Hydrogen Capital Growth (HGEN) H1 2025 earnings summary

Executive summary

• NAV per share fell 54.1% to 41.48p as of 30 June 2025, with NAV dropping from £116.4m to £53.4m year-over-year.

• Share price rose 26.8% to 27.45p, narrowing the discount to NAV to 33.8% from 76.0%.

• A new investment adviser (Redwheel) and AIFM (GFM) were appointed in July 2025, with a proposed managed realisation strategy for remaining assets.

• A general meeting is scheduled for 1 December 2025 to approve the managed wind-down policy.

• The company’s cash position is constrained, with £1.6m at 30 June and £1.1m at 30 September 2025.

Financial highlights

• NAV per share: 41.48p (down from 90.39p at 31 Dec 2024).

• NAV: £53.4m (down from £116.4m at 31 Dec 2024).

• Share price: 27.45p (up from 21.65p at 31 Dec 2024).

• Market cap: £35.4m (up from £27.9m at 31 Dec 2024).

• Ongoing charges ratio: 2.84% (up from 2.53%).

• Loss after tax for the period: £63.0m, or 48.90p per share.

• Losses on investments: £62.5m for the period.

Outlook and guidance

• Focus is on realising value for shareholders through asset disposals, subject to approval of the managed realisation strategy.

• The company faces ongoing cash constraints and is exploring options to unlock funding or access debt.

• Directors highlight material uncertainties regarding going concern status.