Slide 1: For a future made possible by science
FULL YEAR RESULTS 2025 For a future made possible by science.
Slide 2: Disclaimer
Disclaimer. Not for publication, distribution or release, directly or indirectly, in and its subsidiary undertakings. This presentation may not be The Company or any subsidiary, member, employee, counsel, officer, whole or in part, in or into the United States of America (including its recorded, cop
Slide 3: Contents
01 Full year overview 02 Portfolio progress & future value opportunity Contents. 03 Financial results 04 Summary & Q&A 3 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 4: Full year overview
01 Full year overview 4 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 5: Full year overview
Full year overview. NAV PER SHARE. 13% 110p VALUE New Pfizer obesity royalty interest CREATION. STRONG CASH EXITS. £68m 5 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 6: As a consultant endocrinologist, I saw a lot of overweight patients
As a consultant endocrinologist, I saw a lot of overweight patients who had developed diabetes. I put them on diets, which they couldn’t stick to, so I was knee-deep in the business of trying to help people eat less.” PROFESSOR SIR STEVE BLOOM Image source: The Brain Forum; bowels control the brain,
Slide 7: Pfizer obesity royalty interest
Pfizer obesity royalty interest. Metsera IPO Early GLP-1 research Early commercialisation + Pfizer Acqn. 1980s - 2000s 2010s 2020s 2030s – 2040s Zihipp formed IP licensed Zihipp / Metsera acquisition *Approval timing reflects management estimates only. Regulatory approval is not assured and there ca
Slide 8: Pfizer obesity royalty interest
Pfizer obesity royalty interest. Financial exposure to Pfizer’s obesity drug franchise, including lead Phase 3 PF’3944, Phase 2 PF’3945 and several others. Metsera portfolio is We expect to initiate 10 I think the market will grow excellent, highly Phase 3 studies this year. very fast. I believe it
Slide 9: Updates from the portfolio
Updates from the portfolio. Strong FY25 Results. Raises $115m. On target for EBITDA Co-led by RA Capital break even FY27 & SV Health NYSE IPO. Raises $103m. Impressive Clinical Strong results & post Backed by National Wealth Results. IPO performance; now Fund & NVentures Phase 1b in ulcerative colit
Slide 10: Delivering cash returns from exits
Delivering cash returns from exits. Robust capital Completed allocation policy £45m buyback in the year Share buybacks when £30m cash from exits discount to NAV >20% available for future 9% Allocated shareholder returns of share capital 50% of FY25 exits retired in FY25 10 © IP GROUP PLC 2026 | FULL
Slide 11: IP Group investment case
IP Group investment case. Significant value potential in IP Group well positioned to Attractive shareholder UK science and technology. exploit this. opportunity. 11 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 12: The UK opportunity: the time is now
The UK opportunity: the time is now. The UK is an innovation There is an urgent need Inaction impacts Sentiment is superpower. for further venture broader UK market shifting…and first allocations. performance. products being launched. Addressing this opportunity comprehensively and quickly will tran
Slide 13: Backing companies from start-up to scale-up
Backing companies from start-up to scale-up. INVESTEE COMPANY STAGE Pre-Seed / Seed & Series A Series B & C+ IP Group’s EIS business Private funds managed by IP Group PROPORTION OF CAPITAL Pipeline through dedicated EIS funds with world class universities Dedicated EIS funds with Permanent balance s
Slide 14: Portfolio progress & future value opportunity
02 Portfolio progress & future value opportunity 14 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 15: Total Portfolio
Total Portfolio. £128.2m ROYALTIES* £102.0m £93.0m £908m. £76.2m £26.2m £18.5m *The group benefits from financial exposure to Pfizer’s obesity drug franchise including Phase 3 PF’3944 alongside several other programmes 15 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 16: Successful exit: Hinge Health
Successful exit: Hinge Health Successful NYSE IPO. May 2025. ~$3bn valuation. Exceptional Return on Investment. 53x return on investment. Full cash exit across FY25 and FY26. Backing Breakthrough Innovation. As founding investor, we incubated and supported Hinge Health from incorporation. £46m. £0m.
