IP Group news 0

IP Group plc (LSE: IPO), which invests in breakthrough science and innovation companies with the potential to create a better future for all, today announces its financial results for the six months ended 30 June 2025 (“HY25”).

Highlights

Encouraging portfolio developments

• Hinge Health floated on NYSE at $32 per share with shares trading up by 63% post IPO to $52 per share at 30 June, valuing balance of holding at £39.1m
• Oxford Nanopore beat guidance with £105.6m revenues in H1 and lower EBITDA losses
• £372m of total capital raised by portfolio (HY24: £380m; FY24: £784m)
• Invested £36m across 21 companies, reflecting maintained capital discipline
• Accelercomm completed $15m funding round; Lumai $10m funding round
• Tado secured €30m funding from Panasonic; Vytal secured €14.2m funding; Mixergy secured £12m funding
• Pipeline of significant milestones through to the end of 2027

Remain confident of our target to deliver over £250m of exits between 2025 and 2027; NAV per share stabilised and improved in H2

• Total cash proceeds from exits of £30.3m, exceeding HY24 proceeds by 9x
• NAV/share of 96.2p with closing NAV of £883.1m; public company gains at Oxford Nanopore (+£6.9m) and Hinge Health (+£7.6m) and the positive impact of share buyback programme offset by the impact of funding delays and pricing pressure for Oxa (-£28.7m) and Artios (-£10.6m), with FX translation losses (-£14.2m)
• NAV per share of approximately 100p at 12 September 2025⁽ⁱ⁾

Continued focus on funds under management

• Raised further £24m of third-party funds (Parkwalk) - third-party AUM £663m (HY24: £637m, FY24: £678m)
• Parkwalk and Northern Gritstone launched Northern Universities Venture Fund
• Group well placed to benefit from the reforms underway as major pension providers respond to the Mansion House Accord

Maintained financial strength and discipline; accelerated buyback programme while still investing for growth

• Strong balance sheet and liquidity with gross cash of £237.3m, up 47% from HY24
• Completed £25m of share buyback programme in H1 with further £20m extension launched; 6% of share capital retired in the period and 14% retired to date
• Net overheads run rate in line with year-end guidance, a 12% reduction for the period

Post period-end update

• Fair value increase in the Group’s holdings in listed companies of £32m since 30 June, including ONT increasing by £23m
• Istesso reports ground-breaking data demonstrating tissue repair following P2b data readout in H1

Summary financials

	HY to 30 June 2025 (unaudited)	HY to 30 June 2024 (unaudited)	FY 2024 (audited)
Net Asset Value (NAV)	£883.1m	£1,072.2m	£952.5m
NAV per share	96.2pps	104.7pps	97.7pps
% change in NAV per share	-1.5%	-8.8%	-14.9%
Loss for the period/year	(£43.0m)	(£109.9m)	(£207.0m)
Total portfolio(ii)	£799.9m	£1,111.0m	£837.4m
Gross cash and deposits(ii)	£237.3m	£161.3m	£285.6m
Cash proceeds(ii)	£30.3m	£3.4m	£183.4m
Portfolio investment(ii)	£35.7m	£49.1m	£63.0m

(i) NAV per share estimate based on movements in the quoted portfolio from 1 July 2025 – 12 September 2025, the impact of the share buyback during this period and estimated net overheads

(ii) Note 11 details the Alternative Performance Measures (“APM”)

Greg Smith, Chief Executive of IP Group, said: “The Group made strong progress in the first half of the year, delivering over £30m in cash proceeds, a near ninefold increase year-on-year. The successful IPO of Hinge Health on the NYSE was a standout milestone, and together with gains in Oxford Nanopore, underscores the resilience and quality of our portfolio. With NAV per share now at 100p as of 12 September, a strong pipeline of new and maturing companies and improving market sentiment, the Group remains confident of delivering more than £250m of exits from private company holdings by the end of 2027. As one of the world’s most experienced university IP investors, IP Group is uniquely positioned to capitalise on fiscal reform and rising demand for high-growth innovation while remaining firmly focused on delivering long-term value for our shareholders.”

Webinar

IP Group will host a webinar for analysts and investors today, 17 September, at 10:00am. For more details or to register as a participant please visit https://www.investormeetcompany.com/ip-group-plc/register-investor.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Greg Smith, Chief Executive Officer David Baynes, Chief Financial and Operating Officer Liz Vaughan-Adams, Communications	+44 (0) 20 7444 0050 +44 (0) 20 7444 0062/+44 (0) 7967 312125
Portland
Pauline Guénot	+44 73 7906 8832

Further information on IP Group is available on our website: www.ipgroupplc.com

This half-yearly report may contain forward-looking statements. These statements reflect the Board’s current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors relating to the financial or commercial prospects or performance of individual portfolio companies within the Group’s portfolio of investments. Throughout this Half-Yearly Report, the Group’s holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

Half-yearly results can be viewed in the PDF file format.