Slide 1: 2024 Full Year Results
2024 FULL YEAR RESULTS For a future made possible by science.
Slide 2: Disclaimer
Disclaimer. The communication of this presentation may be The statements contained in this presentation are made Nothing contained in this presentation shall be deemed restricted by law; it is not intended for distribution to, or as at the date of this presentation. The distribution of this to be a
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 2025 | FULL YEAR RESULTS
Slide 4: Full year overview
01 Full year overview 4 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 5: Full year overview
Full year overview. OUTPERFORMED ACCELERATED NAV PER SHARE SIGNIFICANT ON EXITS. BUYBACKS. DECLINED. OPPORTUNITY. £183m of profitable exits, £80m active buyback 15% reduction in Strong portfolio upside providing financial strength. programme. NAV per share. potential. Outperforming Retired >10% of s
Slide 6: Featurespace: Our largest exit to date
Featurespace: Our largest exit to date. Following the sale of Featurespace The IP Group and Featurespace Journey to Visa, IP Group received: 2012 £134m. The Group is Featurespace’s first institutional investor. Total proceeds 2012 - 2024 £51m. Total of £22.9m invested over seven financing rounds. Up
Slide 7: Outperformed on exits
Outperformed on exits. JULY AUGUST OCTOBER DECEMBER 2025 2025ECEMB DECEMBER DECEMBER £9.3m £29.9m £9.2m £119m £15m £8.8m £5.1m £7.2m Partial exit Exit Exit Exit Portfolio Sale agreed Sale agreed Further sale secondary 2024 2024 commenced sale Cash received in Cash received in 2024 £2.9m cash in Mar
Slide 8: Outperforming market trend on exits
Outperforming market trend on exits. Delivered profitable exits above carrying values: Against a relatively weak VC exit market: 213 842 191 183 339 80 312 177 39 148 149 30 28 120 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 IP Group exits (£m) Pitchbook NVCA Venture Monito
Slide 9: Delivering on commitment to shareholder returns
Delivering on commitment to shareholder returns. Committed to regular Cash returns in the £30m buyback cash returns from exits Intend to return form of share buybacks when the share price discount completed in FY24 Additional £50m £110m+. 50% of exits in FY25 underway inc. £10m Cash returned to exce
Slide 10: Reduction in NAV per share
Reduction in NAV per share. 1 Oxford Nanopore share price reduction DRIVERS OF NAV Impact of challenging fundraise environment 2 PER SHARE REDUCTION. on company funding rounds 3 Commercial delays or technical setbacks 10 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 11: Repairing damage caused by debilitating chronic diseases
Healthier future Repairing damage caused by debilitating chronic diseases. Istesso has a pipeline of novel drugs for chronic diseases that repair, rebuild and restore damaged tissue Phase 2b study results in rheumatoid arthritis (RA) showed that lead drug, leramistat: Significantly reduced or stoppe
Slide 12: Actions taken to optimise growth in FY24
Actions taken to optimise growth in FY24. Raised additional £95m of Proactive delivery of managed private capital 6 1 profitable realisations Maintained investment Continued focusing discipline, investing £63m in 5 2 of investment strategy portfolio (of £780m total) Net overheads reduced by c.23% Ex
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: Strong portfolio upside potential
Other net liabilities (4)p Net Cash 16p Strong Remaining portfolio 26p portfolio 97.7p. 11p upside NAV per share 9p potential. Other top 20 23p 8p 4p 4p 14 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 15: Portfolio progress & future value opportunity
02 Portfolio progress & future value opportunity 15 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 16: Large upside potential in our high value holdings
Large upside potential in our high value holdings. Regenerative future Healthier future Healthier future Healthier future Developing a new type of Pipeline of novel cancer Focused on the development Digital health company that breakthrough hydrogen therapies in development of inhaled medicines for t
Slide 17: High potential companies despite headwinds
High potential companies despite headwinds. Tech-enriched future Healthier future Regenerative future Regenerative future Global leader in mid-air Pipeline of novel drugs for The first private company to Commercial stage software hand tracking and haptics chronic diseases that repair, achieve inerti
Slide 18: Deep pipeline of future potential winners
