Slide 1: For a future made possible by science
2025 HALF YEAR RESULTS For a future made possible by science. 1 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 2: Disclaimer
Disclaimer. Not for publication, distribution or release, directly or indirectly, in This document is being made on the basis that the recipients keep Company or any subsidiary, member, employee, counsel, officer, whole or in part, in or into the United States of America (including its confidential
Slide 3: Contents
01 Half year overview 02 Portfolio progress & future value opportunity Contents. 03 Financial results 04 Summary & Q&A 3 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 4: Half year overview
01 Half year overview 4 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 5: Half year overview
Half year overview. ENCOURAGING CONTINUED DELIVERY NAV PER SHARE PORTFOLIO OF EXITS. STABILISED. DEVELOPMENTS. Strong progress in 96.2p (HY25) vs 97.7p (FY24), £30m cash exits. leading companies. ~100p at reporting date. Targeting >£250m Sizeable private Public portfolio strength. 2025-2027. capital
Slide 6: Encouraging portfolio developments
Encouraging portfolio developments. Hinge Health Oxford Nanopore Istesso Publishes Floats on NYSE. Trading Update. Ground-Breaking Data. Strong Q2 results and Strong first half performance; Demonstrates tissue repair with post IPO performance full year outlook on track novel investigational medicine
Slide 7: Remain confident of delivering over £250m of exits 2025-2027
Remain confident of delivering over £250m of exits 2025-2027. HY25 EXITS. £30.3m. Total cash proceeds 9x. +£8.8m +£7.2m +£5.1m HY24 proceeds 7 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 8: Delivering cash returns from exits
Delivering cash returns from exits. Share buybacks when £75m current buyback 6% of share capital discount to NAV >20% Intend to return programme inc. £20m announced in June with £9m remaining retired in the period 15% retired to date £140m+ 50% of exits in FY25 Cash returned to shareholders since 20
Slide 9: Looking forward
Looking forward. Significant value potential in IP Group well positioned to Attractive shareholder UK science and technology. exploit this. opportunity. 9 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 10: 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 11: Differentiated UK sourcing
Differentiated UK sourcing. Our specialist EIS business 2025 updates: £0.5b AUM Knowledge A strong Partnered with leading Intensive year for UK universities EIS Fund IV. exits. £50m+ avg. invested per tax year over last 6 years £166m 100+ current portfolio Northern returned to companies Gritstone in
Slide 12: Scale-up funding is key to UK growth
Scale-up funding is key to UK growth. Public and private sectors aligning: Our focus will be on unlocking private-sector investment, Pension because Schemes Bill private-sector investment is the lifeblood of a successful economy.” Mansion RACHEL REEVES, CHANCELLOR House Accord 1. UK Government: Spen
Slide 13: We have a deep pipeline of future potential winners
We have a deep pipeline of future potential winners. Therapeutics THERAPEUTICS & Licencing INCL. LICENSING Note: reflects time since first IP Group investment in company, often largely consistent with time since company formation 13 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 14: Portfolio progress & future value opportunity
02 Portfolio progress & future value opportunity 14 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 15: Hinge Health IPO on NYSE
Hinge Health IPO on NYSE. Strong IPO Performance. Shares priced at $32 (top end of range); trading up by 63% at $52 at 30 June. Exceptional Return on Investment. 50x return on original investment. Strategic Capital Allocation. £1.0m in proceeds realised; 50% allocated to share buyback; balance of ho
Slide 16: Priority company updates
Tech-enriched future Healthier future Regenerative future Priority company updates. Developing real-time, scalable DNA and RNA Pipeline of novel drugs for chronic diseases Focused on the development of inhaled sequencing tools for long-read genetic that repair, rebuild and restore damaged medicines
Slide 17: Additional portfolio highlights
