Half-year Report

Bridgepoint Group plc (the "Group" or the "Company")

Successful fundraising and 78% growth in underlying EBITDA increase confidence in delivering full year guidance

Bridgepoint Group plc today announces record results for the six months to 30 June 2026.

The Group delivered 22.8% growth in underlying management fees and other income and 109.5% growth in performance related earnings ("PRE") leading to 77.6% growth in EBITDA to £227.3 million compared to first half of 2025. The return of a record amount of €16.6 billion of capital to fund investors in the first half combined with continued strong fund performance has driven continued progress in fundraising which underpins confidence in delivering the recently increased fundraising target of €28 billion by the end of 2026.

Summary highlights:

Performance versus 6 months ended 30 June 2025 (unless otherwise stated) and excluding the acquisition of Kayne Anderson Real Estate:

Raoul Hughes, Chief Executive said:

"Bridgepoint reported continued strong growth in the first half with fee paying assets under management increasing by a third in US dollar terms and underlying EBITDA growing by 78% compared to the first half of 2025. Continued progress in fundraising underpins our confidence in delivering our recently increased fundraising target of €28 billion by the end of 2026.

"Consistent with our historical track record, the first half of 2026 was an impressive period for both capital deployment and returns with €3.6 billion deployed and a record €16.6 billion returned to fund investors.

"We took another major step forward in our strategy to strengthen our position as a leading global middle-market private markets platform with the announcement of the acquisition of Kayne Anderson Real Estate in late June. Real estate is a growing private markets asset class and Kayne Anderson Real Estate has built a leading position as a scaled specialist with an exceptional track record and strong fundraising momentum. We look forward to working with them to scale this exciting new strategy. The enlarged Group will be equally balanced between Europe and the US and with almost 50% of AUM in real assets.

"Looking ahead, we are making excellent progress in fundraising and there is a good transaction pipeline in place for the second half of 2026 and beyond. The medium-term growth prospects for private markets are exciting and we are confident in the Group's long-term strategic opportunity."

Financial performance

Fundraising

Deployment

Note: private equity and infrastructure deployment calculated as a percentage of primary capital and includes deals signed but not completed.

Exits

Reported financial performance

Note: for details of Underlying Expenses in reported financial performance see the 'Reconciliation of pro forma underlying income statement to IFRS income statement' table below.

Dividend

Guidance

Guidance is for the existing Group and excludes guidance for Kayne Anderson Real Estate which can be found in the transaction announcement of 29 June 2026.

Fundraising

M&A

Management fees

Expenses

PRE

EBITDA margin

Interim dividend payment timetable

The timetable for the payment of the interim dividend of 4.8 pence per share announced today is as follows:

Enquiries:

Bridgepoint

FGS Global (Public Relations Adviser to Bridgepoint)

James Murgatroyd / +44 20 7251 3801 / +44 7768 254 911

Anjali Unnikrishnan / +44 20 7251 3801 / +44 7826 534 233

Bridgepoint-LON@fgsglobal.com

Abbreviated income statement

Consolidated balance sheet

Consolidated cash flows

Financial summary

The financial summary above and throughout the remainder of this section of the Interim Report compares the underlying results for the six months ended 30 June 2026 against the underlying results for the six months ended 30 June 2025.

Reconciliation of underlying income statement to IFRS income statement

* Other excluded personnel expenses include expenses relating to corporate development activities. They are excluded from FRE but are added back to EBITDA. Further details are set out in the Supplementary information: Alternative performance measures (APMs) section.

Chief Executive statement

Raoul Hughes

The Group delivered a strong performance across fundraising, investing and its financial results in the first half of 2026.

The Group has made significant strategic progress in the first half of 2026.

Last month we announced the acquisition of Kayne Anderson Real Estate (KARE) which marked another major step forward in our plan to build the clear global leader in middle-market value-added investing across all alternative asset classes. Adding KARE to the Group broadens our product suite and ensures we now have products which are leaders in their sectors, operating at scale, across all four major private market asset classes as well as a growing secondaries pillar.

