Pollen Street Group Limited · LSE:POLN
Pollen Street — H1 2025 Earnings Presentation
37 slides from Pollen Street's earnings presentation, Sep 16, 2025
Slide 1: Pollen Street Group Limited Interim 2025 Investor Presentation
POLLEN STREET GROUP LIMITED Interim 2025 Investor Presentation 16 September 2025 PRIVATE AND CONFIDENTIAL 2025 Interim results presentation | POLLEN STREET © POLLEN STREET 2025
Slide 2: Agenda
AGENDA 1. KEY HIGHLIGHTS Lindsey Crispin 2. OUR PRODUCTS, McMurray Goldsmith MARKETS AND CLIENTS CEO CFO 3. FINANCIAL PERFORMANCE 4. STRATEGIC PRIORITIES 2025 Interim results presentation | POLLEN STREET 2
Slide 3: 1. Key Highlights
1. KEY HIGHLIGHTS 2025 Interim results presentation | POLLEN STREET
Slide 4: Delivering 2025 Strategic Priorities
DELIVERING 2025 STRATEGIC PRIORITIES Complete fundraising of Private Equity Fund V ahead of target at €1.5 billion Complete fundraising of Private Credit Fund IV, targeting £1bn; and maintain deployment Expand AuM towards £10bn medium-term target Maintain our progressive dividend policy Return surpl
Slide 5: Key Highlights of H1 2025
KEY HIGHLIGHTS OF H1 2025 Private Equity Fund V final close at €1.5bn Private Credit IV £0.6bn as at June 2025, visibility on exceeding £1bn target Total AuM up to £6.1bn (+35% YoY) Fee-Paying AuM up to £4.7bn (+37% YoY) £0.6bn invested in H1 across both strategies Two new platform deals and seven b
Slide 6: AUM Growth Driving Higher Quality Revenue Mix
AUM GROWTH DRIVING HIGHER QUALITY REVENUE MIX 54.7 42.6 13.3 37.1 3.4 15.8 15.4 5.6 5.5 37.9 16.2 21.2 H1 2023 H1 2024 H1 2025 Management Fees Performance Fees Income on Net Investment Asset 24% 42% 37% H1 23 H1 24 H1 25 58% 63% 76% Asset Manager Investment Company 2025 Interim results presentation
Slide 7: AUM Growth on Track for Medium Term Target
AUM GROWTH ON TRACK FOR MEDIUM TERM TARGET 4.7 Medium Term 3.4 1.8 Guidance 75–80% of 2.4 1.3 Total AuM 2.1 1.5 of £10 bn 1.1 1.3 0.7 2.9 2.1 0.8 1.1 1.1 H1 21 H1 22 H1 23 H1 24 H1 25 6.1 4.5 Medium 2.3 Term 3.5 Guidance 3.1 1.8 £10bn 2.2 1.7 1.4 0.7 3.8 2.7 1.5 1.8 1.8 H1 21 H1 22 H1 23 H1 24 H1 25
Slide 8: 2. Our Products, Markets and Clients
2. OUR PRODUCTS, MARKETS AND CLIENTS 2025 Interim results presentation | POLLEN STREET
Slide 9: Private Equity
PRIVATE EQUITY 2025 Interim results presentation | POLLEN STREET
Slide 10: Private Equity
PRIVATE EQUITY Final close of Private Equity Fund V above target at €1.5bn Significant new commitments secured, particular strength in public pension plans and growth in North America Market-leading provider of payments Two new platforms acquired plus seven bolt-on enabled ecommerce solutions to the
Slide 11: Private Credit
PRIVATE CREDIT 2025 Interim results presentation | POLLEN STREET
Slide 12: Asset Based Lending
ASSET BASED LENDING Asset-based finance is lending secured on a portfolio of assets This funding is provided based on SMEs the value of tangible assets that generate predictable cash flows Working Home purchases capital These assets can include portfolios of loans and leases, mortgages, contractual
Slide 13: Private Credit
PRIVATE CREDIT Private Credit Fund IV fundraising progressing well; on track for £1bn target in 2025 14 new deals completed with £0.4bn drawn Deep sector knowledge, expertise-led sourcing ensures strong pipeline and ongoing deployment ~80% of opportunities sourced directly 25% 9%3% 27% 41% 22% 26% 4
Slide 14: Alpha Generation
ALPHA GENERATION 2025 Interim results presentation | POLLEN STREET
Slide 15: Focus on Alpha Generation
FOCUS ON ALPHA GENERATION Differentiated origination Differentiated origination supports attractive pricing Deep sector knowledge dynamics Attractive entry multiples Sector expertise Mid-market focus Long-term track record Deep relationship networks Active engagement Mid-market focus Proven operatio
Slide 16: Diversified LP Base
DIVERSIFIED LP BASE 3% 16% 16% 14% 31% 5% 14% 34% 48% 19% 23% 49% 32% 29% 33% 34% Europe North America UK Middle East and Asia Asset Manager Pension Plans Insurance Soverign Wealth Funds Strategic focus on generating alpha Performance track record enables access to deep pools of long-term capital Br
Slide 17: 3. Financial Performance
3. FINANCIAL PERFORMANCE 2025 Interim results presentation | POLLEN STREET
Slide 18: Strong H1 Performance
STRONG H1 PERFORMANCE 2025 Interim results presentation | POLLEN STREET 18
Slide 19: Financial Performance
FINANCIAL PERFORMANCE Income on Net Investment Assets 13.3 15.8 (16%) Fund Management Income 41.4 26.8 55% Fund Management Administration Costs (23.7) (18.4) 29% Fund Management EBITDA 17.7 8.4 112% EBITDA 31.0 24.2 28% Profit After Tax 27.9 23.6 18% Fund Management EBITDA Margin 43% 31% EPS (p) 46.
