Half-year Report

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

HALF YEAR REPORT FOR THE SIX MONTHS ENDED28 FEBRUARY 2026

International Biotechnology Trust plc (the "Company") hereby submits its Half Year Report for the six months ended 28 February 2026 as required by the Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.2.

Key Highlights

Chair's Statement

Dear Shareholders

I am very pleased to report that the share price total return of International Biotechnology Trust plc (the "Company") rose by 39% during the six-month period under review, comfortably outperforming the Nasdaq Biotechnology Index (NBI), (the "Reference Index"), which delivered a total return of 29.5% over the period. The Company's net asset value (NAV) total return rose by 35.7% per share, reflecting a narrowing of the discount at which the share price traded to NAV; from 8.9% at the end of August 2025 to 6.7% as at 28 February 2026.

It has been gratifying to witness a rebound in the biotechnology sector following a significant sell off. The relative outperformance has been sustained by exciting innovation, a higher number of successful Food and Drug Administration (FDA) approvals and increasing evidence of merger and acquisition (M&A) activity.

Quoted portfolio

During the six months under review, the NAV per share of the quoted portfolio returned 39.4%1 (gross of management and performance fees) significantly outperforming the Reference Index, which delivered a NAV total return of 29.5%. Following a prolonged period of relative underperformance, the biotechnology market rebounded strongly as investors anticipated a lower interest rate environment. As fears around regulation and political changes at the FDA receded, a surge in M&A activity added further momentum.

1 Source: Schroders.

Your Portfolio Managers, Ailsa Craig and Marek Poszepczynski, have continued to be successful in identifying the target biotechnology companies likely to appeal to large pharmaceutical firms looking for products to replenish their pipelines. A further five investment holdings were subject to takeover bids during this period, bringing the total number of portfolio companies acquired since 2020 to 35.

The biggest contributor to performance over the period came from the Netherlands-listed company, uniQure. In September 2025, uniQure received an FDA accelerated approval pathway for its gene therapy for Huntington's disease, leading to a 250% rise in the share price. The Portfolio Managers' decision to take profits and sell the position proved prescient as the FDA subsequently reversed its decision and the share price halved.

Vera Therapeutics was another significant contributor to performance. The share price of the company rallied at the end of 2025 when the company reported positive Phase 3 clinical trial results from its therapy for immunoglobulin A nephropathy (IgAN), a chronic autoimmune kidney disease. An FDA approval decision is expected in the middle of this year which should enable Vera to move to commercial launch.

Another significant performance contribution came from the oncology company Terns Pharmaceuticals which announced positive clinical trial results for its treatment targeting chronic myeloid leukaemia. The news in late 2025 led to a soaring share price indicating investor enthusiasm in this area of high unmet medical need. Since the period end, Terns has announced that it has received a bid from Merck, another large pharmaceutical company which is seeking products to replace the blockbuster Keytruda which comes off patent in 2028.

The biggest detractor from performance was Soleno Therapeutics which has recently launched a treatment for the rare genetic disorder Prader-Willi syndrome. The launch has been impacted by some stories of adverse side effects and high discontinuation rates which has dampened commercial expectations and led to share price declines.

Unquoted portfolio

It is the Board's intention to maintain 5 - 15% of the Company's assets in unquoted, early-stage innovative biotechnology opportunities, accessed through unlisted funds not easily directly available to retail investors.

At the period end, the unquoted portfolio, which represented 7.3% of the Company's total investments, was invested primarily in two venture capital funds managed by SV Health Investors LLP: SV Fund VI and SV Biotech Crossover Opportunities Fund (SV BCOF). There was also a small initial investment in a venture capital fund under the new Schroders Capital partnership announced in October last year.

SV Fund VI

As at 28 February 2026, SV Fund VI represented 2.5% of total investments, down from 3.1% at the end of August 2025. SV Fund VI, which invests across early-stage biotechnology, medical device and healthcare services companies, is now in run-off and is gradually returning capital to shareholders. During the period, SV Health co-led an oversubscribed fundraising to support Artios Pharma accelerate clinical programmes in therapeutics to treat pancreatic, colorectal, and breast cancers. Since the Company's initial investment in 2016, SV Fund VI has performed well, delivering a net internal rate of return (IRR) of 13.7% as at 31 December 2025.

