Interim report
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Interim Financial Report The Schiehallion Fund Limited 31 July 2026
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The Schiehallion Fund Limited seeks to generate capital growth for investors through making long-term minority investments in later stage private businesses that the Company considers to have transformational growth potential and to have the potential to become publicly traded. Principal risks and uncertainties The principal and emerging risks facing the Company are: Investment and strategic risks – liquidity of investments; market, economic, political and environmental risks; valuation risk; investment strategy risk; discount risk; and Environmental, Social and Governance (‘ESG’) risk. External risks – political and associated economic risk; legal and regulatory risk. Operational risks – performance and reliance on third party service providers; cyber security threats; and key professionals. Emerging risks – the Board has regular discussions on principal risks and uncertainties, including any risks which are not an immediate threat but could arise in the longer term. An explanation of these risks and how they are managed is set out on pages 43 to 47 of the Company’s Annual Report and Financial Statements for the year to 31 January 2026 which is available on the Company’s website: schiehallionfund.com
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The Schiehallion Fund Limited 01 Responsibility statement The Directors of The Schiehallion Fund Limited confirm that to the best of their knowledge: a. the Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Directors have elected to prepare financial statements that comply with IFRS Accounting Standards as issued by the International Accounting Standards Board; b. the Interim Management Report includes a fair review of the information required by: i. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and ii. 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 the performance of the enterprise during that period, and any changes in the related party transactions described in the last annual report that could do so. On behalf of the Board Dr Linda Yueh CBE Chairperson 24 September 2026 The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website, and for the preparation and dissemination of financial statements. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Interim financial report 2026 02 Chairperson’s statement The Schiehallion Fund Limited (the “Company” or “Schiehallion”) seeks to generate capital growth for investors through long-term minority investments in later-stage private businesses that the Company considers to have transformational growth potential and the potential to become publicly traded. Investment performance The Company delivered another period of very strong investment performance. During the six months to 31 July 2026, the Company’s ordinary share net asset value* (‘NAV’) returned 29.1%, while the share price returned 10.1%. The portfolio continued to perform strongly during the period, with several important milestones achieved by underlying investee companies, including the IPOs of Merlin Labs, Space Exploration T echnologies and Bending Spoons. Further commentary on portfolio performance and activity is provided in the Managers’ Report. Capital allocation The Board remains focused on allocating capital in a manner that supports long-term shareholder value. During the period, the Company’s shares traded across a wide range, moving from a premium to NAV during the spring to a discount by the period end. As at 31 July 2026, the shares traded at a discount† of 14.4% to NAV , compared with a small premium of 0.4% at the beginning of the financial period. During periods when the shares traded at a premium, the Company reissued treasury shares and issued new ordinary shares at a weighted average premium to NAV of 11.3%, raising gross proceeds of approximately US$28.4 million. The Board believes that issuing shares at a premium benefits existing shareholders by spreading the Company’s fixed costs over a larger asset base while ensuring that issuance is accretive to NAV . T owards the end of the period, as the shares moved to a discount, the Company repurchased 650,000 ordinary shares into treasury. The Board continues to monitor closely the rating at which the Company’s shares trade and will consider both share issuance and share repurchases where appropriate, taking account of shareholder interests, market conditions, liquidity requirements and investment opportunities. Board and governance As the Company has continued to grow, the Board has remained focused on ensuring that its governance arrangements, Board composition and service providers remain appropriate for a company of its size and complexity. During and after the period, a number of changes have been implemented as part of the Board’s long-term succession and governance planning. We were pleased to welcome Patrick Firth to the Board during the period. Patrick brings extensive experience across audit, investment management, governance and financial services. Following the period end, the Board announced the appointments of Graeme Proudfoot and Wendy Colquhoun as non-executive Directors, effective from 1 September 2026 and 1 October 2026, respectively. Graeme brings significant asset management and investment trust experience, while Wendy has deep expertise in investment trust governance and financial services regulation. T ogether, their appointments further strengthen the breadth of skills and experience represented on the Board and support the Company’s long-term succession planning. Notes * For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26. † Alternative Performance Measure, see Glossary of terms and Alternative Performance Measures on page 26. All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.
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The Schiehallion Fund Limited 03 As part of this orderly succession process, Trudi Clark and John Mackie will not stand for re-election at the Company’s 2027 Annual General Meeting. Their planned retirements will follow an appropriate period of overlap with the newly appointed Directors and will reduce the size of the Board accordingly. On behalf of the Board, I would like to thank Trudi and John for their significant contributions to the Company. The Board has also completed a review of the Company’s Guernsey administration arrangements and has appointed Altum (Guernsey) Limited as the Company’s administrator and company secretary, replacing Alter Domus (Guernsey) Limited with effect from 8 September 2026. On behalf of the Board, I would like to thank Alter Domus for its support and service to the Company since inception. We look forward to working with Altum as the Company continues to develop. Outlook The first half of 2026 marked an encouraging period for later-stage private growth investing. A number of successful public listings, including several from the Company’s portfolio, demonstrate that high- quality private businesses are once again finding pathways to the public markets. While market conditions remain selective, these developments are encouraging both for portfolio companies seeking access to capital and for investors in the asset class. Against this backdrop, the Board believes the Company is well placed to benefit from its differentiated portfolio of high-quality growth businesses and from the Managers’ disciplined long-term investment approach. While the macroeconomic and geopolitical environment remains uncertain, the Board remains confident in the Company’s strategy of investing patiently in exceptional private growth companies over the long term. Although the Company’s shares ended the period at a discount to NAV despite the strong underlying performance, the Board believes that long-term shareholder value will continue to be driven by growth in the underlying portfolio. The Board will continue to monitor the Company’s rating closely and will use the capital management tools available to it where it considers these to be in the best interests of shareholders. Dr Linda Yueh CBE Chairperson 24 September 2026
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Interim financial report 2026 04 Summary of unaudited results* Ordinary shares 31 July 2026 31 January 2026 (audited) % change Shareholders’ funds US$2,348.61m US$1,795.91m Net asset value per Ordinary share 228.89¢ 177 .28¢ 29.1% Share price 196.00¢ 178.00¢ 10.1% (Discount)/premium† (14.4%) 0.4% Number of shares in issue 1,026,093,907 1,013,033,907 Market capitalisation US$2,011.14m US$1,803.20m Six months to 31 July 2026 Six months to 31 July 2025 Revenue earnings per Ordinary share (0.83¢) (0.57¢) Period’s high and low Six months to 31 July 2026 Six months to 31 July 2025 Ordinary shares High Low High Low Net asset value per Ordinary share 242.82¢ 172.67¢ 147 .31¢ 125.08¢ Share price 225.00¢ 180.00¢ 122.00¢ 83.00¢ Premium/(discount)† 16.5% (16.5%) (10.5%) (35.1%) Notes * For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26. † Alternative Performance Measure, see Glossary of terms and Alternative Performance Measures on page 26. All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.
