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A) Basis of preparation
The Annual Report and Accounts of IP Group plc (\u201cIP Group\u201d or the \u201cCompany\u201d)
and its subsidiary companies (together, the \u201cGroup\u201d) are for the year ended
31 December 2025. The principal accounting policies adopted in the preparation of the
financial statements are set out below. The policies have been consistently applied
to all the years presented, unless otherwise stated. The Group financial statements
have been prepared and approved by the directors in accordance with UK\u2013adopted
international accounting standards (\u201cUK\u2013adopted IFRS\u201d).
The preparation of financial statements in compliance with IFRS requires the use of
certain critical accounting estimates. It also requires Group management to exercise
judgement in the most appropriate selection of the Group\u2019s accounting policies. The
areas where significant judgements and estimates have been made in preparing the
financial statements and their effect are disclosed in note 2.
The financial statements are prepared on a historic cost basis except that certain
assets and liabilities are stated at their fair value in accordance with UK-adopted IFRS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "
The financial statements are prepared on a going concern basis. The Directors have
completed a detailed financial forecast alongside severe but plausible scenario\u2013
based downside stress\u2013testing, including the impact of declining portfolio values and
a reduced ability to generate portfolio realisations.
At the balance sheet date, the Group had a gross cash and deposits balance cash of
\u00a3211.0m, of which \u00a316.5m of cash is held in consolidated subsidiaries and the remainder
in fair value investment in subsidiaries. This provides liquidity for around two years\u2019
operating expenses and portfolio investment at recent levels, and scheduled debt
repayments. Furthermore, the Group has a portfolio of investments valued at around
\u00a31.0bn, which is anticipated to provide further liquidity over the forecast period.
There was an inadvertent, technical breach the Group\u2019s financial covenants in
the year (see Note 20). In dialogue with noteholders concerning the impact of the
change in investment entity basis on the presentation of cash and cash equivalents
in the consolidated financial statements, it was highlighted that cash was defined
more tightly than cash equivalents, being restricted to only cash held in IP Group
plc, whereas cash equivalents within any Group company were included. The Group
had previously been working on the basis that cash held anywhere within the Group
qualified for the purposes of the covenant, and this difference in interpretation only
became apparent through those discussions with noteholders. The Group held \u00a387.8m
of cash and cash equivalents and a further \u00a3123.2m of deposits at the balance sheet
date, but insufficient cash was held directly by the parent.
The Group is remedying this by transferring cash and short-term deposits to the
parent after the period end and has also, after the period end, obtained a waiver in
respect of any and all historical breaches from the lender. This breach has resulted
in borrowings of \u00a3119.7m being reclassified from non-current to current liabilities at
the year end. The Group maintains an ongoing dialogue with its noteholders and
will monitor the covenants\u2019 position against forecasts and budgets to ensure that it
operates within the prescribed limits. The liquid assets available to the Group including
cash and cash equivalents in portfolio companies far exceeded the outstanding
borrowing at the year end.
Accordingly, our forecasting indicates that the Group and its parent Company has
adequate resources to enable it to meet its obligations including its debt covenants
and to continue in operational existence for at least the next twelve months from the
approval date of the accounts. For further details see the Group\u2019s viability statement
on page 46.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "
B) Basis of Consolidation \u2013 applied from 16 December 2025
Investment Entity Status
The Group\u2019s adoption of the investment entity exemption under IFRS 10, including the
date of adoption, accounting treatment and resulting impact on consolidation and
measurement, is set out in Note 3.
Consolidated subsidiaries
From 16th December 2025, the consolidated financial statements of the Company
(IP Group plc) include the results, cash flows and changes in equity of the following
subsidiaries, which are deemed to provide services that relate to the Group\u2019s
investment activities:
Name of subsidiary undertakings Nature of business % ownership
Top Technology Ventures Limited(iii) Investment and corporate
finance advisor
100.0
IP Venture Fund II (GP) LLP(iii) General partner 100.0
IP Ventures (Scotland) Limited(iii) General partner 100.0
IP2IPO Portfolio (GP) Limited(iii) General partner 100.0
Parkwalk Advisors Limited Investment advisor 100.0
All other group subsidiaries are held at fair value.
C) Basis of Consolidation \u2013 applied until 16 December 2025
(i) Subsidiaries
Where the Group has control over an entity, it is classified as a subsidiary. Typically,
the Group owns a non\u2013controlling interest in its portfolio companies; however, in
certain circumstances, the Group takes a controlling interest and hence categorises
the portfolio company as a subsidiary. As per IFRS 10, an entity is classed as under the
control of the Group when all three of the following elements are present: power over
the entity; exposure to variable returns from the entity; and the ability of the Group to
use its power to affect those variable returns.
In situations where the Company has the practical ability to direct the relevant
activities of the investee without holding the majority of the voting rights, it is
considered that de facto control exists. In determining whether de facto control exists
the Group considers the relevant facts and circumstances, including:
\u2022 The size of the Company\u2019s voting rights relative to both the size and dispersion of
other parties who hold voting rights;
\u2022 Substantive potential voting rights held by the Company and by other parties;
\u2022 Other contractual arrangements; and
\u2022 Historic patterns in voting attendance.
In assessing the IFRS 10 control criteria in respect of the Group\u2019s private portfolio
companies, direction of the relevant activities of the company is usually considered
to be exercised by the company\u2019s board, therefore the key control consideration is
whether the Group currently has a majority of board seats on a given company\u2019s
board, or is able to obtain a majority of board seats via the exercise of its voting rights.
Control is reassessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of the Company and its
subsidiaries as if they formed a single entity. Intercompany transactions and balances
between Group companies are therefore eliminated in full. The consolidated financial
statements incorporate the results of business combinations using the acquisition
method. In the statement of financial position, the acquiree\u2019s identifiable assets and
liabilities are initially recognised at their fair values at the acquisition date. Contingent
liabilities dependent on the disposed value of an associated investment are only
recognised when the fair value is above the associated threshold. The results of
acquired operations are included in the consolidated statement of comprehensive
income from the date on which control is obtained. They are consolidated until the
date on which control ceases.
(ii) Associates/portfolio companies
The majority of the Group\u2019s portfolio companies are deemed to be Associates, as
the Group has significant influence (generally accompanied by a shareholding of
between 20% and 50% of the voting rights) but not control. A small number of the
Group\u2019s portfolio companies are controlled and hence consolidated, as per section
(i) above.
As permitted under IAS 28, the Group elects to hold investments in Associates at fair
value through profit and loss in accordance with IFRS 9. This treatment is specified by
IAS 28 Investment in Associates and Joint Ventures, which permits investments held by
a venture capital organisation or similar entity to be excluded from its measurement
methodology requirements where those investments are designated, upon initial
recognition, as at fair value through profit or loss and accounted for in accordance
with IFRS 9 Financial Instruments. Therefore, no associates are presented on the
consolidated statement of financial position.
Changes in fair value of associates are recognised in profit or loss in the period of
the change. The Group has no interests in Associates through which it carries on its
operating business.
The disclosures required by Section 409 of the Companies Act 2006 for associated
undertakings are included in note 9 of the Company financial statements. Similarly,
those investments which may not have qualified as an Associate but fall within the
wider scope of significant holdings and so are subject to Section 409 disclosures of the
Companies Act 2006 are included in note 9 of the Company financial statements.
(iii) Limited Partnerships and Limited Liability Partnerships
(\u201cLimited Partnerships\u201d)
a) Consolidated Limited Partnership fund holdings
The Group has a holding in the following Limited Partnership fund, which it determines
that it controls and hence consolidates on a line by line basis:
Name
Interest in Limited partnership
%
IP Venture Fund II LP (\u201cIPVFII\u201d) 33.3
In order to determine whether the Group controls the above funds, it has considered
the IFRS 10 control model and related application guidance. In respect of IPVFII, the
Group has power via its role as fund manager of the partnership, and exposure to
variable returns via its 33.3% ownership interest, resulting in the conclusion that the
Group controls and hence consolidates the fund.
b) Other non-consolidated Limited Partnership fund holdings
In addition to Limited Partnerships where Group entities act as general partner and
investment manager, the Group has interests in three further entities which are
managed by third parties:
Name
Interest in Limited
partnership
%
Fund Value
2025
\u00a3m
North America University Innovation LP
(formerly IPG Cayman LP)
68.1 22.3
UCL Technology Fund LP (\u201cUCL Fund\u201d) 46.4 18.4
Technikos LLP (\u201cTechnikos\u201d) 17.8 1.3
iv) Other third-party funds under management
In addition to the Limited Partnership fund IPVFII, described above, the Group also
manages other third-party funds, including within its Parkwalk Advisors business unit,
and on behalf of Australian superannuation fund Hostplus. In both cases, the Group
has no direct beneficial interest in the assets being managed, and its sole exposure
to variable returns relates to management fees and performance fees payable on
exits above a specified hurdle. As a result, the Group is not deemed to control these
managed assets under IFRS10 and they are not consolidated.
v) Non\u2013controlling interests
The total comprehensive income, assets and liabilities of non\u2013wholly owned entities
are attributed to owners of the parent and to the non\u2013controlling interests in
proportion to their relative ownership interests.
vi) Business combinations
The Group accounts for business combinations using the acquisition method from
the date that control is transferred to the Group (see (i) Subsidiaries above). Both
the identifiable net assets and the consideration transferred in the acquisition are
measured at fair value at the date of acquisition and transaction costs are expensed
as incurred. Goodwill arising on acquisitions is tested at least annually for impairment.
In instances where the Group owns a non\u2013controlling stake prior to acquisition the
step acquisition method is applied, and any gain or losses on the fair value of the pre\u2013
acquisition holding is recognised in the consolidated statement of comprehensive
income.
vi) Intercompany loans
All intercompany loans are initially recognised at fair value and subsequently
measured at amortised cost. Where intercompany loans are intended for use on
a continuing basis in the Company\u2019s activities, and there is no intention of their
settlement in the foreseeable future, they are presented as non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "(i) Subsidiaries Where the Group has control over an entity, it is classified as a subsidiary. Typically, the Group owns a non\u2013controlling interest in its portfolio companies; however, in certain circumstances, the Group takes a controlling interest and hence categorises the portfolio company as a subsidiary. As per IFRS 10, an entity is classed as under the control of the Group when all three of the following elements are present: power over the entity; exposure to variable returns from the entity; and the ability of the Group to use its power to affect those variable returns. In situations where the Company has the practical ability to direct the relevant activities of the investee without holding the majority of the voting rights, it is considered that de facto control exists. In determining whether de facto control exists the Group considers the relevant facts and circumstances, including: \u2022 The size of the Company\u2019s voting rights relative to both the size and dispersion of other parties who hold voting rights; \u2022 Substantive potential voting rights held by the Company and by other parties; \u2022 Other contractual arrangements; and \u2022 Historic patterns in voting attendance. In assessing the IFRS 10 control criteria in respect of the Group\u2019s private portfolio companies, direction of the relevant activities of the company is usually considered to be exercised by the company\u2019s board, therefore the key control consideration is whether the Group currently has a majority of board seats on a given company\u2019s board, or is able to obtain a majority of board seats via the exercise of its voting rights. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree\u2019s identifiable assets and liabilities are initially recognised at their fair values at the acquisition date. Contingent liabilities dependent on the disposed value of an associated investment are only recognised when the fair value is above the associated threshold. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are consolidated until the date on which control ceases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "(ii) Associates/portfolio companies The majority of the Group\u2019s portfolio companies are deemed to be Associates, as the Group has significant influence (generally accompanied by a shareholding of between 20% and 50% of the voting rights) but not control. A small number of the Group\u2019s portfolio companies are controlled and hence consolidated, as per section (i) above. As permitted under IAS 28, the Group elects to hold investments in Associates at fair value through profit and loss in accordance with IFRS 9. This treatment is specified by IAS 28 Investment in Associates and Joint Ventures, which permits investments held by a venture capital organisation or similar entity to be excluded from its measurement methodology requirements where those investments are designated, upon initial recognition, as at fair value through profit or loss and accounted for in accordance with IFRS 9 Financial Instruments. Therefore, no associates are presented on the consolidated statement of financial position. Changes in fair value of associates are recognised in profit or loss in the period of the change. The Group has no interests in Associates through which it carries on its operating business. The disclosures required by Section 409 of the Companies Act 2006 for associated undertakings are included in note 9 of the Company financial statements. Similarly, those investments which may not have qualified as an Associate but fall within the wider scope of significant holdings and so are subject to Section 409 disclosures of the Companies Act 2006 are included in note 9 of the Company financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "v) Non\u2013controlling interests The total comprehensive income, assets and liabilities of non\u2013wholly owned entities are attributed to owners of the parent and to the non\u2013controlling interests in proportion to their relative ownership interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "vi) Business combinations The Group accounts for business combinations using the acquisition method from the date that control is transferred to the Group (see (i) Subsidiaries above). Both the identifiable net assets and the consideration transferred in the acquisition are measured at fair value at the date of acquisition and transaction costs are expensed as incurred. Goodwill arising on acquisitions is tested at least annually for impairment. In instances where the Group owns a non\u2013controlling stake prior to acquisition the step acquisition method is applied, and any gain or losses on the fair value of the pre\u2013 acquisition holding is recognised in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "vi) Business combinations The Group accounts for business combinations using the acquisition method from the date that control is transferred to the Group (see (i) Subsidiaries above). Both the identifiable net assets and the consideration transferred in the acquisition are measured at fair value at the date of acquisition and transaction costs are expensed as incurred. Goodwill arising on acquisitions is tested at least annually for impairment. In instances where the Group owns a non\u2013controlling stake prior to acquisition the step acquisition method is applied, and any gain or losses on the fair value of the pre\u2013 acquisition holding is recognised in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Cash flow statement classification of portfolio investments Cash flow relating to portfolio investments have been presented as investing cash flows as opposed to cash flows from operating activities. Management considers this to be an appropriate classification reflecting the fact that these cashflows are allocated towards resources intended to generate future income and cash flows, in line with the definition of investing activities within IAS 7", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "
2. Significant accounting estimates and judgements
The Directors have made the following judgements and estimates that have had
the most significant effect on the carrying amounts of the assets and liabilities in
the consolidated financial statements. Estimates and judgements are continually
evaluated and are based on historical experience and other factors, such as
expectations of future events, and are believed to be reasonable under the
circumstances. Actual results may differ from these estimates. The estimates and
assumptions which have the most significant effects on the carrying amounts of the
assets and liabilities in the financial statements are discussed below.
(i) Valuation of investment entity subsidiaries
(significant estimate)
Following the adoption of the investment entity exemption described in Note 3, the
Group\u2019s most significant accounting estimates relate to the fair value measurement of
investment entity subsidiaries. Detail on these estimates and the underlying valuation
judgements is provided Note 28.
Investment entity valuation judgments
The fair value of investment entity subsidiaries reflects the fair value of the underlying
assets and liabilities held within those entities, including equity and debt investments,
the fair value of cash flows from intangible assets, limited partnership interests,
deferred and contingent consideration receivable and carried interest plan liabilities.
These assets and liabilities are measured in accordance with the Group\u2019s accounting
policies set out in notes 13 and 14, applying valuation techniques that maximise the use
of observable inputs and reflect market participant assumptions.
Significant judgement is applied in determining the appropriate valuation
methodologies, assumptions and inputs used in measuring the fair value of the
underlying portfolios, and in assessing whether the aggregate fair value appropriately
reflects conditions at the reporting date. As substantially all of the assets and liabilities
within investment entity subsidiaries are classified as Level 3, the resulting valuations
are inherently uncertain and could differ materially from realised outcomes.
Judgments used in valuing investment entities fair value reflect consistent application
of judgments set out below in respect of the investment assets held within those
subsidiaries.
