Despite their dominance in deal counts, Cambridge and City, which recorded 10 deals in 2025, also contributed to averages, with spinouts underperforming relative to other However, the picture remains uneven. In parts of Scotland, Beauhurst records all UK academic spinouts. Spinning Equity investment companies in these innovation hubs. Oxford showed a both spinouts and non-spinouts exceeded prior averages, similar pattern, with contraction more pronounced among signalling broader ecosystem strength, while several spinouts. However, some peripheral local authorities, London boroughs underperformed. In mature ecosystems, To be included in our analysis, any investment must be: including Cherwell and South Oxfordshire, demonstrated deeper capital networks may narrow spinouts' relative has high-growth potential. More detail on Beauhurst's stronger spinout performance, suggesting activity advantage, whereas in emerging ecosystems spinouts can form a larger share of activity, amplifying relative performance when investment moderates. These patterns In Edinburgh, Manchester, Newcastle upon Tyne and suggest that while deal volumes remain concentrated in Nottingham, spinouts outperformed non-spinouts relative Cambridge, Oxford and London, three-year momentum is to their three-year averages. Although Manchester and increasingly diffuse, with cities like Edinburgh, Newcastle Edinburghsaw modest declines in deal numbers, spinouts and Manchester emerging as more resilient spinout held up better than the broader company base. Glasgow ecosystems than headline deal counts alone might imply. the sectors they operate in or heavily target. A company's area, but does not imply that this is its sole activity. Since companies can be assigned more than one industry, there may be overlaps between industries, and companies 1. The UK-based company was set up to exploit intellectualwith multiple industries willbe counted more than one time property developed by a recognised UK or overseas for industry analysis. This report data is up to date as of the 16th February 2026. 2.The institution ownsIPthat it haslicensed to the company. 3. The institution owns shares in the company. 4. The institution has the right (via an options or warrants contract) to purchase shares in the company atalater date. If 1-4 are all false, the company may still be a staff or student startup. These are companies set up by students, recent graduates or staff. Neither HESA nor Beauhurst considers staff and student startups to be spinouts. proprietary research,including tip offs from universities