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The Schiehallion Fund Limited 05 Interim management report of 10.1%. Over the past twelve months the NAV return has been 55.8%, coupled with a share price return of 63.3%. At the end of the period shares were trading at a 14.4% discount† to NAV and we commenced share buybacks again in June (after a period of share issuance at a premium in the preceding months). We continue to view share buybacks as one leg of our three-pronged capital allocation strategy – the other two being new investments into private holdings and follow-on investments into existing holdings. Market Update While the SpaceX IPO dominated news headlines over the period, Bending Spoons – the Italian digital product acquirer – also completed its own successful IPO on the Nasdaq at a valuation of US$18.5 billion. Schiehallion was among the first institutional investors in Bending Spoons early in 2023 at a valuation of about US$1 billion. The company’s successful journey into public markets also came in the face of some market uncertainty around software-facing businesses in general, particularly how the rapid developments in artificial intelligence might read across to such businesses, either positively or negatively. We continue to believe that Bending Spoons is applying an innovative business model underpinned by a special culture, and despite its relatively short period as an investment in Schiehallion, it has been the second-best performer for the portfolio since inception (behind only SpaceX). Reflections The six months ending 31 July 2026 have seen significant developments for the Company from both a structural and portfolio perspective. In terms of the former, Schiehallion was included in the FTSE250 index for the first time in March – a product of having undergone a change in listing segment on the London Stock Exchange in December 2025. These changes have been indicative of the continued maturation of the Company – an aspect which has found further expression inside the portfolio as well. In this regard the two largest holdings, Bending Spoons and SpaceX, both completed successful initial public offerings during the period, thereby providing significant future liquidity (subject to respective lock-up provisions in each case) for further deployment into new private growth opportunities. The SpaceX listing was the largest in history, with the vertically integrated rocket, satellite and artificial intelligence business raising approximately US$85.7 billion at an implied valuation of US$1.77 trillion through its IPO. This represented a significant milestone for Schiehallion specifically, with SpaceX having been the very first investment made by the Company in 2019, at a valuation of US$33 billion, which subsequently increased more than 53-fold over the holding period. The historical trajectory of this investment is testament to the immense amount of value that can be created in private growth markets, as well as the continued significance of public markets as an exit avenue. From a performance perspective it has been a positive six months for the Company, producing a NAV* return of 29.1% and a share price return Notes * For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26. † Alternative Performance Measure, see Glossary of terms and Alternative Performance Measures on page 26. All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.
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Interim financial report 2026 06 Elsewhere market news was dominated by advancements in artificial intelligence – a development which continues to find notable expression inside the Schiehallion portfolio through our investments in leading frontier AI model developer Anthropic, Chinese social media giant ByteDance, as well as data intelligence platform Databricks. The significance of this trend can be gleaned from the fact that private company fundraising in 2026 has been extraordinarily concentrated in AI, with OpenAI and Anthropic alone accounting for more than 60% of all US venture dollars in the first half of the year *. It continues to be an area where we are applying a great deal of thought particularly in the context of elevated valuations. Performance Bending Spoons was the top contributor to absolute NAV performance over the period as the valuation was increased in the lead-up to the IPO once pricing was confirmed, and the shares then subsequently traded positively during July. SpaceX was the next best contributor, also driven by valuation uplifts as IPO visibility crystallised. Another notable contributor was T ekever, the Portuguese autonomous drone maker, which saw a significant valuation uplift during the period through a combination of strong operational performance and an external price discovery event. In terms of detractors to absolute performance during the period, Oddity T ech, the listed beauty and wellness company, saw its shares fall sharply in February as the company reported increased customer acquisition costs which prompted investors to reassess its near-term growth outlook. Epic Games, the video game and digital entertainment company, saw valuation reductions during the period on the back of operational pressures which have prompted cost and workforce reductions. Another detractor was T empus AI, a listed health technology company, which experienced share price weakness as investors remained cautious over loss-making healthcare technology companies despite continued strong revenue growth. Activity With Schiehallion reaching full deployment for the first time in 2025, we have been judicious in bringing new investments into the portfolio over the period. We have had to balance this against supporting strong-performing existing holdings, noting that the liquid sleeve of the portfolio began the period at approximately 13% of the fund weight, which was towards the lower end of our preferred range. In this context we made one new investment during the period in Mottu, a Brazilian motorcycle rental and rent-to-own company. Mottu provides affordable access to motorcycles for customers who are often underserved by traditional lenders. Its integrated model spans the design and assembly of durable, low-cost motorcycles, alongside their distribution, maintenance and technology-enabled tracking and recovery. Its large customer base in Brazil, combined with scope to expand its fleet, product offering and international presence, gives Mottu significant long-term growth potential. Elsewhere we continued to support a number of existing private holdings through follow-on investments during the period, including Anthropic, Vinted (European online resale platform), Anduril (US autonomous defence), Bending Spoons, Wayve (UK autonomous driving technology), as well as an additional investment into listed holding Oddity T ech. * Source: Pitchbook, cited by Axios on 27 July 2026.
