Malin (MLC) H1 2026 earnings summary

Executive summary

• Intrinsic equity value per share was €9.36 at 30 June 2026, up from €9.21 at 31 December 2025, but fell to €8.28 by 24 August 2026 due to a reduction in Kymab's fair value and lower cash balance.

• Cash position was €11.6 million at 30 June 2026, decreasing to €11.2 million by 24 August 2026, reflecting normal operating expenses.

• Investee interests are now concentrated in a few areas, with direct involvement reduced following recent divestments and capital returns.

Financial highlights

• Intrinsic equity value increased to €40.7 million at 30 June 2026 from €39.9 million at 31 December 2025, mainly due to FX movements and discount rate unwinding.

• Corporate cash operating expenses for H1 2026 were €0.8 million.

• Intrinsic equity value per share dropped 12% to €8.28 by 24 August 2026, driven by Kymab's fair value reduction and lower cash.

Outlook and guidance

• Monitoring of Poseida CVR milestones continues, with potential for further contingent payments.

• Kymab contingent consideration reduced to nil after Sanofi discontinued amlitelimab development in July 2026.

• Viamet's value could be materially impacted by an FDA review expected in H2 2026.