Tetragon Financial Group Limited · EURONEXT:TFG
Tetragon Financial — H1 2026 Earnings Presentation
22 slides from Tetragon Financial's earnings presentation, Jul 30, 2026
Slide 1: 2026 H1 Investor Call
2026 H1 INVESTOR CALL 30 July 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 30 JUNE 2026, UNLESS OTHERWISE STATED. TETRAGON UNDERTAKES NO OBLIGATION TO UPDATE ANY I
Slide 2: Contents
Contents 03 Key Performance Metrics 06 NAV Progression 09 Net Asset Composition Summary 10 Investment Performance 17 Q&A H1 2026 Investor Presentation 2
Slide 3: Key Performance Metrics: NAV Per Share Total Return
Key Performance Metrics: NAV Per Share Total Return(i) (i) Please refer to Endnotes on page 18 for certain relevant definitions. H1 2026 Investor Presentation 3
Slide 4: Key Performance Metrics: Return on Equity (RoE)
Key Performance Metrics: Return on Equity (RoE)(i) Target RoE: 10–15% Average RoE: 11.5% Full year H1 (i) Please refer to Endnotes on page 18 for certain relevant definitions. H1 2026 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 $0.24 2022 2023 2024 2025 2026 H1 FY H1 2026 Investor Presentation 5
Slide 6: Year-on-Year NAV Progression
Year-on-Year NAV Progression(i) 50.00 47.00 44.00 41.00 38.00 (1.47) (0.35) (0.11) (0.24) (0.24) 1.13 35.00 32.00 41.88 40.60 29.00 26.00 23.00 20.00 NAV at 31 Investment Operating Interest Dividends Other share Share NAV at 30 December income gains / expenses, expense dilution repurchase June 2026
Slide 7: Key Performance Metrics: NAV Per Share Total Return
Key Performance Metrics: NAV Per Share Total Return 612% 600% 500% 400% 362% 285% 300% 234% 200% 138% 100% 0% 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 Aug-20 Dec-21 Aug-22 Dec-23 Aug-24 Dec-25 Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17 Apr-19 Apr-21 A
Slide 8: H1 2026 Snapshot
H1 2026 Snapshot Net Asset Value Ownership(i) $3.6BN 42.2% Principal and Employee 30 June 2026 Ownership at 30 June 2026 NAV per share Total Return(ii) 6.0% 10.5% 9.7% 10.8% 612% One Year to 30 June 2026 5 Years Annualised 10 Years Annualised Since IPO Annualised Since IPO Investment Returns/Return
Slide 9: Net Asset Composition Summary
Net Asset Composition Summary H1 2026 Investor Presentation 9
Slide 10: Net Asset Breakdown Summary
Net Asset Breakdown Summary In millions of U.S. dollars (i) Any gains or losses on foreign exchange hedging instruments attributable to a particular strategy or sub-asset class have been included in “additions” or “disposals/receipts” respectively. For example, where a hedging gain or loss is made,
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 2025 Receipts(i) (Losses) 30 Jun 2026 investments Equitix 1,149.1 - (20.9) 34.4 1,162.6 30.8% BGO 325.1 - (516.1) 191.0 - 0.0% LCM 107.1 - (40.5) (63.8) 2.8 0.
Slide 12: Equity funds
Equity funds In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset classes Additions 31 Dec 2025 Receipts(i) (Losses) 30 Jun 2026 investments Hawke's Point funds and co-investments 364.9 - - (61.2) 303.7 8.1% Westbourne River Event Fund - Low Net 301.6 45.0 - (19.6) 327.0 8.7% Westb
Slide 13: Credit funds
Credit funds In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset classes Additions 31 Dec 2025 Receipts(i) (Losses) 30 Jun 2026 investments Contingency Capital funds 61.5 - (7.0) 9.6 64.1 1.7% Acasta funds 55.4 - - 3.7 59.1 1.6% Tetragon Credit Partners funds 42.4 - (7.0) (2.1) 33
Slide 14: Real estate
Real estate In millions of U.S. dollars NAV at Disposals/ Gains/ NAV at % of Asset classes Additions 31 Dec 2025 Receipts(i) (Losses) 30 Jun 2026 investments BGO funds and co-investments 86.0 66.8 (4.3) (3.8) 144.7 3.8% Other real estate 38.6 0.2 - (0.2) 38.6 1.0% (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 31 Dec 2025 Receipts(i) (Losses) 30 Jun 2026 investments Banyan Square funds 182.3 16.5 (9.0) (7.9) 181.9 4.8% Other funds and co-investments 204.8 15.7 (9.1) (5.5) 205.9 5.5%
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 31 Dec 2025 Receipts(i) (Losses) 30 Jun 2026 investments Other equities and credit(ii) Other equities 285.2 209.5 (93.4) (69.2) 332.1 8.8% Net cash(iii) Net cash (316.4) 179.8
Slide 17: Q&A
Q&A Contact us anytime: ir@tetragoninv.com H1 2026 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 30 June 2026 since Tetragon’s initial market capitalisation and is the aggregate of the FTSE 100, FTSE 250 and public offering in April 2007. FTSE Small Cap indices. Further information relating to the index constituents and calculation methodolog
Slide 20: Endnotes
Endnotes Page 8 (i) Shareholdings at 30 June 2026 of the principals of Tetragon’s investment (iii) Average RoE is calculated from Tetragon’s IPO in 2007. Tetragon seeks to manager and employees of Tetragon Partners, including all deferred deliver 10-15% RoE per annum to shareholders. Over longer tim
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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