Agronomics (ANIC) H1 2025 earnings summary

Executive summary

• Portfolio companies achieved significant technological and commercial milestones, including major financing rounds and product launches in cultivated food sectors.

• Notable progress includes Formo Bio securing a €35 million EIB loan, Liberation Labs raising $50.5 million, and Meatly launching the first cultivated meat-based pet food in Europe.

• The investment strategy remains diversified, with 55% of NAV in precision fermentation, targeting near-term revenue opportunities.

• Some portfolio write-downs occurred due to macroeconomic headwinds, but the majority of holdings continue to show strong growth potential.

Financial highlights

• Net loss for the six months ended 31 December 2024 was £6.56 million, compared to a £0.44 million loss in the same period last year.

• Net investment losses totaled £5.87 million, versus net investment income of £0.39 million year-over-year.

• Net asset value per share decreased 4.1% to 14.93 pence from 15.58 pence at 30 June 2024.

• Cash and cash equivalents plus bank deposits were £10.19 million, down from £12.24 million at 30 June 2024.

• No performance fees were accrued or paid during the period.

Outlook and guidance

• Focus remains on supporting portfolio companies to achieve regulatory approvals and commercial launches.

• Expansion of manufacturing capabilities, especially through Liberation Labs, is a priority to address production bottlenecks in clean food.

• Increased industry interest in clean, locally produced food and bio-manufacturing technologies is expected to drive future growth.