Pollen Street Group Limited · LSE:POLN
Pollen Street — H1 2026 Earnings Presentation
30 slides from Pollen Street's earnings presentation, Sep 15, 2026
Slide 1: 2026 Interim Results
POLLEN STREET GROUP LIMITED 2026 Interim Results 15 September 2026 Scaling a specialist private markets platform 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. Total AUM We invest with the structural changes that we believe are £ 8 .5bn £4.2bn 18% shaping the future of the industry, Private Equity with specialist knowledge and Tot
Slide 4: AUM Growth
AUM GROWTH Strong investor support evidenced by AUM growth TOTAL AUM (£bn) TOTAL FP AUM (£bn) 8.5 7.1 5.4 4.3 5.5 2.9 5.2 4.2 4.0 1.9 2.1 2.4 3.4 1.6 1.4 1.4 4.2 4.2 3.5 3.1 3.1 2.6 2.0 2.6 2023 2024 2025 Jun-2026 2023 2024 2025 Jun-2026 Private Equity Private Credit TOTAL AUM FEE PAYING AUM • Fundr
Slide 5: Top Quality Investor Base
TOP QUALITY INVESTOR BASE Diversified, institutional LP base across strategies with strong global geographic reach INVESTOR TYPE – FULL LP BASE GEOGRAPHY – PE V GEOGRAPHY – CREDIT IV1 0.3% 4% 4% 17% 0.3% 14% 8% 27% 35% 14% 48% 21% 34% 21% 25% 27% Asset and Wealth Managers Pension Plans Banks and Ins
Slide 6: Investment Company Performance
INVESTMENT COMPANY PERFORMANCE Robust portfolio with idiosyncratic issue producing returns below target RETURN ON NIA AVERAGE GROSS INVESTMENT ASSETS HY26 7.4% Underlying1 (3.4% Reported) £518m 8.8% HY25 underlying £512m HY25 AVERAGE INVESTMENT ASSETS (£m) Average Investment Assets £m Private Equity
Slide 7: Investment Strategy
INVESTMENT STRATEGY 7
Slide 8: Continued Solid Performance Across the Platform
CONTINUED SOLID PERFORMANCE ACROSS THE PLATFORM Full sector coverage with deep sub - sector expertise Private Equity Private Credit Performance strong in a more complex market Disciplined deployment – c.50% invested Private Equity V – 74% deployed High - quality pipeline – £5bn Portfolio Management
Slide 9: Private Equity
PRIVATE EQUITY Building sustainable leadership Digital transformation AI - led product development Taking fragmented data sources and immature data practices to centralised and augmented data with single view of the customer, empowering the business Transforming data into intelligence Centralised vi
Slide 10: Private Credit
PRIVATE CREDIT Deep and growing pipeline from new and existing borrowers Pipeline Portfolio High quality pipeline - £5bn+ Embedded growth from existing borrowers Increasing demand following continued retrenchment of large banks. Creates demand for: Typical Credit Deal – Following intense & detailed
Slide 11: Financial Performance
FINANCIAL PERFORMANCE 11
Slide 12: H1 Overview
H1 OVERVIEW 01 02 Increasing fee - paying AuM Strong Fund Manager performance Growing assets under management through new fund Balancing earnings growth with disciplined platform launches and successful capital raises across strategies. investments to support long-term value creation. 03 04 Investme
Slide 13: Financial Overview
FINANCIAL OVERVIEW Earnings underpinned by stable and predictable revenue streams HY26 £m HY25 £m YoY % Adjusted 1 Reported Adjusted 1 Reported Management Fees £33.9m: Contracted, highly visible and FUND MANAGEMENT 40.2 33.0 41.4 22% (3)% recurring revenue streams REVENUE FUND MANAGEMENT (24.1) (23.
Slide 14: Asset Manager Growth
ASSET MANAGER GROWTH Management fees driving growth FEE PAYING AUM (£bn) 5.2 5.5 ▪ FP AuM growth driven by continued strong 4.7 4.0 fundraising and deployment ▪ 18% YoY growth in FP AuM, HY26 vs HY25 ▪ Further growth embedded from deployment of existing Credit funds FY 24 HY 25 FY 25 HY 26 ADJUSTED
Slide 15: 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 57% of Performance Fees Private Equity Fund IV Active Accelerator I Active Private Equity Fund V Embed
Slide 16: Investment Company Performance
INVESTMENT COMPANY PERFORMANCE Balance sheet has delivered consistent underlying returns with conservative gearing RETURN ON NIA AVERAGE GROSS INVESTMENT ASSETS HY26 7.4% Underlying1 (3.4% Reported) £518m 8.8% HY25 underlying1 £512m HY25 INVESTMENT COMPANY ASSETS (£m) RETURN ON NIA 9.7% 8.8% 7.4% 40
Slide 17: 2026 Priorities and Outlook
2026 PRIORITIES AND OUTLOOK 17
Slide 18: 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 ▪ 10-year history ▪ Consider further Credit vehicles ▪ Technology & data capabilities ▪
Slide 19: Contact Details
CONTACT DETAILS Lindsey McMurray CEO lindsey.mcmurray@pollencap.com Crispin Goldsmith CFO crispin.goldsmith@pollencap.com WWW.POLLENSTREETGROUP.COM 19
Slide 20: Appendix
APPENDIX 20
Slide 21: Flagship Strategies Driven by Market Opportunity and Track Record
FLAGSHIP STRATEGIES DRIVEN BY MARKET OPPORTUNITY AND TRACK RECORD Complementary credit and equity flagships sharing deal flow, network and industry expertise across mid - market Europe PRIVATE EQUITY 5 SENIOR ABL CREDIT Private Equity Fund V Private Equity Fund IV Private Equity Fund III Private Cre
Slide 22: 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 23: 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 24: 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 25: 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 26: Income Statement Summary
INCOME STATEMENT SUMMARY High - quality earnings supported by long - term contracted management fees (£m) HY26 HY25 YoY % FUND MANAGEMENT Management Fees 33.9 37.9 -11% Performance Fees 6.4 3.4 +86% Fund Management Income 40.2 41.4 -3% Fund Management Costs (24.1) (23.7) +2% FM EBITDA 16.1 17.7 -9%
Slide 27: 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 28: 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 29: 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 30: 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