Tom Burnet, Chair of the Company commented:

“The Company has continued to make progress during this period with our strategy of identifying and actively managing a portfolio of exceptional US growth companies which are capable of generating meaningful value for shareholders over long-term investment horizons. Looking ahead, we see exciting opportunities for our diversified portfolio of companies, with their transformative potential, and we are confident about the Company’s ability to deliver growth and sustainable shareholder value.

We have also continued to be highly focussed on addressing the discount to NAV using the levers within our control, including buybacks. Over the period under review, the discount decreased from 9.4% to 6.3%. The base effect created by the exceptional gains achieved during the COVID period continue to weigh on relative performance over five years. We believe that over the longer term, as the macro backdrop for innovative, growth focussed businesses improves, performance will continue to narrow the discount and deliver a share price that more accurately reflects the quality of the portfolio.”

Results for six months to 30 November 2025

During the six months to 30 November 2025, the Company’s share price and NAV (after deducting borrowings at fair value) returned 18.0% and 14.1% respectively. This compares with a total return of 18.6% for the S&P 500 Index^* (in sterling terms).

• During the period from 23 March 2018, launch date and first trade date, to 30 November 2025, the Company’s share price and NAV (after deducting borrowings at fair value) returned 181.1% and 207.9% respectively. This compares with a total return of 220.5% for the S&P 500 Index* (in sterling terms).

• At the end of November, we held positions in 27 private companies which comprised 29.9% of total assets (31 May 2025 – 34.9% of total assets).

• We made six new purchases over the reporting period: Circle Internet, Figma, Coinbase, Applovin, Knife River and Anthropic (private company). In addition, we made three complete sales during the period: Airbnb, Roku and Chewy.

• During the period, the Company reduced its holding in SpaceX. Capital allocation within the portfolio is subject to ongoing review, with investment decisions informed by considerations of portfolio diversification, risk management and the need to position the portfolio to maximise the likelihood of the Company achieving its investment objective. Subsequent to the period end, following press speculation regarding a potential initial public offering, a significant corporate event resulted in a material uplift in the valuation of the retained holding. As at 21 January 2026, SpaceX represented 11.5% of total assets.

• The Board believes that the Company is well positioned for future growth given the improving macro backdrop for innovative, growth focused businesses. The Manager’s focus is on backing transformational founders who are building businesses that can create wealth by changing how society works and lives, often at an ever-increasing pace and, in doing so, create significant value for shareholders.

^* Source: LSEG and relevant underlying index providers. See disclaimer at the end of this announcement.

Past performance is not a guide to future performance.

Baillie Gifford US Growth Trust plc seeks to invest predominantly in listed and unlisted US companies which the Company believes have the potential to grow substantially faster than the average company, and to hold onto them for long periods of time, in order to produce long term capital growth. The Company has total assets of £872.5 million (before deduction of loans of £37.7 million) as at 30 November 2025.

Baillie Gifford US Growth Trust plc is managed by Baillie Gifford & Co, the Edinburgh based fund management group with approximately £203.9 billion under management and advice in active equity and bond portfolios for clients in the UK and throughout the world (as at 22 January 2026).

The following is the unaudited Interim Financial Report for the six months to 30 November 2025 which was approved by the Board on 22 January 2026.

Responsibility statement

We confirm that to the best of our knowledge:

a.       the condensed set of Financial Statements has been prepared in accordance with FRS 104 ‘Interim Financial Reporting’;

b.       the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (being an indication of important events that have occurred during the first six months of the financial 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

c.       the Interim Financial Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

On behalf of the Board

Tom Burnet

Chair

22 January 2026

Chair’s statement

Introduction

The Board presents your Company’s Interim Report for the six months to 30 November 2025. This has been a period in which the Company delivered strong share price performance and continued to make progress in line with its long-term investment philosophy of identifying exceptional US growth companies, whether public or private, that are capable of generating meaningful value for shareholders over extended time horizons.

While market conditions remained mixed, confidence in growth investing strengthened. In this improving backdrop, the Company’s net asset value (‘NAV’) total return over the period was 14.1%, with the share price rising 18.0%. Over longer time periods, the Company has delivered strong NAV growth, including 60.7% over three years and 207.9% since inception. That being said, we note that our five-year NAV performance figure is disappointing, reflecting a period with particularly high macro volatility when our long-term growth style was out of favour, and several holdings faced short-term challenges. We are, however, very confident that the Company is well positioned for future growth given the improving macro backdrop for innovative, growth-focused businesses. Our Manager’s focus is on backing transformational founders who are building businesses that can create wealth by changing how society works and lives, often at an ever-increasing pace and, in doing so, create significant value for shareholders.

The Board, which comprises experts in investment and growth companies, as well as entrepreneurs and seasoned business builders, draws on its wealth of experience to actively challenge and support the Managers in finding and holding these opportunities for shareholders. During the period, the Board has been engaging regularly with shareholders to understand their views on the future direction of the Company and ensuring these perspectives are reflected in the proactive actions being taken to manage the discount and optimise performance.

Information on the performance of the individual portfolio companies can be found in the Managers’ report below.

