Interim report
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RNS Number : 7151UIP Group PLC15 September 2026 FOR RELEASE ON 15 September 2026 ("IP Group" or "the Group" or "the Company")Half-yearly results 2026 IP Group plc (LSE: IPO), which invests in breakthrough science and technology companies with the potential tocreate 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 executionagainst 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 acombined c.$0.5bn, Oxa raised $103m- HealthTech: Centessa acquired by Eli Lilly generating £7.3m value uplift, Enterprise Therapeuticsreported positive results from Phase 2 trial for cystic fibrosis, Microbiotica announced positive resultsin 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; Hysatasecured 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
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(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 disciplinedexecution with the Group delivering further NAV growth, generating more cash proceeds in six months than in thewhole of 2025 and continuing to broaden our third-party capital platform. With significant progress across ourportfolio, IP Group enters the second half of the year with growing momentum. The continued advancement ofPfizer's obesity programme demonstrates the value that can be created from breakthrough science andinnovation, while the £543m raised by portfolio companies during the period provides powerful external validationof the strength and quality of our portfolio. Looking ahead, we see a substantial pipeline of potential value-drivingmilestones across our HealthTech, DeepTech and CleanTech portfolios. Combined with our deep universityrelationships, sector expertise and strong financial position, we believe IP Group is uniquely placed to create, buildand scale the next generation of innovation-led companies and deliver attractive long-term returns forshareholders." Webinar IP Group will host a webinar for analysts and investors today, 15 September, at 10:00am. For more details or toregister as a participant please visit https://www.investormeetcompany.com/ip-group-plc/register-investor. For more information, please contact: IP Group plc www.ipgroupplc.comGreg Smith, Chief Executive OfficerDavid Baynes, Chief Financial and Operating OfficerLiz Vaughan-Adams, Communications +44 (0) 20 7444 0050 +44 (0) 20 7444 0062/+44 (0) 7967 312125 PortlandLewis 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 ofmaterial risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are notlimited to, the general economic climate and market conditions, as well as specific factors relating to the financial or commercial prospects orperformance of individual portfolio companies within the Group's portfolio of investments. Throughout this Half-Yearly Report, the Group'sholdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated. CEO's Interim Management Report Summary The first half of 2026 represented another period of disciplined execution against our strategic priorities, delivering growth in netasset value, further progress towards our realisation targets, continued expansion of our third-party capital platform andcontinued validation of portfolio quality from both operational milestones and third-party investors. Net asset value increased to £1.0bn, equivalent to 114p per share, representing growth of 3% during the period, drivenprincipally by continued value creation within our portfolio and a £27m uplift in the valuation of our Pfizer Obesity RoyaltyIncome asset. The Group generated a profit of £31m and ended the period with gross cash and deposits of £239m, providingsignificant financial flexibility and a strong foundation from which to execute our strategy. We continue to make good progress against our commitment to deliver more than £250m of exit realisations by the end of2027. During the first half, we generated £69m of cash proceeds, taking total proceeds achieved since the start of 2025 to£137m. We have delivered a further £17m realisations since 30 June, taking this figure to £154m. At the same time, wemaintained a disciplined approach to investment, deploying £30m across the portfolio while focusing capital on our highest-conviction opportunities. The appointment of Michael Queen, former CEO of 3i Group, as Chair further strengthens the Board as we continue to focuson narrowing the gap between the underlying value of our portfolio and our market valuation. The Group continues to see asignificant number of potential value-driving milestones across the portfolio through to the end of 2027. Significant progress and value creation from Pfizer's obesity programme The Pfizer Obesity Royalty Income asset remains one of the most significant drivers of value within the Group and continued tomake important progress during the period. The asset valuation increased by £27m to £152m, reflecting both scientificadvancement and reduced development risk as the programme progresses. During the first half, Pfizer reported additional positive clinical data for berobenatide, demonstrating competitive weight-lossefficacy against approved therapies alongside a favourable tolerability profile that supports the potential for monthlymaintenance dosing. Importantly, the berobenatide/amylin combination advanced into Phase 2b development in May 2026,triggering a valuation uplift for the asset. Looking ahead, Pfizer is progressing an extensive Phase 3 programme comprising ten studies, with a targeted commerciallaunch in 2028. While significant development milestones remain ahead, continued progress across the programme reinforcesour confidence in the long-term potential of the asset and illustrates the value that can be created through exposure to world-class innovation originating from our portfolio. Delivery against strategy: portfolio performance and value creation Across the broader portfolio, companies continued to attract substantial third-party capital while delivering significantcommercial, technical and clinical milestones. Portfolio companies collectively raised £543m during the period, compared to£372m in the first half of 2025, with IP Group contributing around 5% of the total funding raised. This continued ability to attractexternal capital provides strong validation of the quality of our portfolio and demonstrates the value of our long-term investmentapproach.
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Importantly, progress was broad-based across the portfolio, with companies delivering funding rounds, clinical milestones andcommercial traction across our DeepTech, HealthTech and CleanTech themes demonstrating continued momentum beyond ourPfizer royalty asset. Alongside supporting existing companies, we completed five new balance sheet investments and addedeight new companies through Parkwalk. Over 60% of our portfolio value is concentrated in 10 holdings, and 91% in 40 holdings, across the Group's threemain thematic areas. In the first half of the year, IP Group invested in 16 opportunities across HealthTech,DeepTech and CleanTech, with 55% of that capital invested into the existing portfolio and 45% invested into newopportunities. Our portfolio continues to be well-funded with over 75% by value of portfolio companies valued at>£4m currently funded into the second-half of 2027 or beyond. The performance of the Group's thematic focus areas is summarised below with further detail in the ManagingPartner's Portfolio Review. All £m unless stated Invested Cashproceeds Netportfoliogain/(loss) Fair valueat 30 June2026 Simplereturnoncapital(%) HealthTech 14.0 38.7 28.8 547.1 5% DeepTech 4.4 29.8 7.1 126.0 5% CleanTech 11.2 0.0 4.6 174.7 3% Platform investments 0.3 0.2 (2.5) 59.6 (4%) Total Portfolio 29.9 68.7 38.0 907.4 4% Progress on realisations and cash generation Delivering cash exits remains a core strategic priority. During the first half of 2026, the Group generated £69m of cash proceeds from exits and realisations, exceeding the total achieved during the whole of 2025. This takes cumulative proceeds since the beginning of 2025 to £137m, representing meaningful progress towards our target of delivering more than £250m ofcash realisations by the end of 2027. The principal contributors in the six month period were the receipt of proceeds from the 2025 sale of Monolith, which wassettled in shares in the acquiring company CoreWeave, Inc. which were sold in the period (£23m), a full exit from Hinge Health which delivered £17m in HY26 and £46m of proceeds overall, equating to a 53x multiple of invested capital and a 46% IRR, and proceeds of £18m following the completion of Eli Lilly's acquisition of Centessa Pharmaceuticals in a transaction valued at$6.3bn upfront with up to a further $1.5bn in milestone payments. Together, these realisations demonstrate our ability to crystallise value across a diverse range of portfolio assets. The current portfolio continues to offer a range of potential realisation opportunities across both private and listed holdings.Combined with our strong balance sheet and disciplined investment approach, these proceeds provide additional flexibility to support our highest-potential companies, pursue attractive new investment opportunities and continue returning value to shareholders through the active management of the portfolio. While the timing of realisations remains dependent on marketconditions and company-specific developments, we remain confident in our ability to deliver against our medium-term exit objectives. Third-party capital under management A key milestone during the period was the further development of our strategic relationship with Aberdeen and preparations forthe proposed launch of the fund. The partnership brings together Aberdeen's distribution capabilities and IP Group's venture investing expertise, with the aim of increasing institutional access to innovative UK science and technology companies. We believe this represents an important step towards unlocking greater pools of long-term capital for the UK's innovation economy. IP Group was also delighted to launch the IP Group Climate Catalyst Fund with Australia's Clean Energy Finance Corporation at the end of March. This new fund, targeting Seed and Series A investments, will help scale Australian technologies that candecarbonise hard‐to‐abate industries and has a target size of up to A$150m. First close of the fund was reached with IP Group contributing A$30m and CEFC A$20m as cornerstone investors. Both of these initiatives demonstrate continued execution of IP Group's strategy to grow private capital under management andaccelerate the commercialisation of breakthrough science and technology. As at 30 June 2026, IP Group managed or advised £553m (HY25: £663m, FY25: £557m), of which £363m is managed by Parkwalk, the Group's specialist Enterprise Investment Scheme ("EIS") fund management subsidiary, including funds managed in conjunction with the universities of Oxford,Cambridge, Bristol and Imperial College London. In 2025, we also launched a new EIS fund in collaboration with Northern Gritstone, covering the universities of Leeds, Liverpool, Manchester and Sheffield. During the first half, Parkwalk invested £15.7m (HY25: £12.3m; FY25: £20.6m) across 18 companies, including eight new additions to the portfolio, continuing to support the commercialisation of world-class academic research. The remainder of our third-party capital platform is primarily managed by our Australian team. In addition to the new CEFC mandate mentioned above, this includes the IP Group Hostplus Innovation Fund, which manages A$435m and has invested alongside IP Group in a number of portfolio companies including Oxford Nanopore, Genomics, First Light Fusion, Oxa andHysata, providing additional growth capital as these businesses scale. The Group remains well positioned to benefit from growing institutional interest in innovation-led investment strategies. Shareholder returns
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Delivering returns for shareholders, including focusing on narrowing the share price discount to our NAV per share, continuesto be a key focus. Under the Group's Capital Allocation Policy, a proportion of cash proceeds is re-invested and a proportion isused to deliver a cash return to the benefit of shareholders. While the share price discount to NAV exceeds 20%, such returnsare typically delivered through share buybacks. Since the completion of our 2025 buyback programme, approximately £50m of cash from realisations has been accumulatedfor future shareholder returns under the policy. The Group notes that the buyback authority proposed at the June AnnualGeneral Meeting did not achieve sufficient shareholder support to pass and is now engaging constructively with shareholders tounderstand the views expressed and consider all feedback received on both this resolution along with others that failed to pass.The Directors continue to believe that the ability to return capital through share buybacks remains an important part of theGroup's ability to implement its capital allocation policy. In accordance with the UK Corporate Governance Code, the Group willpublish an update on its shareholder engagement within six months of the June AGM and will report the outcome of the samein its next annual report. Since introducing this capital allocation framework in 2021, the Group has returned more than £150m of cash to shareholdersthrough dividends and, more significantly, share buybacks, retiring 17.7% of the Group's share capital to date. Outlook IP Group enters the second half of 2026 with momentum across each of its strategic priorities. Since the start of 2025, we havedelivered £137m of cash proceeds towards our target of more than £250m of exits by the end of 2027, expanded our third-partycapital platform through new institutional partnerships and continued to demonstrate the quality of our portfolio throughsignificant financing activity and operational milestones. We remain encouraged by the continued progress of Pfizer's obesity programme, which represents a significant potential futurevalue driver for the Group. More broadly, our portfolio is exposed to a substantial number of potentially value-accretivemilestones over the next 18 months across therapeutics, artificial intelligence, quantum computing, robotics and climatetechnologies. The environment for high-growth science and technology businesses remains supportive, with increasing institutional interest ininnovation-led investment opportunities and growing recognition of the role that science and technology can play in addressingglobal challenges. We believe IP Group remains uniquely positioned through its deep university relationships, long-standingtrack record of company creation and development, specialist sector expertise and growing third-party capital platform. Supported by a strong balance sheet, significant liquidity and a well-funded portfolio, the Board remains confident in theGroup's strategy and focused on delivering long-term value for shareholders through disciplined capital allocation, portfolioexecution and cash realisations. Managing Partner's Portfolio Review IP Group invests in breakthrough technologies that address the world's most pressing societal and economicchallenges. Our portfolio spans HealthTech, DeepTech and CleanTech, with a focus on companies that areshaping a healthier, tech-enriched and regenerative future. In addition, a small number of investments arecategorised as platform investments, which are funds or portfolio companies that invest in other opportunities. As at 30 June 2026 As at 31 December2025 Sector £m % £m % HealthTech 547.1 60% 542.8 60% DeepTech 126.0 14% 144.3 16% CleanTech 174.7 19% 158.8 17%Platform 59.6 7% 62.2 7% Total portfolio 907.4 100% 908.1 100% Performance of key holdings The following table outlines the performance of the Top 10 constituents of our portfolio: Company Name Sector Group Stakeat 30 June2026 Netinvestment/(divestment) NetUnrealised +RealisedFair valuemovement Fair value at30 June2026 % £m £m £m Pfizer Obesity RoyaltyInterest HealthTech n/a (3.4) 27.3 152.1 Oxford NanoporeTechnologies plc HealthTech 8.3% - (1.8) 100.2 Istesso Limited HealthTech 56.5% - (4.4) 88.6 Hysata Pty Ltd CleanTech 37.0% - - 79.2 Mission TherapeuticsLimited HealthTech 22.3% - - 26.2 First Light Fusion Limited CleanTech 28.3% 2.0 3.9 21.3 Nexeon Limited CleanTech 3.8% - - 19.8 UCL Technology Fund L.P. Platform n/a 0.2 1.0 19.6