Slide 20: Operating Leverage and Stable Income Generation
OPERATING LEVERAGE AND STABLE INCOME GENERATION 20.0 43% 45% 41.4 18.0 40% 3.4 17.7 16.0 35% 26.8 31% 21.7 14.0 5.6 30% 5.5 38.0 12.0 24% 21.2 25% 16.2 10.0 20% H1 2023 H1 2024 H1 2025 8.0 8.4 15% Management Fees Performance Fees 6.0 5.8 10% 4.0 2.0 5% - 0% H1 2023 H1 2024 H1 2025 9.1% 9.7% 8.4% FM
Slide 21: Debt Facilities
DEBT FACILITIES 34 Total drawn leverage increased to £206 million (from £152 million in H1 2024) Strong liquidity position maintained, with net debt- to-tangible equity ratio at 55.6% (from 54% in 2023). £240m senior debt facility secured in 2024, with lower margin refinancing 206 Drawn Undrawn 2025
Slide 22: Outlook
OUTLOOK Fee-paying AUM: rising with Credit IV deployment Management fees: recurring management fees growing. No catch-up fees Performance fees: normalising towards lower-end of long-term guidance Investment Company returns: Full year returns expected in line with FY24 AuM growth: £10bn in medium-ter
Slide 23: 4. Strategic Priorities
4. STRATEGIC PRIORITIES 2025 Interim results presentation | POLLEN STREET
Slide 24: Strategic Priorities for H2 2025
STRATEGIC PRIORITIES FOR H2 2025 2025 Interim results presentation | POLLEN STREET 24
Slide 25: Recap of Our Investment Case
RECAP OF OUR INVESTMENT CASE 2025 Interim results presentation | POLLEN STREET 25
Slide 26: Q&A
Q&A Accelerating progress in financial services 2025 Interim results presentation | POLLEN STREET
Slide 27: Contact Details
CONTACT DETAILS WWW.POLLENSTREETGROUP.COM Lindsey McMurray CEO lindsey.mcmurray@pollencap.com Crispin Goldsmith CFO crispin.goldsmith@pollencap.com Shweta Chugh IR shweta.chugh@pollencap.com 2025 Interim results presentation | POLLEN STREET 27
Slide 28: Appendix
APPENDIX 2025 Interim results presentation | POLLEN STREET
Slide 29: Dedicated to Investing with Mega Trends Globally
DEDICATED TO INVESTING WITH MEGA TRENDS GLOBALLY Dedicated to building and supporting leading businesses to drive change in financial and business services Operational Efficiency: Implementation Consolidation Product unbundling Revolutionizing middle of high-quality opportunities leading to growth a
Slide 30: Sector Led Origination Themes
SECTOR LED ORIGINATION THEMES Target markets identified through research led analysis of key thematics Middle and back-office Empower businesses to maximise Manufacturing excellent products transformation their potential as high-quality to deliver a compelling customer middle-market businesses propo
Slide 31: Private Equity Revenue Model
PRIVATE EQUITY REVENUE MODEL Fund Overview and Revenue Model Illustrative Management Fee Mechanism Fee Charging AUM Invested Capital Proforma AuM £3.0 billion Undrawn committed capital (b) Management Fee % (a) (c) Fee Rates c.2% Management Fee Committed Model Carried Interest 20% Combined Group 25%
Slide 32: Private Credit Revenue Model
PRIVATE CREDIT REVENUE MODEL Fund Overview and Revenue Model Illustrative Management Fee Mechanism Proforma AuM £1.7bn Fee Charging AUM Invested Capital Undrawn committed capital Management Fee % (a) (b) Fee Rates c.1% (c) Management Fee Invested Model Carried Interest 10% Combined Group 25% Carry2
Slide 33: Private Equity Portfolio Companies
PRIVATE EQUITY PORTFOLIO COMPANIES Constantly driving growth and change 2025 Interim results presentation | POLLEN STREET 33
Slide 34: Glossary 1/2
GLOSSARY 1/2 Asset-Based Lending Collateralised financing where loans are secured by a company’s assets with credit limits determined by the assets’ liquidation value. The business segment of the Group that is responsible for managing third-party AuM and the Investment Company’s assets. All activiti
Slide 35: Glossary 2/2
GLOSSARY 2/2 Group Pollen Street Group Limited and its subsidiaries. IFRS International Financial Reporting Standards as adopted by the United Kingdom. The discount rate that makes the net present value of all cash flows from a particular investment equal to zero, effectively indicating the Internal
Slide 36: Disclaimer 1/2
DISCLAIMER 1/2 This investor presentation (the “Presentation”) has been prepared by Pollen Street Group Limited (“Pollen Street”) and Pollen Street Capital Limited (“Pollen Street Capital”) in its capacity as Pollen Street’s investment manager during the year ended 31 December 2024. This Presentatio
Slide 37: Disclaimer 2/2
DISCLAIMER 2/2 “Invested” refers to the total funds invested, including transaction fees, in an investment "Invested" or "Cost" refers to the total equity invested, including transaction fees and by Pollen Street or its managed/advised funds. Non-GBP denominated invested capital hedging costs, net o