Q1 2026 NAV Calculation and portfolio update

Sure Ventures PLC

Q1 2026 NAV Calculation and portfolio update

Sure Ventures PLC ("Sure Ventures" or "The Company") is a London listed venture capital fund which invests in early-stage software companies in the rapidly growing technology areas of Artificial Intelligence (AI), Augmented Reality ('AR'), Virtual Reality ('VR') and the Internet of Things ('IoT'). We are pleased to provide an update on the Company's investment portfolio.

SURE VALLEY VENTURES FUND (ICAV)

Sure Ventures made a €7million commitment to Sure Valley Ventures Fund ('Sure Valley') representing an interest in Sure Valley ICAV of approximately 25.9%. This commitment was made at a price of €1.00 per share. The current NAV of the Sure Valley Ventures ICAV as of Q1 2026 is €1.64261. This represents a decrease of 24.8% from its NAV as at Q4 2025 and the fund is fully invested. The change was due to a further write down of 31% to our Napster position and the write-off of the Nova Leah position.

SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND (ECF)

Sure Ventures PLC has a £5m commitment and owns approximately 6% of the overall fund. The investment period is still at an early stage, with only circa 32% of this commitment funded so far. The current NAV stands at £0.75212, an increase of 5.15% during the quarterly period Jan-Mar 26, in which the portfolio has grown and now consists of 20 Companies as at the end of March 2026.

Sure Valley Ventures Fund (ICAV)

Updates on some of the notable ICAV portfolio company's below:

WIA

 WIA https://www.wia.io/ is an Internet of Things (IoT) company with a ground-breaking cloud platform https://www.wia.io/product, enabling developers to turn any type of sensor device into a secure, smart and useful application in a matter of minutes. WIA's end-to-end platform provides full device and application management, security, data capture and storage, analysis, control, as well as the seamless integration of enterprise systems.

Wia have agreed a new pilot with one of Germany's largest real estate companies to trial retrofitting boilers in residential apartment blocks with sensors to capture energy data. Expecting 1,000 location deal by end of 2026. The Company have also agreed to undertake a new pilot with large electrification company (market cap > €100 billion) to use Wia's new AI systems for discovering capital investment opportunities (i.e. battery storage, solar, etc) in energy consumption data.

Napster Inc

The Company has pivoted to an AI-first business model with multiple launched products (Napster App, View, and Spaces, deployed across 5,000+ stores), strategic partnerships with Microsoft, achieving Azure-Native integration status, provides a scalable opportunity. A comparable company analysis, benchmarking Napster against listed and private AI peers, supports the view that the valuation we now hold is conservative within the current AI market landscape. We have prudently marked down the investment and agreed this with our auditors.

CameraMatics

CameraMatics has completed an up to  €49 million funding round led by Blume Equity, the Ireland Strategic Investment Fund and Goodbody Capital Partners. As part of the transaction, Sure Ventures PLC will receive total cash proceeds of €880,000 while retaining its indirect holding in CameraMatics through SVV1.

The proceeds represent a significant cash realisation relative to the Company's current market capitalisation of approximately £2.8 million and, in the Board's opinion, provide further evidence of the gap between the Company's share price and the underlying value of its portfolio investments, as reflected in its NAV.

Recent contract wins include Royal Mail, Calor Gas, Wolseley, XPO and DFDS. In the United States, CameraMatics has expanded significantly through deployments with NASDAQ-listed Installed Building Products (IBP), which operates more than 250 depots nationwide.

Demand for AI-powered fleet safety, compliance and operational efficiency solutions continues to accelerate across logistics, distribution, utilities and infrastructure sectors. The new funding will support further international expansion, strengthen enterprise sales and customer success capabilities, accelerate AI-led product development and support continued growth across North America and mainland Europe

Sure Valley Ventures Enterprise Capital Fund (ECF)

Three new investments closed in the first quarter of 2026. We now have exposure to 20 investments via the Enterprise Capital Fund, and the pipeline continues to remain strong. The three new Investments made in the last quarter were: (Ralio, ManaMind and Buzz trail).