Fundraising has continued to exceed our expectations across our strategies and this allowed us, when we announced the acquisition of KARE last month, to increase our fundraising target for the existing Group from €24 billion to €28 billion by the end of 2026.

Raising larger funds than expected combined with BE VIII starting to pay fees earlier than expected has also led to higher fee related earnings (FRE) in the first half of the year. Additionally, our existing funds continue to perform well, resulting in PRE being recognised earlier than had been expected, with our PRE outlook remaining positive in 2026 and recently upgraded for 2027.

Compelling financial performance for shareholders

In H1 2026, AUM increased by 12% from H1 2025 to $97.3 billion and FPAUM increased by 33% compared to H1 2025 to reach $58.4 billion. Management fees and other income increased by 23% in H1 2026 vs H1 2025 to reach a total of £254.4 million (including catch-up fees of £21.7 million).

Following a number of successful exits, $1.3 billion of capital has been returned to investors in ECP V and carried interest in the fund has been recognised in our numbers for the first time, sooner than previously expected. Underlying EBITDA in the first half of the year amounted to £227.3 million, representing an underlying EBITDA margin of 61%.

Increased target of raising €28 billion by the end of 2026

Following good fundraising progress in H1 2026 across BDL IV, ECP VI and BE VIII, we increased the €24 billion target to €28 billion in June. Having closed a further €2.5 billion since that announcement, we have raised €26 billion to date with a further €2 billion to be raised in the remainder of H2 2026.

All three flagship funds have been fundraising simultaneously, demonstrating the breadth and depth of the reach of our global investor services team. BDL IV held its final close in early July at €5.1 billion of investable capital, ECP VI has raised $7.0 billion and we have successfully sought permission from fund investors to increase the hard cap to $7.8 billion of external capital. In private equity, BE VIII has raised €7.0 billion, surpassing its predecessor fund, and began paying fees in early June. It is expected to hold a final close in Q1 2027.

With encouraging strength of investor interest in our strategies, including market-leading European PE and added value US energy transition infrastructure, four funds will be raising further capital in H2 2026, comprising BCO V, CLO XII, ECP VI, and BE VIII. In addition to raising the great majority of our capital through closed-ended funds, we continue to make progress with our private wealth offering, Bridgepoint Generations.

The acquisition of Kayne Anderson Real Estate

For a truly global middle-market alternatives manager, real estate is an important part of the product suite. It is the third-largest asset class after equities and fixed income and a critical allocation for our core investor base, the world's largest institutional investors.

The US is a scaled market with deep opportunities and is the logical choice for our first entry into the value-added real estate sector.

The timing is good for several reasons. Firstly, we've completed our successful integration of ECP so have the bandwidth and experience to repeat that playbook again here; secondly, the real estate market is at an inflection point; and thirdly, the momentum in the business is undeniable, having just closed an oversubscribed latest flagship, KAREP VII, at $5.1 billion (almost double the size of its predecessor).

Having looked at a number of opportunities in US real estate, we believe KARE is the best platform, in the best part of the US real estate market.

It targets specialist real estate and has a middle-market DNA and a strong track record of delivering value-added returns - a leader in its sectors, just like the rest of the Group. Importantly, there is also a strong cultural fit and a highly complementary set of LP relationships.

With this transaction we are building the platform we said we would build, growing in line with a clear strategy, and doing so while preserving the high performing and entrepreneurial culture that has underpinned our success from the beginning.

Subject to shareholder, regulatory and certain KARE fund investor approvals, we expect the acquisition to close at the end of the year.

Continued good performance across investment strategies

Private equity

With activity levels in the European middle-market increasing again following a temporary slowdown in April and May caused by conflict in the Middle East, the private equity team has continued to deliver good performance. BE VII has made significant progress and has now completed its investment period with 20 platform investments. 17 of these have been sourced outside of conventional auction processes, underlining the strength of our origination capabilities in the European middle-market. Recent transactions include BE VII agreeing to acquire majority stakes in UMag Solutions, a Danish defence technology company specialising in drone-based real-time subsurface threat detection on land and sea, iC Consult, the world's largest independent provider of identity security services and Obagi Medical, a dermatological skincare and aesthetics business. Additionally, BE IV successfully exited Flexitallic, a global provider of highly engineered sealing and joint integrity solutions.

