Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — H1 2025 Earnings Presentation
31 slides from Cvc Capital Partners's earnings presentation, Sep 4, 2025
Slide 1: 2025 Half-Year Results Presentation
2025 Half-Year Results Presentation 4 September 2025
Slide 2: CVC – a global leader in private markets
CVC – a global leader in private markets Scaling and Delivering Investing for the diversifying investment long term across strategies performance for and clients our clients 2
Slide 3: H1 2025 – another period of strong performance
H1 2025 – another period of strong performance Operating Highlights FPAUM1 Deployment2 Realisations3 H1 H2 ▪ Strong fundraising momentum €140bn €128bn €24.9bn 14 €13.2bn ▪ FPAUM continuing to scale and diversify €20.4bn €11.0bn ▪ LTM Deployment and Realisations growing strongly: +20% 13.3 13.1 9.6 ▪
Slide 4: We continue to make excellent progress against our strategic ambitions
We continue to make excellent progress against our strategic ambitions… Significant fundraising momentum, and building our future pipeline Deepening and expanding our institutional client base, and growing strongly in Wealth and Insurance Growing and diversifying as a global leader in private market
Slide 5: Significant fundraising momentum, and building our future pipeline
Significant fundraising momentum, and building our future pipeline Transformational capital formation over last 24 months… …and strong foundations for future growth €29bn of current fundraising Private Equity Credit €140bn >€10bn2 FPAUM EUDL IV €6bn target surpassed Secondaries closed3 Infrastructur
Slide 6: Deepening and expanding our client base
Deepening and expanding our client base Supportive… …established… …and ever more diversified €6.3bn 1,100+ clients Capital raised in c.€2bn of aggregate value4 including many of the world’s H1-251 across CVC-PE and CVC-CRED top-tier institutions 35+ Fund closings 95% held in H1-25 Of clients c.20% o
Slide 7: Fundraising diversified across products and strategies
Fundraising diversified across products and strategies Private Equity Secondaries Credit Infrastructure Private Wealth StratOps III: SOF VI: EUDL IV: DIF VIII / VA IV: ▪ c.€2bn6 in aggregate value ▪ Final close in Feb-25 at across CVC-CRED and ▪ Closed c.$5bn3, on track to ▪ >€10bn4 of total investa
Slide 8: Driving forward our Wealth offering
Driving forward our Wealth offering CVC-CRED CVC-PE CVC-PESEC CVC-INFRA Direct access to the investment CVC Credit CVC Private Equity CVC Secondary Partners CVC Infrastructure expertise of… Directly originated senior-secured, A global and diversified private Investing directly across core plus Produ
Slide 9: Growing and diversifying as a global leader in private markets
Growing and diversifying as a global leader in private markets €140bn FPAUM €14bn €12bn Non-Private Equity: 49% of FPAUM €79bn €43bn Infrastructure FPAUM Secondaries €27bn Credit Private Equity Private €71bn Equity: 51% of FPAUM €52bn 1 Dec-21 Jun-25 9 1. FPAUM as of 30 June 2025 are pro forma for A
Slide 10: CVC Credit – leveraging market tailwinds to build market leadership
CVC Credit – leveraging market tailwinds to build market leadership Structural tailwinds… …applied to an established platform… …delivering significant scaling Private Credit Liquid Credit Scaled platform across credit 1.6x strategies with strong track record €43bn Continued bank pull back FPAUM #1 E
Slide 11: CVC Secondary Partners – addressing a significant market opportunity
CVC Secondary Partners – addressing a significant market opportunity Structural tailwinds… …supporting significant scaling… ...and with new products to come Target: Low historic propensity to >2.5x $7.0bn trade: 2-3% of total Private Equity market Credit Secondaries $5.8bn Active portfolio managemen
Slide 12: CVC Infrastructure – leading investor in the attractive mid-market segment of infrastructure
CVC Infrastructure – leading investor in the attractive mid-market segment of infrastructure Accelerating macro tailwinds… …supporting further growth Rapidly Growing Family of Funds Decarbonisation 2.0x Rapid shift away from fossil-based energy to Leading mid-market achieve climate targets investor,
Slide 13: Deployment: LTM Jun-25 deployment grew 22% year-on-year
LTM Jun-25 deployment grew 22% year-on-year Private Equity deployment remains consistent with a 3-4 year investment period Deployment1 Selected H1 2025 investments1 Americas Europe / €24.9bn €20.4bn Asia 10.7 StratOps Private Equity 10.7 €13.1bn €13.3bn 2.0 1.9 5.8 Infrastructure2 2.0 8.3 Infra Seco
Slide 14: Levering the CVC Network to support businesses and scale deployment
Levering the CVC Network to support businesses and scale deployment − Leading global mobile video game developer › Breadth and depth of the CVC Network provides − World’s #1 match 3 game, Royal Match with 200m annual players, access to proprietary investment opportunities >$2.3bn revenues; now launc
Slide 15: LTM Jun-25 realisations grew 20% year-on-year
