Malin (MLC) H1 2024 earnings summary

Executive summary

• Intrinsic equity value per share was €6.44 at 30 June 2024, decreasing to €6.33 by 22 August 2024, mainly due to Poseida's share price decline and USD weakening.

• Cash position rose from €35.7m at 30 June 2024 to €62.9m at 22 August 2024, following the €28.5m divestment of CG Oncology.

• Malin intends to return approximately €45m to shareholders via a tender offer, pending shareholder and court approval.

• Focus remains on supporting investee companies, realising assets at value inflection points, and disciplined capital allocation.

Financial highlights

• Profit for the period was €1.1m, compared to €1.1m in the prior year period.

• Total comprehensive income for the period was €8.7m, versus a loss of €45.9m in H1 2023, driven by fair value gains on financial assets.

• Administrative expenses were €1.4m, down from €2.2m in H1 2023.

• Cash and cash equivalents increased to €35.7m at 30 June 2024 from €29.3m at 31 December 2023.

Outlook and guidance

• Malin expects further clinical updates from Poseida in H2 2024 and clarity on Viamet's regulatory/commercial pathway.

• The company remains committed to returning excess capital to shareholders and maintaining a lean operating structure.