Pre-investment entity valuation judgments
Up to 16 December 2025, the Group did not apply the investment entity exemption
under IFRS 10. Accordingly, significant accounting estimates arose in respect of the
valuation of specific classes of assets recognised within the consolidated balance
sheet, unquoted equity and debt investments, limited partnership interests and
amounts receivable on the sale of equity and debt investments.
The Group\u2019s accounting policy in respect of the valuation of unquoted equity and debt
investments is set out in note 14, in respect of limited partnership interests in note 15
and in respect of amounts receivable on sale of equity and debt investments in note
16. In applying this policy, the key areas over which judgement was exercised include:
\u2022 Selection of the appropriate valuation method
\u2022 Consideration of whether a funding round is at arm\u2019s length and therefore
representative of fair value.
\u2022 The relevance of the price of recent investment as an input to fair value, which
typically becomes more subjective as the time elapsed between the recent
investment date and the balance sheet date increases.
\u2022 In the case of companies with complex capital structures, the appropriate
methodology for assigning value to different classes of equity based on their
differing economic rights.
\u2022 Where an upwards or downwards calibration adjustment to a funding transaction
valuation to reflect positive or negative developments within the company in
question, the size of the adjustment made.
\u2022 Where using valuation methods such as DCF or revenue multiples, the assumptions
around inputs including the drug development timeline, probability of clinical trial
success, the selection of relevant comparable deal sizes, the probability of securing
a pharmaceutical partner, drug sales profiles, royalty rates, discount rates and
drug development costs
\u2022 Where valuations are based on future events such as sales processes or
future funding rounds, the appropriate level of execution risk to be applied to
the anticipated event when assessing its valuation impact as at the balance
sheet date.
\u2022 Debt investments typically represent convertible debt; in such cases judgement
is exercised in respect of the estimated equity value received on conversion of
the loan.
\u2022 For limited partnership investments, the above considerations are applied to the
fund in question\u2019s equity and debt investments in determining whether the fund
manager\u2019s Net Asset Value statement values are appropriate.
Valuations were based on management\u2019s judgement after consideration of the above
and upon available information believed to be reliable, which may be affected by
conditions in the financial markets. Due to the inherent uncertainty of the investment
valuations, the estimated values may differ significantly from the values that would
have been used had a ready market for the investments existed, and the differences
could be material. Note 14 provides disclosure details on sensitivity and estimation
uncertainty.
Investment-specific critical estimates
Critical estimates in respect of the Group\u2019s investment in Istesso Limited, including
Discounted Cash Flow \u201cDCF\u201d model assumptions in respect of the Phase 2b success
rates, selected pharma partner deal size and discount rate, together with sensitivity
disclosures in respect of these estimates, are disclosed in Note 28.
Critical estimates in respect of the Pfizer Obesity Royalty Interest, including DCF model
assumptions in respect of the drug development timeline, clinical trial success rates
and discount rate, together with sensitivity disclosures in respect of these estimates,
are disclosed in Note 28.
(ii) Investment entity classification (significant judgment)
Significant judgement has been applied in determining that IP Group plc meets
the definition of an investment entity as set out in IFRS 10 Consolidated Financial
Statements. Details of the key considerations in making this judgment are included in
Note 3.
Application of IFRS 10 in respect of Istesso Limited and IPG Cayman LP
Following the change in investment entity basis described in Note 3, judgments made
relating to the application of IFRS 10 in respect of Istesso Limited and IPG Cayman Fund
L.P. (Longview Innovation) are no longer significant at 31 December 2025. Both entities
continued not to be consolidated prior to the change in investment entity basis, in line
with the judgment documented in the prior year financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
4. Financial risk management
As set out in the principal risks and uncertainties section on pages 38 to 45, the Group
is exposed, through its normal operations, to a number of financial risks, the most
significant of which are market, liquidity and credit risks.
In general, risk management is carried out throughout the Group under policies
approved by the Board of Directors. The following further describes the Group\u2019s
objectives, policies and processes for managing those risks and the methods used to
measure them. Further quantitative information in respect of these risks is presented
throughout these financial statements.
A) Market risk
(i) Price risk
The Group is exposed to equity securities price risk as a result of the equity and
debt investments, and investments in Limited Partnerships held by the Group and
recognised as at fair value through profit or loss.
The Group mitigates this risk by having established investment appraisal processes
and asset monitoring procedures which are subject to overall review by the Board.
The Group holds 7 investments valued at \u00a3133.2m at 31 December 2025 which are
publicly traded (2024: nine investments; \u00a3140m), and the remainder of its investments
are not traded on an active market.
The net portfolio gain in 2025 of \u00a364.0m represents an 8% increase against the opening
balance of the portfolio (2024: loss of \u00a3195.0m; 17% decrease). Sensitivity analysis
showing the impact of movements in quoted equity and debt investments is disclosed
in note 14, and movements in Limited and Limited Liability interests is shown in note 15.
(ii) Foreign exchange risk
The Group\u2019s main exposure to foreign currency risk is via its investment portfolio, which
is partially denominated in US dollars, Australian dollars, Euros and Swedish Krona.
Further details of currency exposure in the portfolio are given in notes 14 and 15.
The Group\u2019s US dollar-denominated proceeds included in deferred consideration at
December 2025 was \u00a340.3m (2024: \u00a32.5m).
The Group periodically enters into forward foreign exchange contracts to mitigate
risk of exchange rate exposure in respect of non GBP-denominated proceeds. At
31 December 2025, the Group had outstanding forward foreign exchange contracts
with a notional amount of \u00a316.9m. The fair value of these contracts at year end was a
\u00a30.2m asset (2024: \u00a3nil).
(iii) Interest rate risk
The Group holds a loan note facility primarily with Standard Life (previously named
Phoenix Group) with the overall balance as at 31 December 2025 amounting to \u00a3120m
(excluding setup costs). These loans all bear a fixed rate of interest, with the annual
average interest rate being 5.25% (2024: 5.09%).
For further details of the Group\u2019s loans including covenant details see note 20.
The other primary impact of interest rate risk to the Group is the impact on the income
and operating cash flows as a result of the interest\u2013bearing deposits and cash and
cash equivalents held by the Group.
(iv) Concentrations of risk
The Group is exposed to concentration risk via the significant majority of the portfolio
being UK\u2013based companies and thus potentially impacted by the performance of
the UK economy. In recent years, the Group has decreased its exposure to the US as a
result of the dilution of its holding in IPG Cayman Fund L.P. (Longview Innovation). The
group has, however, increased the scale of its operations in Australia as a result of
additional investment in this geography and portfolio value gains.
The Group mitigates Market risk, in co\u2013ordination with liquidity risk, by managing its
proportion of fixed to floating rate financial assets. The table on page 117 summarises
the interest rate profile of the Group.
2025
2024
Floating Interest Floating Interest
Fixed rate rate free Total Fixed rate rate free Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investments in investment entity subsidiaries
123.0
71.4
879.4
1,073.8
\u2013
\u2013
\u2013
\u2013
Equity investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
713.8
713.8
Debt investments
\u2013
\u2013
3.4
3.4
\u2013
\u2013
51.6
51.6
Limited and limited liability partnership interests
\u2013
\u2013
1.2
1.2
\u2013
\u2013
58.1
58.1
Assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
13.9
13.9
Trade receivables
\u2013
\u2013
0.2
0.2
\u2013
\u2013
0.7
0.7
Other receivables
\u2013
\u2013
3.0
3.0
\u2013
\u2013
5.6
5.6
Receivable on sale of debt and equity investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
20.1
20.1
Deposits
\u2013
\u2013
\u2013
\u2013
170.0
\u2013
\u2013
170.0
Cash and cash equivalents
\u2013
16.5
\u2013
16.5
10.8
104.4
0.4
115.6
Total
123.0
87.9
887.2
1,098.1
180.8
104.4
864.2
1,149.4
Financial liabilities
Trade payables
\u2013
\u2013
(0.2)
(0.2)
\u2013
\u2013
(0.3)
(0.3)
Other accruals and deferred income
\u2013
\u2013
(2.8)
(2.8)
\u2013
\u2013
(12.2)
(12.2)
Borrowings
(119.7)
\u2013
\u2013
(119.7)
(129.1)
\u2013
\u2013
(129.1)
Carried interest plan liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(27.3)
(27.3)
Deferred tax liability
\u2013
\u2013
(0.8)
(0.8)
\u2013
\u2013
(4.5)
(4.5)
Loans from Limited Partners of consolidated funds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(19.9)
(19.9)
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5.4)
(5.4)
Total
(119.7)
\u2013
(3.8)
(123.5)
(129.1)
\u2013
(69.6)
(198.7)
At 31 December 2025, if interest rates had been 1% higher/lower, post-tax profit/(loss) for the year, and other components of equity, would have been \u00a32.3m (2024: \u00a31.8m) higher/ lower as a result of higher interest received on cash and deposits
B) Liquidity risk
The Group seeks to manage liquidity risk, to ensure sufficient liquidity is available to
meet foreseeable needs and to invest cash assets safely and profitably. The Group\u2019s
treasury management policy asserts that no more than 60% of the Group\u2019s cash and
cash equivalents will be placed in fixed-term deposits with a holding period greater
than three months at any one point in time. Accordingly, the Group only invests
working capital in short-term instruments issued by a pre-approved list of reputable
counterparties. The Group continually monitors rolling cash flow forecasts to ensure
sufficient cash is available for anticipated cash requirements.
C) Credit risk
The Group\u2019s credit risk is primarily attributable to its deposits, cash and cash
equivalents, debt investments and trade receivables. The Group seeks to mitigate
its credit risk on cash and cash equivalents by making short-term deposits with
counterparties, or by investing in treasury funds with an \u201cAAA\u201d credit rating or above
managed by institutions. Short-term deposit counterparties are required to have
where applicable, a prime short-term credit rating at the time of investment (ratings
are generally determined by Moody\u2019s or Standard & Poor\u2019s). Moody\u2019s prime credit
ratings of \u201cP1\u201d, \u201cP2\u201d and \u201cP3\u201d indicate respectively that the rating agency considers the
counterparty to have a \u201csuperior\u201d, \u201cstrong\u201d or \u201cacceptable\u201d ability to repay short-term
debt obligations (generally defined as having an original maturity not exceeding 13
months). An analysis of the Group\u2019s deposits and cash and cash equivalents balance
analysed by credit rating as at the reporting date is shown in the table opposite. All
other financial assets are unrated.
2025 2024
Credit rating \u00a3m \u00a3m
P1
132.8
206.9
AAAMMF
1
78.1
78.6
Other
2
0.1
0.1
cash and deposits held within investment entity subsidiaries)
211.0
285.6
Total deposits and cash and cash equivalents (including
1
The Group holds \u00a378.1m (2024: \u00a378.6m) with JP Morgan GBP liquidity fund, which has a AAAMMF
credit rating with Fitch.
2
The Group holds \u00a30.1m (2024: \u00a30.1m) with Arbuthnot Latham, a private bank with no debt in
issue and, accordingly, on which a credit rating is not applicable. Bloomberg assess Arbuthnot
Latham\u2019s 1-year default probability at 0.102869% (2024: 0.021279%).
The Group has no significant concentration of credit risk, with exposure spread over a
large number of counterparties and customers. The Group has detailed policies and
strategies which seek to minimise these associated risks including defining maximum
counterparty exposure limits for term deposits based on their perceived financial
strength at the commencement of the deposit. The single counterparty limit for fixed
term deposits in excess of 3 months at 31 December 2025 was the greater of 60% of
total group cash or \u00a350m (2024: 60%; \u00a350m). In addition, no single institution may hold
more than the higher of 50% of total cash or \u00a350m. (2024: 50%; \u00a350m).
The group\u2019s exposure to credit risk on debt investments is managed in a similar way
to equity security price risk, as described above, through the Group\u2019s investment
appraisal processes and asset monitoring procedures which are subject to overall
review by the Board. The maximum exposure to credit risk for debt investments,
receivables and other financial assets is represented by their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "A) Market risk (i) Price risk The Group is exposed to equity securities price risk as a result of the equity and debt investments, and investments in Limited Partnerships held by the Group and recognised as at fair value through profit or loss. The Group mitigates this risk by having established investment appraisal processes and asset monitoring procedures which are subject to overall review by the Board. The Group holds 7 investments valued at \u00a3133.2m at 31 December 2025 which are publicly traded (2024: nine investments; \u00a3140m), and the remainder of its investments are not traded on an active market. The net portfolio gain in 2025 of \u00a364.0m represents an 8% increase against the opening balance of the portfolio (2024: loss of \u00a3195.0m; 17% decrease). Sensitivity analysis showing the impact of movements in quoted equity and debt investments is disclosed in note 14, and movements in Limited and Limited Liability interests is shown in note 15. (ii) Foreign exchange risk The Group\u2019s main exposure to foreign currency risk is via its investment portfolio, which is partially denominated in US dollars, Australian dollars, Euros and Swedish Krona. Further details of currency exposure in the portfolio are given in notes 14 and 15. The Group\u2019s US dollar-denominated proceeds included in deferred consideration at December 2025 was \u00a340.3m (2024: \u00a32.5m). The Group periodically enters into forward foreign exchange contracts to mitigate risk of exchange rate exposure in respect of non GBP-denominated proceeds. At 31 December 2025, the Group had outstanding forward foreign exchange contracts with a notional amount of \u00a316.9m. The fair value of these contracts at year end was a \u00a30.2m asset (2024: \u00a3nil). (iii) Interest rate risk The Group holds a loan note facility primarily with Standard Life (previously named Phoenix Group) with the overall balance as at 31 December 2025 amounting to \u00a3120m (excluding setup costs). These loans all bear a fixed rate of interest, with the annual average interest rate being 5.25% (2024: 5.09%). For further details of the Group\u2019s loans including covenant details see note 20. The other primary impact of interest rate risk to the Group is the impact on the income and operating cash flows as a result of the interest\u2013bearing deposits and cash and cash equivalents held by the Group. (iv) Concentrations of risk The Group is exposed to concentration risk via the significant majority of the portfolio being UK\u2013based companies and thus potentially impacted by the performance of the UK economy. In recent years, the Group has decreased its exposure to the US as a result of the dilution of its holding in IPG Cayman Fund L.P. (Longview Innovation). The group has, however, increased the scale of its operations in Australia as a result of additional investment in this geography and portfolio value gains. The Group mitigates Market risk, in co\u2013ordination with liquidity risk, by managing its proportion of fixed to floating rate financial assets. The table on page 117 summarises the interest rate profile of the Group.
2025
2024
Floating Interest Floating Interest
Fixed rate rate free Total Fixed rate rate free Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investments in investment entity subsidiaries
123.0
71.4
879.4
1,073.8
\u2013
\u2013
\u2013
\u2013
Equity investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
713.8
713.8
Debt investments
\u2013
\u2013
3.4
3.4
\u2013
\u2013
51.6
51.6
Limited and limited liability partnership interests
\u2013
\u2013
1.2
1.2
\u2013
\u2013
58.1
58.1
Assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
13.9
13.9
Trade receivables
\u2013
\u2013
0.2
0.2
\u2013
\u2013
0.7
0.7
Other receivables
\u2013
\u2013
3.0
3.0
\u2013
\u2013
5.6
5.6
Receivable on sale of debt and equity investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
20.1
20.1
Deposits
\u2013
\u2013
\u2013
\u2013
170.0
\u2013
\u2013
170.0
Cash and cash equivalents
\u2013
16.5
\u2013
16.5
10.8
104.4
0.4
115.6
Total
123.0
87.9
887.2
1,098.1
180.8
104.4
864.2
1,149.4
Financial liabilities
Trade payables
\u2013
\u2013
(0.2)
(0.2)
\u2013
\u2013
(0.3)
(0.3)
Other accruals and deferred income
\u2013
\u2013
(2.8)
(2.8)
\u2013
\u2013
(12.2)
(12.2)
Borrowings
(119.7)
\u2013
\u2013
(119.7)
(129.1)
\u2013
\u2013
(129.1)
Carried interest plan liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(27.3)
(27.3)
Deferred tax liability
\u2013
\u2013
(0.8)
(0.8)
\u2013
\u2013
(4.5)
(4.5)
Loans from Limited Partners of consolidated funds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(19.9)
(19.9)
Other non-current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5.4)
(5.4)
Total
(119.7)
\u2013
(3.8)
(123.5)
(129.1)
\u2013
(69.6)
(198.7)
At 31 December 2025, if interest rates had been 1% higher/lower, post-tax profit/(loss) for the year, and other components of equity, would have been \u00a32.3m (2024: \u00a31.8m) higher/
lower as a result of higher interest received on cash and deposits .
