REG - Agronomics Limited - Net Asset Value calculation as at 31 December 2025

AgronomicsAnnouncement

09/02/2026 07:00

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RNS Number : 0790S  Agronomics Limited  09 February 2026

 

9 February 2026

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 31 December 2025

Agronomics Limited (AIM:ANIC), a leading listed company in the field of clean
food, announces that its unaudited Net Asset Value per share ("NAV")
calculation as at closing on 31 December 2025 was 13.78 pence per share, a
5.9% decrease from 14.65 pence per share at 30 September 2025. Net Assets
stand at £140 million, including investments of £138 million and
uninvested cash and short-term deposits of £2.1 million.

The share price of 6.2 pence at 31 December 2025 represents a discount of
55% to the NAV per share on the same date. The average discount to NAV per
share over the last 12-month period was 53%. Under IFRS, the Company's
unquoted investments are generally carried at cost or the most recent priced
funding round.

The Board notes the c £7.8 million decrease in the Company's NAV during the
quarter which relates primarily to the following:

-     Full write off of the investment in Meatable B.V of £11.9 million;

-     An audited unrealised fair value loss on Blue Nalu Inc of net £ 1.2
million, following a preferred share investment;

-     An audited unrealised fair value gain on Liberation Bioindustries of
net £1.8 million, following the close of its Series A1 equity round;

-     An audited unrealised fair value loss on Bond Pets of £0.7 million;

-     Increase in NAV of £1 million, following the issue 6,488,535 new
Agronomics shares to Supermeat The Essence of Meat Ltd ("Supermeat"), in
settlement of a US$ 1.25 million SAFE investment;

-     Increase in NAV of £4.5 million, following the issue of
30,643,003 new Agronomics shares to Blue Nalu Inc, in settlement of a US$
6,000,000 Preferred Shares investment;

-     An unrealised FX gain of £0.1 million following revaluation of
investments to month end spot rate, where we hold certain of our investments
in USD, EUR and AUD, due to positive movements in these currencies against the
Company's reporting currency of Pound Sterling in the quarter;

-     Unrealised fair value losses on the investment held in Solar Foods
Oy, with its shares traded on the Nasdaq First North Growth Exchange, of £1.2
million; and

-     Cash balances reduced by £0.3 million relating to ongoing running
costs. This is offset by interest income earned during the quarter, with £16k
cash interest received and £189k loan note interest income accrued.

Cash and deposit balances at 31 December 2025 were £2.1 million (30 September
2025: £3.4 million)

During the period, no fees were payable or accrued in accordance with the
Shellbay Investments Limited Agreement. Shellbay's fees are only payable when
there is an annual increase in the NAV; further details are included in the
2025 annual report.

Investment Portfolio review

During the 3-month period to 31 December 2025, three portfolio companies
successfully completed fundraises:

·      10 November 2025 - the EVERY Company completed a US$ 55 million
Series D financing round, led by McWin Capital Partners through the McWin Food
Tech Fund, and included participation from Main Sequence, Bloom8, TO.VC,
Minerva Foods, Grosvenor Food & Ag, New Agrarian Company Limited (an
affiliate of Agronomics), and SOSV;

·      21 November 2025 - SuperMeat completed a US$ 3.5 million funding
round through the issue of a Simple Agreement for Future Equity of which
Agronomics invested US$ 2 million in the form of US$ 0.75 million in cash and
US$ 1.25 million in new Agronomics shares, with Milk and Honey Ventures also
investing;

·      19 December 2025 - Liberation Bioindustries, Inc closed the first
tranche of its Series A1 equity round, which included the conversion of all
Convertible Loan Note instruments held by Agronomics into Series A1 shares;
and

·      30 December 2025 - Blue Nalu Inc completed an initial closing of
a Convertible Promissory Note ("CPN") financing, with invested proceeds of
approximately US$ 8 million, and Agronomics subscribing for US$ 600,000 of
CPNs. The CPN funding was led by experienced investors in food tech, including
Lewis & Clark AgriFood Fund II LLP and Siddhi Capital Fund I L.P.
Concurrently, Agronomics subscribed for new Preferred Shares worth US$ 6
million.

