Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — H1 2026 Earnings Presentation
28 slides from Cvc Capital Partners's earnings presentation, Jul 30, 2026
Slide 1: Half-Year Results Presentation
2026 Half-Year Results Presentation 30 July 2026 Portfolio Company: D-Marin Fund Investment: Europe / Americas VII
Slide 2: H1 2026 key highlights
H1 2026 key highlights Continued record realisations1 – €24bn LTM, at highly attractive returns Diversification continues: Credit, Secondaries and Infrastructure now >55% of FPAUM2 Private Wealth aggregate value3 x4 YoY; strong progress in Insurance with the AIG partnership and expanded capabilities
Slide 3: H1-26 – Strong operating performance
H1-26 – Strong operating performance… Realisations1 Deployment2 Record LTM realisations +79%YoY. PE realisations H2 H1 €23.8bn at 2.8x Gross MOIC3 and 21% Gross IRR3 €25.9bn €24.9bn 11.5 LTM value creation +11%4, reflecting benefits of 13.5 our powerful sourcing and value creation engines 13.3 €13.2
Slide 4: Translating into strong financial performance
… translating into strong financial performance FPAUM Fee-related revenues1 EBITDA1 FPAUM +9% YoY, with Credit, Secondaries & Private Equity Credit of which catch-up fees PRE2 FRE2 Other op. income Infrastructure +19% Secondaries Infrastructure €153bn €771m €554m €140bn €705m 22 2 18.8 8 €493m 14.1
Slide 5: Another record year for realisations
Another record year for realisations… LTM-Jun-26 realisations grew +79% YoY1 Selected H1 2026 realisations1 Europe / Americas €23.8bn 1.4 1.6 €13.2bn 1.0 €11.5bn 0.9 €9.6bn 0.8 20.7 0.7 0.5 Infra 0.4 11.3 9.9 8.7 Asia LTM Jun-25 LTM Jun-26 H1-25 H1-26 Private Equity Secondaries Infrastructure Record
Slide 6: Returning capital to clients
… further underpinning our unparalleled track record of returning capital to our clients 33% more capital returned than called since 2022 across Private Equity Private Equity cumulative realisations1 vs. deployment2 since Jan-22 €56bn PE deployment PE realisations €46bn €42bn €35bn €25bn €26bn €15bn
Slide 7: Strong momentum in value creation and portfolio company growth
Strong momentum in value creation and portfolio company growth LTM revenue and EBITDA growth1 LTM value creation (excl. FX)2 Revenue EBITDA Private Equity – all funds Private Equity & Infrastructure 14% 13% 13% 11% 11% 11% 12% 10% 9% 9% 10% 10% 10% 9% 9% Jun-25 Sep-25 Dec-25 Mar-26 May-26 Jun-25 Sep
Slide 8: Highly diversified deployment shows the power of our Network
Highly diversified deployment shows the power of our Network Broad-based deployment1 momentum Selected H1 2026 investments1 Americas €25.9bn Europe / €24.9bn Food 2.6 Ingredients 2.0 1.9 3.4 Animal Nutrition & Health Catalyst 10.3 9.0 €13.5bn Asia €13.3bn 0.9 0.9 0.9 1.3 4.3 StratOps 5.8 Infra 10.7
Slide 9: CVC – a world-class platform, Built for Performance
CVC – a world-class platform, Built for Performance… Exceptional investment and value Highest quality client base and creation engine relationships • Diversified platform with strong • Outstanding and consistent performance positions in sizeable, attractive markets track record through the cycle • E
Slide 10: … and positioned for growth
… and positioned for growth Market share gains reflecting consistent outperformance and investor appetite for Europe Attractive growth in Private Equity, fast scaling in Credit, Secondaries and Infrastructure Significant potential with established Institutional clients, substantial runway with Insur
Slide 11: Strong execution of closed-end Institutional capital raising
Strong execution of closed-end Institutional capital raising… H1 2026 Final close Active Future launch – final close imminent marketing next 12 months Infrastructure: DIF VIII Credit: Secondaries: €3.3bn to date4 (€6bn target, H1-27 final close) CLO Equity IV SOF VI Private Equity: $1.0bn1 $9.3bn to
Slide 12: Driven by continued momentum in longer-term structural trends
…driven by continued momentum in longer-term structural trends Significant step change in gross inflows over last four years, Concentration of GP relationships reflecting the scaling of our platform Half-yearly FPAUM gross inflows since 2022 Prior period cumulative gross inflows €104bn Half yearly g
Slide 13: CVC Private Wealth continues to expand
CVC Private Wealth continues to expand Further gains in total aggregate value driven by market-leading performance All CVC platforms now have an evergreen structure active CVC-CRED CVC-PE €6.7bn1 CVC-PE 9% 22% CVC-INFRA Private Equity CVC-PEF US CVC-PESEC annualised return annualised return since in
Slide 14: Credit & Insurance: strong historical growth
