Mid Wynd International Investment Trust Plc – Half-year Financial Report

Mid Wynd International Investment Trust plc (`the Company’)

LEI: 549300D32517C2M3A561

Half-Yearly Financial Report (Unaudited) for the six months ended 31 December
2025

Highlights

· The Company’s share price was 776 pence as of 31 December 2025, representing
a Share Price Total Returnfor the six months ended 31 December 2025 of 5.2%.
· The Company’s Net Asset Value Total Returnof 3.8% for the six months ended
31 December 2025 trailed our comparator index, the MSCI All Country World Index
(`MSCI ACWI’), which returned 13.3%.
· The Company’s discount narrowed to 1.2% from 2.5%, and averaged 2.0% during
the six months ended 31 December 2025 which compared favourably with the average
discount for the Association of Investment Companies Global Sector of 8.5%.
· The Board has declared an interim dividend of 3.85p per share (2024 interim
dividend: 3.85p) which will be paid on 27 March 2026 to those shareholders on
the register at the close of business on 6 March 2026.

David Kidd, Chairman of Mid Wynd International Investment Trust plc, commented:

«The Company’s investments are currently being held at remarkably attractive
valuations, and the Board is optimistic that the coming year will bring a
significant improvement in both absolute and relative performance.»

For further information, please contact:

Juniper Partners Limited

Company Secretary

Email: [email protected]

Enquiries: 0131 378 0500

Performance Highlights

Total Six months ended Six months ended Year ended 30 June
returns
31 December 2025 31 December 2024 2025
Net asset 3.8% 0.8% (5.1)%
value per
share†
Share 5.2% 0.1% (5.9)%
price†
MSCI All 13.3% 6.5% 7.2%
Country
World
Index
(GBP)

Revenue Six months ended Six months ended Year ended 30 June
and
dividends 31 December 2025 31 2025

December 2024
Revenue 1.67p 2.01p 5.54p
earnings
per share
Dividends 3.85p 3.85p 8.35p
per
share*

Ongoing Twelve Twelve months ended Year ended 30 June
charges months
ended 31 December 2024 2025

31
December
2025
Ongoing 0.70% 0.60% 0.64%
charges

Capital As at As at As at

31 December 2025 31 December 2024 30 June

2025
Net asset 785.37p 812.18p 760.96p
value per
share
Share 776.00p 794.00p 742.00p
price
Net cash† 1.1% 1.9% 1.3%
Discount† 1.2% 2.2% 2.5%

Source: Lazard/Morningstar

†Alternative Performance Measure.

* The interim dividend for the six months to 31 December 2025 will be paid on 27
March 2026 to shareholders on the register at the close of business on 6 March
2026.

Percentage total return

Total returns to Six 1 year 3 years 5 years 10 Since
months * * years*
31 December 2025 to 31 Lazard
December
2025 appointment*
Net asset value 3.8% (2.3)% 15.5% 18.9% 161.2% 12.2%
per share†
Share price† 5.2% (1.2)% 12.5% 14.7% 155.1% 12.6%
MSCI All Country 13.3% 13.9% 57.0% 72.7% 232.0% 44.8%
World Index (GBP)

Source:Lazard/Morningstar

†Alternative Performance Measure.

* Total returns over 3, 5 and 10 years cover the period over which Artemis Fund
Managers Limited was the Company’s Investment Manager, from 1 May 2014 to 30
September 2023. Lazard were appointed as Investment Manager with effect from 1
October 2023.

Chairman’s Statement

Dear Shareholders,

I present the interim report for the six months ended 31 December 2025.

As shareholders will read in the Investment Manager’s review, the equity
market’s style shift away from Quality, which has affected our performance
almost from the point at which Lazard assumed management of the Company’s
portfolio, is continuing. Although NAV per share total return is considerably
improved on the comparable period, and indeed the whole of the year to 30 June
2025, the Company has continued to underperform its comparator index. The MSCI
All Country World Index (`MSCI ACWI’) has benefited from the performance of a
small number of Artificial Intelligence (`AI’) orientated shares, most of which
do not fit the Quality criteria for this Company to invest in them. This has
been exacerbated by the increasing role of passive investment funds in the
market which serve to drive momentum (and which may also accelerate a fall of
the index in future).

Investment performance

For the six months ended 31 December 2025 the Company’s share price rose by
5.2%, on a total return basis (with dividends assumed to be re-invested). This
compares to a total return from the MSCI ACWI of 13.3%. The Company’s net asset
value (`NAV’) per share increased by 3.8% on a total return basis. Further
details on the performance of the Company during the period under review and the
composition of the portfolio are included in the Investment Manager’s Review.

Earnings and dividend

The net return for the six months to 31 December 2025 was a gain of 29.83 pence
per share, comprising a revenue gain of 1.67 pence and a capital gain of 28.16
pence. Net revenue return pence per share this period decreased by 16.9% on the
equivalent period to December 2024. The decline reflects, to a large degree,
fixed overheads being spread over a lower asset base as a consequence of the
buybacks. This has been more than compensated by the accretive benefit of the
buybacks, which is not reflected in the revenue statement.

The Board is proposing an interim dividend of 3.85 pence per share which will be
paid on 27 March 2026 to those shareholders on the register at the close of
business on 6 March 2026.

The Ongoing Charges Ratio (`OCR’) for the period ended 31 December 2025
increased from 0.64% as at 30 June 2025 to 0.70% of average net assets. This is
predominantly due to the reduction of net assets as a result of the effective
operation of our discount control mechanism and is something that the Board will
keep under close review.

Share capital and discount management

The sustained programme of buybacks undertaken by the Company since early 2023
continued throughout the period under review. The Company’s policy, within
normal market conditions, is to issue and repurchase shares where necessary to
maintain the share price within a 2% band relative to the NAV. The Company’s NAV
is assessed on a real time basis when buying or selling the Company’s shares
using modelling that updates live prices and exchange rates to provide the most
accurate valuation.