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Oxa Autonomy Limited DeepTech 10.9% - - 19.6 Atisama Therapeutics PtyLtd HealthTech 58.5% 2.9 - 19.5 Other investments (40.5) 6.4 361.3 FX - 5.6 - Total Portfolio (38.8) 38.0 907.4 IP Group's biggest portfolio value movement came from reported progress from Pfizer's next-generation obesitydrug candidates. Pfizer presented new data from its Phase 2b studies of berobenatide (PF'3944), a potential once-monthly GLP-1 receptor agonist, at the American Diabetes Association Scientific Sessions in June. The datademonstrated encouraging efficacy and a favourable tolerability profile, providing support for the asset's once-monthly dosing profile. Pfizer also confirmed the initiation of the SOLIS-1 Phase 2b study, which is evaluating anultra-long-acting amylin analogue (PF'3945), both as a monotherapy and in combination with berobenatide. Pfizer's pipeline includes four clinical-stage programmes and several next-generation assets, all targetingimproved efficacy and tolerability with fewer injections, addressing a major unmet need in obesity treatment. IPGroup is entitled to receive future returns from these compounds through a combination of milestone paymentsand tiered, low single digit percentage royalties on net sales of the licensed products. It is important to note thatthe above numbers are stated after allowing for the fact that 50% of all monies received by the Group will bepayable to Imperial College London under revenue share arrangements. Oxford Nanopore released its results for the six months to 30 June 2026 in August, reporting revenue of £116.7m, which grew by 12.3% on a constant currency basis, driven by strong adoption in EMEAI[1] and across Applied end-markets offset by headwinds as previously disclosed in its trading update. Adjusted EBITDA improved year-on-year and sequentially to £(22.1)m, compared with £(48.3)m in H1 2025 and £(38.4)m in H2 2025, reflectingcontinued progress towards profitability. The improvement was driven by gross profit growth and disciplined controlof the cost base, with adjusted operating costs down 6.9% year-on-year and down 9.6% versus H2 2025. ONTended the period with £234.5m of cash and liquid investments, compared to £302.8m as at 31 December 2025.Oxford Nanopore reiterated its guidance for the year, set a new target of achieving more than $700m of revenue in2030 and announced a new cross-licensing deal with an unnamed global diagnostics company with a $20mlicensing fee to be recognised during the second half of FY26 with an additional $15m in committed productpurchases to be recognised over FY27 and FY28. During the period Francis Van Parys took up the role of ChiefExecutive, succeeding founder Gordon Sanghera. In June, Istesso commenced dosing in IST-03, a Phase 2 clinical trial of its lead candidate, leramistat, in patientswith rheumatoid arthritis. The randomised, double-blind, placebo-controlled study has been designed to generatedata across a range of measures, including muscle quality, repair and function, bone density, and conventionalrheumatoid arthritis endpoints. Muscle loss, or sarcopenia, is a significant and growing unmet need across ageingpopulations and multiple chronic diseases, for which no specific pharmacological therapies are available, andrheumatoid arthritis patients provide a population in which leramistat's effect on muscle can be assessed alongsideits activity in the underlying disease. The clinical study builds on prior rheumatoid arthritis data showing leramistat improved disability and fatiguealongside reductions in markers of muscle loss. This is supported by preclinical findings showing restoration ofmuscle quality in disease models and recovery of muscle mass, quality and function in aged animals to levelsgreater than those seen in baseline younger animals. A positive read-out would support leramistat's continueddevelopment in rheumatoid arthritis while also providing the first human evidence that it is possible to augment thecapacity to repair, with implications for the treatment of chronic degenerative and age-related diseases morebroadly, including sarcopenia. Leramistat is the lead candidate from Istesso's novel class of Mitochondrial Complex I Modulators (MCMs), whichhave demonstrated the ability to induce adaptive tissue repair and regeneration across multiple tissues, includingmuscle, bone, gut and lung. Enrolment is currently underway at Newcastle University and Newcastle Hospitals, inconjunction with the National Institute for Health and Care Research whose specialist facilities and biopsyexpertise include advanced imaging and analysis techniques that are ideally suited to delivering this innovativetrial. Istesso's carrying value reduced by £4.4m, reflecting a small downward movement in the valuation rangefollowing an update for foreign exchange. Australian electrolyser manufacturer Hysata reached a major milestone in the first half, securing its firstcommercial order for its record-efficiency electrolyser and marking its transition from technology validation tocommercial supply. The Port Kembla-based company announced the signing of its first megawatt scaleelectrolyser commercial deployment, with the system set to be delivered to a significant global customer in the firsthalf of 2027. While the customer has not yet been publicly identified, the project will operate in a hard-to-abateindustrial sector with secured hydrogen offtake, representing a critical step towards large-scale commercialadoption of green hydrogen. Other Notable Portfolio Developments In the exciting area of quantum computing, we were pleased to see two of our quantum computing companiesraise a combined $0.5bn. Oxford Quantum Circuits raised a £260m Series C round - Europe's largest ever privatequantum computing funding round while Quantum Motion completed a $160m Series C to accelerate its silicon-based approach to utility-scale quantum computing. In May, Enterprise Therapeutics announced that its Phase 2 trial for ETD001, its lead candidate for treatment ofcystic fibrosis ("CF"), achieved its primary efficacy outcome. The trial aimed to investigate the efficacy, safety,tolerability and pharmacokinetics of inhaled ETD001 in the 10% of people with CF with the highest unmet medicalneed, who do not benefit from treatment with CFTR modulators. Data from the trial demonstrate improvement inlung function over a 28 day period compared to placebo.
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Storm Therapeutics, a clinical stage company targeting RNA modifications to reprogram cells and develop novelcancer therapies, announced a successful $56m Series C financing. The proceeds will support the advancementof STC-15, a first‐in‐class, oral small-molecule inhibitor of METTL3, including a Phase 2 monotherapy study inselected sarcoma indications, in which the first patient has now been successfully dosed. Sarcoma is a form ofcancer that arises in bone or soft tissues, including muscle, fat, cartilage, blood vessels, and other connective orsupportive tissue. This study is designed to support a potential accelerated regulatory approval pathway for STC-15 and to establish a foundation for subsequent clinical development across additional oncology indications. Microbiotica, which has a proprietary microbiome profiling platform that allows it to identify whether specificbacterial strains have clinical benefits, delivered two positive clinical readouts during the period. In February, itsPhase 1b study of MB310 in ulcerative colitis met its primary and secondary objectives. After a three-monthtreatment period, clinical remission was observed in 63% of MB310 patients versus 30% on placebo, and, notably,100% of those who responded to MB310 remained in remission at a three-month follow-up. The drug was welltolerated, highlighting MB310's potential to deliver disease-modifying, long-lasting remission in ulcerative colitis. InMay, the Phase 1b MELODY-1 trial of MB097 in combination with MSD's KEYTRUDA® (pembrolizumab) also metall its objectives in advanced melanoma patients resistant to anti-PD-1 therapy. Together, the results validateMicrobiotica's clinic-led discovery platform across two distinct disease areas and provide a foundation to progressto larger controlled studies. Elsewhere in DeepTech, Audioscenic, a leader in 3D immersive sound projection from conventional speakers,achieved an important commercial milestone with its "Powered by Audioscenic" spatial audio technology in thenew Lenovo Legion™ 7a laptop. Slamcore, a leader in spatial intelligence software, announced a $14m fundinground from top investors, including ROKStar Ventures, a subsidiary of Rockwell Automation, a global leader inindustrial automation and digital transformation. In CleanTech, there were a number of funding rounds including a £25m first close for First Light Fusion. The roundwas led by UK venture firm East X Ventures and its fusion fund Starmaker One and included a significant strategicinvestment from the UK Atomic Energy Authority (UKAEA), marking a major milestone in the company's mission todeliver affordable, scalable, fusion energy. The new capital raised, which also included investment from IP Groupand our Hostplus managed fund, will accelerate the commercial development of First Light Fusion'sgroundbreaking FLARE Fusion Energy concept. Mantle8, a natural hydrogen exploration company, raised €31m in a Series A funding round to leverage itsproprietary technology stack across a global exploration and drilling campaign targeting the first commerciallyexploitable reservoir of high-purity natural hydrogen. The company holds an exclusive five-year exploration permitin the French Pyrenees, covering 739 square kilometres across the Haute-Garonne and Hautes-Pyrénéesdepartments. Through this permit area, Mantle8 is targeting multi-million-tonne resources of naturally occurring,pressurised hydrogen, with the potential to generate billions of revenues if successfully proven and developed. Not all portfolio developments in the period were positive. The largest individual valuation reductions were atDiffblue, down £5.2m, and Aqdot, down £3.4m. Diffblue has been navigating the rapidly shifting AI landscape,which has affected a number of companies in the sector over the past two years, and has undertaken a strategicpivot and reset of the business in response. At Aqdot, customer adoption has been slower than anticipated and thecompany has faced challenges in establishing its manufacturing facility. Upcoming milestones As noted in March, many of the Group's "up and coming" portfolio companies have key developmental milestonesapproaching that could have a material impact on their value over the next twelve months. Iksuda Therapeutics,which is developing next-generation Antibody Drug Conjugates for difficult-to-treat cancers, is expected tocomplete several Phase 1 studies in H2 2026. In DeepTech and CleanTech, a number of our companies aretargeting funding rounds and commercial milestones. We also expect to see further progress in Intrinsic's ReRAMand HBM memory technologies, and more progress towards the deployment of Accelercomm's technology in LowEarth Orbit satellite constellations. Platform Investments IP Group's Platform investments portfolio comprises holdings in funds and companies that operate in a similar wayto IP Group, including our interest in our US platform, North America University Innovation L.P., Oxford ScienceEnterprises Limited, the UCL Technology Fund and Cambridge Innovation Capital Limited, and in all of which IPGroup was a founding investor. This portfolio was valued at £59.6m at 30 June 2026 (HY25: £69.7m, FY25:£62.2m), reflecting a fair value decrease of £2.5m in the period driven by valuation reductions within NorthAmerica University Innovation L.P.'s portfolio. Other portfolio disclosures Number of investments by sector As at 30 June 2026 As at 31 December 2025 Sector Number % Number % HealthTech 33 38% 33 39% DeepTech 29 34% 29 35%CleanTech 19 22% 17 20% Platform 5 6% 5 6% Total number of portfolio investments1 86 100% 84 100% 1 Excludes de minimis holdings, which have a small value to the Group and are not actively managed to the same extent as core holdings, and are accordingly not included in the stated number of companies. Portfolio funding position The following table lists information on the expected cash-out dates (the date by which portfolio companies areprojected to need to have raised further funding) of portfolio companies in which IP Group's investment holdingvalue is greater than £4m. The values in the below table show the IP Group portfolio value which falls within eachof the cash-out periods.
