18 July 2025

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 30 June 2025

Agronomics Limited (AIM:ANIC), a leading listed company in the field of clean food, announces that its unaudited Net Asset Value per share ("NAV") calculation as at closing on 30 June 2025 was 14.40 pence per share, a 2.8% decrease from 14.81 pence per share as at 31 March 2025. Net Assets stand at £145.3 million, including investments of £141.8 million and uninvested cash and short-term deposits of £3.6 million.

The share price of 7.05 pence as at 30 June 2025 represents a discount of 51% to the NAV per share on the same date. The average discount to NAV per share over the last 12-month period was 64%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

The Board notes the c £4.1 million decline in the Company's NAV during the quarter, which relates primarily to the following:

-     An unrealised FX loss of £4.2 million following revaluation of investments to month-end spot rate, where we hold certain of our investments in USD, EUR and AUD, due to negative movements in these currencies against the Company's reporting currency of Pound Sterling in the quarter; and

-     Cash balances reduced by £0.2 million relating to ongoing running costs, with cash balances at 30 June 2025 of £3.6 million. This was offset by interest income earned during the quarter, with £23k cash interest and £365k loan note interest income earned.

During the period, no fees were payable or accrued in accordance with the Shellbay Investments Limited Agreement. Shellbay's fees are solely payable when there is an annual increase in the NAV; further details are included in the 2024 annual report.

Investment Portfolio review

During the 3-month period to 30 June 2025, there was no fundraise activity from the portfolio companies.

The following key milestones were achieved by portfolio companies during the 3-month period:

·     On 15 April 2025, Liberation Bioindustries Inc ("Liberation Bioindustries"), formerly Liberation Labs Holdings Inc, reported a strategic partnership with NEOM Investment Fund to help develop a precision-fermentation facility in Saudi Arabia. This partnership follows NEOM's participation in Liberation Bioindustries's US$ 50.5 million fundraise announced on 30 January 2025;

·     On 30 April 2025, BlueNalu Inc announced that it expanded its strategic partnership with Nomad Foods Limited, Europe's leading frozen food company, to support the commercialisation of its cell-cultivated seafood products in the UK and across Europe;

·     On 6 May 2025, Meatable B.V. announced the company formed a strategic collaboration to advance the global commercialisation of cultivated meat with TruMeat Co., Ltd, which specialises in the contract manufacturing of cultivated meat at commercial scale;

·     On 8 May 2025, Liberation Bioindustries announced a manufacturing partnership with Dutch ingredients startup Vivici B.V; and

·     On 28 May 2025, Good Dog Food Limited (t/a "Meatly") announced that it has developed an in-house bioreactor to accelerate the scalable production of its cultivated pet food.

Jim Mellon, Executive Chair of Agronomics, commented:

"While the quarter saw a modest decline in NAV, primarily due to foreign exchange movements, the strategic progress across our portfolio has been substantial. Several of our companies secured transformative partnerships with major global food manufacturers. A clear validation of the commercial viability and growing demand for sustainable food technologies.

BlueNalu's expanded collaboration with Nomad Foods, one of Europe's largest frozen food companies, is a major step toward bringing cell-cultivated seafood to market. Meanwhile, Meatable's partnership with TruMeat in Asia and Liberation Bioindustries agreements with NEOM and Vivici further demonstrate the global appetite for scalable, next-generation food solutions.

These are not just milestones-they are significant commercial contracts and collaborations that position our portfolio companies for long-term growth and impact. We are confident in the strength of our portfolio and our role in driving the transition to a more sustainable, resilient global food system."

The quoted investments within the portfolio are valued under IFRS at bid price.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Agronomics

Agronomics is a leading London-listed company focusing on investment opportunities within the field of clean food. The Company has established a portfolio of over 20 companies in this rapidly advancing sector. It seeks to invest in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals and improve food security for the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

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Nominated Adviser Statement

Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated Adviser and is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in the announcement or any matter referred to in it.