BH Macro (BHMG) H2 2025 earnings summary

Executive summary

• NAV per GBP share rose 1.38% and per USD share 0.83% in 2025, below 2024's 5.86% and 4.92% respectively.

• Share price returns were -1.72% (GBP) and 1.68% (USD), with persistent discounts to NAV averaging 8.1% and 8.3%.

• £115m and $1.3m were spent on buybacks in 2025, but discounts persisted, triggering class closure votes.

• Overwhelming shareholder support defeated closure votes for both share classes in February 2026.

• The Board and Manager implemented process changes and increased the 2026 buyback allowance to 14.99% of share capital.

Financial highlights

• Net assets at year-end: $1,981m (2024: $1,984m); NAV per share: £4.41 (GBP), $4.52 (USD).

• Net increase in net assets from operations: $151.1m (2024: $58.2m).

• Ongoing charges ratio fell to 2.47% (GBP) and 2.40% (USD) from 2.95% and 3.06% in 2024.

• No dividends paid in 2025.

• Gain per share: 2.12p (GBP), 2.35c (USD); prior year: 17.91p (GBP), 19.88c (USD).

Outlook and guidance

• Macro and geopolitical environment remains challenging but offers opportunities for future returns.

• Board retains confidence in the Manager and strategy despite recent underperformance.