Hamilton Global Opportunities: Net Asset Value Up 20.5% Despite Pre-Tax Loss in H1
Hamilton Global Opportunities published its first-half 2026 accounts on 10 September 2026. The investment company listed on Euronext Growth Paris reported net asset value up 20.5%, an increase the company attributes mainly to the profit realized on the disposal of its majority stake in MIAX, the performance of AntariaPharma and Exos Financial, as well as a favorable EUR/USD exchange rate movement benefiting the dollar. Meanwhile, the group posted a pre-tax loss of 1,279,512 euros and distributed a dividend of 3.44 euros per share in May 2026, the payment of which impacted cash flow, though the net asset value increase was achieved despite this distribution.
Net Asset Value at 24.95 M€ and Pre-Tax Loss Reduced to 1.28 M€
As of 30 June 2026, Hamilton Global Opportunities' net asset value stood at 24,949,881 euros, compared with 20,702,999 euros one year earlier, representing a rise of 20.5%. According to the company, this change results mainly from the profit realized on the disposal of the majority of its position held in MIAX, the performance of investments in AntariaPharma and Exos Financial, as well as a favorable EUR/USD exchange rate movement benefiting the dollar. The pre-tax loss for the half-year totaled 1,279,512 euros, compared with 2,579,173 euros in the first half of 2025. According to the company, the operating loss for June 2026 is almost exclusively attributable to the persistent underperformance of its stake in Gauzy Ltd.
Cash Position Strengthened to 4.87 M€ Following MIAX Disposal
Net cash position, including short-term financial investments, reached 4,868,842 euros as of 30 June 2026, compared with 685,820 euros as of 30 June 2025. This increase results mainly from profits generated by the disposal of the majority of the MIAX position. The balance sheet shows 5,221,217 euros of liabilities excluding deferred tax as of 30 June 2026, while the press release commentary mentions 3.5 million euros of liabilities unchanged compared with December 2025, of which 3.16 million euros of debt denominated in dollars. After deducting liabilities and the dividend paid in May 2026, net asset value stood at 24.94 million euros at end of June 2026.
A 3.1 M$ Bond Loan Matures in October 2026
Hamilton paid a dividend of 3.44 euros per share in May 2026, representing a total amount of 2.17 million euros and a yield of 8.00%. This distribution was made possible by the exit from the majority of MIAX holdings in December 2025. The company has a bond loan of 3.1 million dollars maturing in October 2026. Investors will be able to choose to convert it into Hamilton listed shares or reinvest the proceeds from repayment in a new bond loan maturing 15 February 2030. Hamilton also has the right, with one month's notice before maturity, to extend the maturity of securities maturing on 15 October 2026 by twelve months. The company indicates that as of 30 June 2026, it has sufficient cash reserves to meet all its current liabilities, including this bond maturity.
