Bridgepoint Group Plc · LSE:BPT
Bridgepoint — FY2025 Earnings Presentation
50 slides from Bridgepoint's earnings presentation, Mar 12, 2026
Slide 1: Bridgepoint Group plc Full Year Results 2025
Bridgepoint Group plc Full Year Results 2025 12 March 2026
Slide 2: Speakers and agenda
Speakers and agenda Raoul Hughes • Introduction Chief Executive • Business Update • Financial Performance • Conclusion Ruth Prior • Q&A Group Chief Financial Officer 2
Slide 3: Introduction
Introduction Delivering market leading returns for our world leading institutional fund investors: superior positioning in attractive middle market in Europe and the US On track to deliver €24bn fund raising target for 2024-26 Exits and deployment continue strong historic trend with good pipeline fo
Slide 4: Group's financial performance exceeded expectations
Group’s financial performance exceeded expectations AUM of $94bn,+24% from 2024 AUM ($’bn) Management & other income (£’m) FRE (£’m) EBITDA (£’m) +24% +13% +21% +14% exc. catch-up fees exc. catch-up fees exc. catch-up fees 94.1 427.7 304.8 404.0 156.4 292.0 5.7 155.3 5.7 75.6 30.4 5.7 30.4
Slide 5: Fundraising momentum: attracting new LPs and increased cross selling
Fundraising momentum: attracting new LPs and increased cross selling BDC V BDL IV ECP VI BE VIII (closed at hard (cover number (commenced) (commenced) Commitments cap) exceeded) 38 out of the top 50 global LPs 13% 23% 28% 36% are current Bridgepoint investors 29% 16% 58% 36% 30% 13% 2% 22% Top
Slide 6: Delivering for our clients consistently
Delivering for our clients consistently Long standing track record delivering for fund investors • 40-year track record of delivering compelling BE VI BE VII ECP IV ECP V returns Vintage 2019 2022 2018 2022 • Top or upper 2nd quartile flagship private equity and infrastructure funds Size €5.8bn €7.0
Slide 7: Consistent deal activity across cycles
Consistent deal activity across cycles Capital deployment on plan Consistent exit volumes Private Equity Private Equity 2.2x 2.1x 1.7x 2.8x 4.4x 2.3x Infrastructure Infrastructure Cornerstone Generation 6.4x 5.1x 1.8x 4.4x 10.0 8.5 8.1 Capital invested 7.8 Capital returned (€bn) to investors (€b
Slide 8: A leading global middle market manager
A leading global middle market manager Leading listed middle market platform Scaled Authority in Ability to origination both sector and deploy and exit platform across geography through cycles Europe and US 8
Slide 9: Consistent value creation through cycles
Consistent value creation through cycles Average valuation multiple uplift of 4.0x delivered across BE V, BE VI, ECP IV and ECP V exits to date 40x 35x 30.6x 30x 25x 23.5x 21.6x 20.8x 20x 17.7x 17.7x 14.9x 15x 13.0x 13.5x 12.4x 16.4x 12.6x 16.5x 12.2 10.9x 10.8x 14.3x 8.8 8.3x 12.9x 10x 11.5x 11.9x
Slide 10: A diversified platform
A diversified platform Middle market growth driven by depth of market, flagship funds and Product, geographic and sector diversity ancillary vehicles • Nine strategies across four verticals Secondaries AUM by product ($’bn) 12 ECP other ECP continuation • 243 investment professionals across 17 offic
Slide 11: Market concerns and portfolio health
Market concerns and portfolio health Economic uncertainty Vintage 2021 15 2022 15 > Average EBITDA margins > High margin, cash generative, committed revenue, AI of 30% at entry 14 No. deals 13 8 Private positive equity and credit portfolios equity > 2021 and 2022 vintages Average MM 2.1x 1.4x > AI &
Slide 12: Expansion into the fast-growing secondaries market
Expansion into the fast-growing secondaries market Launch of Bridgepoint’s $4.3bn 4th assets under advice Transaction closed on 6 February 2026 vertical Efficient entry into secondaries further strengthens middle market value added alternatives platform 12
Slide 13: Bridgepoint Generations (Wealth)