SV BCOF

SV BCOF represented 3.2% of total investments at the period end. The $30 million commitment was 65% drawn down as at 28 February 2026. Financing conditions in the pre-IPO market remain challenging and SV Health has continued to deploy follow-on investments cautiously. During the period under review, the Company received a further milestone distribution from the recently exited EyeBio, and BioAge Labs, the listed, oral anti-obesity company, was sold following a recovery in the share price. Sitryx Therapeutics commenced Phase 1 trials in an oral immunomodulator for atopic dermatitis, and Nimbus Therapeutics announced positive results from its Werner syndrome protein (WRN) inhibitor for patients with certain resistant cancer tumours in Phase 1/2 dose escalation trials. Pulmocide had disappointing results and terminated a Phase 3 study in an inhaled treatment for respiratory disease. As at 31 December 2025, SV BCOF has delivered a net IRR of 79.9% since inception in 2022, a very strong performance, albeit still early in the life of this venture capital fund.

Schroders Capital

Following the announcement in the third quarter of 2025, the Company has committed £10 million to the new partnership with Schroders Capital ("SC"). As at the end of February 2026, 20% of the committed capital has been drawn, representing approximately 0.6% of the Company's total investments. The partnership has made a single $6.7 million commitment to a biotech crossover fund that invests in clinical stage companies developing novel therapeutics. As at 31 December 2025, the fund has delivered a net IRR of 5.3%.

The portfolio also includes a small number of directly held unquoted companies, most of which have been exited, with potential contingent milestone payments still outstanding. Of the remaining legacy holdings, the most significant is the discounted value of royalty streams from Ikano Therapeutics. This holding was sold to Belgian listed UCB in 2006; this holding represented 0.7% of total investments at 28 February 2026.

Dividends

The Company's dividend policy, which was last approved at the Annual General Meeting (AGM) held in December 2025, is to make dividend payments equivalent to 4% of the Company's NAV as at the last day of the preceding financial year ending 31 August, through two semi-annual distributions. The first interim dividend, for the year ending 31 August 2026 of 15.64 pence per share, was paid on 23 January 2026. As at 28 February 2026, the dividend yield for the Company was 3.2%. The Board intends to declare the second dividend for the year, in accordance with the above policy, in July 2026 for payment in August 2026.

Discount management

The share price discount to NAV was 6.7% as at 28 February 2026, which narrowed from a 8.9% discount at the end of the 2025 financial year. The Board continues to keep the Company's share price discount to NAV under close review and is committed to buying back its shares to help manage the position. During the period, the Board bought back 1,824,657 shares to be held in treasury. The Board believes that buying back shares at a discount to NAV is not only accretive to our shareholders but demonstrates our confidence in the underlying fundamental value of our investments.

Costs and fees

Outperformance of both the quoted and unquoted portfolios for the six-month period, led to a performance fee of £1,452,000 accruing. In respect of the quoted portfolio, a performance fee of £1,406,000 accrued to the Manager whilst a fee of £46,000 has also accrued to SV Health in respect of the performance of the unquoted portfolio.

Outlook

As I write, we have now witnessed two months of war in the Middle East. The distressing humanitarian cost, and the global economic costs of rapidly rising energy prices and supply chain disruption, are showing no real sign of abating. Market volatility has increased significantly as the outlook for inflation and interest rates deteriorates. The promising signs of a resurgence in interest in the biotechnology sector evident at the half-year end have stalled, as investors search for areas of the market perceived as less volatile.

In this environment, the more profitable, later stage, commercial biotechnology companies in which the portfolio is overweight should prove to be more resilient. Rising interest rates will undoubtedly have an impact on the funding environment for earlier stage innovative biotechnology companies. The positive fundamental aspects of the sector are unchanged; namely the ageing demographic, the significant strides in scientific innovation and the appetite for defensive cash-rich pharmaceutical companies to acquire new treatments to replace sales of products facing patent expiry. This is borne out by the continued M&A activity since the period end with a further three acquisition announcements of portfolio companies in March 2026 alone.

Schroders combination with Nuveen

On 12 February 2026, the Board of Schroders plc announced that it had agreed the terms of a recommended cash acquisition by Nuveen LLC, to combine the two businesses. The transaction is not expected to complete until Q4 2026. The Board will continue to monitor the impact of the transaction.

