Tetragon Financial Group Limited · EURONEXT:TFG
Tetragon Financial — H1 2025 Earnings Presentation
23 slides from Tetragon Financial's earnings presentation, Jul 30, 2025
Slide 1: 2025 Half-Yearly Investor Call
2025 Half-Yearly Investor Call 30 July 2025 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TETRAGON. THIS INFORMATION IS CURRENT ONLY AS OF 30 JUNE 2025, UNLESS OTHERWISE STATED. TETRAGON UNDERTAKES NO OBLIGATION TO UPD
Slide 2: Contents
Contents Key Performance Metrics 3 NAV Progression 6 Net Asset Composition Summary 9 Investment Performance 10 Future Investment Expectations 18 Q&A 19 2025 Half-Yearly Report Investor Presentation | 2
Slide 3: Key Performance Metrics: NAV Per Share Total Return
Key Performance Metrics: NAV Per Share Total Return 15.4% 14.1% 6.4% 1.0% 0.0% 1.7% 1.9% 10.0% (3.5%) 2021 2022 2023 2024 H1 2025 2025 H1 H2 (i) Please refer to Endnotes on page 20 for certain relevant definitions. Source: Tetragon. 2025 Half-Yearly Report Investor Presentation | 3
Slide 4: Key Performance Metrics: Return on Equity (RoE)
Key Performance Metrics: Return on Equity (RoE)(i) 17.3% Target RoE: 10-15% — Average RoE: 11.8% 14.6% 12.2% 5.5% (0.8%) 2021 2022 2023 2024 H1 2025 2025 Full year H1 (i) Please refer to Endnotes on page 20 for certain relevant definitions. Source: Tetragon. 2025 Half-Yearly Report Investor Presenta
Slide 5: Key Performance Metrics: Dividends Per Share (DPS)
Key Performance Metrics: Dividends Per Share (DPS) $0.44 $0.44 $0.44 $0.41 $0.22 2021 2022 2023 2024 2025 H1 FY Source: Tetragon. 2025 Half-Yearly Report Investor Presentation | 5
Slide 6: Year-on-Year NAV Progression
Year-on-Year NAV Progression(i) 42.00 40.00 38.00 5.95 (1.52) (0.14) (0.22) (0.76) 36.00 34.00 32.00 30.00 35.43 38.74 28.00 26.00 24.00 NAV at 31 Investment Operating Interest Dividends Other share NAV at 30 December income and expenses, expense dilution June 2025 2024 losses management and incenti
Slide 7: Tetragon NAV Per Share Total Return and Share Price
Tetragon NAV Per Share Total Return and Share Price Since April 2007 IPO to 30 June 2025 600% 572% 500% 400% 366% 300% 270% 200% 174% 100% 123% 0% Aug-20 Dec-07 Aug-08 Dec-09 Aug-10 Dec-11 Aug-12 Dec-13 Aug-14 Dec-15 Aug-16 Dec-17 Aug-18 Dec-19 Dec-21 Aug-22 Dec-23 Aug-24 Apr-07 Apr-09 Apr-11 Apr-13
Slide 8: H1 2025 Snapshot
H1 2025 Snapshot Net Asset Value Ownership(i) $3.5 Bn 38.3% Principal and Employee 30 June 2025 Ownership at 30 June 2025 NAV Per Share Total Return(ii) 24.6% 11.7% 10.8% 11.0% 572% One Year to 30 June 2025 Five Years Annualised 10 Years Annualised Since IPO Annualised Since IPO Investment Returns/R
Slide 9: Net Asset Composition Summary
Net Asset Composition Summary Net Asset Breakdown at 31 December 2024 Net Asset Breakdown at 30 June 2025 Other equities Other equities Legal assets and credit Legal assets and credit Private equity 1% 1% Private equity and venture 6% in asset capital 7% Private equity in management Private equity a
Slide 10: Net Asset Breakdown Summary
Net Asset Breakdown Summary In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at Asset Classes Additions(i) 31 Dec 2024 Receipts(i) Losses 30 Jun 2025 Private equity in asset management 1,572.8 71.9 (28.2) 365.1 1,981.6 companies Event-driven equities, convertible bonds 585.4 4.7 (3.1) 6.5 59
Slide 11: Private equity in asset management companies
Private equity in asset management companies In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset Classes Additions(i) 31 Dec 2024 Receipts(i) Losses 30 Jun 2025 investments Equitix 922.4 32.4 (9.4) 409.1 1,354.5 33.1% BGO 290.2 - (9.2) 28.3 309.3 7.6% LCM 223.6 - - (35.3) 188.3 4.
