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MONTANARO SMALLER COMPANIES PLC
CONDENSED INTERIM REPORT AND FINANCIAL STATEMENTS (UNAUDITED)
FOR THE SIX MONTH FINANCIAL PERIOD ENDED 30 JUNE 2026
An open-ended umbrella variable capital investment company with segregated liability between funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 20 26 (together the “UCITS Regulations”) .
Registered Number: 330162
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MONTANARO SMALLER COMPANIES PLC
TABLE OF CONTENTS PAGE
Management and Other Information 1
Investment Manager’s Review 2
Statement of Financial Position 7
Statement of Comprehensive Income 11
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 15
Notes to the Financial Statements 19
Schedule of Investments 34
Portfolio Changes 48
Total Expense Ratios 58
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MONTANARO SMALLER COMPANIES PLC
MANAGEMENT AND OTHER INFORMATION
1
Directors Lisa Martensson (Swedish)*(Chairperson from 19 March 2026) † Gavin Caldwell (Irish)* (Chairperson until 19 March 2026)† Cedric Durant des Aulnois (French) Matthew Francis (British) John Ensor (British)** Brian McDermott (Irish)† Edward Heaven (British) * * * * *
Manager Waystone Management Company (IE) Limited (“WMC”) 35 Shelbourne Road 4th Floor, Ballsbridge Dublin, D04 A4E0 Ireland
Independent Auditor Deloitte Ireland LLP 29 Earlsfort Terrace Dublin 2, D02 AY28 Ireland
Legal Advisor As to UK & US Law Vedder Price LLP 4 Coleman Street London EC2R 5AR United Kingdom
Legal Advisor As to Irish Law A&L Goodbody LLP 25 North Wall Quay Dublin 1 D01 H104 Ireland
Registered Office Goodbody Secretarial Limited 25 North Wall Quay Dublin 1 D01 H104 Ireland
Investment Manager Montanaro Asset Management Limited 53 Threadneedle Street London EC2R 8AR United Kingdom
Depositary The Bank of New York Mellon SA/NV, Dublin Branch The Shipping Office 20-26 Sir John Rogerson’s Quay Dublin 2 D02 Y049 Ireland
Administrator BNY Mellon Fund Services (Ireland) Designated Activity The Shipping Office 20-26 Sir John Rogerson’s Quay Dublin 2 D02 Y049 Ireland
Secretary Goodbody Secretarial Limited 25 North Wall Quay Dublin 1 D01 H104 Ireland
Swiss Representative Office Waystone Fund Services (Switzerland) SA Avenue Villamont 17 1005 Lausanne Switzerland
Swiss Paying Agent NPB New Private Bank Ltd Limmatquai 1 am Bellevue Post Box 8024 Zurich Switzerland
*Independent non-executive Directors. **Alternate Director. ***Appointed as a Director on 6 February 2026. †Irish Resident.
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MONTANARO SMALLER COMPANIES PLC
2
INVESTMENT MANAGER’S REVIEW
Performance Review
6-month NAV Returns to 30 June 2026: NAV Return (inc. dividends reinvested)
Benchmark (inc. dividends reinvested)
Relative Reference Share Class *
Benchmark**
Montanaro European Smaller Companies Fund
7.2% 5.4% 1.8% EUR Institutional Distribution
MSCI Europe SmallCap Index
Montanaro UK Income Fund 11.4% 6.4% 4.9% EUR Share Class IA UK All Companies Sector
Montanaro European Income Fund
5.4% 10.3% -5.0% EUR Share Class IA Europe (excluding UK) Sector
Montanaro Better World Fund 10.8% 16.0% -5.2% EUR Accumulation Share Class
MSCI World SMID Cap Index
Montanaro Global Select Fund 2.5% 16.0% -13.5% EUR Accumulation A Share Class
MSCI World SMID Cap Index
* Please note that these are representative Share Classes for each Fund. Other Share Classes are available, details of these can be found in the Prospectus. **All Benchmark returns are shown as Net Total Returns. Please refer to the Prospectus for further details about each Fund's Benchmark.
Review
The first half of 2026 divided cleanly into two distinct periods. January and February extended three dominant trades that had characterised markets since 2025: a bifurcation within artificial intelligence, with hardware beneficiaries outperforming software; the debasement trade; and strong demand for minerals relative to oil. Geopolitical developments elsewhere - including in Venezuela and Greenland - were politically notable but had limited direct market impact.
The inflection point came in late February, when escalating tensions between the United States, Israel and Iran triggered a sharp and disorderly repricing across asset classes. Oil prices surged, inflation expectations rose and bond yields moved higher, while traditional diversification proved less effective - gold and cryptoassets both offered limited protection during the sell-off. The shock inverted several prevailing dynamics: oil outperformed while industrial metals weakened, financials came under pressure on recession concerns, and within technology the AI trade partially flipped, as hardware lagged while more asset-light software businesses - themselves already hit earlier in the quarter by a sell-off tied to fears over AI “digital co-workers” - proved relatively more resilient. The net effect was a broad derating of high quality growth equities and a rotation towards inflation- and energy-linked sectors, with SMidCap and Quality styles bearing much of the brunt.
The second quarter saw the unwinding of this “war premium”, as the Iran conflict eased and the Strait of Hormuz partially reopened. Risk assets rallied as oil, gold and other safe-haven trades gave back much of their earlier gains. The formalisation of a ceasefire between the United States and Iran, signed in a memorandum of understanding on 17 June, remained fragile, however.
Against this backdrop, the standout story of the second quarter was the extraordinary strength of the AI and semiconductor trade: the Philadelphia Semiconductor Index rose by almost 90% over the quarter — its largest quarterly gain since 1994 — while Global AI, Quantum Computing and Cybersecurity themes more than doubled their already substantial year-to-date gains. June, however, told a different story. As inflation proved stickier than hoped, the US Federal Reserve under its new Chair, alongside the European Central Bank, the Bank of England and the Bank of Japan, adopted a more hawkish tone, and stretched AI valuations came into question. Leadership rotated towards Quality, Value and domestic cyclicals. Global SmallCap participated fully in the broader rally, outpacing LargeCap over the quarter as a whole, though the pattern diverged sharply by region as the period progressed — UK SmallCap outperformed UK LargeCap by more than 6%, while European SmallCap gave back much of its earlier gains in June alone as the European Central Bank raised interest rates for the first time in three years.
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MONTANARO SMALLER COMPANIES PLC
INVESTMENT MANAGER’S REVIEW (continued)
Review (continued)
Running beneath both quarters was a persistent and widening disconnect between valuations and fundamentals across Small and MidCap equities globally. That disconnect continued to be recognised by corporate acquirers and private equity buyers, with bids for SMidCap businesses continuing apace into 2026 — a theme evident across each of the four Funds covered in this review, and one we expect to persist for as long as the valuation gap remains as wide as it is today.
Montanaro Global Select Fund
From 1 January 2026 to 30 June 2026, the N AV AV of the EUR Accumulation Share Class of the Fund rose by 2.5%, an underperformance of 13.5% relative to the MSCI World SMID Cap Index.
The first quarter of the year was a challenging one for the Fund, with weakness driven by the derating of high-quality growth businesses rather than by operational shortfalls. The team used the dislocation to deploy capital where long-term fundamentals appeared increasingly at odds with valuations, initiating a position in Asta Energy Solutions - a recent European IPO focused on components critical to electrification - and adding to Pro Medicus at levels well below where the position had previously been trimmed. March proved more encouraging than the quarter as a whole, particularly relative to peers, as the shifting market dynamics described above began to take hold.
The second quarter saw the Fund’s global stock-picking approach tested by a narrow, momentum-led rally: Carel Industries, Asta Energy Solutions and NCAB Group, all exposed to data-centre and grid-related capital spending, led returns, while Tradeweb Markets and Bentley Systems were caught up in a broader software de-rating. The principal headwind was structural rather than stock-specific — an underweight to the US and to the Momentum factor, left the Fund underexposed to precisely the areas a narrow, US-led rally rewarded. The team continued to act on conviction rather than chase that narrative, initiating positions in Watts Wa Water Technologies (in place of Graco), Halma, Acuity Brands and Sensient Technologies, funded by exits from Graco, Spirax, TransMedics, Adyen - following the departure of its finance chief alongside two sizeable acquisitions - and Keeper, the Japanese automotive retailer.
At the country level, Sweden was the leading contributor to relative performance on the strength of the Fund’s Nordic industrial holdings, while the US was the largest detractor as a broad AI-driven de-rating of software outweighed gains from data-centre-linked industrials. The Fund’s concentrated, low-turnover approach is built for periods of exactly this kind, allowing the team to hold through short-term dispersion where fundamentals remain intact while retaining the discipline to exit where a business’s growth or margin trajectory has genuinely changed; trading activity itself added over three percentage points after costs over the past twelve months.
During the period, as narrow AI and momentum leadership has begun to unwind, the Fund’s relative performance has improved, with the same underweights that held it back during the rally now working in its favour — a dynamic the team believes plays to a research-led, bottom-up approach as valuation dispersion between AI-infrastructure beneficiaries and de-rated software businesses continues to unwind.
Montanaro Better World Fund
From 1 January 2026 to 30 June 2026, the NAV of the EUR Distribution Share Class of the Fund rose by 10.8%, an underperformance of 5. 2 % relative to the MSCI World SMID Cap Index.
The Fund’s first quarter was similarly difficult, reflecting style headwinds rather than company-specific execution: across the Portfolio, businesses continued to deliver strong operational performance - often ahead of expectations - yet share prices failed to reflect this progress as valuation multiples compressed, particularly in software and services. The Fund used the dislocation to further increase exposure to its Green Economy and Environmental Protection themes, initiating positions in Hammond Power Solutions, Va Valmont Industries and Asta Energy Solutions. These holdings sit alongside existing positions in Pfisterer, and in Watts Water Technologies and Clean Harbors on the water side, where ageing networks, tightening environmental regulation and growing water stress continue to drive investment. Doximity was exited on concerns over margin compression from AI competition.
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MONTANARO SMALLER COMPANIES PLC
INVESTMENT MANAGER’S REVIEW (continued)
Review (continued)
Montanaro Better World Fund (continued)
The second quarter brought a marked improvement in absolute and relative returns, with grid-infrastructure and electrification holdings the standout contributors: Hammond Power Solutions benefited from a record backlog, Entegris rose on record equipment spending across Taiwan and Korea, and Asta Energy Solutions delivered record results as grid-equipment demand continued to build. The Fund added further high-conviction names - Acuity Brands, SiTime, Sensient Technologies, Silex and Vy Vysarn - while exiting TransMedics, Ottobock, Tyler Te Technologies and Bio-Techne, the latter following a takeover approach from Merck. Stock-specific risk continued to build towards 65% of total active risk, consistent with the Fund’s drive to ensure returns are led by company fundamentals rather than factor exposure.
Taken together, the changes made since the start of the year have left the portfolio more balanced and less dependent on any single style or factor, with reduced reliance on factor-driven exposures, lower portfolio beta and a broader spread of holdings across the Fund’s impact themes. Engagement activity during the half reinforced this focus on fundamentals: with American Water Works on its capital investment programme and water-efficiency disclosure, with Dynavox on access barriers facing users of its assistive communication technology, and with Universal Technical Institute on graduate wage and employment outcomes.
The Portfolio enters the second half more diversified and more clearly anchored to company-specific drivers of return, with holdings addressing structural challenges spanning energy efficiency, healthcare innovation, water infrastructure and access to skills - a foundation the team believes leaves the Fund well placed regardless of how the AI narrative continues to evolve.
Montanaro European Smaller Companies Fund
From 1 January 2026 to 30 June 2026, the NAV of the EUR Institutional Distribution Share Class of the Fund rose by 7.2 %, an outperformance of 1 . 8 % relative to the MSCI Europe Small Cap Index.
The Fund's first quarter was disappointing in absolute terms, though performance improved in the second quarter. We exited Schott Pharma, a long-standing underperformer since its 2023 IPO, and Big Ye Yellow Group, whose UK domestic sensitivity and modest growth potential had become less compelling, redeploying capital into Kitron, a Norwegian defence-exposed electronics manufacturer, the newly listed Asta Energy Solutions, and GTT, the French LNG containment specialist.
The second quarter was considerably stronger, with the Fund rising as European markets recovered following the easing of the Strait of Hormuz conflict, supported by a generally strong first-quarter reporting season. Technoprobe, the Italian semiconductor probe card manufacturer, and Asta Energy Solutions were the standout contributors, both benefiting from strong order flow, while Technogym, Clarkson and AT ATOSS Software detracted amid profit-taking and softer near-term outlooks. We visited Asta Energy Solutions' Austrian headquarters during the quarter, and came away reassured by the durability of its competitive position: only three companies globally can manufacture its specialised cable products to the tolerances required for the highest-voltage applications.
European SmallCap underperformed LargeCap sharply in June, as a technology-led rotation and political uncertainty punished smaller, less liquid names indiscriminately, despite operational delivery remaining strong across much of the Portfolio; we view such periods of indiscriminate selling as precisely when a bottom-up, stock-specific approach should add the most value. Engagement continued alongside the investment process, including the resolution of a labour practices matter at Clarkson and an escalation against management at Pfisterer's AGM over capital authority and remuneration concerns.
Stock-specific risk remains close to 60% of the Fund's active risk budget, with the Healthcare overweight continuing to decline in favour of Industrials. The Fund's headline valuation has risen modestly, but we believe this is justified by earnings growth of a scale - consensus expectations point to 26% growth in 2026 - that continues to underpin our conviction in European SmallCap as a structurally under-owned and undervalued asset class.
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MONTANARO SMALLER COMPANIES PLC
INVESTMENT MANAGER’S REVIEW (continued)
Review (continued)
Montanaro European Income Fund
From 1 January 2026 to 30 June 2026, the NAV of the EUR Share Class of the Fund rose by 5. 4%, an underperformance of 5 . 0 % relative to the IA Europe (excluding UK) Sector.
The Fund's defensive profile served it well in the first quarter, delivering a strong quarter on a relative basis as Quality was favoured amid the volatility, with an outperformance of over 2% in March alone. Consistent with the Fund's income and growth mandate, we adopted a more defensive positioning during the period of heightened volatility, while using the dislocation to redeploy capital where long-term fundamentals appeared increasingly misaligned with valuations.