Credit & Insurance: strong historical growth… FPAUM evolution, Dec-20 to Jun-26 Top 3 +16% CAGR European Private Credit manager1 €47bn €45bn €41bn 0.2% €38bn Private Credit European Direct Lending annualised €34bn +30% CAGR default rate since inception2 €27bn €21bn #1 / #9 CLO manager in Europe / gl
Slide 15: Credit & Insurance: future growth vectors
Credit & Insurance: future growth vectors CVC Credit FPAUM, pro forma for Marathon Jun-26 Credit & Insurance: €60bn+ of FPAUM (pro forma for acquisition of Marathon as at 30 June 2026) Direct Lending Capital Solutions / Liquid Credit Asset-based Structured Credit Real Estate Credit Opportunistic Len
Slide 16: Credit & Insurance: supporting insurers
Credit & Insurance: supporting insurers with their growing demand for private markets Investing in further origination and specialist Strong existing momentum with Insurance clients capabilities to increase share of wallet €18bn+ AIG of capital raised from Insurers Investment capabilities expanded b
Slide 17: FPAUM +9% YoY with strong growth in Credit, Secondaries, Infrastructure
FPAUM +9% YoY with strong growth in Credit, Secondaries, and Infrastructure LTM FPAUM development (€bn) FPAUM by platform (€bn) Jun-251 Jun-26 26.0 1.4 153.2 140.1 (13.7) Private Equity 71.5 71.3 (0.6) Secondaries 11.8 16.5 Credit 42.8 46.7 Infrastructure 14.1 18.8 Total 140.1 153.2 Jun-25 Gross inf
Slide 18: P&L evolution
P&L evolution Fee-related revenues (€m)1 EBITDA (€m)1 of which catch-up fees FRE PRE Other op. income +9% in fee-related revenues vs. H1-25 +9% +12% +11% increase in FRE vs. H1-25 554 771 493 2 57% FRE margin - 110 705 22 +15% 8 96 €110m PRE in H1-26 €434m profit after tax in H1-26 +11% 442 397 H1-2
Slide 19: Operating expenses
Operating expenses Operating expenses (€m)1 Total people costs (net of PFC2) Non-people costs Total operating expenses growth of +7% in H1-26 YoY, reflecting cost +7% discipline despite investment in new initiatives 329 308 Still expect cost growth slightly below 10% for the full year, with higher g
Slide 20: Reaffirming PRE guidance for 2026-27 and 2028-29
Reaffirming PRE1 guidance for 2026-27 and 2028-29 €5bn2 future carry potential3, underpinning future PRE growth Unchanged guidance of ~€600-700m aggregate PRE over 2026-27, with most likely path being 2026 still at around the 2025 level of €254m Substantial further build over 2028-2029, with expecte
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 2026 Simple and capital-light balance sheet GP commitments €1,047m1 Strong cash generation and conservative leverage Long-term €1,932m2 Growing distributions to shareholders, Weighted avg
Slide 22: CVC – Built for Performance, positioned for growth
CVC – Built for Performance, positioned for growth Strong delivery in H1-26… …and well positioned for future growth Record realisations, healthy deployment and strong Market share gains reflecting consistent value creation across platforms outperformance and investor appetite for Europe Strong fundr
Slide 23: Appendix
CVC Appendix
Slide 24: Summary adjusted pro forma income statement
Summary adjusted pro forma income statement1 (€m) FY 20232 FY 20242 FY 2025 H1-2025 H1-2026 H1-2025-26 growth Fee-related revenues3 1,080 1,328 1,451 705 771 9% (+) Performance-related earnings 174 182 254 96 110 15% (+) Other operating income 3 3 2 - 2 n.a. Revenue 1,257 1,513 1,707 802 882 10% (-)
Slide 25: FPAUM evolution
FPAUM evolution FPAUM evolution since 30 June 2025 Europe / Strategic FPAUM by segment (€bn) Americas Asia Opportunities Catalyst Secondaries Credit Infrastructure Total At 30 June 2025 54.9 8.5 6.7 1.4 11.8 42.8 14.1 140.1 Gross inflows / investments 3.1 0.2 1.1 2.9 4.3 9.0 5.4 26.0 Step-downs - 0.
Slide 26: Investment activity summary
Investment activity summary Deployment summary1 2025 2026 (€bn) Q1 Q2 H1 LTM-Jun FY Q1 Q2 H1 LTM-Jun Private Equity 1.1 4.6 5.8 10.7 9.7 0.9 6.0 6.9 10.9 2 Secondaries 0.7 0.2 0.9 1.9 2.9 0.6 0.7 1.3 3.4 3 Credit 2.6 3.2 5.8 10.3 10.5 1.8 2.5 4.3 9.0 Infrastructure 0.2 0.7 0.9 2.0 2.6 0.5 0.4 0.9 2.
Slide 27: Gross investment performance of key CVC funds
Gross investment performance of key CVC funds Invested Capital Value of investments H1-26 activity As of 30 June 2026 Start date FPAUM Deployment %1 Total Realised Remaining Total Realised Remaining Deployment Realisations Gross MOIC2 Europe / Americas (€bn) Fund VI 2014 - >100% 11.1 6.9 4.2 29.1 23
Slide 28: Important information – risk disclosures
Important information – risk disclosures • This presentation is provided for information purposes only and does not constitute investment advice, legal, tax or accounting advice, or an offer, solicitation or recommendation to buy or sell any security, investment product or service in any jurisdictio