Our buybacks have been successful in maintaining a low discount to NAV for our
share price thereby benefitting shareholders in terms of liquidity, NAV
accretion and a low level of discount volatility. As at 31 December 2025 the
share price stood at a 1.2% discount to NAV and the average discount during the
period was 2.0%. These discounts compare favourably with the weighted average
discount of the AIC’s `Global’ sector, of which the Company is a member, which
averaged 8.5% during the period and stood at 7.2% as at the period end. During
the six months to 31 December 2025, the Company bought back 7.51 million shares,
representing 19% of the issued share capital at the start of the period
(excluding Treasury shares), at a total cost of £58.1 million (including costs)
and an average discount of 2%. The buybacks utilised authorities granted at
general meetings held on 21 May 2025, 28 August 2025 and the 2025 AGM.

All share buybacks were accretive to net asset value for existing shareholders,
enhancing the NAV total return by approximately £1.2 million, equivalent to 108%
of the Company’s operating expenses for the period.

Since the period end and up until 24 February 2026, being the latest practicable
time before the publication of this Interim Report, 2,446,000 ordinary shares
were bought back at a total cost of £18,613,000 and are held in Treasury.

The rate of buybacks continues to be such that in order to ensure the Company
has sufficient capacity to maintain the discount control mechanism until the
date of the 2026 AGM (when new allotment and buyback authorities will be
sought), a further General Meeting will be held on 27 February 2026 at which a
resolution will propose to replenish the Company’s buyback authority to cover
the period until the 2026 AGM.

Shareholder engagement and communications

At a time when an increasing number of shareholders would like to engage with
their investee companies in a wide variety of ways, the Directors have striven
to improve our shareholder communication and marketing strategies. We believe
that keeping existing shareholders fully informed and attracting new investors
are key to the Company’s long term health. Details of how the Board approaches
this are available on page 42 of the Annual Financial Report to 30 June 2025.

If you have not already done so we would encourage you to sign up for updates
using the QR code at the back of this Interim Report. The Board is always keen
to hear from shareholders and, should you wish, you can contact me through
Juniper Partners Limited, the Company Secretary, at [email protected].

Outlook

The Board’s view remains that which was expressed in last year’s Annual Report.
Whilst our portfolio companies have suffered from the style shift away from
quality companies, such shifts in sentiment do not generally last for long
periods. The Investment Manager’s approach is designed to generate good returns
for shareholders over the long term, and the Board is pleased that the
Investment Manager has maintained its investment style and focus. The Investment
Manager’s review notes that around half of the Company’s investments were
trading at the period end in the bottom half of their PE range in the last 10
years, notwithstanding healthy underlying growth. This confirms the Board’s
views that the Company’s investments are currently being held at remarkably
attractive valuations, and the Board is optimistic that the coming year will
bring a significant improvement in both absolute and relative performance.

The Board respects and is grateful for the considerable patience shown by
shareholders.

David Kidd

Chairman

26 February 2026

Investment Manager’s Review

Market summary

Global equity markets rose sharply over the six months, supported by strong
demand for AI, solid corporate earnings and a generally improving interest rate
outlook. AI enthusiasm drove a substantial portion of the market return: eight
of the top ten contributors to the MSCI ACWI were AI leveraged technology
stocks, collectively accounting for 49% of the index’s return. However, the
rally entered a more cautious phase in the fourth quarter as investors
questioned the sustainability of elevated AI capital expenditure. Nvidia, for
example, underperformed the MSCI ACWI by 3% in the fourth quarter, and only two
of the «Magnificent 7» outperformed the MSCI ACWI over the full year. We believe
that the elevated volatility and growing investor scepticism of AI spending
levels are a positive sign that the market is returning its focus to
fundamentals. In our view, such a normalisation could be auspicious for the
types of Quality companies in which we invest, as we expect companies’ stock
performance should be more reflective of the level and sustainability of their
financial returns.

In addition to benefitting from many AI-exposed companies, the US market was
also buoyed by three consecutive Federal Reserve interest rate cuts, even as
internal debates continued around the future path of policy. Investors also
cheered consecutive stronger than expected quarters of economic growth, capped
by a delayed release of third quarter GDP data that underscored resilient
consumer spending. Trade related uncertainty eased modestly as the US reached
agreements with Japan and the EU and extended its truce with China, though
geopolitical conditions remain fluid.

In Europe, equities delivered solid earnings-driven gains but lagged the global
index due to the region’s lower exposure to AI leveraged companies. The European
Central Bank kept interest rates unchanged amid improving economic and inflation
dynamics in the eurozone, while central banks in the UK, Sweden and Norway each
cut rates.

Across Asia, Japanese equities outperformed the broader index amid renewed
optimism around growth and corporate profitability. The Bank of Japan raised
rates by 25 basis points (bps) to address inflation and signalled the potential
for further tightening. In China, equities rallied as domestic investors sought
higher-return opportunities during ongoing real estate weakness and declining
deposit rates. Combined with resilient export growth, this backdrop supported
the Chinese central bank’s decision to keep policy rates unchanged.

Overview and outlook

During the second half of 2025, the Company saw increases in both its share
price and NAV of 5.2% and 3.8% respectively. This is compared to a market return
of 13.3% over the period, as measured by the MSCI ACWI in GBP terms. The Company
ended the period with the share price trading at 1.2% below the NAV («at a
discount»), compared with an average discount of 7.2% amongst its AIC Global
Sector peer group.

Since becoming responsible for the management of the Company’s investments in
October 2023, we have underperformed its comparator index, the MSCI ACWI, by
approximately 12.7% in terms of annualised NAV performance. We recognise that
this outcome is disappointing for shareholders, and we do not seek to downplay
that reality. Although clear factors explain much of the recent performance,
this does not diminish its impact.

