Interim report
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RNS Number : 8680OAllianz Technology Trust PLC31 July 2026 Allianz Technology Trust PLC Half-Yearly Financial Report, 30 June 2026 The Board is pleased to announce the results for the half year to 30 June 2026. The Chairman, Tim Scholefield,said "The Company delivered a very strong 44.6% rise in Net Asset Value (NAV) per share during the six months to 30 June 2026." Financial HighlightsAs at 30 June 2026 NAV per Ordinary share+44.6% 30.06.26. 826.7p31.12.25. 571.7p Ordinary share price+42.7 % 30.06.26 752.0p31.12.25 527.0p Benchmark*+25.8% 30.06.26. 5,567.031.12.25. 4,425.3 * Dow Jones World Technology Index (sterling adjusted, total return). Interim Management Report A Shifting Environment for Technology The first half of 2026 once again reminded investors that markets rarely move in a straight line even when the long-term direction of travel remains compelling. In February US-Israeli airstrikes on Iran resulted in higher energyprices and a suspension of shipping through the Straits of Hormuz. The consequent deterioration in the globaloutlook for inflation initially unsettled equities; however, by April market confidence began to recover as airstrikes ceased and the two sides began tentative negotiations. Technology shares recovered quickly, boosted both by hope of a de-escalation in the Middle East and by thecontinued expansion of the artificial intelligence (AI) rally. Demand remained particularly robust in semiconductors,technology hardware, communications equipment and information technology services. A resurgence in tech company public listings, characterised by an unprecedented wave of mega-cap IPOs including SpaceX and theplanned listings of Anthropic and Open AI, added to the tech sector's momentum during the second quarter of theyear. Investment Performance Against this backdrop, the Company delivered a very strong 44.6% rise in Net Asset Value (NAV) per share during the six months to 30 June 2026. I am delighted to report that we significantly outperformed our benchmark, theDow Jones World Technology Index (sterling adjusted, total return), which rose by 25.8%. The share price totalreturn was +42.7%. Our distinctive investment approach continued to drive performance for shareholders. Stock selection added significant value across a broad range of sectors and themes including semiconductors, IT services, software anddata-centre-related areas. Positions linked to AI infrastructure, including memory, optical networking, powermanagement, storage and semiconductor capital equipment, made important contributions. The Portfolio Manager's report, which follows my comments, includes more detail on investment performance and activity duringthe six months. AI: Opportunities and Risks AI continued to dominate the tech landscape and we saw strong performance from providers of AI-drivenhardware, semiconductors and data-centre infrastructure during the six months. It also became increasingly
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apparent that the opportunity from AI extends well beyond hardware to include software and services companies. We expect that the development and implementation of AI will continue to provide exciting investmentopportunities but the risks around this theme remain significant. Pitfalls for the unwary investor include the possibility that companies misallocate capital or become excessively leveraged in their dash to win the AI race.Moreover, the tech industry contains many examples of companies that have fallen by the wayside having eitherfailed to keep up with the pace of innovation or perhaps having backed an inferior hardware or software option. AI continues to generate excitement, but excitement alone is not an investment case. The Board therefore welcomes the Investment Manager's rigorous bottom-up approach and its focus on companies that solve difficultproblems, have strong competitive positions and can translate structural demand into earnings growth over thelong term. Fees The substantial 18.8 percentage point outperformance during the six months has resulted in the accrual of a performance fee of £16.4m as at 30 June 2026. However, any performance fee payable will be based oninvestment performance as at 31 December 2026 (please see Note 8). The Board continues to be closely focused on the costs of running the Company and I am pleased to report thatthe Ongoing Charge Figure (OCF) has again fallen marginally to 0.61% (31 December 2025: 0.62%). Discount Management and Share Buybacks Discounts across the investment trust sector remained elevated during the first six months of the year. The Board maintains a robust buyback policy. We would consider buying back shares when the discount is consistently over7% and we judge it appropriate to do so given the prevailing market backdrop. In addition the Board maintains amarketing programme which is focussed on promoting the Company and on growing the