Slide 12: Event-driven equities, convertible bonds and other hedge funds
Event-driven equities, convertible bonds and other hedge funds In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset Classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 30 Jun 2025 investments Westbourne River Event Fund - Low Net 306.5 - - 0.3 306.8 7.5% Westbourne River Event Fu
Slide 13: Bank loans
Bank loans In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset Classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 30 Jun 2025 investments U.S. CLOs 89.7 - (17.4) (16.7) 55.6 1.4% Tetragon Credit Partners funds 76.1 1.3 (12.9) (7.1) 57.4 1.4% (i) Any gains or losses on foreign e
Slide 14: Real estate
Real estate In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset Classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 30 Jun 2025 investments BGO Europe funds and co-investments 45.5 5.5 (0.3) 1.3 52.0 1.3% BGO U.S. funds and co-investments 28.2 1.0 (0.2) (8.2) 20.8 0.5% BGO Asia
Slide 15: Private equity and venture capital
Private equity and venture capital In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset Classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 30 Jun 2025 investments Hawke's Point funds and co-investments 198.4 8.0 (53.3) 62.7 215.8 5.3% Banyan Square funds 162.4 8.3 (7.0) 5.9 169.
Slide 16: Legal Assets
Legal Assets In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset Classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 30 Jun 2025 investments Contingency Capital funds 51.5 5.3 (1.3) 3.2 58.7 1.4% (i) Any gains or losses on foreign exchange hedging instruments attributable to a p
Slide 17: Other equities & credit; cash
Other equities & credit; cash In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset Classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 30 Jun 2025 investments Other equities and credit(ii) Other equities 220.0 93.1 (27.3) 8.2 294.0 7.2% Cash Net cash(iii) (339.1) - (206.9) - (546
Slide 18: Future Investment Expectations
Future Investment Expectations(i) TFG Asset Management Continue funding commitments Event-driven equities = Stable allocation Credit Convertible & convertibles bonds = Stable allocation Other hedge funds = Stable allocation Bank loans = Stable allocation; will invest via Tetragon Credit Partners v
Slide 19: Q&A
Q&A Contact us anytime: ir@tetragoninv.com 2025 Half-Yearly Report Investor Presentation | 19
Slide 20: Endnotes
Endnotes Page 3 Page 4 Certain definitions: Tetragon uses the following metrics, among others, to understand the Average RoE is calculated from Tetragon’s IPO in 2007. Tetragon seeks to progress and performance of the business: deliver 10-15% RoE per annum to shareholders. Over longer time horizons,
Slide 21: Endnotes
Endnotes Page 7 (i) NAV Per Share Total Return as of 30 June 2025 since Tetragon’s initial public (iv) Cumulative return determined on a quarterly compounding basis using the offering in April 2007. actual Tetragon quarterly incentive fee SOFR based hurdle rate. In the period from IPO to June 2008 t
Slide 22: Endnotes
Endnotes Page 8 (i) Shareholdings at 30 June 2025 of the principals of Tetragon’s investment manager and employees of TFG Asset Management, including all deferred compensation arrangements (other than with respect to shares that are subject to performance criteria). Please refer to page 69 of the 20
Slide 23: Legal Disclaimer
Legal Disclaimer This document has been prepared by Tetragon Financial Group Limited, referred to in this report as Tetragon. References to “we” are to Tetragon Financial Management LP, Tetragon’s investment manager. Tetragon is a closed-ended investment company that invests in a broad range of asse
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