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The Schiehallion Fund Limited 07 In terms of realisations, we made one complete sale of the AI-powered cardiac diagnostics company, HeartFlow, and the portfolio saw one private acquisition as Capital One completed its US$5.15 billion acquisition of financial technology company, Brex. Consideration was received in a combination of cash and Capital One shares, with the shares subsequently sold, returning further liquidity to the portfolio. In addition, we made use of secondary transactions to reduce positions in Stripe, the payments and financial infrastructure company, as well as SpaceX (early in February). We also made a reduction in Bending Spoons in a partial sell-down at IPO, coupled with a reduction in listed cross- border payments company, Wise. Finally, in addition to the SpaceX and Bending Spoons IPOs, the portfolio also saw a third holding go public during the period, namely the US autonomous flight company Merlin Labs, via a SPAC merger in March. This provided the company with additional capital to support its development and commercialisation. Outlook The successful listings of Schiehallion’s two largest holdings in recent months have provided further validation of the incredible value that continues to be created within private growth markets. At the same time the shape of the portfolio has changed significantly, moving from an approximate 13% liquid sleeve at the start of the period to around 40% by the end of it. This rightly prompts the question: what next for Schiehallion? In response we would like to emphasise that Schiehallion fundamentally remains a private growth portfolio, and as such we will continue to take a measured approach in redeploying capital towards that end. The principal risks and uncertainties facing the Company are set out on the inside front cover of this report. Historically the Company has already redeployed more than US$400 million from cumulative realisations, and we intend to continue along this path subject to lockup provisions, market conditions and our broader opportunity set. In terms of the existing holdings, we are greatly enthused by the progress being shown by a next generation of potential winners within the portfolio. In this regard ByteDance remains a large holding pursuing an incredible opportunity set in China, while fellow Chinese social media business RedNote (held as Inspire Inc.) is building a differentiated social, search and commerce platform, underpinned by highly engaged users and a strong focus on trusted, user-led content. Elsewhere the UK financial technology company, Revolut, continues to disrupt traditional banking in a number of markets, while Vinted has built a leading second-hand marketplace with strong network effects, supported by a simple user experience and integrated payments and shipping. Its growth prospects remain attractive as it expands into new geographies and product categories, while benefiting from the broader shift towards second-hand consumption. More broadly we remain excited by the breadth and quality of opportunities in the investment pipeline. Recent realisations have increased the Company’s capacity to invest, and we remain disciplined on valuation as we seek exceptional growth businesses with the potential to become the next generation of portfolio leaders. Peter Singlehurst Robert Natzler
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Interim financial report 2026 08 Portfolio executive summary Performance 6 months % 1 year % 3 years % 5 years % Since inception % * NAV 29.1% 55.8% 109.0% 39.4% 129.7% Share price 10.1% 63.3% 197 .0% (3.4%) 96.0% * Inception date: 27 March 2019. All figures are stated on a total return basis† for periods to 31 July 2026. † Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on page 26. Source: Baillie Gifford/LSEG. See disclaimer on page 25. Denotes listed investment previously held in the portfolio as a private company investment. * Brex was acquired by Capital One during the six months ended 31 July 2026, with the resulting Capital One holding sold before the period-end. Contributors† Contribution to absolute performance * (%) Absolute return # (%) Bending Spoons 9.6 62.9 Space Exploration T echnologies 6.2 28.7 T ekever 5.0 237 .6 Anthropic 4.8 127 .3 ByteDance 2.5 24.9 * Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on page 26. # Absolute performance (in US$ terms) has been calculated on a total return basis (including reinvestment of any dividends paid by portfolio holdings) over the period 1 February 2026 to 31 July 2026. † The contributors to and detractors from Company performance are listed in descending order. Source: Revolution. Detractors† Contribution to absolute performance * (%) Absolute return # (%) Oddity (1.6) (57 .6) Epic Games (1.1) (55.4) T empus AI (0.6) (26.7) HeartFlow (0.4) (19.6) Wise (0.4) (8.4) Key contributors to and detractors from Company performance – six months to 31 July 2026 New buys Mottu Reductions Stripe Bending Spoons Space Exploration T echnologies Wise Complete sales Capital OneCapital One** HeartFlowHeartFlow Additions Anthropic Anduril Vinted Wayve T echnologies Oddity
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The Schiehallion Fund Limited 09 Distribution of total net assets* (unaudited) Geographical as at 31 July 2026 The above sectoral distribution is not derived from any index. * For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26. Geographical % at 31 July 2026 % at 31 January 2026 Number of investments at 31 July 2026 1 United States 44.7 54.3 32 2 Italy 1 7. 3 14.6 1 3 China 10.4 11.2 4 4 United Kingdom 7. 2 9.4 3 5 Portugal 6.6 2.6 1 6 Brazil 2.7 0.4 2 7 Lithuania 2.3 2.1 1 8 India 1.1 1.7 2 9 Singapore 1.0 1.3 1 10 Germany 0.9 1.3 2 11 Australia 0.3 0.5 1 12 Canada – – 1 13 Sweden – – 1 14 Net current assets 5.5 0.6 3 4 5 7 14 2 6 1 Sectoral % at 31 July 2026 % at 31 January 2026 Number of investments at 31 July 2026 1 Information T echnology 44.6 42.3 20 2 Communication Services 1 7. 8 8.3 3 3 Industrials 13.3 21.8 7 4 Financials 8.6 11.9 5 5 Consumer Discretionary 4.1 4.6 5 6 Consumer Staples 2.4 3.1 4 7 Health Care 1.9 5.0 4 8 Materials 1.6 2.0 2 9 Real Estate 0.2 0.4 2 10 Net current assets 5.5 0.6 Sectoral as at 31 July 2026 3 4 5 10 2 6 7 8 1