Further details are available on the Schroders website: https://www.schroders.com/en/global/individual/nuveenoffer/.

Kate Cornish-Bowden

Chair

11 May 2026

Portfolio Managers' Report

We are pleased to present the Portfolio Managers' Report for the six months ended 28 February 2026. The Company delivered a strong performance during the period, as improving sentiment across the biotechnology sector supported a broad recovery in share prices, with the best performance coming from businesses exhibiting the characteristics we favour.

The Company's net asset value (NAV) per share increased by 35.7% during the period, compared with a return of 29.5% for the NASDAQ Biotechnology Index (NBI). During the period under review, the Company's share price rose by 39%, while the discount to NAV narrowed from 8.9% to 6.7%.

Market overview

Biotechnology equities performed strongly during the period, supported by improving policy clarity in the United States. Earlier in 2025, the sector had faced considerable uncertainty around the policy priorities of President Trump's new administration, including its approach to trade. Within healthcare, the administration's proposals for 'Most Favoured Nation' (MFN) drug-pricing reforms that would link US prices more closely to those in other developed markets, and plans for a significant headcount reduction at the US Food and Drug Administration (FDA) were a headwind for the sector. These issues came to a head following the 'Liberation Day' tariff announcements in April 2025, which triggered a significant market sell-off.

Policy clarity had already begun to emerge towards the end of the Company's last financial year and gathered pace during the period under review. Negotiations between the US government and several large pharmaceutical companies helped reduce uncertainty surrounding MFN implementation, easing investor concerns that had weighed on the healthcare sector as a whole. Meanwhile, fears that changes at the FDA would hamper its ability to maintain the rate of new drug approvals have also proved unfounded, with the agency approving 55 new medicines during 2025, around 70% of which originated from biotechnology companies. Media coverage of the FDA situation has remained a source of volatility, but the continued flow of approvals has reinforced confidence in the sector's ability to continue bringing innovative new treatments to market.

Strategic activity from large pharmaceutical companies was another important driver of market performance and a key tailwind for the Company's strategy. Many pharmaceutical businesses face significant patent expiries in the coming years and remain focused on identifying innovative therapies capable of replacing revenues set to be lost to generic competition. Although the logic for mergers and acquisitions (M&A) is strong, dealmaking had been relatively subdued earlier in 2025 amid the policy uncertainty described above. As clarity emerged, takeover activity accelerated, driving share price gains for the specific bid targets and lifting sentiment more broadly.

Capital markets activity also showed signs of improvement. Equity issuance remained healthy, with capital generally available for high-quality biotech assets. While initial public offering (IPO) activity was relatively subdued, the pipeline of potential biotech listings appears more encouraging than it has for some time.

Performance was particularly strong among late-stage high-growth biotechnology companies, which outperformed their largest peers as investor confidence improved. This proved beneficial to the Company, given the portfolio's focus on biotechnology companies that are fast approaching commercialisation, alongside its limited exposure to the larger, already profitable biotechnology businesses that are significant constituents of the NBI.

The Company also benefited directly from the renewed M&A activity, with five portfolio companies receiving takeover offers, as described below.

With regards to our earlier stage investments, we continue to use a basket approach when investing in product areas where the technologies are unproven and several companies are seeking to address a similar disease area. Our approach is to take small holdings in a range of similar companies, with the aim of increasing exposure to the most likely successes at the expense of those we expect to fall behind or fail. Our current baskets focus on rare diseases, metabolic companies such as those focused on obesity and the central nervous system (mainly mental health). 

Quoted portfolio performance review

The NAV of the quoted portfolio increased by 39.4%1 (gross of management and performance fees) during the period, outperforming the NBI, which returned 29.5%.

1 Source: Schroders.

Mergers and acquisitions

The Company benefited from five portfolio company acquisitions during the period under review.

89bio, which is developing treatments for serious liver diseases, agreed to be acquired by Roche in September 2025 in a transaction valued at up to $3.5 billion, which resulted in an 80% increase in the share price. The holding represented around 0.5% of the Company's portfolio prior to the announcement. The company's lead therapy, pegozafermin, targets non-alcoholic steatohepatitis (NASH), an advanced form of fatty liver disease.