In Bridgepoint Development Capital (BDC), the Group's latest lower mid-cap fund, BDC V, completed two new platform investments; ht.digital, a provider of digital asset assurance and technology solutions, and PDSVISION, a leading global provider of digital engineering solutions, as well as 2 bolt-on acquisitions for an existing platform investment. BDC V is now 49% committed and on track to deploy over its target investment period of 3.5 to 4 years.

Private credit

Increased investor interest in investing in Europe provided a continuing tailwind to fundraising for both Direct Lending and Credit Opportunities. Our credit funds are closed-ended with locked up capital, so are not subject to any redemption risks.

The Bridgepoint Direct Lending team has committed to invest in 6 new primary deals totalling almost €0.5 billion in deployment across all core geographies and target sectors in the first half of the year. As a result, BDL IV had deployed €1.0 billion by 30 June 2026 representing 32% of committed capital.

Current market conditions, including geopolitically-driven volatility in secondary markets and sector-specific dislocations in software and AI-adjacent credits, have created a compelling opportunity set for our Credit Opportunities strategy that the team is actively pursuing, consistent with its playbook from similar periods in the past.

In syndicated credit, two CLOs (X and XI) were issued in the first half and CLO XII is currently warehousing.

Infrastructure

In addition to excellent progress in fundraising for our flagship fund, where we continue to benefit from investor demand for exposure to a sector whose growth trajectory is underpinned by several megatrends, most notably electricity demand growth and a corresponding shortage of power generation supply in the U.S., ECP continues to perform strongly.

Recent transactions include ECP VI agreeing to acquire EnergySolutions, a leading company providing integrated solutions across the full nuclear power lifecycle which had previously been a portfolio investment in ECP II. Additionally, there have been very successful exits. Symmetry Energy Solutions, a US natural gas supply, logistics, and asset management platform was sold at an excellent 6.4x money multiple and Cornerstone Generation, an owner of 2.6 gigawatts of natural gas generation capacity was sold for an exceptional 4.4x money multiple after less than one year of ownership.

Those exits, combined with very strong growth in the order book for the retained gas turbine business at ProEnergy, means that ECP V, a 2022 vintage fund, is now marked at a money multiple of over 3x for the fund as a whole, which is an outstanding achievement for an infrastructure fund.

Secondaries

We are pleased to have made a really efficient entry into the secondaries market with the addition of the team from Newbury. The challenge now is to grow it into a secondaries and solutions platform of equal scale to the other verticals in the Group in the medium to long term.

Well placed to benefit from long-term market trends

With a platform that continues to deliver through cycles, there is significant potential for growth given the strong tailwinds in the alternatives market. Private markets continue to perform well and remain attractive to institutional investors. Major pools of capital have very limited exposure to private markets and significant capital deployment needs, and therefore will increasingly require private capital investments, such as in ECP's core market of energy transition.

Our current product set - market-leading European PE, added value US energy transition and European credit - positions us well to benefit from institutional investors looking to reduce the number of managers with which they invest their capital.

The Group's strategy of increasing diversity, whether by investment strategy, geography or investor type, builds on its clearly differentiated position in the global middle-market. The platform's strength makes the Group a go-to participant in credit, equity, and value-added infrastructure and, once the acquisition of KARE completes, in US real estate as well, with a growing secondaries pillar.

Consequently, we are well placed to reach the staging post we set out at our Capital Markets Day in October 2024 of increasing our AUM to $200 billion by 2029/2030 through a combination of organic and inorganic growth and expansion into new asset classes.

Dividend

I'm pleased to confirm that the Company will pay an interim dividend of 4.8p per share in October.

Looking ahead

Successful fundraising and continued robust deployment and exit activity against the volatile backdrop of H1 2026 illustrates the benefits of our positioning in the middle-market segment across private equity, credit and infrastructure, with a growing secondaries pillar. With a strong pipeline of investments and exits the Group is well placed to look to the rest of the year with confidence.