Bridgepoint Generations (Wealth) Middle market Diversified across Diversified across Wealth focused offering launched in October portfolio geographies sectors Electricity Private equity and infrastructure investments diversified by geography and sector Infrastructure North America Sustainability Fun
Slide 14: Organic and inorganic growth opportunities
Organic and inorganic growth opportunities Organic / team lift / infill Inorganic opportunities Defence Real estate added value Across geographies Special situations Real estate credit Energy US Continuation vehicles Private equity Infrastructure secondaries Growth equity Europe Infrastructure credi
Slide 15: Bridgepoint investment case
Bridgepoint investment case Opportunity The middle market alternatives platform of choice for the top global LPs Positioning Long standing track record across Europe and US delivering market leading returns Further scale and diversify existing verticals supplemented by platform enhancing Strategic f
Slide 16: Financial Performance
2025 Full Year Results Financial Performance Ruth Prior | Group Chief Financial Officer
Slide 17: Key takeaways
Key takeaways 13% YoY growth in management fees (excl. catch up fees) On track to deliver €24bn fundraising target by end of 2026 Underlying EBITDA £305m, with a margin of 53% Promising exit pipeline for 2026 across the Group, including Calpine proceeds Free float and liquidity improving 17
Slide 18: Disciplined deployment across investment strategies during 2025
Disciplined deployment across investment strategies during 2025 18 BE VII BDL IV ECP VI 87% 5% +24% 34% BDC V BDL III ECP V +12% 85% 100% +19% 45% +34% Deployed as at 31 Dec 24 18 Deployment during 2025
Slide 19: Continued capital returns to LPs, with good pipeline for 2026
Continued capital returns to LPs, with good pipeline for 2026 €8.1bn capital returned in 2025 continues trend of strong returns to LPs 8.5 8.1 6.1 5.5 3.5 3.9 1.7 2.1 1.7 2.3 1.2 2.4 2.6 1.4 0.5 2021 2022 2023 2024 2025 H1 H2 ~€16.6bn of capital returned to LPs in last two years 19
Slide 20: Consistent fund performance underpins growth
Consistent fund performance underpins growth Fund details Fund performance at 31 December 2025 Asset class Strategy Established Fund name Vintage Size Gross MOIC DPI Gross IRR Bridgepoint BE V 2015 €4.0bn 2.3x 1.5x 18.0% 1984 Europe BE VI 2019 €5.8bn 2.0x 0.8x 15.8% BE VII 2022 €7.0bn 1.3x - 20.1%
Slide 21: Successful fundraising in 2025 and on track to deliver target
Successful fundraising in 2025 and on track to deliver target Fundraising commences 2024 2025 2026 Private BDC V Equity BG II BE VIII Generations ECP VI Infrastructure ECP Evergreen Yield BDL IV Credit CLOs VI & VII BCO V CLOs VIII & IX CLOs X & XI Secondaries NB VI 20 c€14bn raised so far c€10bn to
Slide 22: Continued growth in AUM & FPAUM following successful fundraising
Continued growth in AUM & FPAUM following successful fundraising AUM ($’bn) FPAUM ($’bn) +24% +13% 94.1 6.2 4.2 (3.7) 45.5 12.1 40.1 4.3 (3.2) 3.8 8.7 (8.5) 75.6 FY 24 Fundraising Fund Revaluations FX FY 25 FY 24 Fundraising Deployment Realisations Step down FX FY 25 divestment €73.0bn €80.3bn €38.7
Slide 23: Significantly enhanced management fees and robust PRE
Significantly enhanced management fees and robust PRE Management fees and other income (£’m) PRE (£’m) FY % of total income 1.18% 1.16% 1.12% 1.17% 1.18% +13% excl 26% 21% 17% 26% 26% catch up fees 427.7 404.0 5.7 151.6 30.4 138.5 46.5 266.3 242.5 6.8 86.3 199.4 71.2 64.9 14.3 55.3 24.2 105.1 30
Slide 24: Our strategy is delivering continued growth in underlying EBITDA
Our strategy is delivering continued growth in underlying EBITDA Underlying EBITDA (£’m) 292.0 304.8 148.8 147.0 176.8 139.2 78.0 93.2 145.0 128.0 H1 112.8 H2 61.2 55.6 Total FY 2021 2022 2023 2024 2025 HY EBITDA margin 44% 40% 54% 48% FY EBITDA margin 42% 45% 46% 54% 53% 24
Slide 25: Continue to reinvest capital while increasing dividend