Performance in the second quarter was roughly in line with the broader Continental European market, as an 8% underperformance of SmallCap against LargeCap in June offset an otherwise resilient period. Portfolio activity picked up as the quarter progressed: we initiated a position in Coface, the French trade credit insurer, given its high-quality franchise and an appealing yield of around 8%, and MIPS, the Swedish protective headwear group, as a recovery play, while exiting ChemoMetec after a second profit warning and Moncler, whose shares had been treading water.
Elmera Group, the Norwegian energy retailer, and Cembre, the Italian electrical connectors manufacturer, were the strongest contributors over the half, while Ferrari Group, the logistics specialist for precious goods, and Borregaard detracted. Engagement included an AGM escalation against Pfisterer over capital authority and remuneration, and a challenge to a CVC-led consortium's take-private offer for Recordati, which we argued materially undervalued the business given its rare disease franchise and long-term growth record.
We expect further turnover ahead, including the loss of two significant dividend contributors, Recordati and Elmera Group, though we remain confident in the Portfolio's ability to sustain underlying dividend growth of around 5% a year over the medium term, supported by a bench of attractively yielding names built over recent quarters, including Coface and MIPS. By way of reminder, Fund’s distributions increased by 11% and 7% in 2024 and 2025 respectively. We anticipate further growth in 2026.
Montanaro UK Income Fund
From 1 January 2026 to 30 June 2026, the NAV of the EUR Seed Share Class of the Fund rose by 11. 4 %, an outperformance of 4.9% relative to the IA UK All Companies Secto r. r.
UK equity markets had a mixed start to the year. LargeCap stocks in the FTSE 100 rose, while UK SMidCap indices were markedly weaker, as higher energy prices and renewed inflation concerns pushed bond yields higher. UK SmallCap ended the first quarter near a 20-year low P/E relative to LargeCap, and the Fund itself was trading at its lowest-ever valuation by the end of March. Despite this backdrop, strong stock selection - led by Bloomsbury Publishing, XP Power and Clarkson - drove clear outperformance against the IA UK All Companies Sector, a result made more notable by the Fund's Quality bias running against a Va Value-tilted index over the period.
The second quarter provided a sharp reminder of how quickly sentiment can turn: SmallCap outperformed LargeCap by more than 6%, partially reversing the prior quarter’s underperformance, as the Middle East de-escalation and falling oil prices eased pressure on more domestically sensitive parts of the market. Industrial holdings were the standout contributors - XP Power, discoverIE, Renishaw, Hill & Smith, Diploma and Intertek all featured among the Fund’s top contributors, with Intertek agreeing to a takeover from EQT at a 62% premium to its undisturbed share price. Telecom Plus was the notable detractor, falling heavily after a soft trading update and a dividend policy overhaul, though the position had already been materially reduced ahead of the announcement.
Engagement activity focused on governance rather than allocation: with discoverIE on Board succession planning, and with XP Power on remuneration structure following shareholder dissent at its prior AGM.
The scale of the valuation gap between SmallCap and LargeCap - after years in which Quality has underperformed by 75%, Growth has trailed Va Value by 87% and SmallCap has lagged LargeCap by over 60% from their respective peaks continues to attract corporate and private equity buyers, and the team sees this disconnect between price and underlying trading performance as the central opportunity for the Fund into the second half of the year and beyond.
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MONTANARO SMALLER COMPANIES PLC
INVESTMENT MANAGER’S REVIEW (continued)
Review (continued)
Outlook
We do not attempt to forecast the path of policy or geopolitics, and the speed with which the Middle East war premium built and then unwound over the first half is itself a reminder of how quickly market narratives can reverse. The more hawkish pivot from the US Federal Reserve, under its new Chair, and from the European Central Bank, the Bank of England and the Bank of Japan, is a further reminder that the disinflation narrative of recent years cannot be taken for granted, particularly where energy shocks feed through with a lag.
The scale of capital being deployed into AI infrastructure remains unprecedented and history suggests that projects of this size and complexity rarely unfold exactly as planned. This is not scepticism about AI itself - the team uses it extensively across its own process - but a reminder that parts of the market narrative have, in places, moved ahead of reality. The software and technology-enabled businesses held across the Funds are, in the team’s view, defined by deep domain expertise, embedded workflows and mission-critical functionality rather than by their ability to write code alone, and are consequently more likely to be enhanced by AI than displaced by it over any realistic investment horizon.
Against this backdrop, the opportunity set across Small and MidCap equities remains compelling. Va Valuations across the Funds sit at or close to some of their lowest levels in recent years, despite continued delivery on earnings growth and operational performance, and SMidCap equities more broadly remain under-owned and trade at a historically wide discount to LargeCap following an extended period of relative underperformance. That disconnect between price and value, rather than any attempt to call the next geopolitical or policy turn, remains the team’s central focus.
This disconnect continues to be recognised beyond the Funds themselves: corporate acquirers and private equity buyers have kept bidding for SMidCap businesses at a pace reminiscent of 2025, a trend the team expects to persist for as long as valuations remain this depressed relative to underlying fundamentals.
Periods such as these are rarely comfortable, but they have historically proven the most rewarding for patient, disciplined investors prepared to look through short-term volatility towards long-term, company-specific fundamentals. It is on that basis - rather than any prediction about the path of markets over the second half - that the team enters the remainder of the year with confidence.
Montanaro Asset Management Limited July 2026
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF FINANCIAL POSITION
As at 30 June 2026
7
Montanaro European Montanaro Montanaro Montanaro Smaller UK European Better Companies Income Income World Fund Fund Fund Fund € £ € € Current assets Note Cash and cash equivalents 4 6,440,601 3,780,877 1,509,082 2,343,803 Financial assets at fair value through profit or loss - Equities 6 219,876,538 163,399,796 75,602,817 66,085,196 Dividends receivable 49,570 616,213 86,917 29,335 Receivable for fund Shares sold 526 – 14,204 Receivable for investments sold 1,989,822 3,077,266 1,669,279 Other receivables 595,198 48,784 332,542 166,571 Total current assets 228,952,255 170,922,936 79,214,841 68,624,905
Current liabilities Payable for fund Shares repurchased (141,894) – (43,561) (1,010) Payable for investments purchased – (1,954,134) (1,263,480) (194,453) Management fees payable 2 (10,659) (7,193) (3,073) (2,746) Investment management fees payable 2 (826,322) (243,974) (145,585) (138,922) Administration fees payable 2 (175,838) (196,938) (79,995) (83,835) Depositary fees payable 2 (25,329) (11,779) (11,008) (2,710) Legal fees payable (8,331) (8,455) (1,700) (2,041) Professional fees payable 2 (10,874) (9,989) (2,800) (5,672) Audit fees payable (10,115) (12,601) (1,808) (3,564) Other accrued expenses payable 2 (6,838) (9,155) (1,769) (9,002) Total current liabilities (1,216,200) (2,454,218) (1,554,779) (443,955)
Net asset value attributable to holders of redeemable participating Shares 227,736,055 168,468,718 77,660,062 68,180,950
Please refer to Note 12 for Net Asset Value (“NAV”) and NAV per Share details.
The accompanying notes form an integral part of these financial statements.
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF FINANCIAL POSITION
As at 30 June 2026 (continued)
8
F
Montanaro Global Select Fund Total* € € Current assets Note Cash and cash equivalents 4 2,866,406 17,549,089 Financial assets at fair value through profit or loss
- Equities 6 52,718,991 603,973,387 Dividends receivable 45,087 926,267 Receivable for fund Shares sold – 14,730 Receivable for investments sold 308,484 7,539,965 Other receivables 23,943 1,174,887 Total current assets 55,962,911 631,178,325
Current liabilities Payable for fund Shares repurchased – (186,465) Payable for investments purchased (618,827) (4,345,303) Management fees payable 2 (2,093) (26,922) Investment management fees payable 2 (57,364) (1,451,421) Administration fees payable 2 (25,120) (593,412) Depositary fees payable 2 (5,201) (57,922) Legal fees payable (672) (22,559) Professional fees payable 2 (2,171) (33,113) Audit fees payable (966) (31,081) Other accrued expenses payable 2 (1,388) (29,625) Total current liabilities (713,802) (6,777,823)
Net asset value attributable to holders of redeemable participating Shares 55,249,109 624,400,502
* See Foreign Currency Translation Adjustment Note 14.
Please refer to Note 12 for NAV and NAV per Share details.
The accompanying notes form an integral part of these financial statements.
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
9
Montanaro European Montanaro Montanaro Montanaro Smaller UK European European Companies Income Income Focus Fund Fund Fund Fund* € £ € € Current assets Note Cash and cash equivalents 4 2,324,217 3,012,098 5,007,940 58,956 Financial assets at fair value through profit or loss 6 - Equities 290,412,423 188,292,863 73,540,662 Dividends receivable 170,576 482,238 – Receivable for fund Shares sold 459 – – Other receivables 474,324 50,273 306,204 48 Total current assets 293,381,999 191,837,472 78,854,806 59,004
Current liabilities Payable for fund Shares repurchased (15,186) – – (23,784) Management fees payable 2 (11,863) (7,597) (2,869) (27) Investment management fees payable 2 (1,024,380) (298,540) (145,615) (9,053) Administration fees payable 2 (166,271) (214,250) (71,599) (3,082) Depositary fees payable 2 (24,327) (14,475) (8,214) (1,170) Legal fees payable (10,928) (11,771) (2,388) (212) Professional fees payable 2 (9,463) (9,463) (2,144) (194) Audit fees payable 2 (21,427) (21,229) (4,793) (445) Other accrued expenses payable 2 (12,772) (16,252) (951) (21,037) Total current liabilities (1,296,617) (593,577) (238,573) (59,004)
Net asset value attributable to holders of redeemable participating Shares 292,085,382 191,243,895 78,616,233 –
* Montanaro European Focus Fund was terminated on 28 November 2025.
Please refer to Note 12 for NAV and NAV per Share details.
The accompanying notes form an integral part of these financial statements.
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF FINANCIAL POSITION
As at 31 December 2025 (continued)
10
Montanaro Montanaro Montanaro Global Better Global Innovation World Select Fund** Fund Fund Total*** € € € € Current assets Note Cash and cash equivalents 4 30,293 1,587,186 1,037,080 13,495,306 Financial assets at fair value through profit or loss 6 - Equities – 80,322,854 57,648,921 717,569,032 Dividends receivable – 22,857 37,542 783,263 Receivable for fund Shares sold – – – 459 Other receivables 5,361 143,453 7,265 994,230 Total current assets 35,654 82,076,350 58,730,808 732,842,290
Current liabilities Payable for fund Shares repurchased (10,145) (83,140) – (132,255) Management fees payable 2 4,698 (3,257) (2,209) (24,227) Investment management fees payable 2 (4,698) (195,246) (84,290) (1,805,188) Administration fees payable 2 (790) (82,034) (21,430) (590,578) Depositary fees payable 2 (263) (4,510) (4,549) (59,610) Legal fees payable (2) (2,512) (536) (30,059) Professional fees payable 2 (513) (10,283) (1,988) (35,423) Audit fees payable 2 (493) (6,831) (3,166) (61,468) Other accrued expenses payable 2 (23,448) (3,903) (1,586) (82,310) Total current liabilities (35,654) (391,716) (119,754) (2,821,118)
Net asset value attributable to holders of redeemable participating Shares – 81,684,634 58,611,054 730,021,172
** Montanaro Global Innovation Fund was terminated on 20 June 2025.
*** See Foreign Currency Translation Adjustment Note 14.
Please refer to Note 12 for NAV and NAV per Share details.
The accompanying notes form an integral part of these financial statements .
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF COMPREHENSIVE INCOME
Financial Period ended 30 June 2026
11
Montanaro European Montanaro Montanaro Montanaro Smaller UK European Better Companies Income Income World Fund Fund Fund Fund € £ € € Income Note Net realised gain/(loss) on financial assets at fair value through profit or loss and foreign exchange 19,568,421 (849,924) 1,980,891 (5,908,287) Net change in fair value of financial assets at fair value through profit or loss and foreign exchange (3,256,511) 17,213,117 350,360 12,686,326 Dividend income 4,179,489 3,640,600 2,377,825 450,870 Interest income 62,383 53,893 34,848 13,048 Investment income 20,553,782 20,057,686 4,743,924 7,241,957
Expenses Management fee 2 (30,874) (19,802) (8,952) (8,048) Investment management fees 2 (1,684,851) (503,257) (289,375) (300,510) Administration fees 2 (93,450) (104,581) (47,589) (43,122) Depositary fees 2 (34,665) (19,695) (11,162) (11,027) Legal fees (24,729) (14,899) (6,492) (7,116) Directors' fees 2 (17,407) (10,187) (4,525) (4,691) Professional fees 2 (6,606) (3,698) (1,655) (5,747) Audit fees (11,585) (6,536) (3,171) (3,150) Other expenses 2 (114,405) (44,026) (23,982) (34,454) Total operating expenses (2,018,572) (726,681) (396,903) (417,865)
Net income from operations 18,535,210 19,331,005 4,347,021 6,824,092
Withholding taxes (240,258) (109,918) (87,169) (33,789)
Finance costs Income distribution 3 (876,273) (2,146,380) (348,407) (10,442)
Profit for the financial period 17,418,679 17,074,707 3,911,445 6,779,861
Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements .
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF COMPREHENSIVE INCOME
Financial Period ended 30 June 2026 (continued)
12
Montanaro Global Select Fund Total* € € Income Note Net realised (loss)/gain on financial assets at fair value through profit or loss and foreign exchange (3,627,823) 11,033,346 Net change in fair value of financial assets at fair value through profit or loss and foreign exchange 4,569,721 34,194,466 Dividend income 483,071 11,688,411 Interest income 4,922 177,333 Investment income 1,429,891 57,093,556
Expenses Management fee 2 (6,160) (76,863) Investment management fees 2 (135,377) (2,990,305) Administration fees 2 (15,713) (320,444) Depositary fees 2 (6,943) (86,503) Legal fees (5,264) (60,778) Directors' fees 2 (3,541) (41,907) Professional fees 2 (1,479) (19,750) Audit fees (2,396) (27,837) Other expenses 2 (15,910) (239,508) Total operating expenses (192,783) (3,863,895)
Net income from operations 1,237,108 53,229,661
Withholding taxes (67,080) (555,018)
Finance costs Income distribution 3 – (3,709,630)
Profit for the financial period 1,170,028 48,965,013
* See Foreign Currency Translation Adjustment Note 14.
Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements .
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF COMPREHENSIVE INCOME
Financial Period ended 30 June 2025
13
Montanaro European Montanaro Montanaro Montanaro Smaller UK European European Companies Income Income Focus Fund Fund Fund Fund* € £ € € Income Note Net realised gain on financial assets at fair value through profit or loss and foreign exchange 20,284,857 5,386,628 3,620,702 439,010 Net change in fair value of financial assets at fair value through profit or loss and foreign exchange (4,858,480) (23,810,326) 3,161,050 109,276 Dividend income 6,670,747 8,560,594 2,421,807 174,476 Interest income 116,791 94,115 19,318 3,043 Investment income 22,213,915 (9,768,989) 9,222,877 725,805
Expenses Management fee 2 (32,735) (31,964) (7,320) (747) Investment management fees 2 (2,362,034) (1,142,403) (320,888) (31,077) Administration fees 2 (117,383) (149,992) (48,764) (2,529) Depositary fees 2 (42,317) (35,530) (13,705) (1,954) Legal fees (24,462) (28,952) (6,445) (575) Directors' fees 2 (12,511) (14,177) (2,952) (296) Professional fees 2 (7,293) (7,398) (1,568) (158) Audit fees (11,884) (12,849) (3,024) (279) Other expenses 2 (110,003) (92,249) (19,880) (2,200) Total operating expenses (2,720,622) (1,515,514) (424,546) (39,815)
Net income/(loss) from operations 19,493,293 (11,284,503) 8,798,331 685,990
Withholding taxes (643,506) (243,014) (146,361) (13,393)
Finance costs Interest expense (464) – (178) (5) Income distribution 3 (621,261) (4,159,205) (474,333) (7,360)
Profit/(Loss) for the financial period 18,228,062 (15,686,722) 8,177,459 665,232
* Montanaro European Focus Fund was terminated on 28 November 2025.
Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF COMPREHENSIVE INCOME
Financial Period ended 30 June 2025 (continued)
14
Montanaro Montanaro Montanaro Global Better Global Innovation World Select Fund* Fund Fund Total** € € € € Income Note Net realised gain/(loss) on financial assets at fair value through profit or loss and foreign exchange 927,260 (5,712,237) 1,003,730 26,955,999 Net change in fair value of financial assets at fair value through profit or loss and foreign exchange (1,110,837) (2,217,086) (1,197,003) (34,370,408) Dividend income 29,720 1,022,152 383,587 20,861,926 Interest income 2,798 45,916 3,281 302,839 Investment income (151,059) (6,861,255) 193,595 13,750,356
Expenses Management fee 2 (652) (10,049) (4,613) (94,050) Investment management fees 2 (22,192) (537,425) (145,764) (4,775,147) Administration fees 2 (3,052) (62,005) (11,058) (422,797) Depositary fees 2 (2,302) (15,138) (5,799) (123,381) Legal fees (893) (11,978) (2,160) (80,872) Directors' fees 2 (398) (5,542) (1,245) (39,768) Professional fees 2 (3,029) (6,125) (994) (27,947) Audit fees (498) (4,316) (1,155) (36,405) Other expenses 2 (28,053) (51,189) (7,120) (327,923) Total operating expenses (61,069) (703,767) (179,908) (5,928,290)
Net (loss)/income from operations (212,128) (7,565,022) 13,687 7,822,066
Withholding taxes (5,894) (124,169) (56,890) (1,278,614)
Finance costs Interest expense – (6) (14) (667) Income distribution 3 – – – (6,038,964)
(Loss)/Profit for the financial period (218,022) (7,689,197) (43,217) 503,821
* Montanaro Global Innovation Fund was terminated on 20 June 2025.
** See Foreign Currency Translation Adjustment Note 14.
Gains and losses arose solely from continuing investment activities except for Montanaro Global Innovation Fund which arose from discontinued operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
Page 17
MONTANARO SMALLER COMPANIES PLC
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
Financial Period ended 30 June 2026
15
Montanaro European Montanaro Montanaro Montanaro Smaller UK European Better Companies Income Income World Fund Fund Fund Fund € £ € € Net assets value attributable to holders of redeemable participating Shares at the start of the financial period 292,085,382 191,243,895 78,616,233 81,684,634
Profit for the financial period 17,418,679 17,074,707 3,911,445 6,779,861
Issuance of Shares 2,387,250 5,352,190 6,209,790 2,075,211
Redemption of Shares (84,155,256) (42,766,956) (11,077,406) (22,358,756)
Foreign currency translation adjustment 14 – (2,435,118) – –
Net asset value attributable to holders of redeemable participating Shares at the end of the financial period 227,736,055 168,468,718 77,660,062 68,180,950
The accompanying notes form an integral part of these financial statements.
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
Financial Period ended 30 June 2026 (continued)
16
S
Montanaro Global Select Fund Total* € € Net assets value attributable to holders of redeemable participating Shares at the start of the financial period 58,611,054 730,021,172
Profit for the financial period 1,170,028 48,965,013
Issuance of Shares 469,231 17,311,88 7
Redemption of Shares (5,001,204) (171,897,570)
Foreign currency translation adjustment 14 – –
Net asset value attributable to holders of redeemable participating Shares at the end of the financial period 55,249,109 624,400,50 2
* See Foreign Currency Translation Adjustment Note 14.
The accompanying notes form an integral part of these financial statements.
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MONTANARO SMALLER COMPANIES PLC
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
Financial period ended 30 June 2025
17
Montanaro European Montanaro Montanaro Montanaro Smaller UK European European Companies Income Income Focus Fund Fund Fund Fund* € £ € € Net assets value attributable to holders of redeemable participating Shares at the start of the financial period 385,635,478 450,892,050 95,775,382 9,361,409
Profit/(Loss) for the financial period 18,228,062 (15,686,722) 8,177,459 665,232
Issuance of Shares 46,223,438 36,160,606 4,527,331 7,154
Redemption of Shares (61,604,236) (131,181,215) (23,836,213) (2,186,463)
Foreign currency translation adjustment 14 – 14,410,561 – –
Net asset value attributable to holders of redeemable participating Shares at the end of the financial period 388,482,742 354,595,280 84,643,959 7,847,332
* Montanaro European Focus Fund was terminated on 28 November 2025.
The accompanying notes form an integral part of these financial statements.
Page 20
18
MONTANARO SMALLER COMPANIES PLC
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
Financial period ended 30 June 2025 (continued)
Montanaro Montanaro Montanaro Global Better Global Innovation World Select Fund* Fund Fund Total** € € € € Net assets value attributable to holders of redeemable participating Shares at the start of the financial period 11,471,698 168,463,647 40,782,519 1,256,827,842
(Loss)/Profit for the financial period (218,022) (7,689,197) (43,217) 503,821
Issuance of Shares 24,307 9,766,923 24,642,353 128,105,749
Redemption of Shares (11,277,983) (62,278,095) (1,065,344) (317,929,977)
Foreign currency translation adjustment 14 – – – –
Net asset value attributable to holders of redeemable participating Shares at the end of the financial period – 108,263,278 64,316,311 1,067,507,435
* Montanaro Global Innovation Fund was terminated on 20 June 2025.
** See Foreign Currency Translation Adjustment Note 14.
The accompanying notes form an integral part of these financial statements.
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MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Financial Period ended 30 June 2026
19
1. Statement of Accounting Policies
Principal Accounting Policies
The accounting policies applied are consistent with those of the annual financial statements for the financial year ended 31 December 2025 as described in those financial statements.
Basis of Preparation These condensed interim financial statements (unaudited) for the financial period ended 30 June 2026 have been prepared on a going concern basis, in accordance with the provisions of the Companies Act 2014, Financial Reporting Standard (“FRS”) 104 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland issued by the Financial Reporting Council (“FRC”), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the "UCITS Regulations"), the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 20 26 (the “Central Bank UCITS Regulations”).
The condensed interim financial statements (unaudited) have been prepared on a historical cost basis, except for financial instruments classified at fair value through profit or loss that have been measured at fair value. The condensed interim financial statements (unaudited) should be read in conjunction with the annual audited financial statements for the financial year ended 31 December 2025 that were prepared in accordance with FRS 102 and Irish statute comprising the Companies Act 2014, the UCITS Regulations, the Central Bank UCITS Regulations.
The Company has availed of the exemption available to open-ended investment funds under Section 7 “Statement of Cash Flows” of FRS 102, not to prepare a cash flow statement on the basis that substantially all of the Company’s investments are highly liquid and carried at fair value, and the Company provides a Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. Under FRS 104, as the Company, in accordance with this FRS 102 exemption, has not presented a cash flow statement for its annual audited financial statements, there is a conditional exemption from the preparation of a cash flow statement for the condensed interim financial statements.
2. Fees
Management Fee Waystone Management Company (IE) Limited (the “Manager”), as per the agreement signed on 1 October 2021 between the Company and the Manager (the “Management Agreement”), shall be entitled to receive out of the assets of the Funds an annual fee in respect of such Fund or Funds or in respect of each Class of any such Fund, accrued daily, calculated monthly and payable monthly in arrears of up to and not exceeding 0.01% of the Net Asset Value of such Fund or Class as set out in the relevant Supplement. The fee payable to the Manager is subject to a minimum fee of €75,000 per annum based on a single Fund and €20,000 per annum per each additional Fund. The Manager shall be entitled to be reimbursed by the Company for reasonable out of pocket and marketing expenses incurred by it. Each Fund will bear its proportion of the fees and expenses of the Manager. Management fees charged during the financial period ended 30 June 2026 were € 76,863 (30 June 2025: € 94,050) of which €26,922 (31 December 2025: €24,227) was payable at period end.
Investment Management Fee
The following Investment Management fees are paid to Montanaro Asset Management Limited (the “Investment Manager”): % of Net Assets
Minimum Subscription Montanaro European Smaller Companies Fund Euro Accumulation Class 1 1.50 N/A Euro Class 1 1.50 N/A Euro Institutional Accumulation Class 0.50 €250,000,000 Euro Institutional Distribution Class 0.75 €50,000,000 Sterling Class 1 1.50 N/A Sterling Institutional Distribution Class 0.75 £50,000,000 Swedish Krona Accumulation Class 1.50 SEK10,000 US Dollar Class 1 1.50 N/A
Page 22
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
20
2. Fees (continued) Investment Management Fee (continued)
% of Net Assets
Minimum Subscription Montanaro UK Income Fund Euro Clas s 1 0.75 N/A Euro Seed Class 1,2 0.45 N/A Sterling Accumulation Class 1 0.75 N/A Sterling Class 1 0.75 N/A Sterling Seed Class 1,2 0.45 N/A
Montanaro European Income Fund Euro Class 1 0.75 N/A Sterling Accumulation Class 1 0.75 N/A Sterling Class 1 0.75 N/A Sterling Institutional Distribution Class 0.45 £25,000,000
Montanaro Better World Fund Euro Accumulation A Class 1 1.50 N/A Euro Accumulation Class 1,3 0.85 N/A Euro Distribution Class 1 0.85 N/A Sterling Distribution Class 1 0.85 N/A Swedish Krona Institutional Accumulation Class 3 0.70 €150,000,000
Montanaro Global Select Fund Euro Accumulation A Class 1 0.75 N/A Euro Accumulation B Class 0.55 €75,000,000 GBP Accumulation B Class 0.55 £75,000,000
1 These respective Share Classes have no minimum subscription amount required to subscribe to the Share Class as per the Prospectus. 2 Effective 1 January 2025, the Investment Management fee rate charged to Euro Seed Class and Sterling Seed Class of Montanaro UK Income fund increased from 0.40% per annum to 0.45% per annum. However, as per the Prospectus, the Investment Manager is entitled to charge a fee of up to 0.75% per annum. 3 The Swedish Krona Institutional Accumulation Class of the Fund pays the Investment Manager a basic Management fee of 0.70% per annum. However, as per the Prospectus, the Investment Manager is entitled to charge a fee of up to 0.75% in respect of the Swedish Krona Institutional Accumulation Share Class.
The Investment Management fees accrue daily on the basis of the NAV of the Funds on each dealing day and will be payable quarterly in arrears.
The Investment Manager earned an Investment Management fee of €2,990,305 for the financial period ended 30 June 2026 (30 June 2025: €4,775,147) of which €1,451,421 (31 December 2025: €1,805,188) was payable at period end.
Performance Fees The Investment Manager (with the exception of the Euro Institutional Accumulation Class of the Montanaro European Smaller Companies Fund, all Classes of the Montanaro UK Income Fund, all Classes of the Montanaro European Income Fund, all Classes of the Montanaro Better World Fund and all Classes of the Montanaro Global Select Fund) may be entitled to receive an annual performance-related fee based on the outperformance per Share over the return on the benchmark in the relevant currency of the Share Class. The Performance fee payable will be 20%* (plus VAT, if any) of the amount by which the increase in the NAV per Share, having adjusted the closing NAV per Share by (i) adding back the impact of any accruing Performance fee, and (ii) adding back and compounding at the rate of return of the NAV of the Share Class any dividends paid or payable by reference to the financial period in question, exceeds the higher of High Water Mark or the return on the benchmark plus 3 percentage points (plus 3 percentage points not applicable for the Montanaro Global Innovation Fund) over the relevant financial period. It will be calculated based on the time weighted average number of Shares in issue during the relevant period.
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MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
21
2. Fees (continued) Performance Fees (continued) A Performance fee will only be payable in respect of any financial period if the closing NAV per Share of the relevant Class at the end of the period (adjusted for the matters described above) exceeds the higher of (a) the opening NAV per Share of that Class for the relevant period or the price at which such Shares were issued if the initial issue of the relevant Class of Shares occurred during the Performance Fee Period; and (b) the closing NAV per Share of that Class on the last Performance Fee Period end when a Performance fee was paid (if any).
For the financial period ended 30 June 2026, the Investment Manager earned Performance fees of €Nil (30 June 2025: €Nil), of which €Nil (31 December 2025: €Nil) was payable at the financial period end.
There were no Performance fees charged during the financial period ended 30 June 2026 and 30 June 2025.
Administration and Depositary Fees The Manager has entered into an administration agreement with BNY Mellon Fund Services (Ireland) Designated Activity Company (the “Administrator”) under which the Administrator receives an Administration fee. The Administration fee accrues daily and is paid monthly in arrears. The Administration fee was €320,444 for the financial period ended 30 June 2026 (30 June 2025: €422,797) of which €593,412 (31 December 2025: €590,578) was payable at period end.
The Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary”), is paid an annual fee accruing daily and paid monthly in arrears. The Depositary fee was €86,503 for the financial period ended 30 June 2026 (30 June 2025: €123,381) of which €57,922 (31 December 2025: €59,610) was payable at the financial period end.
The aggregate of the Administration and Depositary fee shall not exceed 0.25% of the NAV of each Fund.
Directors’ Fees Each of the Directors who are not Directors, officers or employees of the Investment Manager and Promoter or any affiliate thereof shall be entitled to such remuneration for his or her services as the Directors may determine provided that the aggregate emoluments of all Directors in respect of any twelve month period shall not exceed £120,000 plus out of pocket expenses, or such higher amount as may be approved by the Company in a general meeting. The Directors’ fees were €41,907 for the financial period ended 30 June 2026 (30 June 2025: €39,768).
Professional Fees For the financial period ended 30 June 2026, Professional Fees, which principally comprised Taxation fees, Directors’ indemnity insurance premiums (D&O) and Investment Committee fees (charged only in respect of the Montanaro Global Innovation Fund), amounted to €19,750 (30 June 2025: €27,947) of which €33,113 (31 December 2025: €35,423) was payable at the financial period end.
. Montanaro European Montanaro Montanaro Montanaro Montanaro Smaller UK European Better Global Companies Income Income World Select Fund Fund Fund Fund Fund Total* 30 June 2026 € £ € € € € Taxation fees (5,174) (2,814) (1,319) (5,351) (1,214) (16,302) Directors' indemnity insurance premiums (D&O) (1,432) (884) (336) (396) (265) (3,448) (6,606) (3,698) (1,655) (5,747) (1,479) (19,750)
* See Foreign Currency Translation Adjustment Note 14.
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MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
2 2
2. Fees (continued)
Professional Fees (continued) Montanaro European Montanaro Montanaro Montanaro Montanaro Montanaro Montanaro Smaller Companies Fund
UK Income Fund
European Income Fund
European Focus Fund
Global Innovation Fund*
Better World Fund
Global Select Fund Total** 30 June 2025 € £ € € € € € € Taxation fees (6,063) (5,856) (1,268) (129) (2,903) (5,437) (887) (23,637) Directors' indemnity insurance premiums (D&O) (1,230) (1,542) (300) (29) (34) (688) (107) (4,218) Investment Committee fees – – – – (92) – – (92) (7,293) (7,398) (1,568) (158) (3,029) (6,125) (994) (27,947)
* Montanaro Global Innovation Fund was terminated on 20 June 2025. ** See Foreign Currency Translation Adjustment Note 14.
Other Expenses Other Expenses are principally comprised of Board Meeting fees, Listing and Publishing fees, VAT costs, Index fees, Printing fees, Electronic payment fees, Redemptions payable and Rating fees. For the financial period ended 30 June 2026, other expenses totalled €239,508 (30 June 2025: €327,923). Other expenses payable at the financial period end amounted to €29,625 (31 December 2025: 82,310).
3. Distribution Policy
Distributions may be paid out of the net distributable income of the Company, otherwise, all income and gains of the Company will be accumulated within the Company. Montanaro European Smaller Companies Fund (with the exception of the Euro Institutional Accumulation Class , USD Distribution Class and the Swedish Krona Accumulation Class), Montanaro UK Income Fund, Montanaro European Income Fund, Montanaro Better World Fund (with the exception of the Euro Accumulation Class, Euro 'A' Accumulation Class and the Swedish Krona Institutional Accumulation Class) and the Global Select Fund (with the exception of the Euro Accumulation A Share Class) are registered as reporting funds under the UK Reporting Fund Regime.
In the event that the net distributable income generated by the Montanaro UK Income Fund and by the Montanaro European Income Fund during the relevant financial period and attributable to the relevant Class is insufficient to pay a distribution which is declared, the Directors may at their discretion determine such dividends may be paid from the capital of the Fund. For the financial period ended 30 June 2026 all distributions were paid out of income apart from distributions of €47,063 (30 June 2025: €94,847) on the Montanaro European Income Fund.
The Company made the following distributions to redeemable participating Shareholders during the financial period ended 30 June 2026 and 30 June 2025:
Montanaro European Montanaro Montanaro Montanaro Montanaro Montanaro Montanaro Smaller UK European European Global Better Global Companies Income Income Focus Innovation World Select Fund Fund Fund Fund* Fund** Fund Fund Total*** € £ € € € € € € 30 June 2026 876,273 2,146,380 348,407 – – 10,442 – 3,709,630 30 June 2025 621,261 4,159,205 474,333 7,360 – – – 6,038,964
* Montanaro European Focus Fund was terminated on 28 November 2025. ** Montanaro Global Innovation Fund was terminated on 20 June 2025. *** See Foreign Currency Translation Adjustment Note 14.
Page 25
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
23
4. Cash and Cash Equivalents
At the financial period end, the Company had a cash balance totalling €17,549,089 (31 December 2025: €13,495,306) with Bank of New York Mellon SA/NV, Dublin Branch.
5. Related Party Transactions
Parties are considered related if one party has the authority to control the other party or exercise significant influence over the other party in making financial or other reporting decisions, or is a member of the key management personnel of the reporting entity.
During the financial period, the following Related Party Transactions were entered into:
Please refer to Note 2 Fees for the Director Fee details.
Cedric Durant des Aulnois, a Director of the Company, held 2,919 (31 December 2025: 2,919) Shares in the Montanaro UK Income Fund as at 30 June 2026.
No other Directors, nor the Secretary, had any interest in the Shares or deferred Shares of the Company during the financial period ending 30 June 2026 and 30 June 2025.
No other Director of the Company had at any time during the financial period a material interest in any contract of significance, existing during or at the end of the financial period, in relation to the business of the Company.
Fees paid to the Investment Manager during the financial period and the balances outstanding at the financial period end are disclosed in note 2 of the financial statements.
The following entities are related parties, by virtue of the fact that each have the same ultimate parent group, Montanaro Asset Management Limited, which held Shares in the Company as follows:
30 June 2026
31 December 2025
30 June 2025
Montanaro Asset Management Limited 15,027,755 15,025,411 12,086,918 Montanaro Growth & Income Fund Limited Partnership No. 3 9,763,984 9,757,828 10,422,668
The Investment Manager has the discretion to waive some or all of its “Investment Management Fee” on certain Share Classes and information concerning the various waivers in place for the reporting period are disclosed in Note 2. As at 30 June 2026 and 31 December 2025 there were 7 Subscriber Shares of €1 each in issue (being the minimum share capital of the Company) held by the Investment Manager.
6. Measurement Of Investments At Fair Value Through Profit And Loss
Fair Value Estimation Under FRS 102, the Company is required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1 The unadjusted traded price in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs other than traded prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.
The best evidence of fair value is a traded price for an identical asset or liability in an active market and is therefore classified within Level 1. These include actively traded equities, exchange traded derivatives and other traded securities. Traded in an active market in this context means traded prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis.
Page 26
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
24
6. Measurement Of Investments At Fair Value Through Profit And Loss (continued)
Fair Value Estimation (continued) When traded prices are unavailable, the price of a recent transaction for an identical asset or liability provides evidence of fair value and is classified within Level 2, as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. These include money market instruments, certain traded equities and open-ended collective investment schemes. If the Company can demonstrate that the last transaction price is not a good estimate of fair value (e.g. because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), then that price is adjusted.
If the market for the asset or liability is not active and recent transactions of an identical asset or liability on their own are not a good estimate of fair value, the Company estimates the fair value by using a valuation technique and classifies the asset or liability within Level 3. These include investment-grade government and corporate bonds, over-the-counter derivatives, private equity and corporate debt securities. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations. Valuation techniques include using recent arm’s length market transactions for an identical asset or liability between knowledgeable, willing parties, if available, reference to the current fair value of another asset or liability that is substantially the same as the asset or liability being measured, discounted cash flow analysis and option pricing model. If there is a valuation technique commonly used by market participants to price the asset or liability and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Company uses that technique.
The Company’s investments values are based on traded market prices in active markets and therefore all of the Company’s investments were classified as Level 1 at 30 June 2026 and 31 December 2025. There were no transfers between levels during the financial period (31 December 2025: Nil). The Company does not hold any investments classified within Level 2 or Level 3. The fair value levels of the securities held by the Funds are monitored on a monthly basis by the Investment Manager. There were no financial liabilities held at 30 June 2026 and 31 December 2025.
7. Soft Commission Arrangements
No soft commission arrangements were entered into during the financial period ended 30 June 2026, the financial year ended 31 December 2025 or the financial period ended 30 June 2025.
8. Efficient Portfolio Management
The Company may, on behalf of a Fund, use techniques and instruments for the purposes of efficient portfolio management (including but not limited to forward foreign currency contracts, futures contracts, options, put and call options on securities, indices and currencies, stock index contracts, swap contracts) subject to the restrictions and limitations laid down by the Central Bank. The Company may engage in such techniques and instruments for the reduction of risk, cost or the generation of additional capital or income for a Fund with an appropriate level of risk, taking into account the risk profile of the Company as described in the Prospectus and the general provisions of the UCITS Regulations.
The Company does not currently use financial derivative instruments and it is not the current intention of the Investment Manager to employ efficient portfolio management techniques. A risk management process will be submitted to the Central Bank in accordance with the Central Bank's requirements prior to the Company engaging in financial derivative transactions on behalf of a Fund.
The Company did not enter into any derivative contracts during the financial period ended 30 June 2026, the financial year ended 31 December 2025 or the financial period ended 30 June 2025 for efficient portfolio management or any other purpose.
9. Share Capital and Redeemable Participating Shares
The authorised share capital of the Company is 1,000,000,000 redeemable participating Shares of no par value. The redeemable participating Shares issued by the Company are freely transferable and are entitled to participate equally in the profits and dividends of the relevant Fund and its assets upon liquidation. The redeemable participating Shares, which are of no par value and which must be fully paid up on issue, carry no preferential or pre-emptive rights. Holders of redeemable participating Shares are entitled on a poll to one vote at general meetings of the Company in respect of each redeemable participating Share held.
Page 27
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
25
9. Share Capital and Redeemable Participating Shares (continued)
Subscriber Shares The Company has authorised share capital of €38,100 (divided into 38,100 Subscriber Shares of one Euro each). As at 30 June 2026 and 31 December 2025 there were 7 Subscriber Shares of €1 each in issue (being the minimum share capital of the Company) held by the Investment Manager. Subscriber Shares do not entitle the holders to any dividend and on a winding-up entitle the holder to receive the amount paid thereon but not otherwise to participate in the assets of the Company. The Subscriber Shares do not form part of redeemable participating Shareholders’ Funds. They are thus disclosed by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company’s business as an investment fund.
Redemption of Shares Shareholders may redeem their Shares on and with effect from any dealing day at the NAV per Share calculated on or with respect to the relevant dealing day in accordance with the procedures specified in the relevant Supplement (save during any period when the calculation of NAV is suspended). If the redemption of part only of a Shareholder’s shareholding would leave the Shareholder holding less than the Minimum Holding for the relevant Fund, the Directors or their delegates may, if they think fit, redeem the whole of that Shareholder's holding.
In the event that the net distributable income generated by the Montanaro UK Income Fund and by the Montanaro European Income Fund during the relevant financial period and attributable to the relevant Class is insufficient to pay a distribution which is declared, the Directors may at their discretion determine such dividends may be paid from the capital of the Fund. Shareholders should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount originally invested or capital gains attributable to and may result in an immediate decrease in the value of the Shares of the relevant Class and will reduce any capital appreciation for the Shareholders of such Class.
Share Classes Shares will be issued to investors as Shares of a Class in the Funds. The Directors may, whether on the establishment of each Fund or from time to time, with prior notification to, and clearance by the Central Bank, create more than one Class of Shares in each of the Funds. The Directors may, in their absolute discretion, differentiate between Classes of Shares, without limitation, as to currency denomination of a particular Class, dividend policy, hedging strategies if any applied to the designated currency of particular Classes, fees and expenses or the minimum subscription or minimum holding applicable.
Where the amount subscribed for Shares is not equivalent to an exact number of Shares, fractions of Shares may be issued to the nearest one thousandth of a Share. The holder of a fraction of a Share may not exercise any voting right in respect of such Share.