Market conditions during our tenure have been highly unusual. A narrow cohort of
large cap stocks has driven returns, leading to historically narrow market
breadth and significant style dispersion. Such periods naturally raise questions
about the resilience of established investment approaches. Having invested
through multiple market cycles, we see parallels with the late 1990s – an era
characterised by concentrated leadership and elevated valuations. These moments
of inflection can feel like a «new normal», but historical investment
disciplines tend to eventually prevail.

As we look ahead to 2026, we have revisited the principles underlying our
investment philosophy. Our focus remains on high quality companies with durable
competitive advantages, strong balance sheets and the ability to generate and
compound free cash flow over time. Based on these criteria, our conviction
across our holdings has strengthened. The majority of our companies continue to
demonstrate strong financial productivity and defensible competitive positions.
Over time, we believe share prices are likely to reflect these fundamentals.

Reasons for optimism

Periods such as the one we have experienced are uncomfortable but can often be
constructive for long-term investors. They reinforce discipline, sharpen process
and frequently sow the seeds of future outperformance. Around half of our
holdings are trading in the bottom half of their PE range over the past 10 years
– in stark contrast to the progress of their underlying earnings power.

As we enter 2026, we believe the portfolio is well positioned for a more
normalised market environment and we remain optimistic about the long term
prospects for shareholders.

Encouragingly, we have seen early signs of improvement beneath the surface of
global markets in recent months. Market breadth has begun to recover, and for
the first time in years developed markets outside the US have outperformed.

We believe these developments could create a more favourable backdrop for
global, benchmark-agnostic strategies such as ours. In our view, they are
particularly supportive for Mid Wynd, as our portfolio is constructed not by
mirroring the largest index constituents but by identifying businesses with
enduring advantages.

This is illustrated by our exposure to the growing semiconductor market. Yes, we
have long-standing positions in popular chip manufacturer TSMC and in ASML,
which manufactures photolithography machines critical for printing circuits on
to silicon wafers in microchips. But we also hold less well-known beneficiaries,
like VAT Group, which makes high-performance vacuum valves and other components
essential to the manufacturing of semiconductors. These companies operate with
near monopolistic characteristics that are central to our investment approach:
technological leadership, high barriers to entry and strong cash generation. And
they are, in our opinion, undervalued by the market.

Beyond this, we have a well-diversified portfolio of attractively valued
companies that continue to generate strong profits, underpinning our confidence
in Mid Wynd’s long-term prospects. Below we highlight just three.

High-quality compounders

Visa is a long-standing holding and, in our view, a classic example of a high
-quality Compounder. It continues to deliver top-decile cash returns and
reinvest free cash flows at rates we consider attractive. Market concerns about
the shift from cash to digital payments or the potential rise of stablecoins
underestimate the strength and resilience of Visa’s network effects, in our
view. Transaction volumes and earnings per share continue to grow at low double
digit rates, and we believe the recent share-price derating presents an
attractive opportunity to own a duopoly style business at what we consider a
favourable valuation.

EssilorLuxottica is another high-quality industry leader. Following the merger
of lens maker Essilor and frame specialist Luxottica in 2018, it has built an
unrivalled global position across the optical value chain, designing,
manufacturing and selling lenses and eyewear, supported by iconic brands such as
Ray-Ban and Oakley. Organic growth accelerated from 8% to 12% in the fourth
quarter, driven entirely by smart glasses adoption. With R&D investment nearly
four times that of its closest competitor, the company has significant sources
of income generation – from smart glasses (via its Meta partnership) to myopia
management and early stage hearing solutions. Our investment philosophy
(outlined below) targets companies with these sorts of competitive advantage and
our «beat the fade» valuation framework suggests that these shares may be
undervalued.

$50 billion biotech company Argenx represents a compelling opportunity in
biotechnology, an industry that has materially underperformed the broader market
in recent years (Exhibit 4) but which is showing early signs of recovery. Our
recent investment in Argenx, with its leading autoimmune therapy (Vygart),
reflects this opportunity. The company is approaching an important inflection
point, with increasing cash generation, a growing portfolio of differentiated
therapies and the potential to evolve into a much larger company.

Six-month performance recap

As mentioned, despite signs of a potential regime shift, AI was a material
performance driver in the second half of 2025, with market-perceived AI winners1
gaining 23.0% and perceived AI losers falling 14.1%. The portfolio’s positioning
relative to this «AI winners» trade hurt performance, with 73% of our relative
underperformance attributable to our active weights within perceived AI
-winner/loser industries. Our 300-bps average underweight to perceived AI
winners throughout the period reflects our concern that many of these companies
(and/or the businesses that they sell to) may never generate a return on recent,
outsized investment in AI, and we are encouraged that market participants have
begun to share these worries.

Conversely, our 780-bps average overweight exposure to perceived AI losers
reflects our view that the market is underestimating our holdings’ competitive
advantages in proprietary data, distribution, customer trust and regulatory
positioning. We believe these strengths will allow them to succeed even if AI
proliferates broadly.

A look at the top contributors and detractors for the period reflects the
influence of the «AI winners» trade.

What helped

Five principal contributors

Company Contribution to Total Return (%)
Taiwan Semiconductor Manufacturing (`TSMC’) 1.76
Apple 1.65
Amphenol 1.23
IQVIA 0.87
Thermo Fisher Scientific 0.85

Source: Lazard/FactSet. Data in GBP and for the period from 1 July 2025 to 31
December 2025.