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Interim financial report 2026 10 Transaction value Showing all transactions in private companies prior to the reporting date (US$’000). Historical snapshot Since our inception in 2019, The Schiehallion Fund Limited has deployed US$1.45bn of capital in private companies. 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 2026202520232022202120202019 2024 F ollow on Buy Listed Takeover Sale 4 private companies taken over 14 private companies listed Company size Our private company portfolio tends to be weighted to the upper end of the maturity curve, focused on late stage private companies which are scaling up and becoming profitable. The below table represents total equity value at 31 July 2026. Cap Total equity value (US$) Private company portfolio % Number of private companies Micro <$300m 1.4 8 Small $300m–$2bn 11.9 9 Medium $2bn–$10bn 36.8 15 Large >$10bn 49.9 12 100.0 44 44 private companies currently held
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The Schiehallion Fund Limited 11 Six months to 31 July 2026 US$’000 Y ear ended 31 January 2026 US$’000 Opening fair value 1,572,640 999,607 Purchases at cost 71,027 137 ,539 Sales – proceeds (95,724) (1,488) – gains/(losses) 47 ,003 (4,178) Change in categorisation† (70,615) (47 ,650) Change in fair value (129,099) 488,810 Closing fair value 1,395,232 1,572,640 † During the six months to 31 July 2026 the investments in Bending Spoons, Space Exploration T echnologies, and Merlin Labs were transferred from private to public holdings on becoming listed. During the year to 31 January 2026 the investments in Chime Financial and HeartFlow were transferred from private to public holdings on becoming listed. Private company overview Concentration At 31 July 2026 we held 44 private companies which equated to 59.4% of total net assets*. Net current assets represent 5.5% of total net assets. All figures stated as percentage of total net assets, as at 31 July 2026. Private exposure (31 July 2026) ByteDance 7 .4% T ekever 6.6% Anthropic 5.9% Databricks 4.2% Stripe 3.2% Rest of private company portfolio 32.1% Portfolio activity – six months to 31 July 2026 US$71.0 million was deployed in private companies during the period. This comprised a new investment in Mottu and follow on investments in Anduril, Anthropic, Vinted and Wayve T echnologies. Bending Spoons, Space Exploration T echnologies, and Merlin Labs listed, Brex was taken-over by Capital One, with the Capital One shares received as part of the takeover subsequently sold, HeartFlow was also sold during the period. * For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26. Total net assets – 100% Top 10 private companies – 38.5% Total investments – 94.5% Top 5 private companies – 27 .3%
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Interim financial report 2026 12 Baillie Gifford – valuing private companies We aim to hold our private company investments at ‘fair value’ , i.e. the price that would be paid in an open-market transaction. Valuations are adjusted both during regular valuation cycles and on an ad hoc basis in response to ‘trigger events’ . Baillie Gifford’s valuation process ensures that private companies are valued in both a fair and timely manner. The valuation process is overseen by a valuations group at Baillie Gifford, which takes advice from an independent third party (S&P Global). The valuations group is independent from the investment team with all voting members being from different operational areas of the firm, and the investment managers only receive final valuation notifications once they have been applied. Baillie Gifford revalues the private holdings on a three-month rolling cycle, with one-third of the holdings reassessed each month. During stable market conditions, and assuming all else is equal, each investment would be valued four times in a twelve-month period. The valuations are also reviewed twice per year by the Board, which receives copies of Baillie Gifford’s proposed valuations as well as the latest valuation reports from its external valuer. The valuations are also subject to the scrutiny of external auditors in the annual audit process. Beyond the regular cycle, the valuations team also monitors the portfolio for certain ‘trigger events’ . These may include changes in fundamentals, a takeover approach, an intention to carry out an Initial Public Offering (‘IPO’), company news which is identified by the valuation team or by the portfolio managers, or meaningful changes to the valuation of comparable public companies. Any ad hoc change to the fair valuation of any holding is implemented swiftly and reflected in the next published net asset value (‘NAV’). There is no delay. The valuations team also monitors relevant market indices on a weekly basis and updates valuations in a manner consistent with our external valuer’s (S&P Global) most recent valuation report where appropriate. Continued improvements in market conditions have sustained an increase in deal activity, but isolated pockets of heightened volatility remain. The data below quantifies the revaluations carried out during the six months to 31 July 2026, however, it does not reflect the ongoing monitoring of the private investment portfolio which has not resulted in a change in valuation. The Schiehallion Fund* Instruments valued 231 Instruments held 94 Percentage of portfolio revalued up to 2 times 59.8% Percentage of portfolio revalued 3+ times 40.2% * Data reflecting period 1 February 2026 to 31 July 2026.
