Agronomics (LSE:ANIC) reported a net profit of £10 million for the six months ended 31 December 2025, marking a significant reversal from prior losses. The improvement was largely driven by £10.7 million in net investment gains, while operating expenses remained relatively contained. Net asset value per share climbed 11.7% to 13.78 pence, lifting total net assets to £140 million. Despite the uplift, the shares continue to trade at roughly a 55% discount to NAV, reflecting ongoing market caution toward the sector.
Portfolio performance was supported by valuation gains in Blue Nalu and Liberation Bioindustries, as well as favourable currency movements and equity-based transaction structures. These positives were partially offset by an earlier £11.9 million impairment related to Meatable. Across the portfolio, several companies achieved regulatory and commercial progress, including securing GRAS approvals for new ingredients and expanding production capacity. Such milestones reinforce Agronomics’ exposure to alternative protein and precision fermentation opportunities, even as funding conditions for clean food ventures remain tight.
Following the reporting period, the company increased its stake in precision-fermented dairy producer All G with an additional AU$3 million investment, funded through the issuance of new shares priced close to NAV. Agronomics also continued backing more advanced portfolio companies — including SuperMeat, EVERY Company and Blue Nalu — through follow-on financing, signalling a targeted strategy of concentrating capital into businesses viewed as having strong scale-up potential.
From an outlook perspective, historical losses and sustained negative cash flow continue to weigh on sentiment. Technical indicators remain subdued, with the share price trading below key moving averages and momentum signals pointing lower. Valuation metrics are constrained by the absence of earnings and dividend support, though the company maintains a debt-free balance sheet, even as equity levels have gradually declined.
More about Agronomics
Agronomics Limited is an AIM-listed investment firm focused on the clean food and alternative protein space. It backs companies developing cellular agriculture, precision fermentation and other sustainable food technologies, aiming to support businesses as they move from technical validation toward regulatory clearance, commercial rollout and scaled manufacturing in major global markets.
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