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30 June 2026 31 December 2025 Cash out date1 £m % £m % Next 6 months 35.7 6% 34.2 6%6 to 12 months 109.2 19% 99.1 16% 12 to 24 months 266.6 44% 176.5 28%24 months + 56.5 10% 147.9 24% Funded to breakeven 120.8 21% 160.0 26% Total companies > £4m value 588.8 100% 617.7 100% Companies < £4m value 85.1 74.7 Interest in Limited Partnerships and Platforms 59.6 62.2Fair value of cash flows from intangible assets 117.5 99.1 Deferred and contingent consideration 56.4 54.4 Total portfolio 907.4 908.1 1 Cash out dates based on portfolio company forecast as at publication date of half-yearly report. Financial Review The Group prepares its statutory financial statements in accordance with UK-adopted international accountingstandards. With effect from December 2025, the Group transitioned to applying the investment entity basis underIFRS 10, under which its investment entity subsidiaries are measured at fair value rather than consolidated on aline-by-line basis. As a result, the assets, liabilities, income and cash flows held within those subsidiaries arepresented in the IFRS financial statements as a single aggregated amount. To preserve transparency, the Highlights, CEO's Interim Management Report, Managing Partner's Portfolio Reviewand Financial Review are presented on a disaggregated basis, which presents the income statement, balancesheet and cash flow components of that single amount separately. The disaggregated basis is unaudited, is analternative performance measure, and is reconciled to the IFRS financial statements on in the Presentation ofUnaudited Disaggregated Financial Information section at the end of this report. Net assets and profit for theperiod are the same under both bases. Pfizer Obesity Royalty Interest The Group's largest single asset arises as a result of its role in commercialising anti-obesity research undertakenat Imperial College London. Much of the resulting intellectual property sat within portfolio company Zihipp Limited,spun out of Imperial in 2019 and sold to Metsera, Inc. in 2023. Metsera was itself acquired by Pfizer in November2025 for consideration of up to $10bn. The Group's economic interest takes two forms, which are presented separately within the portfolio: · A licence interest. IP2IPO Innovations Limited owns and exclusively licences the underlying intellectualproperty patents relating to Pfizer's obesity drug programmes, including the lead product berobenatide aswell as an amylin analogue (PF'3945), a GIPR agonist (PF'4696) and a berobenatide prodrug (PF'6795).Under this licence agreement the Group holds the full entitlement to milestone payments and tiered, lowsingle-digit percentage royalties on net sales of the licenced products. This interest is measured as the fairvalue of cash flows from intangible assets held within the Group's investment entity subsidiaries.· Deferred consideration on the sale of Zihipp. As a former 31% shareholder in Zihipp, the Group is entitledto 31% of all consideration paid or payable to selling shareholders under the Metsera Share PurchaseAgreement, including contingent milestone payments linked to specified development, regulatory andcommercial events, together with royalties on Net Sales and Net Receipts. This interest is measured withinamounts receivable on the sale of debt and equity investments. These obligations were unaffected byPfizer's acquisition of Metsera. Both interests are valued using discounted cash flow models sharing the same underlying assumptions, and arestated net of the revenue share arrangements under which 50% of all monies received by the Group is payable toImperial College London. The composition of, and movements in the royalty interest by exposure type are as follows: At 31December2025 £m Fair valuemovement£m Cashreceived£m At 30June 2026£m Fair value of cash flows from intangible assets(licence interest) 91.7 18.8 - 110.5 Deferred consideration on disposal of Zihipp equity 36.5 8.5 (3.4) 41.6 Total Pfizer Obesity Royalty Income asset 128.2 27.3 (3.4) 152.1 A breakdown of the total value by programme is as follows: At 30 June2026 £m At 31December2025 £m
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Berobenatide 76.1 76.3 Berobenatide & amylin analogue 61.5 38.4 Oral 12.4 12.0 Other programmes 2.1 1.5 Total Pfizer Obesity Royalty Income asset 152.1 128.2 The asset increased in value by £27.3m during the period to £152.1m, largely reflecting the progression of theberobenatide & amylin analogue combination programme, which progressed from a Phase 1 trial at the end ofDecember 2025 to a Phase 2b trial at 30 June 2026. Successful completion of Phase 1 removes the risk of failureat that stage from the assessment, and the estimated Probability of Success (the likelihood that the drug willultimately be approved for sale) therefore increased from 25% to 39%. The valuation is most sensitive to assumed clinical trial Probability of Success rates and the discount rate applied;the key inputs and sensitivities for each component are set out in notes 5A and 5D. Under the DCF methodology,where a compound fails to progress to market as a result of trial failure or failure to obtain regulatory approval, themodel assumes a zero value outcome for that product. The eventual approval and commercial launch of drugsbased on these compounds is not certain. Consolidated statement of comprehensive income A summary analysis of the Group's performance based on the Disaggregated Income Statement is providedbelow: Six monthsended30 June 2026(unaudited)£m Six monthsended30 June 2025(unaudited)£m Year ended31 December2025(audited)£m Net portfolio gain/(loss)1 38.0 (43.5) 64.0 Deferred tax recognised within investment entitysubsidiaries - - 8.4 Gain on deconsolidation of IP Venture Fund IIminority interest 13.4 - - Net overheads2 (7.9) (7.4) (15.9) Foreign exchange loss/gain on movement (1.7) 1.0 (0.1) Administrative expenses - share-based paymentscharge (1.8) (1.2) (2.4) Carried interest plan and other deal incentives(charge)/credit (1.1) 5.8 7.0 Net finance income 0.7 2.4 3.8 Taxation (8.4) (0.1) 2.1 Profit/(loss) for the period 31.2 (43.0) 66.9 1 Defined in note 6 Alternative Performance Measures. 2 See net overheads table below and definition in note 6 Alternative Performance Measures. Fair value movements Net portfolio gains/(losses) consist primarily of realised and unrealised fair value gains and losses from theGroup's equity and debt holdings in spin-out businesses and include changes in the fair value of licensing assetswhich have been recognised for the first time in 2025 as a result of the change in investment entity basis describedearlier in this section. These movements are analysed in detail as follows:
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Six monthsended30 June2026(unaudited)£m Six monthsended30 June2025(unaudited)£m Yearended31December2025(audited)£m Quoted equity and debt investments 4.6 12.0 4.1 Private equity and debt investments (including deferredconsideration) 14.6 (36.6) (31.7) Investments in Limited Partnerships (excluding FX) (5.1) (4.7) (10.4) Fair value of cash flows from intangible assets 18.3 - 109.4 FX translation 5.6 (14.2) (7.4) Net portfolio gains/(losses) 38.0 (43.5) 64.0 A summary of the largest positive and negative net portfolio fair value movements is as follows: Gains £m Losses £m Pfizer Obesity Royalty Interest 27.3 North America University Innovation L.P.1 (6.2) Centessa Pharmaceuticals plc 7.3 Diffblue Limited (5.2) Microbiotica Limited 4.5 Istesso Limited (4.4) Featurespace Limited 4.2 Aqdot Limited (3.4) First Light Fusion Limited 3.9 Ultraleap Holdings Limited (3.1) Other Quoted 0.4 Other Quoted (3.0) Other Private 28.1 Other Private (18.0) FX translation 6.4 FX translation (0.8) Total 82.1 Total (44.1) 1 Formerly IPG Cayman L.P. Net overheads Six months ended 30 June 2026 (unaudited) £m Six months ended 30 June 2025 (unaudited) £m Year ended 31 December 2025 (audited) £m Other income 3.0 3.6 7.4 Administrative expenses - all other expenses (9.8) (10.1) (20.9) Administrative expenses - annual incentive scheme (charge) (1.1) (0.9) (2.4) Net overheads (7.9) (7.4) (15.9) Other income comprises fund management fees on our third-party managed funds and licensing and patentincome. In the current period other income totalled £3.0m (HY25: £3.6m, FY25: £7.4m) and was lower year-on-year largely due to a lower level of performance and exit-based annual management fees earned within Parkwalkin the current period compared with a very successful period for exits within their portfolio in the first half of 2025. Other central administrative expenses, excluding performance-based staff incentives, share-based paymentscharges and the impact of FX translation movements are essentially unchanged on the prior period at £9.8m(HY25: £10.1m, FY25: £20.9m) reflecting a continued focus on control of operating costs.
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The charge of £1.1m in respect of the Group's Annual Incentive Scheme reflects a provisional assessment ofperformance against 2026 AIS targets which include Group, Team, and Individual performance elements (HY25:charge £0.9m, FY25: charge £2.4m). Carried interest plan charge The carried interest plan charge of £1.1m (HY25: £5.8m credit, FY25: £7.0m credit) relates to the recalculation ofliabilities under the Group's carry schemes, reflecting the unrealised portfolio gains in the period. The liabilities arecalculated based upon any excess of current fair value above cost and the hurdle rate of return within eachscheme or vintage. Any payments will only be made following the full achievement of cost and hurdle via cashproceeds and are only paid on the event of a cash realisation. Consolidated statement of financial position A summary analysis of the Group's assets and liabilities from the pro forma balance sheet is provided below: Six months ended 30 June 2026 (unaudited) £m Six months ended 30 June 2025 (unaudited) £m Year ended 31 December 2025 (audited) £m Portfolio 907.4 814.0 908.1 Other non-current assets 11.4 1.5 19.8 Other net current assets/(liabilities) (11.3) (2.2) (3.0) Cash and deposits 238.9 237.3 211.0 Borrowings (119.8) (126.0) (122.8) Other non-current liabilities (20.2) (41.5) (38.0) Total Equity or Net Asset Value ("NAV") 1,006.4 883.1 975.1 NAV per share 113.9p 96.2p 110.4p The composition of, and movements in, the Group's portfolio are described in the portfolio review above. Portfolio valuations In terms of the funding round dynamics in the period, the proportion of down rounds (i.e. rounds raised at a lowervaluation than the previous financing round) within the period increased slightly from the previous year at 43%(HY25: 38%). For all three down rounds, impairments had been recognised already in the Group's previous fullyear results in anticipation of the funding round outcomes. The first half of 2026 saw a marked increase in capital raised by the portfolio compared to the same period in2025, with £543m raised (HY25: £372m, FY25: £914m), of which the majority (92%) was raised as equity with only8% raised as debt. Of this amount, £345m related to the Series C rounds for Oxford Quantum Circuits andQuantum Motion. IP Group contributed around 5% (HY25: 10%, FY25: 7%) of the total capital raised by ourportfolio in the period. In the period we commissioned third-party valuation reports for one investment, specifically Hysata (HY25:Microbiotica, Pulmocide, FY25: Pfizer Obesity Royalty Interest, Hysata). Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 Analysis of priced funding rounds in private portfolio Number of companies % Number of companies % Number of companies % Up round 3 43% 7 54% 14 54% Flat round 1 14% 1 8% 4 15% Down round 3 43% 5 38% 8 31% Total 7 100% 13 100% 26 100%