Also in September 2025, Pfizer agreed to acquire Metsera, a clinical-stage biotechnology company developing therapies for obesity and cardiometabolic diseases. The offer comprised $47.50 per share in cash together with a potential further $22.50 per share tied to three clinical and regulatory milestones, representing a premium of up to 110% to the company's share price ahead of the bid. The holding represented around 1.1% of the Company's NAV at that time.

The third deal in September 2025 involved oncology company Merus agreeing to be acquired by Genmab, in an all-cash transaction valued at approximately $8 billion. The agreed offer price of $97 per share represented a premium of around 40% to its undisturbed share price. The holding represented approximately 0.3% of the Company's NAV before the deal. Merus' lead asset, petosemtamab, is a late-stage therapy for the treatment of head and neck cancers.

Akero Therapeutics, a clinical-stage biotechnology company focused on metabolic diseases, agreed to be acquired by Novo Nordisk in October 2025 in a transaction valued at up to $5.2 billion. The agreed offer of $54 per share in cash, together with a potential further $6 per share linked to future regulatory milestones, represented a premium of 42% to its closing price prior to deal speculation emerging in May 2025. The holding represented approximately 2.9% of the Company's NAV at the time of the announcement.

Also in October 2025, Avidity Biosciences, which is developing RNA-based therapies for rare neuromuscular diseases, agreed to be acquired by Novartis in a transaction valued at approximately $12 billion. The agreed offer of $72 per share in cash represented a premium of around 46% to the company's undisturbed share price. Avidity's platform technology is designed to deliver RNA therapeutics directly to muscle tissue, with several late-stage programmes targeting genetic neuromuscular disorders. Avidity represented 2.6% of the Company's NAV at the time of the announcement.

Thirty five of the Company's portfolio holdings have been acquired since 2020, which highlights our continued ability to identify companies developing differentiated therapies that are attractive to larger industry participants.

Other positive contributors to performance

Several holdings delivered strong clinical and operational progress during the period under review.

uniQure, a gene therapy company developing treatments for severe genetic disorders, performed strongly at the start of the period following the release of encouraging clinical data for its lead programme, AMT-130, a potential treatment for Huntington's disease. This triggered a sharp rally in the shares during October 2025, providing us with an opportunity to lock in gains by significantly reducing our holding. The shares subsequently retracted later in the period after regulatory feedback. The FDA deemed the existing data not to be adequate to warrant a submission for approval, which was a controversial and much debated change of stance from the regulatory agency. Additional data may be required before a future regulatory submission can proceed.

Vera Therapeutics was another strong contributor. The company is developing atacicept, a therapy for immunoglobulin A nephropathy (IgAN), a chronic autoimmune kidney disease that can ultimately lead to kidney failure. In November 2025, the company reported positive Phase 3 results, which supported strong share price performance during the period. Atacicept targets the underlying immune drivers of the disease rather than simply managing its symptoms, positioning it among a new generation of disease-modifying therapies for this condition. With an FDA decision expected in July 2026, the programme is now approaching a key regulatory milestone as the company transitions from late-stage development towards commercialisation.

Terns Pharmaceuticals also performed strongly. Its lead programme, TERN-701, targets chronic myeloid leukaemia, a type of cancer that develops in the bone marrow, by inhibiting the abnormal gene (BCR-ABL) that drives the disease. In November 2025, the company reported encouraging clinical data from an early-stage study, strengthening confidence that the programme could offer improved efficacy, tolerability and ease of use compared with existing treatments. These results supported a sharp re-rating in the shares during the period as investors gained confidence in the programme's progression towards pivotal Phase 3 trials.

Negative contributors to performance

By contrast, a small number of holdings detracted from performance during the six months ended 28 February 2026.

Soleno Therapeutics was a detractor during the period. The company develops treatments for rare diseases and its lead therapy, Vykat XR, is approved for the treatment of Prader-Willi syndrome, a genetic disorder characterised by severe and persistent hunger. The shares had performed strongly in recent years as the programme progressed towards commercialisation. Regulatory approval was granted in March 2025, however, following reported safety events, the shares have given up some of those gains and expectations for the launch are tempered. This muted performance came despite Soleno reporting its first ever profitable quarter in November 2025.

