IP Group presented its half-year 2026 results on September 15, 2026, reporting that net asset value per share rose to about 117p by September 11 from 110p at fiscal year-end 2025, a 3.2% increase. NAV per share was 114p at June 30, and total NAV reached £1,006.4 million, crossing the £1 billion threshold. The company, which is marking 25 years of operations, said its investment portfolio was valued at £907 million, equivalent to 103p per share.
Cash realizations reached £69 million in the first half, more than double the £30 million reported in H1 2025. Cumulative exits since January 2025 reached £154 million, or about 61% of the company's target for cash exits exceeding £250 million by the end of 2027. Gross cash and deposits stood at £238.9 million at period end, up from £211.0 million at fiscal year-end 2025, and rose further to £256 million after the period. Net cash increased from £88.2 million to £119.1 million after debt of £119.8 million.
The company deployed £30 million into new investments during the half, with the cash flow waterfall showing £29.9 million of investment spending, £68.7 million of realizations, £7.9 million of overheads and £3.1 million of debt repayment. Net overheads were £7.9 million in H1 2026, compared with £7.4 million in H1 2025, and full-year 2026 overheads are expected to be about £17 million. Portfolio companies raised £543 million of third-party capital in the period.
Exit proceeds included £23 million from Monolith, £18 million from Centessa and £17 million from Hinge Health. Centessa, originally a University of Cambridge spin-out, was acquired by Eli Lilly for $6.3 billion in upfront cash plus up to $1.5 billion in milestone payments. IP Group's total proceeds from Centessa reached £36 million, with a realized internal rate of return of about 24%.
The Pfizer obesity programme contributed a £27 million valuation uplift, taking the total valuation to £152 million, or 17p per share. The valuation comprised £76 million for berobenatide monotherapy, with a 53% probability of success and $3.5 billion peak sales; £62 million for the berobenatide/amylin combination, with a 39% probability and $4.8 billion peak sales; and £12 million for the oral programme, with a 10% probability and $3.7 billion peak sales. Pfizer advanced the combination programme into Phase 2b in May 2026, and berobenatide is progressing through 10 Phase 3 studies in 2026, with a target commercial launch in 2028. Target launches for the combination and oral programmes are also set for 2030. Goldman Sachs and Morgan Stanley project the global obesity market will reach $95 billion to $145 billion annually by 2030.
Oxford Nanopore, IP Group's largest single holding, saw gross margin expand 400 basis points to 62.2%, while its adjusted EBITDA loss halved to £22.1 million. The company secured $35 million of committed revenue across fiscal 2026 to fiscal 2028 and is targeting adjusted EBITDA breakeven in 2027 and positive free cash flow in 2028. Francis Van Parys joined Oxford Nanopore as chief executive in March 2026. The company is building toward a $1 billion-plus revenue business by 2030.
Other portfolio developments included $500 million of combined funding raised by quantum computing companies, a $103 million Series D round for Oxa and £25 million of funding for First Light Fusion. Hysata is expected to make its first megawatt-scale electrolyzer delivery in the first half of 2027, and Istesso's sarcopenia study readout is scheduled for the second half of 2027.
IP Group's third-party capital platform is managed at about £500 million, including Parkwalk at about £360 million of assets under management, permanent balance sheet capital at about £1 billion of NAV and private funds at about £200 million of AUM. Private fund partners include Aberdeen, CEFC and Hostplus. The company said £50 million was available under its capital allocation policy, and its shares traded at an approximately 40% discount to NAV. IP Group shares were quoted at 68.70, up 4.57%, near their 52-week range of 48 to 74.