Deep pipeline of future potential winners. Remaining portfolio 26p 97.7p. NAV per share 23p Note: reflects time since first IP Group investment in company, often largely consistent with time since company formation 18 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 19: Financial results
03 Financial results Strong balance sheet with well-funded portfolio 19 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 20: Summary financials
Summary financials. Gross cash. Net Asset Value (NAV). % Change in NAV/sh. Net overheads. £953m (FY23 £1,190m) £285.6m 97.7pps (15%) £19.8m (FY23 £226.9m) (FY23 114.8pps) (FY23 (14%)) (FY23 £22.5m) 20 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 21: Drivers of portfolio fair value changes
Drivers of portfolio fair value changes. £66m £14m £10m (£13m) (£19m) (£66m) (£71m) (£113m) Exits Other quoted Up round Other movements Down round Oxford Nanopore Funding Company- companies environment specific setbacks 21 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 22: Results: Balance sheet - net assets
Results: Balance sheet - net assets. Portfolio Portfolio concentration: Net Cash Other net liabilities NAV Other £1.2b 17% Top 10 by value NAV £1.0b £1,165m 55% £842m 28% Top 40 by value £92m £157m (£66m) (£42m) 2 1 FY 2023 FY 2024 22 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 23: Our portfolio remains well funded
Our portfolio remains well funded. Portfolio 2027 Funded to break-even Our portfolio. funding 5% For the larger companies in the portfolio: profile. 32% 32% Companies funded to expected profitability >£4m value representing >84% of equity and debt 2026 45% Only 18% investments need to raise in 2025
Slide 24: Group cash flow summary
Group cash flow summary. (£29.6m) (£19.2m) (£10.4m) (£2.5m) £285.6m £183.4m £226.9m (£63.0m) Opening Closing Gross 226.9 285.6 Debt (135.2) (129.1) Net 91.7 156.5 Opening gross Investment Realisations Share Repurchases Overheads Debt & net interest WC/other Closing gross 24 © IP GROUP PLC 2025 | FUL
Slide 25: Net overheads
Net overheads. Net overheads reduced on an annualised basis by c.23% Focus on costs accelerated since the half year, as we further refine our strategy delivery Streamlined operations across the Group, simplifying the structure and sourcing 25 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 26: Summary
04 Summary For a future made possible by science 26 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 27: Upcoming milestones in 2025
Upcoming milestones in 2025. >35 commercial and technical Cleantech >10 milestones in 2025, milestones including: Life Sciences Funding rounds >15 milestones Clinical trials Product launches Deeptech Technical milestones >10 milestones 27 © IP GROUP PLC 2025 | FULL 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: Full year summary
Full year summary. OUTPERFORMED ACCELERATED NAV PER SHARE SIGNIFICANT ON EXITS. BUYBACKS. DECLINED. OPPORTUNITY. £183m of profitable exits, £80m active buyback 15% reduction in Strong portfolio upside providing financial strength. programme. NAV per share. potential. Outperforming Retired >10% of sh
Slide 30: Q&A
Q&A 30 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 31: Appendices
05 Appendices 31 © IP GROUP PLC 2025 | FULL YEAR RESULTS
Slide 32: 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 33: 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 34: Summary of strategy
3 | Summary of strategy. Accelerating the impact of science for a better future. A future enhanced by the impact of transformative businesses we have identified, backed and grown as long-term partners. Have an impact Develop our unique Accelerate value Build a truly Be a home for on the world that i
Slide 35: Impact is in our DNA
We are investing 4 | Impact is in our DNA. today in science, addressing the world’s greatest IMPACT AT OUR CORE unmet challenges GROUP LEVEL IMPACT PORTFOLIO LEVEL IMPACT By the numbers. Impact is a Impact on our strategic driver Tech-enriched Regenerative Healthier £1.6bn1 communities. for IP Group
Slide 36: Shareholder register (above 2% holders)
5 | Shareholder register (above 2% holders). Shareholder % holding Railways Pension Scheme 16.9% Lombard Odier 10.9% BlackRock 5.8% Vanguard 5.4% Schroder Investment Management 4.1% abrdn 4.0% Legal & General Investment Management 3.3% Imperial College 3.2% Janus Henderson 2.5% Telstra Super 2.5% La
Slide 37: Therapeutics: within a milestone-rich window
6 | Therapeutics: within a milestone-rich window. 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
Slide 38: 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 | FULL YEAR RESULTS 38