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The above table reflects priced funding rounds in the private portfolio (excluding organic and de minimiscompanies) and excludes debt funding and funding transactions where a subsequent tranche is drawn based onpre-agreed pricing. The table below summarises the valuation basis for the Group's portfolio. Further details on the Group's valuationpolicy and approach can be found in note 5B. Six months ended 30 June 2026 (unaudited) £m Six months ended 30 June 2025 (unaudited) £m1 Year ended 31 December 2025 (audited) £m Quoted 102.0 159.3 133.2 Financing transaction (<12 months) 170.9 169.2 177.9 Financing transaction (>12 months) 194.3 146.8 159.0 Other: Future market/commercial events 68.9 69.5 75.3 Other: Adjusted financing price based on past performance - upwards 12.5 30.3 - Other: Adjusted financing price based on past performance - downwards 40.8 59.0 58.0 Other: Discounted cash flow ("DCF") 253.5 96.9 234.8 Other: Revenue multiple 16.3 12.9 13.4 Other: Receipt of expected sale proceeds 11.0 19.0 14.5 Fair value of investments 870.2 762.9 866.1 Statements from LP 37.2 51.1 42.0 Total portfolio 907.4 814.0 908.1 1 Total portfolio represented to reflect the updated APM definition made in the Group's 2025 Annual Report and Accounts Other assets and liabilities Other long-term liabilities relate to carried interest (described above), and loans from LPs of consolidated funds; IPVenture Fund II LP is a fund in which the Group has a significant interest. Loans from third parties of consolidatedfunds represent third-party loans into this partnership. These loans are repayable only upon these fundsgenerating sufficient realisations to repay the Limited Partners. Borrowings Following the repayment in January 2026 of the remaining £3.1m outstanding under the Group's historic debtfacility with the European Investment Bank (held in a non-consolidated subsidiary), the Group's outstanding debtnow relates solely to a £120m private placement issued in 2022 and 2023. This loan has a fixed interest rate of5.25% and is due to be repaid with three equal maturities in December in 2027, 2028 and 2029. Under the terms of the £120m private placement, the Group is required to maintain a minimum balance of cashand cash equivalents which includes deposits maturing within 30 days held by any subsidiary of £25m at any time,equity must exceed £500m and gross debt less restricted cash must not exceed 25% of total equity as at theGroup's 30 June and 31 December reporting dates. See the Group's 2025 Annual Report and Accounts for furtherdetails. The private placement also includes 'Cash Trap' provisions which stipulate that the Group is required to maintaincash and cash equivalents of no less than £50m at any time, equity must be at least £750m, and gross debt lessrestricted cash must not exceed 20% of total equity as at the Group's 30 June and 31 December reporting dates.In the event of the Cash Trap being triggered, the Group is not permitted to pay or declare a dividend or purchaseany of its shares. In addition, investments are restricted to £2.5m per calendar quarter other than those legallycommitted to. The Group is also required to place the net proceeds of all cash proceeds (over a threshold of £1m)into a blocked bank account. Entering a Cash Trap does not constitute a default. Cash and deposits At 30 June 2026, the Group's cash and deposits totalled £238.9m, an increase of £27.9m from a total of £211.0mat 31 December 2025. The key movements in the period were cash proceeds of £68.7m less portfolio investmentof £29.9m, with remaining outflow of £10.9m mainly relating to the group's net overheads base. Of the £238.9m,£98.5m was held within consolidated subsidiaries (FY25: £16.5m) and £140.4m was held within investment entitysubsidiaries (FY25: £194.5m)
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Investments and realisations The Group invested a total of £29.9m across 16 portfolio companies during the period (HY25: £35.7m, 22 portfoliocompanies) (FY25: £70.5m; 31 portfolio companies) and realised cash proceeds of £68.7m (HY25: £30.3m, FY25:£68.1m). Largest investments and realisations by portfolio company: Investments £m Cash Realisations £m Mach42 Limited 4.0 Monolith AI Limited 22.5 Hypervision Surgical Limited 3.7 Centessa Pharmaceuticals plc 18.1 MGA Thermal Pty Ltd 3.1 Hinge Health, Inc. 16.9 Mantle8 SAS 3.0 Featurespace Limited1 7.2 Atisama Therapeutics Pty Ltd 2.9 Zihipp Limited1 3.4 Other 13.2 Other 0.6 Total 29.9 Total 68.7 1 Receipt of cash related to deferred consideration Deferred consideration from both expected royalty and milestone achievement was estimated at £56.4m at 30June 2026 (2025: £54.4m), relating to the Group's realisation of Zihipp (£41.6m, exited in 2023), Featurespace(£7.2m, exited in 2024), Enterprise Therapeutics (£3.9m, programme exited in 2020), Oxular (£2.1m, exited in2024), Kynos Therapeutics (£0.5m exited in 2024), and Centessa (£1.1m, Contingent Value Right from acquisitionin 2026). Taxation The Group typically holds at least a 10% equity holding in its portfolio companies and as a result most of theportfolio will qualify for the Substantial Shareholdings Exemption ("SSE") on disposal. On these companies, capitalgains are exempt from UK corporation tax and hence no deferred tax is recognised on capital gains at the balancesheet date for SSE-qualifying companies. Capital gains from companies not qualifying for SSE will be at least partially offset by a deduction for the Group'scurrent year net overheads and further reduced by using brought-forward tax losses relating largely to the Group'shistoric net overheads (restricted to 50% above a £5m annual threshold). As a result, the tax rate payable on anynon-SSE disposals will be significantly less than the headline UK corporation tax rate of 25%. Deferred tax iscalculated on non-SSE disposals and recognised through the income statement. The Group complies with relevant global initiatives including the US Foreign Account Tax Compliance Act("FATCA") and the OECD Common Reporting Standard. Alternative Performance Measures ("APMs") The Group discloses alternative performance measures, such as NAV per share and Return on NAV, in this half-yearly report. The Directors believe that these APMs assist in providing additional useful information on theunderlying trends, performance, and position of the Group. Further information on APMs utilised by the Group isset out in note 6. Principal risks and uncertainties A detailed explanation of the principal risks and uncertainties faced by the Group, and the steps taken to managethem, is set out in the Strategic Report section of the Group's 2025 Annual Report and Accounts. The principalrisks and uncertainties are summarised as follows: · it may be difficult for the Group to maintain the required level of capital to continue to operate at optimumlevels of investment, activity and overheads, · it may be difficult for the Group's portfolio companies to attract sufficient capital, · the returns and cash proceeds from the Group's early-stage companies may be insufficient, · the Group may lose key personnel or fail to attract and integrate new personnel, · macroeconomic conditions may negatively impact the Group's ability to achieve its strategic objectives, · there may be changes to, impacts from, or failure to comply with, legislation, government policy andregulation, · the Group and its portfolio companies may be subjected to phishing and ransomware attacks, dataleakage and hacking, · the Group may be negatively impacted by operational issues both from a UK central and internationaloperations perspective. The Group reviewed its operational, strategic and principal risk registers in the period and has concluded that it isnot aware of any significant changes in the nature of the principal risks that would result in a change to the Group'sprincipal risks as set out above in the forthcoming six months.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME. For the six months ended 30 June 2026 Note Unauditedsixmonthsended30 June2026 £m Unauditedsix monthsended30 June2025£m Auditedyearended31December2025£m Portfolio return and revenue Change in fair value of equity and debt investments - (35.1) (70.1) Gain/(loss) on disposal of equity and debt investments - (0.5) 37.5 Change in fair value of limited and limited liability partnership interests - (7.9) (12.8) Change in fair value of investment entity subsidiaries 5 34.9 - - Gain on deconsolidation of subsidiaries - - 117.8 Revenue from services and other income 2.1 3.6 7.4 37.0 (39.9) 79.8 Administrative expenses Carried interest plan credit/(charge) - 5.8 7.0 Share-based payment charge (0.1) (1.2) (2.4) Other administrative expenses (3.2) (10.0) (23.4) (3.3) (5.4) (18.8) Operating profit/(loss) 33.7 (45.3) 61.0 Finance income 0.9 5.6 10.2 Finance costs (3.2) (3.2) (6.4) Profit/(loss) before taxation 31.4 (42.9) 64.8 Taxation (0.2) (0.1) 2.1 Profit/(loss) for the period 31.2 (43.0) 66.9 Other comprehensive income Items that may be subsequently reclassified to the income statement Exchange differences on translating foreign operations - (1.0) 0.3 Total comprehensive profit/(loss) for the period 31.2 (44.0) 67.2 Attributable to:
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Equity holders of the parent 31.2 (44.2) 67.1 Non-controlling interest - 0.2 0.1 31.2 (44.0) 67.2 Earnings/(loss) per share Basic (p) 2 3.53 (4.55) 7.24 Diluted (p) 2 3.45 (4.55) 7.10 The accompanying notes form an integral part of the financial statements. CONSOLIDATED STATEMENT OF FINANCIAL POSITION. As at 30 June 2026 Note Unaudited30 June2026£m Unaudited30 June 2025£m Audited31 December2025£m ASSETS Non-current assets Goodwill 0.4 0.4 0.4 Property, plant and equipment - 0.6 - Equity and debt investments in investment entity subsidiaries 5 1,022.2 - 1,073.8 Joint venture investment - 0.5 - Equity investments - 686.8 - Debt investments 3.4 62.0 3.4 Limited and limited liability partnership interests 1.2 51.1 1.2 Receivable on sale of debt and equity investments - 6.8 - Total non-current assets 1,027.2 808.2 1,078.8 Current assets Trade and other receivables 3.9 8.2 3.3 Receivable on sale of debt and equity investments - 12.0 - Deposits - 120.1 - Cash and cash equivalents 98.5 117.2 16.5 Total current assets 102.4 257.5 19.8 Total assets 1,129.6 1,065.7 1,098.6 EQUITY AND LIABILITIES Equity attributable to owners of the parent Called up share capital 3 17.8 18.4 17.8 Share premium account 102.5 102.5 102.5 Capital redemption reserve 3.5 2.9 3.5 Retained earnings 882.6 772.6 851.3 Total equity attributable to equity holders 1,006.4 896.4 975.1 Non-controlling interest - (13.3) -
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Total equity 1,006.4 883.1 975.1 Current liabilities Trade and other payables 2.8 10.4 3.0 Borrowings - 6.3 119.7 Total current liabilities 2.8 16.7 122.7 Non-current liabilities Borrowings 119.8 119.7 - Carried interest plan liability - 18.5 - Deferred tax liability 0.6 4.6 0.8 Loans from limited partners of consolidated funds - 18.3 - Other non-current liabilities - 4.8 - Total non-current liabilities 120.4 165.9 0.8 Total liabilities 123.2 182.6 123.5 Total equity and liabilities 1,129.6 1,065.7 1,098.6 Registered number: 04204490 The accompanying notes form an integral part of the financial statements. The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2026 and were signed on its behalf by: Greg Smith David Baynes Chief Executive Officer Chief Financial Officer CONSOLIDATED STATEMENT OF CASH FLOWS. For the six months ended 30 June 2026 Note Unauditedsix monthsended30 June2026 £m Unauditedsixmonthsended30 June2025£m Auditedyearended31December2025£m Operating activities Profit/(loss) before taxation for the period 31.4 (42.9) 64.8 Adjusted for: Change in fair value of equity and debt investments - 35.1 70.1 (Loss)/gain on disposal of equity investments - 0.5 (37.5) Change in fair value of limited and limited liability partnership interests - 7.9 12.8 Change in fair value of investment entity subsidiaries (34.9) - - Gain on deconsolidation of subsidiaries - - (117.8) Carried interest plan and other deal incentives credit - (5.8) (7.0) Carried interest scheme payments - (2.8) (4.3) Share-based payment charge 0.1 1.2 2.4
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Finance income (0.9) (5.6) (10.2) Finance costs 3.2 3.2 6.4 Depreciation of right-of-use asset, property, plant and equipment - 0.3 0.5 Corporate finance fees settled in the form of portfolio company equity - (0.1) (0.1) Changes in working capital Decrease/(increase) in trade and other receivables (1.1) (2.1) (1.6) Decrease in trade and other payables (0.3) (2.7) (0.7) Distributions and drawdowns with limited partners of consolidated funds - (1.6) (1.6) Other operating cash flows Cash paid to settle share-based payment liabilities - (1.0) - Interest received - 2.3 4.3 Net cash (outflow) from operating activities (2.5) (14.1) (19.5) Investing activities Purchase of property plant and equipment - - 0.1 Purchase of equity and debt investments - (34.3) (68.0) Investment in limited and limited liability partnership funds - (1.4) (2.5) Proceeds from sale of assets held for sale - 10.0 10.1 Proceeds from sale of equity and debt investments - 19.8 52.5 Repayment of debt investment by investment entity subsidiaries 86.7 - - Distribution from limited partnership funds 0.1 0.5 5.6 Cash flow to deposits - (80.0) (173.2) Cash flow from deposits - 130.7 238.2 Interest received on deposits 0.9 2.7 5.8 Cash derecognised on deconsolidation of subsidiaries - - (89.3) Net cash inflow/(outflow) from investing activities 87.7 48.0 (20.7) Financing activities Repurchase of own shares 3 - (25.6) (45.7) Lease principal payment - (0.3) (0.5) Interest paid (3.2) (3.3) (6.4) Repayment of EIB loan facility - (3.1) (6.3) Net cash (outflow) from financing activities (3.2) (32.3) (58.9) Net increase/(decrease) in cash and cash equivalents 82.0 1.6 (99.1) Cash and cash equivalents at the beginning of the period 16.5 115.6 115.6 Effect of foreign exchange rate changes - - - Cash and cash equivalents at the end of the period 98.5 117.2 16.5 The accompanying notes form an integral part of the financial statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.
