Bridgepoint Group Plc · LSE:BPT
Bridgepoint — H1 2026 Earnings Presentation
35 slides from Bridgepoint's earnings presentation, Jul 17, 2026
Slide 1: Bridgepoint Group plc Interim Results 2026
Bridgepoint Group plc Interim Results 2026
Slide 2: Record interim results and great strategic progress
Record interim results and great strategic progress Great initial Strong EBITDA Further positive reaction following growth; +78% fundraising announcement of versus H1 25 at a progress in flagship KARE transaction margin of 61%1 funds 2
Slide 3: Group's financial performance exceeded expectations
Group’s financial performance exceeded expectations Pro forma group AUM of $120bn including KARE2 AUM ($’bn) Management & other income (£’m)1 FRE (£’m)1 EBITDA (£’m)1 inc. catch-up fees +23% +42% +78% exc. catch-up fees +16% +23% +68% 119.5 227.3 22.2 254.4 108.0 21.7 86.6 207.1 21.7 5.7 76.0 21.7 1
Slide 4: Fundraising update: €2.5bn raised since KARE announcement
Fundraising update: €2.5bn raised since KARE announcement Progress on flagship funds underpins confidence in previously upgraded 2024-2026 fundraising target of €28bn ECP VI raised BE VIII has raised BDL IV final Interim update $7.0bn and increased €7.0bn to date3 close at €5.1bn hard cap to $7.8bn
Slide 5: Financial Performance
2026 Interim Results Financial Performance
Slide 6: Key takeaways
Key takeaways 16% YoY growth in management fees (excl. catch up fees) Raised €2.5bn since KARE announcement, on track to deliver recently increased fundraising target of €28bn Full year PRE de-risked: H1 PRE of £121m expected to be two thirds of total Underlying EBITDA £227m, with a margin of 61% sl
Slide 7: Consistent deal activity across cycles
Consistent deal activity across cycles Capital deployment on plan Consistent exit volumes Private Equity Private Equity 3.1x 5.0x Infrastructure Infrastructure Cornerstone Generation 6.4x 5.1x 4.4x 10.0 16.6 7.8 Capital invested 3.6 Capital returned 8.5 8.1 (€bn)4 to LPs (€bn) 2024 2025 H1 26 2024 2
Slide 8: Continued growth in AUM & FPAUM following successful fundraising
Continued growth in AUM & FPAUM following successful fundraising AUM ($’bn) FPAUM ($’bn)5 +3% +28% 3.9 0.7 13.2 3.5 11.3 58.4 5.2 97.3 (1.3) (0.6) 94.2 (0.8) (1.3) (17.9) 45.6 c.$14bn relates to Calpine transfer and share sale FY 25 Fundraising Acquisitions Fund Revaluations FX H1 26 FY 25 Fundraisi
Slide 9: Significantly enhanced management fees and stand out H1 PRE
Significantly enhanced management fees and stand out H1 PRE Management fees and other income (£’m)1 PRE (£’m)1 FY % of total income6 1.22% 1.16% 1.13% 1.18% 1.17% 21% 17% 26% 26% c25% +16% excl. catch up fees 151.6 138.5 254.4 21.7 207.1 5.7 94.0 81.6 156.6 125.1 64.9 30.4 55.3 101.4 2.6 120.7 26.2
Slide 10: Our strategy is delivering continued growth in underlying EBITDA
Our strategy is delivering continued growth in underlying EBITDA Underlying EBITDA (£’m)1 292.0 304.8 147.0 176.8 139.2 148.8 78.0 93.2 227.3 145.0 128.0 H1 61.2 55.6 H2 Total FY 2022 2023 2024 2025 2026 HY EBITDA margin 44% 40% 54% 48% 61% FY EBITDA margin 45% 46% 54% 53% 10
Slide 11: Kayne Bridgepoint medium term guidance
Kayne Bridgepoint medium term guidance ˃ KAREP VII closed oversubscribed at $5.1bn ˃ $15bn to be raised over the next 3 years, primarily through close-ended fund strategies, with the remainder from inflows into existing open-ended funds. FPAUM Step-up supported by recent fundraising momentum, with $
Slide 12: Bridgepoint Group existing perimeter: update on recent activity
