Earnings release
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Malin Corporation plc 2025 Full Year Results & Leadership Changes · Estimated intrinsic equity value per share was €9.21 at 31 December 2025 and €9.24 at 23 February 2026 · Fiona Dunlevy and Kirsten Drejer to leave the Company · Malin's AGM will be held on 26 March 2026 Dublin-Ireland, 26 February 2026: Malin Corporation plc (Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative life sciences companies, today publishes its full year results and annual report for the year ended 31 December 2025. Malin's 2025 Annual Report is available to view on the Company's website at www.malinplc.com and the financial highlights are set out below. The Company today also announces the following leadership changes: · The Company's Chief Executive Officer ("CEO") and Company Secretary, Fiona Dunlevy, will leave the Company at the end of May. Mr Liam Daniel, Non-Executive Chair, will assume the role of Executive Chair and Ms Andrea Stafford, Malin's Head of Finance, will assume the role of Company Secretary following Ms Dunlevy's departure. · Non-Executive Director Kirsten Drejer has advised the Board that she will not go forward for re-election at the Company's 2026 Annual General Meeting ("AGM"). Commenting on the leadership changes, Mr Daniel stated, "I wish to acknowledge and thank Fiona for her significant contribution over the last 11 years with Malin. She has successfully led the Malin business since 2023 and during this time has effectively executed on its business strategy of realising value from our investee companies and returning capital to shareholders. I wish both Kirsten and Fiona all the best in the future. The leadership changes are consistent with the Board's focus on ensuring that the Company's governance and operating infrastructure aligns with the scale, complexity and activity levels of the Company and its underlying investee interests. The divestment of Poseida in early 2025 followed by the significant return of capital has transitioned Malin into a new phase. Malin's remaining interests now include its contingent value rights ("CVRs") linked to the Poseida sale to Roche and contingent consideration linked to the Kymab sale to Sanofi. Working together with my fellow Board members and Ms Stafford, we are committed to continuing to maximise shareholder returns from our remaining investee interests through this next phase of Malin and we will continue to update shareholders as our investee companies progress towards the achievement of their relevant milestones." Estimated intrinsic equity value · Malin's intrinsic equity value at 31 December 2025 was estimated to be €9.21 per share, or €39.9 million and is arrived at by taking the aggregate fair value of our investee company holdings in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines and adjusting this value for Malin's corporate cash balance. · Malin's estimated intrinsic equity value at 23 February 2026 has increased to €9.24 per share, or €40.0 million as a result of a post year end update to our valuation of Kymab following an announcement by Sanofi in January 2026 of positive results in two Phase 3 studies of amlitelimab (the product acquired by Sanofi as part of its 2021 acquisition of Kymab) in atopic dermatitis and noted their intention to move forward with global regulatory submissions. · As at 23 February 2026, Malin had 4,335,106 Ordinary Shares in issuance. Fair value of investee companies · The aggregate fair value of Malin's interests in its investee companies was €27.0 million at 31 December 2025 compared to €133.5 million at 31 December 2024. The decrease in the aggregate fair value during 2025 is largely due to the divestment of Poseida in January 2025 and to a downward revision to the estimated valuations of Malin's interests in Viamet and Xenex, partially offset by the fair value estimate of Malin's Poseida CVRs. · The aggregate fair value of Malin's interests in its investee companies increased to €27.4 million as at 23 February 2026 as a result of the increased valuation of Kymab as noted above offset by foreign exchange movements. Cash Position and Operating Expenditure · Malin's corporate cash balance at 31 December 2025 was approximately €12.9 million compared to €62.1 million at 31 December 2024. · The decrease in Malin's cash balance over this period is primarily as a result of the return of capital of €150 million in March 2025, funded principally from the upfront proceeds of €103.5 million generated from the sale of Poseida.
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· Malin's cash balance at 23 February 2026 was approximately €12.6 million. · The recurring corporate cash operating spend for the year ended 31 December 2025 was €2.1 million (31 December 2024: €2.4 million), comprised primarily of public company costs, employee costs and professional fees. The Board is committed to seeking further savings in operating expenditure where possible, taking into account the necessary costs associated with the Company's listed status and with maintaining an appropriate management and corporate governance structure. Investee Company Highlights Poseida · On 8 January 2025, Poseida was acquired by Roche at a price of $9.00 per share in cash at closing, plus a non- transferable contingent value right ("CVR") to receive certain contingent payments of up to an aggregate of $4.00 per share in cash upon the achievement of specific future clinical and commercial milestones. · Malin owned approximately 12% of Poseida and received approximately $106.5 million of upfront consideration in January 2025, with the potential to receive up to a further $47.3 million through its CVRs on the achievement of specific milestones. Malin has estimated the fair value of its CVRs to be approximately €13.1 million at 23 February 2026. Kymab · Malin previously announced that in connection with the sale of Kymab to Sanofi in 2021, Malin could over time receive further payments in connection with its share of milestone-related contingency payments. Malin estimates that the maximum remaining consideration which the Company could receive equates to $7 million. · In January 2026, Sanofi announced positive results in two Phase 3 studies of amlitelimab (the product acquired by Sanofi as part of its 2021 acquisition of Kymab) in atopic dermatitis and noted their intention to move forward with global regulatory submissions. · The Company's intrinsic value estimate at 23 February 2026 includes a fair value estimate of €3.3 million related to the balance of the potential contingent payments. Viamet · As previously communicated, Mycovia, the successor company to Malin's investee company Viamet, continues to engage with the FDA with the aim of gaining regulatory approval to extend the targeted patient population of VIVJOA™, which is currently approved by the FDA for the treatment of Recurrent Vulvovaginal Candidiasis ("RVVC") in females with a history of RVVC and who are not of reproductive potential. Mycovia and we expect further clarity in the second half of 2026. · The need to complete this additional development work has curtailed or delayed commercial launches of the drug in the US and other markets thereby impacting the milestones and royalties that may have become payable to Viamet in the near-term. As a result, the fair value estimate of Malin's interest in Viamet, which is based on a discounted cashflow model, has been reduced in the year to 31 December 2025 to €11 million. As noted previously, an unfavourable outcome to Mycovia's efforts to extend the patient population for VIVJOA™ could materially impact the Company's fair value estimate of its interest in Viamet. Xenex · Despite the significant potential of Xenex's products, most notably its FDA-authorised LightStrike™+ robot, to revolutionise infection control, the company has faced challenges in seeking to drive improvements in sales performance while maintaining cost efficiencies and balancing a challenging capital position. This has resulted in Malin fully writing down the fair value estimate of its interest in Xenex at 31 December 2025. 2026 AGM Malin's 2026 AGM will be held in the Conrad Dublin Hotel, Earlsfort Terrace, Dublin 2, D02 V562, Ireland at 10:00 a.m. GMT on Thursday, 26 March 2026. The Notice of Annual General Meeting and Form of Proxy will be issued to shareholders on Monday, 2 March 2026. Copies of all documents relating to the AGM are also available on the Company's website at www.malinplc.com ENDS