demand for its shares. Over the six months to 30 June 2026 a total of 16,179,957 shares were bought back at an average discount of8.1%, representing 4.6% of shares in issue as of 31 December 2025. The aggregate value of shares bought back was £97.3 million. We ended the six months on a discount of 9.0% and since the end of the reporting period wehave bought back a further 9,161,693 shares. Annual General Meeting and Continuation Vote The Company's Annual General Meeting was held on 23 April 2026. All resolutions were passed on a poll. Thisyear's meeting was particularly important because Shareholders were asked to vote on the continuation of the Company. The continuation vote was passed successfully, with 98.7% of votes cast in favour of the Company'scontinuation, and the Board is grateful for the confidence Shareholders have placed in the Company. A recording of the AGM, including the presentation from the lead portfolio manager, Mike Seidenberg, is availableon the Company's website. Outlook In the shorter term, we can expect tech stocks to be impacted by how the global political and macroeconomic backdrop unfolds over the remainder of the year. Relations between the US and Iran are fragile to say the leastand a protracted period of renewed military conflict would clearly threaten an already uncertain inflation outlook. That said, the longer term outlook for the tech sector remains as exciting as ever and our Investment Managercontinues to identify compelling opportunities across a broad range of themes and sectors including AI infrastructure, semiconductors, memory, data centres and optical networking. In uncertain and volatile times adisciplined approach to stock selection is vital. Our active, bottom-up investment approach is well suited to thisenvironment and we will remain focussed on identifying those companies positioned to benefit from the next stages of technology adoption. Principal Risks and Uncertainties The principal risks and uncertainties facing the Company are broadly unchanged from those described in theAnnual Financial Report for the year ended 31 December 2025. These are set out in the Strategic Report of thatdocument, together with commentary on the Board's approach to mitigating the risks and uncertainties. Given the global macroeconomic and geopolitical backdrop, market risk remains front of mind and the Board, AIFM andInvestment Manager continue to monitor the situation carefully. The Board performs a review of the principal risks at every meeting to ensure that the risk assessment is currentand relevant, adjusting mitigating factors and procedures as appropriate. Keeping in Touch The Company's website, www.allianztechnologytrust.com, and LinkedIn page remain the go-to destinations for the latest news, views and broadcast content relating to the Company. We continue to offer an ongoing emailcommunications programme distributing monthly factsheets, insights and other occasional updates to all thosewho opt to receive them. Shareholders can sign up via the Company's website at www.allianztechnologytrust.com/en-gb/information/shareholder-information. Going Concern The Directors believe it is appropriate to adopt the going concern basis in preparing the financial statements as the Company's assets consist mainly of securities that are readily realisable and are significantly greater than itsliabilities. The Directors have considered the Company's investment objective and capital structure, as well as theprincipal risks and uncertainties, including market volatility and the current geopolitical and macroeconomic environment. Related Party Transactions
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Note 15 on page 65 of the Company's 2025 Annual Financial Report gives details of related party transactions andtransactions with the AIFM and Investment Manager. The basis for these has not changed during the six months under review. This report is available on the Company's website at www.allianztechnologytrust.com. Responsibility Statement The Directors confirm to the best of their knowledge that: · the condensed set of financial statements contained within the half-yearly financial report has beenprepared in accordance with FRS 102 and FRS 104, as set out in Note 1, and the Accounting StandardsBoard's Statement 'Half-Yearly Financial Reports'; · the interim management report includes a fair review of the information required by Disclosure Guidanceand Transparency Rule 4.2.7 R of important events that have occurred during the first six months of thefinancial year, their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and· the interim management report includes a fair review of the information concerning related partytransactions as required by Disclosure Guidance and Transparency Rule 4.2.8 R. The half-yearly financial report was approved by the Board on 31 July 2026 and signed on its behalf by the Chairman. Tim ScholefieldChairman 31 July 2026 Portfolio Manager's Report How