IP Group news 0

IP Group plc (LSE: IPO), which invests in breakthrough science and technology companies with the potential to create a better future for all, today announces its annual financial results for the year ended 31 December 2025.

Highlights

NAV/share up 13% to 110.4p with closing NAV of £975.1m; opportunity for significant potential future royalty income

• Following the acquisition of Metsera by Pfizer, the Group has now recognised the discounted value of future royalty and milestone income at £128.2m
• Group benefits from financial exposure to Pfizer’s obesity drug franchise including Phase 3 PF’3944 alongside several other programmes
• Metsera announced positive Phase 2b results for its GLP-1 therapeutic candidate PF’3944; and Pizer announced the initiation of a first P3 study in late 2025

Target confirmed to deliver >£250m of exits between 2025 and end 2027; encouraging portfolio developments

• Total cash proceeds from exits of £68.1m (FY24: £183.4m)
• Hinge Health floated on NYSE. £18.4m total FY25 proceeds. Remaining £16.8m exited in early 2026
• Sale of Monolith to Nasdaq-listed CoreWeave, Inc.
• £914m of total capital raised by portfolio companies (+17%, 2024: £784m)
• Invested £70.5m across 31 companies, reflecting maintained capital discipline
• Portfolio company fund raises included Artios ($115m), Oxa ($103m), OXCCU (£20.75m), Accelercomm ($15m) and Lumai ($10m)
• Strong pipeline of significant milestones through to the end of 2027 including exposure to AI-enabling technologies

Continued focus on funds under management

• Raised £29.0m of third-party funds (Parkwalk) - third-party AUM £557m (2024: £678m); reduced by several successful realisations
• 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/focus on shareholder returns

• Strong balance sheet and liquidity with gross cash of £211.0m (2024: £285.6m)
• Completed £75m buyback programme retiring 9% of share capital in the year

Post period-end update

• Working with Aberdeen to manage a portfolio of early-stage and growth investments in the UK 
• Further £30m accumulated for future shareholder returns

Summary financials

	FY 2025	FY 2024
Net Asset Value (NAV)	£975.1m	£952.5m
NAV per share(i)	110.4pps	97.7pps
% change in NAV per share	13%	(15%)
Profit/(loss) for the year	£66.9m	(£207.0m)
Total portfolio(i)	£908.1m	£852.1m
Gross cash and deposits(i)	£211.0m	£285.6m
Cash proceeds(i)	£68.1m	£183.4m
Portfolio investment(i)	£70.5m	£63.0m

(i) Note 29 details the Alternative Performance Measures (“APM”)

Greg Smith, Chief Executive of IP Group, said: “2025 was a notable year for IP Group. Pfizer’s acquisition of Metsera highlighted the strength and value of licensing activities in the obesity drug space where we hold valuable rights to several promising programmes. This drove a return to NAV growth. A further highlight was the successful IPO of Hinge Health on the NYSE, an investment from which we have now fully exited following the sale of our remaining holding in early 2026. We also delivered strong cash realisations, allowing us to retire almost a tenth of our shares in issue through buybacks, while maintaining a robust liquidity position. We are also pleased to be working with Aberdeen to manage a portfolio of early‑stage and growth investments in the UK, further extending our ability to support the next generation of innovation‑led businesses. As one of the world’s most experienced university IP investors, our unique model - combining deep partnerships with leading research institutions and access to long-term committed capital - positions us to support breakthrough science from inception to scale. We remain focused on creating long-term value for our shareholders while driving innovation that addresses some of society’s most pressing challenges.”

Webinar
IP Group will host a webinar for analysts and investors today, 17 March, at 09:00am. 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
Tristan Peniston-Bird Pauline Guénot	+44 (0) 7772 031886 +44 73 7906 8832

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

Notes

(i) Nature of announcement

This Annual Results Release was approved by the Directors on 16 March 2026.

The financial information set out in this Annual Results Release does not constitute the Company's statutory accounts for 2025 or 2024. Statutory accounts for the years ended 31 December 2025 and 31 December 2024 have been reported on by the Independent Auditor. The Independent Auditor’s Reports on the Annual Report and Financial Statements for 2025 and 2024 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 December 2025 will be delivered to the Registrar following the Company's Annual General Meeting.

The 2025 Annual Report and Accounts will be published in April 2026 and a copy will be posted on the Group's website (www.ipgroupplc.com). In accordance with Listing Rule 9.6.1 a copy of the Annual Report and Accounts will also be submitted to the National Storage Mechanism on or around this date and will be available for inspection at: www.Hemscott.com/nsm.do from that time.

Throughout this Annual Results Release the Group’s holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

(ii) Forward-looking statements

This Annual Report and Accounts 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 companies within the Group’s portfolio.

Annual Results can be viewed in the PDF file format.