Slide 17: Successful exit: Monolith
Successful exit: Monolith. Monolith’s purpose-built AI solutions transform Spun out of Imperial College engineering workflows London in 2016. across industries such as: Automotive IP Group first invested in 20171. Continued support in subsequent rounds, including Battery Series B. Aerospace and defe
Slide 18: Portfolio highlights
DeepTech HealthTech CleanTech Portfolio highlights. Developing cancer therapies Self-driving vehicle technology Translating clinic-led microbiome science targeting DNA repair pathways. for industrial autonomy. into life-changing medicines. IPG Value £13.2m. IPG Value £19.4m. IPG Value £13.8m. IPG %
Slide 19: Ones to watch in the portfolio
Ones to watch in the portfolio. 19 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 20: Financial results
03 Financial results Strong balance sheet; reduced net costs 20 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 21: Summary financials
Summary financials. Net Asset Value (NAV). Increase in NAV/sh. Net overheads. Gross cash. £975.1m (FY24 £952.5m) 110.4pps 13.0% £15.9m £211.0m (FY24 97.7pps) (FY24 (15%)) (FY24 £19.2m) (FY24 £285.6m) 21 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 22: Results: Balance sheet - net assets
Results: Balance sheet - net assets. Portfolio Portfolio movements: Net Cash Other net liabilities (£11m) £908m NAV NAV £1.0b £1.0b £71m (£68m) £64m £852m £852m £908m £157m £88m (£57m) (£44m) Opening Investment Exits Fair Value Other Closing 2 1 Gain FY 2024 FY 2025 22 © IP GROUP PLC 2026 | FULL YEA
Slide 23: Pfizer obesity royalty interest – risk-adjusted NPV
Pfizer obesity royalty interest – risk-adjusted NPV. Probability of Probability of Probability of success success success Total: £128m £1m 53% 25% 10% £12m Launch date Launch date Launch date 2028 2029 2029 £39m Peak sales Peak sales Peak sales $3.5bn $4.8bn $3.7bn £76m £76m £39m Not yet valued £12m
Slide 24: Portfolio funding profile
Portfolio funding profile. Portfolio Our portfolio. funding For the larger companies in the portfolio: profile. 24% 26% 26% Companies funded to expected profitability >£4m value representing >89% of equity and debt 22% investments need to raise in 2026 28% 22% 28% need to raise in 2027 Trade to brea
Slide 25: Group cash flow summary
Group cash flow summary. £285.6m (£45.7m) (£70.5m) £68.1m (£15.9m) (£2.6m) (£8.0m) £211.0m Opening Closing Gross 285.6 211.0 Debt (129.1) (122.8) Net 156.5 88.2 Opening gross Investment Realisations Share Repurchases Overheads Debt & net interest WC/other Closing gross 25 © IP GROUP PLC 2026 | FULL
Slide 26: Net overheads
Net overheads. Net overheads. 20% Reduced by 20% vs FY24 Net overheads % NAV. 1.6% 26 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 27: Summary
04 Summary For a future made possible by science 27 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 28: Full year summary
Full year summary. NAV PER SHARE. 13% 110p VALUE New Pfizer obesity royalty interest CREATION. STRONG CASH EXITS. £68m 28 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 29: FY25 priorities and future areas of focus
FY25 priorities and future areas of focus. Achieve positive NAV per share performance Deliver cash exits exceeding £250m from private portfolio by end of 2027 Return 50% of cash exits in FY25 Access further private scale-up capital Grow opportunity pipeline primarily through Parkwalk managed funds 2
Slide 30: FY26 priorities and future areas of focus
FY26 priorities and future areas of focus. Continue positive NAV per share performance First investments from new scale-up capital vehicle Announce at least one further private capital vehicle Deliver cash exits exceeding £250m by end of 2027 Maintain shareholder-focused capital allocation policy 30
Slide 31: Industry pioneers backing science and technology
£1.7bn. 600+. 15,000+. Cumulative Companies Jobs created by investment formed and companies supported backed Industry pioneers backing science and technology. 31 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 32: Q&A
Q&A 32 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 33: Appendices
05 Appendices 33 © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025
Slide 34: Board
1 | Board. Sir Douglas Flint Greg Smith David Baynes Non-executive Chairman Chief Executive Officer Chief Financial and Operating Officer Previously Group Chairman of HSBC, spent Decade as Group CFO driving strategy, Finance and venture background, long 15 years as HSBC’s Group Finance Director, sca
Slide 35: Executive team
2 | Executive team. Greg Smith David Baynes Angela Leach Chief Executive Officer Chief Financial and Operating Officer Company Secretary and See bio on previous page. See bio on previous page. Group Legal Counsel See bio on previous page. Dr Mark Reilly Anthony York Chris Glasson Managing Partner Gr
Slide 36: Differentiated UK sourcing
3 | Differentiated UK sourcing. Our specialist EIS business 2025 updates ~£400m AUM 4 New A strong Partnered with leading Funds year for UK universities Launched. exits. £50m avg. invested per tax year over last 8 years £200m 100+ current portfolio New returned to companies Northern investors Univer
Slide 37: Therapeutics: clinical stage portfolio
4 | Therapeutics: clinical stage portfolio. Positive results received Negative results received Timing reflects current best estimate of study completion, which is subject to change; data typically reported several months later THERAPEUTICS IP GROUP COMPANY ESTIMATED STUDY COMPLETION PORTFOLIO VALUE
Slide 38: Portfolio by valuation method (FY24 vs FY25)
5 | Portfolio by valuation method (FY24 vs FY25). Quoted 17% 14% 18% Recent Financing < 12 months 26% 16% Recent Financing > 12 months 6% 5% Future event 8% 6% Adjusted funding based 22% on past performance 29% DCF / Revenue multiple 9% Debt 6% 8% LP Statement 7% 4% FY24 FY25 38 © IP GROUP PLC 2026
Slide 39: Impact is in our DNA
We are investing 6 | Impact is in our DNA. today in science, addressing the world’s greatest IMPACT AT OUR CORE unmet challenges GROUP LEVEL PORTFOLIO LEVEL By the numbers. Impact is a Tech-enriched Regenerative Healthier £1.5bn1 strategic driver future. future. future. AUM in science-based for IP G
Slide 40: Shareholder register (above 2.5% holders)
7 | Shareholder register (above 2.5% holders). Shareholder register % holding Railways Pension Scheme 18.4% BlackRock 6.4% Vanguard 5.3% Imperial College 3.5% Janus Henderson 3.4% Legal & General Investment Management 3.2% Schroder Investment Management 3.1% Jefferies as principal 2.9% Aberdeen 2.7%
Slide 41: Visionary ventures for a future made possible by science
Visionary ventures for a future made possible by science. 2nd Floor, 3 Pancras Square, King’s Cross, London, N1C 4AG Tel: +44 (0) 20 7444 0050 Web: www.ipgroupplc.com © IP GROUP PLC 2026 | FULL YEAR RESULTS 2025