IP Group’s results for the first half of 2026 (H126) provided further evidence of improving cash conversion and portfolio maturity. Net asset value (NAV) per share increased 3.2% to 113.9p, while management estimated a further rise to c 117p at 11 September, supported by a £26.4m post-period increase in the fair value of its Oxford Nanopore (ONT) holding. Cash proceeds reached £68.7m in H126, slightly above the £68.1m realised in the whole of FY25, with a further £17.1m received since end-June. Meanwhile, the Pfizer obesity royalty asset was valued at £152m at end-June after a £27m fair-value uplift during H126. IP Group ended June with £239m of gross cash and deposits, while deploying £30m into the portfolio.

IP Group allows investors to tap into the vast opportunity set of innovative, private companies and IP rights. We believe these investments align with some of the most compelling investment themes over the next decade, spanning anti-obesity drugs, gene sequencing, AI infrastructure, quantum computing, fusion energy, green hydrogen and autonomous vehicles, among others. IP Group remains focused on doubling down on a narrow set of more mature, growth-stage businesses to generate returns. The company’s NAV per share increased by 13.0% in FY25, primarily on the back of a £126.4m increase in the value of its royalty and milestone exposure to Pfizer’s Metsera-derived obesity pipeline, which makes IP Group an interesting ‘call option’ on Pfizer’s anti-obesity programme.