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Tetragon Financial Group (TFG) investor relations material

Tetragon Financial Group H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary30 Jul, 2025

Executive summary

  • NAV per share total return was 10% for H1 2025, with annualized NAV per share total return since IPO at 11% and 24.6% over five years.

  • ROE for H1 2025 was 12.2%, exceeding the six-month target and within the long-term range of 10–15%.

  • Net asset value (NAV) reached $3.55B at 30 June 2025, with fully diluted NAV per share of $38.74.

  • Dividend per share for H1 2025 was $0.11, totaling $0.22 year-to-date, with a trailing yield of 2.7%.

  • Performance was driven by gains in Equitix, Ripple Labs, and Hawke's Point, reflecting a diversified alternative asset strategy.

Financial highlights

  • Adjusted net income for H1 2025 was $388.0M; GAAP net income was $377.6M.

  • Adjusted EPS was $4.48, based on a time-weighted average of 83.3M shares.

  • Fully diluted NAV per share increased from $35.43 to $38.74 during H1 2025.

  • Dividend yield was 2.7%, with a five-year CAGR of 11.0%.

  • Since IPO, NAV per share total return reached 572%.

Outlook and guidance

  • Continued funding commitments expected for asset management, private equity, legal assets, and new asset classes.

  • Stable allocations planned for event-driven equities, credit, convertibles, hedge funds, and bank loans.

  • Real estate investments to continue with capital distributions from existing holdings.

  • Legal assets and other equities segments expected to grow; new asset classes may be added.

  • Targets annual ROE of 10–15% over the long term.

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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.

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