Tetragon Financial Group Limited

Good afternoon. Thank you for joining Tetragon's 2025 Annual Report Investor Call. You are all in lesson-only mode. The call will be accompanied by a live presentation which can be viewed online by registering at the link provided in the company's conference call press release. This press release can be found on the shareholder page of the company's website, www.tetragoninv.com/.shareholders. In addition, questions can be submitted online while watching the presentation. As a reminder, this call is being recorded. I'll now turn you over to Paddy Deage to commence the presentation.

As one of the principals and founders of the investment manager of Tetragon Financial Group Limited, I'd like to welcome you to our investor call, which we will focus on the company's 2025 annual results. Paul Gannon, our CFO and COO, will review the company's financial performance for the period. Steve Prince and I will talk through some of the detail of the portfolio and performance. And as usual, we will conclude with questions, those taken electronically via our web-based system at the end of the presentation, as well as those received since the last update. The PDF of the slides are now available to download on our website. and if you are on the webcast, directly from the webcast portal. Before I go into the presentation, some reminders. First, Tetragon shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors. These are described in detail on our website. Tetragon anticipates that its typical investors will be institutional and professional investors who wish to invest for the long term and who have experience in investing in financial markets and collective investment undertakings, who are capable themselves of evaluating the merits and risks of Tetragon shares, and who have sufficient resources both to invest in potentially illiquid securities and to be able to bear any losses that may result from the investment, which may equal the whole amount invested. I would like to remind everyone that the following may contain forward-looking comments, including statements regarding the intentions, beliefs, or current expectations concerning performance and financial condition on the products and markets in which Tetragon invests. Our performance may change materially as a result of various possible events or factors. So, with that introduction, let me hand over to Paul.

Thank you, Paddy. Tetragon continues to focus on three key metrics when assessing how value is being created for and delivered to Tetragon shareholders. Firstly, how value is being created by a NAV per share total return. Secondly, how investment returns are contributing to value creation measured as a return on equity or ROE. And finally, how value is being returned to shareholders through distributions, mainly in the form of dividends. The fully diluted NAV per share was $41.88 at the 31st of December, 25. NAV per share total return was 19.6% for the year. And since the IPO in 2007, Tetracon has now achieved an annualized NAV per share total return of 11.2%. For monitoring investment returns, we use an ROE calculation. This was 23.4% for 2025 full year net of all fees and expenses. The average annual ROE achieved since IPO is now standing at 12.1%, which is within the target range of 10 to 15%. Onto the final key metric, TETSCON declared a dividend of 12 cents for the fourth quarter 2025. That's an increase from 11 cents in Q3 and represents a dividend of 45 cents for the full year. Based on the year-end share price of $17.35, the last four quarters dividend represents a yield of approximately 2.6%. This next slide shows a NAV bridge breaking down into its component parts, the change in Tetragon's fully diluted NAV per share, starting at $35.43 at the end of 2024, to $41.88 per share at the end of 2025. Investment income increased NAV per share by $11.24 per share. Operating expenses, management and incentive fees reduced NAV per share by $2.78 with a further 29 cents per share reduction due to interest expense incurred on the revolving credit facility. On the capital side, gross dividends reduced NAV per share by 44 cents. There was a net dilution of $1.28 share, which is labeled as other share dilution in the bridge. This bucket primarily reflects the impact of dilution from stock dividends, plus the additional recognition of equity-based compensation shares. I will now hand it back over to Paddy.