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "(ii) Foreign exchange risk The Group\u2019s main exposure to foreign currency risk is via its investment portfolio, which is partially denominated in US dollars, Australian dollars, Euros and Swedish Krona. Further details of currency exposure in the portfolio are given in notes 14 and 15. The Group\u2019s US dollar-denominated proceeds included in deferred consideration at December 2025 was \u00a340.3m (2024: \u00a32.5m). The Group periodically enters into forward foreign exchange contracts to mitigate risk of exchange rate exposure in respect of non GBP-denominated proceeds. At 31 December 2025, the Group had outstanding forward foreign exchange contracts with a notional amount of \u00a316.9m. The fair value of these contracts at year end was a \u00a30.2m asset (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "B) Liquidity risk The Group seeks to manage liquidity risk, to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The Group\u2019s treasury management policy asserts that no more than 60% of the Group\u2019s cash and cash equivalents will be placed in fixed-term deposits with a holding period greater than three months at any one point in time. Accordingly, the Group only invests working capital in short-term instruments issued by a pre-approved list of reputable counterparties. The Group continually monitors rolling cash flow forecasts to ensure sufficient cash is available for anticipated cash requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "C) Credit risk The Group\u2019s credit risk is primarily attributable to its deposits, cash and cash equivalents, debt investments and trade receivables. The Group seeks to mitigate its credit risk on cash and cash equivalents by making short-term deposits with counterparties, or by investing in treasury funds with an \u201cAAA\u201d credit rating or above managed by institutions. Short-term deposit counterparties are required to have where applicable, a prime short-term credit rating at the time of investment (ratings are generally determined by Moody\u2019s or Standard & Poor\u2019s). Moody\u2019s prime credit ratings of \u201cP1\u201d, \u201cP2\u201d and \u201cP3\u201d indicate respectively that the rating agency considers the counterparty to have a \u201csuperior\u201d, \u201cstrong\u201d or \u201cacceptable\u201d ability to repay short-term debt obligations (generally defined as having an original maturity not exceeding 13 months). An analysis of the Group\u2019s deposits and cash and cash equivalents balance analysed by credit rating as at the reporting date is shown in the table opposite. All other financial assets are unrated.
2025 2024
Credit rating \u00a3m \u00a3m
P1
132.8
206.9
AAAMMF
1
78.1
78.6
Other
2
0.1
0.1
cash and deposits held within investment entity subsidiaries)
211.0
285.6
Total deposits and cash and cash equivalents (including 1 The Group holds \u00a378.1m (2024: \u00a378.6m) with JP Morgan GBP liquidity fund, which has a AAAMMF credit rating with Fitch. 2 The Group holds \u00a30.1m (2024: \u00a30.1m) with Arbuthnot Latham, a private bank with no debt in issue and, accordingly, on which a credit rating is not applicable. Bloomberg assess Arbuthnot Latham\u2019s 1-year default probability at 0.102869% (2024: 0.021279%). The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. The Group has detailed policies and strategies which seek to minimise these associated risks including defining maximum counterparty exposure limits for term deposits based on their perceived financial strength at the commencement of the deposit. The single counterparty limit for fixed term deposits in excess of 3 months at 31 December 2025 was the greater of 60% of total group cash or \u00a350m (2024: 60%; \u00a350m). In addition, no single institution may hold more than the higher of 50% of total cash or \u00a350m. (2024: 50%; \u00a350m). The group\u2019s exposure to credit risk on debt investments is managed in a similar way to equity security price risk, as described above, through the Group\u2019s investment appraisal processes and asset monitoring procedures which are subject to overall review by the Board. The maximum exposure to credit risk for debt investments, receivables and other financial assets is represented by their carrying amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "5. Revenue from services and other income Accounting Policy: Revenue from services and other income is generated primarily from within the United Kingdom and is stated exclusive of value added tax, with further revenue generated in the Group\u2019s Australian operations. Revenue is recognised when the Group satisfies its performance obligations, in line with IFRS 15. Revenue breakdown and disclosure requirements under IFRS 15 have not been presented as they are considered immaterial. Revenue from services and other income comprises: Fund management services Fund management fees include: Fund management fees which are earned either as a fixed percentage of total funds under management or a fixed percentage of capital subscribed and are recognised as the related services are provided and performance fees payable from realisations in excess of an agreed return to investors which are recognised upon realisation of assets. Advisory and corporate finance fees Fees earned from the provision of business support services including executive search services and fees for IP Group representation on portfolio company boards are recognised as the related services are provided. Corporate finance advisory fees are generally earned as a fixed percentage of total funds raised and recognised at the time the related transaction is successfully concluded. In some instances, these fees are settled via the issue of equity in the company receiving the corporate finance services at the same price per share as equity issued as part of the financing round to which the advisory fees apply", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "Accounting Policy: Revenue from services and other income is generated primarily from within the United Kingdom and is stated exclusive of value added tax, with further revenue generated in the Group\u2019s Australian operations. Revenue is recognised when the Group satisfies its performance obligations, in line with IFRS 15. Revenue breakdown and disclosure requirements under IFRS 15 have not been presented as they are considered immaterial. Revenue from services and other income comprises: Fund management services Fund management fees include: Fund management fees which are earned either as a fixed percentage of total funds under management or a fixed percentage of capital subscribed and are recognised as the related services are provided and performance fees payable from realisations in excess of an agreed return to investors which are recognised upon realisation of assets. Advisory and corporate finance fees Fees earned from the provision of business support services including executive search services and fees for IP Group representation on portfolio company boards are recognised as the related services are provided. Corporate finance advisory fees are generally earned as a fixed percentage of total funds raised and recognised at the time the related transaction is successfully concluded. In some instances, these fees are settled via the issue of equity in the company receiving the corporate finance services at the same price per share as equity issued as part of the financing round to which the advisory fees apply.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "
Revenue from services is derived from the provision of advisory and venture
capital fund management services or from licensing activities, royalty revenues
and patent cost recoveries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Revenue from services is derived from the provision of advisory and venture capital fund management services or from licensing activities, royalty revenues and patent cost recoveries", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "
6. Operating segments
For both the year ended 31 December 2025 and the year ended 31 December 2024,
the Group\u2019s revenue and profit before taxation were derived largely from its principal
activities within the UK.
For management reporting purposes, the Group is currently organised into five
operating segments:
i. Venture Capital investing within our \u2018HealthTech\u2019 thematic area
ii. Venture Capital investing within our \u2018DeepTech\u2019 thematic area
iii. Venture Capital investing within our \u2018CleanTech\u2019 thematic area
iv. Venture Capital investing: Other, representing investments not included within our
three thematic areas above, including platform investments
v. the management of third-party funds and the provision of corporate
finance advice
Reporting line items within Venture Capital investing which are not allocated by
thematic sector are presented in the \u2018Venture Capital investing: other\u2019 segment.
The element of our \u2018Healthier future\u2019 thematic area relating to Oxford Nanopore
Technologies Limited is disclosed separately given its size.
The change in investment entity status described in Note 3 does not impact the
Group\u2019s operating segments which continue to be managed based on portfolio
investment theme.
These activities are described in further detail in the strategic report on pages 01 to 23.
Year ended 31 December 2025
Venture Venture Venture Venture Venture
capital Of which capital capital capital capital Third-
investing: Oxford investing: investing: investing: investing: party fund
HealthTech Nanopore DeepTech CleanTech Other Total management Consolidated
Statement of comprehensive Income \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Portfolio return and revenue
Change in fair value of equity and debt investments
(31.0)
(1.6)
(16.9)
(23.4)
1.2
(70.1)
\u2013
(70.1)
Change in investment status
117.8
\u2013
\u2013
\u2013
\u2013
117.8
\u2013
117.8
(Loss)/gain on disposal of equity and debt investments
37.6
1.0
0.9
(1.0)
\u2013
37.5
\u2013
37.5
Change in fair value of limited and limited liability
(12.8)
(12.8)
\u2013
(12.8)
partnership interests
Revenue from services and other income
(0.8)
(0.8)
8.2
7.4
124.4
(0.6)
(16.0)
(24.4)
(12.4)
71.6
8.2
79.8
Administrative expenses
1
Carried interest plan release
1
7.0
7.0
\u2013
7.0
Share-based payment charge
1
(2.0)
(2.0)
(0.4)
(2.4)
Other administrative expenses
1
(16.8)
(16.8)
(6.6)
(23.4)
\u2013
\u2013
\u2013
\u2013
(11.8)
(11.8)
(7.0)
(18.8)
Operating profit/(loss)
124.4
(0.6)
(16.0)
(24.4)
(24.2)
59.8
1.2
61.0
Finance income
1
9.6
9.6
0.6
10.2
Finance costs
1
(6.4)
(6.4)
\u2013
(6.4)
Profit/(loss) before taxation
124.4
(0.6)
(16.0)
(24.4)
(21.0)
63.0
1.8
64.8
Taxation
1
2.1
2.1
\u2013
2.1
Profit/(loss) for the year
124.4
(0.6)
(16.0)
(24.4)
(18.9)
65.1
1.8
66.9
STATEMENT OF FINANCIAL POSITION
Assets
561.4
102.0
144.3
158.8
216.2
1,080.7
17.9
1,098.6
Liabilities
1
(119.0)
(119.0)
(4.5)
(123.5)
Net assets
561.5
102.0
144.3
158.8
91.2
961.7
13.4
975.1
Other segment items
Portfolio investment
2
(26.1)
\u2013
(29.3)
(12.4)
(2.7)
(70.5)
\u2013
(70.5)
Cash proceeds
2
49.1
4.0
10.5
2.9
54.7
68.1
\u2013
68.1
1
These amounts cannot be apportioned to the individual segments of the venture capital investing business.
2
Note 29 details the Alternative Performance Measures (\u201cAPM\u201d)
Year ended 31 December 2024
Venture Venture Venture Venture Venture
capital Of which capital capital capital capital Third-
investing: Oxford investing: investing: investing: investing: party fund
HealthTech Nanopore DeepTech CleanTech Other Total management Consolidated
Statement of Comprehensive Income \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Portfolio return and revenue
Change in fair value of equity and debt investments
(126.0)
(65.6)
(45.6)
(75.1)
0.6
(246.1)
\u2013
(246.1)
(Loss)/gain on disposal of equity and debt investments
7.5
(0.7)
56.1
\u2013
0.1
63.7
\u2013
63.7
Change in fair value of limited and limited liability
(12.6)
(12.6)
\u2013
(12.6)
partnership interests
Revenue from services and other income
0.3
0.3
5.2
5.5
(118.5)
(66.3)
10.5
(75.1)
(11.6)
(194.7)
5.2
(189.5)
Administrative expenses
1
Carried interest plan credit
1
7.9
7.9
\u2013
7.9
Share-based payment charge
1
(1.6)
(1.6)
(0.3)
(1.9)
Other administrative expenses
1
(19.8)
(19.8)
(5.5)
(25.3)
\u2013
\u2013
\u2013
\u2013
(13.5)
(13.5)
(5.8)
(19.3)
Operating loss
(118.5)
(66.3)
10.5
(75.1)
(25.1)
(208.2)
(0.6)
(208.8)
Finance income
1
8.1
8.1
0.7
8.8
Finance costs
1
(6.7)
(6.7)
\u2013
(6.7)
Loss before taxation
(118.5)
(66.3)
10.5
(75.1)
(23.7)
(206.8)
0.1
(206.7)
Taxation
1
(0.3)
(0.3)
\u2013
(0.3)
Loss for the year
(118.5)
(66.3)
10.5
(75.1)
(24.0)
(207.1)
0.1
(207.0)
STATEMENT OF FINANCIAL POSITION
Assets
463.1
106.6
101.1
215.9
352.0
1,132.1
19.1
1,151.2
Liabilities
1
(191.8)
(191.8)
(6.9)
(198.7)
Net Assets
463.1
106.6
101.1
215.9
160.2
940.3
12.2
952.5
Other segment items
Portfolio investment
2
(36.3)
(1.0)
(8.5)
(15.7)
(2.5)
(63.0)
\u2013
(63.0)
Cash proceeds
2
30.4
1.6
148.9
\u2013
4.1
183.4
\u2013
183.4
1
These amounts cannot be apportioned to the individual segments of the venture capital investing business.
2
Note 29 details the Alternative Performance Measures (\u201cAPM\u201d)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "
7. Auditor\u2019s remuneration
Details of the auditor\u2019s remuneration are set out below:
2025 2024
\u00a3000 \u00a3000
Audit of these financial statements (KPMG LLP)
547.1
635.9
Audit of financial statements of funds and subsidiaries of
the companies (KPMG LLP)
182.9
153.5
Audit related assurance services (KPMG LLP)
70.0
74.3
Total assurance services
800.0
863.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
8. Operating profit/(loss)
Operating profit/(loss) has been arrived at after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of right-of-use asset, property, plant and
equipment
(0.5)
(0.6)
Total employee costs (see note 10)
(16.8)
(19.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "
9. Other administrative expenses
Other administrative expenses comprise:
2025 2024
\u00a3m \u00a3m
Employee costs (excluding share-based payment charge
and restructuring costs)
14.4
14.7
Restructuring costs \u2013 labour
\u2013
2.4
Professional services
2.8
3.2
Restructuring costs \u2013 professional services
\u2013
0.3
Depreciation of tangible assets
0.5
0.6
Other expenses
5.7
4.1
Total
23.4
25.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "9. Other administrative expenses Other administrative expenses comprise:
2025 2024
\u00a3m \u00a3m
Employee costs (excluding share-based payment charge
and restructuring costs)
14.4
14.7
Restructuring costs \u2013 labour
\u2013
2.4
Professional services
2.8
3.2
Restructuring costs \u2013 professional services
\u2013
0.3
Depreciation of tangible assets
0.5
0.6
Other expenses
5.7
4.1
Total
23.4
25.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
10. Employee costs
Employee costs (including Executive Directors) comprise:
2025 2024
\u00a3m \u00a3m
Salaries
9.6
10.6
Defined contribution pension cost
0.9
1.1
Other bonuses accrued in the year
2.4
1.8
Social security
1.5
1.2
Restructuring costs \u2013 labour
\u2013
2.4
Employee costs
14.4
17.1
Share\u2013based payment charge (see note 22)
2.4
1.9
Total employee costs
16.8
19.0
The average monthly number of persons (including Executive Directors) employed by the Group during the year was 69 (2024: 98), all of whom were involved in management and administration activities. General details of the Directors\u2019 remuneration can be found in the audited sections of the Directors\u2019 Remuneration Report on pages 80 to 88.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "10. Employee costs
Employee costs (including Executive Directors) comprise:
2025 2024
\u00a3m \u00a3m
Salaries
9.6
10.6
Defined contribution pension cost
0.9
1.1
Other bonuses accrued in the year
2.4
1.8
Social security
1.5
1.2
Restructuring costs \u2013 labour
\u2013
2.4
Employee costs
14.4
17.1
Share\u2013based payment charge (see note 22)
2.4
1.9
Total employee costs
16.8
19.0
The average monthly number of persons (including Executive Directors) employed
by the Group during the year was 69 (2024: 98), all of whom were involved in
management and administration activities. General details of the Directors\u2019
remuneration can be found in the audited sections of the Directors\u2019 Remuneration
Report on pages 80 to 88.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
Accounting Policy:
Employee benefits
Pension obligations
The Group operates a company defined contribution pension scheme for which
all employees are eligible. The assets of the scheme are held separately from
those of the Group in independently administered funds. The Group currently
makes contributions on behalf of employees to this scheme or to employee
personal pension schemes on an individual basis. The Group has no further
payment obligations once the contributions have been paid. The contributions are
recognised as employee benefit expenses when they are due.
