Schroders Capital Global Innovation Trust (INOV) H1 2025 earnings summary

Executive summary

• NAV per share increased by 7.4% to 21.42p for the six months ended 30 June 2025, reversing a prior year decline of -21.2%.

• Share price total return was 39.1%, with the share price rising from 11.00p to 15.30p and the discount to NAV narrowing from 44.8% to 28.6%.

• The company is in a managed wind-down, with a focus on orderly asset realisation and returning capital to shareholders.

• £37 million was returned to shareholders via a tender offer, following significant asset realisations.

Financial highlights

• NAV increased from £162.4m to £173.2m, a 6.7% rise over the period.

• Revenue return per share was -0.12p, improved from -0.25p in the previous year.

• Ongoing charges ratio was 1.25%, slightly up from 1.23% last year.

• Cash and liquid money market funds stood at £57.3m as of 30 June 2025.

• Realisations of equities totaled £30.2m, mainly from the sale of Araris Biotech.

Outlook and guidance

• The company will continue to realise assets and return cash to shareholders, balancing timely distributions with value maximisation.

• Further exits are expected via trade sales and IPOs, with some proceeds potentially deferred.

• No new investments will be made except to honour existing commitments or with Board approval.