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For the six months ended 30 June 2026 Attributable to equity holders of the parent Share capital £m Share premium £m Capitalredemptionreserve £m Retained earnings £m Total £m Non-controlling interest £m Total equity £m At 1 January 2025 (audited) 19.5 102.5 1.8 842.2 966.0 (13.5) 952.5 (Loss) for the period - - - (43.2) (43.2) 0.2 (43.0) Currency translation - - - (1.0) (1.0) - (1.0) Total comprehensive income for the period - - - (44.2) (44.2) 0.2 (44.0) Transactions with owners, recorded directly in equity Purchase of treasury shares (1.1) - 1.1 (25.6) (25.6) - (25.6) Cash paid to settle share based payment liabilities1 - - - (1.0) (1.0) - (1.0) Equity-settled share-based payments1 - - - 1.2 1.2 - 1.2 Total contributions by and distributions to owners (1.1) - 1.1 (25.4) (25.4) - (25.4) At 30 June 2025 (unaudited) 18.4 102.5 2.9 772.6 896.4 (13.3) 883.1 Profit for the period - - - 110.0 110.0 (0.1) 109.9 Currency translation - - - 1.3 1.3 - 1.3 Total comprehensive income for the period - - - 111.3 111.3 (0.1) 111.2 Transactions with owners, recorded directly in equity Purchase of treasury shares (0.6) - 0.6 (20.1) (20.1) - (20.1) Cash paid to settle share based payment liabilities1 - - - 1.0 1.0 - 1.0 Equity-settled share-based payments1 - - - (0.1) (0.1) - (0.1) Change in investment entity status - - - (13.4) (13.4) 13.4 - Total contributions by and distributions to owners (0.6) - 0.6 (32.6) (32.6) 13.4 (19.2) At 1 January 2026 (audited) 17.8 102.5 3.5 851.3 975.1 - 975.1 Profit for the period - - - 31.2 31.2 - 31.2 Currency translation - - - - - - - Total comprehensive income for the period - - - 31.2 31.2 - 31.2 Transactions with owners, recorded directly in equity Purchase of own shares - - - - - - -
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Equity-settled share-based payments - - - 0.1 0.1 - 0.1 Total contributions by and distributions to owners - - - 0.1 0.1 - 0.1 At 30 June 2026 (unaudited) 17.8 102.5 3.5 882.6 1,006.4 - 1,006.4 1 in the 31 December 2025 the Cash paid to settle share-based payment liabilities and Equity-settled share-based payments werepresented as a combined number The accompanying notes form an integral part of the financial statementsNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS. General informationThe comparative financial information presented herein for the year ended 31 December 2025 does not constitute fullstatutory accounts within the meaning of the Companies Act 2006. The Group's Annual Report and Accounts for theyear ended 31 December 2025 have been delivered to the Registrar of Companies. The Group's independentauditor's report on those accounts was unqualified, did not include references to any matters to which the auditordrew attention by way of emphasis without qualifying their report and did not contain a statement under Section498(2) or 498(3) of the Companies Act 2006. Accounting policies Basis of preparation This condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reportingas adopted for use in the UK. The annual financial statements of the Group are prepared in accordance with UK-adopted international accountingstandards. As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, thecondensed set of financial statements has been prepared applying the accounting policies and presentation that wereapplied in the preparation of the Company's published consolidated financial statements for the year ended 31December 2025. Change of investment entity basis With effect from December 2025, the Group transitioned to applying the investment entity basis under IFRS 10. Its wholly-owned investment entity subsidiaries are measured at fair value through profit or loss rather than consolidated on a line-by-line basis, and a gain on deconsolidation of £117.8m was recognised in the year ended 31 December 2025. The change was applied prospectively from the date the criteria were met; the comparative periods have not been restated. The portfolio investments, licence-related discounted cashflow assets, cash, borrowings, carried interest liabilities, income and expenses held within those subsidiaries are no longer presented individually but are combined into a single line, "Investments in investment entity subsidiaries", in the consolidated statement of financial position, with a corresponding single line in the consolidated statement of comprehensive income relating to their change in fair value. Accounting estimates and judgements The preparation of the half-yearly results requires management to make estimates and judgements that affect theapplication of accounting policies and the reported amounts of assets and liabilities, income and expenses.Accounting estimates and judgements are continually evaluated and are based on historical experience and otherfactors, such as expectations of future events, and are believed to be reasonable under the circumstances. Actualresults may differ from these estimates. In preparing these half-yearly results, the significant accounting estimates made by management relate to the fairvalue measurement of investment entity subsidiaries. The nature of these estimates is consistent with that describedin the Group's audited consolidated financial statements for the year ended 31 December 2025. Going concern The Directors are required to satisfy themselves that it is reasonable to presume that the Group is a going concern.The Group had Cash and Deposits of £238.9m as at 30 June 2026. In light of the Group's forecast net overheadcosts, debt repayment obligations and other committed spend, the Directors are satisfied that in taking account ofreasonably possible downsides, the Group has adequate access to resources to enable it to meet its obligations andto continue in operational existence for at least the next 12 months. 1. Operating segments For both the six months ended 30 June 2026 and the six months ended 30 June 2025, the Group's revenue and profit/(loss) before taxation were derived largely from its principal activities within the UK. For management reporting purposes, the Group is currently organised into five operating segments: i. Venture Capital investing within our 'HealthTech' thematic area ii. Venture Capital investing within our 'DeepTech' thematic area iii. Venture Capital investing within our 'CleanTech' thematic area iv. Venture Capital investing: Other, representing investments not included within our three thematic areas above, including platform investments v. the management of third-party funds and the provision of corporate finance advice
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Reporting line items within Venture Capital investing which are not allocated by thematic sector are presented in the 'Venture Capital investing: other' segment. The change in investment entity status does not impact the Group's operating segments which continue to be managed based on portfolio investment theme. These activities are described in further detail in the Highlights, CEO's Interim Management Report, Managing Partner's Portfolio Review and Financial Review. Six months ended 30 June 2026 (unaudited) Statement of comprehensive Income Venture capital investing: HealthTech £m Venture capital investing: DeepTech £m Venture capital investing: CleanTech £m Venture capital investing: Other £m Venture capital investing: Total £m Third-party fund management £m Consolidated £m Portfolio return and revenue Change in fair value of investment entity subsidiaries 28.8 7.1 4.6 (5.6) 34.9 - 34.9 Revenue from services and other income - - 2.1 2.1 28.8 7.1 4.6 (5.6) 34.9 2.1 37.0 Administrative expenses1 Share-based payment charge1 - - (0.1) (0.1) Other administrative expenses1 (0.7) (0.7) (2.5) (3.2) - - - (0.7) (0.7) (2.6) (3.3) Operating profit/(loss) 28.8 7.1 4.6 (6.3) 34.2 (0.5) 33.7 Finance income 0.6 0.6 0.3 0.9 Finance costs (3.2) (3.2) - (3.2) Profit/(loss) before taxation 28.8 7.1 4.6 (8.9) 31.6 (0.2) 31.4 Taxation (0.3) (0.3) 0.1 (0.2) Profit/(loss) for the period 28.8 7.1 4.6 (9.2) 31.3 (0.1) 31.2 STATEMENT OF FINANCIAL POSITION Assets 550.5 126.0 174.7 260.9 1,112.1 17.5 1,129.6 Liabilities (118.6) (118.6) (4.6) (123.2) Net assets 550.5 126.0 174.7 142.3 993.5 12.9 1,006.4 1. These amounts cannot be apportioned to the individual segments of the venture capital investing business. Six months ended 30 June 2025 (unaudited) Statement of comprehensive Income Venture capital investing: HealthTech £m Venture capital investing: DeepTech £m Venture capital investing: CleanTech £m Venture capital investing: Other £m Venture capital investing: Total £m Third-party fund management £m Consolidated £m Portfolio return and revenue Change in fair value of equity and debt investments 0.3 (30.3) (4.1) (1.0) (35.1) - (35.1) (Loss)/gain on disposal of equity and debt investments 0.4 0.1 (1.0) - (0.5) - (0.5) Change in fair value of limited and limited liability partnership interests (7.9) (7.9) - (7.9) Revenue from services and other income 1.1 1.1 2.5 3.6 0.7 (30.2) (5.1) (7.8) (42.4) 2.5 (39.9) Administrative expenses1 Carried interest plan credit1 5.8 5.8 - 5.8 Share-based payment charge1 (1.0) (1.0) (0.2) (1.2) Other administrative expenses1 (6.0) (6.0) (4.0) (10.0) - - - (1.2) (1.2) (4.2) (5.4) Operating profit/(loss) 0.7 (30.2) (5.1) (9.0) (43.6) (1.7) (45.3) Finance income1 5.3 5.3 0.3 5.6 Finance costs1 (3.2) (3.2) - (3.2)
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Loss before taxation 0.7 (30.2) (5.1) (6.9) (41.5) (1.4) (42.9) Taxation1 (0.1) (0.1) - (0.1) Profit/(loss) for the period 0.7 (30.2) (5.1) (7.0) (41.6) (1.4) (43.0) STATEMENT OF FINANCIALPOSITIONAssets 446.9 129.1 173.1 297.5 1,046.6 19.1 1,065.7 Liabilities1 (176.8) (176.8) (5.8) (182.6) Net Assets 446.9 129.1 173.1 120.7 869.8 13.3 883.1 1. These amounts cannot be apportioned to the individual segments of the venture capital investing business. Year ended 31 December 2025 (audited) Statement of comprehensive Income Venture capital investing: HealthTech £m Venture capital investing: DeepTech £m Venture capital investing: CleanTech £m Venture capital investing: Other £m Venture capital investing: Total £m Third-party fund management £m Consolidated £m Portfolio return and revenue Change in fair value of equity and debt investments (31.0) (16.9) (23.4) 1.2 (70.1) - (70.1) Change in investment status 117.8 - - - 117.8 - 117.8 (Loss)/gain on disposal of equity and debt investments 37.6 0.9 (1.0) - 37.5 - 37.5 Change in fair value of limited and limited liability partnership interests (12.8) (12.8) - (12.8) Revenue from services and other income (0.8) (0.8) 8.2 7.4 124.4 (16.0) (24.4) (12.4) 71.6 8.2 79.8 Administrative expenses1 Carried interest plan release 1 7.0 7.0 - 7.0 Share-based payment charge1 (2.0) (2.0) (0.4) (2.4) Other administrative expenses1 (16.8) (16.8) (6.6) (23.4) - - - (11.8) (11.8) (7.0) (18.8) Operating profit/(loss) 124.4 (16.0) (24.4) (24.2) 59.8 1.2 61.0 Finance income1 9.6 9.6 0.6 10.2 Finance costs1 (6.4) (6.4) - (6.4) Profit/(loss) before taxation 124.4 (16.0) (24.4) (21.0) 63.0 1.8 64.8 Taxation1 2.1 2.1 - 2.1 Profit/(loss) for the year 124.4 (16.0) (24.4) (18.9) 65.1 1.8 66.9 STATEMENT OF FINANCIAL POSITION Assets 561.4 144.3 158.8 216.2 1,080.7 17.9 1,098.6 Liabilities1 (119.0) (119.0) (4.5) (123.5) Net assets 561.5 144.3 158.8 97.2 961.7 13.4 975.1 1. These amounts cannot be apportioned to the individual segments of the venture capital investing business. 2. Earnings per share Earnings Six monthsended30 June 2026(unaudited)£m Six monthsended30 June 2025(unaudited)£m Year ended31 December2025(audited)£m Profit/(loss) after tax for the period 31.2 (43.0) 66.9
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Non-controlling interest - (0.2) (0.1) Earnings for the purposes of basic and dilutive earnings per share 31.2 (43.2) 66.8 Number of shares Six monthsended30 June 2026(unaudited)Number ofshares Six monthsended30 June 2025(unaudited)Number ofshares Year ended31 December2025(audited)Number ofshares Weighted average number of ordinary shares for the purposes of basic earnings per share 883,427,642 948,703,470 922,660,204 Effect of dilutive potential ordinary shares: Options or contingently issuable shares 20,551,140 - 18,072,389 Weighted average number of ordinary shares for the purposes of diluted earnings per share 903,978,782 948,703,470 940,732,593 Six monthsended30 June 2026(unaudited)pence Six monthsended30 June 2025(unaudited)pence Year ended31 December2025(audited)pence Basic 3.53 (4.55) 7.24 Diluted 3.45 (4.55) 7.10 Potentially dilutive ordinary shares include contingently issuable shares arising under the Group's RSP arrangements, and options issued as part of the Group's Sharesave schemes and Deferred Bonus Share Plan (for annual bonuses deferred under the terms of the Group's Annual Incentive Scheme). 3. Share capital, share buybacks & dividends There were no movements in the company's issued share capital during the six months ending 30 June 2026. Thenumber of ordinary shares in issue at 30 June 2026 was 883,427,642 (30 June 2025: 918,418,332; 31 December2025: 883,427,642). There were no dividends paid or proposed in the current period or prior year 4. Related party transactions All related party transactions that took place in the six months ending 30 June 2026 are consistent in nature with the disclosures in Note 24 on pages 138 to 140 of the Group's Annual report and accounts 2025. There were no related party transactions which took place in the period that materially affected performance or the financial position of the Group. 5. Fair value measurement within investment entity subsidiaries This note presents the position of those subsidiaries that meet the definition of investment entity subsidiaries and aretherefore held at fair value through profit or loss. It provides analysis of the principal fair value components, includingthe valuation methodologies applied, the key unobservable inputs used, and the sensitivity of carrying values tochanges in those inputs. These disclosures are intended to give users an understanding of the composition, valuationbasis, and underlying assumptions of the Group's most significant assets and liabilities measured at fair value. Below is the summary of assets and liabilities of the subsidiaries that have been recognised at fair value within the Group's consolidated financial statements. Investment entity subsidiaries Note Six monthsended30 June2026(unaudited)£m 31 December2025(audited)£m Fair value of cash flows from intangible assets 5A 117.5 99.1