TSMC, the only scaled, leading edge semi foundry and a critical enabler of AI
(given that nearly all accelerated computer chips are manufactured on its
processes), rose in value after reporting strong earnings, driven by robust AI
and high performance computing demand. The company reported record foundry
orders, which reinforced TSMC’s leadership in advanced nodes. We have owned the
company since 2014, recognising its durable competitive advantages in scale,
leading edge process development and consistent execution. This combination
supports a self-reinforcing cycle in which technology leadership drives market
share gains; expanding scale enhances cost competitiveness and cash generation;
and those cash flows are reinvested to sustain continued semiconductor process
innovation.

Apple, the world’s leading smartphone vendor, rose after the company reported
solid results, driven by strong gross margin performance despite tariff
headwinds. The company also unveiled its latest line of iPhones during the
period and cited strong iPhone replacement demand. We expect Apple to sustain
high levels of financial productivity and cash flow through continued growth of
the Apple ecosystem, an increasing mix of services revenue streams and
optionality around new platforms and replacement cycles driven by AI advances.

Diversified electrical connector and sensor maker Amphenol gained after
reporting strong earnings, resulting from robust growth in AI data centre sales.
We like the company due to its ability to provide a critical component at a low
cost, a competitive advantage that helps it maintain favourable pricing.
Additionally, we are attracted to its low-capital-intensity, high-cash
-generation, disciplined approach to acquisitions in fragmented markets and
advantageous positioning in AI data centres.

IQVIA, a contract research organisation (`CRO’) serving the pharmaceutical,
biotech, and medical device industries, rose in value after reporting better
-than-expected results that highlighted strengthening business momentum. We see
continued improvement in CRO market fundamentals following the industry trough
reached a year ago, with growth in request for proposals (`RFPs’), bookings, and
biotech funding all trending positively. We continue to like IQVIA’s strong
financial productivity, driven by solid revenue growth, consistent margin
expansion, disciplined capital deployment, and a capital-light business model.

The share price of Life science company Thermo Fisher Scientific responded
positively after management reported better-than-expected earnings across all
their major business segments. In our opinion, we believe the company’s
strategic expansion efforts and broad global footprint position it well to
capture future growth opportunities. Thermo Fisher’s integrated portfolio of
research products and development services provides a differentiated, end-to-end
offering for customers. The company benefits from attractive secular growth
drivers, strong financial characteristics, and leading positions across highly
fragmented end markets.

What hurt

Five principal detractors

Company Contribution to Total Return (%)
Verisk Analytics (0.79)
Wolters Kluwer (0.75)
SPS Commerce (0.75)
RELX (0.72)
Zoetis (0.35)

Source: Lazard/FactSet. Data in GBP and for the period from 1 July 2025 to 31
December 2025.

Verisk, a provider of predictive analytics and data solutions for the insurance
industry, declined as investors focused on slowing organic growth and perceived
AI-related risks. Over the period, the market became more nervous broadly about
AI risks within the information services industry following research and
advisory firm Gartner’s slowdown and stock pullback. While there are aspects of
Verisk’s insurance policy language and extreme event risk management businesses
that AI could disrupt, we think regulatory compliance, historical trust and
Verisk’s broader proprietary contributory data ecosystem provide significant
barriers for alternative competition. We continue to like this best-in-class
company due to its data-driven business model with high barriers to competition
and recurring revenue.

Information service providers RELX and Wolters Kluwer also hurt performance,
despite generating solid earnings growth. Their pullback was tied to investor
concerns that AI could disintermediate data-analytic companies and commoditise
their content. Global data and analytics businesses have seen their P/E premiums
drop materially. In a reflection of a theme we have observed across many Quality
stocks, this derating has come despite no change in the earnings trajectory of
most of these businesses. In fact, some names, including RELX, have even seen an
acceleration in earnings growth. We have evaluated the industry to distinguish
between businesses facing higher risks from AI-related disruption and those more
contained, and where AI may create additional product opportunities. Our
analysis has focused on three dimensions:

· Ownership of proprietary data – unique, non-substitutable datasets that
generic models cannot easily replicate.
· Speed and willingness to innovate – particularly the integration of new
technologies into existing products.
· The importance of accuracy and trusted suppliers – especially in use cases
requiring highly reliable information.

We believe companies with distinctive content and the ability to innovate
quickly should be advantaged due to their already strong customer relationships,
allowing for an easier up-sell for high-quality, trusted insights enhanced with
AI. Historically, information service providers have been able to price new
value-added content at a premium, and we believe AI will be no different. For
example, RELX has already introduced AI-enabled legal products at roughly a 20%
price premium relative to earlier offerings, and we have seen growth accelerate
in RELX’s legal business from ~2% to now 9% organic as a result of the shift
towards AI and analytics. The significant valuation compression seen in 2025
stands in contrast to the operational performance and competitive positioning of
RELX and Wolters Kluwer and is unjustified, in our view. We believe the market
will recognise that the differentiated datasets and strong vertical market
positions of these companies not only provide meaningful insulation from AI
disruption but also offer several attractive opportunities to leverage AI within
their existing product ecosystems.

SPS Commerce, a leader in supply-chain software for retailers, suppliers and
logistics providers, reported disappointing results and guidance below
expectations, driven by headwinds with recent acquisitions. SPS’s software
enables automation of the historically manual flow of critical documents such as
purchase orders, invoices and shipping notices between parties. Increased
complexity in omnichannel retail and fragmentation of suppliers should drive
more demand for SPS’s products, in addition to increasing data flow along its
network (revenue has a volume component). We believe the stock is undervalued as
investors are conflating a cyclical slowdown with a structural one and
underappreciate adjacent opportunities to monetise the network.

