Schroders Capital Global Innovation Trust (INOV) H2 2025 earnings summary

Executive summary

• NAV per share rose 11.5% year-over-year to GBP 0.2223 as of 31 December 2025.

• Share price increased 38.2% year-over-year to GBP 0.152.

• GBP 37 million was returned to shareholders via share repurchases and cancellations.

• Managed wind down strategy continued, focusing on maximizing exit value and prudent reserving.

Financial highlights

• NAV per share increased from GBP 0.1994 to GBP 0.2223 during 2025.

• Total NAV declined from GBP 162.4 million to GBP 141.2 million due to capital returns.

• Portfolio delivered just over a 10% return since Q3 2024, realizing nearly 30% of starting NAV.

• GBP 36 million realized from portfolio in 2025; GBP 5 million in follow-on investments.

• Cash balance at year-end was GBP 24 million.

Outlook and guidance

• Board plans to return another GBP 18 million to shareholders in H1 2026.

• Additional capital returns expected annually, with potential for ad hoc tenders.

• No material realizations expected until 2028.