did markets fare overall during the first half of the year? The first half of 2026 delivered strong gains for equities, supported by resilient economic growth, improvingcorporate earnings and continued enthusiasm for artificial intelligence related investments. While volatility emerged during the period, including a market pullback following the escalation of conflict in the Middle East andconcerns over potential disruptions to global energy supplies, investor sentiment recovered quickly as the conflictremained largely contained and the broader macroeconomic backdrop stayed constructive. Geographically, Japan was among the top performing markets during the first half, followed by the US and Europe, while the UK posted more modest gains. Emerging markets outperformed developed markets, thanks to outsizedgains in South Korea and Taiwan, with China posting more modest outperformance. Within the MSCI All CountryWorld Index, information technology was the clear leader, with energy and industrials also delivering strong returns, while consumer discretionary and communication services lagged. Central banks remained cautious amidgeopolitical tensions and inflation concerns. The Federal Reserve and Bank of England left rates unchanged, whilethe European Central Bank and Bank of Japan each raised rates by 25 basis points. The People's Bank of China maintained its benchmark lending rates. Were there any notable differences in the performance of the different technology sectors or marketcapitalisation bands during the period? There was a wider-than-typical performance differential between key technology areas. From an industryviewpoint, semiconductors, communications equipment and technology hardware segments of the market advanced meaningfully, driven by sustained AI infrastructure investment and robust hyperscaler (large-scale cloudservice providers) capital spending. In particular, strong demand for advanced semiconductors, high-bandwidthmemory, optical networking, servers and power infrastructure reinforced confidence that the AI buildout remains in its early stages, supporting broad-based earnings growth across the hardware ecosystem. Software and ITservices delivered more mixed performance to start the year as investors weighed AI-related disruption risks andthe stretched valuations. However, sentiment improved meaningfully towards the end of the period as companies increasingly demonstrated tangible AI monetisation, accelerating enterprise adoption and stronger demand trends,leading software to participate in the technology rally. There was a notable broadening of performance away from the narrow, 'Mag 7' leadership of recent years. Super-mega cap stocks (market capitalisation greater than $1tn) which are collectively around 60% of the weight of the Dow Jones World Technology Index, were up only 7%, as double-digit gains in Taiwan Semiconductor, Alphabetand Broadcom were offset by double-digit declines in Microsoft and Meta Platforms. Instead, the market was ledby mega-caps (between $250bn to $1tn) which rallied 90%, followed by large cap stocks (between $30bn to $250bn) which advanced 44%, while mid cap stocks (between $5bn to $30bn) were higher by 23% and small capstocks (less than $5bn) advanced 35% for the period. How did the Company perform during the period under review? The Company was a beneficiary of strong bottom-up stock-picking combined with a number of tailwinds fromexposure in key technology segments, including AI, cyber security and digital commerce. For the six months to 30June, the NAV rose 44.6% compared to its benchmark, the Dow Jones World Technology Index (sterling adjusted, total return) which was up 25.8%. Relative results were driven by strong stock selection in technology hardware,thanks to significant outperformance in memory-related names, followed closely by stock-picking in
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semiconductors and the combination of a below-benchmark weight in software and positive performance results inthe industry. Meanwhile, our positions in technology-related capital markets (fintech) and exposure to broadline retail detracted from results during the first half of the year. What were the biggest positive contributors to our performance compared to the benchmark? Our differentiated investment process, the team's Silicon Valley proximity and ongoing engagement with industryparticipants drove our outperformance during the review period. Additionally, the broadening of the market outsideof super mega-caps aided results, led by the Team's conviction in select mega-cap and large-cap names, which drove bottom-up stock selection. An above-benchmark weight in Micron Technology, a leading supplier of dynamicrandom-access memory (DRAM), flash memory (NAND) and high-bandwidth memory (HBM) solutions for AI anddata-centre applications, continued to outperform as robust AI infrastructure spending, improving memory pricing and sustained demand for advanced