Meanwhile, Janux Therapeutics also detracted from performance. The company is developing next-generation immunotherapies designed to direct T-cells to attack cancer cells, with its lead programme, JANX007, targeting advanced prostate cancer. In December 2025, the company reported updated Phase 1 clinical data, which demonstrated anti-tumour activity and a manageable safety profile, but the efficacy appeared less compelling than investors had hoped, prompting a share price decline.

Zai Lab's shares were hit during the period. The company develops and commercialises innovative therapies across oncology, immunology and infectious disease. In November 2025, its third-quarter results fell short of expectations, and the company lowered its full-year revenue guidance, driven largely by weaker-than-expected sales of its oncology product Zejula, amid increased competition.

Unquoted portfolio performance review

SV BCOF

SV BCOF is designed to include investments in companies with therapeutics in the clinic and/or closer to valuation realisation through strategic transactions, acquisition or listing. SV BCOF is a 2022 vintage fund investing in clinical or near clinical-stage biotechnology opportunities. As at 31 December 2025, the fund has delivered an excellent performance, with a net internal rate of return (IRR) of 79.9% (noting that performance remains at an early stage in the fund's life).

The Company's $30 million commitment is 65% drawn (excluding recallable amounts) as at 28 February 2026, compared with 60% drawn (excluding recallable amounts) as at 31 December 2025. The fund's investment period ended on 10 February 2026, and therefore remaining capital will now be deployed into existing portfolio companies to help them reach value-generating milestones and, ultimately, exit.

During the period under review, Sitryx Therapeutics initiated a Phase 1 clinical trial for its lead candidate SYX-5219, a first-in-class oral PKM2 modulator. The company has reported that SYX-5219 can generate a dose-dependent reduction in TARC, a well-established biomarker of type 2 inflammation, providing encouraging early clinical evidence of appropriate immunomodulatory activity. Also during the period, Sitryx signed a licensing agreement with Boehringer Ingelheim totalling up to $500 million in upfront and milestone payments, plus tiered royalties, representing a notable validation event for the programme.

Nimbus Therapeutics, a portfolio company which previously delivered a 7x return to SV BCOF through the 2022 acquisition of its potentially best-in-class TYK2 inhibitor by Takeda (via the Lakshmi subsidiary), continues to advance its remaining pipeline of therapeutics which may address multiple large cancer and auto-immune indications with significant unmet need. During the period, Nimbus finalised a $1.3 billion collaboration with Eli Lilly & Co focused on developing oral therapies for obesity and metabolic diseases.

Not all developments were positive. Pulmocide terminated the opelconazole Phase 3 pivotal study following an interim analysis showing a numerically lower favourable response rate and numerically higher mortality rate in the opelconazole arm compared to the control arm. These disappointing results are inconsistent with previous data, and Pulmocide is undertaking a thorough review of the unblinded data to determine potential next steps for the programme.

Distributions during the period (September 2025 to February 2026) totalled $20.1 million at the fund level, with the Company's share $2.3 million. These distributions were received from the EyeBio escrow release (EyeBio was created by SV Health Investors alongside SV Venture Partner and serial entrepreneur David Guyer in 2021 and was sold to Merck & Co for up to $3 billion in total; to date $1.5 billion has been paid in upfront and early milestone payments) and from a partial exit of BioAge Labs via the public markets. As previously reported, BioAge discontinued its STRIDES study of azelaprag due to elevated liver enzymes, which led to a material share price decline. However, the company retained exposure to additional pipeline assets, including BGE-102, an orally available, brain-penetrant NLRP3 inhibitor, which was in Phase 1 clinical development as at Q4 2025. In Q4 2025, BioAge's share price rallied on improved sentiment for obesity programmes and positive clinical read-through from a competitor programme on the same target. SV partially exited during Q4 2025 and, following the end of the reporting period, sold the remainder of its holding and fully exited the company in Q1 2026.

SV Fund VI

SV Fund VI, launched in 2016, is now in run-off mode and is gradually returning capital to shareholders. During the period under review, SV Health has continued to support the SV Fund VI portfolio with a follow-on investment made to Artios Pharma. Despite the continued uncertainty in the funding environment for unquoted companies and ongoing pressure on private valuations, SV Fund VI has performed well. As at 31 December 2025, the fund reported a net IRR of 13.7%.