Share\u2013based payments
The Group engages in equity-settled share-based payment transactions in
respect of services receivable from employees, by granting employees conditional
awards of ordinary shares subject to certain vesting conditions. Conditional
awards of shares are made pursuant to the Group\u2019s Restricted Share Plan (\u201cRSP\u201d)
awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair value of
the shares is estimated at the date of grant, taking into account the terms and
conditions of the award, including market-based performance conditions.
The fair value at the date of grant is recognised as an expense over the period
that the employee provides services, generally the period between the start of the
performance period and the vesting date of the shares. The corresponding credit
is recognised in retained earnings within total equity. The fair value of services
is calculated using the market value on the date of award and is adjusted for
expected and actual levels of vesting. Where conditional awards of shares lapse,
the expense recognised to date is credited to the statement of comprehensive
income in the year in which they lapse. Where the terms for an equity-settled
award are modified, and the modification increases the total fair value of the
share-based payment or is otherwise beneficial to the employee at the date of
modification, the incremental fair value is amortised over the vesting period.
See the audited section of the Directors\u2019 Remuneration Report on pages 80 to 88
and note 22 for further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Share\u2013based payments The Group engages in equity-settled share-based payment transactions in respect of services receivable from employees, by granting employees conditional awards of ordinary shares subject to certain vesting conditions. Conditional awards of shares are made pursuant to the Group\u2019s Restricted Share Plan (\u201cRSP\u201d) awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair value of the shares is estimated at the date of grant, taking into account the terms and conditions of the award, including market-based performance conditions. The fair value at the date of grant is recognised as an expense over the period that the employee provides services, generally the period between the start of the performance period and the vesting date of the shares. The corresponding credit is recognised in retained earnings within total equity. The fair value of services is calculated using the market value on the date of award and is adjusted for expected and actual levels of vesting. Where conditional awards of shares lapse, the expense recognised to date is credited to the statement of comprehensive income in the year in which they lapse. Where the terms for an equity-settled award are modified, and the modification increases the total fair value of the share-based payment or is otherwise beneficial to the employee at the date of modification, the incremental fair value is amortised over the vesting period. See the audited section of the Directors\u2019 Remuneration Report on pages 80 to 88 and note 22 for further details", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
Accounting Policy:
Deferred tax
Full provision is made for deferred tax on all temporary differences resulting
from the carrying value of an asset or liability and its tax base. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantively
enacted by the reporting date and are expected to apply when the related
deferred tax asset is realised or deferred tax liability settled. Deferred tax assets
are recognised to the extent that it is probable that the deferred tax asset will be
recovered in the future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
2025 2024
\u00a3m \u00a3m
Current tax
UK corporation tax on profits for the year
\u2013
\u2013
Foreign tax
\u2013
\u2013
\u2013
\u2013
Deferred tax charge
(2.1)
0.3
Total tax
(2.1)
0.3
The Group primarily seeks to generate capital gains from its holdings in spin-out companies over the longer term. The majority of these capital gains qualify for UK Substantial Shareholding Exemption (\u201cSSE\u201d) and are therefore not taxable, resulting in the Group making annual net operating losses from its operations from a UK tax perspective. Gains arising on sales of holdings which do not qualify for SSE will ordinarily give rise to taxable profits for the Group, to the extent that these exceed the Group\u2019s ability to offset gains against current and brought forward tax losses (subject to the relevant restrictions on the use of brought\u2013forward losses). In such cases, a deferred tax liability is recognised in respect of estimated tax amount payable
The amount for the year can be reconciled to the profit/(loss) per the statement of
comprehensive income as follows:
2025 2024
\u00a3m \u00a3m
Profit/(loss) before tax
64.8
(206.7)
Tax at the UK corporation tax rate of 25% (2024: 23.52%)
16.2
(51.7)
Expenses not deductible for tax purposes
(1.2)
(1.8)
Income not taxable
(9.4)
(15.9)
Fair value movement on investments qualifying for SSE
(10.6)
65.8
Movement on share\u2013based payments
\u2013
0.3
Movement in tax losses arising not recognised
2.9
3.6
Total tax charge
(2.1)
0.3
Following the change in investment entity designation described in Note 3, the majority
of temporary difference, unused tax losses and deferred tax were reallocated to
investment entity subsidiaries which are not consolidated.
At 31 December 2025, deductible temporary differences and unused tax losses, for
which no deferred tax asset has been recognised, totalled \u00a320.8m (2024: \u00a3333.0m). An
analysis is shown below:
2025
2024
Deferred Deferred
Amount tax Amount tax
\u00a3m \u00a3m \u00a3m \u00a3m
Share\u2013based payment
(1.2)
(0.3)
(52.4)
(13.1)
costs and other temporary
differences
Unused tax losses
(19.6)
(4.9)
(279.6)
(69.9)
Total unrecognised deferred
tax asset
(20.8)
(5.2)
(333.0)
(83.0)
At 31 December 2025, deductible temporary differences and unused tax losses, for
which a deferred tax liability has been recognised, totalled \u00a33.2m (2024: \u00a318.0m). An
analysis is shown below:
2025
2024
Deferred Deferred
Amount tax Amount tax
\u00a3m \u00a3m \u00a3m \u00a3m
Temporary timing differences
6.8
1.7
39.6
9.9
Unused tax losses
(3.6)
(0.9)
(21.6)
(5.4)
Total recognised deferred
tax liability
3.2
0.8
18.0
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "At 31 December 2025, deductible temporary differences and unused tax losses, for which no deferred tax asset has been recognised, totalled \u00a320.8m (2024: \u00a3333.0m). An analysis is shown below:
2025
2024
Deferred Deferred
Amount tax Amount tax
\u00a3m \u00a3m \u00a3m \u00a3m
Share\u2013based payment
(1.2)
(0.3)
(52.4)
(13.1)
costs and other temporary
differences
Unused tax losses
(19.6)
(4.9)
(279.6)
(69.9)
Total unrecognised deferred
tax asset
(20.8)
(5.2)
(333.0)
(83.0)
At 31 December 2025, deductible temporary differences and unused tax losses, for which a deferred tax liability has been recognised, totalled \u00a33.2m (2024: \u00a318.0m). An analysis is shown below:
2025
2024
Deferred Deferred
Amount tax Amount tax
\u00a3m \u00a3m \u00a3m \u00a3m
Temporary timing differences
6.8
1.7
39.6
9.9
Unused tax losses
(3.6)
(0.9)
(21.6)
(5.4)
Total recognised deferred
tax liability
3.2
0.8
18.0
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "12. Earnings per share Earnings
2025 2024
\u00a3m \u00a3m
Profit/(loss) after tax for the year
66.9
(207.0)
Non-controlling interest
(0.1)
4.4
Earnings for the purposes of basic and dilutive earnings
66.8
(202.6)
per share
Number of shares
2025 2024
Number of Number of
shares shares
Weighted average number of ordinary shares for the
purposes of basic earnings per share
922,660,204
1,014,672,586
Effect of dilutive potential ordinary shares: Options or
contingently issuable shares
18,072,389
\u2013
Weighted average number of ordinary shares for the
purposes of diluted earnings per share
940,732,593
1,014,672,586
2025 2024
pence pence
Basic
7.24
(19.97)
Diluted
7.10
(19.97)
Potentially dilutive ordinary shares include contingently issuable shares arising under the Group\u2019s RSP arrangements, and options issued as part of the Group\u2019s Sharesave schemes and Deferred Bonus Share Plan (for annual bonuses deferred under the terms of the Group\u2019s Annual Incentive Scheme)", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
13. Categorisation of financial instruments
Accounting policy:
Financial assets and liabilities
Financial assets and liabilities are recognised in the balance sheet when the relevant Group entity becomes a party to the contractual provisions of the instrument. De\u2013
recognition occurs when rights to cash flows from a financial asset expire, or when a liability is extinguished.
Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on
market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial
asset when their fair value is positive and as a financial liability when their fair value is negative. The Group\u2019s derivative financial instruments are not designated as hedging
instruments.
Financial assets
In respect of regular way purchases or sales, the Group uses trade date accounting to recognise or derecognise financial assets.
The Group classifies its financial assets into one of the categories listed below, depending on the purpose for which the asset was acquired.
At fair value through profit or loss
Held for trading and financial assets are recognised at fair value through profit and loss. This category includes investment entity subsidiaries, (see Note 3 for a
description of the change in Investment Entity designation in the year), equity investments, debt investments and investments in limited partnerships. Investments in
associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as at fair value through profit or loss.
This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited partnerships and associated
undertakings is evaluated on a fair value basis in accordance with an established investment strategy.
Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in
profit or loss in the statement of comprehensive income in the period which they arise.
At amortised cost
These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision
of services to customers (trade receivables) and are carried at cost less provision for impairment .
Deposits
Deposits comprise longer\u2013term deposits held with financial institutions with an original maturity of greater than three months and, in line with IAS 7 are not included within
cash and cash equivalents. Cash flows related to investments in, and maturities of amounts held on deposit are presented within investing activities in the consolidated
statement of cash flows. Interest income related to deposits is included within cashflows from operating activities.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income
related to cash is included within cashflows from operating activities.
Financial liabilities
Current financial liabilities are composed of trade payables and other short\u2013term monetary liabilities, which are recognised at amortised cost.
Non\u2013current liabilities are composed of Deferred tax and loan notes provided by Standard Life.
Unless otherwise indicated, the carrying amounts of the Group\u2019s financial liabilities are a reasonable approximation to their fair value. Non\u2013current liabilities are recognised
initially at fair value net of transaction costs incurred, and subsequently at amortised cost.
Financial assets
At fair value
through Amortised
profit or loss cost Total
\u00a3m \u00a3m \u00a3m
Investment in investment entity subsidiaries
1,073.8
\u2013
1,073.8
Equity investments
\u2013
\u2013
\u2013
Debt investments
3.4
\u2013
3.4
Limited and limited liability partnership interests
1.2
\u2013
1.2
Trade and other receivables
\u2013
3.3
3.3
Cash and cash equivalents
\u2013
16.5
16.5
At 31 December 2025
1,078.4
19.8
1,098.2
Equity investments
713.8
\u2013
713.8
Debt investments
51.6
\u2013
51.6
Limited and limited liability partnership interests
58.1
\u2013
58.1
Assets held for sale
13.9
\u2013
13.9
Trade and other receivables
\u2013
6.3
6.3
Receivables on sale of debt and equity investments
20.1
\u2013
20.1
Deposits
\u2013
170.0
170.0
Cash and cash equivalents
\u2013
115.6
115.6
At 31 December 2024
857.5
291.9
1,149.4
In light of the credit ratings applicable to the Group\u2019s cash and cash equivalent and deposits, (see note 4 for further details), we estimate expected credit losses on the Group\u2019s
receivables to be under \u00a30.1m and therefore not disclosed further (2024: less than \u00a30.1m), similarly we have not presented an analysis of credit ratings of trade and other
receivable and receivables on sale of debt and equity investments.
All net fair value gains in the year are attributable to financial assets designated at fair value through profit or loss on initial recognition (2024: all net fair value gains in the year
are attributable to financial assets designated at fair value through profit or loss on initial recognition).
