**Summary of Agronomics Limiteds Half-Year Financial Report (February 2026)**
**Overview**
Agronomics Limited, a leading clean food investment company listed on AIM (ANIC), reported unaudited interim results for the six months ending 31 December 2025. The company recorded a net profit of **£10.01 million**, a significant turnaround from a **£6.56 million loss** in the same period in 2024. This improvement was driven by **net investment gains of £10.71 million**, primarily from unrealized gains on investments and foreign exchange.
**Financial Highlights**
**Net Asset Value (NAV) per Share**Increased to **13.78 pence** (up 11.7% from 12.34 pence in June 2025), though the share price remained at **6.2 pence**, trading at a **55% discount** to NAV.
**Invested Assets**Grew to **£137.95 million** (from £121.01 million in June 2025), with cash and equivalents at **£2.15 million**.
**Net Assets**Rose to **£139.97 million** (from £124.52 million in June 2025).
**Key Drivers of NAV Increase**
1. **Unrealized Gains**
**Blue Nalu**£4 million gain post-preferred share and convertible promissory note raise.
**Liberation Bioindustries**£4.1 million gain after Series A1 equity raise.
**Foreign Exchange**£2.8 million gain on USD, EUR, and AUD investments.
2. **Share Issuances**
Issued **6.49 million shares** to Supermeat for a SAFE investment, increasing NAV by £1 million.
Issued **30.64 million shares** to Blue Nalu for a preferred shares investment, increasing NAV by £4.5 million.
**Operational Highlights**
**Portfolio Progress**Several companies advanced to commercial execution, regulatory clearance, and scaled manufacturing, particularly in **precision fermentation**.
**Solar Foods**Launched Solein®-powered ice cream with Ajinomoto.
**Clean Food Group**Acquired a fermentation plant, adding 1 million litres of capacity.
**Onego Bio**Received FDA "no questions" letter for Bioalbumen®.
**Geltor**FDA approval for PrimaColl®, a vegan collagen.
**Investments**Participated in funding rounds for **EVERY Company (£55 million)**, **SuperMeat (£3.5 million)**, and **Blue Nalu (£6 million)**.
**Write-off**Fully wrote down **Meatable B.V. (£11.9 million)** due to its dissolution.
**Post-Period Highlights**
Invested **AU$3 million** in **All G Co Holdings**, an Australian biotech specializing in milk protein fermentation.
**Investment Strategy**
Focus on **precision fermentation**, with tangible commercial progress supported by regulatory approvals and manufacturing scale-up.
Selective approach to **cultivated proteins**, emphasizing companies with clear pathways to scale and regulatory approval.
**Outlook**
Expects portfolio companies to transition from development to commercial execution, particularly in precision fermentation.
Anticipates continued consolidation in the sector, favoring well-capitalized, execution-focused companies.
**Conclusion**
Agronomics Limited demonstrated strong financial and operational progress in H1 2025, with a focus on precision fermentation and strategic investments in scalable clean food technologies. Despite challenges, the company is well-positioned to benefit from the sectors shift toward commercial viability.
| Financial Metric | 31 December 2025 | 31 December 2024 | Change |
|---|---|---|---|
| Net Profit/Loss | £10,012,753 | Loss of £6,555,201 | +£16,567,954 |
| Net Investment Gains/Losses | £10,714,736 | Loss of £5,872,621 | +£16,587,357 |
| Operating Expenses | £701,983 | £682,580 | +£19,403 |
| Net Asset Value (NAV) per Share | 13.78 pence | 12.34 pence (as of 30 June 2025) | +11.7% |
| Carrying Amount of Invested Assets | £137,954,854 | £121,009,941 (as of 30 June 2025) | +£16,944,913 |
| Cash and Cash Equivalents | £2,153,140 | £3,606,187 (as of 30 June 2025) | -£1,453,047 |
| Net Assets | £139,973,458 | £124,520,935 (as of 30 June 2025) | +£15,452,523 |
| Basic and Diluted Profit/Loss per Share | 0.991 pence | Loss of 0.649 pence | +1.640 pence |