Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — FY2025 Earnings Presentation
36 slides from Cvc Capital Partners's earnings presentation, Mar 11, 2026
Slide 1: Full-Year Results Presentation 2025
2025 Full-Year Results Presentation Portfolio Company: 11 March 2026 Gujarat Titans Fund Investment: Asia V
Slide 2: 2025 key highlights
2025 key highlights Strong fundraising – €23bn of gross inflows Accelerating growth in Insurance and Private Wealth – 5x in total aggregate value1 €148bn FPAUM2 with >50% in Credit, Secondaries & Infrastructure Record €21.9bn realisations at highly attractive returns Strong financial performance – E
Slide 3: CVC – Consistent outperformance: the power of our platform
CVC – Consistent outperformance: the power of our platform CVC Europe / Americas Funds Gross MOIC Asian Financial Global Financial Eurozone Crisis / Brexit / US-China COVID-19 / Russia Differentiated origination Network Crisis Dotcom Bubble / 9/11 Crisis Oil Crisis Trade War Ukraine War 3.5x 3.0x 2.
Slide 4: Well positioned for the market opportunity ahead of us
Well positioned for the market opportunity ahead of us Consolidating Renewed investor Rising allocations Growing demand market share appetite for from from insurers for among leading Europe Private Wealth private markets managers 89% €3.6bn in AIG of top 100 #1 investor in aggregate $3.5bn partnersh
Slide 5: Continued delivery on strategic objectives
Continued delivery on strategic objectives 50% FPAUM1 growth since Dec-23 Growing as a global leader in private markets 34% management fees2 growth vs FY23 50%+ of FPAUM Diversifying and scaling our platform from Credit, Secondaries and Infrastructure as of Dec-25 Broadening our distribution and cli
Slide 6: 2025 – Strong operating performance…
2025 – Strong operating performance… Realisations1 Deployment2 €23bn gross inflows Broad-based strength across Credit, €21.9bn €25.7bn Secondaries and Infrastructure €24.9bn Record realisations +67% 12.4 Private Equity realisations at 3.2x Gross MOIC 12.3 11.6 and 23% Gross IRR3 €13.1bn 3.6 Deployme
Slide 7: …translating into strong financial performance
…translating into strong financial performance FPAUM1 Management fees2 EBITDA2 Private Equity Credit PRE2 MFE2 Other op. income Secondaries Infrastructure €1,451m Non-Private Equity FPAUM +12% €147bn €148bn €1,328m €140bn €1,091m 14.1 17.4 2 14.1 €966m 13.6 14.5 3 254 11.8 2025 management fees +9% 1
Slide 8: High confidence in 10%+ FPAUM CAGR
High confidence in 10%+ FPAUM CAGR €200bn €148bn €31bn Europe / Americas X EUDL V / VI SOF VI / VII Asia VII CLO Equity Credit / Infra Secondaries €45bn Catalyst CapSol IV CVC-PESEC StratOps IV Structured Finance DIF VIII CVC-PE, CVC-PEF Asset-backed Finance Value-Add IV / V €72bn CVC-CRED Asia Infr
Slide 9: Scaling and diversifying across strategies
Scaling and diversifying across strategies Successfully scaling closed-end funds vintage-on-vintage... …with strong visibility on future pipeline Private Equity – Europe / Americas1 Private Equity – Asia +22% €26.0bn Catalyst III +52% $6.8bn +37% €21.3bn +29% $4.5bn €15.5bn $3.5bn Fund X Asia VII Fu
Slide 10: Fundraising confidence – repeating an established process
Fundraising confidence – repeating an established process CVC Europe / Americas Fund X illustrative timeline Pre-marketing (completed) Confirm launch with Limited Partners (completed) Shadow allocation process (commenced) Formal launch (early 2027) Rolling closes (Q2 2027 onwards) Our proven process
Slide 11: We are building traction with Private Wealth…
We are building traction with Private Wealth… Rapid build in total aggregate value, with market-leading performance Broadening our offering in 2026 CVC-CRED CVC-PE Being launched 10% 23% €3.6bn1 €0.9bn CVC-PEF (CVC-PE for US investors) Q1-26 annualised return annualised return since inception2 since
Slide 12: …and Insurance
…and Insurance €15bn+ raised from insurers over the last five years, 20%+ of fundraising in 2025 Leading with innovative, tailored solutions Broadening our offering for insurers Announced acquisition of $3.5bn partnership in Credit and Secondaries Growing appetite for our Credit products Strong inte
Slide 13: Why Marathon?