Tech-enriched future Healthier future Regenerative future Additional portfolio highlights. Developing ultra-efficient electrolysers to Developing cancer therapies Turning CO₂ and hydrogen into sustainable produce green hydrogen and accelerate targeting DNA repair pathways. fuels and chemicals. net z
Slide 18: Financial results
03 Financial results Strong balance sheet; reduced costs 18 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 19: Summary financials
Summary financials. Gross cash. Net Asset Value (NAV). % Change in NAV/sh. Net overheads. £883.1m (FY24 £952.5m) £237.3m 96.2pps (1.5%) £7.4 m (FY24 £285.6m) (FY24 97.7pps) (HY24 (9%)) (HY24 £8.7 m) 19 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 20: Drivers of portfolio fair value change
Drivers of portfolio fair value change. £24m £12m (£14.1m) (£20m) (£45m) Private positive Public positive FX retranslation Negative movements Funding delays movements movements 20 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 21: Results: Balance sheet - net assets
Results: Balance sheet - net assets. Portfolio Portfolio concentration: Net Cash Other net liabilities Other 17% Top 10 by value NAV £1.0b NAV £0.9b 56% £842m £800m 27% Top 40 by value £157m £111m (£42m) (£28m) 2 1 FY 2024 HY 2025 21 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 22: Consistent portfolio funding profile
Consistent portfolio funding profile. Portfolio Our portfolio. funding Trade to breakeven For the larger companies in the portfolio: profile. 2027+ 30% 33% 33% Companies funded to expected profitability >£4m value representing >87% of equity and debt Only 8% investments need to raise in 2025 8% 2025
Slide 23: Group cash flow summary
Group cash flow summary. £285.6m (£35.7m) £30.3m (£25.6m) (£7.4m) (£8.5m) (£1.4m) £237.3m Opening Closing Gross 285.6 237.3 Debt (129.1) (126.0) Net 156.5 111.3 Opening gross Investment Realisations Share Repurchases Overheads Debt & net interest WC/other Closing gross 23 © IP GROUP PLC 2025 | HALF
Slide 24: Net overheads
Net overheads. Net overheads. 15% Reduced by 15% on the previous period following H2 2024 restructure Full year net overheads. 23% Expected to be in line with previous guidance reflecting a 23% reduction in cost versus 2023 baseline 24 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 25: Summary
04 Summary For a future made possible by science 25 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 26: Half year overview
Half year overview. ENCOURAGING CONTINUED DELIVERY NAV PER SHARE PORTFOLIO OF EXITS. STABILISED. DEVELOPMENTS. Strong progress in 96.2p (HY25) vs 97.7p (FY24), £30m cash exits. leading companies. ~100p at reporting date. Targeting >£250m Sizeable private Public portfolio strength. 2025-2027. capital
Slide 27: Looking forward
Looking forward. Significant value potential in IP Group well positioned to Attractive shareholder UK science and technology. exploit this. opportunity. 27 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 28: 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 29: Q&A
Q&A 29 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 30: Appendices
05 Appendices 30 © IP GROUP PLC 2025 | HALF YEAR RESULTS
Slide 31: 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, Decade as Group CFO driving strategy, Finance and venture background, long spent 15 years as HSBC’s Group Finance scale and geo
Slide 32: 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 33: Impact is in our DNA
We are investing 3 | 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 £1.6bn1 strategic driver future. future. future. Backing science-based for IP
Slide 34: Shareholder register (above 2% holders)
4 | Shareholder register (above 2% holders). Shareholder % holding Railways Pension Scheme 18.0% BlackRock 6.6% Lombard Odier 6.1% Vanguard 5.4% Schroder Investment Management 4.4% Imperial College 3.4% Legal & General Investment Management 3.1% Janus Henderson 2.9% abrdn 2.9% Lansdowne Partners 2.4
Slide 35: Therapeutics: upcoming clinical milestones
5 | Therapeutics: upcoming clinical milestones. 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 V
Slide 36: 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 2025 | HALF YEAR RESULTS 36