Share price and discount

The discount of the Company’s share price to NAV narrowed over the period from 9.4% at 31 May 2025 to 6.3% at 30 November 2025. This compares with the AIC North America sector that had an average discount of 20.8% as at 30 November 2025. The Board monitors the discount closely and considers prevailing market conditions, investor demand and the long-term interests of shareholders as a whole when determining the appropriate use of share buybacks, particularly with reference to the level of private company exposure in the portfolio. During the period, 4,505,000 shares were repurchased at a total cost of £11.9 million, which contributed modestly to NAV accretion and helped to reduce discount volatility.

Borrowings and gearing

There were no changes to the Company’s borrowings during the period. Net gearing moved from 4% at 31 May 2025 to 3% at 30 November 2025, reflecting the Board’s view that only modest structural gearing is appropriate for a portfolio that has a significant exposure to private companies. The Board will continue to keep the level of gearing under review in light of market conditions, portfolio opportunities and risk considerations.

Private companies

The Company remains committed to providing patient capital to private companies with the potential for transformational growth.

The Company reduced its holding in SpaceX during the period. As noted in the Managers’ report, the position had grown to represent more than 10% of the portfolio, around twice the size of the next largest holding, and larger than we would like for our investment strategy which places importance on a diversified portfolio. Despite much media speculation, there is no clear timing on any potential IPO of SpaceX, and the Managers felt it prudent to realise 48.5% of the growth in the company at this stage but we remain confident on the company’s future growth prospects. The Managers continue to review all holdings on an ongoing basis, taking into account prospective returns, competition for capital and the importance of maintaining appropriate diversification as part of disciplined risk management. The Board believes that this approach to portfolio construction best positions the Company to deliver on its long-term investment objective.

During the period, BillionToOne listed successfully. One new private investment – Anthropic – was completed. At the period end, the Company held 27 private companies, representing 29.9% of total assets (May 2025: 34.9%).

Shareholder engagement and activism

The Board endeavoured to maintain regular and constructive engagement with shareholders throughout the period, recognising the importance of transparency, accountability and open dialogue. Since Saba Capital Management, L.P. (‘Saba’) requisitioned the General Meeting of the Company held on 3 February 2025, the Board has worked diligently to identify a way forward that is fair, transparent and beneficial to shareholders as a whole and has sought extensive feedback to understand shareholders’ priorities.

I, together with the Senior Independent Director, met with Saba in April, at which Saba indicated that they respected the outcome of the requisitioned General Meeting. Following that meeting, Saba declined several offers of further meetings to discuss their views before meeting with our financial advisers in November at which the proposed merger of Edinburgh Worldwide Investment Trust plc (‘EWIT’) with the Company was discussed.

Our shareholders who engaged with the Company provided clear feedback. Firstly, they expressed strong support for the Company’s highly differentiated investment strategy. Secondly, there was general consensus regarding the desired range of exposure to private companies from a risk management perspective. Thirdly, they encouraged the Company to consider merger opportunities while being mindful of the above. Finally, they were very clear that they did not want to see any deal benefit Saba over other existing shareholders.

In response, the Board negotiated and advanced a credible proposal to combine with EWIT. The Board believed the proposal had considerable attractions given the companies share a similar investment philosophy and have a significant overlap in geographic exposure and shared portfolio holdings. However, Saba, as the Company’s largest shareholder, blocked this proposed combination. Therefore there is no further work being done to advance the proposal at this time.

The Board remains cognisant that a significant proportion of the register are retail shareholders and we will be actively seeking to engage with them in the coming months to understand their views and feedback. 

In accordance with good corporate governance practice and following the significant vote against Resolutions 2, 4, 5, 6, 7 and 10 relating to the Directors’ Remuneration Policy, the re-appointment of the Directors and the Directors’ authority to allot shares at the 2025 AGM, the Chair and Senior Independent Director sought to engage with those shareholders who voted against the resolutions, principally Saba, to understand the rationale for the votes against. As stated above, Saba refused to engage with us. Based on feedback received from other shareholders earlier in the year and as evidenced by their votes at the AGM, they continue to be supportive of the current Board; accordingly, the Board does not plan to take any action as a consequence of the votes cast against the resolutions at the AGM.

Board composition and governance

The Board was pleased to appoint a new Director, Liz Flockhart, during the period. In making this appointment, the Board undertook a comprehensive search, using an independent search firm, to ensure that the skills, experience and perspectives added would continue to support the Company’s long-term strategic objectives. The appointment is part of a succession plan that takes into account the fact that three of the current Directors have been on the Board since IPO in March 2018.

The Board will continue to review its composition to ensure that it maintains an appropriate balance of diversity and relevant expertise in overseeing the Company on behalf of shareholders.

Outlook

The Board remains focused on delivering long-term value for shareholders and on stewarding a portfolio of businesses with significant potential for durable growth. In parallel, we will continue to engage with shareholders on the Company’s future direction, while remaining steadfast in our commitment to act in the interests of shareholders as a whole.

Tom Burnet

Chair

22 January 2026