Why Marathon? Cultural fit – investment performance-led culture and strong track record Scalability within CVC – limited client overlap & complementary capabilities and geographic exposure Initial size – material platform with manageable execution and integration risk Marathon fits all our criteria
Slide 14: Marathon – highly complementary capabilities with CVC Credit
Marathon – highly complementary capabilities with CVC Credit Marathon will materially broaden CVC Credit offering… …with market-leading investment performance CVC Credit FPAUM (Dec-25) Private Credit Access to US ABL Liquid Credit €60bn+ credit 15.21 gross IRR since inception €45bn Asset-based Oppor
Slide 15: Marathon – highly scalable with an attractive financial profile
Marathon – highly scalable with an attractive financial profile Marathon – Dec-25 FPAUM Run-rate financial profile Emerging Direct Lending Markets $20bn FPAUM Asset-based ~75bps management fee margin 20-25% management fee ~$20bn earnings margin Low to mid-teen % MFR CAGR expectation 2025-2028 CLO &
Slide 16: Robust deployment, with PE consistent with a 3-4 year fund cycle
Robust deployment, with PE consistent with a 3-4 year fund cycle Deployment driven by Credit, Secondaries Balanced deployment across sectors and geographies and Infrastructure1 By Sector By Region Private Equity 2025 Deployment5 Private Equity 2025 Deployment5 €25.7bn €24.9bn Education 1.9 2.6 Finan
Slide 17: AI – embracing the opportunity, and mitigating the risk
AI – embracing the opportunity, and mitigating the risk 7% 6 years 92% 100% AI @CVC FPAUM software Building our AI Investments are PE investments Driving knowledge exposure capabilities since positive / neutral on where the impact of sharing and 2020 the impact of AI1 AI is underwritten efficiency a
Slide 18: Strong momentum in value creation and portfolio company growth
Strong momentum in value creation and portfolio company growth LTM value creation in Private Equity and LTM revenue and EBITDA growth Infrastructure (excl. FX) Revenue EBITDA 11% Private Equity 10% 10% 14% 12% 9% 10% 10% 10% 10% 9% 9% Mar-25 Jun-25 Sep-25 Dec-25 Europe / Americas Fund VIII 13% 12% 1
Slide 19: Another record year for realisations…
Another record year for realisations… Record realisations +67% YoY1 More capital returned than called over the last 4 years – a key differentiator €21.9bn Private Equity cumulative realisations vs. deployment since Dec-21 PE deployment PE realisations 1.1 €46bn 1.3 €35bn €13.1bn 1.1 €25bn €26bn 1.0
Slide 20: …maintaining flexibility to deliver exits across market cycles
…maintaining flexibility to deliver exits across market cycles Continuing to maintain flexibility Last 4 years Private Equity gross proceeds – €46bn total in 2025 By geography By sector Based on Private Equity cash returns 5% IPOs / sell downs 46% Sponsor sale UK 15% Greece 4% Healthcare 16% Technol
Slide 21: FPAUM evolution – solid momentum in H2
FPAUM evolution – solid momentum in H2 FPAUM1 development (€bn) FPAUM1 by strategy (€bn) 22.8 147.3 148.3 Dec-24 Jun-252 Dec-25 (9.6) (7.2) (5.1) FY25 Private Equity 79.0 71.5 71.6 Dec-24 Gross inflows Exits Step downs FX and other Dec-25 Secondaries 13.6 11.8 14.5 Credit 40.6 42.8 44.6 13.6 148.3 1
Slide 22: P&L evolution
P&L evolution Management fees (€m)1 EBITDA (€m)1 MFE PRE Other op. income +9% in management fees vs. FY24 +9% +13% +7% increase in MFE vs. FY24 1,091 2 58% MFE margin 966 1,451 3 254 +39% 1,328 182 €254m PRE in FY25, materially up YoY €873m profit after tax in FY25, reflecting 780 +7% 835 first year
