Agronomics (ANIC) H1 2026 earnings summary

Executive summary

• Achieved significant progress in advanced portfolio companies, with several moving into commercial execution, regulatory clearance, and scaled manufacturing amid a challenging funding environment.

• Precision fermentation companies led momentum, with regulatory milestones and commercial traction, including FDA GRAS status for Onego Bio and regulatory approval for Clean Food Group's CLEAN Oil™.

• Commercial partnerships expanded, such as Solar Foods' consumer product launch and EVERY Company's $55 million Series D and US retail rollout.

• Portfolio management remained disciplined, with increased investments in promising cultivated protein companies and a full write-off of Meatable B.V. after its wind-down.

• Emphasis shifted from technical validation to commercial delivery, focusing on execution, reliability, and recurring revenues.

Financial highlights

• Net profit for the six months ended 31 December 2025 was £10,012,754, compared to a loss of £6,555,201 for the same period last year.

• Net investment gains totaled £10,714,736, reversing net investment losses of £5,872,621 year-over-year.

• Basic and diluted profit per share was 0.991 pence, up from a loss per share of 0.649 pence in the prior year.

• Net assets increased to £139,973,459 from £124,520,935 as of 30 June 2025; net asset value per share rose 11.7% to 13.78 pence.

• Cash and cash equivalents at period end were £2,153,140, down from £3,606,187 at 30 June 2025.

Outlook and guidance

• Focus remains on supporting companies progressing toward commercial scale, with selective capital allocation and emphasis on operational performance and customer adoption.

• Anticipates continued sector consolidation, favoring well-capitalized, execution-focused companies.

• Expects the coming year to mark a transition from development to commercial execution for several portfolio companies, especially in precision fermentation.