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The Schiehallion Fund Limited 13 List of investments as at 31 July 2026 (unaudited) Name Business Country 2026 Total value US$’000 2026 % of net assets * Bending Spoons Mobile application software developer Italy 406,822 1 7. 3 Space Exploration T echnologies Designs, manufactures and launches rockets and spacecraft United States 236,252 10.1 ByteDance Social Media China 173,892 7. 4 T ekever Surveillance-as-a-service technology Portugal 156,108 6.6 Anthropic AI safety and research United States 139,460 5.9 Databricks Data software solutions United States 98,113 4.2 Stripe Online payment platform United States 75,763 3.2 Wayve T echnologies AI based software for self-driving cars United Kingdom 72,739 3.1 Mottu Motorcycle rental and last-mile delivery platform Brazil 59,835 2.5 Affirm Fintech providing lending and consumer credit services United States 59,127 2.5 Vinted Online marketplace Lithuania 54,217 2.3 Wise Online provider of cross-border money transfer services United Kingdom 53,826 2.3 Revolut Neobank and fintech company that offers a wide range of financial services United Kingdom 41,951 1.8 Anduril Software and hardware based defence systems United States 36,232 1.5 Inspire Social networking and e-commerce platform China 32,180 1.4 Rippling (People Center) US Software company United States 31,730 1.4 Chi Forest T echnology Non-alcoholic beverages China 31,636 1.3 Clear Financial technology company United States 30,000 1.3 Avanci Application software United States 26,195 1.1 Faire Wholesale Online wholesale marketplace United States 26,026 1.1 Nuro Delivery business, using self-driving purpose- built electric vehicles United States 24,072 1.0 T empus AI Offers molecular diagnostics tests for cancer and aggregates clinical oncology records United States 23,899 1.0 Bolttech Global insurance platform services Singapore 23,811 1.0 Flix European long-distance bus and train provider Germany 21,799 0.9 Rappi Provider of an on-demand delivery platform designed to connect consumers with local stores United States 20,904 0.9 Denotes listed investment previously held in the portfolio as a private company investment. * See Glossary of terms and Alternative Performance Measures on page 26.
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Interim financial report 2026 14 Name Business Country 2026 Total value US$’000 2026 % of net assets * PsiQuantum Silicon photonic quantum computing United States 20,640 0.9 Kepler Computing Semiconductor company aiming to allow for the continuation of Moore's law with lower investment into fabs United States 20,043 0.9 Oddity Online direct-to-customer skincare and cosmetics United States 18,100 0.8 Solugen Solugen exists to scale synthetic biology and bring green chemicals to the world United States 17 ,730 0.8 Zetwerk Manufacturing Fabricated metal products India 17 ,691 0.8 Superhuman Online platform for checking grammar, spelling and improving written communication United States 16,018 0.7 Chime Financial Digital Banking Platform United States 15,597 0.7 Cellares Biotech company providing robust and reproducible cell therapy United States 15,004 0.6 Runway AI Artificial Intelligence based applications developer United States 13,494 0.6 T anium Provides security and systems management solutions United States 12,824 0.5 Epic Games Gaming platform United States 12,224 0.5 Merlin Labs Autonomous flight technology United States 10,308 0.4 Workrise T echnologies Online platform connecting contractors with work United States 9,539 0.4 T enstorrent Processor architecture and software solutions United States 9,077 0.4 Away (JRSK) Manufactures luggage United States 8,512 0.4 Honor T echnology Provider of home-care services United States 8,161 0.3 Bottle Planet Producer of alcoholic beverages China 7 ,464 0.3 Dailyhunt (Ver Se Innovation) T elephone voice, data, text messaging, and roaming services India 7 ,295 0.3 Pet Circle (Millell) Pet food and accessories Australia 7 ,068 0.3 Cohesity Global Storage provider United States 5,540 0.3 Carbon Manufactures and develops 3D printers United States 5,366 0.3 Loft Online property platform Brazil 4,879 0.2 Illumina CVR Gene sequencing equipment and consumables United States 71 – Blockstream Financial software developer Canada – – Indigo Agriculture Agricultural technology company United States – – McMakler Digital real estate broker Germany – – Northvolt Battery developer and manufacturer Sweden – – Total investments 2,219,234 94.5 Cash 132,031 5.6 Other current assets and liabilities (2,654) (0.1) Net current assets 129,377 5.5 Total net assets 2,348,611 100.0 Denotes listed investment previously held in the portfolio as a private company investment. * See Glossary of terms and Alternative Performance Measures on page 26.
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The Schiehallion Fund Limited 15 Name Listed investments % Private company investments % Net current assets * % Net assets * % 31 July 2026 35.1 59.4 5.5 100.0 31 January 2026 11.9 8 7. 5 0.6 100.0 Name 31 July 2026 Total value US$’000 31 July 2026 % of net assets * Listed investments 823,931 35.1 Private company investments 1,395,232 59.4 Contingent value rights 71 <0.1 Cash and cash equivalents 132,031 5.6 Other current assets and liabilities (2,654) (0.1) Total net assets 2,348,611 100.0 * See Glossary of terms and Alternative Performance Measures on page 26. The Company may hold various classes of shares in investee companies, some of which may have a preference on winding up.
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The Schiehallion Fund Limited Interim financial report 2026 16 17 Statement of comprehensive income (unaudited) The total column of this Statement represents the Statement of Comprehensive Income of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in this statement derive from continuing operations. The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements. For the six months to 31 July 2026 For the six months to 31 July 2025 For the year to 31 January 2026 Notes Revenue US$’000 Capital US$’000 Total US$’000 Revenue US$’000 Capital US$’000 Total US$’000 Revenue US$’000 Capital US$’000 Total US$’000 Gains on investments – 534,060 534,060 – 138,912 138,912 – 452,482 452,482 Currency (losses)/gains – (103) (103) – 176 176 – 117 117 Income 2 640 – 640 1,191 – 1,191 1,716 – 1,716 Investment management fee 3 (8,209) – (8,209) (5,794) – (5,794) (12,712) – (12,712) Other administrative expenses 4 (850) – (850) (1,199) – (1,199) (2,794) – (2,794) Operating profit/(loss) before taxation (8,419) 533,957 525,538 (5,802) 139,088 133,286 (13,790) 452,599 438,809 T ax on ordinary activities – – – – 316 316 – 317 317 (Loss)/profit and total comprehensive income for the period attributable to ordinary shareholders (8,419) 533,957 525,538 (5,802) 139,404 133,602 (13,790) 452,916 439,126 Earnings/(loss) per ordinary share (0.83¢) 52.36¢ 51.53¢ (0.57¢) 13.65¢ 13.08¢ (1.35¢) 44.49¢ 43.14¢
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Interim financial report 2026 18 At 31 July 2026 At 31 January 2026 Notes US$’000 US$’000 US$’000 US$’000 Non-current assets Investments held at fair value through profit or loss 7 2,219,234 1,785,074 Current assets Cash and cash equivalents 132,031 13,001 Debtors 2,129 1,922 134,160 14,923 Current liabilities Amounts falling due within one year (4,783) (4,089) Net current assets 129,377 10,834 Net assets 2,348,611 1,795,908 Capital and reserves Share capital 8 1,223,972 1,209,208 Capital reserve 1,156,549 610,191 Capital redemption reserve 7 ,296 7 ,296 Revenue reserve (39,206) (30,787) Shareholders’ funds 2,348,611 1,795,908 Statement of financial position (unaudited) The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements.
