Chrysalis Investments (CHRYL) H2 2025 earnings summary

Executive summary

• NAV per share increased 21.5% year-over-year to 171.65p, driven by portfolio revaluations and share buybacks.

• Share price rose 29.9% to 121.20p, narrowing the discount to NAV from 34% to 29%.

• £131 million realised from asset disposals, including Featurespace and InfoSum; £86 million returned to shareholders via buybacks.

• Board proposes an amended investment policy focused on orderly realisation of assets over three years, with no new investments.

Financial highlights

• Net gains on investments were £131 million, up from £45.8 million in the prior year.

• Total comprehensive gain for the year was £120.5 million, compared to £39.2 million last year.

• Net asset value at year-end was £874.6 million, up from £840.3 million.

• Ongoing charges ratio increased to 0.86% from 0.72%.

• No dividend declared for the year.

Outlook and guidance

• Focus shifts to maximising value from existing portfolio, especially Starling and Smart Pension.

• Board seeks shareholder approval for a three-year asset realisation programme, aiming to maximise capital returns while avoiding forced sales.

• Investment Adviser expects further NAV progression in 2026, with execution risk concentrated in key holdings.