Ralio

Ralio is building a B2B agentic payments infrastructure platform, enabling AI agents to initiate secure, compliant payments across SEPA, FPS, card networks, and stablecoins. It introduces guardrails, auditability, and authentication layers for autonomous financial workflows-positioning itself as Europe's first infra layer purpose-built for AI-native payments

ManaMind

Manamind builds zero-integration, multimodal AI foundation model and agents that autonomously test video games by "seeing, hearing, and playing" like a human QA tester. Using a proprietary visual-language foundation model, the system detects bugs, generates test reports, and automates QA with no engine or code integration. Live enterprise design partner pilot with THQ Nordic.

BuzzTrail

BuzzTrail is building AI video agents for B2B SaaS sales teams that turn inbound demo demand into instant, personalised product conversations. Instead of forcing buyers to wait for a human AE, BuzzTrail's agents can present the product, guide prospects through relevant workflows, answer questions, qualify leads, capture CRM intent, and book meetings. The platform helps SaaS companies reduce demo drop-off, automate early-stage qualification, and scale product-led sales engagement without adding more reps.

Previously announced investments in ECF:

Captur

Captur is an AI company that is developing a tool that has the potential to automate the workflows of many industry verticals and have already proven the product in the micro-mobility space and are expanding into delivery, car vehicle inspection and other industry verticals. We invested due to the scalability of the technology solution being built by the founding team spearheaded by Charlotte Bax, the traction in the market they had already achieved in their beachhead vertical and also the vision for the company in the future.

Captur plans to use the SVV investment to scale its technology offering across the micro-mobility, automotive, retail, delivery and insurance sectors. Its current customers include Human Forest, Dott, Lime, Tier to name a few with other logistics firms and Fortune 100 retail companies in its pipeline

Retinize

RETìníZE has developed a software product called Animotive which is a VR pro 3D animation studio and production tool with remote collaboration that delivers significant real-world savings when compared to traditional 3D animation creation workflows.

The company and product are at a Seed stage, but the product is now starting to be used already by professional animation studios to develop animation features for TV networks such as the BBC.

The company is also collaborating with global technology provider to develop an animation plugin integrating their Kimodo system, enhancing Animotive's technical capability and positioning within the AI and real-time animation ecosystem. Funding via a £712.5k Convertible Loan Note closed, unlocking a £750k Innovate UK Innovation Loan and significantly strengthening the company's funding position.

VIZGARD

Vizgard develops edge-based visual AI software for Defence and Security, enabling real-time intelligence and automated control of precision camera platforms. Their core product, FortifAI, enhances situational awareness by automating steerable sensors, improving detection capabilities, and reducing operator overload.

As Defence and Security organisations increasingly prioritise real-time intelligence and automation, Vizgard's edge-based AI provides a scalable, cost-effective solution. The company is well-positioned for growth, focusing on securing government contracts and expanding internationally.

Vizgard have been gaining industry recognition. They were one of ten selected companies at defence export event where, Rt Hon John Healey MP said "These are the companies which are going to transform how our British Armed Forces will operate in future".  They also participated in NATO OpEx showcase event as a NATO DIANA innovator

SURE Ventures PLC NAV Calculation

The NAV of Sure Ventures PLC at the end of Q1 2026 is 117.94p (or £1.17), which is down 22% since the December quarter. This decrease was due to a decision made to write down its position in Napster Inc by a further 31.9%. Nova Leah was also written off, as it filed for administration within the quarter. The shares still trade at a 70% discount to this reduced NAV.

Gareth Burchell-Director Comments

"The Cameramatics partial exit and the injection of up to 49m euros in the Business is significant. Our share price still trades at a 70% discount to our NAV and events like the Cameramatics transaction show the value held from within our exposure to the SVV funds.

This quarter has seen a further 3 AI companies added to the portfolio in the ECF fund, all with exciting and deep AI technology at their core.

We look forward to updating the market on any further news within the portfolio of technology companies the fund has carefully and creatively constructed   "

 For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918