30 June 2026
Shares in issue at beginning of financial period Subscriptions Redemptions
Shares in issue at end of financial period Montanaro European Smaller Companies Fund Euro Accumulation Class 14,582,565 12,716 (2,617,894) 11,977,387 Euro Class 10,164,486 551 (4,411,032) 5,754,005 Euro Institutional Accumulation Class 4,081,820 94,803 (735,330) 3,441,293 Euro Institutional Distribution Class 5,827,266 149,724 (2,297,286) 3,679,704 Sterling Class 793,592 9,879 (43,887) 759,584 Sterling Institutional Distribution Class 1,479,668 18,015 (159,719) 1,337,964 Swedish Krona Accumulation Class 317,630 – – 317,630 US Dollar Class 54,655 – – 54,655
Montanaro UK Income Fund Euro Class 79,583 2 (26,694) 52,891 Euro Seed Class 441,391 24,345 (65,431) 400,305 Sterling Accumulation Class 14,766,923 884,935 (4,620,039) 11,031,819 Sterling Class 59,916,856 2,457,651 (8,658,029) 53,716,478 Sterling Seed Class 61,922,433 914,097 (14,906,916) 47,929,614
Page 28
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
26
9. Share Capital and Redeemable Participating Shares (continued)
30 June 2026
Shares in issue at beginning of financial period Subscriptions Redemptions
Shares in issue at end of financial period
Montanaro European Income Fund Euro Class 14,408,306 1,344,295 (839,244) 14,913,357 Sterling Accumulation Class 2,010,269 113,543 (175,380) 1,948,432 Sterling Class 19,829,638 548,500 (3,464,448) 16,913,690 Sterling Institutional Distribution Class 1,302,339 2,275,462 – 3,577,801
Montanaro Better World Fund A Euro Accumulation Class 745,298 94,794 (12,947) 827,145 Euro Accumulation Class 12,959,297 295,609 (7,034,664) 6,220,242 Euro Distribution Class 16,950,851 403,794 (5,979,190) 11,375,455 Sterling Distribution Class 27,803,322 752,755 (5,207,255) 23,348,822 Swedish Krona Institutional Accumulation Class 4,073,822 – – 4,073,822
Montanaro Global Select Fund Euro Accumulation A Class 2,320,815 – – 2,320,815 Euro Accumulation B Class 2,320,815 – – 2,320,815 GBP Accumulation B Class 47,693,240 431,747 (4,677,547) 43,447,440
31 December 2025
Shares in issue at beginning of financial year Subscriptions Redemptions
Shares in issue at end of financial year Montanaro European Smaller Companies Fund Euro Accumulation Class 17,116,526 3,707,393 (6,241,354) 14,582,565 Euro Class 14,212,438 1,263,277 (5,311,229) 10,164,486 Euro Institutional Accumulation Class 4,360,241 286,840 (565,261) 4,081,820 Euro Institutional Distribution Class 9,607,496 518,513 (4,298,743) 5,827,266 Sterling Class 1,063,537 111,627 (381,572) 793,592 Sterling Institutional Distribution Class 2,960,049 455,337 (1,935,718) 1,479,668 Swedish Krona Accumulation Class 317,630 – – 317,630 US Dollar Class 54,655 – – 54,655
Montanaro UK Income Fund Euro Class 155,486 20,025 (95,928) 79,583 Euro Seed Class 709,249 26,762 (294,620) 441,391 Sterling Accumulation Class 101,726,415 9,293,086 (96,252,578) 14,766,923 Sterling Class 120,914,919 9,102,920 (70,100,983) 59,916,856 Sterling Seed Class 106,401,493 15,836,593 (60,315,653) 61,922,433
Montanaro European Income Fund Euro Class 13,411,261 2,463,605 (1,466,560) 14,408,306 Sterling Accumulation Class 2,321,891 222,804 (534,426) 2,010,269 Sterling Class 28,883,378 3,220,632 (12,274,372) 19,829,638 Sterling Institutional Distribution Class – 1,302,339 – 1,302,339
Page 29
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
27
9. Share Capital and Redeemable Participating Shares (continued)
31 December 2025
Shares in issue at beginning of financial year Subscriptions Redemptions
Shares in issue at end of financial year
Montanaro European Focus Fund* Euro Distribution Class 711,788 8,399 (720,187) Euro Institutional Accumulation Class 3,018,864 – (3,018,864) –
Montanaro Global Innovation Fund** Euro Accumulation A Class 1,200,378 – (1,200,378) Euro Accumulation B Class 1,105,367 – (1,105,367) Sterling Accumulation A Class 1,977,944 25,264 (2,003,208) Sterling Accumulation B Class 3,187,245 60 (3,187,305) –
Montanaro Better World Fund A Euro Accumulation Class 1,630,544 912,085 (1,797,331) 745,298 Euro Accumulation Class 16,233,287 6,574,750 (9,848,740) 12,959,297 Euro Distribution Class 24,025,696 2,157,238 (9,232,083) 16,950,851 Sterling Distribution Class 64,028,491 5,176,648 (41,401,817) 27,803,322 Swedish Krona Institutional Accumulation Class 4,727,858 – (654,036) 4,073,822
Montanaro Global Select Fund Euro Accumulation A Class 2,320,815 – – 2,320,815 Euro Accumulation B Class 2,320,815 – – 2,320,815 GBP Accumulation B Class 28,189,068 20,639,922 (1,135,750) 47,693,240
* Montanaro European Focus Fund was terminated on 28 November 2025. ** Montanaro Global Innovation Fund was terminated on 20 June 2025.
30 June 2025
Shares in issue at beginning of financial period Subscriptions Redemptions
Shares in issue at end of financial period Montanaro European Smaller Companies Fund Euro Accumulation Class 17,116,526 3,670,861 (375,652) 20,411,735 Euro Class 14,212,438 1,263,264 (3,950,933) 11,524,769 Euro Institutional Accumulation Class 4,360,241 229,724 (309,694) 4,280,271 Euro Institutional Distribution Class 9,607,496 327,519 (1,219,491) 8,715,524 Sterling Class 1,063,537 95,993 (325,741) 833,789 Sterling Institutional Distribution Class 2,960,049 402,028 (1,443,823) 1,918,254 Swedish Krona Accumulation Class 317,630 – – 317,630 US Dollar Class 54,655 – – 54,655
Montanaro UK Income Fund Euro Class 155,486 3,216 (57,601) 101,101 Euro Seed Class 709,249 – (226,827) 482,422 Sterling Accumulation Class 101,726,415 7,886,859 (25,109,179) 84,504,095 Sterling Class 120,914,919 5,254,210 (59,171,934) 66,997,195 Sterling Seed Class 106,401,493 12,113,208 (22,149,855) 96,364,846
Page 30
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
28
9. Share Capital and Redeemable Participating Shares (continued)
30 June 2025
Shares in issue at beginning of financial period Subscriptions Redemptions
Shares in issue at end of financial period
Montanaro European Income Fund Euro Class 13,411,261 1,118,709 (647,862) 13,882,108 Sterling Accumulation Class 2,321,891 136,481 (271,515) 2,186,857 Sterling Class 28,883,378 1,027,488 (8,611,489) 21,299,377
Montanaro European Focus Fund* Euro Distribution Class 711,788 5,873 (540,493) 177,168 Euro Institutional Accumulation Class 3,018,864 – (495,900) 2,522,964
Montanaro Global Innovation Fund** Euro Accumulation A Class 1,200,378 – (1,200,378) Euro Accumulation B Class 1,105,367 – (1,105,367) Sterling Accumulation A Class 1,977,944 25,264 (2,003,208) Sterling Accumulation B Class 3,187,245 60 (3,187,305) –
Montanaro Better World Fund A Euro Accumulation Class 1,630,544 724,151 (50,892) 2,303,803 Euro Accumulation Class 16,233,287 2,833,293 (4,853,439) 14,213,141 Euro Distribution Class 24,025,696 1,935,090 (4,704,058) 21,256,728 Sterling Distribution Class 64,028,491 2,550,378 (31,054,921) 35,523,948 Swedish Krona Institutional Accumulation Class 4,727,858 – (380,623) 4,347,235
Montanaro Global Select Fund Euro Accumulation A Class 2,320,815 – – 2,320,815 Euro Accumulation B Class 2,320,815 – – 2,320,815 GBP Accumulation B Class 28,189,068 19,929,404 (866,225) 47,252,247
* Montanaro European Focus Fund was terminated on 28 November 2025 ** Montanaro Global Innovation Fund was terminated on 20 June 2025.
10. Exchange Rates
The exchange rates to Euro (€) at the financial period ended 30 June 2026, financial year ended 31 December 2025 and financial period ended 30 June 2025 are as follows:
30 June 2026 31 December 2025 30 June 2025 Australian Dollar 1.6503 1. 7612 1.7912 Canadian Dollar 1.6221 1.6099 1.6017 Danish Krone 7.4749 7.4690 7.4608 Israeli New Shekel 3.4064 3.7431 3.9529 Japanese Yen 185.8150 184.0892 169.5569 New Taiwan Dollar 36.4216 36.9018 34.2905 New Zealand Dollar 2.0098 2.0423 1.9337 Norwegian Krone 11.3135 11.8465 11.8790 Pound Sterling 0.8614 0.8732 0.8566 Swedish Krona 11.0650 10.8270 11.1873 Swiss Franc 0.9222 0.9305 0.9344 US Dollar 1.1433 1.1745 1.1739
Page 31
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
29
11. Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not liable to Irish tax on its income or gains. However, Irish tax may arise on the happening of a "chargeable event". A chargeable event includes any distribution payments to Shareholders, any encashment, redemption, cancellation or transfer of Shares and the holding of Shares at the end of each eight year period beginning with the acquisition of such Shares.
No Irish tax will arise on the Company in respect of chargeable events in respect of:
(a) a Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Fund; and
(b) certain exempted Irish tax resident Shareholders who have provided the Fund with the necessary signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Fund or its Shareholders.
12. Net Asset Value per Redeemable Participating Share at last traded price
30 June 2026
Net Assets for dealing Shares in issue NAV per Share
Montanaro European Smaller Companies Fund Euro Accumulation Class €96,474,275 11,977,387 €8.055 Euro Class €47,978,578 5,754,005 €8.338 Euro Institutional Accumulation Class €32,756,753 3,441,293 €9.519 Euro Institutional Distribution Class €31,255,170 3,679,704 €8.494 Sterling Class £5,472,33 4 759,584 £7.204 Sterling Institutional Distribution Class £10,201,16 7 1,337,964 £7.624 Swedish Krona Accumulation Class SEK9,511,906 317,630 SEK29.946 US Dollar Class $247,386 54,655 $4.526
Montanaro UK Income Fund Euro Class €47,449 52,891 €0.897 Euro Seed Class €520,987 400,305 €1.301 Sterling Accumulation Class £13,602,6 94 11,031,819 £1.233 Sterling Class £59,134,2 80 53,716,478 £1.101 Sterling Seed Class £95,242,1 86 47,929,614 £1.987 Montanaro European Income Fund Euro Class €22,240,389 14,913,357 €1.491 Sterling Accumulation Class £3,086 ,700 1,948,432 £1.584 Sterling Class £40,95 3 , 009 16,913,690 £2.421 Sterling Institutional Distribution Class £3,699,10 6 3,577,801 £1.034
Montanaro Better World Fund A Euro Accumulation Class €757,553 827,145 €0.916 Euro Accumulation Class €6,055,241 6,220,242 €0.973 Euro Distribution Class €16,835,869 11,375,455 €1.480 Sterling Distribution Class £34,137,8 48 23,348,822 £1.462 Swedish Krona Institutional Accumulation Class SEK54,239,561 4,073,822 SEK13.314
Page 32
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
30
12. Net Asset Value per Redeemable Participating Share at last traded price (continued)
30 June 2026
Net Assets for dealing Shares in issue NAV per Share
Montanaro Global Select Fund Euro Accumulation A Class €2,613,939 2,320,815 €1.126 Euro Accumulation B Class €2,623,119 2,320,815 €1.130 GBP Accumulation B Class £43,080,6 60 43,447,440 £0.992
31 December 2025
Net Assets for dealing Shares in issue NAV per Share Montanaro European Smaller Companies Fund Euro Accumulation Class €110,003,427 14,582,565 €7.543 Euro Class €79,610,987 10,164,486 €7.832 Euro Institutional Accumulation Class €36,207,837 4,081,820 €8.871 Euro Institutional Distribution Class €46,673,058 5,827,266 €8.009 Sterling Class £5,442,316 793,592 £6.858 Sterling Institutional Distribution Class £10,782,787 1,479,668 £7.287 Swedish Krona Accumulation Class SEK8,716,613 317,630 SEK27.443 US Dollar Class $238,464 54,655 $4.363
Montanaro UK Income Fund Euro Class €64,971 79,583 €0.816 Euro Seed Class €521,906 441,391 €1.182 Sterling Accumulation Class £16,570,302 14,766,923 £1.122 Sterling Class £60,839,512 59,916,856 £1.015 Sterling Seed Class £113,321,642 61,922,433 £1.830
Montanaro European Income Fund Euro Class €20,483,889 14,408,306 €1.422 Sterling Accumulation Class £3,063,110 2,010,269 £1.524 Sterling Class £46,396,300 19,829,638 £2.340 Sterling Institutional Distribution Class £1,299,696 1,302,339 £0.998
Montanaro Better World Fund A Euro Accumulation Class €618,212 745,298 €0.829 Euro Accumulation Class €11,385,017 12,959,297 €0.879 Euro Distribution Class €22,658,904 16,950,851 €1.337 Sterling Distribution Class £37,197,459 27,803,322 £1.338 Swedish Krona Institutional Accumulation Class SEK47,874,519 4,073,822 SEK11.752
Montanaro Global Select Fund Euro Accumulation A Class €2,550,014 2,320,815 €1.099 Euro Accumulation B Class €2,556,433 2,320,815 €1.102 GBP Accumulation B Class £46,718,330 47,693,240 £0.980
Page 33
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
31
12. Net Asset Value per Redeemable Participating Share at last traded price (continued)
30 June 2025
Net Assets for dealing Shares in issue NAV per Share Montanaro European Smaller Companies Fund Euro Accumulation Class €159,483,111 20,411,735 €7.813 Euro Class €93,494,518 11,524,769 €8.112 Euro Institutional Accumulation Class €39,128,697 4,280,271 €9.142 Euro Institutional Distribution Class €72,029,833 8,715,524 €8.265 Sterling Class £5,810,204 833,789 £6.968 Sterling Institutional Distribution Class £14,150,769 1,918,254 £7.377 Swedish Krona Accumulation Class SEK9,328,817 317,630 SEK29.370 US Dollar Class $246,868 54,655 $4.517
Montanaro UK Income Fund Euro Class €88,520 101,101 €0.876 Euro Seed Class €610,865 482,422 €1.266 Sterling Accumulation Class £97,140,279 84,504,095 £1.150 Sterling Class £71,579,873 66,997,195 £1.068 Sterling Seed Class £185,276,031 96,364,846 £1.923
Montanaro European Income Fund Euro Class €20,748,430 13,882,108 €1.495 Sterling Accumulation Class £3,338,064 2,186,857 £1.526 Sterling Class £51,395,223 21,299,377 £2.413 Montanaro European Focus Fund Euro Distribution Class €229,007 177,168 €1.293 Euro Institutional Accumulation Class €7,618,325 2,522,964 €3.020
Montanaro Better World Fund A Euro Accumulation Class €2,036,245 2,303,803 €0.884 Euro Accumulation Class €13,257,748 14,213,141 €0.933 Euro Distribution Class €30,170,515 21,256,728 €1.419 Sterling Distribution Class £49,505,459 35,523,948 £1.394 Swedish Krona Institutional Accumulation Class SEK56,005,663 4,347,235 SEK12.883
Montanaro Global Select Fund Euro Accumulation A Class €2,824,796 2,320,815 €1.217 Euro Accumulation B Class €2,829,051 2,320,815 €1.219 GBP Accumulation B Class £50,250,613 47,252,247 £1.063
13. Comparatives
Comparative information for the Statement of Financial Position is as at 31 December 2025. Comparative information for the Statement of Comprehensive Income and the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares is for the period ended 30 June 2025.