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Debt & equity investments 5B 692.9 709.3 Limited liability partnership interests 5C 36.0 40.7 Receivable on sale of debt and equity investments 5D 56.4 54.4 Portfolio investments held within investment entity subsidiaries1 Note 6 902.8 903.5 Other non-current assets 5E 11.0 19.4 Cash and deposits 140.4 194.5 Other net current liabilities (12.4) (6.4) Carried interest plan liability 5F (14.0) (16.0) Other non-current liabilities (5.6) (21.2) Investments in investment entity subsidiaries 1,022.2 1,073.8 1 Of the £902.8.0m (FY2025: £903.5m) portfolio investment held within investment entity subsidiaries, £102.0m (FY25: £133.2m) represent Level 1 assets and the balance of £800.7m (FY25: £770.3m) represents Level 3 assets. The Group engages third-party valuation specialists to provide valuation support where required; during the period we commissioned third-party valuations on 1 (Hysata) out of the top 10 holdings (FY25: 2). The principal items requiring the use of judgment in determining the value of the asset or liability within the Group's investment entity subsidiaries are as follows: A: Fair value of cash flows from intangible assets Under the investment entity exemption within IFRS 10, the Group is required to fair value its investment entitysubsidiaries, including the fair value of cash flows from intangible assets relating to the Group's licencearrangements. The Group's licences originate from historical technology transfer arrangements inherited through the acquisition ofTouchstone Innovations in 2017. Under the Technology Pipeline Agreement ("TPA") dated 16 February 2005 betweenTouchstone Innovations plc and Imperial College, Touchstone was entitled to receive equity allocations in spinoutcompanies and to act as licensor of Imperial College intellectual property to those spinouts and third parties. These arrangements resulted in Touchstone, and subsequently the Group, owning IP patents and enforceable rightsto licensing income. Under the terms of this TPA, the Group is subject to various "revenue sharing" arrangementswhereby income generated from this Intellectual Property is shared with Imperial College (and other third partieswhere they have provided funding to research which is subsequently commercialised). The amounts in this note areshown net of such revenue share obligations, reflecting the Group's share of income. These are considered to beLevel 3 assets. Company name Six monthsended30 June 2026(unaudited)£m Primary valuationbasis Value at31 December 2025(audited)£m Pfizer Obesity Programmes 110.5 DCF 91.7 Carrick Therapeutics 6.4 DCF 6.0 Other licences 0.6 DCF 1.4 Total 117.5 99.1 Valuation inputs and sensitivities The key valuation inputs and sensitivities in respect of fair value of cash flows from intangible assets relate to the licence with Pfizer in respect of their anti-obesity programmes acquired from Zihipp/Metsera. Under this exclusive IP licence agreement between IP2IPO Innovations Limited and Zihipp Limited, the Group is entitled to licence milestone payments and tiered licence royalties on net sales of the licenced products. The valuation of both the licence and equity is based on a DCF model assessing the future cash flows from the relevant Pfizer obesity drug programmes for which IP Group has financial exposure, including PF'3944, PF'3945, PF'4696 and PF'6795. The key inputs in the DCF model include: • the drug development milestone dates, based on the anticipated development timeline for the four assets
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• probability of Ph1, Ph2 and Ph3 clinical trial success, based on comparable clinical trial success rates for metabolic assets (source: Clinical Development Success Rates 2011-2020 by Biotechnology Innovation Organisations) and forecasts from equity analyst research published by Goldman Sachs, Cantor Fitzgerald, Bank of America and Guggenheim • projected sales forecasts, which have been derived using the mean of equity analyst research sales projections • royalty rates receivable of drug sales, based on the low single-digit, tiered percentages defined in the licence agreement • discount rate, based on the WACC of a pharmaceutical partner consistent with Pfizer taking the trial forward • UK corporation tax on milestone and licence receipts. The valuation is sensitive to the inputs noted above. In the Group's view, the valuation would most likely be affected by a combination of changes in these inputs. However, to provide context on the sensitivity of each key input, as required by IAS 1, the table below sets out the impact on the valuation of the licence net of the revenue share liability, of changes in each critical input in isolation Input Assumption used Sensitivity Impact on IPGLicence Value£m Impact % of NAV1 Clinical trial success rates Berobenatide: 53%, Berobenatide & PF'3945:39%, Oral: 9.6% +/- 5% 28.7 / (23.7) 2.8% / (2.4%) Discount rate 11.5% -1.25%/+1.0% 12.6 / (8.9) 1.3% / (0.9%) 1 Being impact on IPG holding as a proportion of the Group's Net Asset Value The clinical trial success rate sensitivity is applied simultaneously to each of the four programmes. The programmes currently valued share a common compound (berobenatide) and a common development pathway and are assessed against the same benchmark success rate data, and as a result management believe an aggregated success rate sensitivity to be appropriate. Under the DCF methodology, in the event that one of the compounds fails to progress to market as a result of trial failures or failure to receive regulatory approval, the model assumes a zero value outcome for that product. B: Equity and debt investments The following table lists information on the Group's most significant debt and equity investments. These comprise the largest portfolio companies within the Group's top ten investments by value, excluding investments that are not classified as equity or debt. Together, this represents 41% of the total portfolio value (FY25: 39%). Detail on the performance of these companies is included in the portfolio review section of the Strategic Report section of the Group's 2025 Annual Report and Accounts. The Group engages third-party valuation specialists to provide valuation support where required; during the period we commissioned a third-party valuation on 1 of the Group's equity and debt holdings (FY25: 2). Company name Primary valuation basis Fair value of Groupholding at30 June 2026 £m Oxford Nanopore Technologies plc Quoted bid price 100.2 Istesso Limited1 DCF 85.2 Hysata Pty Ltd2 Funding transaction > 12 months, PWERM 79.2 Mission Therapeutics Limited Funding transaction > 12 months, PWERM 26.2 First Light Fusion Limited Funding transaction < 12 months, PWERM 21.3 Nexeon Limited Funding transaction < 12 months, PWERM 19.8 Oxa Autonomy Limited Funding transaction < 12 months, PWERM 19.6 Atisama Therapeutics Pty Ltd Funding transaction < 12 months, PWERM 19.5 Total 371.0 1 A £3.4m repayable loan is held by IP Group plc, which is therefore not held within an investment entity subsidiary or included in the above value
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2 Third-party valuation specialists used for 30 June 2026 valuation. In these instances, the valuation basis ismanagement's assessment of the primary valuation input used by the third-party valuation specialist. Level 1 Level 3 Equityinvestments inquoted spin-outcompanies netof revenueshare liability £m Unquotedequityinvestments inspin-outcompanies netof revenueshare liability £m Debt investments inunquoted spin-outcompanies net ofrevenue share liability £m Total £m At 31 December 2025 133.2 504.0 72.1 709.3 Investments - 26.4 3.2 29.6 Transaction-based reclassifications - 29.4 (27.6) 1.8 Disposals (28.7) (21.6) 0.0 (50.3) Change in fair value (2.5) 8.6 (3.6) 2.5 At 30 June 2026 102.0 546.8 44.1 692.9 Disposal proceeds from equity and debt investments in the period totalled £68.6m. Sensitivities Unobservable inputs are typically portfolio company-specific and, based on a materiality assessment, are not considered significant either at an individual company level or in aggregate where relevant for common factors such as discount rates. The sensitivity analysis table below has been prepared in recognition of the fact that some of the valuation methodologies applied by the Group in valuing the portfolio investments involve subjectivity in their significant unobservable inputs. Furthermore, given that many of the Group's portfolio companies are the early stage or growth stage of development, their valuations can be significantly impacted by factors including, but not limited to, the availability of financing, technical and commercial setbacks, market developments and regulatory approvals. The table illustrates the possible impact on valuation of different sensitivities. The varying levels of sensitivity applied in the table below are intended to reflect the relative level of judgment in applying the valuation approach. Additional analysis for Istesso Limited is provided after the table below, which merits specific focus in light of the specific facts and circumstances of this investment. ValuationTechnique Fair valueofinvestments Variable inputs Variableinputsensitivity Positiveimpact Negativeimpact Fair valueofinvestments Fair valueofinvestments HY26 HY25 FY25 £m £m £m% ofNAV £m % ofNAV £m £m Quoted 102.0n/a n/a n/a n/a n/a n/a 159.3 133.2 Fundingtransaction<12 months 170.9Inputs used inPWERM models toquantify the impactof fundingtransactions onsubordinatesecurities includingexit values andtimelines. +/-5% 8.50.8% (8.5)(0.8%) 169.5 178.1 Fundingtransaction>12 months 194.3 +/-5% 9.71.0% (9.7)(1.0%) 148.2 159.1
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Other: Futuremarket/commercialevents 68.9• Estimated impactof future event• Execution riskdiscount appliedto future event(where positive)• Scenarioprobabilities• Discount rates• Extent to whichfuture event isindicative of factsandcircumstances inexistence at thebalance sheetdate +/-10% 6.90.7% (6.9)(0.7%) 71.5 75.3 Other: Adjustedfinancing pricebased on pastperformance -Upwards* 12.5• Company-specificmilestoneanalysis resultingin a positivecalibrationadjustmentversus theprevious fundingtransaction price +/-10% 1.30.1% (1.3)(0.1%) 30.3 - Other: Adjustedfinancing pricebased on pastperformance -Downwards* 40.8• Company-specificmilestoneanalysis resultingin a negativecalibrationadjustmentversus theprevious fundingtransaction price +/-10% 4.10.4% (4.1)(0.4%) 60.2 58.0 Other: Revenuemultiple* 16.3• Estimate of futurerecurringrevenues• Selection ofcomparablecompanies• Discount/premiumto multiple +/-20% 3.30.3% (3.3)(0.3%) 12.9 13.4 Other: DCF* 87.2• Discount rate• Clinical trial anddrug approvalsuccess rates• Estimate oflikelihood, valueand structure of apotentialpharmaceuticalpartnership• Estimate ofaddressablemarket• Market share androyalty rates• Probabilityestimation ofliquidity event• Estimate offorward exchangerates +/-10% 8.70.9% (8.7)(0.9%) 96.9 92.2 Total 692.9 42.54.2%(42.5)(4.2%) 748.8 709.3 * Due to the large number of inputs used in the valuation of these assets, individual unobservable inputs are belowa size threshold that would warrant separate disclosure under IFRS 13 paragraph 93(d). The sensitivitiespresented in the table above do not cover all valuation inputs for each individual investment. The portfolio primarilycomprises early‑stage assets, for which valuations are subject to a high degree of estimation uncertainty and awide range of reasonably possible alternative assumptions. To provide meaningful disclosure, investments havetherefore been grouped into relevant categories with common characteristics, and sensitivities have beenassessed at a portfolio level. As a result of the diversification across a large number of inputs and investments,and other than in respect of those individual investments for which specific sensitivities are disclosed separatelybelow, no single investment within these groups would, in isolation, have a significant impact on the overall fairvalue, and a range of reasonably possible alternative assumptions does not significantly impact the fair value ofthe portfolio as a whole. Accordingly, no additional valuation sensitivity is required at portfolio level under IFRS 13paragraph 93(h)(ii). Specific valuation sensitivities have been disclosed separately for the larger investmentswhere individual sensitivities are considered more relevant and informative, as set out below. Within the 'Other: DCF' category above is Istesso Limited, in which we value IP Group's holding at £85.2m. The valuation of the equity in this company is based on a DCF model which assesses the value of the future cash flows arising from the continued development of the company's lead asset Leramistat via an additional focused Phase 2b trial, followed by a pharmaceutical partnership, after which the drug would be taken into a Phase 3 trial followed by regulatory approval. The inputs in the DCF model include:
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• the drug development timeline, based on the current development pathway which would see the drug being approved in mid-2031 if successful • probability of Ph2b and Ph3 clinical trial success, based on comparable clinical trial success rates within autoimmune indications in Ph2 and Ph3 trials, with an estimate of the overall Ph2 rate split between Ph2a (now complete) and Ph2b • the selection of relevant comparable deal sizes, based on comparable publicly announced deals within the autoimmune space • the probability of securing a pharmaceutical partner post Ph2b • Leramistat's sales profile based on a bottom up model which estimates the number of patients failing 1st line biological drug treatment, with the assumption that Leramistat would address this available patient population • royalty rates receivable by Istesso of drug sales, based on comparable publicly announced deals within the autoimmune space • discount rate, based on the WACC of a large pharma partner which would take on development of the drug for Phase 3 and onwards • The remaining costs to develop Leramistat up until the point of drug partnership The small downwards movement in the valuation of Istesso in the period reflects the impact of updated USD/GBP FX rates. The valuation is sensitive to the inputs noted above. In the Group's view the valuation would be impacted by a combination of changes to these inputs but to provide context to the sensitivity of each input to the valuation as required by IAS 1, the table below sets out the impact on valuation of changing critical inputs in isolation. Input Assumptionused Sensitivity Impact on IPGholding £m Impact % of NAV1 Phase 2b success rate 63% +/-10% £15m 1.5% Selected pharma partner deal size Bottom quartile Median £92m 9.1% Discount Rate 12.75% +0.25/-1.75% (£2m)/£13m (0.2%)/1.3% 1 Being impact on IPG holding as a proportion of the Group's Net Asset Value Under the DCF methodology, in the event that the drug fails to progress to the market as a result of trial failures (at either Phase 2b or Phase 3), failure to receive regulatory approval or failure to partner with a pharmaceutical partner, the model assumes a zero value outcome. The modelling approach focuses on a core drug development scenario as outlined above, however other outcomes such as the requirement to conduct more than one additional Phase 2b study are possible. In this outcome, the value of the programme would be materially lower than the concluded fair value estimate. C: Limited partnership interests Fund interests are valued on a net asset basis, estimated based on the managers' NAVs. Manager's NAVs apply valuation techniques consistent with IFRS and are subject to audit. Where audited accounts are received in arrears of the publication of the Group's results these are marked as unaudited in the table below, however a retrospective review of audited accounts versus earlier unaudited results is carried out. Manager's NAVs are usually published quarterly, two to four months after the quarter end. Limited & Limited Liability Partnerships Functionalcurrency Six monthsended30 June 2026(unaudited) £m Year ended31 December2025(audited)£m North America USD 16.4 22.3 UCL Technology Fund L.P. GBP 19.6 18.4 Total 36.0 40.7 We reviewed the underlying valuation methodologies adopted by our Fund managers for all Fund investments of material value. Following our review of valuation methodologies, the Q2 North America University Innovation L.P. NAV statement was adjusted downwards. Such adjustments were based on an assessment of the valuations of specific equity and debt investments in portfolio companies held within the fund in question. In making these assessments, the Group has applied a valuation methodology consistent with that used in respect of the Group's equity and debt investments. In line with other Level 3 assets, a +/-5% sensitivity has been applied to the valuation of the Group's limited partnership interests, reflecting the relative level of judgment involved in applying the valuation approach. The Group considers interests in limited and limited liability partnerships to be level 3 in the fair value hierarchy throughout the current and previous financial years.