Opportunities for inorganic growth continue to be actively explored, alongside the organic scaling and broadening of our existing investment strategies through the launch of new products.

With the clear differentiator of middle-market leadership, the Group is well-positioned to capitalise on both market growth and the increasing trend towards industry consolidation as illustrated by the upgraded fundraising guidance and the acquisition of KARE which were announced in June.

I would like to thank colleagues who have helped to deliver yet another strong set of financial results for shareholders.

Raoul Hughes

Chief Executive

Financial review

CFO statement

The Group delivered strong first-half financial performance, ahead of expectations, supported by a substantially completed fundraising cycle and PRE, which was largely driven by the performance of ECP V. This underpinned the recent upgrade to the guidance we announced in June and our confidence in delivering continued growth in the future.

Financial results

Management fees and FRE

Underlying management and other income increased by 22.8% to £254.4m, including incremental fees relating to ECP VI which started charging fees in May 2025 and had raised $7.0 billion of commitments by the end of June, fees from initial closes of BE VIII which started charging fees on 9 June and had raised €7.0 billion of commitments by the end of June, as well as fees from further deployment in our credit strategies.

Growth in management fees and other income, excluding the impact of catch-up fees recognised, was £31.3 million or 15.5% (catch-up fees of £21.7 million in the six months ended 30 June 2026, compared to £5.7 million in the six months ended 30 June 2025).

FRE of £108.0 million, or £86.3 million excluding catch-up fees, represents an increase of 22.8% excluding catch-up fees in both periods. This delivered a margin of 42.5%, or 37.1% excluding catch-up fees, which compares to 36.7% and 34.9% respectively in the prior period, benefitting from fundraising and locking in margin for the medium term.

PRE

Fund performance is critical to our ability to raise new funds. Across our strategies our funds continue to perform well.

PRE delivered £120.7 million of income, representing 32.2% of total income and including carried interest income from ECP V, which was recognised for the first time. ECP V has performed particularly strongly, supported by the completed sale of Cornerstone and the continued performance of ProEnergy. The performance in the first half is expected to represent approximately two thirds of full year PRE, meaningfully de-risking delivery in 2026.

The sale of Calpine closed in January 2026 and cash proceeds were distributed to investors. Of the Constellation Energy shares received in the sale, 35% out of the 50% tranche subject to lock-up release in 2026 have been sold and proceeds distributed, alongside shares held in specie by co-investors. The remaining 15% of the 2026 release and the 50% tranche held by fund vehicles subject to a 2027 lock-up, continue to be held.

Profitability and margins

Underlying EBITDA was £227.3 million, an increase of 77.6% compared to £128.0 million for the six months ended 30 June 2025 due to increases in both FRE and PRE.

The underlying EBITDA margin was 60.6% or 58.2% excluding catch-up fees. Margins are therefore moving towards the EBITDA margin target we set out at our Capital Markets Day of between 55% and 60% on the conclusion of the next fundraising cycle.

Underlying profit before tax (excluding FX) was £196.6 million, an increase of £94.8 million from half year 2025.

Reported profit before tax of £42.9 million and reported profit after tax of £28.7 million compared to £60.6 million and £44.1 million respectively in the six months ended 30 June 2025, reflecting higher management fees and co-investment income, offset by higher exceptional costs relating to the KARE and ECP transactions, amortisation of intangibles, and finance and other costs relating to acquisition activity.

AUM and fundraising

At 30 June 2026 the Group's AUM was $97.3 billion, compared with $94.1 billion at 31 December 2025 (or $92.9 billion on a constant currency basis).

Fee Paying AUM grew by 32.7% to $58.4 billion (€51.1 billion) compared to 30 June 2025. This includes the impact of capital raised for BE VIII and ECP VI, alongside capital deployed in credit strategies and positive FX movements, partially offset by the impact of divestments in credit and infrastructure and in private equity where BE VII was subject to a step down.