Interest income of \u00a3nil (2024: \u00a3nil) is attributable to financial assets classified as fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Accounting policy: Financial assets and liabilities Financial assets and liabilities are recognised in the balance sheet when the relevant Group entity becomes a party to the contractual provisions of the instrument. De\u2013 recognition occurs when rights to cash flows from a financial asset expire, or when a liability is extinguished. Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. The Group\u2019s derivative financial instruments are not designated as hedging instruments. Financial assets In respect of regular way purchases or sales, the Group uses trade date accounting to recognise or derecognise financial assets. The Group classifies its financial assets into one of the categories listed below, depending on the purpose for which the asset was acquired. At fair value through profit or loss Held for trading and financial assets are recognised at fair value through profit and loss. This category includes investment entity subsidiaries, (see Note 3 for a description of the change in Investment Entity designation in the year), equity investments, debt investments and investments in limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in profit or loss in the statement of comprehensive income in the period which they arise. At amortised cost These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision of services to customers (trade receivables) and are carried at cost less provision for impairment . Deposits Deposits comprise longer\u2013term deposits held with financial institutions with an original maturity of greater than three months and, in line with IAS 7 are not included within cash and cash equivalents. Cash flows related to investments in, and maturities of amounts held on deposit are presented within investing activities in the consolidated statement of cash flows. Interest income related to deposits is included within cashflows from operating activities. Cash and cash equivalents Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income related to cash is included within cashflows from operating activities. Financial liabilities Current financial liabilities are composed of trade payables and other short\u2013term monetary liabilities, which are recognised at amortised cost. Non\u2013current liabilities are composed of Deferred tax and loan notes provided by Standard Life. Unless otherwise indicated, the carrying amounts of the Group\u2019s financial liabilities are a reasonable approximation to their fair value. Non\u2013current liabilities are recognised initially at fair value net of transaction costs incurred, and subsequently at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "Financial assets In respect of regular way purchases or sales, the Group uses trade date accounting to recognise or derecognise financial assets. The Group classifies its financial assets into one of the categories listed below, depending on the purpose for which the asset was acquired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "At fair value through profit or loss Held for trading and financial assets are recognised at fair value through profit and loss. This category includes investment entity subsidiaries, (see Note 3 for a description of the change in Investment Entity designation in the year), equity investments, debt investments and investments in limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in profit or loss in the statement of comprehensive income in the period which they arise. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "At fair value through profit or loss Held for trading and financial assets are recognised at fair value through profit and loss. This category includes investment entity subsidiaries, (see Note 3 for a description of the change in Investment Entity designation in the year), equity investments, debt investments and investments in limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in profit or loss in the statement of comprehensive income in the period which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision of services to customers (trade receivables) and are carried at cost less provision for impairment ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "Cash and cash equivalents Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income related to cash is included within cashflows from operating activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Financial liabilities Current financial liabilities are composed of trade payables and other short\u2013term monetary liabilities, which are recognised at amortised cost. Non\u2013current liabilities are composed of Deferred tax and loan notes provided by Standard Life. Unless otherwise indicated, the carrying amounts of the Group\u2019s financial liabilities are a reasonable approximation to their fair value. Non\u2013current liabilities are recognised initially at fair value net of transaction costs incurred, and subsequently at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "14. Equity and debt investments and Assets Held for Sale Accounting policy: Fair value hierarchy The Group classifies financial assets using a fair value hierarchy that reflects the significance of the inputs used in making the related fair value measurements. The level in the fair value hierarchy, within which a financial asset is classified, is determined on the basis of the lowest level input that is significant to that asset\u2019s fair value measurement. The fair value hierarchy has the following levels: Level 1 \u2013 Quoted prices in active markets. Level 2 \u2013 Inputs other than quoted prices that are observable, such as prices from market transactions. Level 3 \u2013 One or more inputs that are not based on observable market data. Equity investments Fair value is the underlying principle and is defined as \u201cthe price that would be received to sell an asset in an orderly transaction between market participants at the measurement date\u201d (IPEV guidelines, December 2025). Where the equity structure of a portfolio company involves different class rights in a sale or liquidity event, the Group takes these different rights into account when forming a view on the value of its investment. Valuation techniques used The fair value of unlisted securities is established using appropriate valuation techniques in line with December 2025 IPEV guidelines. The selection of appropriate valuation techniques is considered on an individual basis in light of the nature, facts and circumstances of the investment and in the expected view of market participants. The Group selects valuation techniques which make maximum use of market\u2013based inputs. Techniques are applied consistently from period to period, except where a change would result in better estimates of fair value. Several valuation techniques may be used so that the results of one technique may be used as a cross check/corroboration of an alternative technique. Valuation techniques used include: \u2022 Quoted bid price: The fair values of quoted investments are based on bid prices in an active market at the reporting date. \u2022 Funding transaction: The fair value of unquoted investments which have recently raised equity financing may be calculated with reference to the price of the recent investment. For investments for which the capital structure involves different class rights in a sale or liquidity event, a full scenario analysis via the use of the probability\u2013 weighted expected return method (\u201cPWERM\u201d) is used to calculate the implied values of the existing share classes. \u2022 Other: Future market/commercial events: Scenario analysis is used, which is a forward\u2013looking method that considers one or more possible future scenarios. These methods include simplified scenario analysis and relative value scenario analysis, which tie to the fully diluted (\u201cpost\u2013money\u201d) equity value. The PWERM method may be utilised for this valuation technique for investments which have an equity structure which involves different class rights in a sale or liquidity event. \u2022 Other: Adjusted funding transaction price based on past performance \u2013 upwards/downwards: The milestone approach involves making an assessment as to whether there is an indication of change in fair value based on a consideration of the relevant milestones, typically agreed at the time of making the investment decision. \u2022 Other: DCF: deriving the value of a business by calculating the present value of expected future cash flows. \u2022 Other: Revenue multiple: the application of an appropriate multiple to a performance measure (such as earnings or revenue) of the investee company in order to derive a value for the business. \u2022 Other: Receipt of expected sale proceeds: The fair value of deferred and contingent consideration arising from the sale of an investment, determined by estimating the expected future cash proceeds under the sale agreement. This reflects the contractual terms of the transaction, including the timing, amount and conditions of expected receipts, and involves discounting the expected proceeds to present value where payment is deferred and/or applying probability-weighting where receipt is contingent on the achievement of specified milestones The fair value indicated by a recent transaction is used to calibrate inputs used with valuation techniques including those noted above. At each measurement date, an assessment is made as to whether changes or events subsequent to the relevant transaction would imply a change in the investment\u2019s fair value. The price of a recent investment is not considered a standalone valuation technique (see further considerations below). Where the current fair value of an investment is unchanged from the price of a funding transaction, the Group refers to the valuation basis as \u2018Funding transaction\u2019. The table below summarises the unrealised gains and losses on revaluation of debt and equity investments during the year
Level 1
Level 3
Equity investments Unquoted equity Debt investments in
in quoted spin\u2013out investments in spin\u2013out unquoted spin\u2013out
companies companies companies Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
203.8
807.7
83.7
1,095.2
Investments
1.5
40.9
18.4
60.8
Transaction\u2013based reclassifications
0.3
49.5
(49.8)
\u2013
Other transfers between hierarchy levels
\u2013
\u2013
\u2013
\u2013
Disposals
(11.8)
(116.6)
(1.0)
(129.4)
Fees settled via equity
(7.1)
(6.8)
\u2013
(13.9)
Other change in portfolio value
\u2013
(1.1)
(0.1)
(1.2)
Change in fair value
1
(53.7)
(187.4)
1.7
(239.4)
FX translation
1
0.1
(5.5)
(1.3)
(6.7)
At 1 January 2025
133.1
580.7
51.6
765.4
Investments
\u2013
51.3
16.7
68.0
Transaction\u2013based reclassifications
\u2013
(10.5)
10.5
\u2013
Other transfers between hierarchy levels
36.6
(36.6)
\u2013
\u2013
Disposals
(35.6)
(12.6)
(1.30)
(49.5)
Reclassification from Assets Held for Sale
\u2013
3.9
\u2013
3.9
Fees settled via equity
\u2013
0.1
\u2013
0.1
Change in revenue share
\u2013
(2.1)
3.4
1.3
Change in fair value
1
2.1
(65.2)
(1.7)
(64.8)
FX translation
1
(2.9)
(1.9)
(0.5)
(5.3)
Change in investment entity status (note 28)
(133.3)
(507.1)
(75.3)
(715.7)
At 31 December 2025
\u2013
\u2013
3.4
3.4
1 The total unrealised change in fair value and FX in respect of Level 3 investments was a gain of \u00a368.2m (2024: loss of \u00a3192.5m)
Unquoted equity and debt investments are measured in accordance with IPEV
guidelines with reference to the most appropriate information available at the time of
measurement. Where relevant, several valuation approaches are used in arriving at an
estimate of fair value for an individual asset.
For assets and liabilities that are recognised at fair value on a recurring basis, the
Group determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorisation (based on the lowest level input that is significant to
the fair value measurement as a whole) at the end of each reporting period. Transfers
between levels are then made as if the transfer took place on the first day of the
period in question, except in the cases of transfers between tiers based on an initial
public offering (\u201cIPO\u201d) of an investment wherein the changes in value prior to the IPO
are calculated and reported in level 3, and those changes post are attributed to level 1.
Transfers between level 3 and level 1 occur when a previously unquoted investment
undertakes an initial public offering, resulting in its equity becoming quoted on an
active market. In the current period, transfers of this nature amounted to \u00a336.6m in
respect of Hinge Health (FY24: \u00a3nil). Transfers between level 1 and level 3 would occur
when a quoted investment\u2019s market becomes inactive, or the portfolio company
elects to delist. There have been no instance in the current year, totalling \u00a3nil (2024: no
instances, totalling \u00a3nil).
Transfers between level 3 debt and level 3 equity occur upon conversion of convertible
debt into equity. In the current year, transfers of this nature amounted to \u00a310.5m (2024:
\u00a349.8m).
See note 3 and note 28 for further details on the change of investment entity basis,
and details of equity and debt investments included at fair value within investment
entity subsidiaries at 31 December 2025.
Change in fair value in the year (including fx)
2025 2024
\u00a3m \u00a3m
Fair value gains
59.1
42.7
Fair value losses
(129.2)
(288.8)
Total
(70.1)
(246.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "15. Limited and limited liability partnership interests Accounting Policy: Valuations in respect of Limited and Limited Liability Funds are based on IP Group\u2019s share of the Net Asset Value of the fund as per the audited financial statements prepared by the fund manager. The key judgments in the preparation of these accounts relate to the valuation of unquoted investments. Management conduct an analysis of the appropriateness of valuations of specific equity and debt investments in portfolio companies held within the fund in question. In making these assessments, the Group has applied a valuation methodology consistent with that set out in note 14. Where a significant divergence from the Group\u2019s valuation methodology is identified, an adjustment is made to the fund manager NAV statement to bring the value of the fund investment in line with the Group\u2019s accounting policy in respect of debt and equity investments. Investments in these Limited and Limited Liability Partnerships are recognised at fair value through profit and loss in accordance with IFRS 9. \u2018Changes in fair value of Limited Partnership investments\u2019 per the Group Income Statement represents revaluation gains and losses on the Group\u2019s investment in Limited Partnership funds. Fund interests are valued on a net asset basis, as estimated based on the managers\u2019 NAVs. The Managers\u2019 NAVs apply valuation techniques consistent with IFRS and are subject to audit. Where audited accounts are received in arrears of the publication of the Group\u2019s results hence these are marked as unaudited in the table below, however a retrospective review of audited accounts versus earlier unaudited results is carried out. Managers\u2019 NAVs are usually published quarterly, two to four months after the quarter end. The below table analyses the fund valuations with reference to manager NAV dates used at 31 December.
Limited & Limited Liability Functional 2025 2024
Partnerships
currency
Status
\u00a3m \u00a3m
IPG Cayman Fund L.P.
(Longview Innovation)
USD
n/a
\u2013
37.7
UCL Technology Fund L.P.
GBP
n/a
\u2013
18.0
Technikos LLP
GBP
Unaudited
1.2
2.4
Total
1.2
58.1
Limited & Limited Liability Partnerships movements in year
\u00a3m
At 1 January 2024
69.7
Investments during the year
2.2
Distribution from Limited Partnership funds
(1.2)
Change in fair value during the year
(13.1)
Currency revaluation
0.5
At 1 January 2025
58.1
Investments during the year
2.5
Distribution from Limited Partnership funds
(5.6)
Change in fair value during the year
(12.8)
Currency revaluation
(0.3)
Change in investment entity status (see note 28)
(40.7)
At 31 December 2025
1.2
The Group considers interests in limited and limited liability partnerships to be level 3 in the fair value hierarchy throughout the current and previous financial years. See Notes 3 and Note 28 for further details on the change of investment entity basis, and details of limited partnership interests included at fair value within investment entity subsidiaries at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
16. Receivable on sale of debt and equity investments
Accounting Policy:
Consideration in respect of the sale of debt and equity investments may include
elements of deferred consideration where payment is received at a pre\u2013agreed
future date, and/or elements of contingent consideration where payment is
received based on, for example, achievement of specific drug development
milestones. In such instances, these amounts are designated at fair value through
profit and loss on initial recognition. Any subsequent remeasurement will be
recognised as changes in fair value in the statement of comprehensive income.
2025 2024
\u00a3m \u00a3m
Deferred and contingent consideration (non-current)
\u2013
18.5
Deferred and contingent consideration (current)
\u2013
1.6
Total deferred and contingent consideration
\u2013
20.1
See Note 3 and Note 28 for further details on the change of investment entity basis,
and details of amounts receivable on sale of equity and debt investments included at
fair value within investment entity subsidiaries at 31 December 2025.
18. Trade and other receivables
Current assets
2025 2024
\u00a3m \u00a3m
Trade debtors
\u2013
0.7
Prepayments
0.1
0.8
Interest receivable
\u2013
1.3
Other receivables
3.2
3.5
Trade and other receivables
3.3
6.3
The Directors consider the carrying amount of trade and other receivables at
amortised cost to approximate their fair value. All receivables are interest free,
repayable on demand and unsecured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "17. Gain on disposal of equity and debt investments
2025 2024
\u00a3m \u00a3m
Proceeds from sale of equity and debt investments
52.5
182.2
Movement in amounts receivable on sale of debt and
equity investments
34.5
10.9
Carrying value of investments disposed
(49.5)
(129.4)
Gain on disposal
37.5
63.7
Gain on disposal of investments is calculated as disposal proceeds plus the movement in deferred and contingent consideration receivable in respect of the sale, less the carrying value of the investment at the point of disposal. The subsequent receipt of deferred and contingent consideration amounts is reflected in the above table as a positive amount of disposal proceeds and a negative movement in amounts receivable on sale of debt and equity investments, resulting in no overall movement in profit on disposal if the full amount expected is received", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
19. Trade and other payables
Current liabilities
2025 2024
\u00a3m \u00a3m
Trade payables
0.2
0.3
Social security expenses
0.1
0.6
Bonus accrual
0.7
2.7
Lease liability
\u2013
1.0
Payable to Imperial College and other third parties under
revenue share obligations
\u2013
3.4
Other accruals and deferred income
2.0
4.5
Trade and other payables
3.0
12.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
20. Borrowings and Loans from Limited Partners of
controlled funds
Current liabilities
2025 2024
\u00a3m \u00a3m
Borrowings
119.7
6.3
Total
119.7
6.3
2025 2024
Non\u2013current liabilities \u00a3m \u00a3m
Loans drawn down from the Limited Partners of
controlled funds
\u2013
19.9
Borrowings
\u2013
122.8
Total
\u2013
142.7
(i) Loans drawn down from the Limited Partners of controlled
funds
Accounting Policy:
Prior to the change in investment entity basis described in see note 3, the Group
consolidated the assets of a co\u2013investment fund, IP Venture Fund II LP, which it
manages. Loans from third parties of consolidated funds represent loans from
external LPs into the partnership. Under the terms of the Limited Partnership
Agreement, these loans are repayable only upon these funds generating sufficient
realisations to repay the Limited Partners. Management anticipates that the
funds will generate the required returns and consequently recognises the full
associated liabilities.
The classification of these loans as non\u2013current reflects the forecast timing of
returns and subsequent repayment of loans, which is not anticipated to occur
within one year.
As at 31 December, loans from Limited Partners of consolidated funds comprised
loans into IP Venture Fund II LP of \u00a3nil (2024: \u00a319.9m).
See note 28 for details of loans drawn down from the Limited Partners of
controlled funds included at fair value within investment entity subsidiaries at
31 December 2025.
A reconciliation of the movement in loans drawn from the Limited Partners of
controlled funds is as follows:
2025 2024
\u00a3m \u00a3m
At 1 January
19.9
19.8
Drawdown of funds
\u2013
0.1
Distribution of funds
(1.6)
\u2013
Change in investment entity status (see note 28)
(18.3)
\u2013
At 31 December
\u2013
19.9
(ii) Borrowings Accounting Policy: Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of comprehensive income over the period of the borrowing using the effective interest rate method. Costs incurred in the course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a straight line basis over the term of the borrowings.
Outstanding Repayment commencement
Description
Initial amount
amount
Date drawn
Interest rate
date & terms
IP Group Series A Notes
\u00a320.0m
\u00a320.0m
Dec 2022
Fixed 5.23%
Repayable in full in Dec 2027
IP Group Series B Notes
\u00a320.0m
\u00a320.0m
Dec 2022
Fixed 5.21%
Repayable in full in Dec 2028
IP Group Series C Notes
\u00a320.0m
\u00a320.0m
Dec 2022
Fixed 5.30%
Repayable in full in Dec 2029
IP Group Series D Notes
\u00a320.0m
\u00a320.0m
Jun 2023
Fixed 5.23%
Repayable in full in Dec 2027
IP Group Series E Notes
\u00a320.0m
\u00a320.0m
Jun 2023
Fixed 5.21%
Repayable in full in Dec 2028
IP Group Series F Notes
\u00a320.0m
\u00a320.0m
Jun 2023
Fixed 5.30%
Repayable in full in Dec 2029
Total
\u00a3120.0m
\u00a3120.0
Loans totalling \u00a3120.0m (2024: \u00a3129.4m) are subject to fixed interest rates and are recognised at amortised cost. The fair value of these loans as at 31 December 2025 is \u00a3119.7m (2024: \u00a3118.7m). In December 2022, the Group drew down the first Tranche of \u00a360m of a \u00a3120m loan Note Purchase Agreement (\u201cNPA\u201d) and a further \u00a360m in June 2023. The NPA contains the following covenants: \u2022 Total equity must be at least \u00a3500m as at the Group\u2019s 30 June and 31 December reporting dates \u2022 Gross debt less restricted cash must not exceed 25% of total equity as at the Group\u2019s 30 June and 31 December reporting dates \u2022 The Group must maintain cash and cash equivalents of not less than \u00a325m at any time Breach of any of the above covenants constitutes default under the NPA
The NPA also includes a \u2018Cash Trap\u2019 mechanism, which is triggered based on
conditions listed below. In the event of the Cash Trap being triggered, the Group is
not permitted to pay or declare a dividend or purchase any of its shares. In addition,
investments are restricted to \u00a32.5m per calendar quarter other than those legally
committed to. The Group is also required to place the net proceeds of all realisations
(over a threshold of \u00a31m) into a blocked bank account. Entering a Cash Trap does not
constitute a default under the NPA.
A Cash Trap period is entered if any of the following conditions are breached.