Schroders Capital

Following the announcement in October 2025, the Company has committed £10 million to the new partnership with Schroders Capital ("SC"), called SC IBT. SC IBT remains in the early stages of development, having made its first commitment at the end of Q3 2025. As of 28 February 2026, SC IBT has made a single $6.7 million (£5 million) commitment to a biotech crossover fund that invests in companies developing novel experimental therapeutics, prioritising on crossover investments in private companies and structured investments in listed companies with a geographic focus on North America. As at 31 December 2025, SC IBT has delivered a net IRR of 5.3%.

Portfolio positioning

The portfolio continues to be managed using a combination of top-down analysis and bottom-up stock selection, allowing our strategy to evolve as market conditions change.

For example, in 2021 we had positioned the portfolio towards larger cash flow generating biotechnology companies, as elevated valuations among earlier-stage businesses and a more uncertain market backdrop led us to believe that businesses with established commercial products and stronger balance sheets would perform best.

Since mid-2022, this positioning has gradually reversed, with the portfolio increasing its exposure to small and mid-cap companies as valuations have become more attractive.

The portfolio remains focused on late-stage, high-growth biotech companies, and many of them now represent clinically de-risked opportunities, with late-stage development programmes or early commercial products. In our view, this part of the market continues to offer long-term potential at attractive valuations, which may also attract strategic interest from larger pharmaceutical companies seeking innovative assets to replenish their development pipelines.

While our portfolio positioning was broadly supportive for most of the period under review, there have been signs that larger-cap biotechnology companies are returning to favour in early 2026. This is supported in part by flows from investors rotating out of large-cap technology stocks and may also reflect safe haven demand amid heightened geopolitical tensions in the Middle East.

However, from a fundamental perspective, we continue to believe that the most compelling opportunities remain among late-stage development and recently commercialised biotechnology companies. Valuations across this part of the market remain attractive relative to their long-term growth potential and to larger-cap peers.

Following a strong run, a period of consolidation among these companies would not be unusual and may in fact prove healthy in the long run. As these businesses continue to deliver operational progress through clinical milestones, regulatory decisions and commercial execution, we believe the conditions remain in place for renewed share price strength.

Outlook

The investment case for biotechnology remains rooted in powerful structural trends. Ageing populations, rising chronic disease burdens and the growing need to improve healthcare efficiency are placing a growing strain on public finances. Against this backdrop, innovation is not optional - it is essential. Advances in areas such as gene therapy, rare diseases, oncology and metabolic disease, which are all well represented within the Company's portfolio, have the potential to transform patient outcomes while also improving the long-term economics of healthcare.

In the shorter term, financial market sentiment will always ebb and flow. We are reporting on a productive period, but it would be wrong to expect every six months to deliver such exceptional returns. Risks have clearly risen in recent months, with the conflict in Iran a potential source of ongoing volatility, but whatever goes on in the world, people still require medicines and Governments still prioritise healthcare. Meanwhile, we are approaching the US mid-term elections, which could introduce renewed uncertainty. Healthcare often attracts political scrutiny during US elections, but the extent to which it has been under the policy spotlight over the last 12-18 months gives us hope that the debate will be focused elsewhere this time round.

Despite the near-term risks, we remain confident about the long-term opportunity set. This is a sector in which clinical and operational progress ultimately drives value creation. Many investors still view biotech as a sector with binary outcomes. This reflects the way in which the results of clinical trials have sealed the fate of businesses on both sides of the Atlantic. Many companies have succeeded with shareholders benefiting enormously - but others have not.

We would argue that this perception of binary risk, albeit still valid in development stage companies, is increasingly out of step with the opportunity for the maturing sector that we see today. Many of the companies within our portfolio are now approaching commercialisation, with the higher-risk phases of development increasingly behind them.

We see a new opportunity to benefit from risk adjusted returns. Companies may be acquired by larger pharmaceutical groups, crystallising value in the near term, or they may go it alone and capture a much greater share of the economic opportunity over time. The former can deliver immediate upside, but the latter offers the potential for more substantial long-term returns, albeit with higher execution risk. In both cases, shareholders stand to benefit.