The share price of Animal-health company Zoetis declined after the management
reported quarterly earnings below expectations and reduced full year revenue
guidance, reflecting softer demand in key therapeutic areas. Despite these
challenges, management reiterated confidence in the long-term outlook, pointing
to early signs of stabilisation in Librela (osteoarthritis) and strong livestock
growth that helped offset weakness in companion animal products. Upcoming
catalysts-including longer acting osteoarthritis and dermatology treatments and
a robust pipeline of 12 potential blockbuster candidates-also support the
outlook. Zoetis remains highly financially productive, with meaningful
competitive advantages such as a diversified portfolio, strong innovation track
record, and an estimated $5 billion expansion opportunity in chronic disease
companion animal markets. The company is still expected to grow ahead of its end
markets over the mid-to-longer term, with potential for further margin
expansion.

Investment philosophy

Our investment philosophy is based on the belief that great companies can also
make great investments. In other words, we believe companies that can sustain
the highest levels of financial productivity tend to outperform the market.

We think the market undervalues these companies because of its adherence to the
economic law of competition. This theory prescribes that high returns on capital
attract competition, which results in an erosion of these returns towards a cost
of capital. However, we think plenty of real-world examples show this theory
does not work. We are convinced that companies that beat the market-implied fade
of returns also beat the market.

In addition to high financial productivity, we are also looking for companies
that have the opportunity and appetite to reinvest in their business to grow
(but only if at similarly high levels of financial productivity). This
combination of high financial productivity and growth produces a compounding
effect on cash flow and earnings, which we believe is particularly valuable.
These types of exceptional businesses are often inefficiently valued by market
participants, who may be more focused on near-term multiples than the longer
-term earnings power of the company.

Putting this together, we seek to invest in companies that we believe can
generate sustainably high financial productivity, those that can reinvest for
growth and those for which the market is pricing in a fade in returns faster or
sooner than we expect.

This investment philosophy is supported by our long-term study of global
financial markets, «Relative Value Investing» and its update «Quality Investing»
covering nearly 30 years.2

Engagement highlights

Argenx

Immune Biotech

Dialogue over time strengthens shareholder trust

As long-term shareholders, we aim to foster strong company relationships that
deliver insightful open dialogues. A good example of this over the last year was
our engagement with Argenx, a global immunology biotech company that develops
and commercialises antibody-based therapies for severe autoimmune diseases.
Since November 2024 we have met with members of Argenx’s C-suite, board,
remuneration specialist, and investor relations nine times. After initiating the
position, we engaged to address Argenx’s long standing issues regarding its
Remuneration Policy and Report, which received significant shareholder dissent
in 2024. Following extensive analysis and engagement with the board in the build
-up to the AGM, Lazard decided to vote FOR the policy on the basis that:

1. Significant progress had been made to conform with market best practice and
align compensation with long-term shareholder value creation.

2. Pay was appropriately aligned with performance given the share price had
increased ~50% since IPO.

Although the Remuneration Policy did not receive approval at the 2025 AGM,
securing 73% support versus the required 75% majority, it has since passed at
the 2025 EGM. Following further dialogue with the company, Lazard remained
supportive of the policy and voted FOR. Additional changes to the policy
included enhanced performance metrics, clearer peer group definitions, and the
removal of future CEO vs. current CEO pay limit distinctions. Whilst we did not
believe that these additional changes were necessary for the Remuneration Policy
to pass, we commend the company for further striving to align with market
expectations. We were also impressed by its tenacity towards driving its broader
shareholder and proxy advisory engagement programme.

Throughout 2025, Lazard has built a strong partnership with the company,
offering valuable investor insights. This open dialogue fostered greater trust
in Argenx’s governance, which we believe will further strengthen company and
shareholder alignment.

Hexagon

Industrial Measurement Technology

Escalating governance concerns to drive improved shareholder outcomes

Another recent example has been our engagement with Hexagon. It is a global
leader in metrology, making advanced sensors and software that help industries
like manufacturing and construction become safer, more efficient, and automated.
Since the beginning of 2022, we have met with members of Hexagon’s C-suite,
board, investor relations, and sustainability team 35 times. Over this period,
we identified governance concerns related to board independence, reporting
transparency, and ESG metrics in executive compensation, which we expressed
during engagements. Slow progress in addressing our concerns meant that we
employed our escalation framework: raising our concerns first to members of the
board and then also by voting against certain board members. We are pleased with
the progress that Hexagon has made over the past two years in addressing the
business risks we raised-which were reflected in our votes at the 2024 annual
general meeting. Given our extensive engagement with the company in the past,
management was keen to hear our views on qualities we would like to see in the
new CEO when it was announced in November 2024 that the current CEO would be
stepping down. We took this opportunity to suggest a potential candidate in
addition to providing feedback on qualities. We welcome Hexagon’s decision to
take our recommendations into account, selecting Anders Svensson as CEO, whose
attributes align closely with our expectations.

Over the course of 2025, we have continued to engage with the company, digging
into topics including the new Vice Chairman’s management philosophy and the
sustainability benefits of metrology within industries such as construction and
agriculture.

Exposures by sector and region

In line with our investment process, our sectoral and regional exposures are
driven by stock selection. Changes in exposure from 30 June 2025 resulted from
market movements and the following purchases and sales, rather than any decision
on sector and/or country views.

· Purchases: Argenx (Health Care), Boston Scientific (Health Care), Palo Alto
Networks (Information Technology), SPS Commerce (Information Technology)
· Sales: Adobe (Information Technology), Nordson (Industrials), Rockwell
Automation (Industrials)

Sector exposure rose in Health Care, Information Technology, and Communications
Services and fell in Industrials, Financials, Consumer Staples and Consumer
Discretionary. Typically, the strategy has zero weight in Real Estate, Energy,
Materials and Utilities, as companies in these sectors tend not to generate
sufficient returns on capital to be considered of high quality.

