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Hydrogen Capital Growth
Hydrogen Capital Growth (HGEN) investor relations material
Hydrogen Capital Growth H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary13 Nov, 2025
Executive summary
NAV per share fell 54.1% to 41.48p as of 30 June 2025, with NAV dropping from £116.4m to £53.4m year-over-year.
Share price rose 26.8% to 27.45p, narrowing the discount to NAV to 33.8% from 76.0%.
A new investment adviser (Redwheel) and AIFM (GFM) were appointed in July 2025, with a proposed managed realisation strategy for remaining assets.
A general meeting is scheduled for 1 December 2025 to approve the managed wind-down policy.
The company’s cash position is constrained, with £1.6m at 30 June and £1.1m at 30 September 2025.
Financial highlights
NAV per share: 41.48p (down from 90.39p at 31 Dec 2024).
NAV: £53.4m (down from £116.4m at 31 Dec 2024).
Share price: 27.45p (up from 21.65p at 31 Dec 2024).
Market cap: £35.4m (up from £27.9m at 31 Dec 2024).
Ongoing charges ratio: 2.84% (up from 2.53%).
Loss after tax for the period: £63.0m, or 48.90p per share.
Losses on investments: £62.5m for the period.
Outlook and guidance
Focus is on realising value for shareholders through asset disposals, subject to approval of the managed realisation strategy.
The company faces ongoing cash constraints and is exploring options to unlock funding or access debt.
Directors highlight material uncertainties regarding going concern status.
Justify the 22.9% weighted average discount rate
How will HGEN address its cash constraints?
Redwheel's plan for challenged portfolio assets
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Next Hydrogen Capital Growth earnings date
H2 20252 Apr, 2026
Hydrogen Capital Growth
Next Hydrogen Capital Growth earnings date
H2 20252 Apr, 2026
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Frequently asked questions
HydrogenOne Capital Growth plc is a UK-based investment company focused on the hydrogen sector. It invests in clean hydrogen production, supply chain infrastructure, and related technologies to support the transition to low-carbon energy systems. The company provides growth capital to private and listed companies involved in hydrogen solutions, aiming to generate long-term returns alongside environmental impact. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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