Continue to reinvest capital while increasing dividend Capital allocation policy Distributions per share (p) 1 Support organic growth 16.4 7.6 10.4 9.8 2 Investment in Bridgepoint funds 8.0 1.2 0.4 4.4 4.6 4.7 3.6 4.0 3 M&A 3.6 4.0 4.4 4.6 4.7 2021 2022 2023 2024 2025 4 Capital distributions Interim
Slide 26: Strong operating and investing cash flows in year
Strong operating and investing cash flows in year 21 >£100m increase in cash in 2025 whilst still investing in key strategic initiatives Cash Cash back from 172 invested in investments funds in year made in 30 previous years 106 194 (42) (96) 19 91 (86) 2024 closing Operating Distributions Co-invest
Slide 27: Value of balance sheet investments and future PRE
Value of balance sheet investments and future PRE £1.1bn of balance sheet investments at current fund valuations, with material future PRE from existing funds to deliver c£2bn of value and >£3bn when including the next vintage of funds 22 Balance sheet investments at Dec-25 (£’m) Indicative total va
Slide 28: Improving shape of our register, free float and liquidity
Improving shape of our register, free float and liquidity Shareholder base diversification LTM: over 50 new public shareholders have joined the register Effective free float % over time 24 Increase in daily trading volumes (sh m) Final IPO shares unlocking (sh m) 31% 31% 30% 40% 57% 57% 6.9 180 167
Slide 29: Guidance
Guidance Fundraising M&A Newbury secondaries closed on 6 February 2026 Expected to breakeven in first two years PE • BE VIII expected to become fee paying mid 2026 Management fees Consistent 13%-16% management fee growth • BDL IV fundraising has exceeded cover number of €4bn, deploying since Q1 2025
Slide 30: Growth compared to European listed peer group
Growth compared to European listed peer group 28 Consensus FRE CAGR versus EBITDA CAGR 30% 25% Bridgepoint 20.2x 20% 10.7x 2024A-2027E 13.0x EBITDA CAGR 15% 16.5x 10% 9.2x 5% 15.3x 0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2024A-2027E FRE CAGR 2026E P/E multiple denoted within bubble 30
Slide 31: Conclusion
2025 Full Year Results Conclusion Raoul Hughes | Chief Executive
Slide 32: Key takeaways
Key takeaways Delivering market leading returns for our world leading institutional fund investors: superior positioning in attractive middle market in Europe and the US On track to deliver €24bn fund raising target for 2024-26 Exits and deployment continue strong historic trend with good pipeline f
Slide 33: Q&A
2025 Full Year Results Q&A Raoul Hughes | Chief Executive Ruth Prior | Group Chief Financial Officer
Slide 34: Appendix
2025 Full Year Results Appendix
Slide 35: 2025 group exposure to FX (post hedging)
2025 group exposure to FX (post hedging) FPAUM Management and other fees Operating expenses 5.6% 9.4% 4.0% 26.7% 31.1% 27.6% 46.0% 63.3% 63.9% 22.4% GBP EUR USD GBP EUR USD GBP EUR USD Other • FPAUM principally denominated in EUR and USD • GBP cost base partially hedged through hedging portion of
Slide 36: Expenses and FTE track record
Expenses and FTE track record Breakdown of expenses (£m) Headcount growth +9% +6% 271.3 542 513 248.7 67.9 391 63.8 171.3 270 299 45.2 205 184.9 203.4 126.1 243 243 186 2023 2024 2025 2023 2024 2025 Personnel expenses Other expenses Investment FTE Central FTE Costs growth consistent with guidanc
Slide 37: Reported P&L
Reported P&L Reported P&L and adjusted and exceptional items (£’m) 37.1 248.3 (77.8) (4.3) (8.9) (8.2) (30.2) (48.3) (21.5) 85.7 (0.5) + Underlying PBT PRE Personnel Personnel Other operating Other operating Net finance & Amortisation of Other finance FX * Reported PBT expenses * expenses+ expenses
Slide 38: Indicative timing of PRE contribution from existing funds
Indicative timing of PRE contribution from existing funds House P&L contribution from accrued carried interest and co-investment profits Fund Vintage Size carry 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BE V 2015 €4.0bn 2% BE VI 2019 €5.8bn 7% BE VII 2022 €7.0bn 23% BDC III 20
