IP Group (IPO) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 progress with £30.3m in cash exits, a 791% increase year-over-year, driven by Hinge Health's IPO and Oxford Nanopore's outperformance.

• NAV per share stabilized at 96.2p at 30 June 2025, rising to about £1 post-period, with a robust pipeline of milestones through 2027.

• Gross cash position at £237.3m, up 47% year-over-year, supporting confidence in the £250m exit target by 2027.

• Share buyback program accelerated, retiring 6% of capital in H1 and 15% to date, with £9m left in the current program.

• Portfolio well-funded, with two-thirds of value funded into 2027 or beyond, and significant value potential in UK science and technology.

Financial highlights

• NAV at 30 June 2025: £883.1m (HY24: £1,072.2m; FY24: £952.5m); NAV per share at 96.2p, a 1.5% decrease from FY24.

• Gross cash and deposits: £237.3m (HY24: £161.3m; FY24: £285.6m); net overheads reduced by up to 15% year-over-year.

• Loss for the period: £43.0m, improved from £109.9m loss in HY24, mainly due to write-downs in Oxa and Artios, and FX losses.

• Portfolio investment: £35.7m across 22 companies in H1 2025.

• Portfolio fair value changes driven by £24m private and £12m public positive movements, offset by £14.1m FX retranslation and £20m negative movements, with £45m impact from funding delays.

Outlook and guidance

• Confident in delivering over £250m of exits between 2025 and 2027, with strong momentum into H2.

• At least one new scale-up capital mandate expected by the next full-year results.

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

• Well positioned to benefit from UK fiscal and regulatory reforms unlocking institutional capital.

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