Fundraising for the current cycle is now substantially complete. In June, we increased our 2024 - 2026 fundraising guidance from €24 billion to €28 billion. Fund commitments raised in 2026 totalled €11.6 billion. In 2026, fundraising is expected to continue for BE VIII and BCO V, and to conclude for ECP VI.

Addition of Kayne Anderson Real Estate

The acquisition of Kayne Anderson Real Estate (KARE) is a strategically important step in building the Group into a more scaled and diversified global middle-market private markets platform. It adds real estate as a fifth vertical, creates a combined platform with pro forma AUM of approximately $120 billion and increases the proportion of real assets in Group AUM to around 45%, while deepening our US presence and increasing recurring, FRE-centric earnings. The transaction has an upfront enterprise value of approximately $1.4 billion, with day one consideration comprising $759 million of cash and approximately 176.7 million newly issued loan notes or operating partnership units exchangeable for shares by the sellers and awards over a further 11.9 million shares made available to eligible employees. There is an additional performance-related earn-out to the sellers of up to 82.83 million loan notes or operating partnership units exchangeable for shares in 2030, as well as awards over up to a further 19.67 million shares available to eligible employees. The transaction is expected to be EPS accretive by a mid-single-digit percentage in 2027 and by more than 20% in 2028. Completion is expected at the end of 2026, subject to shareholder approval, regulatory approvals and fund consents.

Balance sheet, cash and financing

The Group continues to operate with a strong balance sheet and significant financial flexibility.

At 30 June 2026 the Group had cash of £177.5 million (excluding cash belonging to consolidated CLOs and other restricted cash).

The Group is supported by $614.0 million of US private placement notes in issue (£464.0 million, excluding capitalised facility costs and borrowings within the consolidated structured fund vehicles), which have an average maturity of 4.3 years. Net leverage represents 0.7x of LTM underlying EBITDA.

During the first half of 2026, banking facilities totalling £800 million were put in place. This included the renewal of the revolving credit facility (from £250 million to £400 million) and the arrangement of a dedicated acquisition bridge facility (£400 million).

The cash component of the KARE transaction is expected to be funded from existing balance sheet resources and the available credit facilities, which we expect to refinance through a new US private placement. Net leverage is expected to peak at c.2.0x and reduce to below 1.0x within 18 months.

At 30 June 2026 the Group held investments in funds of £726.3 million (including the Group's exposure to CLO notes and excluding the interests of third-party investors), and carried interest at a discounted value of £210.0 million, which together total £1.2 billion without the carried interest discount.

Capital allocation and share liquidity

Our capital allocation priorities remain unchanged. We continue to prioritise investment in organic growth, disciplined platform-enhancing acquisitions, fund investments and shareholder dividends.

Alongside our half year 2026 results, we have announced an interim dividend of 4.8 pence per share to be paid in October, in addition to the final dividend in respect of 2025 of 4.7 pence per share paid in May.

In June 2025 we announced a renewed directed share buyback programme of up to a further £50.0 million, which has been extended and is expected to complete on or before 31 May 2027. The buyback can be activated at times of market dislocation when we feel that our share price does not reflect underlying performance. In the first half of 2026, buybacks totalled £7.2 million and represented a return to shareholders of 0.7 pence per share.

At the IPO a staggered lock-up of up to five years was agreed with pre-IPO management shareholders and, of the lock-ups remaining, 100 million shares were released in 2025 and the final 167 million shares will be released on 26 July. As lock-ups expire, including those relating to the ECP and KARE transactions, and additional shares are sold, the free float will increase.

Overall

The Group enters the second half of 2026 with strong financial and strategic momentum. Fundraising delivery is ahead of plan, which will strengthen our fee base. PRE has benefited from strong fund performance and realisations, in particular in ECP V. Taken together, this positions the Group well to deliver a strong full-year result. The announced acquisition of KARE adds a fifth vertical and accelerates progress towards our long-term ambition of building the clear global leader in middle-market private markets investing.

