Chrysalis Investments (CHRYL) H1 2026 earnings summary

Executive summary

• NAV per share fell 22.0% to 133.94p at 31 March 2026, with a 19.0% drop in Q2, mainly due to market volatility and peer group de-ratings, not underlying trading performance.

• Share price at period end was 81.40p, a 39% discount to NAV, with total net assets at £647 million.

• The company transitioned to a self-managed model, reducing ongoing costs and focusing on an orderly realisation strategy over three years.

• Share buyback programme returned £117.4 million to shareholders before being discontinued in April 2026.

Financial highlights

• Net losses before taxation for the six months ended 31 March 2026 were £198.5 million, driven by £191.1 million in investment losses.

• NAV per share declined from 171.65p to 133.94p, and total net assets dropped from £875 million to £647 million over the period.

• Total liquidity at period end was £72.7 million, including £28.2 million in cash and £44.5 million in listed holdings.

• Debt facility reduced from £70 million to £17.2 million at period end, fully repaid post period.

Outlook and guidance

• The board aims to realise the portfolio over the next three years, returning capital to shareholders as assets are sold.

• The transition to a self-managed model is expected to halve annual portfolio management costs to £2 million, declining with asset sales.

• The company will not make new investments except to protect or enhance existing holdings or as required by law.