Malin (MLC) H2 2025 earnings summary

Executive summary

• Estimated intrinsic equity value per share was €9.21 at 31 December 2025 and €9.24 at 23 February 2026, reflecting updated valuations and milestone progress.

• Major leadership changes announced: CEO and Company Secretary Fiona Dunlevy to depart, with Non-Executive Chair Liam Daniel becoming Executive Chair and Andrea Stafford appointed as Company Secretary.

• The company has transitioned to a new phase following the divestment of Poseida and a significant capital return to shareholders.

Financial highlights

• Aggregate fair value of investee companies was €27.0 million at 31 December 2025, down from €133.5 million at 31 December 2024, mainly due to the Poseida divestment and valuation revisions.

• Corporate cash balance was €12.9 million at 31 December 2025, compared to €62.1 million at 31 December 2024, primarily due to a €150 million capital return in March 2025.

• Recurring corporate cash operating spend for 2025 was €2.1 million, down from €2.4 million in 2024.

Outlook and guidance

• Board remains focused on maximizing shareholder returns from remaining investee interests, including contingent value rights and milestone payments.

• Further clarity on Viamet's regulatory progress expected in the second half of 2026.