products reinforced confidence in the company's long-term growth andearnings outlook. Similarly, Sandisk, a manufacturer of memory and storage drives, rallied amid continued strengthin AI-driven memory demand, improving NAND pricing and favourable long-term supply agreements which reinforced confidence in the ongoing memory industry upcycle and the company's earnings outlook. An activeposition in Lam Research, a leading supplier of semiconductor manufacturing equipment, advanced as investorsgrew more optimistic about sustained AI-driven chip investment, improving demand from memory manufacturers, and the company's key role in producing next-generation semiconductors. We continue to hold these stocks giventheir favourable risk vs. reward and durable demand drivers. What about the largest detractors to performance? Performance detractors were chiefly related to underweight allocations of a handful of stocks which benefitted froman improvement in investor sentiment. The avoidance of South Korean chipmaker SK hynix, in favour of other memory providers, offset relative performance as the company's share price advanced due to strength inAI‑related HBM demand, tight memory supply and pricing strength which continued to support a valuationre‑rating. The absence of a position in Intel, a leading designer and manufacturer of semiconductors for computing, data centre, and AI applications, offset results as investors grew more optimistic about restructuringefforts, improving execution and demand for AI-related chips and manufacturing services. We initiated a position inthe stock during the period given the improvement in its operating and financial performance and to reducebenchmark-relative risk of the portfolio. Similarly, not owning South Korean semiconductor and consumer conglomerate Samsung Electronics offset results as shares advanced on improvement in semiconductor andmemory demand expectations alongside favourable macro trends, particularly from AI and data centre demand.The stock was also added during the period reflecting its increasingly attractive risk vs. reward profile. Where have you been finding new opportunities? We made multiple new buys during the first half of the year, including a greater focus on secular growth opportunities in semiconductors, technology hardware, communication services and IT services industries. Thelargest new buy was the aforementioned Samsung Electronics, given the company's diversified business modeland durable demand drivers. Applied Materials, a leading semiconductor materials engineering solutions provider, was bought due to expectations of sustainable demand across AI, automotive, automation and robotics segments.Shares of ASML, a manufacturer of advanced semiconductor lithography equipment, were also purchased givenits leadership position and exposure across multiple technology-related themes. Our active management approach enables us to remain disciplined, avoiding businesses where valuations are not supported by fundamentals and instead allocating capital to attractively priced companies with compellingpropositions and resilient financial profiles. Through ongoing diligence, we can adjust position sizes andcontinually reassess our portfolio holdings. This disciplined approach is central to the Company's ability to outperform the benchmark. How have you funded these new investments? Sell decisions were made incrementally to improve the risk vs. reward profile of the fund and focused primarily onreducing exposure to selected software, electronic equipment, interactive media and capital markets companies.Shares of cloud-based commerce software platform Shopify were fully exited due to a less attractive valuation level and expectations of higher competition from other platforms. Amphenol, a designer and manufacturer ofconnectors and cabling used across data centres, telecom infrastructure and defence applications, was sold givenour concern around their nascent optical business. Arista Networks, a provider of high-performance networking switches and software for cloud data centres, was exited after strong AI-driven performance as investor focusincreasingly shifted toward nearer-term growth deceleration risk and disappointing company managementguidance primarily driven by supply chain constraints. What is your outlook for the remainder of the year? We remain constructive on the technology sector, buoyed by durable AI-driven demand supported by emerging use cases, stronger earnings visibility and expanding evidence of monetisation across both infrastructure andsoftware layers. Concerns around AI disruption in software have further eased, with investor focus shifting towardproductivity gains, accelerating enterprise adoption and strengthening revenue trends. While valuations have firmed after recent gains, they remain broadly supported by a multi-year growth outlook and improving free cashflow generation among leading platforms. The AI opportunity continues to broaden beyond infrastructure intosoftware, data and workflow automation, supporting a more diversified and durable phase of growth across the sector. Our focus remains on building the portfolio from a bottom-up perspective combined with a macro overview.Technology remains a key enabler across almost every vertical industry and we will continue to seek stocks whichsolve difficult problems and can be long-term outperformers. We believe earnings growth ultimately drives stock prices over the long term, and in our view, we are still early in the spending trend supporting this dynamicsegment.