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The valuation of the Group's interests in limited and limited liability partnerships is an accounting estimate, as management has applied judgment in considering whether to adjust the NAV estimates provided by the fund manager. This assessment was based on an analysis of the appropriateness of valuations of specific equity and debt investments in portfolio companies held within the fund in question. In making these assessments, the Group has applied a valuation methodology consistent with that set out in note 5B. Unobservable inputs are portfolio company- specific and, based on a materiality assessment, are not considered individually significant either at an individual company level or in aggregate where relevant for common factors such as discount rates. D: Receivable on sale of debt and equity investments The following table summarises the primary valuation basis used to value the deferred and contingent consideration: Investment Primary Valuation Basis Six monthsended30 June2026(unaudited)£m Value at31December2025(audited)£m Pfizer Obesity Royalty Interest Probability-weighted DCF model reflecting potential milestone payments 41.6 36.4 Featurespace Discounted sale amount 7.2 10.1 Enterprise Therapeutics Probability-weighted DCF model reflecting potential milestone payments 3.9 3.5 Oxular Discounted sale amount 2.1 2.0 Centessa Quoted value at sale date 1.1 - Monolith Discounted sale amount - 1.9 Kynos Discounted sale amount 0.5 0.5 Total 56.4 54.4 Deferred and contingent consideration is measured at fair value and classified within Level 3 of the fair value hierarchy, reflecting the use of significant unobservable inputs. Inputs and valuation sensitivities As a former 31% shareholder in Zihipp Limited, which was subsequently acquired by Metsera, IP Group is entitled to 31% of all consideration paid or payable to selling shareholders under the Metsera Share Purchase Agreement, including contingent milestone payments linked to specified development, regulatory and commercial events, together with royalties based on Net Sales and Net Receipts. These obligations are not impacted by the acquisition of Metsera by Pfizer in November 2025. Key valuation inputs used in the DCF valuation of the Group's deferred equity consideration in respect of Pfizer's obesity programmes are the same as disclosed within the fair value of cash flows from intangible assets section (A) above. Valuation sensitivities are as follows: Input Assumption used Sensitivity Impact on IPGDeferredConsideration£m Impact % of NAV1 Clinical trial success rates Berobenatide: 53%, Berobenatide & PF'3945:39%, Oral: 9.6% +/- 5% 10.8 / (8.9) 1.1% / (0.9%) Discount rate 11.5% -1.25%/+1.0% 4.4 / (3.1) 0.4% / (0.3%) The clinical trial success rate sensitivity is applied simultaneously to each of the four programmes. The programmes currently valued share a common compound (berobenatide) and a common development pathway and are assessed against the same benchmark success rate data, and as a result management believe an aggregated success rate sensitivity to be appropriate. E: Other non-current assets Six monthsended30 June 2026£m Year ended31 December2025(audited)£m
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Fair value of tax losses 10.3 10.3 Other assets 0.7 9.1 Total 11.0 19.4 Tax losses have been reflected in the valuation of IP2IPO Innovations Limited. The valuation adopts a market participant perspective and is based on post‐tax cash flows; accordingly, the economic benefit of available tax losses within that subsidiary has been incorporated through their utilisation against forecast taxable profits arising from licence and royalty income. F: Non-current liabilities Carried interest plan liability The calculation of the liability in respect of the Group's Long Term Incentive Carry Scheme is derived from the fair value estimates for the relevant portfolio investments and does not involve significant additional judgement (although the fair value of the portfolio itself is a significant accounting estimate). The actual amounts of carried interest paid are determined by cash realisations of individual vintages,and may change in the next financial year as portfolio valuations evolve. Six monthsended30 June 2026£m Year ended31 December 2025(audited)£m Carried interest plan liability 14.0 16.0 Loans from Limited partners of controlled funds The assets (primarily equity investments) of a co-investment fund, IP Venture Fund II LP which is managed by the Group, are included in the Investment Entity balance sheet shown above. Loans from third parties of controlled funds represent third-party LP loans into this partnership. Under the terms of the Limited Partnership Agreement, these loans are repayable only upon these funds generating sufficient realisations to repay the Limited Partners. Management anticipates that the funds will generate the required returns and consequently recognises the full associated liabilities. The classification of these loans as non-current reflects the forecast timing of returns and subsequent repayment of loans, which is not anticipated to occur within one year. Six monthsended30 June 2026£m Year ended31 December 2025(audited)£m Loans to LPs of controlled funds 4.9 18.3 6. Alternative performance measures ("APM") IP Group management believes that the alternative performance measures included in this document provide valuable information to the readers of the financial statements as they enable the reader to identify a consistent basis for comparing the business' performance between financial periods and provide more detail concerning the elements of performance which the managers of the Group are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by the Directors. These measures are not defined by IFRS and therefore may not be directly comparable with other companies' APMs, including those in the Group's industry. APMs should be considered in addition to, and are not intended to be a substitute for, or superior to, IFRS measurements. The Directors believe that these APMs assist in providing additional useful information on the underlying trends, performance and position of the Group. Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and incentive-setting purposes. Calculation APM Reference for current period reconciliation Definition and purpose Unaudited six months ended 30 June 2026 Unaudited six months Year ended 31 December 2025
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£m ended 30 June 2025 £m (audited) £m £m NAV per share Primary statements note 3 NAV per share is defined as Net Assets divided by the number of outstanding shares. The measure shows net assets managed on behalf of shareholders by the Group per outstanding share. NAV per share is a standard measure used within our peer group and can be directly compared with the Group's share price. NAV £1,006.4m £883.1m £975.1m Shares in issue 883,427,642 918,418,332 883,427,642 NAV per share 113.9p 96.2p 110.4p Return on NAV Primary statements Disaggregated income statement Return on NAV is defined as the total comprehensive income or loss for the period excluding charges which do not impact on net assets, specifically share-based payment charges. The measure shows a summary of the income statement gains and losses which directly impact NAV. Total comprehensive income 31.2 (44.0) 67.2 Excluding: Share-based payment charge 1.8 1.2 2.4 Return on NAV 33.0 (42.8) 69.6 Net portfolio gains/(losses) Disaggregated income statement Net portfolio gains/(losses) are defined as the movement in the value of holdings in the portfolio as a result of realised and unrealised gains and losses. The measure shows a summary of the income statement gains and losses which are directly attributable to the total portfolio (see definition below), which is a headline measure for the Group's portfolio performance. This is a key driver of the Return on NAV which is a performance metric for Directors' and employees' incentives. Change in fair value of equity and debt investments 42.9 (35.1) (70.1) Gain on disposal of equity investments1 Combined with above, see footnote (0.5) 37.5 Change in fair value of LP interests (4.9) (7.9) (12.8) Gain on deconsolidation of subsidiaries - - 117.8 excluding deferred tax asset recognition - - (8.4) Net portfolio gains/(losses) 38.0 (43.5) 64.0 Total portfolio2 Consolidated statement of financial position, Note 5 Total portfolio is defined as the total of equity investments, debt investments, investments in LPs, amounts receivable on sale of equity and debt investments, and portfolio investments held within investment entity subsidiaries (including the fair value of cash flows from intangible assets). Equity investments - 686.8 - Debt investments 3.4 62.0 3.4 LP interests 1.2 51.1 1.2
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This measure represents the aggregate balance sheet amounts which the Group considers to be its investment portfolio, and which is described in further detail within the portfolio review section of the strategic report section of the Group's 2025 Annual Report and Accounts. Receivable on sale of debt and equity investments (long term) - 6.8 - Receivable on sale of debt and equity investments (short term) - 12.0 - Revenue Share Liability - (4.7) - Portfolio investments held within investment entity subsidiaries 902.8 - 903.5 Total portfolio 907.4 814.0 908.1 Portfolio investment Note 5 Portfolio investment is defined as the purchase of equity and debt investments plus investments into limited partnership interests. This gives a combined measure of investment into the Group's portfolio. Purchase of equity and debt investments (29.6) (34.3) (68.0) Investment in limited and limited liability partnerships (0.3) (1.4) (2.5) Portfolio investment (29.9) (35.7) (70.5) Cash proceeds Note 5 Cash proceeds is defined as the proceeds from the disposal of equity and debt investments plus distributions received from limited partnership interests. Proceeds from the sale of equity investments 68.6 19.8 52.5 Distributions from limited partnership funds 0.1 0.5 5.6 Proceeds from assets held for sale - 10.0 10.0 Cash proceeds 68.7 30.3 68.1 Net overheads Financial review Net overheads are defined as the Group's core overheads less operating income. The measure reflects the Group's controllable net operating "cash-equivalent" central cost base. Other income 3.0 3.6 7.4 Other administrative expenses (12.6) (10.0) (23.4) Excluding: Non-portfolio foreign exchange movements 1.7 (1.0) 0.1 Net overheads (7.9) (7.4) (15.9)
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Gross cash and deposits Primary statements note 5 Cash and deposits is defined as cash and cash equivalents plus deposits. Cash and cash equivalents 98.5 117.2 16.5 Deposit - 120.1 - Cash and deposits held in investment entity subsidiaries 140.4 - 194.5 Gross cash and deposits 238.9 237.3 211.0 Simple return on capital (%) Note 6 Defined as net portfolio gains/(losses) divided by the opening total portfolio value. This measure gives a view of the size of portfolio gains or losses relative to the opening portfolio value, giving useful additional context for the value of gains or losses. Net portfolio gains /(losses) 38.0 (43.5) 64.0 Opening total portfolio value 908.1 852.1 852.1 Simple return on capital (%) 4% -5% 8% % Return on NAV (%) Note 6 (return on NAV) Primary statements (Net Asset Value) Defined as return on NAV divided by the opening Net Asset Value. This measure gives a view of the size of Return on NAV relative to the opening Net Asset Value, giving useful additional context for the value of returns. Return on NAV 33.0 (42.8) 69.6 Opening Net Asset Value 975.1 952.5 952.5 Return on NAV (%) 3% -4% 7% 1 From 2026 net portfolio gains have been updated to combine both realised and unrealised gains on equity and debtinvestments 2 In 2025 Total Portfolio was updated to include investment within investment entity subsidiaries and deferred consideration and revenue share amounts. HY25 figures have been re-presented to reflect this updated APM definition. 7. Post balance sheet events The following non-adjusting events occurred after the balance sheet date. No adjustment has been made to the amounts recognised in these condensed consolidated financial statements. Cash proceeds from portfolio realisations Between 1 July 2026 and 11 September 2026 the Group received cash proceeds of £17.1m in respect of its portfolio, taking total cash proceeds for the financial year to date to £85.8m. The principal amounts received were £8.5m in respect of the Group's holding in Oxford Science Enterprises plc and £7.4m in settlement of deferred consideration receivable on the disposal of Featurespace Limited. Oxford Nanopore Technologies plc Between 1 July 2026 and 11 September 2026, unrealised fair value gains in respect of the Group's holding in Oxford Nanopore Technologies totalled £26.4m. Statement of Directors' responsibilities The Directors confirm to the best of their knowledge that: the half-yearly results have been prepared in accordancewith IAS 34 as adopted for use in the UK; and the interim management report includes a fair review of the informationrequired by the FCA's Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R). By order of the Board Michael Queen Greg Smith