Bridgepoint Group existing perimeter: update on recent activity Activity Guidance Fundraising Management fees 13%-16% management fee growth on a rolling 3-year basis • BE VIII has raised €7.0bn to date. Final close PE expected by Q1 2027 at €8-8.5bn • BE VIII became fee paying on 9th June 2026 Expen
Slide 13: Conclusion
2026 Interim Results Conclusion
Slide 14: Concluding comments
Concluding comments Stronger, more diversified and more resilient following acquisition of KARE Financial performance for shareholders remains compelling We are building the platform and growing in-line with our clear strategy Middle-market positioning and focus on alpha-driven investing continues t
Slide 15: Appendix
2026 Interim Results Appendix
Slide 16: Bridgepoint's current perimeter: 2024-26 fundraising
Bridgepoint’s current perimeter: 2024-26 fundraising Fundraising commences 2024 2025 2026 BDC V Private Equity BE VIII BG II Generations Included in ECP ECPVIVI fundraising Infrastructure guidance ECP Evergreen Yield BDL IV Credit CLOs VI & VII BCO V CLOs VIII & IX CLOs X & XI Not Secondaries NB VI
Slide 17: Disciplined deployment across investment strategies during H1 26
Disciplined deployment across investment strategies during H1 267 BE VII +13% BDC V BDL IV 49% 32% +4% ECP V ECP VI +7% 85% 12% Deployed as at 31 Dec 25 17 Deployment during H1 26
Slide 18: Consistent fund performance underpins growth
Consistent fund performance underpins growth Fund details Fund performance at 30 June 2026 Asset class Strategy Established Fund name Vintage Size Gross MOIC DPI8 Gross IRR Bridgepoint BE V 2015 €4.0bn 2.3x 1.5x 17.7% 1984 Europe BE VI 2019 €5.8bn 2.0x 1.0x 15.0% BE VII 2022 €7.0bn 1.4x - 19.5% Priv
Slide 19: Share capital structure
Share capital structure10 Today At closing of KARE KARE earnout 26% Measured: 2029 28% Issued: 2030 Max shares: 102.5m 47% 984m 1,173m 56% 5% 16% 13% ECP earnout 9% Measured: 2027 878m ordinary shares Issued: 2028 106m OP units Max shares: 55m Bridgepoint Kayne Bridgepoint Blue Owl Petershill Public
Slide 20: Improving liquidity of our stock
Improving liquidity of our stock Increase in daily trading volumes (sh m) 5.6 1.7 2025 average YTD average11 c.3.3x increase in trading volume 20
Slide 21: Expenses and FTE track record
Expenses and FTE track record Breakdown of expenses (£m)1,12 Headcount growth +12% +1% 536 542 146.4 497 123.7 131.1 38.0 31.5 31.9 253 282 281 92.2 99.2 108.4 244 254 261 H1 2024 H1 2025 H1 2026 H1 24 H1 25 H1 26 Personnel expenses Other expenses Investment Central 21
Slide 22: Reported P&L
Reported P&L Reported P&L and adjusted and exceptional items (£’m) 40.2 197.5 (67.0) (1.4) (34.7) (3.8) (40.7) (24.0) (23.2) 42.9 Underlying PBT PRE + Personnel Personnel Other operating Other operating Net finance & Amortisation of Other finance Reported PBT expenses * expenses + expenses * expense
Slide 23: Indicative timing of PRE contribution from existing funds
Indicative timing of PRE contribution from existing funds House P&L contribution from accrued carried interest and co-investment profits Fund Vintage Size carry 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BE VI 2019 €5.8bn 7% BE VII 2022 €7.0bn 23% BDC IV 2021 £1.6bn 35% BDC V 2
Slide 24: AUM & FPAUM (€'bn)
AUM & FPAUM (€’bn) AUM (€’bn) FPAUM (€’bn) 11.6 3.4 4.5 1.0 85.1 0.6 80.3 3.1 0.4 51.1 9.9 (15.7) (1.1) (0.6) c.€12bn relates 38.8 to Calpine transfer and share sale FY 25 Fundraising Acquisitions Fund Revaluations FX H1 26 FY 25 Fundraising Acquisitions Deployment Realisations Step FX H1 26 divestm
