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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tetragon Financial Group
Tetragon Financial Group (TFG) investor relations material
Tetragon Financial Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary30 Jul, 2026
Executive summary
NAV at 30 June 2026 was $3.6 billion, with fully diluted NAV per share at $40.60, down from $41.88 at year-end 2025, reflecting a net loss of $174.9 million in H1 2026.
NAV per share total return for H1 2026 was -2.5%, and for the one year to 30 June 2026 was 6.0%; share price total return was -24.0% including dividends.
Return on equity (ROE) for H1 2026 was -4.5%, below the long-term average of 11.5% since IPO and the target of 10–15%.
Dividend for H1 2026 was $0.24 per share (Q2: $0.12), annualized yield of 3.6%.
Approximately $1.9 billion has been returned to shareholders since IPO through dividends and buybacks.
Financial highlights
Aggregate investment performance for H1 2026 was a net loss of $131.4 million; adjusted net income was -$174.9 million, with adjusted EPS of -$1.98.
NAV decreased from $3,891.8 million at 31 December 2025 to $3,634.7 million at 30 June 2026.
Fully diluted shares outstanding were 89.5 million.
No incentive fee was accrued or paid in H1 2026.
Outlook and guidance
Target ROE remains 10–15% per annum over cycles, with long-term average since IPO at 11.5%.
Management expects returns to be sensitive to the prevailing short-term risk-free rate regime, with higher sustainable returns in high-SOFR environments.
The company intends to conduct a tender offer for up to $50 million in shares to enhance NAV per share.
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Latest events from Tetragon Financial Group
- NAV per share total return reached 19.6% in 2025, with RoE at 23.4% and NAV at $3.9 billion.TFG
H2 2025 - ROE of 12.2% and $377.6M net income highlight strong H1 2025, led by Equitix.TFGH1 2025
- NAV per share total return was 1.9% for H1 2024, with $0.22 in dividends and $25M buybacks.TFGH1 2024
- NAV per share total return was 15.4% in 2024, with $3.2B NAV and 14.6% ROE.TFGH2 2024
Next Tetragon Financial Group earnings date
H2 20265 Mar, 2027
Tetragon Financial Group
Next Tetragon Financial Group earnings date
H2 20265 Mar, 2027
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Frequently asked questions
Tetragon Financial Group Limited (TFG) is a Guernsey-based closed-ended investment company founded in 2005, focusing on generating distributable income and capital appreciation for investors. Its investment portfolio spans a diverse range of alternative assets, including public and private equities and credit, distressed securities, structured credit, convertible bonds, real estate, venture capital, infrastructure, bank loans, legal assets, and it oversees TFG Asset Management, a diversified alternative asset management business. The company is headquartered in London, United Kingdom, and its shares are listed on the Euronext Amsterdam and the London Stock Exchange.