Louis Florentin-Lee & Barnaby Wilson

Fund Managers

26 February 2026

1 The «AI Winners and Losers» baskets are composites of tradeable baskets
created by third-party sell-side firms, including Goldman Sachs, Morgan Stanley,
Bank of America and UBS. It is not a Lazard product, index, benchmark or
recommendation. It is included solely to illustrate market trends and
performance attribution for the period. The basket represents groups of
securities that certain market participants, including the third-party
providers, perceive as likely beneficiaries («winners») or adversely impacted
(«losers») by developments in artificial intelligence. «Winners» are generally
companies investing in or enabling AI infrastructure and hardware, while
«losers» are often in software, data services or consulting, where investors
fear AI could commoditise offerings or disrupt existing business models. The
composition and methodology of the basket are determined entirely by the third
-party providers, may change without notice and may not reflect Lazard’s views.

2 All data measured from 1996 to 2022.

Interim Management Report and Responsibility Statement

Principal risks and uncertainties

Pursuant to DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, the
principal risks and uncertainties faced by the Company include strategic risk,
market risks, legal and regulatory risk and operational risks including reliance
on third-party service providers and reliance on key personnel.

The Directors have assessed these risks and are of the opinion the nature of the
risks and the way in which they are managed have not materially changed from the
description provided on pages 26 to 29 of the previous Annual Financial Report
for the year ended 30 June 2025 which is available at midwynd.com. These risks
remain applicable to the six months under review and the remaining six months in
the financial year.

Related party transactions

During the six months ended 31 December 2025, no transactions with related
parties have taken place which have materially impacted the Company.

Going concern

The Directors have considered the Company’s principal risks and uncertainties
together with its current financial position, the liquid nature of its
investments, assets and liabilities, projected revenue and expenses and the
Company’s dividend policy and share buyback programme. It is the Directors’
opinion that the Company has adequate resources to continue in operational
existence for the foreseeable future, a period of at least 12 months from the
approval of this Half-Yearly Financial Report. For this reason, the going
concern basis of accounting continues to be used in the preparation of these
financial statements.

Responsibility statement of the Directors in respect of the half-yearly
financial report

The Directors confirm that to the best of their knowledge, in respect of the
Half-Yearly Financial Report for the six months ended 31 December 2025:

· the condensed set of financial statements has been prepared in accordance
with Financial Reporting Standard (`FRS’) 104: `Interim Financial Reporting’;
· the Half-Yearly Financial Report, includes a fair review of the information
required by:

a)      DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of the important events that have occurred during the first six
months of the financial year and their impact on the financial statements; and a
description of the principal risks and uncertainties for the remaining six
months of the year; and

b)      DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial position
or performance of the entity during that period, and any changes in the related
party transactions described in the last Annual Financial Report that could do
so.

The Half-Yearly Financial Report for the six months ended 31 December 2025 was
approved by the Board and the above Responsibility Statement has been signed on
its behalf by:

David Kidd

Chairman

26 February 2026

Condensed Statement of Comprehensive Income

For the six For the six For the
months months year
ended ended ended

31 December 31 December 30 June
2025 2024 2025
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue
Capital Total
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000
£’000 £’000
Gains/(losse – 10,770 10,770 – 2,215 2,215 –
(20,732) (20,732)
s) on
investments
held at
fair value
through
profit or
loss
Currency – 12 12 – (41) (41) –
(69) (69)
gains/(losse
s)
Income 1,182 – 1,182 1,535 – 1,535 3,763
– 3,763
Investment (67) (599) (666) (81) (732) (813) (147)
(1,327) (1,474)
management
fee
Other (346) (136) (482) (312) (126) (438) (619)
(257) (876)
expenses
Net 769 10,047 10,816 1,142 1,316 2,458 2,997
(22,385) (19,388)
return/(loss
) before
finance
costs and
taxation
Finance – – – – – – –
– –
costs of
borrowings
Net 769 10,047 10,816 1,142 1,316 2,458 2,997
(22,385) (19,388)
return/(loss
) on
ordinary
activities
before
taxation
Taxation on (173) – (173) (187) – (187) (478)
71 (407)
ordinary
activities
Net 596 10,047 10,643 955 1,316 2,271 2,519
(22,314) (19,795)
return/(loss
) on
ordinary
activities
after
taxation
Net 2 1.67p 28.16p 29.83p 2.01p 2.76p 4.77p 5.54p
(49.08)p (43.54)p
return/(loss
) per
ordinary
share

The total column of this statement
is the profit and loss account of
the Company.
All revenue and capital items in
this statement derive from
continuing operations. No
operations were acquired or
discontinued during the period.
The net return for the period
disclosed above represents the
Company’s total comprehensive
income.

The accompanying notes are an
integral part of the financial
statements.

Condensed Statement of Financial Position

Note As at As at As at

31 December 31 December 30 June
2025 2024 2025
(unaudited) (unaudited) (audited)
£’000 £’000 £’000
Non current assets
Investments held at fair 4 255,858 363,729 303,478
value through profit or
loss
Current assets
Debtors 744 605 660
Cash and cash equivalents 6 2,712 7,192 4,068
3,456 7,797 4,728
Creditors
Amounts falling due within (900) (776) (705)
one year
Net current assets 2,556 7,021 4,023
Total net assets 258,414 370,750 307,501

Capital and reserves
Share capital 7 3,320 3,320 3,320
Capital redemption reserve 16 16 16
Share premium – 242,115 242,115
Special reserve 220,171 – –
Capital reserve 31,068 120,334 57,234
Revenue reserve 3,839 4,965 4,816
Shareholders’ funds 258,414 370,750 307,501
Net asset value per 8 785.37p 812.18p 760.96p
ordinary share

The accompanying notes are
an integral part of the
financial statements.