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Mike SeidenbergLead Portfolio Manager Voya Investment Management Co LLC31 July 2026 Investment Portfolioat 30 June 2026 Investment Sector1 Sub Sector1 Country Valuation£000 % ofPortfolio NVIDIA Semiconductors & SemiconductorEquipment Semiconductors UnitedStates 223,569 8.0 Alphabet Interactive Media & ServicesInteractive Media & ServicesUnitedStates 218,774 7.8 Micron Technology Semiconductors & SemiconductorEquipment Semiconductors UnitedStates 182,740 6.5 Taiwan SemiconductorSemiconductors & SemiconductorEquipment Semiconductors Taiwan 174,884 6.3 Apple Technology, Hardware Storage &Peripherals Technology, Hardware Storage &Peripherals UnitedStates 154,701 5.5 Lam Research Semiconductors & SemiconductorEquipment Semiconductor Materials & EquipmentUnitedStates 148,670 5.3 Broadcom Semiconductors & SemiconductorEquipment Semiconductors UnitedStates 131,529 4.7 KLA Semiconductors & SemiconductorEquipment Semiconductor Equipment UnitedStates 131,142 4.7 Microsoft Software Systems Software UnitedStates 125,456 4.5 Sandisk Technology, Hardware Storage &Peripherals Technology, Hardware Storage &Peripherals UnitedStates 96,321 3.5 Top Ten Investments 1,587,786 56.8 Advanced Micro DevicesSemiconductors & SemiconductorEquipment Semiconductors UnitedStates 93,140 3.3 Western Digital Technology, Hardware Storage &Peripherals Technology, Hardware Storage &Peripherals UnitedStates 77,559 2.8 Monolithic Power SystemsSemiconductors & SemiconductorEquipment Semiconductors UnitedStates 63,591 2.3 Samsung ElectronicsTechnology, Hardware Storage &Peripherals Technology, Hardware Storage &Peripherals South Korea 63,298 2.3 CrowdStrike Software Systems Software UnitedStates 54,899 2.0 Bloom Energy Electrical Equipment Electrical Equipment UnitedStates 47,876 1.7 Applied Materials Semiconductors & SemiconductorEquipment Semiconductor Equipment UnitedStates 45,976 1.7 Meta Platforms Interactive Media & ServicesInteractive Media & ServicesUnitedStates 43,402 1.6 Analog Devices Semiconductors & SemiconductorEquipment Semiconductors UnitedStates 43,368 1.6 Datadog Software Application Software UnitedStates 40,150 1.4 Top Twenty Investments 2,161,045 77.5 Cloudflare IT Services Internet Services & InfrastructureUnitedStates 39,947 1.4 Seagate Technology Technology, Hardware Storage &Peripherals Technology, Hardware Storage &Peripherals Ireland 39,547 1.4 Snowflake IT Services Internet Services & InfrastructureUnitedStates 31,516 1.1 ASML Holding ADR Semiconductors & SemiconductorEquipment Semiconductor Materials & EquipmentNetherlands 30,973 1.1 Intel Semiconductors & SemiconductorEquipment Semiconductors UnitedStates 30,621 1.1 MongoDB IT Services Internet Services & InfrastructureUnitedStates 30,066 1.1 Flex Electronic Equipment Instruments &Components Electronic Manufacturing ServicesSingapore 29,181 1.1 Lumentum Communications EquipmentCommunications EquipmentUnitedStates 28,667 1.0 Ciena Communications EquipmentCommunications EquipmentUnitedStates 28,262 1.0 Amazon.com Broadline Retail Broadline Retail UnitedStates 26,969 1.0 Top Thirty Investments 2,476,794 88.8 Twilio IT Services Internet Services & InfrastructureUnitedStates 26,355 0.9 Coherent Electronic Equipment Instruments &Components Electronic Equipment Instruments &Components UnitedStates 25,743 0.9 Palo Alto Networks Software Systems Software UnitedStates 23,549 0.8 DigitalOcean IT Services Internet Services & InfrastructureUnitedStates 23,409 0.8 Rocket Lab Aerospace & Defense Aerospace & Defense UnitedStates 22,913 0.8 Palantir TechnologiesSoftware Application Software UnitedStates 22,313 0.8 Rubrik Software Systems Software UnitedStates 17,974 0.6 Infineon TechnologiesSemiconductors & SemiconductorEquipment Semiconductors Germany 16,277 0.6 STMicroelectronicsSemiconductors & SemiconductorEquipment Semiconductors Netherlands 16,205 0.6