LTM Jun-25 realisations grew 20% year-on-year A record year for realisations, delivered at highly attractive investments returns… Realisations across …generating highly Realisations1 multiple sources3… attractive realised returns Other <1% €13.2bn Dividend / Recap 13% €11.0bn IPO / Sell downs PE sal
Slide 16: Resilient investment performance – all material funds on or above plan
Resilient investment performance – all material funds on or above plan Continued growth across the portfolio All material funds on or above plan Private Equity Europe Americas: StratOps: ✓ Fund VI (2014) 2.6x ❖ StratOps I (2016) 2.4x 10% LTM ❖ Fund VII (2018) 2.7x ❖ StratOps II (2019) 1.6x EBITDA gr
Slide 17: FPAUM grew 10% YoY, driven by the inclusion of Infrastructure in H2-24
FPAUM grew 10% YoY, driven by the inclusion of Infrastructure in H2-24 FPAUM development1 (€bn) FPAUM by strategy (€bn) 20.1 H1-24 H1-25 % growth 140.1 127.5 (11.5) 14.9 (7.3) (3.6) Private Equity 76.7 71.5 (7)% LTM Private Equity: €6.0bn Jun-25 Secondaries: €3.4bn Credit: €10.3bn Infrastructure: €0
Slide 18: Continued strong financial growth
Continued strong financial growth Driven by continued fundraising momentum and strong operational performance Management fees (€m)1 +20% › +20% in management fees vs. H1-24 705 590 › +25% increase in MFE vs. H1-24 H1-24 2 H1-25 › 56% MFE margin, up vs. H1-24 Management fees as 84% 88% › €96m PRE in
Slide 19: Investing into Private Wealth, Insurance and AI to propel growth
Investing into Private Wealth, Insurance and AI to propel growth Operating expenses (€m)1 Total people costs (net of PFC3) › Total OpEx +13% vs H1-24, Non-people costs combining investment with cost control +13% › Personnel cost +4% – FTEs increase of 12% weighted towards Business 309 Operations 273
Slide 20: Significant embedded carry potential, underpinning PRE
Significant embedded carry potential, underpinning PRE Net carried interest potential1,2 (excl. investment income and performance-related costs) › We continue to expect PRE in 2025 Harvesting Funds to show material growth vs. 2024 Recently activated funds In carry mode Next in carry mode › Total car
Slide 21: Strong balance sheet and cash generative model support growing distributions
Strong balance sheet and cash generative model support growing distributions Summary balance sheet as at 30 June 2025 › Simple and capital-light balance sheet GP › Strong cash generation and conservative leverage Commitments €874m1 Digital Foundations › Growing distributions to shareholders – €250m
Slide 22: CVC – a global leader in private markets
CVC – a global leader in private markets Scaling and Delivering Investing for the diversifying investment long term across strategies performance for and clients our clients 22
Slide 23: Appendix
CVC Appendix
Slide 24: How our results are presented
How our results are presented Six months ended Six months ended Adjusted 30 June 2025 30 June 2024 Measures Condensed consolidated financial statements for the six Condensed consolidated financial statements for the six Adjustments to the financial information to illustrate the months ended 30 June
Slide 25: Summary adjusted pro forma income statement
Summary adjusted pro forma income statement1 FY 2023-24 H1 2024-25 (€m) FY 2022 FY 20232 FY 20242 H1 20242 H1 2025 Growth Growth Management fees 888 1,080 1,328 23% 590 705 20% (+) Performance fee earnings 144 174 182 5% 114 96 (16%) (+) Other operating income 3 3 3 (4%) 2 1 (55%) Revenue 1,036 1,25
Slide 26: FPAUM evolution
FPAUM evolution FPAUM evolution over the first half of 20251 Strategic FPAUM by segment (€bn) Europe / Americas Asia Growth Secondaries Credit Infrastructure Total Opportunities At 31 December 2024 60.0 10.5 6.7 1.8 13.6 40.6 14.1 147.3 Gross inflows / investments 1.8 - - - 1.2 5.8 0.2 9.0 Step-down
Slide 27: Investment activity summary
Investment activity summary Deployment summary1 2024 2025 (€bn) Q1 Q2 H1 H2 LTM Jun FY Q1 Q2 H1 LTM Jun Private Equity 2.7 5.6 8.3 5.0 10.7 13.3 1.1 4.6 5.8 10.7 2 Secondaries 0.1 0.5 0.6 1.0 2.0 1.7 0.7 0.2 0.9 1.9 3 Credit 1.8 1.6 3.4 4.5 5.7 8.0 2.6 3.2 5.8 10.3 Infrastructure 0.3 0.4 0.8 1.1 2.0
Slide 28: Gross investment performance of key CVC funds
Gross investment performance of key CVC funds Invested Capital Value of investments As of 30 June 2025 Start date FPAUM Deployment %1 Total Realized Remaining Total Realized Remaining Gross MOIC2 Europe / Americas (€bn) Fund VI 2014 - >100% 11.0 6.0 5.0 28.8 19.8 9.0 2.6x Fund VII 2018 7.6 >100% 15.
Slide 29: Shareholding overview
Shareholding overview Shareholding1 at IPO2 Shareholding1 today3 IPO lock-ups: Free float › Pre-IPO strategic investors: now Free float free from lock-up 14% 30% 14% 19% › Gradual release of lock-up for CVC employees - Apr-27: 25% of initial holding 16% 12% - Apr-28: further 25% 70% 70% - Apr-29: re
Slide 30: Disclaimer
Disclaimer Forward-looking statements and other important information This document is delivered solely as reference material and is merely for information purposes. Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an off
Slide 31: CVC
CVC