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For a future made possible by science. HALF YEAR RESULTS 2026 © IP GROUP PLC 2026 | HALF YEAR RESULTS 20261
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Not for publication, distribution or release, directly or indirectly, in whole or in part, in or into the United States of America (including its territories and dependencies, any state of the United States and the district of Columbia), Canada, Australia, New Zealand, Japan, the Republic of South Africa, the Republic of Ireland or to any resident thereof or any other any jurisdiction in which such distribution or release would be unlawful, or to any resident thereof. Any person into whose possession any part of this presentation comes is required by IP Group plc. (the “Company”) to inform himself/herself about and to observe any applicable restrictions in his/her respective jurisdiction. This presentation has not been approved by any applicable competent authority (including the Financial Conduct Authority). 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By their nature, statements involve risk and uncertainty, because they depend on circumstances and events that may or may not occur in the future and may be based on various assumptions, which are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control. Past performance of the Company cannot be relied on as a guide to future performance, and any actual results and developments may differ materially from those expressed in or implied by such statements. The Company can give no assurance that such expectations will prove to have been correct and the Company therefore cautions any person not to place undue reliance on statements which speak only as at the date of this presentation. Disclaimer. © IP GROUP PLC 2026 | HALF YEAR RESULTS 20262
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© IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Contents. 01 Half year overview 02 Portfolio progress & future value opportunity 03 Financial results 04 Summary & Q&A 3
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© IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Half year overview 01 4
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Industry pioneers backing science and technology. © IP GROUP PLC 2026 | HALF YEAR RESULTS 20265 £1.7bn. Cumulative investment 600+. Companies formed and supported 15,000+. Jobs created by companies backed
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Half year overview. © IP GROUP PLC 2026 | HALF YEAR RESULTS 20266 Cash proceeds of £69m; surpassing total for FY25. Strong balance sheet; gross cash & deposits £239m. Strong balance sheet & realisations. Portfolio delivering key operational milestones. Portfolio companies raised £543m in H1. Continued NAV growth. 114p vs 110p (FY25) Significant de-risking of Pfizer’s lead obesity programmes. Further positive data released by Pfizer for berobenatide. £27m uplift to £152m. ~117p as at 11 Sep 2026
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Berobenatide. - Further positive clinical data released by Pfizer - Supports a monthly maintenance regimen Significant de-risking of Pfizer’s lead obesity programmes. Berobenatide – previously known as PF’3944 or MET-097i © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Pfizer progressing 10 Phase 3 studies this year, with launch targeted in 2028. Financial exposure to Pfizer’s obesity drug franchise, including lead Phase 3 berobenatide, Phase 2b berobenatide/amylin combination and others. 7 Berobenatide/ amylin combination. Advanced into P2b in May’26, triggering £27m uplift £27m Obesity market of c.$95–145bn. p.a. by 2030 Market size is a range of sell-side estimates for 2030 on a net revenue basis (Goldman Sachs Research c.$95bn; Morgan Stanley Re search c.$105bn base case, up to c.$144bn), is not directly comparable to list -price market data and excludes GLP-1 sales for type 2 diabetes. Pfizer programme names: MET -097i = PF’3944 (berobenatide), MET-233i = PF’3945 (amylin), MET-034i = PF’4696 (GIPR agonist), MET-815i = PF’6795 (berobenatide prodrug).