\u2022 Total equity must be at least \u00a3750m as at the Group\u2019s 30 June and 31 December
reporting dates
\u2022 Gross debt less restricted cash must not exceed 20% of total equity as at the
Group\u2019s 30 June and 31 December reporting dates
\u2022 The Group must maintain cash and cash equivalents of not less than \u00a350m at
any time.
A cash trap period can be remedied by:
\u2022 Transferring sufficient cash into the restricted cash account so that gross debt less
restricted cash is less than 20% of total equity
\u2022 If because of low equity of high leverage, once these are restored at a subsequent
30 June or 31 December measurement date
\u2022 If because of low liquidity, once two month-ends have passed with liquidity > \u00a350m
There was an inadvertent, technical breach the Group\u2019s \u00a325m minimum cash
covenant in the year. In dialogue with noteholders concerning the impact of the
change in investment entity basis on the presentation of cash and cash equivalents
in the consolidated financial statements, it was highlighted that cash was defined
more tightly than cash equivalents, being restricted to only cash held in IP Group
plc, whereas cash equivalents within any Group company were included. The Group
had previously been working on the basis that cash held anywhere within the Group
qualified for the purposes of the covenant, and this difference in interpretation only
became apparent through those discussions with noteholders. The Group held \u00a387.8m
of cash and cash equivalents and a further \u00a3123.2m of deposits at the balance sheet
date, but insufficient cash was held directly by the parent.
The Group has remedied this by transferring cash to the parent after the period
end and has also, after the period end, obtained a waiver in respect of any and all
historical breaches from the lender. This breach has resulted in borrowings of \u00a3119.7m
being reclassified from non-current to current liabilities at the year end. The Group
maintains an ongoing dialogue with its noteholders and will monitor the covenants\u2019
position against forecasts and budgets to ensure that it operates within the prescribed
limits. The liquid assets available to the Group including cash and cash equivalents in
portfolio companies far exceeded the outstanding borrowing at the year end.
The NPA includes fixed and floating charges over the Company\u2019s assets, details of
which are available on Companies House. The EIB loan includes certain guarantees
over assets held by Touchstone Innovations Business LLP.
The EIB loan of \u00a33.1m was repaid in full in January 2026, the Group had complied with
all covenants contained within the EIB loan up to the date of its repayment.
The maturity profile of the borrowings including undiscounted cash flows and fixed
interest is as follows:
2025 2024
\u00a3m \u00a3m
Due within 6 months
3.1
6.2
Due 6 to 12 months
3.1
6.3
Due 1 to 5 years
132.4
141.8
Total
1
138.6
154.3
The maturity profile of the borrowings was as follows:
2025 2024
\u00a3m \u00a3m
Due within 6 months
\u2013
3.1
Due 6 to 12 months
\u2013
3.1
Due 1 to 5 years
120.0
123.2
Total
1
120.0
129.4
1
These are gross amounts repayable and exclude amortised costs of \u00a30.3m (2024: \u00a30.4m)
incurred on obtaining the Standard Life loans, these are amortised on a straight-line basis over
the life of the borrowings.
A reconciliation in the movement in borrowings is as follows:
2025 2024
\u00a3m \u00a3m
At 1 January
129.1
135.2
Repayment of debt
(6.3)
(6.1)
Change in investment entity status (see note 28)
(3.1)
\u2013
At 31 December
119.7
129.1
There were no non\u2013cash movements in debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "Accounting Policy: Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of comprehensive income over the period of the borrowing using the effective interest rate method. Costs incurred in the course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a straight line basis over the term of the borrowings", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
21. Share capital
2025
2024
Number
\u00a3m
Number
\u00a3m
Ordinary shares of 2p each
At 1 January
975,286,268
19.5
1,063,188,005
21.3
Shares purchased and cancelled
(91,858,626)
(1.7)
(20,609,101)
(0.4)
Cancellation of shares held in Treasury
\u2013
\u2013
(67,292,636)
(1.4)
Share capital at 31 December
883,427,642
17.8
975,286,268
19.5
Existing treasury shares at 1 January
\u2013
\u2013
(26,493,520)
(0.5)
Purchase of treasury shares
\u2013
\u2013
(45,280,605)
(0.9)
Cancellation of treasury shares
\u2013
\u2013
67,292,636
1.3
Shares transferred out of treasury for SAYE
\u2013
\u2013
\u2013
\u2013
Settlement of employee share-based payments
\u2013
\u2013
4,481,489
0.1
Outstanding at 31 December
883,427,642
17.8
975,286,268
19.5
The Company has one class of ordinary shares with a par value of 2p (\u201cOrdinary Shares\u201d) which carry equal voting rights, equal rights to income and distributions of assets on liquidation, or otherwise, and no right to fixed income. During 2025, the Company purchased and cancelled 91,858,626 ordinary shares with an aggregate nominal value of \u00a31.7m. At 31 December 2025 the company had nil treasury shares (FY24: nil). Retained profits have been reduced by \u00a345.7m (2024: \u00a329.6m), being the net consideration paid for the purchase of shares, including expenses directly relating to the share purchase During 2024, the Company purchased 45,280,605 ordinary shares, with an aggregate value of \u00a30.9m which were initially held in treasury. These were subsequently used to settle employee share based payments of 4,481,489 prior to the remainder being cancelled in September 2024 along with a further 26,493,520 treasury shares held at the start of the year which were also cancelled at the same time. A further 20,609,101 shares with an aggregate value of \u00a30.5m were purchased in the period September to December 2024 and immediately cancelled. The nominal value of the cancelled treasury share has been added to the capital redemption reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "21. Share capital
2025
2024
Number
\u00a3m
Number
\u00a3m
Ordinary shares of 2p each
At 1 January
975,286,268
19.5
1,063,188,005
21.3
Shares purchased and cancelled
(91,858,626)
(1.7)
(20,609,101)
(0.4)
Cancellation of shares held in Treasury
\u2013
\u2013
(67,292,636)
(1.4)
Share capital at 31 December
883,427,642
17.8
975,286,268
19.5
Existing treasury shares at 1 January
\u2013
\u2013
(26,493,520)
(0.5)
Purchase of treasury shares
\u2013
\u2013
(45,280,605)
(0.9)
Cancellation of treasury shares
\u2013
\u2013
67,292,636
1.3
Shares transferred out of treasury for SAYE
\u2013
\u2013
\u2013
\u2013
Settlement of employee share-based payments
\u2013
\u2013
4,481,489
0.1
Outstanding at 31 December
883,427,642
17.8
975,286,268
19.5
The Company has one class of ordinary shares with a par value of 2p (\u201cOrdinary Shares\u201d) which carry equal voting rights, equal rights to income and distributions of assets on
liquidation, or otherwise, and no right to fixed income.
During 2025, the Company purchased and cancelled 91,858,626 ordinary shares with an aggregate nominal value of \u00a31.7m. At 31 December 2025 the company had nil treasury
shares (FY24: nil). Retained profits have been reduced by \u00a345.7m (2024: \u00a329.6m), being the net consideration paid for the purchase of shares, including expenses directly relating
to the share purchase
During 2024, the Company purchased 45,280,605 ordinary shares, with an aggregate value of \u00a30.9m which were initially held in treasury. These were subsequently used to settle
employee share based payments of 4,481,489 prior to the remainder being cancelled in September 2024 along with a further 26,493,520 treasury shares held at the start of the
year which were also cancelled at the same time. A further 20,609,101 shares with an aggregate value of \u00a30.5m were purchased in the period September to December 2024 and
immediately cancelled. The nominal value of the cancelled treasury share has been added to the capital redemption reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
Accounting Policy:
Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after deducting all liabilities. The objective of
the Group is to manage capital so as to provide shareholders with above-average returns through capital growth over the medium-to-long term. The Group considers its
capital to comprise its share capital, share premium, merger reserve and retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
22. Share\u2013based payments
In 2025, the Group continued to incentivise employees through its Restricted Share
Plan (RSP) and Annual Incentive Scheme (AIS). The main terms of both are described in
more detail in the Directors\u2019 Remuneration Report on pages 80 to 83.
Deferred bonus share plan (\u201cDBSP\u201d)
Awards made to employees under the Group\u2019s AIS above a certain threshold include
50% deferred into IP Group equity through the grant of nil\u2013cost options under the
Group\u2019s DBSP. The number of nil\u2013cost options granted under the Group\u2019s DBSP is
determined by the share price at the vesting date. The DBSP options are subject to
further time\u2013based vesting over two years (typically 50% after year one and 50% after
year two).
An analysis of movements in the DBSP options outstanding is as follows:
Number of
options
2025
Weighted- Weighted-
average average
exercise Number of exercise
price options price
2025 2024 2024
At 1 January
2,138,580
\u2013
2,153,379
\u2013
AIS deferral shares award
during the year
1,669,980
\u2013
1,578,434
\u2013
Exercised during the year
(1,349,363)
\u2013
(1,593,233)
\u2013
Forfeit during the year
(136,704)
\u2013
\u2013
\u2013
At 31 December
2,322,493
\u2013
2,138,580
\u2013
Exercisable at 31 December
\u2013
\u2013
\u2013
\u2013
A total of 1,349,363 options were exercised in the year relating to the 2023 and
2024 DBSPs, which comprised 1,349,363 conditionally awarded shares exercised on
29 April 2025, in addition to 12,453 shares related to dividends accrued on those
conditional awards.
The options outstanding at 31 December 2025 had an exercise price of \u00a3nil (2024: \u00a3nil)
and a weighted\u2013average remaining contractual life of 0.6 years (2024: 0.6 years).
The weighted average share price at the date of exercise for share options exercised
in 2025 was 44.7p (2024: 48.3p).
As the 2025 AIS financial performance targets were met and as the number of DBSP
options to be granted in order to defer such elements of the AIS payments as are
required under our remuneration policy are based on a percentage of employees\u2019
salary, the share\u2013based payments line includes the associated share\u2013based
payments expense incurred in 2025.
IP Group Restricted Share Plan (\u201cRSP\u201d)
As set out in the Remuneration Policy approved by shareholders in 2022, a Restricted
Share Plan was introduced in 2022 to replace the previous LTIP structure. Vesting of
these awards will take place over a three-year period, with any awards that vest
subject to a further two-year holding period. For 2023, 2024 and 2025 awards, a
financial underpin exists which may result in awards lapsing if NAV per share on the
vesting date is lower than 100% of NAV per share on the award date, after making
appropriate adjustments for dividends. Further information on the Group\u2019s RSP is set
out in the Directors\u2019 Remuneration Report on page 83.
The 2025 RSP awards were made on 29 April 2025. The awards will ordinarily vest on
31 March 2028, to the extent that the performance underpin has been met.
The movement in the number of shares conditionally awarded under the RSP is set
out below:
Weighted- Weighted-
average average
Number of exercise Number of exercise
options price options price
2025 2025 2024 2024
At 1 January
17,710,631
\u2013
10,238,863
\u2013
Lapsed during the year
(3,346,931)
\u2013
\u2013
\u2013
Forfeited during the year
(1,161,435)
\u2013
(1,362,198)
\u2013
Notionally awarded during
the year
8,115,924
\u2013
8,833,966
\u2013
At 31 December
21,318,189
\u2013
17,710,631
\u2013
Exercisable at 31 December
\u2013
\u2013
\u2013
\u2013
The options outstanding at 31 December 2025 had an exercise price of \u00a3nil (2024: \u00a3nil)
and a weighted\u2013average remaining contractual life of. 1.3 years (2024: 3.5 years).
The fair value of the RSP shares notionally awarded in 2025 was calculated using the
Finnerty pricing model with the following key assumptions:
2025
2024
IP Group share price as of valuation date
\u00a30.435
\u00a30.539
Exercise price
\u00a3nil
\u00a3nil
Indicated discount for lack of marketability
15%
15%
Adjusted probability assigned for performance conditions
20%
20%
Fair value at grant date
\u00a30.17
\u00a30.21
Pre-2022 IP Group Long-Term Incentive Plan (\u201cLTIP\u201d)
Awards under the historic LTIP scheme took the form of conditional awards of ordinary
shares of 2p each in the Group which vested over the prescribed performance
period to the extent that performance conditions have been met. The Remuneration
Committee imposed objective conditions on the vesting of awards and these took
into consideration the guidance of the Group\u2019s institutional investors from time to time.
General information on the Group\u2019s LTIP is set out in the Directors\u2019 Remuneration Report
on page 85.
At the start of the year the only remaining outstanding conditionally awarded shares
related to the 2020 awards, which vested in 2023 and were exercised in the first half of
2025 following completion of their two-year post-vesting mandatory holding period.
The movement in the number of shares conditionally awarded under the LTIP is set
out below:
Weighted- Weighted-
average average
Number of exercise Number of exercise
options price options price
2025 2025 2024 2024
At 1 January
1,064,505
\u2013
7,728,493
\u2013
Lapsed during the year
(1,879)
\u2013
(3,950,040)
\u2013
Forfeited during the year
\u2013
\u2013
(10,907)
\u2013
Exercised during the year
(1,062,626)
\u2013
(2,703,041)
\u2013
At 31 December
\u2013
\u2013
1,064,505
\u2013
Exercisable at 31 December
\u2013
\u2013
1,064,505
\u2013
A total of 1,062,626 options were exercised on 29 April 2025 relating to the 2020 Long
Term Incentive Plans (LTIPs).
The fair value charge recognised in the statement of comprehensive income during
the year in respect of all share\u2013based payments, including the DBSP, RSP and LTIP was
\u00a32.4m (2024: \u00a31.9m).
The aggregate gain made by Directors on the exercise of options in the year was
\u00a30.2m (2024: \u00a30.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "24. Related party transactions The Group has various related parties arising from its key management, subsidiaries and equity stakes in portfolio companies. A) Key management transactions (i) Key management personnel transactions The following key management held shares in the following spin\u2013out companies as at 31 December 2025:
Number
Number of of shares Number of
shares held at acquired/ shares held at
1 January (disposed of) 31 December
Director/PDMR
Company name
2025 in the period
2025
%
Greg Smith
Alesi Surgical Limited
2
\u2013
2
<0.1%
Emdot Limited
4
\u2013
4
0.23%
Istesso Limited
313,425
\u2013
313,425
0.37%
Itaconix plc
90
\u2013
90
<0.1%
Mirriad Advertising plc
16,667
\u2013
16,667
<0.1%
Oxa Autonomy Limited
8
\u2013
8
<0.1%
Oxford Nanopore Technologies plc
27,008
\u2013
27,008
<0.1%
Rio AI Limited
144,246
\u2013
144,246
<0.1%
Surrey Nanosystems Limited
88
\u2013
88
<0.1%
Tissue Regenix Group plc
500
\u2013
500
<0.1%
David Baynes
Alesi Surgical Limited
4
\u2013
4
<0.1%
Arkivum Limited
377
\u2013
377
<0.1%
Mirriad Advertising plc
16,667
\u2013
16,667
<0.1%
Oxford Nanopore Technologies plc
2,784
\u2013
2,784
<0.1%
Ultraleap Holdings Limited
2,600
\u2013
2,600
<0.1%
Zeetta Networks Limited
1
424
\u2013
424
0.11%
Mark Reilly
AudioScenic Limited
53
\u2013
53
<0.1%
Bramble Energy Limited
1
16
\u2013
16
<0.1%
Diffblue Limited
8,038
\u2013
8,038
<0.1%
Fortify Solutions Cambridge Limited
-
1,190
1,190
<0.1%
Itaconix plc
7,547
\u2013
7,547
<0.1%
Mirriad Advertising plc
66,666
\u2013
66,666
<0.1%
Mixergy Limited
126
\u2013
126
<0.1%
Oxa Autonomy Ltd
8
\u2013
8
<0.1%
Ultraleap Holdings Limited
1,700
\u2013
1,700
<0.1%
1 Company being closed down
Policy for Executive Director holdings in portfolio companies
The policy for Executive Director shareholdings in portfolio companies specifies:
\u2022 New direct investments in portfolio companies by Executive Directors are
prohibited, with the exception of the take-up of pre-emption rights which relate
to existing portfolio company shareholdings. Both Mr Smith and Mr Baynes are
covered by this policy.