Against this backdrop, we are excited by the shape of the portfolio and what the businesses we own can achieve in the years ahead. The portfolio is deliberately positioned towards high-quality, increasingly de-risked assets, many of which are approaching - or, indeed, have already successfully passed - key inflection points. These are precisely the types of businesses that are attracting strategic interest from larger pharmaceutical companies, while also being well-placed to succeed independently.

The biotechnology opportunity should never be viewed as risk-free. There are always macro and micro risks to consider, and periods of volatility are inevitable. However, in a sector where long-term outcomes are ultimately driven by scientific progress and commercial execution, we believe the portfolio is extremely well-positioned to capture the growth opportunity that lies ahead.

Any reference to sectors/countries/stocks/securities are for illustrative purposes only and not a recommendation to buy or sell any financial instrument/securities or adopt any investment strategy. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise.

Ailsa Craig and Marek Poszepczynski

Portfolio Managers

Schroder Investment Management Limited

11 May 2026

Interim Management Statement

Principal risks and uncertainties

The principal risks associated with the Company's business fall into the following risk categories: strategic; performance/investment; and operational. A detailed explanation of the risks in each of these categories can be found on pages 38 to 41 and in note 19 on pages 88 to 96 of the Company's published Annual Report and Financial Statements for the financial year ended 31 August 2025.

In the view of the Board, the Company's principal risks and uncertainties have not changed during the six months ended 28 February 2026. However, the Board noted while reviewing these financial statements, that post the period end, geopolitical risk has clearly increased. The outbreak of war in the Middle East and the subsequent increase in energy prices and global expectations for inflation and slower growth will have an impact on the portfolio and investor confidence. The Board will continue to monitor these impacts, and report on these in the next Annual Report.

Going concern

Having assessed the principal and emerging risks and uncertainties, and the other matters discussed in connection with the viability statement as set out on page 42 of the published Annual Report and Financial Statements for the year ended 31 August 2025, the Directors consider it appropriate to adopt the going concern basis in preparing the financial statements.

Related party transactions

There have been no transactions with related parties that have materially affected the financial position or the performance of the Company during the six months ended 28 February 2026.

Please refer to note 10 for further information on related party transactions during the six months ended 28 February 2026.

Directors' responsibility statement

The Directors confirm that, to the best of their knowledge:

· the condensed set of financial statements contained within the Half Year Report has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting; and

· the Interim Management Report, together with the Chair's Statement and Portfolio Managers' Review includes a fair review of the information required by Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R.

The Half Year Report has not been reviewed or audited by the Company's auditors.

The Half Year Report for the six months ended 28 February 2026 was approved by the Board on 11 May 2026 and the above responsibility statement was signed on its behalf by the Chair.

Kate Cornish-Bowden

Chair

11 May 2026

Statement of Comprehensive Income

For the six months ended 28 February 2026 (unaudited)

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no other items of other comprehensive income and therefore the net return after taxation is also the total comprehensive income for the period.

All revenue and capital items in the above statement derive from continuing operations.

The notes form part of these financial statements.

Statement of Changes in Equity

For the six months ended 28 February 2026 (unaudited)

For the year ended 31 August 2025 (audited)

For the six months ended 28 February 2025 (unaudited)

The notes form an integral part of these financial statements.

Statement of Financial Position

As at 28 February 2026 (unaudited)

The notes form an integral part of these financial statements.

International Biotechnology Trust plc

Registered in England and Wales as a public company limited by shares

Company registration number: 02892872

Cash Flow Statement

The notes form an integral part of these financial statements.

Notes to the Financial Statements

1. Financial statements

The information contained within the financial statements in this Half Year Report has not been audited or reviewed by the Company's independent auditors.

The figures and financial information for the year ended 31 August 2025 are extracted from the latest published financial statements of the Company and do not constitute statutory financial statements for that year. Those financial statements have been delivered to the Registrar of Companies, and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the accounting policies set out in the statutory financial statements of the Company for the year ended 31 August 2025. Where presentational guidance set out in the Statement of Recommended Practice (the "SORP") for investment trusts issued by The Association of Investment Companies in July 2022, is consistent with the requirements of International Financial Reporting Standards, the financial statements have been prepared on a basis compliant with the recommendations of the SORP.