Ruth Prior

Group Chief Financial Officer

Guidance

Guidance is for the existing Group and excludes guidance for Kayne Anderson Real Estate which can be found in the transaction announcement of 29 June 2026.

Fundraising

Management fees

Expenses

PRE

EBITDA margin

Financial review

Financial summary

Exposure to foreign exchange

Total AUM development during the year

Total AUM at 30 June 2026 was $97.3 billion (€85.1 billion) compared to $86.6 billion (€73.7 billion) at 30 June 2025. The increase was primarily due to commitments raised to date for BE VIII (private equity), ECP VI (infrastructure) and BDL IV (credit), final commitments for BDC V and BG II (private equity), deployment of BDL III and BCO IV (credit), launch of CLO X (credit) and the impact of valuation growth of fund investments.

Fee Paying AUM development during the year

Fee Paying AUM at 30 June 2026 was $58.4 billion (€51.1 billion) compared to $44.0 billion (€37.5 billion) at 30 June 2025, with the increase due to commitments raised to date for BE VIII (private equity) and ECP VI (infrastructure), an increase in invested capital in our credit strategies and the launch of CLO X, which became fee paying during the period, offset by asset realisations.

Fundraising

Fund commitments raised in the first six months of 2026 totalled €11.6 billion. We have now raised €26 billion of our €28 billion target.

BE VIII (private equity) became fee paying on 9 June 2026. It was launched with a cover number of €7.5 billion and has now raised €7 billion of commitments. Fundraising is expected to continue until Q1 2027.

BDL IV (credit) concluded fundraising with €5.1 billion of investable capital, compared with its cover number of €4 billion. BCO V (also credit) continued fundraising, which is expected to conclude in 2027.

ECP VI (infrastructure) had raised $7.0 billion, compared with a $5 billion cover number and original hard cap of $7.5 billion which was recently increased to $7.8 billion, with fundraising expected to conclude later this year. The ECP Evergreen Yield fund (also infrastructure) is expected to deploy $500 million from an anchor investor during the second half of 2026, while continuing to raise additional capital from other institutions.

Fundraising for the next Newbury Bridgepoint fund (secondaries) will commence later this year.

Fund performance

Abbreviated income statement

The Group's consolidated income statement has two key components:

Exceptional items are items of income or expense that are material by size and/or nature and are not considered to be incurred in the normal course of business. Exceptional items that are classified as "exceptional" within the Group Consolidated Statement of Profit or Loss are disclosed separately to give a clearer presentation of the Group's results. In the six months ended 30 June 2026 exceptional expenses within EBITDA predominantly related to costs relating to the KARE and ECP transactions (2025: primarily related to the ECP transaction). Further explanation of these items is included within note 5 of the financial statements.

Underlying profit before tax excludes exceptional items and other adjusted items. Other adjusted items include:

Further explanation of exceptional items is included within note 5 of the financial statements.

Reconciliation of underlying income statement to IFRS income statement

* Other excluded personnel expenses include expenses relating to corporate development activities. They are excluded from FRE but are added back to EBITDA. Further details are set out in the Supplementary information: Alternative performance measures (APMs) section.

Underlying total operating income

Underlying total operating income increased by £110.4 million to £375.1 million. This was primarily driven by a £63.1 million increase in PRE to £120.7 million, reflecting carried interest recognised from ECP V, recognised for the first time. Growth was also supported by higher management and other fees, which increased by £47.3 million to £254.1 million, an increase of 22.9%.

Underlying management and other fees £254.1 million are attributable to the reporting segments set out below.

The increase in underlying management and other fees reflects fees relating to ECP VI (infrastructure) which started in May 2025 and BE VIII (private equity) which started in June 2026, and the growth of fee paying AUM in our credit business. These increases are partially offset by declining fees on older funds which are in their divestment phase, where fees are based upon the remaining invested capital and reduce as investments are realised.

PRE of £120.7 million relates to income from the Group's co-investment in funds and share of carried interest and has increased by £63.1 million relative to the comparable period in 2025. Performance in 2026 includes the strong performance of ECP V (infrastructure), driven in particular by the sale of Cornerstone and the continued performance of ProEnergy, which has resulted in the accrual of carry for the first time, as well as continued valuation progression and contribution from BE VI and VII (private equity), and ECP IV and the Calpine Continuation Fund (infrastructure).

