BioPharma Credit (BPCR) investor relations material

Executive summary

• Share price increased from $0.91 at December 2025 to $0.97 by September 2026, with $0.9540 as of 30 June 2026, reducing the need for share buybacks.

• Net income per share for H1 2026 was $0.0447, down from $0.0633 in H1 2025, due to fewer prepayments and absence of a one-time $8M settlement.

• Portfolio is the most diversified since IPO, with Insmed as the largest position, expected to be repaid in October 2027.

• Achieved $716.3 million in new investment commitments in H1 2026, with $326.7 million deployed and a further $45 million committed post-period end.

• Sale of LumiraDx/Lumira Colombia stake resulted in full recovery of initial investment, resolving the only default in 17 years.

Financial highlights

• Net assets stood at $1,138.8 million as of 30 June 2026, down from $1,150.9 million at year-end 2025.

• Dividend yield was 8.6% for H1 2026, compared to 11.5% for H1 2025.

• Discount to NAV per share narrowed to 6.0% from 10.1% at year-end 2025.

• Paid total dividends of 4.95 cents per share in H1 2026, plus a special dividend of 1.45 cents per share for 2025 income.

• Return after finance costs and taxation was $50.4 million, down from $72.8 million in H1 2025.

Outlook and guidance

• Projected IRRs for major investments generally range from low double digits to 12.3%.

• Management expects a strong investment pipeline in H2 2026 and beyond, supported by ongoing capital needs in the life sciences sector.

• Portfolio is close to fully invested; new investments will require prepayments or asset sales.

• Confident in ability to deliver target dividend yield despite macroeconomic headwinds.

• Market for lending to small/mid-sized life sciences companies continues to grow, with no slowdown expected.