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IP Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary17 Sep, 2025
Executive summary
Achieved strong H1 2025 progress with £30.3m in cash exits, a 791% increase year-over-year, driven by Hinge Health's IPO and Oxford Nanopore's outperformance.
NAV per share stabilized at 96.2p at 30 June 2025, rising to about £1 post-period, with a robust pipeline of milestones through 2027.
Gross cash position at £237.3m, up 47% year-over-year, supporting confidence in the £250m exit target by 2027.
Share buyback program accelerated, retiring 6% of capital in H1 and 15% to date, with £9m left in the current program.
Portfolio well-funded, with two-thirds of value funded into 2027 or beyond, and significant value potential in UK science and technology.
Financial highlights
NAV at 30 June 2025: £883.1m (HY24: £1,072.2m; FY24: £952.5m); NAV per share at 96.2p, a 1.5% decrease from FY24.
Gross cash and deposits: £237.3m (HY24: £161.3m; FY24: £285.6m); net overheads reduced by up to 15% year-over-year.
Loss for the period: £43.0m, improved from £109.9m loss in HY24, mainly due to write-downs in Oxa and Artios, and FX losses.
Portfolio investment: £35.7m across 22 companies in H1 2025.
Portfolio fair value changes driven by £24m private and £12m public positive movements, offset by £14.1m FX retranslation and £20m negative movements, with £45m impact from funding delays.
Outlook and guidance
Confident in delivering over £250m of exits between 2025 and 2027, with strong momentum into H2.
At least one new scale-up capital mandate expected by the next full-year results.
FY25 priorities include achieving positive NAV per share, delivering cash exits exceeding £250m, returning 50% of cash exits, and growing the opportunity pipeline.
Well positioned to benefit from UK fiscal and regulatory reforms unlocking institutional capital.
Portfolio well-funded: one-third to profitability, one-third needs funding in 12-18 months, one-third post-2027.
What specific barriers hinder scale-up capital growth?
How does Oxa's delayed funding impact strategy?
Will buyback policy change for 2026?
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Frequently asked questions
IP Group PLC is a company specializing in the development and support of businesses within the sectors of deeptech, life sciences, and cleantech. It operates primarily through venture capital investing in these areas, targeting companies and innovations that address global societal needs and macroeconomic trends. IP Group's investment approach is diversified across deeptech, including areas like artificial intelligence and robotics; cleantech, through its platform Kiko Ventures, which focuses on scalable climate technology solutions; and life sciences, with a focus on curing and preventing diseases. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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