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Investment Sector1 Sub Sector1 Country Valuation£000 % ofPortfolio Corning Electronic Equipment Instruments &Components Electronic Components UnitedStates 16,079 0.6 Top Forty Investments 2,687,611 96.2 Murata ManufacturingElectronic Equipment Instruments &Components Electronic Components Japan 15,631 0.6 GlobalFoundries Semiconductors & SemiconductorEquipment Semiconductors CaymanIslands 13,806 0.5 Texas InstrumentsSemiconductors & SemiconductorEquipment Semiconductors UnitedStates 12,507 0.4 Delta Electronics Electronic Equipment Instruments &Components Electronic Components Taiwan 12,268 0.4 IonQ Technology, Hardware Storage &Peripherals Technology, Hardware Storage &Peripherals UnitedStates 11,669 0.4 ServiceNow Software Systems Software UnitedStates 11,140 0.4 Quantinuum IT Services IT Consulting & Other ServicesUnitedStates 10,069 0.4 Okta IT Services Internet Services & InfrastructureUnitedStates 9,921 0.4 Akamai TechnologiesIT Services Internet Services & InfrastructureUnitedStates 9,397 0.3 Cerebras SystemsSemiconductors & SemiconductorEquipment Semiconductors UnitedStates 832 - Total Investments 2,794,851 100.0 1 GICS Industry classifications. Income Statement For the six months ended 30 June 2026 For the six months ended 30 June 2025 Revenue £'000s Capital £'000s Total Return £'000s Revenue £'000s Capital £'000s Total Return £'000s Notes 1 1 Gains on investments held at fair value through profit or loss - 887,890 887,890 - 48,843 48,843 Exchange gains (losses) on currency balances - 481 481 (26) (2,382) (2,408) Income 4,307 - 4,307 4,199 - 4,199 Investment management and performance fee 2 (6,230) (16,414) (22,644) (4,638) - (4,638) Administration expenses (636) - (636) (568) - (568) Profit (loss) before finance costs and taxation (2,559) 871,957 869,398 (1,033) 46,461 45,428 Finance costs: Interest payable and similar charges - - - - - - Profit (loss) on ordinary activities before taxation (2,559) 871,957 869,398 (1,033) 46,461 45,428 Taxation (638) - (638) (567) - (567) Profit (loss) attributable to ordinary shareholders (3,197) 871,957 868,760 (1,600) 46,461 44,861 Earnings (loss) per ordinary share 3 (0.92p) 250.77p 249.85p (0.42p) 12.31p 11.89p Balance Sheet
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As at 30 June 2026 £'000s As at 30 June 2025 £'000s As at 31 December 2025 £'000s Notes Investments held at fair value through profit or loss 4 2,794,851 1,752,684 2,006,621 Cash and cash equivalents 23,457 13,825 25,121 Net current liabilities (18,558) (1,773) (2,887) Total net assets 2,799,750 1,764,736 2,028,855 Called up share capital 10,719 10,719 10,719 Share premium account 334,191 334,191 334,191 Capital redemption reserve 1,021 1,021 1,021 Capital reserve 2,502,900 1,462,148 1,728,808 Revenue reserve (49,081) (43,343) (45,884) Shareholders' funds 2,799,750 1,764,736 2,028,855 Net asset value per Ordinary share 826.7p 471.8p 571.7p The net asset value is based on Ordinary shares in issue of 338,672,390 374,067,485 354,852,347 Note: number of shares held in treasury 90,084,290 54,689,195 73,904,333 Statement of Changes in Equity Called up Share Capital £'000's Share Premium Account £'000s Capital Redemption Reserve £'000's Capital Reserve £'000's Revenue Reserve £'000's Total £'000's Notes Six months ended 30 June 2026 Net assets at 1 January 2026 10,719 334,191 1,021 1,728,808 (45,884) 2,028,855 Revenue loss - - - - (3,197) (3,197) Shares repurchased into treasury during the period 5 - - - (97,865) - (97,865) Capital profit - - - 871,957 - 871,957 Net assets at 30 June 2026 10,719 334,191 1,021 2,502,900 (49,081) 2,799,750 Six months ended 30 June 2025 Net assets at 1 January 2025 10,719 334,191 1,021 1,442,679 (41,743) 1,746,867 Revenue loss - - - - (1,600) (1,600) Shares repurchased into treasury during the period 5 - - - (26,992) - (26,992) Capital profit - - - 46,461 - 46,461 Net assets at 30 June 2025 10,719 334,191 1,021 1,462,148 (43,343) 1,764,736
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Notes to the Financial Statements Note 1: Summary statement of accounting policies and basis of preparation The financial statements have been prepared in accordance with FRS 102 'The Financial ReportingStandard applicable in the UK and Republic of Ireland' which forms part of the United KingdomGenerally Accepted Accounting Practice (UK GAAP) issued by the Financial Reporting Council in September 2024. The condensed set of financial statements has been prepared on a going concern basis in accordancewith FRS 102 and FRS 104, 'Interim Financial Reporting', the Companies Act 2006 and with theStatement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in December2025. The accounting policies applied in preparation of the condensed set of financial statements with regardto measurement and classification have not changed from those set out in the Company's annual financial report for the year ended 31 December 2025. The Total Return column of the Income Statement is the profit and loss account of the Company. Allrevenue and capital items derive from continuing operations. No operations were acquired ordiscontinued in the period. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the Income Statement. Note 2: Management Allianz Global Investors UK Ltd is appointed as AIFM, providing company secretarial, administrativeand sales and marketing services, and portfolio management services are provided by VoyaInvestment Management Co LLC. The management agreement provides for a base fee of 0.8% per annum payable quarterly in arrears and calculated on the average value of the market capitalisation ofthe Company at the last business day of each month in the relevant quarter. The base fee reduces to0.6% for any market capitalisation between £400m and £1 billion, and 0.5% for any market capitalisation over £1 billion. Additionally there is a fixed fee of £55,000 per annum to cover AllianzGIUK's administration costs. In each year, in accordance with the management contract, the Investment Manager is entitled to aperformance fee equal to 10.0% of the outperformance of the adjusted NAV per share total return as compared to the benchmark index, the Dow Jones World Technology Index (sterling adjusted, totalreturn). With effect from 1 January 2026 any performance fee payable is capped at 1.25% of the average dailyNAV of the Company over the year (2025: 1.75%). For this purpose, the NAV is calculated after deduction of any performance fee payable. The performance fee entitlement is assessed over each financial year (the Performance Period). Anyunderperformance at the end of each Performance Period is carried forward and must be offset byfuture outperformance before a performance fee can crystallise. Once crystallised, a performance fee is only payable where the NAV per share at the end of therelevant Performance Period is greater than the NAV per share at the end of the financial year in which a performance fee was last paid. At 31 December 2025, this high water mark (HWM) was297.2p per share. Any outperformance in excess of the cap (or where the HWM has not been met) shall be carriedforward to future years to be available for offset against future underperformance but not to generate a performance fee. Underperformance/outperformance amounts carried forward do so indefinitely untiloffset. The performance fee accrued as at 30 June 2026 was £16,414,000 (30 June 2025: £nil; 31 December2025: £nil). The Investment Manager's fee is charged 100% to revenue and the performance fee is charged 100% to capital. Note 3: Earnings per Ordinary share The earnings per Ordinary share is based on the net profit for the half year of £868,760,000 (30 June2025: net profit of £44,861,000, 31 December 2025: net profit of £406,981,000) and on the weightedaverage number of Ordinary shares in issue during the period of 347,716,717 (30 June 2025: 377,406,460, 31 December 2025: 372,058,138). Note 4: Valuation of investments Investments are designated as held at fair value through profit or loss in accordance with FRS 102sections 11 and 12. Investments are initially recognised at cost, which is considered to be their fairvalue at that point. After initial recognition, these continue to be measured at fair value, which for quoted investments is either the bid price or the last traded price depending on the convention of theexchange on which the investment is listed. FRS 102 sets out three fair value hierarchy levels for disclosure.
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Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entitycan access at the measurement date. Level 2: Inputs other than quoted 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. As at 30 June 2026, the financial assets at fair value through profit or loss of £2,794,851,000 (31December 2025: £2,006,621,000) are categorised as follows: As at 30 June 2026 £'000s As at 31 December 2025 £'000s Level 1 2,794,851 2,006,621 Level 2 - - Level 3 - - 2,794,851 2,006,621 Note 5: Called up Share Capital At 30 June 2026 there were 338,672,390 Ordinary shares in issue (30 June 2025: 374,067,485; 31December 2025: 354,852,347). During the half-year ended 30 June 2026 the Company repurchased 16,179,957 Ordinary shares into treasury (half-year ended 30 June 2025: 6,873,738; and year ended31 December 2025: 26,088,876). During the same period no Ordinary shares were issued from theblock listing facility or reissued from treasury (half-year ended 30 June 2025: nil; year ended 31 December 2025: nil). Since 30 June 2026, 9,161,693 shares were repurchased into treasury. Note 6: Investments Purchases for the half-year ended 30 June 2026 were £500,658,000 (30 June 2025: £589,368,000)and sales were £600,318,000 (30 June 2025: £601,070,000). Note 7: Transaction costs Brokers commission costs on equity purchases for the half-year ended 30 June 2026 amounted to£117,000 (30 June 2025: £46,000) and on sales were £97,000 (30 June 2025: £51,000). Note 8: Post Balance Sheet event Subsequent to the reporting date of 30 June 2026, the performance fee accrual reduced to nil as at 30 July 2026, the last practicable date prior to the publication of this document. Note 9: Comparative information The half yearly financial report to 30 June 2026 and the comparative information to 30 June 2025 have neither been audited nor reviewed by the Company's auditors and do not constitute statutory accountsas defined in section 434 of the Companies Act 2006 for the respective periods. The financialinformation for the year ended 31 December 2025 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditor's report on thosefinancial statements was unqualified and did not contain a statement under Section 498 (2) or (3) ofthe Companies Act 2006. Investor Information DirectorsTim Scholefield (Chairman)Katya Thomson Lucy Costa DuarteNeeta Patel CBESam Davis Alternative Investment Fund Manager (AIFM) Allianz Global Investors UK Limited
