18 May 2026

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 31 March 2026

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 31 March 2026 was 13.12 pence per share, a 4.8% decrease from 13.78 pence per share at 31 December 2025. Net Assets stand at £139 million, including investments of £138 million and uninvested cash and short-term deposits of £1.9 million.

The share price of 6.32 pence at 31 March 2026 represents a discount of 52% to the NAV per share on the same date. The average discount to NAV per share over the last 12-month period was 50%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

The £1.3 million decrease in the Company's NAV during the quarter which relates primarily to the following:

-     An unrealised FX gain of £2.1 million following revaluation of investments to month end spot rate, where we hold certain of our investments in USD, EUR and AUD, due to positive movements in these currencies against the Company's reporting currency of Pound Sterling in the quarter;

-     Unrealised fair value losses on the investment held in Solar Foods Oy, with its shares traded on the Nasdaq First North Growth Exchange, of £0.12 million; and

-     Cash balances reduced by £0.3 million relating to ongoing running costs. This is offset by interest income earned during the quarter, with £10k cash interest received and £35k loan note interest income accrued.

Cash and deposit balances at 31 March 2026 were £1.9 million (31 December 2025: £2.1 million)

During the period, no fees were payable or accrued in accordance with the Shellbay Investments Limited Agreement. Shellbay's fees are only payable when there is an annual increase in the NAV; further details are included in the 2025 annual report.

Investment Portfolio review

During the 3-month period to 31 March 2026, two portfolio companies successfully completed fundraises:

·      15 January 2026 - Agronomics made an additional investment of AU$3 million (c.£1,468,860) in All G Co Holdings Pty Limited via a Note Purchase Agreement, as part of a minimum AU$10 million funding round. The consideration was satisfied in full by the issue of 10,026,375 new Ordinary Shares of Agronomics at 14.65 pence per share. Capital raised will be used primarily to scale up commercial production, advance additional regulatory submissions, strengthen the company's IP portfolio, and expand commercial activities across Asia and Europe.

·      19 March 2026 - Tropic Biosciences UK Limited closed a US$105 million Series C financing round, co-led by Forbion through its Bioeconomy Fund and Corteva through its Corteva Catalyst investment platform, with participation from Just Climate, IQ Capital, ABN AMRO, Invest International, Temasek, Five Seasons Ventures, Sucden Ventures, Genoa Ventures and Polaris Partners. The capital will be used to accelerate the global commercial scale up of Tropic's banana and rice portfolios, advance the pipeline of their climate-resilient crops and to expand large-scale plant production.

The following key milestone was achieved by our portfolio company during the 3-month period:

·    25 March 2026 - Clean Food Group announced the commercial launch of CLEANOil™, its biotechnology-derived ingredient platform for the beauty industry, ahead of its debut at in-cosmetics Global in Paris. The launch, achieved through collaboration with beauty manufacturer THG Labs, marks the progression of CLEANOil™ from concept to commercial reality.

Jim Mellon, Executive Chair of Agronomics, commented:

"The first quarter of the year was an encouraging reminder that the clean food sector continues to produce companies capable of attracting serious, long-term capital. While much of the wider market remains cautious, the businesses with credible technology and a clear route to commercialisation are still finding strong support. During the period, Tropic's US$ 105 million Series C demonstrated the appetite that exists for proven, scalable platforms addressing genuine challenges in global food and agriculture, while Clean Food Group's commercial launch of CLEANOil™ with THG Labs represents a concrete step from development into the market. These are tangible, operational developments, and they reinforce our belief that the companies best positioned to lead are those translating scientific capability into commercial outcomes."

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.