Operating expenses

Personnel expenses (excluding exceptional expenses, adjusted items and investment-linked bonus) of £108.4 million increased by £9.2 million relative to the prior comparative period due to the impact of higher FTEs and inflationary impacts on pay.

Personnel expenses (excluding exceptional expenses, adjusted items and investment-linked bonus) as a percentage of underlying total operating income was 28.4% for the six months ended 30 June 2026, compared to 37.5% for the period ended 30 June 2025. The improvement in the ratio in 2026 was primarily due to an increase in underlying total operating income.

In the six months ended 30 June 2026 reported personnel costs of £(185.1) million included £67.0 million of exceptional costs that primarily related to the ECP transaction (2025: £29.1 million primarily ECP related). They also included £1.4 million of share-based payments (2025: £2.2 million) and £8.3 million of expenses that do not form part of FRE (2025: £5.6 million). Further details are contained within the explanation and reconciliation of APMs.

Other operating expenses (excluding exceptional expenses and adjusted items) of £38.0 million increased by 19.1%, driven primarily by expenditure relating to travel and technology. Other operating expenses (excluding exceptional expenses and adjusted items) as a percentage of underlying total operating income was 9.9% for the period ended 30 June 2026 compared to 12.3% for the prior comparative period.

In 2026 exceptional expenses within EBITDA predominantly related to costs incurred in connection with the acquisitions of ECP and KARE (2025: primarily related to the ECP transaction). Other adjusted items within EBITDA include share-based payment awards in connection with the Company's listing and costs incurred in structured vehicles that are consolidated in the Group under IFRS and are attributable to third-party investors. Further details are contained within the explanation and reconciliation of APMs.

Depreciation and amortisation expense

Depreciation and amortisation expense (excluding amortisation of intangibles relating to acquisitions) decreased from £8.6 million to £8.3 million.

Amortisation of intangibles includes the amortisation of fund customer relationships capitalised following the acquisition of EQT Credit and ECP. It also includes the amortisation of an acquired carried interest intangible from the ECP transaction.

Amortisation relating to acquisition related intangible assets has been excluded from the underlying profitability measures in order to enable a clearer analysis of the Group's performance.

Finance and other income or expenses

Finance and other income or expenses include interest income from cash deposits and interest cost on borrowings, lease-related expenses, and finance expense or income on amounts payable to or receivable from related or third party investors, along with non-operating foreign exchange gains and losses.

Net finance and other expenses (excluding exceptional and excluded items) were £21.5 million, an increase of £5.8 million from the prior comparative period, primarily due to higher payout relating to 5% share of ECP FRE and other amounts due under agreed profit share arrangements with related party investors.

Exceptional items of £40.8 million primarily relate to the remeasurement of deferred contingent consideration arising from the ECP transaction. Adjusted other expenses of £23.1 million primarily relate to PRE attributable to third-party investors in consolidated structured fund vehicles.

Profit before tax

Underlying profit before tax was £197.5 million in the six months ended 30 June 2026, an increase of 90% from £103.7 million for the prior comparative period, which is primarily due to the increase in underlying EBITDA. The underlying profit before tax margin was 52.7% for the same period.

Profit before tax decreased to £42.9 million in the six months ended 30 June 2026 and compared with £60.6 million in the prior comparative period. This was primarily due to the impact of exceptional costs and adjusted items relating to the ECP and KARE transactions, including the impact of acquisition related share-based payment expenses, remeasurement of a deferred contingent consideration and amortisation of acquisition related intangible assets.

Tax

The tax charge decreased from £16.5 million in the six months ended 30 June 2025 to £14.2 million in the six months ended 30 June 2026. The statutory effective tax rate for the six months ended 30 June 2026 was 33.1% compared to 27.2% for the period ended 30 June 2025. This was primarily due to movements in deferred tax liabilities and the tax effect of acquisition-related items. Excluding these items, the underlying effective tax rate for the six months ended 30 June 2026 was 14.3% compared to 15.9% for the period ended 30 June 2025.

