IP Group (IPO) H1 2025 earnings summary

Executive summary

• Achieved strong progress in H1 2025 with £30.3m in cash exits, driven by Hinge Health's IPO and Oxford Nanopore's gains, and a robust pipeline of milestones through 2027.

• Public portfolio remained robust, with NAV per share stabilizing at 96.2p at 30 June 2025 and increasing post-period to about £1.

• Significant value potential identified in UK science and technology, positioning for attractive shareholder opportunities.

• Continued focus on capital returns via buybacks and disciplined capital allocation, with 6% of share capital retired in H1 and 14-15% to date.

• Portfolio well-funded, with two-thirds of value funded into 2027 or beyond.

Financial highlights

• Gross cash position at £237.3m, up 47% year-over-year, with NAV at £883.1m and NAV per share at 96.2p at 30 June 2025.

• Loss for the period was £43m, mainly due to write-downs in Oxa and Artios and FX losses.

• Overhead costs reduced by 12-15% year-over-year, with a target of 23% reduction by year-end.

• Share buybacks retired 6% of capital in H1 and 15% to date, with a £75m program ongoing.

• Portfolio investment totaled £35.7m across 22 companies in H1.

Outlook and guidance

• Confident in achieving over £250m of exits by end-2027, with strong momentum into H2.

• FY25 priorities include positive NAV per share, delivering cash exits exceeding £250m, and returning 50% of cash exits.

• Expecting at least one new scale-up capital mandate by full-year results.

• Portfolio well-funded: one-third funded to profitability, one-third needs funding in 12-18 months, one-third post-2027.

• Focus remains on NAV per share growth and selective new investments.