Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — CVC Income & Growth — Q4 2025 Earnings Presentation
27 slides from Cvc Capital Partners's earnings presentation, Feb 3, 2026
Slide 1: CVC Income & Growth Limited Investor Update
CVC Income & Growth Limited Investor Update Pieter Mitchell Staelens Glynn Q4 2025 Marketing Material For Qualified, Professional and Institutional Investors Only. Strictly Private, Confidential and Not For Redistribution.
Slide 2: Portfolio Management Team
Portfolio Management Team Pieter Staelens Mitchell Glynn Partner Managing Director Portfolio Manager Assistant Portfolio Manager 23 Years’ Experience 18 Years’ Experience 7 Years at CVC 12 Years at CVC Copyright © 2024 CVC 2
Slide 3: Summary
Summary Corporate credit Macro outlook markets remain in Portfolio Dividends Growing trust remains uncertain good shape › Recent events in Venezuela › A lot of negative press driven › Portfolio remains in good › Board has given guidance › Market cap of GBP share and Greenland have by First Brands sh
Slide 4: Performance & Portfolio Overview
Performance & Portfolio Overview
Slide 5: Performance Update
Performance Update CVCIG Monthly Fund NAV Total Return Performance1 FY FY Q1 Q2 Q3 Q4 FY 2023 2024 2025 2025 2025 2025 2025 CVC (£ Return) 22.79% 17.97% 1.32% 2.37% 1.36% 1.32% 6.53% CVC (€ Return) 21.69% 16.88% 1.01% 1.99% 0.90% 0.83% 4.81% CS WELLI (£ Hedged) 14.07% 10.01% 1.44% 1.89% 1.45% 1.18%
Slide 6: Performance Update
Performance Update CVC Income & Growth (CVCG) Fund Share Price & NAV Performance Overview1 1 year 3 years 5 years 10 years Share Price Total Return CVC Income & Growth (£) 6.7% 64.7% 80.3% 123.2% Debt - Loans & Bonds AIC sector 8.7% 38.1% 51.4% 108.7% NAV Total Return CVC Income & Growth (£) 7.1% 52
Slide 7: Portfolio Positioning
Portfolio Positioning Snapshot as at December 2025 Portfolio Statistics1 Asset Class Exposure Geographic Exposure3 Performing Credit / Credit Loans (1st Lien) 52.9% / 47.1% Opportunities Strategy % Senior Secured Bonds (Fixed -4%4% UK 4% Rate) Floating Rate / Fixed Rate / 79.5% / 20.2% / Loans (2nd
Slide 8: Opportunistic Investment Highlights
Opportunistic Investment Highlights Issuer Industry Current Marks Deal Description Post Reorg equity of a specialty aerospace industrial business with Company A Aerospace Equity-like instrument extremely high revenue growth and margin expansion Post Reorg equity in a garden furniture and storage bus
Slide 9: Credit Opportunities Case Study
Credit Opportunities Case Study
Slide 10: Case Study: Atos
Case Study: Atos Company Description Atos (“Atos SE” “ATOFP”) is a France-based global IT services and digital transformation company that provides cloud, cybersecurity, big data, high-performance computing, and infrastructure solutions to €9.6B €0.2B 74K 68 enterprise and public-sector clients. 202
Slide 11: Case Study: Organon
Case Study: Organon Company Description Organon (“OGN US”) is a global pharmaceutical company specializing in women’s health, established $6.3B 140+ ~76% brands and biosimilars, operating a diversified portfolio of mature medicines with a broad international 2023 Revenue Markets and countries Revenu
Slide 12: Dividend Outlook
CVC Dividend Outlook
Slide 13: Dividends Outlook
Dividends Outlook £ Share Dividends 4.50p 4.00p 3.50p Dividend Guidance1 3.00p 0.45p 1.24p 2.50p 2.25p 1.00p 2.00p 1.50p 1.00p 2.0625p 2.0625p 2.0625p 2.0625p 2.3125p 2.3125p 2.3125p 2.3125p 2.3125p 2.3125p 2.3125p 2.3125p 1.125p 1.125p 1.875p 1.875p 1.875p 1.875p 1.25p 1.25p 1.25p 1.25p 1.25p 1.25p
Slide 14: Market Overview
CVC Market Overview
Slide 15: Leveraged Loans and Bonds
Leveraged Loans and Bonds The Key Differences Investment Grade Levered Loans High Yield Bonds Gilts Corporate Bonds Borrower Corporates Corporates Corporates Governments Ratings Below BBB- Below BBB- Above BBB- Above BBB- Security Secured Secured or Unsecured Unsecured Unsecured Interest Floating Mo
Slide 16: European Leveraged Loans Default Rates
European Leveraged Loans Default Rates European Leveraged Loan Default 1 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 10-Yr Loan Default Rate Average: 1.11% 0.5% 0.0% European Loan Default Rate 10-Yr European Loan Defaults Rate Average For informational purposes only. 1. Source: Morningstar ELLI Default Rates (by
Slide 17: CVC Overview
CVC CVC Overview
Slide 18: CVC: One Integrated Platform
CVC: One Integrated Platform Managing €205bn of AUM1 across seven complementary investment strategies €205bn AUM1 Private Equity €120bn AUM1 Europe / Americas Asia Strategic Catalyst Secondaries Credit Infrastructure3 Opportunities Strategy Strategy Strategy Strategy Strategy Strategy Strategy Globa
Slide 19: What Drives Our Conviction
What Drives Our Conviction High Conviction Access to Market Insight Platform Real-time from the Our Informational Information CVC Network Advantage Drives Our Credit View … Team of 81 corporate credit Weekly update calls with Private Engagement with CVC’s regional specialists1 sharing insights on a
Slide 20: CVC European Liquid Credit Portfolio
CVC European Liquid Credit Portfolio Loan Default & Loss Rates European Liquid Credit Portfolio Loans in Default1 7.0% CVC Avg Annual Default Rate S.I. 0.94% 6.2% CVC Avg Annual Loss Rate S.I. 0.17% 6.0% 5.0% 3.3% 4.0% 3.2% 2.7% 3.0% 1.8% 2.0% 1.1% 0.7% 0.5% 0.5% 0.4% 0.4% 0.3% 0.3% 1.0% 0.2% 0.1% 0
Slide 21: Summary
CVC Summary
Slide 22: Summary
Summary Corporate credit Macro outlook markets remain in Portfolio Dividends Growing trust remains uncertain good shape › Recent events in Venezuela › A lot of negative press driven › Portfolio remains in good › Board has given guidance › Market cap of GBP share and Greenland have by First Brands sh
Slide 23: Q&A
Q&A ig.cvc.com Copyright © 2024 CVC
Slide 24: Appendix. Important Disclosures & Additional Footnotes
Appendix. Important Disclosures & Additional Footnotes
Slide 25: Important Disclosures
Important Disclosures This presentation (the “communication”) is being provided to a limited number of investors solely as a basis for Prospective investors should have a high level of financial sophistication and the ability to understand and accept discussion about CVC Credit Partners. This commun
Slide 26: Additional Disclosures & Footnotes
Additional Disclosures & Footnotes Case Studies The selected examples and case studies of investments made by the Fund presented or referred to herein are presented solely for illustrative purposes, are not representative of all transactions of a given type or of investments generally, and are merel
Slide 27: cvc.com
CVC cvc.com