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Pfizer obesity programmes – route to market. © IP GROUP PLC 2026 | HALF YEAR RESULTS 20268 Trial primary completion dates are sponsor estimates per ClinicalTrials.gov as at August 2026 and are subject to revision. Da shed boxes denote programmes or regulatory reviews not yet initiated; where such a box is divided, the diagonal indicates that the split between phases is indicative only. Approval dates, phase progression and launc h dates reflect management estimates only; regulatory approval is not assured and there can be no guarantee that any royalties will be received. Market size is a range of sell -side estimates for 2030 on a net revenue bas is (Goldman Sachs Research c.$95bn; Morgan Stanley Research c.$105bn base case, up to c.$144bn), is not directly comparable to list -price market data and excludes GLP -1 sales for type 2 diabetes. Pfizer programme n ames: MET-097i = PF’3944 (berobenatide), MET-233i = PF’3945 (amylin), MET-034i = PF’4696 (GIPR agonist), MET-815i = PF’6795 (berobenatide prodrug). Obesity market of c.$95–145bn. p.a. by 2030 Berobenatide weekly VESPER-4 and 5 (± T2D) 2026 2027 2028 2029 2030 2 Phase 3 studies Primary completion Oct 2027 Regulatory review Approval estimated 2028 1 Phase 3 study Primary completion May 2028 Regulatory review Approval estimated mid-2029 7 further Phase 3 studies estimated to read out during 2028 Primary completion from 2028 Review Approvals est. 2029 Ph1/2a Phase 2b, SOLIS-1 Primary completion Apr 2027 Phase 3 Not yet started Regulatory review Approval est. end 2029 Ph1 Phase 2b, SOLIS-1 Same study, completion Apr 2027 Phase 3 Regulatory review If pursued If pursued Phase 1 Berobenatide prodrug, GIPR agonist & berobenatide Phase 2 Phase 3 Review Berobenatide monthly VESPER-6 Berobenatide label expansion OSA, knee OA, switch, China, Japan Amylin combination berobenatide + PF’3945 Amylin monotherapy PF’3945 alone Other programmes oral and two Ph1 assets
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Oxford Nanopore: A clearer view of biology. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 A differentiated platform with a clear path to broader adoption and durable performance. 9 A focused strategy to deliver 2030 targets and build towards a $1bn+ revenue business. “In the long-term, Oxford Nanopore’s sensing technology can integrate information about the molecules of life with AI-driven information systems of the future, towards a healthier world, enabled by biological intelligence.” Strong H1 financial progress; gross margin up 400bps to 62.2% and adj. EBITDA loss more than halving to £22.1m Strengthened leadership team for scaleup. CEO Francis Van Parys joined March 2026, with further leadership appointments across key capabilities. Clear near-term path to profitability and cash generation. FY26 guidance unchanged; on track for adj. EBITDA breakeven in FY27 and positive FCF in FY28. New cross-licensing arrangement with a global diagnostics company; $35m of committed revenue across FY26–FY28 and ongoing royalties.
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Portfolio attracts £0.5bn & delivers key milestones. © IP GROUP PLC 2026 | HALF YEAR RESULTS 202610
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Continued strong realisations; strong balance sheet. © IP GROUP PLC 2026 | HALF YEAR RESULTS 202611 £239m. Strong balance sheet. +£18m HY26 exits. £69m. Surpasses total delivered in FY25 +£17m+£23m Cash and deposits
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12 We back companies from start-up to scale-up. © IP GROUP PLC 2026 | HALF YEAR RESULTS 202612 1 As of 30th June 2026 2 Includes 3rd party fund commitments only. All FX conversions as of 30 June 2026 (AUD/GBP: 0.5190). INVESTEE COMPANY STAGE PROPORTION OF CAPITAL Series B+ Pre-Seed / Seed & Series A AUM1: ~£360m NAV1: ~£1bn AUM1,2: ~£200m+ Private funds managed by IP Group Dedicated EIS funds with world class universities Permanent balance sheet capital Science & tech scale up capital IP Group’s EIS business
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Strategic relationship with Aberdeen progressing with first new investments expected shortly. IP Group launches Climate Catalyst Fund with the CEFC to help scale Aus technologies aimed at hard to abate industries. Expanding third party capital platform and AUM. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 £0.5bn 3rd party capital managed 13
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© IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Portfolio progress & future value opportunity 02 14
