Pollen Street Group Limited · LSE:POLN
Pollen Street — FY2025 Earnings Presentation
34 slides from Pollen Street's earnings presentation, Mar 26, 2026
Slide 1: Pollen Street Group Limited FY 2025 Results
POLLEN STREET GROUP LIMITED FY 2025 Results 26 March 2026 Scaling a specialist private markets platform with compounding fee earnings PRIVATE AND CONFIDENTIAL © POLLEN STREET 2026
Slide 2: Agenda
AGENDA 01 KEY HIGHLIGHTS Lindsey McMurray Crispin Goldsmith CEO CFO 02 INVESTMENT STRATEGY 03 FINANCIAL PERFORMANCE 04 OUTLOOK 2
Slide 3: Key Highlights
KEY HIGHLIGHTS Private Equity and Private Credit Manager focused on Mid - Market in Europe We are an alternative asset manager with an established platform. We invest with the structural changes that we believe are £7.1bn £4.2bn £30.7m shaping the future of the industry, Total Assets under Total AuM
Slide 4: Investment Case: Specialist, Resilient and Scalable
INVESTMENT CASE Focused strategy. Structural growth. Scalable model. 01 02 03 SPECIALIST ALPHA DISCIPLINED TEAM MID - MARKET FOCUS GENERATION INVESTMENT 04 05 06 HIGH VISIBILITY DISCIPLINED CAPITAL STRONG INVESTMENT RECURRING REVENUES ALLOCATION RETURN Specialist, Resilient and Scalable 4
Slide 5: FY 2025 Key Highlights
FY 2025 KEY HIGHLIGHTS Strong AUM growth translating into higher recurring fee income Strong Fundraising Robust Deployment Growing Revenue Consistent IC Returns £7.1bn £5.2bn £114m £32.9m INCOME ON NET INVESTMENT TOTAL AuM FP AuM REVENUE ASSETS ▪ AuM up +30% YoY ▪ FP AuM up £1.3bn, +32% YoY ▪ Up +16
Slide 6: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS Disciplined growth in Asset Management and stable income from Investment Company underpinning earnings and dividends REVENUE (£'m) GROUP EBITDA (£'m) £114.0m £64.6m £98.6m £59.0m £79.3m £46.1m 31.7 69.9 27.2 55.5 34.3 15.9 14.8 11.3 11.2 30.2 31.8 32.9 30.2 31.8 32.9 FY 2023
Slide 7: Fundraising Year
FUNDRAISING YEAR 2025 was a strong year of fundraising across both strategies PRIVATE EQUITY V | FINAL CLOSE CREDIT IV | NEARING FINAL CLOSE 50% ABOVE TARGET ABOVE TARGET €1.5 billion £1.8bn1 GROWTH DRIVERS GEOGRAPHIC EXPANSION INVESTOR BASE CROSS-SELL North America Broadened & Developing Middle Eas
Slide 8: Delivered FY 2025 Strategic Priorities
DELIVERED FY 2025 STRATEGIC PRIORITIES Executing the strategy: scaling funds, expanding AUM, returning capital and outperforming in highest quality income streams FY 2025 PRIORITIES FY 2025 PROGRESS PE Fund V closed at €1.5bn, 50% above target DELIVERED ABOVE TARGET +50% Credit Fund IV targeting £1b
Slide 9: Investment Strategy
INVESTMENT STRATEGY 9
Slide 10: Pollen Street Difference
POLLEN STREET DIFFERENCE Specialism and mid - market focus driving alpha generation PRIVATE EQUITY PRIVATE CREDIT Control buy - outs in mid - market Financial Senior Asset - backed lending Services eco - system Sector expertise Deep sector knowledge Deep relationship networks Attractive entry multip
Slide 11: Private Equity: Differentiated and Well-Positioned Strategy
PRIVATE EQUITY: DIFFERENTIATED AND WELL - POSITIONED STRATEGY Specialist approach grounded in deep sector expertise and best practice Pricing Discipline Fund V Deployment 1 Disciplined pricing creates margin of safety through cycles 55% of fund committed with diversified exposure across core sectors
Slide 12: Private Credit: Well-Positioned with Strong Momentum
PRIVATE CREDIT: WELL - POSITIONED WITH STRONG MOMENTUM Specialist approach grounded in deep sector expertise across asset - backed lending Asset - Backed Credit Tailwind Credit IV Deployment 1 Non-correlated returns with strong income as investors £0.9bn deployed across 35 deals with diversified sec
Slide 13: Financial Performance
FINANCIAL PERFORMANCE 13
Slide 14: Delivering Strong Platform Growth
DELIVERING STRONG PLATFORM GROWTH 01 02 Increasing fee - paying AuM Growing management fee income Growing assets under management through new fund Expanding predictable and recurring revenue base as launches and successful capital raises across strategies. AuM scales. 03 04 Scaling profitability Del
Slide 15: Financial Overview
FINANCIAL OVERVIEW Earnings underpinned by stable and predictable revenue streams FY25 £m FY24 £m YoY % Management Fees £69.9m1: Contracted, FUND MANAGEMENT 81.1 66.8 21% REVENUE highly visible and recurring revenue streams Performance Fees £11.2m: Underpinned by FUND MANAGEMENT (49.4) (39.6) 25% co
Slide 16: Asset Manager Growth
ASSET MANAGER GROWTH Management fees driving growth FEE PAYING AUM (£bn) 5.2 ▪ FP AuM up at £5.2bn driven by strong fundraising 4.0 3.4 and deployment 2023 2024 2025 FUND MANAGEMENT INCOME (£m) 81.1 66.8 ▪ Increasing FP AuM translates into growing Fund 49.2 Management Income ▪ 21% up YoY to £81.1m i
Slide 17: Performance Fees