Condensed Statement of Changes in Equity

For the six
months
ended 31
December
2025
(unaudited)
Note Share Capital Share Special
Capital Revenue Shareholders’
capital redemption premium
reserve1,2 reserve2 funds
reserve reserve2
£’000 £’000 £’000 £’000 £’000
£’000 £’000
Shareholders’ funds at 1 3,320 16 242,115 – 57,234
4,816 307,501
July 2025
Net return on ordinary – – – – 10,047
596 10,643
activities after
taxation
Cancellation of share – – (242,115) 242,115 –
– –
premium*
Costs of – – – (78) –
– (78)
reclassification of
share premium
Repurchase of shares 7 – – – (21,866)
(36,213) – (58,079)
into Treasury
Dividends paid – – – – –
(1,573) (1,573)
Shareholders’ funds at 3,320 16 – 220,171 31,068
3,839 258,414
31 December 2025

For the six
months
ended 31
December
2024
(unaudited)
Note Share Capital Share Special Capital
Revenue Shareholders’
capital redemption premium reserve2
reserve1,2 reserve2 funds
reserve
£’000 £’000 £’000 £’000 £’000
£’000 £’000
Shareholders’ funds at 1 3,320 16 242,115 – 152,673
5,970 404,094
July 2024
Net return on ordinary – – – – 1,316
955 2,271
activities after
taxation
Repurchase of shares 7 – – – – (33,655)
– (33,655)
into Treasury
Dividends paid – – – – –
(1,960) (1,960)
Shareholders’ funds at 3,320 16 242,115 – 120,334
4,965 370,750
31 December 2024

For the
year
ended 30
June 2025
(audited)
Note Share Capital Share Special Capital
Revenue Shareholders’
capital redemption premium reserve2 reserve1,2
reserve2 funds
reserve
£’000 £’000 £’000 £’000 £’000
£’000 £’000
Balance at 1 July 2024 3,320 16 242,115 – 152,673
5,970 404,094
Net loss on ordinary – – – – (22,314)
2,519 (19,795)
activities after
taxation
Repurchase of shares 7 – – – – (73,125)
– (73,125)
into Treasury
Dividends paid – – – – –
(3,673) (3,673)
Shareholders’ funds at 3,320 16 242,115 – 57,234
4,816 307,501
30 June 2025

1 Capital reserve as at
31 December 2025
includes realised
losses of £15,996,000
(31 December 2024
realised gains:
£69,481,000; 30 June
2025 realised gains:
£33,046,000).
2 The Company may pay
dividends from both
capital and revenue
reserves.
* During the period,
the reduction of the
Company’s share premium
account to create
additional capital
reserves which could be
used for share buybacks
(approved by
shareholders at the May
2025 general meeting)
received court
approval. Accordingly,
£242m of share premium
was transferred to a
special capital
reserve.

The accompanying notes
are an integral part of
the financial
statements.

Condensed Statement of Cash Flows

Note For the six For the six For the year ended 30
months ended months ended June 2025 (unaudited)

31 December 31 December
2025 2024
(unaudited) (unaudited)
£’000 £’000 £’000
Net cash 5 (1,223) (1,630) (3,193)
outflow from
operations
before
dividends and
interest
Dividends 1,173 1,529 3,748
received from
investments
Interest 9 6 21
received
Net cash (41) (95) 576
(outflow)/inflow
from
operating
activities
Cash flow from
investing
activities
Purchase of (26,477) (46,083) (68,655)
investments
Sale of 84,743 83,687 143,623
investments
Realised (7) (38) (65)
currency losses
Net cash 58,259 37,566 74,903
generated from
investing
activities
Cash flow from
financing
activities
Repurchase of 7 (57,945) (34,058) (73,474)
shares into
Treasury
Legal costs for (78) – –
cancellation of
share premium
Dividends paid (1,573) (1,960) (3,673)
Net cash (59,596) (36,018) (77,147)
outflow from
financing
activities
Net (1,378) 1,453 (1,668)
(decrease)/incre
ase in cash
and cash
equivalents
Cash and cash 4,068 5,742 5,742
equivalents at
start of the
period
(Decrease)/incre (1,378) 1,453 (1,668)
ase in cash in
the period
Currency 22 (3) (6)
gains/(losses)
on cash
and cash
equivalents
Cash and cash 6 2,712 7,192 4,068
equivalents at
end of the
period

The
accompanying
notes are an
integral part
of the
financial
statements.

Notes to the Half-Yearly Financial Report

1.(a) Accounting policies
The unaudited
condensed financial
statements for the six
months to 31 December
2025 comprise the
statements set out in
the Interim Report
together with the
related notes. The
financial statements
have been prepared in
accordance with the
Company’s accounting
policies as set out in
the Annual Financial
Report for the year
ended 30 June 2025 and
are presented in
accordance with the
Companies Act 2006
(the `Act’), FRS 104
and the requirements
of the Statement of
Recommended Practice
`Financial Statements
of Investment Trust
Companies and Venture
Capital Trusts’
(`SORP’) issued by the
Association of
Investment Companies
(`AIC’) in July 2022.

The financial
information contained
within this Half
-yearly Financial
Report does not
constitute statutory
accounts as defined in
sections 434 to 436 of
the Act. The financial
information for the
year ended 30 June
2025 has been
extracted from the
statutory accounts
which have been filed
with the Registrar of
Companies. The
Auditors’ report on
those accounts was not
qualified and did not
contain statements
under sections 498(2)
or (3) of the Act.

The unaudited
condensed financial
statements for the six
months ended 31
December 2025 have
been prepared on a
going concern basis.
1.(b) Expenses
All expenses are
accounted for on an
accruals basis.
Expenses are charged
through the revenue
reserve except where
they relate directly
to the acquisition or
disposal of an
investment, in which
case they are added to
the cost of the
investment or deducted
from the sale
proceeds, and where
they are connected
with the maintenance
or the enhancement of
the value of
investments are
charged to the capital
reserve.