Slide 39: AUM & FPAUM (€'bn)
AUM & FPAUM (€’bn) AUM (€’bn) FPAUM (€’bn) (3.3) 80.3 10.2 7.5 (7.1) 73.0 38.7 3.6 (3.1) (2.8) 38.8 3.7 (1.3) FY 24 Fundraising Fund Revaluations FX FY 25 FY 24 Fundraising Deployment Realisations Step down FX FY 25 divestment $75.6bn $94.1bn $40.1bn $45.5bn 39
Slide 40: Overview of private equity and credit funds, 31 December 2025 (1)
Overview of private equity and credit funds, 31 December 2025 (1) Invested Capital Total Value 21 Fund Fund size AUM Fee-charging AUM Realised Unrealised Total Realised Unrealised Total Equity BE IV €4,835m €837m - €4,103m €378m €4,482m €9,016m €536m €9,552m BE V €4,000m €2,621m - €2,142m €1,649m €3
Slide 41: Overview of private equity and credit funds, 31 December 2025 (2)
Overview of private equity and credit funds, 31 December 2025 (2) Accrued P&L Fee-charging Group share of carried interest Generated cash 29 Fund Fund size AUM AUM Vintage Invested % Hurdle rate Carried interest carried interest yet? carried interest yet? Equity BE IV €4,835m €837m - 2008 97% 8% 20%
Slide 42: Overview of infrastructure funds, 31 December 2025 (1)
Overview of infrastructure funds, 31 December 2025 (1) Invested Capital Total Value Fund Fund size AUM Fee-charging AUM Realised Unrealised Total Realised Unrealised Total Flagship ECP III $5,050m $3,608m $1,545m $3,094m $1,700m $4,794m $5,354m $6,062m $11,416m ECP IV $3,320m $5,126m $2,561m $351m $
Slide 43: Overview of infrastructure funds, 31 December 2025 (2)
Overview of infrastructure funds, 31 December 2025 (2) Accrued P&L Generated cash Fee-charging Group share of carried interest carried interest Fund Fund size AUM AUM Vintage Invested % Mgmt. fee basis Hurdle rate Carried interest carried interest yet? yet? Flagship ECP III $5,050m $3,608m $1,545m 2
Slide 44: Income statement
Income statement Underlying income statement (£’m) Commentary FY 2024 FY 2025 1 Management fees have increased due to fees from ECP VI which started in May, BDC V and Management and other fees (excl. catch up fees) 372.5 421.3 BG II final commitments and the growth of fee-paying AUM in our credit
Slide 45: Balance sheet
Balance sheet Balance sheet, excluding interests of third-party investors in consolidated CLOs and structured fund entities (£m) Dec 2024 Dec 2025 Non-current assets Commentary Property, plant and equipment 88.3 95.6 1 Goodwill and intangible assets 780.9 711.9 1 Goodwill arising from the EQT Cred
Slide 46: Cash flow statement
Cash flow statement Cash flow statement, excluding cash flows relating to consolidated CLOs and structured fund vehicles Commentary attributable to third-party investors (£m) FY 2024 FY 2025 1 Operating cash flow is generated from FRE. 2024 included ECP transaction related costs 1 Cash from opera
Slide 47: End notes
End notes Page Note Reference 4, 23, 24, 1 Includes a full year of ECP’s financial performance in 2024 comparatives 36 4, 23, 24, Management and other income, operating expenses, FRE, EBITDA, PBT are underlying and exclude exceptional costs and adjusted items, amortisation and exceptional net financ
Slide 48: End notes
End notes Page Note Reference 18 18 Private equity as a percentage of primary capital and includes investments signed but not closed in 2025. Credit calculated using total invested capital 20, 41 19 Performance metrics for BDL II and BDL III are unlevered 21 20 Provisional name 26 21 Excludes cash f
Slide 49: Disclaimer
Disclaimer Except where otherwise specified, information contained in this presentation has been prepared as at 12 March 2026 and is for general information only. To the fullest extent permissible by law, Bridgepoint Group plc (the “Company”), its subsidiaries and their affiliates, and their respect
Slide 50: Bridgepoint Group
Bridgepoint Group