northern-gritstone.com

northern-gritstone.com

MANCHESTER No.1 Circle Square 3 Symphony Park Manchester M1 7FS

SHEFFIELD The Innovation Centre 217 Portobello Sheffield S1 4DP