All of the Company's operations are of a continuing nature.

The accounting policies applied to these financial statements are consistent with those applied in the financial statements for the year ended 31 August 2025.

3. Taxation

The tax charge comprises irrecoverable overseas withholding tax.

4. Return/(loss) per share

5. Dividends paid

6. Creditors: amounts falling due within one year

7. Called-up share capital

8. Net asset value per share

9. Financial instruments measured at fair value

The Company's portfolio of investments, comprising investments in companies and any derivatives, are carried in the Statement of Financial Position at fair value. Other financial instruments held by the Company may comprise amounts due to or from brokers, dividends and interest receivable, accruals, cash and drawings on the secured revolving credit facility. For these instruments, the Statement of Financial Position amount is a reasonable approximation of fair value. The recognition and measurement policies for financial instruments measured at fair value have not changed from those set out in the statutory financial statements of the Company for the year ended 31 August 2025.

The investments in the Company's portfolio are categorised into a hierarchy comprising the following three levels:

Level 1 - valued using quoted prices in active markets.

Level 2 - valued by reference to valuation techniques using observable inputs other than quoted market prices included within Level 1.

Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market data.

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.

At 28 February 2026, the Company's investment portfolio was categorised as follows:

There have been no transfers between Levels 1, 2 or 3 during the period (year ended 31 August 2025 and period ended 28 February 2025: nil).

10. Related party transactions

There have been no related party transactions that have materially affected the financial position or the performance of the Company during the six month period ended to 28 February 2026.

a) Transactions with the AIFM/Investment Manager

Until 1 September 2025, under the terms of the Alternative Investment Fund Manager ("AIFM") agreement, the management fee payable to Schroder Unit Trusts Limited ("SUTL"), by the Company on its quoted portfolio was 0.70% per annum. Effective from 1 September 2025, the management fee was reduced to 0.65% per annum.

A performance fee of £1,452,000 accrued for the six month period ended 28 February 2026 (31 August 2025: £2,665,000; 28 February 2025: £1,885,000). Of the £1,452,000 accrued, £1,406,000 was outstanding to SUTL.

Under the terms of the AIFM agreement, SUTL is entitled to receive an annual fee of £100,000 in respect of the accounting and administration services it provides to the Company. As at the six month period ended 28 February 2026, £16,000 (31 August 2025: £8,000; 28 February 2025: £17,000) was outstanding to SUTL.

b) Directors' remuneration

The Directors of the Company are key management personnel. The total remuneration payable to Directors in respect of the six months ended 28 February 2026 was £74,000 (31 August 2025: £183,500; 28 February 2025: £92,000), of which £20,000 (31 August 2025: £29,000; 28 February 2025: £31,000), was outstanding at the period end.

c) Other related party transactions

On 30 September 2025, the Company entered into an agreement with Schroders Capital Management (Jersey) Limited (a related party to the Company) to establish a partnership (the "Partnership") through which the Company intends over time to invest in further unquoted biotechnology opportunities. Schroders Capital Management (Switzerland) AG has been appointed as the investment manager to the Partnership and the Company will be its sole limited partner. Under the Partnership agreement, Schroders Capital is entitled to a management fee of 0.90% per annum based on the asset value of the Company's investment in the Partnership, with a minimum of £60,000 payable per annum for the first three years, as well as £25,000 per annum for administration costs, with aggregate fees due to Schroders Capital in any one year being capped at 0.25% of the Company's net asset value. The amounts paid to Schroders Capital through the Partnership, SC IBT SLP, for the six months ended 28 February 2026 were £30,000 for the management fee and £12,500 for the administration fee.

SV Health Managers LLP will continue to provide ongoing investment management assistance to the Company in respect of the exited investments with contingent milestones, the exited investments in liquidation and the directly held unquoted investments in consideration for payment of a performance fee. An accrued performance fee of £46,000 was outstanding to SV Health for the six months ended 28 February 2026. Fees of £304,000 were paid to SV Health through the Company's investments in venture capital funds during the six months ended 28 February 2026.

11. Events after the reporting period

The Directors have evaluated the period since the half year date and have not noted any significant events requiring disclosure after the end of the reporting period to the date of this Half Year Report.