Agronomics (ANIC) H2 2025 earnings summary

Executive summary

• Portfolio companies achieved significant technological and commercial milestones, especially in precision fermentation, with several entering commercial agreements and gaining regulatory approvals across multiple geographies.

• Notable events included Solar Foods' IPO, regulatory clearances for Meatly and All G, and strategic partnerships and funding rounds for key holdings.

• The year saw a focus on product development and commercialisation, despite a challenging funding environment and limited fundraising activity.

Financial highlights

• Net operating loss for the year was £32.75m, compared to a loss of £10.99m in the prior year.

• Investment loss, including net unrealised losses, was £25.1m (2024: £8.34m loss).

• Total assets decreased to £124.67m from £157.44m, and net asset value per share fell 20% to 12.34p.

• Cash and equivalents at year-end were £3.61m, down from £12.24m.

• Full impairment of Meatable BV (£11.9m) and write-downs in Solar Foods, Liberation Bioindustries, and Blue Nalu impacted results.

Outlook and guidance

• Continued focus on accelerating global commercialisation in clean food, especially precision fermentation.

• Expectation of further consolidation and restructuring in the sector, but long-term optimism remains due to the sector's potential for food security and sustainability.

• Anticipation of new seafood companies reaching the market and further scaling of manufacturing capacity.