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The Schiehallion Fund Limited 19 Statement of changes in equity (unaudited) Six months to 31 July 2026 Notes Share capital US$’000 Capital reserve * US$’000 Capital redemption reserve US$’000 Revenue reserve US$’000 Shareholders’ funds US$’000 Shareholders’ funds at 1 February 2026 1,209,208 610,191 7 ,296 (30,787) 1,795,908 Ordinary shares issued 8 14,764 13,669 – – 28,433 Ordinary shares bought back 8 – (1,268) – – (1,268) T otal comprehensive income/(loss) – 533,957 – (8,419) 525,538 Shareholders’ funds at 31 July 2026 1,223,972 1,156,549 7 ,296 (39,206) 2,348,611 Six months to 31 July 2025 Share capital US$’000 Capital reserve * US$’000 Capital redemption reserve US$’000 Revenue reserve US$’000 Shareholders’ funds US$’000 Shareholders’ funds at 1 February 2025 1,209,208 170,450 7 ,296 (16,997) 1,369,957 Ordinary shares bought back 8 – (6,030) – – (6,030) T otal comprehensive income/(loss) – 139,404 – (5,802) 133,602 Shareholders’ funds at 31 July 2025 1,209,208 303,824 7 ,296 (22,799) 1,497 ,529 * Includes investment holdings gains of US$1,018,384,000 (31 July 2025 – gains of US$354,824,000). The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements.
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Interim financial report 2026 20 Statement of cash flows (unaudited) Six months to 31 July 2026 Six months to 31 July 2025 US$’000 US$’000 US$’000 US$’000 Cash flows from operating activities Operating profit before taxation 525,538 133,286 US Treasury Bills interest – (825) Net gains on investments (534,060) (138,912) Currency losses/(gains) 103 (176) Changes in debtors and creditors 489 461 Net cash outflow from operating activities* (7 ,930) (6,166) Cash flows from investing activities Disposals of US Treasury Bills – 78,159 Acquisitions of investments (118,606) (60,985) Disposals of investments 218,504 25,634 Net cash inflow from investing activities 99,898 42,808 Cash flows from financing activities Ordinary shares issued 28,433 – Ordinary shares bought back (1,268) (6,138) Net cash inflow/(outflow) from financing activities 27 ,165 (6,138) Net increase in cash and cash equivalents 119,133 30,504 Effect of exchange rate fluctuations on cash and cash equivalents (103) 176 Cash and cash equivalents at 1 February 13,001 6,118 Cash and cash equivalents at 31 July 132,031 36,798 * Cash from operations includes interest received of US$256,000 (2025 – US$165,000) and dividends received of US$41,000 (2025 – nil). The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements.
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The Schiehallion Fund Limited 21 Notes to the Financial Statements (unaudited) 01 Basis of accounting The condensed Financial Statements for the six months to 31 July 2026 comprise the statements set out on pages 16 to 20 together with the related notes on pages 21 to 24. They have been prepared in accordance with IAS 34 Interim Financial Reporting. The Financial Statements for the six months to 31 July 2026 have been prepared on the basis of the same accounting policies as set out in the Company’s Annual Report and Financial Statements at 31 January 2026. Equity investment The ordinary shares of the Company are classified as equity in accordance with the definition of equity instruments under IAS 32 Financial Instruments: presentation (IAS 32). The proceeds from the issue of shares are recognised in the Statement of Changes in Equity net of incremental issuance costs. Going concern In accordance with The Financial Reporting Council’s guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company’s ability to continue as a going concern. In undertaking this review, the Board has considered the Company’s principal risks and uncertainties, as set out on the inside front cover, and in particular considered the impact of heightened market volatility due to macroeconomic and geopolitical concerns, including trade tariffs, the wars in Ukraine and the Middle East and heightened tensions between China and both the USA and T aiwan. Liquidity stress testing has been carried out and having done so the Board does not believe the Company’s going concern status is affected. The Company maintains sufficient cash balances to enable it to meet its liabilities as they fall due. In managing the Company’s assets, the Investment Manager will seek to ensure that the Company holds at all times a proportion of assets that is sufficiently liquid to enable it to discharge its payment obligations. Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors’ opinion, having assessed the principal risks and uncertainties, that the Company will continue in operational existence for a period of at least 12 months from the date of approval of these Financial Statements. Tax residency With effect from 1 February 2026, the Company became tax resident in the United Kingdom and obtained United Kingdom investment trust status for United Kingdom tax purposes. The Company’s entry into the United Kingdom investment trust regime is expected to benefit the Company by aligning its tax residence more closely with its place of listing, as well as enabling it to take advantage of the United Kingdom’s double taxation agreements, thereby reducing potential future tax leakage on certain of the Company’s holdings. In addition, this is expected to make the Company more attractive to investors who may otherwise be tax sensitive to investing in a vehicle that is tax resident outside the United Kingdom. The Company remains incorporated in Guernsey. 02 Income Six months to 31 July 2026 US$’000 Six months to 31 July 2025 US$’000 Y ear to 31 January 2026 US$’000 Dividend income 41 – – US Treasury Bills interest – 825 824 Overseas interest 355 201 525 Deposit interest 244 165 367 Total income 640 1,191 1,716
