)
Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
BH Macro
BH Macro (BHMG) investor relations material
BH Macro H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary31 Mar, 2026
Executive summary
NAV per GBP share rose 1.38% and per USD share 0.83% in 2025, below 2024's 5.86% and 4.92% respectively.
Share price returns were -1.72% (GBP) and 1.68% (USD), with persistent discounts to NAV averaging 8.1% and 8.3%.
£115m and $1.3m were spent on buybacks in 2025, but discounts persisted, triggering class closure votes.
Overwhelming shareholder support defeated closure votes for both share classes in February 2026.
The Board and Manager implemented process changes and increased the 2026 buyback allowance to 14.99% of share capital.
Financial highlights
Net assets at year-end: $1,981m (2024: $1,984m); NAV per share: £4.41 (GBP), $4.52 (USD).
Net increase in net assets from operations: $151.1m (2024: $58.2m).
Ongoing charges ratio fell to 2.47% (GBP) and 2.40% (USD) from 2.95% and 3.06% in 2024.
No dividends paid in 2025.
Gain per share: 2.12p (GBP), 2.35c (USD); prior year: 17.91p (GBP), 19.88c (USD).
Outlook and guidance
Macro and geopolitical environment remains challenging but offers opportunities for future returns.
Board retains confidence in the Manager and strategy despite recent underperformance.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from BH Macro
- NAV fell modestly, discount narrowed, and net assets grew amid volatile markets and strong support.BHMG
H1 202522 Sep 2025 - NAV fell in H1 2024, but buybacks narrowed discounts and strategy confidence remains.BHMGH1 202413 Jun 2025
- NAV per share rose, discounts narrowed, and class closure votes were defeated in 2024.BHMGH2 202411 Jun 2025
Next BH Macro earnings date
H1 202616 Sep, 2026
BH Macro
Next BH Macro earnings date
H1 202616 Sep, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Explore our global coverage