IP Group (IPO) H1 2026 earnings summary

Executive summary

• NAV per share grew 3.2% to 113.9p (GBP 1.14) in H1 2026, with closing NAV at £1,006.4m and further increase to ~117p post-period end.

• Cash proceeds from exits reached £69m in H1, surpassing the FY25 total, with year-to-date proceeds in the mid-£80m range.

• Portfolio companies raised over £543m in third-party capital, with the group contributing about 5%.

• Major value drivers included a £27m uplift in Pfizer obesity royalty interest and strong progress across therapeutics, quantum, autonomy, climate tech, and AI.

• Appointment of Michael Queen as Chair strengthens governance and strategic focus.

Financial highlights

• NAV per share increased to 113.9p (GBP 1.14) at period end and ~117p post-period, reflecting a 3.2% rise in H1 2026.

• Gross cash and deposits stood at £238.9m, with strong exits totaling £69m in H1 and an additional £17m post-period.

• Portfolio value remained stable at around £907-908m, with £30m invested during the period.

• Realized proceeds since the start of 2025 reached £154m, progressing towards the £250m exit target by end-2027.

• Overheads/net overheads expected to rise slightly to about £17m for the full year, mainly due to inflation.

Outlook and guidance

• On track to achieve over £250m in exits by end-2027, with a healthy pipeline of maturing assets and realization opportunities over the next 12-18 months.

• Oxford Nanopore targets adjusted EBITDA break-even in FY27 and positive free cash flow in FY28.

• Pfizer obesity royalty interest anticipated to begin generating royalties in 2028, with launch targeted the same year.

• Continued focus on NAV per share growth, capital allocation, and first investments in new private capital arrangements.