Tetragon Financial Group Limited · EURONEXT:TFG
Tetragon Financial — FY2025 Earnings Presentation
22 slides from Tetragon Financial's earnings presentation, Mar 6, 2026
Slide 1: 2025 Annual Investor Call
2025 ANNUAL INVESTOR CALL 6 March 2026 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 31 DECEMBER 2025, UNLESS OTHERWISE STATED. TETRAGON UNDERTAKES NO OBLIGATION TO UPDA
Slide 2: Contents
Contents 03 Key Performance Metrics 06 NAV Progression 09 Net Asset Composition Summary 10 Investment Performance 17 Q&A 2025 Annual Report Investor Presentation 2
Slide 3: Key Performance Metrics: NAV Per Share Total Return
Key Performance Metrics: NAV Per Share Total Return(i) 19.6% 15.4% 14.1% 6.4% 1.0% 2021 2022 2023 2024 2025 (i) Please refer to Endnotes on page 18 for certain relevant definitions. 2025 Annual Report Investor Presentation 3
Slide 4: Key Performance Metrics: Return on Equity (RoE)
Key Performance Metrics: Return on Equity (RoE)(i) Target RoE: 10–15% 23.4% 17.3% 14.6% Average RoE: 12.1% 5.5% (0.8%) 2021 2022 2023 2024 2025 (i) Please refer to Endnotes on page 18 for certain relevant definitions. 2025 Annual Report Investor Presentation 4
Slide 5: Key Performance Metrics: Dividends Per Share (DPS)
Key Performance Metrics: Dividends Per Share (DPS) $0.44 $0.44 $0.44 $0.45 $0.41 2021 2022 2023 2024 2025 H1 FY 2025 Annual Report Investor Presentation 5
Slide 6: Year-on-Year NAV Progression
Year-on-Year NAV Progression(i) 50.00 47.00 44.00 41.00 11.24 (2.78) (0.29) (0.44) (1.28) 38.00 35.00 32.00 29.00 41.88 35.43 26.00 23.00 20.00 NAV at 31 Investment Operating Interest expense Dividends Other share NAV at 31 December 2024 income and expenses, dilution December 2025 losses management
Slide 7: Key Performance Metrics: NAV Per Share Total Return
Key Performance Metrics: NAV Per Share Total Return 631% 600% 500% 400% 407% 314% 300% 200% 211% 131% 100% 0% Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17 Apr-19 Apr-21 Apr-23 Apr-25 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Aug-08 Aug-10 Aug-12 Aug-14 Aug-16 Aug-18 Aug-20 A
Slide 8: 2025 Snapshot
2025 Snapshot Net Asset Value Ownership(i) $3.9BN 39.4% Principal and Employee 31 December 2025 Ownership at 31 December 2025 NAV per share Total Return(ii) 19.6% 11.1% 10.6% 11.2% 631% 2025 Full Year 5 Years Annualised 10 Years Annualised Since IPO Annualised Since IPO Investment Returns/Return on
Slide 9: Net Asset Composition Summary
Net Asset Composition Summary 31 December 2025 31 December 2024 7% 6% Private equity in asset management companies Equity funds 17% 21% 42% Credit funds 45% 3% Real estate 3% Private equity and venture 9% 5% capital Other equities and credit 22% 20% 2025 Annual Report Investor Presentation 9
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) 31 Dec 2025 Private equity in asset management companies 1,572.8 98.3 (272.1) 355.2 1,754.2 Equity funds 696.3 126.7 (175.0) 295.6 943.6 Credit funds 31
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 31 Dec 2024 Receipts(i) (Losses) 31 Dec 2025 investments Equitix 922.4 32.8 (238.3) 432.2 1,149.1 27.3% BGO 290.2 - (19.9) 54.8 325.1 7.7% LCM 223.6 - - (116.5) 107.1
Slide 12: Equity funds
Equity funds In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 31 Dec 2025 investments Hawke's Point funds and co-investments 198.4 15.1 (108.4) 259.8 364.9 8.7% Westbourne River Event Fund - Low Net 306.5 - - (4.9) 301.6 7.2
Slide 13: Credit funds
Credit funds In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 31 Dec 2025 investments Contingency Capital funds 51.5 13.9 (9.4) 5.5 61.5 1.5% Acasta funds 97.1 - (50.0) 8.3 55.4 1.3% Tetragon Credit Partners funds 76.1 1.3 (
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) 31 Dec 2025 investments BGO funds and co-investments 95.1 6.9 (2.4) (13.6) 86.0 2.0% Other real estate 34.9 0.3 - 3.4 38.6 0.9% (i) Any gains or losses on foreign
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) 31 Dec 2025 investments Banyan Square funds 162.4 21.7 (7.0) 5.2 182.3 4.3% Other funds and co-investments 170.9 27.3 (3.9) 10.5 204.8 4.9%
Slide 16: Other equities and credit; Net cash
Other equities and credit; Net cash In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset classes Additions(i) 31 Dec 2024 Receipts(i) (Losses) 31 Dec 2025 investments Other equities and credit(ii) Other equities 210.4 84.4 (72.3) 62.7 285.2 6.8% Net cash(iii) Net cash (339.1) 22.5
Slide 17: Q&A
Q&A Contact us anytime: ir@tetragoninv.com 2025 Annual Report Investor Presentation 17
Slide 18: Endnotes
Endnotes Page 3 Page 4 Certain definitions: Average RoE is calculated from Tetragon’s IPO in 2007. Tetragon seeks to deliver 10-15% RoE per annum to shareholders. Over longer time horizons, Tetragon uses the following metrics, among others, to understand the progress and Tetragon’s returns will most
Slide 19: Endnotes
Endnotes Page 7 (i) NAV per share Total Return as of 31 December 2025 since Tetragon’s market capitalisation and is the aggregate of the FTSE 100, FTSE 250 and initial public offering in April 2007. FTSE Small Cap indices. Further information relating to the index constituents and calculation method
Slide 20: Endnotes
Endnotes Page 8 (i) Shareholdings at 31 December 2025 of the principals of Tetragon’s (iii) Average RoE is calculated from Tetragon’s IPO in 2007. Tetragon seeks to investment manager and employees of Tetragon Partners, including all deliver 10-15% RoE per annum to shareholders. Over longer time hor
Slide 21: 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
Slide 22: Tetragon
Tetragon
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