The management fees,
company secretarial
and administration
fees, the cost of
operating the discount
control mechanism and
finance costs are
allocated 90% to
capital and 10% to
revenue.
2. Return per share
Return per share has
been calculated based
on the weighted
average number of
ordinary shares in
issue for the six
months ended 31
December 2025 being
35,682,488 (six months
ended 31 December
2024: 47,602,419 and
year ended 30 June
2025: 45,463,998).
3. Dividends
An interim dividend
for the six months
ended 31 December 2025
of 3.85 pence per
ordinary share (six
months ended 31
December 2024: 3.85
pence) has been
declared. This
dividend will be paid
on 27 March 2026 to
those shareholders on
the register at close
of business on 6 March
2026.
4. Fair value hierarchy
All investments are
designated at fair
value through profit
or loss on initial
recognition in
accordance with FRS
102. The following
table provides an
analysis of these
investments based on
the fair value
hierarchy as described
below which reflects
the reliability and
significance of the
information used to
measure their fair
value.

The disclosure is
split into the
following categories:

Level 1 – Investments
with unadjusted quoted
prices in an active
market;

Level 2 – Investments
whose fair value is
based on inputs other
than quoted prices
that are either
directly or indirectly
observable;

Level 3 – Investments
whose fair value is
based on inputs that
are unobservable (i.e.
for which market data
is unavailable).
31 December 2025 31 December 2024 30 June

2025
£’000 £’000 £’000
(unaudited) (unaudited)
(audited)
Level 1 255,858 363,729 303,478
Total value of 255,858 363,729 303,478
investments

5. Reconciliation of
net return before
finance costs and
taxation to cash
from operations
For the six months For the six months For the
ended 31 December ended 31 December year
2025 2024
ended
30
June

2025
£’000 £’000 £’000
(unaudited) (unaudited)
(audited)
Net return/(loss) 10,816 2,458
(19,388)
before finance costs
and taxation
(Gains)/losses on (10,770) (2,215) 20,732
investments
Currency (12) 41 69
(gains)/losses
Decrease in accrued 37 207 94
income and other
debtors
Dividend income (1,173) (1,529) (3,748)
Interest received (9) (6) (21)
Increase/(decrease) in 61 (399) (524)
creditors
Overseas tax suffered (173) (187) (407)
Net cash outflow from (1,223) (1,630) (3,193)
operations before
interest and dividends

6. Analysis of changes
in net cash
At 30 June Cashflow Exchange movements At 31
2025
December
2025
£’000 £’000 £’000 £’000
(audited) (unaudited) (unaudited)
(unaudited)
Cash and cash 4,068 (1,378) 22 2,712
equivalents
Total 4,068 (1,378) 22 2,712

7. Share capital
In the six months
ended 31 December
2025, 7,506,000
ordinary shares were
purchased into
Treasury at a total
cost of £58,079,000
(six months ended 31
December 2024:
4,225,500 ordinary
shares at a total cost
of £33,655,000 and
year ended 30 June
2025: 9,465,000
ordinary shares at a
total cost of
£73,125,000).

In the six months
ended 31 December
2025, no ordinary
shares were sold from
Treasury (six months
ended 31 December 2024
and year ended 30 June
2025: no ordinary
shares were sold from
Treasury).

In the six months
ended 31 December
2025, no new ordinary
shares were allotted
(six months ended 31
December 2024 and year
ended 30 June 2025: no
new ordinary shares
were allotted).

As at 31 December
2025, 33,477,758
ordinary shares were
held in Treasury (31
December 2024:
20,732,258; 30 June
2025: 25,971,758).

8. Net asset value per
ordinary share
The calculation of the
net asset value per
ordinary share is
based on the
following:
31 December 31 December 2024 30 June

2025 2025
(unaudited) (unaudited)
(audited)
Shareholders’ funds 258,414 370,750 307,501
(£’000)
Number of ordinary 32,903,356 45,648,856
40,409,356
shares in issue at
period end
Net asset value per 785.37p 812.18p 760.96p
ordinary share

9. Related party
transactions
The Directors are
considered to be
related parties. No
Director has an
interest in any
transactions which
are, or were, unusual
in their nature or
significant to the
nature of the Company.

The Directors receive
fees for their
services. During the
six months ended 31
December 2025, £87,500
was paid to Directors
(six months ended 31
December 2024: £85,000
and year ended 30 June
2025: £170,000) of
which £nil was
outstanding at the
period end (31
December 2024:
outstanding £nil; 30
June 2025: outstanding
£nil).

10. Transactions with
the Investment
Manager
The investment
management fees
payable to Lazard are
disclosed in the
Statement of
Comprehensive Income.
The amount outstanding
at 31 December 2025
was £251,000 (31
December 2024:
£364,000 and 30 June
2025: £296,000). The
existence of an
independent Board of
Directors demonstrates
that the Company is
free to pursue its own
financial and
operating policies and
therefore the
Investment Manager is
not considered to be a
related party.

11. Post Balance Sheet
Events
Following the period
end and up to 24
February 2026,
2,446,000 ordinary
shares were bought
back to be held in
Treasury, at a total
cost of £18,613,000.
12. Status of this
report
These are not full
statutory accounts for
the purposes of
Section 434 of the
Companies Act 2006 and
are unaudited.
Statutory accounts for
the year ended 30 June
2025, which received
an unqualified audit
report and which did
not contain a
statement under
Section 498 of the
Companies Act 2006,
have been lodged with
the Registrar of
Companies. No full
statutory accounts in
respect of any period
after 30 June 2025
have been reported on
by the Company’s
auditors or delivered
to the Registrar of
Companies.

A copy of the Half
-Yearly Financial
Report will be sent to
shareholders and is
available on the
Company’s website at
midwynd.com (http://www
.midwynd.com).
Shareholders are
encouraged to visit
the website for
further information on
the Company.

For further
information please
contact:

Juniper Partners
Limited

Company Secretary

email:
[email protected]

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