Profit after tax

Profit after tax decreased by 34.9% from £44.1 million in 2025 to £28.7 million in 2026.

Earnings per share and dividend per share

Basic and diluted underlying earnings per share grew by 5.7 pence per share and 5.1 pence per share respectively, reflecting the increased underlying profitability of the Group. Underlying diluted earnings per share includes the dilutive effect of shares issued or redeemed by the Company in the six months to 30 June 2026. This included 30.0 million operating partnership units which had been exchanged into shares during the period. It also includes a maximum of 55.0 million units which related to earn-out arising from the ECP acquisition could be exchanged for Company shares in the future.

The Directors announced a final dividend of 4.7 pence per share in respect of year ended 2025 that was paid in May 2026. This had a cost of £46.2 million, including a related distribution to the sellers of ECP. Directors have announced an interim dividend of 4.8 pence per share to be paid in October 2026. The cost is estimated to be £42.6 million, plus dividend equivalents paid to non-controlling interests estimated to be £5.1 million. The actual cost will depend upon the number of shares in issue when the dividend is paid.

Consolidated balance sheet

Net assets principally comprise cash and investments in money market funds, the fair value of investments and carried interest receivables from private equity, infrastructure, credit and secondaries funds, as well as goodwill and intangible assets arising from the acquisition of the Newbury, ECP and EQT Credit businesses.

The IFRS balance sheet includes the full consolidation of the assets and liabilities of certain CLOs and structured fund vehicles attributable to third-party investors, which are required under IFRS to be presented gross on the balance sheet.

Non-current assets have increased by £110.1 million to £1,944.9 million and current assets increased by £531.7 million to £3,913.5 million, primarily due to the impact of additional investments in funds and consolidated CLOs.

The Group has £887.7 million of investments in funds (2025: £853.6 million). Of this, £754.1 million (2025: £682.6 million) relates to private equity funds, including £300.2 million (2025: £241.8 million) of fund investments held through structured vehicles which are consolidated by the Group and are included as non-current assets. In addition, the Group holds a £21.5 million interest in credit funds (2025: £21.0 million), including £15.4 million in unconsolidated CLOs (2025: £15.3 million), and £109.8 million in infrastructure funds (2025: £149.9 million). The Group also has a carried interest receivable, which is held at a discount under IFRS, of £210.0 million (2025: £148.9 million).

At 30 June 2026, the Group had cash of £177.5 million (excluding cash belonging to consolidated CLOs and fund vehicles, which is not available for use by the Group).

Total liabilities increased £565.8 million to £4,594.4 million. Non-current liabilities increased £365.6 million to £3,925.7 million, primarily due to an increased level of liabilities owed by consolidated CLOs. Current liabilities increased by £200.2 million to £668.7 million. Excluding the impact of liabilities of consolidated CLOs and structured fund vehicles attributable to third-party investors, non-current liabilities increased by £47.9 million, due to CLO repurchase agreements and trade and other payables. Current liabilities, excluding the impact of liabilities of consolidated CLOs and structured fund vehicles belonging to third-party investors, increased by £22.7 million to £258.8 million due to an increase in accrued expenses and an increase in the fair value of derivative liabilities.

Total equity reflects the 2026 profit and increase in other reserves primarily due to equity-settled share awards offset by dividends paid and the cost of the share buyback programmes. This resulted in total equity of £1,264.0 million at 30 June 2026.

The consolidation of certain CLOs could distort how a reader of the financial statements interprets the balance sheet of the Group. The Group's maximum exposure to loss associated with its interest in the CLOs is limited to its investment in the relevant CLOs, which at 30 June 2026 was £177.4 million (2025: £170.4 million), excluding the investments of non-controlling interests of £66.7 million (2025: £45.2 million).

A summarised consolidated balance sheet on a non-statutory basis, excluding interests of third-party investors in consolidated CLOs and other structured fund vehicles, is included below.