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Interim financial report 2026 22 03 Investment management fee Six months to 31 July 2026 US$’000 Six months to 31 July 2025 US$’000 Y ear to 31 January 2026 US$’000 Investment management fee 8,209 5,794 12,712 The Company has appointed Baillie Gifford & Co Limited as its Investment Manager (the ‘Investment Manager’). As the entity appointed to be responsible for risk management and portfolio management, the Investment Manager has also been appointed as the Company’s Alternative Investment Fund Manager (‘AIFM’). Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford Overseas Limited. The Investment Management Agreement is terminable on not less than six months’ notice. Under the terms of the Investment Management Agreement, the Investment Manager will be entitled to an annual fee (exclusive of VAT , which shall be added where applicable) of: 0.9% on the net asset value excluding cash or cash equivalent assets up to and including US$650 million; 0.8% on the net asset value of the Company excluding cash or cash equivalent assets exceeding US$650 million up to and including US$1.3 billion; and 0.7% on the net asset value excluding cash or cash equivalent assets exceeding US$1.3 billion. Management fees are calculated and payable quarterly. Cash equivalents include US Treasury Bills. 04 Other administrative expenses Six months to 31 July 2026 US$’000 Six months to 31 July 2025 US$’000 Y ear to 31 January 2026 US$’000 General administrative expenses 200 613 1,485 Administrator’s fee 59 63 119 Auditor’s remuneration for audit services 183 214 504 Directors’ fees 224 209 446 Depositary and custody fees 84 38 115 Registrar fees 33 29 52 Marketing* 67 33 73 850 1,199 2,794 * The Company is part of a marketing programme which includes all the investment trusts managed by the Investment Manager. The marketing strategy has an ongoing objective to stimulate demand for the Company’s shares. The cost of this marketing strategy is borne in partnership by the Company and the Investment Manager. The Investment Manager matches the Company’s marketing contribution and provide the resource to manage and run the programme. 05 Earnings per share Six months to 31 July 2026 Six months to 31 July 2025 Y ear to 31 January 2026 Ordinary shares US$’000 ¢ US$’000 ¢ US$’000 ¢ Revenue return on ordinary activities after taxation (8,419) (0.83) (5,802) (0.57) (13,790) (1.35) Capital return on ordinary activities after taxation 533,957 52.36 139,404 13.65 452,916 44.49 Profit and total comprehensive income for the period 525,538 51.53 133,602 13.08 439,126 43.14 Weighted average number of Ordinary shares in issue 1,019,874,846 1,021,130,924 1,018,034,031 Net return per share is based on the above totals of revenue and capital and the weighted average number of shares in issue during each period. There are no dilutive or potentially dilutive shares in issue. 06 Ordinary dividends There were no dividends paid or proposed in respect of the six months to 31 July 2026 (2025 – nil).
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The Schiehallion Fund Limited 23 07 Financial instruments Fair value hierarchy The fair value hierarchy used to analyse the fair values of financial assets is described below. The levels are determined by the lowest (that is the least reliable or least independently observable) level of input that is significant to the fair value measurement for the individual investment in its entirety as follows: Level 1 – using unadjusted quoted prices for identical instruments in an active market; Level 2 – using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable (based on market data); and Level 3 – using inputs that are unobservable (for which market data is unavailable). As at 31 July 2026 Level 1 US$’000 Level 2 US$’000 Level 3 US$’000 Total US$’000 Listed equities 823,931 – – 823,931 Private company ordinary shares – – 410,590 410,590 Private company preference shares* – – 963,449 963,449 Private company convertible promissory notes – – 21,193 21,193 Contingent value rights† – – 71 71 Total financial asset investments 823,931 – 1,395,303 2,219,234 As at 31 January 2026 Level 1 US$’000 Level 2 US$’000 Level 3 US$’000 Total US$’000 Listed equities 212,434 – – 212,434 Private company ordinary shares – – 481,655 481,655 Private company preference shares* – – 1,065,201 1,065,201 Private company convertible promissory notes – – 25,784 25,784 Contingent value rights† – – – – Total financial asset investments 212,434 – 1,572,640 1,785,074 * The investments in preference shares are not classified as equity holdings as they include liquidation preference rights that determine the repayment (or multiple thereof) of the original investment in the event of a liquidation event such as a take-over. † See Glossary of terms and Alternative Performance Measures on page 26. During the six months to 31 July 2026, corporate activity in underlying portfolio holdings resulted in transfers from Level 3 to Level 1 as follows: Holding Value on transfer US$’000 Corporate event Bending Spoons 367 ,280 IPO Space Exploration T echnologies 294,199 IPO Merlin Labs 8,952 SPAC merger The valuation techniques used by the Company are explained in the accounting policies on pages 90 and 91 of the Company’s Annual Report and Financial Statements for the year to 31 January 2026. Listed investments are categorised as Level 1 if they are valued using unadjusted quoted prices for identical instruments in an active market and as Level 2 if they do not meet all these criteria but are, nonetheless, valued using market data. The Company’s holdings in unlisted investments are categorised as Level 3 unobservable data is a significant input to their fair value measurements.
