Annual Report
2025
Performance Snapshot
At 23 February 2026
€40.0 million
Estimated intrinsic equity value (fair value of investee companies and corporate cash)
€9.24
Estimated intrinsic equity value per Ordinary Share
€12.6 million
Cash
At 31 December 2025
€39.9 million
Estimated intrinsic equity value (fair value of investee companies and corporate cash)
€9.21
Estimated intrinsic equity value per Ordinary Share
€12.9 million
Cash
Completion of sale of Poseida to Roche generating upfront consideration for Malin of $106.5 million with potential for a further $47.3 million should all milestones be achieved.
Return of €150 million of capital to shareholders through a tender offer in March 2025.