The following key milestone was achieved by our portfolio company during the
3-month period:

·      25 September 2025 - Clean Food Group ("CFG") complete the
acquisition of a fermentation plant from Algal Omega 3 Ltd, providing
immediate access to one million litres of fermentation capacity and materially
accelerating its path to commercial scale; and

·      21 October 2025 - Geltor Inc received a 'No Questions' Letter
from the US Food and Drug Administration, confirming the Generally Recognized
As Safe status of its PrimaColl® ingredient - the world's first biodesigned
vegan collagen polypeptide.

The Company also announced, on 19 December 2025, that the board and
shareholders of its portfolio company, Meatable B.V, resolved to dissolve the
legal entity and its related group companies and to terminate all operating
activities. This resulted in a full write down of the investments carrying
amount, totalling £11.9 million, with the impairment being recognised in the
audited June 2025 financial statements.

Jim Mellon, Executive Chair of Agronomics, commented:

"The fourth quarter of the year was a reminder that progress in clean food
does not move in a straight line. While parts of the sector continue to face
real pressure, we also saw evidence that the companies best positioned to
scale are beginning to separate themselves.

During the period, several of our portfolio companies took important steps
that strengthen their long-term commercial outlook. Clean Food Group's
acquisition of large-scale fermentation infrastructure materially changes its
ability to serve customers, while EVERY's successful Series D financing
highlights continued demand for scalable, fermentation-based protein
platforms. These developments are tangible, operational in nature, and
increasingly difficult to replicate.

Although market conditions remain challenging, we believe the progress made
during the quarter reinforces our focus on technologies and teams that can
translate scientific capability into commercial execution."

                                                          Unaudited to 31 December 2025

                                                          £
 Current Assets
                            Investments                   137,954,854
                            Uninvested cash and deposits  2,153,140
                            Trade and other receivables   100,132
 Current Liabilities
                            Trade and other creditors     (234,667)
 Net Assets                                               139,973,459
 Capital and Reserves
                            Share capital                 1,046
                            Share premium                 141,610,811
                            Retained earnings             (1,638,398)
 Net assets                                               139,973,459
 Shares in Issue                                          1,015,905,830
 Net Asset Value per share                                13.78 pence

 

The quoted investments within the portfolio are valued under IFRS at bid
price.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

About Agronomics

Agronomics is a leading London-listed company focusing on investment
opportunities within the field of clean food. The Company has established a
portfolio of over 20 companies in this rapidly advancing sector. It seeks to
invest in companies owning technologies with defensible intellectual property
that offer new ways of producing food and materials with a focus on products
historically derived from animals. These technologies are driving a major
disruption in agriculture, offering solutions to improve sustainability, as
well as addressing human health, animal welfare and environmental damage. This
disruption will decouple supply chains from the environment and animals and
improve food security for the world's expanding population. A full list of
Agronomics' portfolio companies is available at https://agronomics.im/
(https://agronomics.im/) .

For further information please contact:

 Agronomics Limited   Beaumont Cornish Limited  Canaccord Genuity Limited  Cavendish Capital Markets Limited  33Seconds Limited

 The Company          Nomad                     Joint Broker               Joint Broker                       Public Relations

 Jim Mellon           Roland Cornish            Andrew Potts               Giles Balleny                      Jack Ferris

 Denham Eke           James Biddle              Harry Pardoe               Michael Johnson                    Amber Carr

 +44 (0) 1624 639396  +44 (0) 207 628 3396      +44 (0) 207 523 8000       +44 (0) 207 397 8900               agronomics@33seconds.co (mailto:agronomics@33seconds.co)

 info@agronomics.im

 

Nominated Adviser Statement

Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated
Adviser and is authorised and regulated in the United Kingdom by the Financial
Conduct Authority. Beaumont Cornish's responsibilities as the Company's
Nominated Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM Rules for
Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont
Cornish is not acting for and will not be responsible to any other persons for
providing protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in the
announcement or any matter referred to in it.

 

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