Schroders Capital Global Innovation Trust plc

Q1 2026 Quarterly Net Asset Value

Schroders Capital Global Innovation Trust plc (the "Company") today announces its net asset value ("NAV") as of 31 March 2026.

Summary

• As of 31 March 2026, NAV per share stands at 21.66p, a decrease of 2.6% relative to the NAV per share as of 31 December 2025 (22.23p).
• Quarterly performance was impacted by two main factors: weaker public market valuations, particularly in software, which affected comparables; and heightened geopolitical volatility in the Middle East, which affected energy markets and supply chains.
• In January 2026, the Company received £6.5 million of proceeds from the sale of Bluewater Bio by the Salica Environmental Technologies Fund, and £1.1 million of proceeds from Anthos Therapeutics following its sale in FY 2025, with further proceeds anticipated.
• As of 31 March 2026, the Company held £31.6 million in cash and money market (sterling liquidity) funds, representing 23.0% of NAV, supporting the planned tender offer of £20 million (before costs), increased from £18 million previously announced.

Performance

The NAV as of 31 March 2026 was £137.6 million, a decrease of 2.5% compared to the NAV (£141.2 million) as of 31 December 2025. The NAV per share as of 31 March 2026 was 21.66p, a decrease of 2.6% compared with the NAV per share (22.23p) as of 31 December 2025. As at 31 March 2026, the Company's issued share capital comprised 635,361,925 ordinary shares with no shares held in treasury.

The most significant detractor from performance over the quarter was in the Company's growth holdings, which saw a fair value loss of £9.8 million, contributing a (6.9)% decrease to the overall NAV. This was primarily driven by weakness in public market comparables and valuation-multiple compression across sectors impacting Back Market and AI Company II. In addition, heightened geopolitical volatility in the Middle East, which affected energy markets and supply chains, resulted in similar dynamic which impacted input-exposed companies like AgroStar.

The Company's life sciences holdings saw a slight fair value loss of £0.5 million during the quarter, contributing (0.4)% to the overall NAV decline. This was primarily driven by a reduction in value in Anthos Therapeutics, reflecting a realisation during the period, partially offset by a positive revaluation in Kymab Group following favourable clinical trial results.

Autolus Therapeutics, the Company's only remaining listed holding, declined over the quarter, primarily following its Q4 and full-year 2025 results announcement in late March, decreasing overall NAV by (0.6)%. This reflected investor focus on commercial and margin dynamics rather than any change in the underlying quality of the company's clinical data.

The Company's venture holdings were broadly flat over the quarter and did not impact overall NAV performance.

Cash

As of 31 March 2026, the Company held £31.6 million in cash and money market (sterling liquidity) funds, representing 23.0% of NAV, supporting the planned tender offer of £20 million (before costs).

Foreign Exchange

During the quarter, foreign exchange had a modest positive impact on NAV driven primarily by the depreciation of British pound sterling (GBP) against the USD. Movements in Euro and Swiss Franc had a limited impact over the period.

Investment Activity

Realisations

During the quarter, the Company made realisations totalling £6.5 million, comprising proceeds received from the sale of Bluewater Bio by the Salica Environmental Technologies Fund. In addition, the Company received £1.1 million of proceeds from Anthos Therapeutics, alongside a valuation adjustment following recent clinical developments.

Investments

During the quarter, the Company did not make any new investments, in line with its managed wind-down strategy.

As a reminder, following the vote in favour of the discontinuation resolution and change in investment objective and policy, aside from honouring any existing contractual arrangements, the Board's prior written approval is required for any further investment.

Top 10

The Company's top 10 holdings as of 31 March 2026 compared with the respective value and percentage weighting as of 31 December 2025.

¹ The names of select AI investments have not been disclosed due to confidentiality obligations and the private nature of these investments.

Update at 30 April 2026

In April 2026, Neurona Therapeutics announced its acquisition by UCB, a global biopharmaceutical company, for a total consideration of up to $1.15 billion, including an upfront payment of $600 million and additional future milestone payments, with completion subject to customary regulatory approvals. The valuation of the Company's holding in Neurona was increased in April 2026 to reflect the expected upfront cash proceeds and the discounted and risk-adjusted value of potential future milestone payments.

The impact of the Neurona sale, together with a further review of the valuation of the Company's other holdings, led to a marginally increased NAV at 30 April 2026 of £137.7 million, with NAV per share at 21.68p.

Proceeds from this sale, which is expected to complete this year, will supplement the cash balances at 31 March 2026 and support the planned tender offer of £20 million (before costs), increased from £18 million previously announced.

Outlook

Market indications suggest that an accelerated sale of private holdings in the current environment may result in materially lower proceeds. The Company continues to make progress in executing its managed wind-down strategy, balancing the maximisation of value from the orderly realisation of assets with the timely return of capital to shareholders over time, while remaining focused on liquidity and costs.

The successful realisation of Bluewater Bio by the Salica Environmental Technologies Fund in January 2026 and the post quarter-end acquisition of Neurona Therapeutics by UCB strengthened the Company's liquidity position. These developments have supported the Board's planned tender offer for shareholders which has increased to £20 million (before costs) from £18 million previously announced.

Looking ahead, the timing of further realisations remains dependent on company-specific developments and broader market conditions, as is typical for minority equity investments in private companies with no actively traded secondary market. While near-term exit activity is expected to remain limited, the Manager continues to work actively with portfolio companies and other stakeholders to progress realisations where opportunities arise. As investments mature, the portfolio retains potential to generate further liquidity events over the medium term.

Enquiries:

Schroder Investment Management Limited 

Francesca Davis (Company Secretary)             020 7658 6000

Charlotte Banks / Kirsty Preston (Press)          020 7658 6000