29 September 2025

Mindflair PLC

("Mindflair" or the "Company")

Unaudited interim results for the six months ended 30 June 2025

Mindflair plc (AIM: MFAI), the company focused on investing in AI related technology, is pleased to announce its unaudited interim results for the six-month period ended 30 June 2025.

Highlights

During the period

·   Net asset value ("NAV") as at the period end amounted to £10,428,000 (31 December 2024: £10,793,000) and so has remained broadly flat during the period, reflecting the impact of gains from the sale of Getvisibility offset by the strengthening of the £ and € against US$ over the period, particularly with regard to the SVV1 holding in Infinite Reality.

·   NAV per share as at the period end was 1.98 pence (31 December 2024: 2.05 pence) compared to the current share price of 0.85 pence as at 26 September 2025 so the Company is currently trading at a 57% discount to NAV.

·   The Company's interests in Getvisibility were sold in April 2025, which generated proceeds of around £2.6 million in total and resulted in the conversion of a significant portion of the Company's investment portfolio to cash.

·   The disposal of Getvisibility represents the fourth cash realisation from SVV1 since inception and generated a profit on the Company's direct investment of €1.7 million, equivalent to a 5.8x multiple on the original cost of investment in € terms. Furthermore, a profit of €1.05 million, equivalent to a 4.3x return in € terms, was generated on the Company's indirect cost of investment in Getvisibility made via SVV1.

·   The cash balance at the end of the period amounted to £1,470,000 (31 December 2024: £220,000), after the repayment of the outstanding balance of the series of two‐year loan notes in April 2025, leaving the Company debt free.

·   A number of new investments have been made in H1 2025 through SVV2 into companies such as Inephany, Capably and Literal Labs, and in Mirror Security and Momntum AI through SVV3.

·   A direct investment has also been made in an AIM quoted company, Catenai plc, in order to obtain exposure to its principal investment, Alludium, which is a software company that is developing a Multi-Agent AGI (Artificial General Intelligence) platform for AI automation of processes and solutions for productivity.

Post period end

·   The Company made a direct investment in CameraMatics in order to help fund future expansion. CameraMatics, in which the Company already has exposure through its investment in SVV1, has recently secured a number of significant new contracts.

·   SVV2 made a new investment in Innex.ai, a company that helps NHS Estates and infrastructure teams to search, write and review documents more quickly.

·   SVV3 has made a new investment in Kerno Investment, which is an AI platform that helps software teams detect and fix issues more quickly.

Nicholas Lee, Director of Mindflair, commented:

"The Company has continued to make excellent progress in the first half of 2025 with a significant investment realisation through the disposal of Getvisibility. This marks the fourth realisation from SVV1 and provides the Company with a strengthened cash position to support its investment strategy.

"SVV2 and SVV3 have continued to make a number of new investments in exciting high growth AI companies, and Mindflair continues to provide investors with an excellent opportunity to gain exposure to a portfolio of AI focused companies curated by a team of experts in a sector which continues to be at the forefront of technology development. The AI sector continues to represent an attractive area for investment with significant global funds being deployed in this area. Mindflair is well positioned to benefit from this focus and represents an excellent way for public market investors to gain exposure to this investment class." 

Investment overview

1.            Summary

Mindflair is a company focused on investing in next generation technology with a focus on the application of AI to transform large traditional industries. Mindflair invests in its portfolio companies directly, or indirectly, as set out below, through: (i) its investments in three funds managed by Sure Valley Ventures ("SVV") and (ii) its investment in Sure Ventures plc.

The Company's principal investment portfolio categories are summarised below:

The Investment in Sure Valley Ventures reduced during the period due to the sale of Getvisibility and the weaking of the US$ against the € which reduced the value of SVV1's holding in Infinite Reality, offset by an upward revaluation of CameraMatics. The value of the Direct Investments also reduced due to the sale of Getvisibility, however, these were both offset by an increase in cash due to the sale of Getvisibility, although some of the cash raised was used to repay the outstanding loan notes during the period. 

2.            Sure Valley Ventures Fund ("SVV1")

SVV1 is SVV's first fund which has completed its new investment phase and has now entered into its realisation phase. It has already achieved four realisations/liquidity events to date, with more expected in the short term.

As at the period end, SVV1 had a portfolio of 10 investee companies at different stages of development, spanning a range of sectors. This portfolio provides Mindflair with exposure to a number of key, cutting-edge and rapidly growing technology sectors. Further details of the portfolio companies and recent developments are set out below:

SVV1 has completed its investment in new companies and is in its realisation phase which should lead to further returns to the Company and its shareholders.