\u2022 Mr Smith and Mr Baynes have voluntarily submitted to an additional binding
condition such that any net proceeds received as a result of realisations
from direct holdings in portfolio companies that exceed \u00a3250,000 will be used
to purchase shares in IP Group, until such time as they meet the Minimum
Shareholding Requirement set for their role (currently 350% of annual salary for Mr
Smith, 250% for Mr Baynes).
(ii) Key management personnel compensation
Key management personnel compensation comprised the following:
2025 2024
\u00a3000 \u00a3000
Short\u2013term employee benefits
1
2,180
2,176
Post\u2013employment benefits
2
35
48
Share\u2013based payments
3
842
615
Total
3,057
2,839
1
Represents key management personnel\u2019s base salaries, benefits including cash in lieu of pension
where relevant, and the cash\u2013settled element of the Annual Incentive Scheme.
2
Represents employer contributions to defined contribution pension and life assurance plans.
3
Represents the accounting charge for share-based payments, reflecting LTIP and DBSP options
currently in issue as part of these schemes. See note 22 for a detailed description of these
schemes.
B) Portfolio companies
(i) Services
The Group may earn fees from the provision of corporate finance advisory services
to portfolio companies in which the Group has an equity stake. Through the lack of
control over portfolio companies these fees are considered arm\u2019s length transactions.
Revenue from such services was nil in the current and prior year. Receivables in
respect of such services were nil in the current year and \u00a30.1m in the prior year.
2025 2024
Statement of comprehensive income \u00a3m \u00a3m
Revenue from services
\u2013
\u2013
2025 2024
Statement of financial position \u00a3m \u00a3m
Trade receivables
\u2013
0.1
(ii) Investments
The Group makes investments in the equity and debt of unquoted and quoted
investments where it does not have control but may be able to participate in the
financial and operating policies of that company. It is presumed that it is possible
to exert significant influence when the equity holding is greater than 20%. The Group
has taken the Venture Capital Organisation exception as permitted by IAS 28 and not
recognised these companies as associates, but they are related parties. The total
amounts included for investments where the Group has significant influence but not
control are as follows:
2025 2024
Statement of comprehensive income \u00a3m \u00a3m
Net portfolio (losses)/gains
(20.1)
(125.7)
2025 2024
Statement of financial position \u00a3m \u00a3m
Equity and debt investments
336.4
345.8
C) Subsidiary companies
Subsidiary companies that are not 100% owned either directly or indirectly by
the parent Company have intercompany balances (which were eliminated at
a consolidated level in 2024 and are included on a net basis within investments
in investment entity subsidiaries in 2025) with other Group companies which are
disclosed as follows:
2025 2024
\u00a3m \u00a3m
Intercompany balances with other Group companies
2.2
2.2
These intercompany balances represent funding loans provided by Group companies
that are interest free, repayable on demand and unsecured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
25. Capital management
The Group\u2019s key objective when managing capital, as set out in note 21, is to safeguard
the Group\u2019s ability to continue as a going concern so that it can continue to provide
returns for shareholders and employees for other stakeholders. The Group sets the
amount of capital in proportion to risk. The Group manages the capital structure,
and makes adjustments to it, in light of changes in economic conditions and the
risk characteristics of its underlying assets. In order to maintain or adjust the capital
structure, the Group may adjust the amount of issued share capital, issue or repay
debt and dispose of interests in portfolio companies.
During 2025, the Group\u2019s strategy, which was unchanged from 2024, was to maintain
an appropriate level of cash and short-term deposit balances in line with the Group\u2019s
capital allocation plans, whilst having sufficient cash reserves to meet working capital
requirements in the foreseeable future.
The Group has external borrowings with associated covenants that are described in
note 20. These include covenants around the Group\u2019s minimum equity and maximum
debt/equity ratio. Consideration is given to the level of headroom against these
covenants as part of the Group\u2019s capital allocation process where planning corporate
actions such as dividends and share buybacks, which have an impact on the
headroom level.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
26. Capital commitments
Commitments to Limited Partnerships
Pursuant to the terms of their Limited Partnership agreements, the Group has committed to invest the following amounts into Limited Partnerships as at 31 December 2025:
Year ended 31 December 2025
Year of Invested Remaining
commencement Commitment to date commitment
of commitment \u00a3m \u00a3m \u00a3m
IP Venture Fund II LP
2013
10.0
10.0
\u2013
UCL Technology Fund LP
2016
24.8
23.5
1.3
Total at 31 December 2025
34.8
33.5
1.3
Year of Invested Remaining
commencement Commitment to date commitment
Year ended 31 December 2024 of commitment \u00a3m \u00a3m \u00a3m
IP Venture Fund II LP
2013
10.0
10.0
\u2013
UCL Technology Fund LP
2016
24.8
23.4
1.4
Total at 31 December 2024
34.8
33.4
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
27. Share buyback
On 18 November 2025 the Group completed its \u00a375m buyback programme. The buyback was originally announced on 18 December 2023 with an initial \u00a320m, subsequently
increased by \u00a310m on 7 October 2024, \u00a325m on 9 January 2025 and \u00a320m on 26 June 2025. Since commencing its buyback programme, the Group has purchased 157,968,634
shares at an average price of 47.5 pence per share for an aggregate consideration of \u00a375m. Of the shares acquired under the buyback programme 4,481,489 were used to settle
employee share-based payments in 2024, and the remainder were cancelled.
There were no dividends paid or proposed in the current year or prior year
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
28. Fair value measurement within investment entity subsidiaries
Accounting policy:
Following the adoption of the investment entity exemption under IFRS 10 Consolidated Financial Statements, certain subsidiaries of the Group are not consolidated on a
line by line basis but are instead measured at fair value through profit or loss. These subsidiaries comprise entities that are funded via debt and equity instruments by the
group and whose activities are consistent with the Group\u2019s business purpose of investing for returns from capital appreciation, investment income, or both, and whose
performance is evaluated on a fair value basis.
The fair value of investment entity subsidiaries is determined based on the fair value of the underlying assets and liabilities held within those subsidiaries, measured in
accordance with IFRS 13 Fair Value Measurement. There is no material difference between the fair value of the directly held investment entity subsidiaries and the fair value
of the underlying assets and liabilities held by those subsidiaries. Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an
orderly transaction between market participants at the measurement date.
The valuation of investment entity subsidiaries is therefore derived from the fair value measurement of the individual assets and liabilities held within those entities, rather
than from a separate valuation of the subsidiary itself. The principal categories of assets and liabilities held within investment entity subsidiaries include:
\u2022 Fair value of cash flows from intangible assets;
\u2022 Equity and debt investments;
\u2022 Limited and limited liability partnership interests;
\u2022 Amounts receivable on the sale of equity and debt investments;
\u2022 Cash, deposits and other working capital balances.
Each category of asset and liability is measured in accordance with the Group\u2019s accounting policies set out in earlier notes, including notes 13 and 14, applying valuation
techniques that maximise the use of observable market inputs and are consistent with market participant assumptions.
Fair value principles and valuation techniques
Financial assets held within investment entity subsidiaries that are designated at fair value through profit or loss are initially recognised at fair value and subsequently re
measured at fair value at each reporting date, with movements recognised in the consolidated statement of comprehensive income.
\u2022 Equity and debt investments are valued in line with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines. Valuation techniques include quoted
bid prices for investments traded on active markets, recent arm\u2019s length funding transactions, probability weighted expected return models (PWERM), DCF models,
revenue multiples and scenario based approaches, depending on the facts and circumstances of each investment.
\u2022 Fair value of cash flows from intangible assets including licence related assets, are valued using DCF methodologies that estimate future cash flows arising from
contractual rights such as milestone receipts and royalties. These valuations incorporate assumptions regarding development timelines, probabilities of success,
forecast sales, royalty rates and appropriate discount rates, consistent with the approach applied to comparable equity investments.
\u2022 Limited and limited liability partnership interests are valued based on the Group\u2019s share of the net asset value reported by the fund manager. Where necessary,
adjustments are made to manager reported NAVs to ensure consistency with the Group\u2019s valuation policies for underlying equity and debt investments.
\u2022 Amounts receivable on the sale of equity and debt investments, including deferred and contingent consideration, are measured at fair value using DCF or probability
weighted valuation techniques that reflect the expected timing, amount and likelihood of future receipts.
Fair value of liabilities
Liabilities held within investment entity subsidiaries are also measured at fair value where required under IFRS.
\u2022 Revenue share liabilities are recognised in respect of contractual obligations to share proceeds arising from the commercialisation or disposal of certain assets. These
liabilities are measured at fair value by reference to the fair value of the related underlying assets, applying appropriate discounting and probability weighting where
future cash flows are contingent.
\u2022 Carried interest plan liabilities are measured based on the fair value of the underlying investment portfolios to which the carried interest arrangements relate, consistent
with the approach applied to the Group\u2019s portfolio valuations. Changes in the fair value of these liabilities are recognised in profit or loss.
Fair value hierarchy and significant judgements
Assets and liabilities measured at fair value within investment entity subsidiaries are classified within the IFRS 13 fair value hierarchy based on the significance of the inputs
used in the valuation techniques. The majority of these assets and liabilities are classified as Level 3, reflecting the use of unobservable inputs.
The valuation of investment entity subsidiaries involves significant judgement, particularly in relation to:
\u2022 the selection of appropriate valuation methodologies;
\u2022 the estimation of future cash flows and probabilities of success;
\u2022 the determination of discount rates and market multiples; and
\u2022 the assessment of whether manager reported valuations for limited partnership interests are appropriate.
These judgements are consistent with those applied elsewhere in the Group\u2019s valuation of equity and debt investments and are reviewed at each reporting date. Given the
inherent uncertainty associated with early stage and growth stage investments, actual outcomes may differ materially from the estimates used in determining fair value.
This note presents the position of those subsidiaries that meet the definition of investment entity subsidiaries and are therefore held at fair value through profit or loss. It
provides a detailed analysis of the principal fair value components, including the valuation methodologies applied, the key unobservable inputs used, and the sensitivity of
carrying values to changes in those inputs. These disclosures are intended to give users an understanding of the composition, valuation basis, and underlying assumptions
of the Group\u2019s most significant assets and liabilities measured at fair value.
Below is the summary of assets and liabilities of the subsidiaries that have been
recognised at fair value within the Group\u2019s consolidated financial statements.
2025
Investments in investment entity subsidiaries
Note
\u00a3m
Fair value of cash flows from intangible assets
28A
99.1
Debt & equity investments
28B
709.3
Limited liability partnership interests
28C
40.7
Receivable on sale of debt and equity investments
28D
54.4
Portfolio investments held within investment entity
subsidiaries
1
Note 29
903.5
Other non-current assets
28E
19.4
Cash and deposits
194.5
Other net current liabilities
(6.4)
Carried interest plan liability
28F
(16.0)
Other non-current liabilities
(21.2)
Equity investments in investment entity subsidiaries
1,073.8
1
Of the \u00a3903.5 portfolio investment held within entity subsidiaries, \u00a3133.2m represent Level 1 assets
and the balance of \u00a3770.3m represents Level 3 assets.
The principal items requiring the use of judgment in determining the value of the asset
or liability within the Group\u2019s investment entity subsidiaries are as follows:
The Group engages third-party valuation specialists to provide valuation support
where required; during the period we commissioned third-party valuations on 2 (Pfizer
Obesity Royalty Interest, Hysata) out of the top 10 holdings (2024: 4).
A: Fair value of cash flows from Intangible assets
Under the investment entity exemption within IFRS 10, the Group is required to fair value
its investment entity subsidiaries, including fair value of cash flows from intangible
assets relating to the Group\u2019s license arrangements.
The Group\u2019s licences originate from historical technology transfer arrangements
inherited through the acquisition of Touchstone Innovations in 2017. Under the
Technology Pipeline Agreement (\u201cTPA\u201d) dated 16 February 2005 between Touchstone
Innovations plc and Imperial College, Touchstone was entitled to receive equity
allocations in spinout companies and to act as licensor of Imperial College intellectual
property to those spinouts and third parties.
These arrangements resulted in Touchstone, and subsequently the Group, owning IP
patents and enforceable rights to licensing income. Under the terms of this TPA, the
Group is subject to various \u201crevenue sharing\u201d arrangements whereby income generated
from this Intellectual Property is shared with Imperial College (and other third parties
where they have provided funding to research which is subsequently commercialised).
The amounts in this note are shown net of such revenue share obligations, reflecting the
Group\u2019s share of income. These are considered to be Level 3 assets.
The Group engaged a third-party valuation specialist to provide valuation support for
the licence agreement related to the Pfizer Obesity royalty interest.
Primary Value of Group holding at
valuation 31 Dec 2025 net of revenue share liability
Company name basis \u00a3m
Pfizer Obesity Programmes
DCF
91.7
Carrick Therapeutics
DCF
6.0
Other licenses
DCF
1.4
Total
99.1
Valuation inputs and sensitivities
The key valuation inputs and sensitivities in respect of fair value of cash flows from
intangible assets relate to the license with Pfizer in respect of their anti-obesity
programmes acquired from Zihipp/Metsera. Under this exclusive IP licence agreement
between IP2IPO Innovations Limited and Zihipp / Metsera, the Group is entitled to
licence milestone payments and tiered licence royalties on net sales of the licensed
products.
The valuation of both the licence and equity is based on a DCF model assessing the
future cash flows from the relevant Pfizer obesity drug programmes for which IP Group
has financial exposure, PF\u20193944, PF\u20193945, PF\u20194696 and PF\u20196795. The key inputs in the DCF
model include:
\u2022 the drug development milestone dates, based on the anticipated development
timeline for the four assets
\u2022 probability of Ph1, Ph2 and Ph3 clinical trial success, based on comparable clinical
trial success rates for metabolic assets (source: Clinical Development Success
Rates 2011-2020 by Biotechnology Innovation Organisations) and forecasts from
equity analyst research published by Goldman Sachs, Cantor Fizgerald, Bank of
America and Guggenheim
\u2022 projected sales forecasts, which have been derived using the mean of equity
analyst research
2
sales projections
\u2022 royalty rates receivable of drug sales, based on the low single-digit, tiered
percentages defined in the licence agreement
\u2022 discount rate, based on the WACC of a pharmaceutical partner consistent with
Pfizer taking the trial forward
\u2022 UK corporation tax on milestone and licence receipts.
The valuation is sensitive to the inputs noted above. In the Group\u2019s view, the valuation would most likely be affected by a combination of changes in these inputs. However, to
provide context on the sensitivity of each key input, as required by IAS 1, the table below sets out the impact on the valuation of the licence net of the revenue share liability, of
changes in each critical input in isolation
Impact on IPG
Licence Value Impact % of
Input
Assumption used
Sensitivity
\u00a3m
NAV
1
Clinical trial success rates
PF\u20193944i: 53%, PF\u20193944 & PF\u20193945:25%, PF\u20193944o: 9.6%
+/- 5%
26.2 / (21.1)
2.7% / (2.2%)
Discount rate
11.5%
-1.25%/+1.0%
10.9 / (7.7)
1.1% / (0.8%)
1
Being impact on IPG equity holding as a proportion of the Group\u2019s Net Asset Value
Under the DCF methodology, in the event that one of the compounds fails to progress to market as a result of trial failures or failure to receive regulatory approval, the model
assumes a zero value outcome for that product.