Page 34
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
32
14. Foreign Currency Translation Adjustment
The difference between the financial period end and average exchange rates has resulted in a notional foreign currency translation adjustment in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. The foreign currency translation adjustment for the financial period ended 30 June 2026 for Montanaro UK Income Fund was a loss of £2,435,118 (30 June 2025: before profit of £14,410,561).
The following exchange rates were used to convert the presentation currency of the Company.
30 June 2026 Average Euro/Pound Sterling 1.1529 Spot Euro/Pound Sterling 1.1609
31 December 2025 Average Euro/Pound Sterling 1.1672 Spot Euro/Pound Sterling 1.1456
30 June 2025 Average Euro/Pound Sterling 1.1868 Spot Euro/Pound Sterling 1.1674
15. Right to Publicly Market Shares in Germany
According to Sec. 310 German Capital Investment Code (Kapitalanlagegesetzbuch, KAGB) the Company has notified the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) (Federal Institute for the Supervision of Financial Services) of its intention to publicly distribute Shares in Germany. The Company has the right to publicly distribute Shares in Germany upon completion of the notification process. The following Share Classes of the Montanaro European Smaller Companies Fund may be marketed to investors in Germany:
Euro Accumulation Class Euro Class Euro Institutional Distribution Class
No notification has been filed with BaFin for the remaining Classes of the Montanaro European Smaller Companies Fund (Euro Institutional Accumulation Class, Sterling Class, Sterling Institutional Distribution Class, Swedish Krona Accumulation Class and US Dollar Class), Montanaro UK Income Fund, Montanaro European Income Fund, Montanaro Better World Fund and Montanaro Global Select Fund.
16. Events during the Financial Period
The following distributions were approved by the Directors during the financial year ended 31 December 2025 and paid during the financial period ending 30 June 2026:
Ex-Date of 2 January 2026
Montanaro UK Income Fund Share Class Rate per Share Distribution Euro Class € 0.00 5385 € 429 Euro Seed Class € 0.007797 € 3,442 Sterling Class £ 0.006698 £ 401,612 Sterling Seed Class £ 0.0 12067 £ 747,189
Montanaro European Income Fund Share Class Rate per Share Distribution Euro Class € 0.00 5233 € 75,399 Sterling Class £ 0.008612 £ 171,132 Sterling Institutional £ 0.00 3672 £ 4,782
Edward Heaven was appointed as an Alternative Director to Cedric Durant des Aulnois on 6 February 2026.
Gavin Caldwell was replaced as Chairperson by Lisa Martensson with effect on 19 March 2026.
There were no other significant events affecting the Company during the financial period.
Page 35
MONTANARO SMALLER COMPANIES PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Financial Period ended 30 June 2026 (continued)
33
17. Events since the Financial Period End
Ex-Date of 1 July 2026
Montanaro UK Income Fund Share Class Rate per Share Distribution Euro Class €0.012204 € 645 Euro Seed Class €0.017698 € 7,085 Sterling Class £0.014976 £ 804,458 Sterling Seed Class £0.027022 £ 1,295,154
Montanaro European Income Fund Share Class Rate per Share Distribution Euro Class €0.04 3651 € 6 5 0,983 Sterling Class £0.0 70872 £ 1,198,707 Sterling Institutional £0.0 30252 £ 108 , 236
There were no other significant events affecting the Company since the financial period end.
18. Commitments and Contingent Liabilities
As at 30 June 2026 and 31 December 2025 there were no commitments or contingent liabilities.
19. Valuation Date
The financial statements have been prepared on the last Net Asset Value of the financial period which has been calculated on 30 June 2026 with a price of that date.
20. Approval of Financial Statements
These financial statements were approved by the Directors of the Company on 20 August 2026.
Page 36
MONTANARO SMALLER COMPANIES PLC
3 4
SCHEDULE OF INVESTMENTS MONTANARO EUROPEAN SMALLER COMPANIES FUND
As at 30 June 2026
Shares Description
Fair value €
% of net assets
Transferable securities admitted to a stock exchange listing or dealt in on another regulated market
Austria (31 December 2025: Nil%) 100,000 ASTA Energy Solutions AG 6,880,000 3.02 6,880,000 3.02
Belgium (31 December 2025: 4.22%) 195,000 Warehouses De Pauw CVA (REIT) 4,286,100 1.88 40,000 Melexis NV 3,108,000 1.37 7,394,100 3.25
Denmark (31 December 2025: Nil%) 174,500 ALK - Abello A/S 5,700,798 2.50 44,500 Chemometec A/S 2,156,270 0.95 7,857,068 3.45
France (31 December 2025: Nil%) 15,800 Gaztransport Et Technigaz SA 2,915,100 1.28 2,915,100 1.28
Germany (31 December 2025: Nil%) 16,000 MTU Aero Engines AG 5,840,000 2.57 46,500 Pfisterer Holding SE 4,354,725 1.91 5,500 Rational AG 3,531,000 1.55 44,110 Atoss Software SE 2,920,082 1.28 45,000 CTS Eventim AG & Co KGaA 2,272,500 1.00 17,200 Hypoport SE 1,440,500 0.63 20,358,807 8.94
Italy (31 December 2025: 19.56%) 140,000 SOL SpA 8,092,000 3.55 232,500 Technoprobe SpA 8,035,200 3.53 446,500 Technogym SpA '144A' 6,768,940 2.97 200,000 Carel Industries SpA '144A' 6,250,000 2.74 56,000 Interpump Group SpA 1,901,760 0.84 23,000 Moncler SpA 1,161,040 0.51 8,500 Reply SpA 776,050 0.34 32,984,990 14.48
Netherlands (31 December 2025: 1.56%) 46,500 IMCD NV 3,651,180 1.60 3,651,180 1.60
Norway (31 December 2025: Nil%) 300,000 Kitron ASA 2,829,355 1.24 2,829,355 1.24
Page 37
MONTANARO SMALLER COMPANIES PLC
3 5
SCHEDULE OF INVESTMENTS MONTANARO EUROPEAN SMALLER COMPANIES FUND (continued)
As at 30 June 2026
Shares Description
Fair value €
% of net assets
S ingapore (31 December 2025: Nil %) 245,000 XP Power Ltd 5,546,171 2.44 5,546,171 2.44
S pain (31 December 2025: 1.07%)
280,000 Merlin Properties Socimi SA (REIT) 4,286,800 1.88 4,286,800 1.88
Sweden (31 December 2025: 16.61%) 193,500 Avanza Bank Holding AB 6,804,393 2.99 150,000 Loomis AB - Class B 6,490,715 2.85 770,000 NCAB Group AB 5,838,481 2.56 335,000 OEM International AB 5,025,741 2.21 440,000 BioGaia AB - Class B 4,652,493 2.04 45,000 Plejd AB 4,388,147 1.93 273,400 Beijer Ref AB - Class B 3,523,426 1.55 160,000 AAK AB 3,311,331 1.45 137,040 MIPS AB 3,197,796 1.40 102,500 INVISIO AB 1,919,379 0.84 74,000 Thule Group AB '144A' 1,380,348 0.61 46,500 Sectra AB 1,144,741 0.50 3,074 Silex Microsystems AB 55,840 0.03 47,732,831 20.96
Switzerland (31 December 2025: 7.58%) 6,400 Belimo Holding AG 6,262,988 2.75 19,800 Kardex Holding AG 4,852,080 2.13 22,500 VZ Holding AG 3,683,951 1.62 14,799,019 6.50
United Kingdom (31 December 2025: 29.14%) 148,000 Diploma Plc 12,258,808 5.38 36,279 Games Workshop Group Plc 9,071,802 3.99 195,500 Halma Plc 8,928,401 3.92 121,000 Cranswick Plc 7,697,656 3.38 1,460,000 IntegraFin Holdings Plc 6,033,863 2.65 118,000 Clarkson Plc 5,704,076 2.51 655,000 Volution Group Plc 4,653,560 2.04 60,400 4imprint Group Plc 2,592,963 1.14 30,000 Spirax Group Plc 2,397,827 1.05 837,000 Baltic Classifieds Group Plc 1,827,708 0.80 651,000 B&M European Value Retail plc 1,474,453 0.65 62,641,117 27.51
Vietnam - Nil (31 December 2025: 0.74%)
Total Transferable securities admitted to a stock exchange listing or dealt in on another regulated market 219,876,538 96.55 Other transferable securities
Page 38
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO EUROPEAN SMALLER COMPANIES FUND (continued)
As at 30 June 2026
36
Fair value % of net Shares Description € assets
Denmark - Nil (31 December 2025: 2.52%)
Germany - Nil (31 December 2025: 14.92%)
Sweden - Nil (31 December 2025: 1.51%)
Total financial assets at fair value through profit or loss 219,876,538 96.55
Cash and cash equivalents 6,440,601 2.83 Other net assets 1,418,916 0.62
Total net assets attributable to holders of redeemable participating Shares 227,736,055 100.00
Analysis of Total Assets
% of Total Assets Financial assets at fair value through profit or loss 96.04 Cash and cash equivalents 2.81 Other assets 1.15 Total assets 100.00
Page 39
MONTANARO SMALLER COMPANIES PLC
3 7
SCHEDULE OF INVESTMENTS MONTANARO UK INCOME FUND
As at 30 June 2026
Fair value % of net Shares Description £ assets
Transferable securities admitted to a stock exchange listing or dealt in on another regulated market
Jersey (31 December 2025: 2.52%) 125,000 JTC Plc '144A' 1,654,750 0.98 1,654,750 0.98
Singapore (31 December 2025: Nil %) 270,000 XP Power Ltd 5,265,000 3.12 5,265,000 3.12
Sweden (31 December 2025: 0.65%) 350,000 NCAB Group AB 2,286,044 1.36 2,286,044 1.36
United Kingdom (31 December 2025: 84.22%) 1,225,000 DiscoverIE Group Plc 8,281,000 4.92 37,489 Games Workshop Group Plc 8,075,130 4.79 2,215,000 XPS Pensions Group Plc 6,877,575 4.08 1,002,500 Bloomsbury Publishing Plc 6,165,375 3.66 3,150,000 LondonMetric Property Plc (REIT) 5,931,450 3.52 148,500 4imprint Group Plc 5,491,530 3.26 75,000 Diploma Plc 5,351,250 3.18 96,500 Cranswick Plc 5,288,200 3.14 1,800,000 Man Group Plc/Jersey 5,274,000 3.13 102,500 Renishaw Plc 5,255,995 3.12 180,000 Hill & Smith Plc 4,968,000 2.95 1,760,000 Hollywood Bowl Group Plc 4,822,400 2.86 1,350,000 IntegraFin Holdings Plc 4,806,000 2.85 255,500 Hiscox Ltd 4,724,195 2.80 1,700,000 Luceco Plc '144A' 4,624,000 2.75 415,122 Big Yellow Group Plc (REIT) 3,771,383 2.24 430,000 Savills Plc 3,695,850 2.19 88,000 Clarkson Plc 3,664,320 2.18 1,050,000 Chesnara Plc 3,480,169 2.07 410,000 Gamma Communications Plc 3,460,400 2.05 1,850,000 MONY Group Plc 3,422,500 2.03 2,050,000 Tritax Big Box REIT Plc (REIT) 3,326,207 1.97 252,500 United Utilities Group Plc 3,305,225 1.96 3,400,000 Primary Health Properties Plc (REIT) 3,252,100 1.93 515,000 Volution Group Plc 3,151,800 1.87 365,000 Sage Group Plc/The 2,983,510 1.77 450,000 AG Barr Plc 2,853,000 1.69 1,725,000 Jupiter Fund Management Plc 2,829,000 1.68 325,000 Kainos Group Plc 2,502,217 1.49 2,250,000 ME GROUP INTERNATIONAL Plc 2,286,000 1.36 135,000 Rathbones Group Plc 2,168,100 1.29 250,000 Howden Joinery Group Plc 2,115,000 1.26 750,000 Genuit Group Plc 2,094,000 1.24 69,000 IMI Plc 2,031,360 1.21 30,000 Intertek Group Plc 1,741,500 1.03 55,000 Severn Trent Plc 1,626,900 0.97 785,000 Baltic Classifieds Group Plc 1,476,585 0.88 265,614 Mortgage Advice Bureau Holdings Plc 1,367,700 0.81
Page 40
MONTANARO SMALLER COMPANIES PLC
3 8
SCHEDULE OF INVESTMENTS MONTANARO UK INCOME FUND (continued)
As at 30 June 2026 Fair value % of net Shares Description £ assets
United Kingdom (31 December 2025: 84.22%) (continued) 50,000 Derwent London Plc (REIT) 968,500 0.58 22,500 Computacenter Plc 964,350 0.57 375,000 B&M European Value Retail plc 731,625 0.43 850,000 Taylor Wimpey Plc 691,968 0.41 360,000 Pets at Home Group Plc 644,040 0.38
7 0,000 Telecom Plus Plc 525,268 0.31 154,194,002 91.53
163,399,796 96.99
163,399,796 96.99
3,780,877 2.24 1,288,045 0.77
168,468,718 100.00
% of Total Assets 95.60 2.21 2.19
Vietnam - Nil (31 December 2025: 2.08%)
Total Transferable securities admitted to a stock exchange listing or dealt in on another regulated market Other transferable securities
United Kingdom - Nil (31 December 2025: 8.99%)
Total financial assets at fair value through profit or loss
Cash and cash equivalents Other net assets
Total net assets attributable to holders of redeemable participating Shares
Analysis of Total Assets Financial assets at fair value t hrough profit or loss Cash and cash equivalents Other assets Total assets 100.00
112,500 Hilton Food Group Plc 577,125 0.34 350,000 SThree Plc 550,200 0.33
Page 41
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO EUROPEAN INCOME FUND
As at 30 June 2026
39
Fair value % of net Shares Description € assets
Transferable securities admitted to a stock exchange listing or dealt in on another regulated market
Belgium (31 December 2025: 4.63%) 75,000 Warehouses De Pauw CVA (REIT) 1,648,500 2.12 20,000 Melexis NV 1,554,000 2.00 3,202,500 4.12
Denmark (31 December 2025: Nil%) 100,000 Tryg A/S 1,992,000 2.56 1,992,000 2.56
France (31 December 2025: 10.07%) 34,000 Amundi SA '144A' 2,857,700 3.68 12,000 Gaztransport Et Technigaz SA 2,214,000 2.85 80,000 Kaufman & Broad SA 1,932,000 2.49 60,000 Bureau Veritas SA 1,601,400 2.06 19,851 Thermador Groupe 1,560,288 2.01 100,000 Coface SA 1,499,000 1.93 11,664,388 15.02