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Interim financial report 2026 24 08 Share capital 31 July 2026 Number 31 July 2026 US$’000 31 January 2026 Number 31 January 2026 US$’000 Allotted, called up and fully paid Ordinary shares of US$1 each 1,026,093,907 1,223,322 1,013,033,907 1,197 ,038 Treasury shares of US$1 each 650,000 650 12,170,000 12,170 1,026,743,907 1,223,972 1,025,203,907 1,209,208 By way of a Special Resolution passed on 10 May 2024 the Directors of the Company were granted a general authority to allot or sell from treasury, without regard to the pre-emption rights contained in the Articles of Incorporation of the Company, up to 102,882,390 Ordinary shares or C shares (as defined in the Articles of Incorporation). This authority will expire at the end of the period concluding immediately prior to the Annual General Meeting of the Company to be held in 2029 (or, if earlier, five years from the date of the passing of the resolution). During the six months to 31 July 2026 the Company issued 1,540,000 (31 July 2025 – nil) new Ordinary shares and reissued 12,170,000 Ordinary shares from treasury (31 July 2025 – nil). In the period from 1 August 2026 to 22 September 2026 the Company issued no Ordinary shares or C shares. By way of a Special Resolution passed on 14 May 2026 the Directors of the Company have general authority to make market purchases of up to 152,041,157 Ordinary shares, being 14.99% of the Ordinary shares in issue as at 14 May 2026, being the date of the passing of the resolution. This authority will expire at the conclusion of the Annual General Meeting of the Company to be held in respect of the year ending 31 January 2027. 650,000 Ordinary shares were bought back and held in treasury during the six months to 31 July 2026 (31 July 2025 – 5,660,000 shares were bought back and cancelled). In the period from 1 August 2026 to 22 September 2026 332,870 Ordinary shares were bought back and held in treasury. Holders of Ordinary shares have the right to receive income and capital from assets attributable to such share class. Ordinary shareholders have the right to receive notice of general meetings of the Company and have the right to attend and vote at all general meetings. 09 Transactions with related parties and the investment manager and administrator There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have such an effect on the Company during that period. None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
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The Schiehallion Fund Limited 25 Further shareholder information Automatic Exchange of Information In order to fulfil its legal obligations under the Guernsey Common Reporting Standard Legislation relating to the Automatic Exchange of Information, the Company is required to collect and report certain information about certain shareholders. The legislation will require investment companies to provide personal information to the Guernsey authorities on certain investors who purchase shares in investment funds. As an affected company, The Schiehallion Fund Limited will have to provide information annually to the local authority on the tax residencies of non-UK based certificated shareholders and corporate entities. Foreign Account Tax Compliance Act Pursuant to the reciprocal information sharing inter-governmental agreement entered into by the States of Guernsey and the US Treasury, and for the purposes of the US Foreign Account T ax Compliance Act (‘FATCA’), the Company registered with the Internal Revenue Service (‘IRS’) as a Foreign Financial Institution (‘FFI’) and received a Global Intermediary Identification Number (R2NXXB.9999.SL.831). The Company can be located on the IRS FFI list. Third party data providers disclaimer No third party data provider (‘Provider’) makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom. No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate. Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
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Interim financial report 2026 26 An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. Shareholders’ funds and Net Asset Value Shareholders’ funds is the value of all assets held less all liabilities, with borrowings deducted at book cost. Net Asset Value (NAV) is the value of all assets held less all liabilities, with borrowings deducted at either fair value or par value. Per share amounts are calculated by dividing the relevant figure by the number of ordinary shares in issue. Total Return The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend. The Company does not pay a dividend, therefore, the total returns for the share price and NAV per share are the same as the percentage movements in the share price and NAV per share as detailed on page 4. Capital deployed (APM) Capital deployed reflects cumulative amounts invested since inception of the Company. Contingent value rights ‘CVR’ after an instrument name indicates a security, usually arising from a corporate action such as a takeover or merger, which represents a right to receive potential future value, should the continuing company achieve certain milestones. Glossary of terms and Alternative Performance Measures (‘ APM’) Total net assets T otal value of all assets held less current liabilities, other than liabilities in the form of borrowings. Net current assets Net current assets comprise current assets less current liabilities (excluding borrowings). (Discount)/premium (APM) As stock markets and share prices vary, an investment company’s share price is rarely the same as its NAV . When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, it is said to be trading at a premium. Ordinary shares 31 July 2026 31 January 2026 Closing NAV per share (a) 228.89¢ 177 .28¢ Closing share price (b) 196.00¢ 178.00¢ (Discount)/premium expressed as a percentage (b - a) ÷ a (14.4%) 0.4%
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The Schiehallion Fund Limited 27 Company information Directors Chairperson: Dr Linda Yueh CBE SID: John Mackie CBE Audit Chair: Trudi Clark Patrick Firth Richard Holmes Graeme Proudfoot Depositary The Bank of New Y ork Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA Independent Auditor KPMG Audit Limited Glategny Court Glategny Esplanade St Peter Port Guernsey, Channel Islands GY1 1WR Administrator, Secretary, Designated Manager and Registered Office Altum (Guernsey) Limited First Floor, Royal Chambers St. Julian’s Avenue St. Peter Port Guernsey, Channel Islands GY1 3JX T: +44 (0)1481 703 100 Registrar Computershare Investor Services (Jersey) Limited First Floor Tudor House Le Bordage St Peter Port Guernsey, Channel Islands GY1 1DB T: +44 (0)370 707 4040 Company Details schiehallionfund.com Company Registration No. 65915 ISIN: GG00BJ0CDD21 Sedol (GBP Sedol): BJ0CDD2 (BSSDQ53) Ticker (GBP Ticker): MNTN (MNTS) Legal Entity Identifier 213800NQOLJA1JCWXQ56 Investment Manager and Alternative Investment Fund Managers Baillie Gifford & Co Limited 3 Haymarket Square Edinburgh EH3 8RY T: +44 (0)131 275 2000 bailliegifford.com Corporate Broker Winterflood Securities Limited Riverbank House 2 Swan Lane London EC4R 3GA Further information Client Relations Team Baillie Gifford & Co 3 Haymarket Square Edinburgh EH3 8RY T: +44 (0)800 917 2113 enquiries@bailliegifford.com
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3 Haymarket Square, Edinburgh EH3 8RY T elephone +44 (0)131 275 2000 schiehallionfund.com