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3p 9p 10p 11p 17pTotal Portfolio. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 £907m. *The group benefits from financial exposure to Pfizer’s obesity drug franchise including Phase 3 PF’3944 alongside several ot her programmes Figures shown in pence reflect pence per share values. ROYALTIES* 15 £152m £100m £89m £79m £26m 53p £461m Rest of portfolio 103p Total portfolio
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Successful exit: Centessa. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 IP Group first invested in ApcinteX, University of Cambridge spin-out, in 2017. Centessa acquired by Eli Lilly in 2026 for upfront cash consideration of $6.3bn + up to further $1.5bn in milestone payments. From breakthrough science to successful exit – demonstrating the value creation potential of our life sciences portfolio. 16 ApcinteX acquired by Centessa in Feb 2021. Centessa IPO on Nasdaq in June 2021. 1 Total proceeds comprises £18.1m received during FY26, £7.2m in FY25, £10.6m in FY24. Additional CVR payments of up to $5.6m/£ 4.2m may be received subject to achievement of milestones £7.3m. HY26 FV Change £36m. Total Proceeds1 ~24%. Realised IRR
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Life sciences: clinical momentum in therapeutics. © IP GROUP PLC 2026 | HALF YEAR RESULTS 202617
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2 of our quantum companies raised $0.5bn. © IP GROUP PLC 2026 | HALF YEAR RESULTS 202618
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Next-generation compute for AI processing. © IP GROUP PLC 2026 | HALF YEAR RESULTS 202619 Iris system now runs billion-parameter LLMs. £8.9m. IPG Value 26.3%. IPG% Light Next-generation ReRAM memory. Closed new funding round. £10.8m. IPG Value 27.8%. IPG% Memory Probabilistic-computing company. £1.8m. IPG Value 17.0%. IPG% Probability
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© IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Financial results Strong balance sheet & realisations 03 20
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Summary financials. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Gross cash. £238.9m (FY25 £211.0m) Net Asset Value (NAV). £1,006.4m (FY25 £975.1m) 113.9pps (FY25 110.4pps) Increase in NAV/sh. +3.2% (FY25 +13%) Net overheads. £7.9m (HY25 £7.4m) 21
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Results: Balance sheet - net assets. £119m£88m £907m£908m (£20m)(£21m) 12 Portfolio Other net liabilities Net Cash NAV £1,006m HY 2026 NAV £975m FY 2025 © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Portfolio movements: £30m £38m Opening Investment (£69m) Exits Fair Value Gain Closing £908m £907m 22
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£76m £62m £12m 0 £1m £1m £76m £62m £12m berobenatide berobenatide & amylin oral berobenatide & GIPR agonist amylin monotherapy berobenatide prodrug All programmes Not yet valued Pfizer royalty asset – risk-adjusted NPV. NOTE: all launch dates, probabilities of success and peak sales reflect management estimates. Approval timing reflects management estimates only. Regulatory approval is not assured and there can be no guarantee that any royalties will be received. Pfizer programme names: MET-097i = PF’3944 (berobenatide), MET-233i = PF’3945 (amylin), MET-034i = PF’4696 (GIPR agonist), MET-815i = PF’6795 (berobenatide prodrug). Probability of success Launch date 2028 Peak sales $3.5bn Probability of success Launch date 2030 Peak sales $4.8bn Probability of success Launch date 2030 Peak sales $3.7bn 53% 39% 10% Total: £152m © IP GROUP PLC 2026 | HALF YEAR RESULTS 202623
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Portfolio funding profile. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Our portfolio. For the larger companies in the portfolio: Portfolio funding profile. Companies >£4m value representing >87% of equity and debt investments 21% funded to expected profitability 6% need to raise in 2026 19% need to raise in first half of 2027 21% 6% 19% 44% 10% Funded to breakeven Next 6 months 6 to 12 months 12 to 24 months 24 months + 24
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Group cash flow summary. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 £211.0m £238.9m £68.7m Opening gross (£29.9m) Investment Realisations (£3.1m) Repayment of debt Other Closing grossOverheads (£7.9m) £0.1m Opening Closing Gross 211.0 238.9 Debt (122.8) (119.8) Net 88.2 119.1 25
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© IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Summary For a future made possible by science 04 26