Germany (31 December 2025: Nil%) 50,500 Mensch und Maschine Software SE 1,805,375 2.33 18,000 Pfisterer Holding SE 1,685,700 2.17 3,600 MTU Aero Engines AG 1,314,000 1.69 1,650 Rational AG 1,059,300 1.36 7,500 Brenntag SE 396,600 0.51 7,000 CTS Eventim AG & Co KGaA 353,500 0.46 6,614,475 8.52
Italy (31 December 2025: 17.31%) 290,000 Terna - Rete Elettrica Nazionale 2,978,300 3.83 30,000 Cembre SpA 2,700,000 3.48 50,000 Recordati Industria Chimica e Farmaceutica SpA 2,567,500 3.31 39,000 SOL SpA 2,254,200 2.90 120,000 Technogym SpA '144A' 1,819,200 2.34 100,000 Enav SpA '144A' 518,500 0.67 12,837,700 16.53
Netherlands (31 December 2025: 4.00%) 19,200 Euronext NV '144A' 2,682,240 3.45 13,000 IMCD NV 1,020,760 1.31 3,000 BE Semiconductor Industries NV 866,400 1.12 4,569,400 5.88
Norway (31 December 2025: Nil%) 723,495 Elmera Group ASA '144A' 2,973,653 3.83 310,000 Kitron ASA 2,923,667 3.76 310,000 Europris ASA '144A' 2,419,492 3.12 250,000 Bouvet ASA 949,085 1.22 30,000 Borregaard ASA 395,102 0.51 35,000 Kid ASA '144A' 369,380 0.48 10,030,379 12.92
Page 42
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO EUROPEAN INCOME FUND (continued)
As at 30 June 2026
40
Fair value % of net Shares Description € assets
Spain (31 December 2025: 1.03%) 85,000 Merlin Properties Socimi SA (REIT) 1,301,350 1.68 1,301,350 1.68
Sweden (31 December 2025: 12.91%) 80,000 Loomis AB - Class B 3,461,715 4.46 82,000 Avanza Bank Holding AB 2,883,515 3.71 165,000 Atea ASA 2,520,168 3.25 82,000 AAK AB 1,697,057 2.19 90,000 OEM International AB 1,350,199 1.74 120,000 BioGaia AB - Class B 1,268,862 1.63 50,000 MIPS AB 1,166,738 1.50 37,500 Beijer Alma AB 1,003,160 1.29 20,000 Thule Group AB '144A' 373,067 0.48 15,724,481 20.25
Switzerland (31 December 2025: 9.31%) 20,000 Galenica AG '144A' 1,836,825 2.37 10,000 VZ Holding AG 1,637,311 2.11 6,250 Kardex Holding AG 1,531,591 1.97 1,500 Burckhardt Compression Holding AG 769,320 0.99 5,775,047 7.44
United Kingdom (31 December 2025: 3.06%) 263,384 Ferrari Group Plc 1,891,097 2.43 1,891,097 2.43
Total Transferable securities admitted to a stock exchange listing or dealt in on another regulated market 75,602,817 97.35 Other transferable securities
Denmark - Nil (31 December 2025: 2.84%)
Germany - Nil (31 December 2025: 9.59%)
Italy - Nil (31 December 2025: 3.27%)
Norway - Nil (31 December 2025: 12.73%)
Sweden - Nil (31 December 2025: 2.79%)
Total financial assets at fair value through profit or loss 75,602,817 97.35
Cash and cash equivalents 1,509,082 1.94 Other net assets 548,163 0.71
Total net assets attributable to holders of redeemable participating Shares 77,660,062 100.00
Page 43
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO EUROPEAN INCOME FUND (continued)
As at 30 June 2026
41
Analysis of Total Assets
% of Total Assets Financial assets at fair value through profit or loss 95.44 Cash and cash equivalents 1.91 Other assets 2.65 Total assets 100.00
Page 44
MONTANARO SMALLER COMPANIES PLC
4 2
SCHEDULE OF INVESTMENTS MONTANARO BETTER WORLD FUND
As at 30 June 2026
Fair value % of net Shares Description € assets
Transferable securities admitted to a stock exchange listing or dealt in on another regulated market
Australia (31 December 2025: Nil%) 9,600 Pro Medicus Ltd 1,183,406 1.74 544,300 Vysarn Ltd 336,423 0.49 1,519,829 2.23
Austria (31 December 2025: Nil%) 19,700 ASTA Energy Solutions AG 1,355,360 1.99 1,355,360 1.99
Belgium - Nil (31 December 2025: 1.08%)
Canada (31 December 2025: 0.80%) 6,900 Hammond Power Solutions Inc - Class A 1,457,371 2.14 15,800 MDA Space Ltd 556,793 0.81 2,014,164 2.95
Denmark (31 December 2025: Nil%) 47,600 ALK - Abello A/S 1,555,060 2.28 14,200 Chemometec A/S 688,068 1.01 2,243,128 3.29
France (31 December 2025: 5.19%) 37,400 Bureau Veritas SA 998,206 1.46 998,206 1.46
Germany (31 December 2025: Nil%) 20,874 Pfisterer Holding SE 1,954,850 2.87 900 Rational AG 577,800 0.85 2,532,650 3.72
Israel (31 December 2025: 1.40%) 1,500 Nova Ltd 694,069 1.02 694,069 1.02
Italy (31 December 2025: 7.24%) 55,627 Carel Industries SpA '144A' 1,738,344 2.55 122,100 Terna - Rete Elettrica Nazionale 1,253,967 1.84 65,000 Technogym SpA '144A' 985,400 1.45 9,900 Technoprobe SpA 342,144 0.50 4,319,855 6.34
Japan (31 December 2025: Nil%) 94,500 Asahi Intecc Co Ltd 1,932,568 2.84 147,600 Azbil Corp 1,365,865 2.00 134,500 Japan Elevator Service Holdings Co Ltd 1,258,755 1.85 56,300 Riken Keiki Co Ltd 1,119,547 1.64 24,700 Visional Inc 1,035,774 1.52
Page 45
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO BETTER WORLD FUND (continued)
As at 30 June 2026
43
Fair value % of net Shares Description € assets
Japan (31 December 2025: Nil%) (continued) 31,000 Global Security Experts Inc 642,306 0.94 7,354,815 10.79
Poland - Nil (31 December 2025: 1.91%)
Sweden (31 December 2025: 1.66%) 62,353 BioGaia AB - Class B 659,311 0.97 37,700 Dynavox Group AB 198,977 0.29 5,493 Silex Microsystems AB 99,782 0.15 958,070 1.41
Switzerland (31 December 2025: 3.02%) 900 Belimo Holding AG 880,733 1.29 880,733 1.29
Taiwan (31 December 2025: 0.76%) 215,800 E Ink Holdings Inc 1,270,926 1.86 1,270,926 1.86
United Kingdom (31 December 2025: 7.98%) 42,000 Halma Plc 1,918,122 2.81 166,300 Volution Group Plc 1,181,507 1.73 14,000 Spirax Group Plc 1,118,986 1.64 141,900 Tristel Plc 658,923 0.97 4,877,538 7.15
United States (31 December 2025: 49.92%) 21,700 Federal Signal Corp 2,434,392 3.57 13,700 Balchem Corp 2,031,332 2.98 3,800 Valmont Industries Inc 1,914,424 2.81 15,940 American Water Works Co Inc 1,842,726 2.70 23,400 HealthEquity Inc 1,804,273 2.65 5,300 Watts Water Technologies Inc - Class A 1,793,460 2.63 6,700 Clean Harbors Inc 1,750,215 2.57 5,100 Acuity Inc 1,660,097 2.43 8,400 EastGroup Properties Inc (REIT) 1,497,496 2.20 9,700 Entegris Inc 1,495,257 2.19 9,500 Veeva Systems Inc - Class A 1,444,900 2.12 86,100 Mirion Technologies Inc - Class A 1,335,969 1.96 1,800 SiTime Corp 1,143,400 1.68 45,800 Tetra Tech Inc 1,128,074 1.65 2,300 MSCI Inc - Class A 1,117,590 1.64 10,200 Sensient Technologies Corp 1,090,970 1.60 7,900 Advanced Drainage Systems Inc 1,086,154 1.59 41,200 Bentley Systems Inc - Class B 1,064,864 1.56 25,500 Alarm.com Holdings Inc 1,044,266 1.53 4,200 CSW Industrials Inc 1,006,835 1.48 7,800 Manhattan Associates Inc 937,937 1.38 24,000 Universal Technical Institute Inc 881,028 1.29 15,600 Exponent Inc 806,675 1.18
Page 46
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO BETTER WORLD FUND (continued)
As at 30 June 2026
44
Fair value % of net Shares Description € assets
United States (31 December 2025: 49.92%) (continued) 10,500 Stride Inc 799,461 1.17 2,500 Kinsale Capital Group Inc 719,452 1.06 5,100 Badger Meter Inc 643,332 0.94 4,900 Hawkins Inc 591,274 0.87 35,065,853 51.43
Total Transferable securities admitted to a stock exchange listing or dealt in on another regulated market 66,085,196 96.93 Other transferable securities
Denmark - Nil (31 December 2025: 2.99%)
Germany - Nil (31 December 2025: 5.33%)
Japan - Nil (31 December 2025: 9.05%)
Total financial assets at fair value through profit or loss 66,085,196 96.93
Cash and cash equivalents 2,343,803 3.44 Other net liabilities (248,049) (0.37)
Total net assets attributable to holders of redeemable participating Shares 68,180,950 100.00
Analysis of Total Assets
% of Total Assets Financial assets at fair value through profit or loss 96.30 Cash and cash equivalents 3.42 Other assets 0.28 Total assets 100.00
Page 47
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO GLOBAL SELECT FUND
As at 30 June 2026
45
Fair value % of net Shares Description € assets
Transferable securities admitted to a stock exchange listing or dealt in on another regulated market
Australia (31 December 2025: 0.86%) 7,000 Pro Medicus Ltd 862,900 1.56 862,900 1.56
Austria (31 December 2025: Nil%) 18,500 ASTA Energy Solutions AG 1,272,800 2.30 1,272,800 2.30
Denmark (31 December 2025: Nil%) 10,000 Chemometec A/S 484,555 0.88 484,555 0.88
France (31 December 2025: 5.73%) 13,000 Sartorius Stedim Biotech 2,341,300 4.24 2,341,300 4.24
Germany (31 December 2025: Nil%) 6,250 MTU Aero Engines AG 2,281,250 4.13 1,700 Rational AG 1,091,400 1.97 30,000 Mensch und Maschine Software SE 1,072,500 1.94 14,000 Atoss Software SE 926,800 1.68 5,371,950 9.72
Israel (31 December 2025: 2.92%) 4,000 Nova Ltd 1,850,852 3.35 1,850,852 3.35
Italy (31 December 2025: 2.93%) 65,500 Carel Industries SpA '144A' 2,046,875 3.71 2,046,875 3.71
Japan (31 December 2025: Nil%) 105,000 Asahi Intecc Co Ltd 2,147,297 3.89 190,000 Japan Elevator Service Holdings Co Ltd 1,778,167 3.22 19,000 Visional Inc 796,750 1.44 4,722,214 8.55
Netherlands - Nil (31 December 2025: 2.11%)
Norway (31 December 2025: Nil%) 178,662 Kitron ASA 1,684,994 3.05 1,684,994 3.05
Sweden (31 December 2025: 1.77%) 220,000 NCAB Group AB 1,668,137 3.02 1,668,137 3.02
Switzerland (31 December 2025: 3.21%) 6,500 VZ Holding AG 1,064,253 1.92 2,000 Kardex Holding AG 490,109 0.89 1,554,362 2.81
Page 48
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO GLOBAL SELECT FUND (continued)
As at 30 June 2026
46
Fair value % of net Shares Description € assets
United Kingdom (31 December 2025: 11.52%) 8,000 Games Workshop Group Plc 2,000,452 3.62 36,500 Halma Plc 1,666,939 3.02 155,000 DiscoverIE Group Plc 1,216,385 2.20 500,000 Baltic Classifieds Group Plc 1,091,821 1.98 12,000 Renishaw Plc 714,340 1.29 6,689,937 12.11
United States (31 December 2025: 41.48%) 19,500 American Water Works Co Inc 2,254,276 4.08 6,000 Watts Water Technologies Inc - Class A 2,030,332 3.68 3,250 Valmont Industries Inc 1,637,336 2.96 9,000 EastGroup Properties Inc (REIT) 1,604,460 2.90 14,000 Federal Signal Corp 1,570,575 2.84 60,500 Bentley Systems Inc - Class B 1,563,696 2.83 9,000 Veeva Systems Inc - Class A 1,368,853 2.48 9,000 Balchem Corp 1,334,452 2.42 15,000 Tradeweb Markets Inc - Class A 1,284,045 2.32 2,400 MSCI Inc - Class A 1,166,181 2.11 22,500 Exponent Inc 1,163,473 2.11 9,750 Houlihan Lokey Inc - Class A 1,144,876 2.07 3,250 Acuity Inc 1,057,905 1.91 7,500 Manhattan Associates Inc 901,863 1.63 7,500 Sensient Technologies Corp 802,184 1.45 20,000 Rollins Inc 726,668 1.32 9,000 Bio - Techne Corp 556,940 1.01 22,168,115 40.12
Total Transferable securities admitted to a stock exchange listing or dealt in on another regulated market 52,718,991 95.42 Other transferable securities
Germany - Nil (31 December 2025: 12.48%)
Japan - Nil (31 December 2025: 9.45%)
Norway - Nil (31 December 2025: 1.97%)
United Kingdom - Nil (31 December 2025: 1.93%)
Total financial assets at fair value through profit or loss 52,718,991 95.42
Cash and cash equivalents 2,866,406 5.19 Other net liabilities (336,288) (0.61)
Total net assets attributable to holders of redeemable participating Shares 55,249,109 100.00
Page 49
MONTANARO SMALLER COMPANIES PLC
SCHEDULE OF INVESTMENTS MONTANARO GLOBAL SELECT FUND (continued)
As at 30 June 2026
47
Analysis of Total Assets
% of Total Assets Financial assets at fair value through profit or loss 94.20 Cash and cash equivalents 5.12 Other assets 0.68 Total assets 100.00
Page 50
MONTANARO SMALLER COMPANIES PLC
48
MONTANARO EUROPEAN SMALLER COMPANIES FUND
PORTFOLIO CHANGES - PURCHASES
For the financial period ended 30 June 2026
Purchases Nominal Cost € ALK - Abello A/S 187,500 5,378,200 OEM International AB 360,000 4,460,690 ASTA Energy Solutions AG 110,000 4,109,419 Loomis AB - Class B 105,000 3,897,523 Volution Group Plc 420,000 3,172,982 Gaztransport Et Technigaz SA 17,000 3,134,713 Avanza Bank Holding AB 89,000 2,889,440 Atoss Software SE 35,000 2,864,415 Kitron ASA 300,000 2,634,057 Merlin Properties Socimi SA (REIT) 173,000 2,335,547 Clarkson Plc 28,000 1,452,716 B&M European Value Retail SA 600,000 1,317,302 Beijer Ref AB - Class B 100,000 1,236,245 IntegraFin Holdings Plc 300,000 1,070,874 MTU Aero Engines AG 3,000 918,206 NCAB Group AB 110,000 838,237 IMCD NV 10,000 829,837 Melexis NV 10,000 824,840 XP Power Ltd 35,000 810,269 Silex Microsystems AB 3,074 22,981
In accordance with Central Bank UCITS Regulations, this statement presents the aggregate purchases and aggregate sales of an investment exceeding 1% of total value of purchases or sales, respectively, for the financial period, d, or at a minimum the top 20 purchases and sales.