B: Equity and debt investments
See note 14 for the accounting policy relating to equity and debt investments, and for information prior to the adoption of the investment entity accounting basis on
16th December 2025. Amounts shown within Note 14 being transferred to investment entity subsidiaries of \u00a3715.7m includes \u00a36.4m in respect of investments whose proceeds will,
upon sale, be paid to Imperial College London and hence have been excluded from equity and debt amounts disclosed within this note.
The following table lists information on the Group\u2019s most significant debt and equity investments. These comprise the largest portfolio companies within the Group\u2019s top
ten investments by value, excluding investments that are not classified as equity or debt. Together, this represents 39% of the total portfolio value (2024: 58%). Detail on the
performance of these companies is included in the portfolio review section of the Strategic Report.
The Group engages third-party valuation specialists to provide valuation support where required; during the period we commissioned third-party valuations on 2 of the Group\u2019s
equity and debt holdings (2024: 4).
Fair value of Group holding at Fair value of Group holding at
31 Dec 2025 31 Dec 2024
Company name
Primary valuation basis
\u00a3m \u00a3m
Oxford Nanopore Technologies plc
Quoted bid price
102.0
106.6
Istesso Limited
1
DCF
89.6
91.9
Hysata Pty Ltd
2
Funding transaction > 12 months, PWERM
76.2
76.8
Mission Therapeutics Limited
Funding transaction > 12 months, PWERM
26.2
22.5
Nexeon Limited
Funding transaction < 12 months, PWERM
19.8
18.8
Oxa Autonomy Limited
Funding transaction < 12 months, PWERM
19.4
42.7
CoreWeave, Inc.
3
Sale process
18.5
0.0
Total
351.7
359.3
1
\u00a33.4m repayable loan held by IP Group plc, not within the investment entity subsidiary.
2
Third-party valuation specialists used for 31 December 2025 valuation. In these instances, the valuation basis is management\u2019s assessment of the primary valuation input used by the third-party
valuation specialist.
3
Convertible loan note issued by CoreWeave, Inc. as consideration on the disposal of Monolith AI Limited.
Level 1
Level 3
Equity investments in quoted Unquoted equity investments Debt investments in unquoted
spin\u2013out companies net of in spin\u2013out companies net of spin\u2013out companies net of
revenue share liability revenue share liability revenue share liability Total
Company name \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2025
133.2
504.0
72.1
709.3
At 31 December 2024
133.1
580.7
51.6
765.4
Valuation inputs and sensitivities
Unobservable inputs are typically portfolio company-specific and, based on a materiality assessment, are not considered significant either at an individual company level or in
aggregate where relevant for common factors such as discount rates.
The sensitivity analysis table below has been prepared in recognition of the fact that some of the valuation methodologies applied by the Group in valuing the portfolio
investments involve subjectivity in their significant unobservable inputs. Furthermore, given that many of the Group\u2019s portfolio are the early stage or growth stage of development,
their valuations can be significantly impacted by factors including, but not limited to, the availability of financing, technical and commercial setbacks, market developments and
regulatory approvals.
The table illustrates the possible impact on valuation of different sensitivities. The varying levels of sensitivity applied in the table below are intended to reflect the relative level of
judgment in applying the valuation approach. Additional analysis for Istesso Limited is provided after the table below, which merit specific focus in light of the specific facts and
circumstances of these investments.
Valuation technique
Fair value of
investments net of
revenue share liability Variable
at 31 Dec 2025 input Fair value of
\u00a3m
Variable inputs
sensitivity
Positive impact
Negative impact
investments
2025 % of % of 2024
\u00a3m
%
\u00a3m
NAV
\u00a3m
NAV \u00a3m
Quoted
133.2
\u2022
n/a
n/a
n/a
n/a
n/a
n/a
133.1
Funding transaction <12 months
178.1
\u2022
Inputs used in PWERM models to quantify the
+/-5
8.9
0.9
(8.9)
(0.9)
217.8
impact of funding transactions on subordinate
Funding transaction >12 months
159.1
securities including exit values and timelines.
+/-10
15.9
1.6
(15.9)
(1.6)
54.9
\u2022
Estimated impact of future event
\u2022
Execution risk discount applied to future event
where positive)
\u2022
Extent to which future event is indicative of facts
Other: Future market/ and circumstances in existence at the balance
commercial events
75.3
sheet date
+/10
7.5
0.8
(7.5)
(0.8)
60.7
Other: Adjusted financing price
\u2022
Company-specific milestone analysis resulting
based on past performance \u2013 in a positive calibration adjustment versus the
Upwards*
-
previous funding transaction price
n/a
n/a
n/a
n/a
n/a
35.9
Other: Adjusted financing price
\u2022
Company-specific milestone analysis resulting
based on past performance \u2013 in a negative calibration adjustment versus the
Downwards*
58.0
previous funding transaction price
+/-20
11.6
1.2
(11.6)
(1.2)
152.7
Estimate of future recurring revenues
\u2022
Selection of comparable companies
\u2022
Other: Revenue multiple*
13.4
Discount/premium to multiple
\u2022
+/-10
1.3
0.1
(1.3)
(0.1)
13.1
Clinical trial success rates
\u2022
Estimate of likelihood, value and structure of a
\u2022
potential pharmaceutical partnership
Other: DCF*
92.2
Discount rates
\u2022
+/-20
18.4
1.9
(18.4)
(1.9)
97.2
Total
709.3
63.7
6.5
(63.7)
(6.5)
765.4
* Due to the large number of inputs used in the valuation of these assets, individual unobservable inputs are below a size threshold that would warrant separate disclosure under IFRS 13 paragraph 93(d).
The sensitivities presented in the table above do not cover all valuation inputs for each individual investment. The portfolio primarily comprises early-stage assets, for which valuations are subject to
a high degree of estimation uncertainty and a wide range of reasonably possible alternative assumptions. To provide meaningful disclosure, investments have therefore been grouped into relevant
categories with common characteristics, and sensitivities have been assessed at a portfolio level. As a result of the diversification across a large number of inputs and investments, no single investment
within these groups would, in isolation, have a significant impact on the overall fair value, and a range of reasonably possible alternative assumptions does not significantly impact the fair value of the
portfolio as a whole. Accordingly, no additional valuation sensitivity is required at portfolio level under IFRS 13 paragraph 93(h)(ii). Specific valuation sensitivities have been disclosed separately for the larger investments where individual sensitivities are considered more relevant and informative, as set out below. Within the \u2018Other: DCF\u2019 category above is Istesso Limited, in which we value IP Group\u2019s holding at \u00a389.6m. The valuation of the equity in this company is based on a DCF model which assesses the value of the future cash flows arising from the continued development of the company\u2019s lead asset Leramistat via an additional focused Phase 2b trial, followed by a pharmaceutical partnership, after which the drug would be taken into a Phase 3 trial followed by regulatory approval. This DCF model has been updated to reflect the outcome of Istesso\u2019s Phase 2b trial, with the main impact being a delay in market launch of the drug by 3\u00bd years. The inputs in the DCF model include: \u2022 the drug development timeline, based on the current development pathway which would see the drug being approved in mid-2031 if successful \u2022 probability of Ph2b and Ph3 clinical trial success, based on comparable clinical trial success rates within autoimmune indications in Ph2 and Ph2 trials, with an estimate of the overall Ph2 rate split between Ph2a (now complete) and Ph2b \u2022 the selection of relevant comparable deal sizes, based on comparable publicly announced deals within the autoimmune space \u2022 the probability of securing a pharmaceutical partner post Ph2b \u2022 Leramistat\u2019s sales profile based on a bottom up model which estimates the number of patients failing 1st line biological drug treatment, with the assumption that Leramistat would address this available patient population \u2022 royalty rates receivable by Istesso of drug sales, based on comparable publicly announced deals within the autoimmune space \u2022 discount rate, based on the WACC of a large pharma partner which would take on development of the drug for Phase 3 and onwards \u2022 The remaining costs to develop Leramistat up until the point of drug partnership The valuation is sensitive to the inputs noted above. It is in the Group\u2019s view that the valuation would be impacted by a combination of changes to these inputs but to provide context to the sensitivity of each input to the valuation as required IAS 1, the table below sets out the impact on valuation of changing critical inputs in isolation.
Input
Assumption used
Sensitivity
Impact on IPG holding \u00a3m
Impact % of NAV
1
Phase 2b success rate
63%
+/-10%
\u00a314m
1.5%
Selected pharma partner deal size
Bottom quartile
Median
\u00a387m
8.9%
Discount Rate
12.75%
+0.25/-1.75%
(\u00a31.8m)/\u00a313m
(0.2%)/1.3%
1 Being impact on IPG holding as a proportion of the Group\u2019s Net Asset Value Under the DCF methodology, in the event that the drug fails to progress to the market as a result of trial failures (at either Phase 2b or Phase 3), failure to receive regulatory approval or failure to partner with a pharmaceutical partner, the model assumes a zero value outcome. The modelling approach focuses on a core drug development scenario as outlined above, however other outcomes such as the requirement to conduct more than one additional Phase 2b study are possible. In this outcome, the value of the programme would be materially lower than the concluded fair value estimate. The Company\u2019s interests in subsidiary undertakings are listed in note 11 to the Company\u2019s financial statements
Currency risk
Exposure to currency risk through asset allocation, which is calculated by reference
to the currency in which the asset is quoted, is shown below. A +/-1% sensitivity has
been included to demonstrate the effect of fluctuations in foreign exchange rates. 1% is
considered to be appropriate due to the stable currencies in which we hold cash.
At 31 December 2025
Investments \u00a3m
Sensitivity +/- 1% \u00a3m
US dollar
87.7
0.9
Australian dollar
109.3
1.1
Euro
14.2
0.1
Swedish Krona
1.0
0.0
Total
212.2
2.1
At 31 December 2024
Investments \u00a3m
Sensitivity +/- 1% \u00a3m
US dollar
96.8
1.0
Australian dollar
94.0
0.9
Euro
12.9
0.1
Swedish Krona
5.7
0.1
Total
209.4
2.1
C: Limited partnership interests
See note 15 for the accounting policy relating to limited and limited liability partnership
interests, and for information prior to the adoption of the investment entity accounting
basis on 16th December 2025.
Fund interests are valued on a net asset basis, estimated based on the managers\u2019
NAVs. Manager\u2019s NAVs apply valuation techniques consistent with IFRS and are subject
to audit. Where audited accounts are received in arrears of the publication of the
Group\u2019s results hence these are marked as unaudited in the table below, however a
retrospective review of audited accounts versus earlier unaudited results is carried out.
Managers\u2019 NAVs are usually published quarterly, two to four months after the quarter
end. The below table analyses the fund valuations with reference to manager NAV
dates used at 31 December.
Functional 2025
Limited & Limited Liability Partnerships
currency
Status
 \u00a3m
IPG Cayman Fund L.P. (Longview Innovation)
USD
Unaudited
22.3
UCL Technology Fund L.P.
GBP
Unaudited
18.4
Total
40.7
We reviewed the underlying valuation methodologies adopted by our Fund
managers for all Fund investments of material value. Following our review of valuation
methodologies, the Q3 North America University Innovation L.P. NAV statement was
adjusted downwards. Such adjustments were based on an assessment of the
valuations of specific equity and debt investments in portfolio companies held within
the fund in question. In making these assessments, the Group has applied a valuation
methodology consistent with that used in respect of the Group\u2019s equity and debt
investments. In line with other Level 3 assets, a +/-5% sensitivity has been applied to
the valuation of the Group\u2019s limited partnership interests, reflecting the relative level of
judgment involved in applying the valuation approach.
The Group considers interests in limited and limited liability partnerships to be level 3 in
the fair value hierarchy throughout the current and previous financial years.
The valuation of the Group\u2019s interests in limited and limited liability partnerships is an
accounting estimate, as management has applied judgment in considering whether
to adjust the NAV estimates provided by the fund manager. This assessment was
based on an analysis of the appropriateness of valuations of specific equity and debt
investments in portfolio companies held within the fund in question. In making these
assessments, the Group has applied a valuation methodology consistent with that
set out in note 14. Unobservable inputs are portfolio company-specific and, based
on a materiality assessment, are not considered individually significant either at an
individual company level or in aggregate where relevant for common factors such as
discount rates.
D: Receivable on sale of debt and equity investments See note 16 for the accounting policy relating to amount receivable on sale of equity and debt investments, and for information prior to the adoption of the investment entity accounting basis on 16th December 2025. The following table summarises the primary valuation basis used to value the deferred and contingent consideration:
Value net of revenue share
liability at 31 Dec 2025
Investment
Primary Valuation Basis
\u00a3m
Pfizer Obesity Royalty Probability-weighted DCF
Interest model reflecting potential
milestone payments
36.4
Featurespace
Discounted sale amount
10.1
Enterprise Therapeutics
Probability-weighted DCF
model reflecting potential
milestone payments
3.5
Oxular
Discounted sale amount
2.0
Monolith AI
Discounted sale amount
1.9
Kynos
Discounted sale amount
0.5
Total
54.4
Deferred and contingent consideration is measured at fair value and classified within Level 3 of the fair value hierarchy, reflecting the use of significant unobservable inputs. Inputs and valuation sensitivities As a former 31% shareholder in Zihipp Limited, which was subsequently acquired by Metsera, IP Group is entitled to 31% of all consideration paid or payable to selling shareholders under the Metsera Share Purchase Agreement, including contingent milestone payments linked to specified development, regulatory and commercial events, together with royalties based on Net Sales and Net Receipts. These obligations are not impacted by the acquisition of Metsera by Pfizer in November 2025. Key valuation inputs used in the DCF valuation of the Group\u2019s deferred equity consideration in respect of Pfizer\u2019s obesity programmes are the same as disclosed within fair value of cash flows from intangible assets section (A) above. Valuation sensitivities are as follows:
Impact on
IPG Deferred
Consideration Impact % of
Input
Assumption used
Sensitivity
\u00a3m
NAV
1
PF\u20193944i: 53%, PF\u20193944
Clinical trial & PF\u20193945:25%,
success rates
PF\u20193944o: 9.6%
+/- 5%
9.8 / (7.8)
1.0% / (0.8%)
Discount rate
11.5%
-1.25%/+1.0%
3.7 / (2.6)
0.4% / (0.3%)
E: Other non-current assets
2025
\u00a3m
Fair value of tax losses
10.3
Other assets
9.1
Total
19.4
Tax losses have been reflected in the valuation of IP2IPO Innovations Limited. The valuation adopts a market participant perspective and is based on post tax cash flows; accordingly, the economic benefit of available tax losses within that subsidiary has been incorporated through their utilisation against forecast taxable profits arising from licence and royalty income. Separately, a deferred tax asset has been recognised in respect of losses held in other investment entity subsidiaries where the recognition criteria are met
F: Non-current liabilities
Carried interest plan liability (see Note 23)
The calculation of the liability in respect of the Group\u2019s LTICS is derived from the fair
value estimates for the relevant portfolio investments and does not involve significant
additional judgement (although the fair value of the portfolio itself is a significant
accounting estimate). The actual amounts of carried interest paid are determined by
cash realisations of individual vintages, and may change in the next financial year as
portfolio valuations evolve.
2025
\u00a3m
At 31 December 2025
16.0
Loans from Limited partners of controlled funds (see Note 20)
The assets (primarily equity investments) of a co\u2013investment fund, IP Venture Fund
II LP which is managed by the Group, are included in the Investment Entity balance
sheet shown above. Loans from third parties of controlled funds represent third\u2013party
LP loans into this partnership. Under the terms of the Limited Partnership Agreement,
these loans are repayable only upon these funds generating sufficient realisations to
repay the Limited Partners. Management anticipates that the funds will generate the
required returns and consequently recognises the full associated liabilities.
The classification of these loans as non\u2013current reflects the forecast timing of returns
and subsequent repayment of loans, which is not anticipated to occur within one year.
2025
\u00a3m
At 31 December 2025
18.3
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