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 financial results for the six months ended 30 June 2026 ("HY26").

Highlights

Continued NAV growth driven by strong progress on Pfizer's obesity programme & disciplined execution against strategic priorities

• NAV/share increased 3.2% to 113.9p with closing NAV of £1bn, supported by £27m uplift in valuation of the Pfizer Obesity Royalty Income asset to £152m
• Cash proceeds from exits of £68.7m in H1; surpasses total delivered in FY25; on track against £250m target for 2025-27 exits
• Continued capital discipline with £30m invested across the balance sheet portfolio (HY25: £36m), including five new investments
• Strong balance sheet and liquidity with gross cash and deposits of £239m (FY25: £211m)
• Appointment of Michael Queen, former CEO of 3i Group, as Chair

Significant de-risking and value creation from Pfizer's obesity programme

• Further positive clinical data released by Pfizer for berobenatide, demonstrating competitive weight-loss efficacy versus approved therapies alongside favourable tolerability and supporting monthly dosing
• Berobenatide/amylin combination advanced into Phase 2b in May 2026, triggering a £27m valuation uplift
• Pfizer progressing a ten-study Phase 3 programme, with berobenatide launch targeted in 2028.

Portfolio continues to attract substantial third-party capital & deliver key operational milestones

• Portfolio companies raised £543m (HY25: £372m; FY25: £914m), providing ongoing validation of portfolio quality; the Group contributed c. 5% of total funding
• DeepTech: Quantum Motion ($160m) and Oxford Quantum Circuits (£260m, c.$350m) raised a combined c.$0.5bn, Oxa raised $103m
• HealthTech: Centessa acquired by Eli Lilly generating £7.3m value uplift, Enterprise Therapeutics reported positive results from Phase 2 trial for cystic fibrosis, Microbiotica announced positive results in Phase 1b trial in ulcerative colitis, Istesso started Phase 2 trial in rheumatoid arthritis
• CleanTech: First Light Fusion (£25m) and Mantle8 (€31m) completed funding rounds; Hysata secured first electrolyser order
• Significant milestones through to end 2027 including exposure to AI-enabling technologies and therapeutics

Expanding third-party capital platform and funds under management

• Strategic relationship with Aberdeen progressing to the closing of the managed-account mandate and first investment
• Launch of A$50m IP Group Climate Catalyst Fund with A$20m from Australia's Clean Energy Finance Corp
• Additional third-party capital raised through Parkwalk
• Well positioned to benefit from growing institutional focus on UK innovation and growth assets

Post period-end update

• NAV per share of approximately 117p at 11 September 2026
• Cash proceeds of £17.1m received since 30 June 2026, giving a year to date total of £85.8m
• Fair value of Oxford Nanopore increased by £26.4m since 30 June 2026

Summary financials

	HY to 30 June 2026 (unaudited)	HY to 30 June 2025 (unaudited)	FY 2025 (audited)
Net Asset Value (NAV)	£1,006.4m	£883.1m	£975.1m
NAV per share	113.9pps	96.2pps	110.4pps
% change in NAV per share	+3.2%	-1.5%	+13%
Profit/(loss) for the period/year	£31.2m	(£43.0m)	£66.9m
Total portfolio (i)	£907.4m	£814.0m	£908.1m
Gross cash and deposits (i)	£238.9m	£237.3m	£211.0m
Cash proceeds (i)	£68.7m	£30.3m	£68.1m
Portfolio investment (i)	£29.9m	£35.7m	£70.5m

 

(i) Note 6 details the Alternative Performance Measures ("APM")

Greg Smith, Chief Executive of IP Group, said: "The first half of 2026 has been another period of disciplined execution with the Group delivering further NAV growth, generating more cash proceeds in six months than in the whole of 2025 and continuing to broaden our third-party capital platform. With significant progress across our portfolio, IP Group enters the second half of the year with growing momentum. The continued advancement of Pfizer's obesity programme demonstrates the value that can be created from breakthrough science and innovation, while the £543m raised by portfolio companies during the period provides powerful external validation of the strength and quality of our portfolio. Looking ahead, we see a substantial pipeline of potential value-driving milestones across our HealthTech, DeepTech and CleanTech portfolios. Combined with our deep university relationships, sector expertise and strong financial position, we believe IP Group is uniquely placed to create, build and scale the next generation of innovation-led companies and deliver attractive long-term returns for shareholders."

Webinar

IP Group will host a webinar for analysts and investors today, 15 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
Lewis Bendall-Craft	+44 7931 873950

 

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.