Page 51
MONTANARO SMALLER COMPANIES PLC
49
MONTANARO EUROPEAN SMALLER COMPANIES FUND
PORTFOLIO CHANGES - SALES
For the financial period ended 30 June 2026
Sales Nominal Proceeds € Technoprobe SpA 347,500 6,235,581 Reply SpA 60,500 5,888,624 CTS Eventim AG & Co KGaA 78,500 5,130,418 Atoss Software SE 62,390 4,936,205 Advanced Medical Solutions Group Plc 1,877,051 4,716,919 IntegraFin Holdings Plc 1,025,000 4,130,827 Interpump Group SpA 115,000 4,063,298 VZ Holding AG 25,000 4,009,100 MTU Aero Engines AG 12,000 4,005,998 Spirax Group Plc 51,000 3,998,002 Beijer Ref AB - Class B 326,600 3,924,038 Schott Pharma AG & Co KGaA 260,000 3,810,883 Warehouses De Pauw CVA (REIT) 165,000 3,614,692 Plejd AB 47,000 3,494,824 Clarkson Plc 67,000 3,493,588 Moncler SpA 64,000 3,427,556 Brembo NV 372,000 3,254,257 4imprint Group Plc 72,600 3,247,459 Thule Group AB '144A' 151,000 3,194,102 AAK AB 144,000 3,120,359 Technogym SpA '144A' 185,744 3,087,912 Cranswick Plc 50,000 3,069,133 Big Yellow Group Plc (REIT) 247,000 2,983,969 Rational AG 4,500 2,946,368 Melexis NV 46,000 2,913,773 Sectra AB 143,500 2,807,839 Baltic Classifieds Group Plc 1,213,000 2,640,486 Belimo Holding AG 3,100 2,557,445 SOL SpA 40,000 2,382,055 Games Workshop Group Plc 9,721 2,342,003 Avanza Bank Holding AB 66,500 2,246,396 Diploma Plc 26,000 2,177,506 Merlin Properties Socimi SA (REIT) 145,000 2,139,418 B&M European Value Retail plc 949,000 1,941,966 IMCD NV 22,500 1,786,098 Chemometec A/S 35,500 1,772,469 Carel Industries SpA '144A' 78,000 1,741,305 Halma Plc 34,500 1,584,824 NCAB Group AB 218,866 1,368,830 Volution Group Plc 195,000 1,316,232
In accordance with Central Bank UCITS Regulations, this statement presents the aggregate purchases and aggregate sales of an investment exceeding 1% of total value of purchases or sales, respectively, for the financial period, d, or at a minimum the top 20 purchases and sales.
Page 52
MONTANARO SMALLER COMPANIES PLC
50
MONTANARO UK INCOME FUND
PORTFOLIO CHANGES - PURCHASES
For the financial period ended 30 June 2026
Purchases Nominal Cost £ Gamma Communications Plc 410,000 3,773,443 Chesnara Plc 1,050,000 3,185,419 Sage Group Plc/The 280,000 2,574,292 Kainos Group Plc 300,000 2,455,126 4imprint Group Plc 56,000 2,081,562 Cranswick Plc 33,500 1,719,490 United Utilities Group Plc 125,000 1,652,916 Luceco Plc '144A' 525,000 1,421,533 Mortgage Advice Bureau Holdings Plc 265,614 1,396,201 Primary Health Properties Plc (REIT) 1,250,000 1,262,910 NCAB Group AB 280,000 1,061,743 MONY Group Plc 650,000 1,055,539 AG Barr Plc 155,000 1,019,828 Hollywood Bowl Group Plc 350,000 973,617 Diploma Plc 15,000 842,000 Renishaw Plc 17,500 727,306 Intertek Group Plc 15,000 716,793 Man Group Plc/Jersey 250,000 629,625 Big Yellow Group Plc (REIT) 65,122 596,633 ME GROUP INTERNATIONAL Plc 400,000 594,515 Tritax Big Box REIT Plc (REIT) 400,000 582,119 Savills Plc 60,000 493,199 Genuit Group Plc 165,000 437,170 SThree Plc 225,000 409,673 Jupiter Fund Management Plc 225,000 351,339
In accordance with Central Bank UCITS Regulations, this statement presents the aggregate purchases and aggregate sales of an investment exceeding 1% of total value of purchases or sales, respectively, for the financial period, d, or at a minimum the top 20 purchases and sales.
Page 53
MONTANARO SMALLER COMPANIES PLC
51
MONTANARO UK INCOME FUND
PORTFOLIO CHANGES - SALES
For the financial period ended 30 June 2026
Sales Nominal Proceeds £ Big Yellow Group Plc (REIT) 500,000 4,742,212 Intertek Group Plc 85,000 4,243,393 Telecom Plus Plc 350,000 3,901,689 JTC Plc '144A' 250,000 3,207,974 Bloomsbury Publishing Plc 531,196 3,112,643 Severn Trent Plc 100,000 2,921,403 Diploma Plc 45,000 2,802,891 Games Workshop Group Plc 14,011 2,643,935 XP Power Ltd 172,500 2,532,407 United Utilities Group Plc 192,500 2,486,894 Clarkson Plc 52,000 2,333,857 Rathbones Group Plc 125,000 2,279,037 LondonMetric Property Plc (REIT) 1,150,000 2,216,440 Man Group Plc/Jersey 850,000 2,187,595 DiscoverIE Group Plc 280,000 1,801,617 XPS Pensions Group Plc 535,000 1,776,535 Sage Group Plc/The 165,000 1,771,179 Baltic Classifieds Group Plc 875,000 1,640,650 Derwent London Plc (REIT) 85,000 1,432,315 Bytes Technology Group Plc 415,000 1,276,807 Genuit Group Plc 390,000 1,272,918 NCAB Group AB 250,000 1,227,782 SThree Plc 725,000 1,211,520 B&M European Value Retail plc 675,000 1,193,440 Computacenter Plc 40,000 1,160,517 Smiths Group Plc 45,000 1,091,428 Jupiter Fund Management Plc 550,000 1,014,930 Primary Health Properties Plc (REIT) 950,000 979,469 B&M European Value Retail SA 500,000 955,045 Tritax Big Box REIT Plc (REIT) 600,000 950,817 NCC Group Plc 800,000 933,467 IMI Plc 33,500 895,914 Hilton Food Group Plc 162,500 852,508 4imprint Group Plc 22,500 841,440 Kainos Group Plc 100,000 778,550
In accordance with Central Bank UCITS Regulations, this statement presents the aggregate purchases and aggregate sales of an investment exceeding 1% of total value of purchases or sales, respectively, for the financial period, d, or at a minimum the top 20 purchases and sales.
Page 54
MONTANARO SMALLER COMPANIES PLC
52
MONTANARO EUROPEAN INCOME FUND
PORTFOLIO CHANGES - PURCHASES
For the financial period ended 30 June 2026
Purchases Nominal Cost € Europris ASA '144A' 210,000 1,670,225 Coface SA 100,000 1,589,776 Avanza Bank Holding AB 42,000 1,386,221 Pfisterer Holding SE 18,000 1,274,196 MIPS AB 50,000 1,147,033 OEM International AB 90,000 1,136,250 Chemometec A/S 18,000 991,823 Kaufman & Broad SA 30,000 867,858 Gaztransport Et Technigaz SA 4,500 795,644 Tryg A/S 37,000 783,086 VZ Holding AG 4,500 755,193 Bouvet ASA 150,000 728,567 Melexis NV 8,000 629,719 Borregaard ASA 25,000 417,883 Galenica AG '144A' 4,000 409,951 Recordati Industria Chimica e Farmaceutica SpA 9,000 400,007 Euronext NV '144A' 3,200 391,739 BioGaia AB - Class B 40,000 386,985 Thermador Groupe 4,851 386,296 Amundi SA '144A' 5,000 382,310 MTU Aero Engines AG 1,200 367,282 IMCD NV 4,000 350,661 Merlin Properties Socimi SA (REIT) 20,000 272,800
In accordance with Central Bank UCITS Regulations, this statement presents the aggregate purchases and aggregate sales of an investment exceeding 1% of total value of purchases or sales, respectively, for the financial period, d, or at a minimum the top 20 purchases and sales.
Page 55
MONTANARO SMALLER COMPANIES PLC
53
MONTANARO EUROPEAN INCOME FUND
PORTFOLIO CHANGES - SALES
For the financial period ended 30 June 2026
Sales Nominal Proceeds € Reply SpA 21,000 1,992,543 Moncler SpA 27,000 1,405,954 Borregaard ASA 100,000 1,352,356 Bouvet ASA 280,000 1,278,686 Burckhardt Compression Holding AG 1,500 823,215 Chemometec A/S 18,000 808,396 Technogym SpA '144A' 45,000 764,118 MTU Aero Engines AG 2,400 763,019 Warehouses De Pauw CVA (REIT) 35,000 758,987 Tryg A/S 37,000 739,778 Galenica AG '144A' 7,000 738,398 Melexis NV 9,000 734,789 Kitron ASA 80,000 730,446 CTS Eventim AG & Co KGaA 10,000 686,909 Recordati Industria Chimica e Farmaceutica SpA 12,000 617,164 NCAB Group AB 140,000 615,954 VZ Holding AG 2,500 407,504 Elmera Group ASA '144A' 125,244 394,931 Thule Group AB '144A' 18,000 389,591 Rational AG 600 381,696 Bureau Veritas SA 15,000 379,793 Brenntag SE 7,500 368,184 BioGaia AB - Class B 35,000 351,463 Beijer Alma AB 12,500 323,222
In accordance with Central Bank UCITS Regulations, this statement presents the aggregate purchases and aggregate sales of an investment exceeding 1% of total value of purchases or sales, respectively, for the financial period, d, or at a minimum the top 20 purchases and sales.
Page 56
MONTANARO SMALLER COMPANIES PLC
54
MONTANARO BETTER WORLD FUND
PORTFOLIO CHANGES - PURCHASES
For the financial period ended 30 June 2026
Purchases Nominal Cost € Valmont Industries Inc 4,200 1,677,945 Clean Harbors Inc 6,700 1,659,097 Hammond Power Solutions Inc - Class A 12,600 1,555,682 Tetra Tech Inc 50,300 1,444,835 Watts Water Technologies Inc - Class A 5,300 1,386,814 Acuity Inc 5,100 1,335,508 Japan Elevator Service Holdings Co Ltd 134,500 1,213,552 SiTime Corp 1,800 1,114,000 Sensient Technologies Corp 10,200 1,001,372 Chemometec A/S 14,200 859,336 ASTA Energy Solutions AG 23,700 838,065 Pro Medicus Ltd 9,600 807,915 MDA Space Ltd 32,300 781,474 E Ink Holdings Inc 145,400 700,567 Pfisterer Holding SE 8,100 680,286 Dynavox Group AB 76,100 648,226 Manhattan Associates Inc 5,300 626,884 Mirion Technologies Inc - Class A 34,900 621,096 Federal Signal Corp 6,500 601,661 Stride Inc 8,300 591,352 Global Security Experts Inc 38,800 568,801 Silex Microsystems AB 27,393 485,378 Universal Technical Institute Inc 20,300 439,727 CSW Industrials Inc 1,700 417,198 Advanced Drainage Systems Inc 3,000 380,645 Ottobock SE & Co KGaA 5,900 379,380 Tyler Technologies Inc 1,400 377,096 Visional Inc 9,300 362,476 Vysarn Ltd 544,300 351,188 Carel Industries SpA '144A' 11,327 350,461 EastGroup Properties Inc (REIT)
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"text": "2.5% 16.0% -13.5%"
},
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"text": "* Please note that these are representative Share Classes for each Fund. Other Share Classes are available, details of"
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"text": "these can be found in the Prospectus."
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"text": "**All Benchmark returns are shown as Net Total Returns. Please refer to the Prospectus for further details about each"
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"text": "Fund\u0027s Benchmark."
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"id": "539a1a5a-2b88-4cbb-8cb0-74ad706fc1ad",
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"text": "The first half of 2026 divided cleanly into two distinct periods. January and February extended three dominant trades"
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"id": "9c7ecd5d-4362-45a7-9ea1-ea31fac9866d",
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"text": "that had characterised markets since 2025: a bifurcation within artificial intelligence, with hardware beneficiaries"
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"text": "outperforming software; the debasement trade; and strong demand for minerals relative to oil. Geopolitical"
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"text": "developments elsewhere - including in Venezuela and Greenland - were politically notable but had limited direct market"
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"text": "impact."
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"text": "The inflection point came in late February, when escalating tensions between the United States, Israel and Iran triggered"
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"text": "a sharp and disorderly repricing across asset classes. Oil prices surged, inflation expectations rose and bond yields"
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"text": "moved higher, while traditional diversification proved less effective - gold and cryptoassets both offered limited"
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"text": "protection during the sell-off. The shock inverted several prevailing dynamics: oil outperformed while industrial...