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Half year overview. © IP GROUP PLC 2026 | HALF YEAR RESULTS 202627 Cash proceeds of £69m; surpassing total for FY25. Strong balance sheet; gross cash & deposits £239m. Strong balance sheet & realisations. Portfolio delivering key operational milestones. Portfolio companies raised £543m in H1. Continued NAV growth. 114p vs 110p (FY25) Significant de-risking of Pfizer’s lead obesity programmes. Further positive data released by Pfizer for berobenatide. £27m uplift to £152m. ~117p as at 11 Sep 2026
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FY26 priorities and future areas of focus. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Continue positive NAV per share performance First investments from new scale-up capital vehicle Deliver cash exits exceeding £250m by end of 2027 Announce at least one further private capital vehicle Maintain shareholder-focused capital allocation policy 28
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© IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Q&A 29
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Appendices © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 05 30
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1 | Board. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Michael Queen Non-executive Chairman Previously CEO of 3i Group plc, Chair of Coller Capital; extensive experience in public & private sectors as former member of Prime Minister’s Business Advisory Group; former Chair of BVCA. David Baynes Chief Financial and Operating Officer Finance and venture background, long track record of working successfully with the Boards of investee companies Co-founder Fusion IP plc; bought by IP Group. Greg Smith Chief Executive Officer Decade as Group CFO driving strategy, scale and geographic expansion. Deep experience in investment appraisal, capital and resource allocation. Previously KPMG and $3bn fund of hedge funds. Dr Caroline Brown Non-executive Director Background in corporate finance, advising global corporations and governments. Experience in managing early stage companies in energy and tech sectors. Heejae Chae Non-executive Director Experienced public company director. Former CEO of AIM-listed Scapa Group plc, a global supplier of products for healthcare and industrial markets. Aedhmar Hynes Non-executive Director Background in communications advising brands through digital transformation and technology disruption. Ranked among the ‘PR Week’ 50 most powerful communications professionals in the world. Anita Kidgell Non-executive Director 25 years of pharmaceutical experience. Head of Corporate Strategy at GSK leading strategic initiatives in China, ESG, geopolitics, integrations and demergers. Angela Leach Company Secretary and Group Legal Counsel Background in corporate, commercial and IP law. Previously CMS Cameron McKenna and Memery Crystal. 31
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2 | Executive team. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Greg Smith Chief Executive Officer See bio on previous page. David Baynes Chief Financial and Operating Officer See bio on previous page. Dr Mark Reilly Managing Partner Background in software, web, optics, and electronics. Previously Remarkable Innovation, a technical due diligence company with Fortune 500 and national government clients. Liz Vaughan-Adams Director of Communications Background in crisis management, M&A, IPOs, fund raisings, media relations, CSR and digital strategies. Moray Wright CEO Parkwalk Advisors 20 years experience with corporate and financial institutions and sits on the board of several Parkwalk companies. Previously: Hoare Govett, JP Morgan, Lazard and Mirabaud. Anthony York Group People Director Proven capability of developing and leading high-performing teams. Specialising in development of both HR and Reward strategies that directly support commercial growth objectives. Joyce Xie Managing Director, Global Capital International career in investment management and investment banking. Previously: HSBC investment banking, portfolio management. Angela Leach Company Secretary and Group Legal Counsel See bio on previous page. Chris Glasson Group Finance Director Chartered accountant with 20 years+ experience in finance. Previously: Deloitte, Tesco, The Carphone Warehouse. Mike Molinari Managing Director, Australia Background in company development and scientific research, with a passion for fundamental scientific discovery. Previously: McKinsey & Company 32
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3 | Differentiated UK sourcing. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Our specialist EIS business Most active investor in UK uni spin-outs. ~£360m AUM Partnered with leading UK universities £50m avg. invested per tax year over last 10 years 100+ current portfolio companies 15+ year track record 2026 updates Largest EIS Fund in the market, by fundraise. 25 deals completed in H1 2026. 33 £200m+ returned to investors since inception.