3.            Sure Valley Ventures UK Software Technology Fund ("SVV2")

In March 2022, the Company invested in a second SVV fund, the Sure Valley Ventures UK Software Technology Fund. The principal investor in SVV2 is the British Business Bank ("BBB") an investment arm of the UK Government. The first close of this fund amounted to £85 million, with the BBB investing up to £50 million and other investors ("Private Investors"), including Mindflair, investing up to £35 million over the 10-year life of the fund.

Mindflair expects to invest up to £5 million in total over the life of the fund which would provide it with a circa 5.9% interest. SVV2 invests in a range of private UK software companies with a focus on companies in the Artificial Intelligence sector and within the subsectors of AI in the enterprise, AI in Immersive Technologies (such as AR/VR) and AI in Cybersecurity sectors.

The profit share arrangements within SVV2 are designed to encourage the involvement of private investors alongside the BBB, meaning that Mindflair and the other Private Investors would expect to receive a significantly enhanced share of the total return generated by the fund compared to industry standard.

This portfolio now comprises 13 investments which are described below:

Post period end, a further investment was made by SVV2.

4.         Sure Valley Ventures III Limited Partnership ("SVV3")

On 23 February 2023, Mindflair announced that it had agreed to invest in SVV's new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's cornerstone investor that committed 50% or €15 million to the fund. SVV3 plans to invest in circa 15 high-growth Al software companies in sectors such as Enterprise, Immersive Technologies and Cybersecurity across the Republic of Ireland.

Post period end, one additional investment has been made by SVV3.

5.         Sure Ventures plc ("SV plc")

SV plc (LSE: SURE) is a London-listed investment trust which invests in early-stage software companies in the rapidly growing technology areas of Augmented Reality, Virtual Reality, Internet of Things and artificial intelligence.

As at 30 June 2025, Mindflair had a 23.7% shareholding in SV plc whose principal investments comprise a 25.9% interest in SVV1 and a 5.9% interest in SVV2.

Consequently, as a result of its shareholding in SV plc, Mindflair has an aggregate (direct and indirect) interest in SVV1 of around 19.1%, which comprises its original direct 13% interest in SVV1 and an indirect interest of 6.1%. It also has an aggregate interest of 7.2% in SVV2.

The investment in SV plc is carried at its market value. As at 30 June 2025, the share price was 85.5 pence, compared to SV plc's NAV per share of 168.6 pence at that date and so the SV plc shares are carried at a value representing a 49% discount to their underlying asset value notwithstanding its attractive portfolio of investments.

6.         Direct investments

Key financial indicators

The key unaudited performance indicators are set out below: 

Other

In July 2025, Celia Li joined the board as an independent non-executive director bringing significant experience of marketing and public relations.

Outlook

Our investment strategy is focused on AI based next generation technology businesses and we believe that significant progress has been made by the majority of our investments during the period and that the outlook for the respective sectors in which they operate remains encouraging. Furthermore, the level of investment activity by SVV2 and SVV3 has increased in order to take advantage of the exciting opportunities that are available in the fast‐moving and developing AI sector.

The disposal of one of our investments, Getvisibility, not only further demonstrates the value that can be generated from our investment portfolio but has also strengthened the Company's financial position, being debt free with significant cash to deploy.

We expect that in the coming months we will see some additional realisations or liquidity events from our investment portfolio which is expected to generate further cash inflows for the Company.

In summary, we believe that our Company enables public market investors to gain exposure to an excellent portfolio of companies at the forefront of the AI revolution with the potential for significant growth and the ability to deliver real returns for shareholders.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The person who arranged the release of this information is Nicholas Lee, Director of the Company.

Enquiries:

Notes to Editors

About Mindflair plc

Mindflair plc (AIM: MFAI) is a company providing investors with access to a portfolio of next-generation technology businesses with significant growth potential and focus on AI.

The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors. For further information, visit: https://mindflair.tech/.

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 June 2025

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 June 2025

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 June 2025

Notes to the Unaudited Interim Report

1. GENERAL INFORMATION

Mindflair plc is a company domiciled in England whose registered office address is 9^th Floor, 107 Cheapside, London EC2V 6DN. The condensed interim financial statements of the Company for the six months ended 30 June 2025 is that of the Company only.

The condensed interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The financial information for the year ended 31 December 2024 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

The financial information for the six months ended 30 June 2024 and 30 June 2025 were also prepared in accordance with IFRS.

The condensed interim financial statements do not include all of the information required for full annual financial statements. 

The condensed interim financial statements were authorised for issue on 26 September 2024.

2. BASIS OF ACCOUNTING

The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 December 2024. As permitted, the interim report has been prepared in accordance with the AIM Rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

3. PROFIT/(LOSS) PER SHARE

The calculation of the basic profit per share is based on the following data:

4. STATEMENT OF CHANGES IN EQUITY

5.  DISTRIBUTION OF INTERIM REPORT

Copies of the Interim Report for the six months ended 30 June 2025 are available on the Company's website: www.mindflair.tech

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.