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199 BishopsgateLondon EC2M 3TYTelephone: +44 (0)20 3246 7000 Head of Investment Trusts:Stephanie Carbonneil, email: stephanie.carbonneil@allianzgi.com Company SecretaryKirsten SaltEmail: investment-trusts@allianzgi.com Registered Office199 BishopsgateLondon EC2M 3TYTelephone: 0800 389 4696 Investment ManagerVoya Investment Management Co. LLC 2999 Oak RoadWalnut CreekCA 94597 Telephone: +1 415 954 4500 Lead Portfolio Manager:Mike SeidenbergPortfolio Manager: Erik Swords Registered number3117355 Bankers and CustodianHSBC Bank plc,8 Canada Square LondonE14 5HQ DepositaryHSBC Security Services 8 Canada SquareLondonE14 5HQ Independent auditors Forvis Mazars LLP30 Old BaileyLondon EC4M 7AU RegistrarsMUFG Corporate MarketsCentral Square 29 Wellington StreetLeedsLS1 4DL Stockbrokers Winterflood Investment TrustsRiverbank House2 Swan Lane LondonEC4R 3GA IdentifiersSEDOL: BNG2M15 ISIN: GB00BNG2M159BLOOMBERG: ATTEPIC: ATT GIIN: YSYR74.99999.SL.826LEI: 549300OMDPMJU23SSH75 Financial calendarFull year results announced and Annual Financial Report published in March. Annual General Meeting held in April.Half year results announced and Half-Yearly Financial Report published and sent to shareholders inAugust. The year end is 31 December. How to investInformation is available from Allianz Global Investors either via Investor Services on 0800 389 4696 oron the Company's website: www.allianztechnologytrust.com.
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A list of providers can be found on the Company's website:www.allianztechnologytrust.com/how-to-invest Market and portfolio Information The Company's Ordinary shares are listed on the London Stock Exchange under the code ATT. Themarket price range, gross yield and net asset value (NAV) are shown daily in the Financial Times andThe Daily Telegraph under the headings 'Investment Trusts' and 'Investment Companies', respectively. The NAV of the Ordinary shares is calculated daily and published on the London Stock ExchangeRegulatory News Service. The geographical spread of investments and ten largest holdings arepublished monthly on the London Stock Exchange Regulatory News Service. They are also available from the Manager's Investor Services Helpline on 0800 389 4696 or via the Company's website:www.allianztechnologytrust.com. Share priceThe share price quoted in the London Stock Exchange Daily Official List for 30 June 2026 was 752.0p per Ordinary share. WebsiteFurther information about Allianz Technology Trust PLC, including monthly factsheets, daily shareprice and performance, is available on the Company's website: www.allianztechnologytrust.com Association of Investment Companies (AIC) The Company is a member of the AIC, the trade body of the investment trust industry, which providesa range of literature including fact sheets and a monthly statistical service. Copies of thesepublications can be obtained from the AIC, 9th Floor, 24 Chiswell Street, London, EC1Y 4YY, or at www.theaic.co.uk. AIC Category: Technology and Technology Innovation. Glossary UK GAAP performance measures Net Asset Value is the value of total assets less all liabilities. The Net Asset Value, or NAV, perOrdinary share is calculated by dividing this amount by the total number of Ordinary shares in issue. As at 30 June 2026, the NAV was £ 2,799.8m (31 December 2025: £2,028.9m, 30 June 2025:£1,764.7m) and the NAV per share was 826.7p (31 December 2025: 571.7p, 30 June 2025: 471.8p). Earnings per Ordinary share is the profit after taxation, divided by the weighted average number ofshares in issue for the period: For the six months ended 30 June 2026 For the six months ended 30 June 2025 Revenue £'000s Capital £'000s Total Return £'000s Revenue £'000s Capital £'000s Total Return £'000s Profit (loss) attributable to Ordinary shareholders (a) (3,197) 871,957 868,760 (1,600) 46,461 44,861 Weighted average shares in issue (b) 347,716,717 377,406,460 Earnings (loss) per Ordinary share (a/b) (0.92p) 250.77p 249.85p (0.42p) 12.31p 11.89p Alternative Performance Measures (APMs) Discount or Premium is the amount by which the stock market price per Ordinary share is lower(discount) or higher (premium) than the Net Asset Value, or NAV, per Ordinary share. Thediscount/premium is normally expressed as a percentage of the NAV per Ordinary share. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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