Slide 25: Cash generation and capital allocation
Cash generation and capital allocation Cash generation from investments (£’bn)13 Capital allocation policy Investments 1.0% of AUM Support organic growth and Capital 1.3 M&A seeding new distributions funds 1.0 3.3 2.1 1.1 Balance sheet PRE from Total value from PRE from next Total value investments
Slide 26: Overview of private equity and credit funds, 30 June 2026 (1)
Overview of private equity and credit funds, 30 June 2026 (1) Invested Capital Total Value 21 Fund Fund size AUM Fee-charging AUM Realised Unrealised Total Realised Unrealised Total Equity BE IV €4,835m €714m - €4,390m €92m €4,482m €9,137m €410m €9,547m BE V €4,000m €2,618m - €2,142m €1,648m €3,791m
Slide 27: Overview of private equity and credit funds, 30 June 2026 (2)
Overview of private equity and credit funds, 30 June 2026 (2) Accrued P&L Fee-charging Group share of carried interest Generated cash Fund Fund size AUM AUM Vintage Invested %14 Hurdle rate Carried interest carried interest yet? carried interest yet? Equity BE IV €4,835m €714m - 2008 97% 8% 20% 10%
Slide 28: Overview of infrastructure funds, 30 June 2026 (1)
Overview of infrastructure funds, 30 June 2026 (1) Invested Capital Total Value Fund Fund size AUM Fee-charging AUM Realised Unrealised Total Realised Unrealised Total Flagship ECP III $5,050m $2,363m $1,418m $4,528m $266m $4,794m $9,315m $1,338m $10,653m ECP IV $3,320m $3,940m $2,422m $955m $2,282m
Slide 29: Overview of infrastructure funds, 30 June 2026 (2)
Overview of infrastructure funds, 30 June 2026 (2) Accrued P&L Generated cash Fee-charging Group share of carried interest carried interest Fund Fund size AUM AUM Vintage Invested % Mgmt. fee basis Hurdle rate Carried interest carried interest yet? yet? Flagship ECP III $5,050m $2,363m $1,418m 2014
Slide 30: Income statement
Income statement Underlying income statement (£’m)1 Commentary H1 2025 H1 2026 1 Management fees have increased due to fees from further capital closed in ECP VI, including Management and other fees (excl. catch up fees) 201.1 232.4 material catch up fees 1 Catch up fees 5.7 21.7 2 PRE includes the
Slide 31: Balance sheet
Balance sheet Balance sheet, excluding interests of third-party investors in consolidated CLOs and structured fund vehicles (£m) FY 2025 H1 2026 Non-current assets Commentary Property, plant and equipment 95.6 107.5 1 Goodwill and intangible assets 711.9 708.4 2 Carried interest receivable 1 Goodw
Slide 32: Cash flow statement
Cash flow statement Cash flow statement, excluding cash flows relating to consolidated CLOs and structured fund vehicles Commentary attributable to third-party investors (£m) H1 25 H1 26 1 Operating cash flow is generated from FRE, net of taxes paid. H1 26 is negative due to the settlement of the
Slide 33: End notes
End notes Page Note Reference Management and other income, operating expenses, FRE, EBITDA, PBT are underlying and exclude exceptional costs and adjusted items, amortisation and 2,3, 9, 10, 21, 30 1 exceptional net finance income 3 2 Pro forma AUM includes Kayne Anderson Real Estate AUM per May 15 2
Slide 34: Disclaimer
Disclaimer Except where otherwise specified, information contained in this presentation has been prepared as at 17 July 2026 and is for general information only. To the fullest extent permissible by law, Bridgepoint Group plc (the “Company”), its subsidiaries and their affiliates, and their respecti
Slide 35: Bridgepoint Group
Bridgepoint Group