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4 | Therapeutics: clinical stage portfolio. Timing reflects current best estimate of study completion, which is subject to change; data typically reported several months later © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Positive results received Negative results received THERAPEUTICS PORTFOLIO IP GROUP VALUE COMPANY ESTIMATED STUDY COMPLETION 2026 2027 2028 ONCOLOGY OTHER INFLAMMATION Phase 1 IKS014 Phase 1b Ph3 PF’3944 Phase 1 Phase 2a Alno Phase 1 Phase 3 Phase 2 Phase 1/2a PF’3945 Phase 1b Phase 1 APL-10456 1. Metsera/Pfizer milestones reflect the two most advanced programmes, Berobenatide (PF’3944) and the Amylin combination (PF’3945 & PF’3944). £16.0m £18.4m £13.3m < £10m < £5m £88.6m £26.2m £19.5m < £10m £152.1m < £10m < £5m £361.6m 34 Phase 2a Phase 2b Camo Phase 1b Phase 2 APL-10456 1 Phase 2 Phase 2 Alno Phase 2 Polθ Phase 1 IKS03 Ph2b PF’3945
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5 | Portfolio by valuation method (FY25 vs HY26). 5% 4% 8% 5% 25% 27% 6% 6% 5% 7% 17% 21% 19% 19% 15% 11% FY25 HY26 Quoted Recent Financing < 12 months Recent Financing > 12 months Future event Adjusted funding based on past performance DCF / Revenue multiple Debt LP Statement © IP GROUP PLC 2026 | HALF YEAR RESULTS 202635
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6 | Impact is in our DNA. © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Note: The use by IP Group plc of any MSCI ESG research llc or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitut e a sponsorship, endorsement, recommendation, or promotion of IP Group plc by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. 1. £1,006m NAV + £553m 3rd party AUM as of 30 June 2026. We are investing today in science, addressing the world’s greatest unmet challenges By the numbers. £1.5bn1 AUM in science-based businesses 600+ companies backed across cleantech, healthtech and deeptech 15k+ jobs created by the companies we have backed IMPACT AT OUR CORE Impact is one of our five strategic pillars and is a fundamental component of our business model and corporate strategy GROUP LEVEL PORTFOLIO LEVEL We invest in science, addressing the global climate challenge, and back innovators and pioneers, creating revolutionary climate technology solutions We invest in breakthrough therapeutics, which focus on cure and prevention rather than only treating symptoms We back deeptech companies and future computing solutions, that enable the digital economy, and generate prosperity for all Impact is a strategic driver for IP Group. Regenerative future. Healthier future. Tech-enriched future. 36
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7 | Shareholder register (above 2% holders). *Source: RD:IR database as at 04 Sept 2026; *TR1 filings which may duplicate underlying shares © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026 Shareholder register % holding Railways Pension Scheme 18.4% BlackRock 6.2% Vanguard 5.3% Legal & General Investment Management 3.9% Imperial College 3.5% Societe Generale collateral account 3.2% Janus Henderson 3.2% Lansdowne Partners 2.4% Aberdeen 2.3% Schroder Investment Management 2.1% Additional TR-1 disclosures* % including exposure through financial instruments Saba Capital 12.1% Jefferies Financial Group 5.0% 37
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Visionary ventures for a future made possible by science. 2nd Floor, 3 Pancras Square, King’s Cross, London, N1C 4AG Tel: +44 (0) 20 7444 0050 Web: www.ipgroupplc.com © IP GROUP PLC 2026 | HALF YEAR RESULTS 2026