Malin (MLC) H2 2024 earnings summary

Executive summary

• Achieved significant value realisation through divestments of CG Oncology and Poseida, generating over €139 million in capital from 1 January 2024 to February 2025.

• Announced a capital return of up to €150 million to shareholders via a tender offer in Q1 2025, underpinned by strong cash inflows.

• Strategy focused on maximising value from existing investee companies and returning excess capital to shareholders.

• Lean operating model and robust governance structure maintained to support value delivery.

Financial highlights

• Estimated intrinsic equity value at 31 December 2024 was €195.6 million, rising to €202.9 million at 17 February 2025.

• Intrinsic equity value per share increased from €10.36 at year-end 2024 to €10.75 in February 2025.

• Corporate cash rose from €62.1 million at 31 December 2024 to €166.0 million at 17 February 2025, mainly due to Poseida sale proceeds.

• Aggregate fair value of investee companies decreased from €133.5 million at year-end 2024 to €36.9 million in February 2025, reflecting the Poseida divestment.

• Recurring corporate cash operating spend for 2024 was €2.4 million.

Outlook and guidance

• Focus remains on realising value from remaining investee companies and disciplined capital deployment.

• Future investments will be limited to existing portfolio companies to support advancement to value inflection or realisation points.

• Ongoing evaluation of listed status and corporate structure to align with strategy and shareholder interests.