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Chairman Chief Executive Officer 14 September 2026 INDEPENDENT REVIEW REPORT TO IP GROUP PLC Conclusion We have been engaged by IP Group Plc ("the Company") to review the condensed set of financial statements in thehalf-yearly results for the six months ended 30 June 2026 which comprises Consolidated Statement ofComprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Cash Flows,Consolidated Statement of Changes in Equity and the related explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financialstatements in the half-yearly results for the six months ended 30 June 2026 is not prepared, in all material respects,in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK and the Disclosure Guidance andTransparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Basis for conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review ofInterim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use inthe UK. A review of interim financial information consists of making enquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other review procedures. We read the otherinformation contained in the half-yearly results and consider whether it contains any apparent misstatements ormaterial inconsistencies with the information in the condensed set of financial statements. A review is substantially less in scope than an audit conducted in accordance with International Standards onAuditing (UK) and consequently does not enable us to obtain assurance that we would become aware of allsignificant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusions relating to going concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basisfor conclusion section of this report, nothing has come to our attention that causes us to believe that the directorshave inappropriately adopted the going concern basis of accounting, or that the directors have identified materialuncertainties relating to going concern that have not been appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, futureevents or conditions may cause the Group to cease to continue as a going concern, and the above conclusions arenot a guarantee that the Group will continue in operation. Directors' responsibilities The half-yearly results is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly results in accordance with the DTR of the UK FCA. The annual financial statements ofthe Group are prepared in accordance with UK-adopted international accounting standards. The directors are responsible for preparing the condensed set of financial statements included in the half-yearlyresults in accordance with IAS 34 as adopted for use in the UK. In preparing the condensed set of financial statements, the directors are responsible for assessing the Group's abilityto continue as a going concern, disclosing, as applicable, matters related to going concern and using the goingconcern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or haveno realistic alternative but to do so. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly results based on our review. Our conclusion, including our conclusions relating to going concern, are basedon procedures that are less extensive than audit procedures, as described in the Basis for conclusion section of thisreport. The purpose of our review work and to whom we owe our responsibilities This report is made solely to the Company in accordance with the terms of our engagement to assist the Company inmeeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to theCompany those matters we are required to state to it in this report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work,for this report, or for the conclusions we have reached. Jatin Patelfor and on behalf of KPMG LLP Chartered Accountants 15 Canada SquareLondonE14 5GL14 September 2026 PRESENTATION OF UNAUDITED DISAGGREGATED FINANCIAL INFORMATION
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The Group predominantly invests indirectly through wholly-owned subsidiaries. It also holds interests in funds and partnerships alongside third-party investors, and in portfolio companies. IFRS 10 requires the Group's wholly-owned investment entity subsidiaries to be measured at fair value rather than consolidated. The effect is that the portfolio investments, licence-related assets, cash, borrowings, carried interest liabilities, income and expenses held within those subsidiaries are no longer presented individually, but are combined into a single line, "Equity and debt investments in investment entity subsidiaries", in the consolidated statement of financial position, with a corresponding single line in the consolidated statement of comprehensive income. The Directors consider that this aggregation, while required by IFRS, materially reduces the information available to shareholders about the composition of the Group's assets and liabilities, and the components of its returns. The disaggregated basis presents the components of those aggregated amounts separately, on the face of the statement of comprehensive income and statement of financial position. It does not change how any item is measured. Each component is stated at the same value on both bases, and net assets and profit for the period are unchanged. The disaggregated basis presents the same result with greater granularity. The disaggregated basis extends only to entities that the Group wholly owns. Portfolio companies, funds and partnerships in which the Group is not the sole investor continue to be presented as single-line investments held at fair value on both bases. The Group does not present its share of the underlying assets and liabilities of those entities. Where third parties share in the returns of a fund or partnership, presenting its gross assets and liabilities would not fairly represent the amounts attributable to the Group's shareholders. Fair value of cash flows from intangible assets The Group holds contractual entitlements to future royalties and milestone payments arising from licences granted over intellectual property originating in the portfolio. Under IFRS 13, these entitlements are measured at the fair value of their expected future cash flows as part of the fair value of the investment entity subsidiary through which they are held. That fair value arises only at the level of the Group's fair value measurement. It is not recognised at that amount in the individual financial statements of any Group subsidiary, where the underlying intellectual property is carried at historical cost. Presenting it as a separate line on the disaggregated basis is therefore a disaggregation of the fair value of the Group's investment entity subsidiaries into its principal components, rather than the presentation of an asset recorded elsewhere in the Group. Its measurement is identical on both bases and it is included within "Equity and debt investments in investment entity subsidiaries" under IFRS. Further detail on how this asset is valued, including the key unobservable inputs and sensitivities, is set out in note 5A. UNAUDITED DISAGGREGATED INCOME STATEMENT Note Reported basis 30 June 2026 £m Disaggregation adjustment 30 June 2026 £m Disaggregated basis 30 June 2026 £m Portfolio return and revenue Change in fair value of equity and debt investments 42.9 42.9 Change in fair value of investment entity subsidiaries 34.9 (34.9) - Change in fair value of limited and limited liability partnership interests - (4.9) (4.9) Gain on deconsolidation of subsidiaries - 13.4 13.4 Revenue from services and other income 2.1 0.9 3.0 37.0 17.4 54.4 Administrative expenses Carried interest plan credit/(charge) - (1.1) (1.1) Share-based payment charge (0.1) (1.7) (1.8) Other administrative expenses (3.2) (9.4) (12.6)
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(3.3) (12.2) (15.5) Operating profit/(loss) 33.7 5.2 38.9 Finance income 0.9 3.0 3.9 Finance costs (3.2) - (3.2) Profit before taxation 31.4 8.2 39.6 Taxation (0.2) (8.2) (8.4) Profit for the period 31.2 - 31.2 UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2026DISAGGREGATED BASIS Reported basis 30 June 2026 £m Disaggregation adjustments 30 June 2026 £m Disaggregated basis 30 June 2026 £m ASSETS Non-current assets Goodwill 0.4 - 0.4 Property, plant and equipment - 0.1 0.1 Equity and debt investments in investment entity subsidiaries 1,022.2 (1,022.2) - Fair value of cash flows from intangible assets - 117.5 117.5 Joint venture investment - 0.5 0.5 Equity investments - 649.1 649.1 Debt investments 3.4 43.8 47.2 Limited and limited liability partnership interests 1.2 36.0 37.2 Receivable on sale of debt and equity investments - 47.5 47.5 Deferred tax asset - 10.4 10.4 Total non-current assets 1,027.2 (117.3) 909.9 Current assets Trade and other receivables 3.9 6.2 10.1 Receivable on sale of debt and equity investments - 8.9 8.9 Deposits - 30.0 30.0 Cash and cash equivalents 98.5 110.4 208.9 Total current assets 102.4 155.5 257.9 Total assets 1,129.6 38.2 1,167.8 EQUITY AND LIABILITIES Equity attributable to owners of the parent
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Called up share capital 17.8 - 17.8 Share premium account 102.5 - 102.5 Capital redemption reserve 3.5 - 3.5 Retained earnings 882.6 - 882.6 Total equity attributable to equity holders 1,006.4 - 1,006.4 Non-controlling interest - - - Total equity 1,006.4 - 1,006.4 Current liabilities - - Trade and other payables 2.8 18.6 21.4 Borrowings - - - Total current liabilities 2.8 18.6 21.4 Non-current liabilities Borrowings 119.8 - 119.8 Carried interest plan liability - 14.0 14.0 Deferred tax liability 0.6 0.7 1.3 Loans from limited partners of consolidated funds - 4.9 4.9 Revenue share liability1 - - - Total non-current liabilities 120.4 19.6 140.0 Total liabilities 123.2 38.2 161.4 Total equity and liabilities 1,129.6 38.2 1,167.8 1 Within the current year presentation, portfolio asset amounts have been presented net of any associated revenue share liabilities, to reflect the approach used within Note 5 UNAUDITED STATEMENT OF FINANCIAL POSITION As at 31 December 2025DISAGGREGATED BASIS Reported basis 31 Dec 2025 £m Disaggregation adjustments 31 Dec 2025 £m Disaggregated basis 31 Dec 2025 £m ASSETS Non-current assets Goodwill 0.4 - 0.4 Property, plant and equipment - 0.3 0.3 Equity and debt investments in investment entity subsidiaries 1,073.8 (1,073.8) - Fair value of cash flows from intangible assets - 211.6 211.6 Joint venture investment - 0.5 0.5 Equity investments - 640.5 640.5
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Debt investments 3.4 75.3 78.7 Limited and limited liability partnership interests 1.2 40.7 41.9 Receivable on sale of debt and equity investments - 74.7 74.7 Deferred tax asset - 18.6 18.6 Total non-current assets 1,078.8 (11.6) 1,067.2 Current assets Trade and other receivables 3.3 4.8 8.1 Receivable on sale of debt and equity investments - 16.7 16.7 Deposits - 123.2 123.2 Cash and cash equivalents 16.5 71.3 87.8 Total current assets 19.8 216.0 235.8 Total assets 1,098.6 204.4 1,303.0 EQUITY AND LIABILITIES Equity attributable to owners of the parent Called up share capital 17.8 - 17.8 Share premium account 102.5 - 102.5 Capital redemption reserve 3.5 - 3.5 Retained earnings 851.3 13.4 864.7 Total equity attributable to equity holders 975.1 13.4 988.5 Non-controlling interest - (13.4) (13.4) Total equity 975.1 - 975.1 Current liabilities Trade and other payables 3.0 8.1 11.1 Borrowings 119.7 3.1 122.8 Total current liabilities 122.7 11.2 133.9 Non-current liabilities Borrowings - - - Carried interest plan liability - 16.0 16.0 Deferred tax liability 0.8 2.9 3.7 Loans from limited partners of consolidated funds - 18.3 18.3 Revenue share liability1 - 156.0 156.0 Total non-current liabilities 0.8 193.2 194.0 Total liabilities 123.5 204.4 327.9 Total equity and liabilities 1,098.6 204.4 1,303.0 1 Within the current year presentation, portfolio asset amounts have been presented net of any associated revenue share liabilities, to reflect the approach used within Note 5
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