PERFORMANCE FEES Credit carry currently underpinning the forecast. PE carry provides significant upside but recognition still some years off FUND FAIR VALUE BASIS IFRS 15 BASIS PRIVATE EQUITY CARRY 46% of Performance Fees Private Equity Fund IV Active Accelerator I Active Private Equity Fund V Embed
Slide 18: Optimising Carried Interest Allocation
OPTIMISING CARRIED INTEREST ALLOCATION Increasing flexibility and maintaining competitiveness to support long term growth Board review of performance fee allocation between Group and employees completed In making these changes, the Board aims to: ▪ Recognise individual contributions to the success o
Slide 19: Investment Company
INVESTMENT COMPANY Consistent underlying returns with conservative gearing INCOME ON NIA INVESTMENT PORTFOLIO £32.9m £536m £31.8m FY24 | £35.3m underlying £504m FY24 | £172m cash generation INVESTMENT COMPANY RETURNS (£M) INVESTMENT ASSETS (£M) 400 31.8 32.9 35 30.2 350 30 300 96 25 250 20 200 40 34
Slide 20: Financial Framework
FINANCIAL FRAMEWORK Clear pathway to scaling AUM, margins and earnings £10bn 1.25%–1.50% >50% 15%–25% Low Double Digits AuM Growth Management FM EBITDA Performance IC Returns Fee Rate Margin Fees Targeting £10bn AuM Long-term mgmt fee Potential for FM Average long term IC returns rising to low mediu
Slide 21: Outlook
OUTLOOK 21
Slide 22: Strategic Priorities 2026
STRATEGIC PRIORITIES 2026 Scale AuM , Deliver Returns, Invest for Growth 01 02 03 SCALE INVEST RETURNS Fundraise Platform Investment Dividend Progression ▪ Complete Credit IV fundraise ▪ Talent & team development ▪ Dividend per share increased 8% ▪ Consider further Credit vehicles ▪ Technology & dat
Slide 23: Contact Details
CONTACT DETAILS Lindsey McMurray CEO lindsey.mcmurray@pollencap.com Crispin Goldsmith CFO crispin.goldsmith@pollencap.com Shweta Chugh IR shweta.chugh@pollencap.com WWW.POLLENSTREETGROUP.COM 23
Slide 24: Appendix
APPENDIX 24
Slide 25: Income Statement Summary
INCOME STATEMENT SUMMARY High - quality earnings supported by long - term contracted management fees (£m) FY25 FY24 YoY % FUND MANAGEMENT Management Fees 69.9 55.5 +26% Performance Fees 11.2 11.3 -1% Fund Management Income 81.1 66.8 +21% Fund Management Costs (49.4) (39.6) +25% FM EBITDA 31.7 27.2 +
Slide 26: LP / Investor Composition
LP / INVESTOR COMPOSITION Diversified, institutional LP base across strategies with strong global geographic reach INVESTOR TYPE GEOGRAPHY 3% 15% 17% 2% 30% 15% 32% 16% 29% 38% 21% 27% 44% 29% 50% 32% Outer ring: FY 2025 | Inner ring: FY 2024 Outer ring: FY 2025 | Inner ring: FY 2024 Pension Plans A
Slide 27: Private Equity Strategy: Mid-market focus
PRIVATE EQUITY STRATEGY Mid - market European financial services offers a compelling opportunity… Mid - market Long - term structural Driving value focus growth drivers together We see opportunities in Technological developments Core to our approach is change. We invest aligned and a deep understand
Slide 28: Private Equity Strategy
PRIVATE EQUITY STRATEGY A disciplined investment approach designed to deliver resilient performance through market cycles Sectors Leading sub - sector themes Payments Middle and Back- office Automation Wealth Insurance Distribution Consolidation Financial Software Professional Services Embedded Paym
Slide 29: Private Credit Strategy
PRIVATE CREDIT STRATEGY Strong credit protection through prudently structured senior exposures backed by stable, cash generative assets Senior secured lending to non - bank lenders, leasing businesses, technology companies, and other companies with diverse portfolio s of assets TYPICAL CAPITAL STRUC
Slide 30: Private Credit Strategy
PRIVATE CREDIT STRATEGY Strong credit protection through prudently structured senior exposures backed by stable, cash generative assets SME LENDING RESIDENTIAL REAL ESTATE GOVERNMENT BACKED LEASING/ASSET FINANCE Poorly served by traditional banks Focus on funding for SME Strategy aligns with governm
Slide 31: Glossary 1/2
GLOSSARY 1/2 ITEM DEFINITION 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 asse
Slide 32: Glossary 2/2
GLOSSARY 2/2 ITEM DEFINITION 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 indicat
Slide 33: Disclaimer 1/2
DISCLAIMER 1/2 THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR USE AT AN INVESTOR PRE SENTATION AND IS PROVIDED FOR INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT COULD BE MATERIAL TO AN INVESTOR. This invest
Slide 34: Disclaimer 2/2
DISCLAIMER 2/2 NOTES TO INVESTMENT PERFORMANCE – CREDIT NOTES TO INVESTMENT PERFORMANCE – EQUITY “Invested” refers to the total funds invested, including transaction fees, in an investment by Pollen "Invested" or "Cost" refers to the total equity invested, including transaction fees and hedging Stre