Slide 23: Operating expenses
Operating expenses Operating expenses (€m)1 Core cost growth excluding Private 7% core Wealth and FX translation of +7%, cost growth reflecting cost discipline and in line with mid-to high single digit guidance cost growth 41 616 13 14 547 Total OpEx +13% vs FY24, including ongoing investment into W
Slide 24: Rapid payback on investments, focus on core operating efficiency
Rapid payback on investments, focus on core operating efficiency Operating expenses1 evolution (€m) New initiatives2 – Management fees1 vs. OpEx1 Core New initiatives2 Operating expenses1 Management fees1 Core costs YoY growth Total costs YoY growth Back to mid-to-high single digit Below 10% 616 ~+5
Slide 25: €5bn future carry potential, underpinning PRE growth…
€5bn1,2 future carry potential3, underpinning PRE growth… Net carried interest potential3 assuming key funds perform on plan4 Harvesting funds Recently activated funds5 In carry mode Next in carry mode Europe / Americas VI Europe / Americas VIII Europe / Americas IX (no contribution to IPO perimeter
Slide 26: …though two technical factors to consider: IPO perimeter effects…
….though two technical factors to consider: IPO perimeter effects… 2022-2025 Performance fee earnings1 evolution, €m No carried interest from Fund VI IPO perimeter Fund VI excluded contribution (30%) Fund VII excluded contribution (15%) recognised in IPO perimeter, only 15% for Fund VII 500 Average
Slide 27: …as well as IFRS accounting, impacting recognition pace
…as well as IFRS accounting, impacting recognition pace Illustrative carried interest recognition under IFRS accounting vs. accrued Yearly carried interest – UK / US GAAP Yearly carried interest – IFRS Illustrative example – assumptions 300 €10bn fund size 2x net MOIC 200 Total carried interest of €
Slide 28: Significant PRE acceleration to come, material step up more likely in 2028-29
Significant PRE acceleration to come, material step up more likely in 2028-29 Performance fee earnings1 2024A-2029E Substantial build in Performance PRE1 under US/UK GAAP fee earnings, albeit timing by year uncertain ~€1.5bn ~€2.0bn+ Base case modelling suggests ~€600-700m aggregate 2026-27. Asia V
Slide 29: 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 31 December 2025 Simple and capital-light balance sheet GP commitments €1,053m1 Strong cash generation and conservative leverage Long-term €1,450m2 Growing distributions to shareholders, Weighted
Slide 30: CVC – Built for Performance, built for the future
CVC – Built for Performance, built for the future Consistent investment outperformance across cycles Continued, strong delivery on strategic objectives Strongly positioned for the market opportunity ahead of us Strong fundraising momentum, and strong visibility on future funds High confidence in 10%
Slide 31: Appendix
CVC Appendix
Slide 32: How our results are presented
How our results are presented Reflects change from Year ended 31 December 2025 Year ended 31 December 2024 Adjusted Measures Statutory Financial Consolidated financial Consolidated financial Adjustments to the financial information statements for the year ended statements for the year ended to illus
Slide 33: Summary adjusted pro forma income statement
Summary adjusted pro forma income statement1 (€m) FY 2022 FY 20232 FY 20242 FY 2025 FY 2024-25 growth Management fees3 888 1,080 1,328 1,451 9% (+) Performance fee earnings 144 174 182 254 39% (+) Other operating income 3 3 3 2 -35% Revenue 1,036 1,257 1,513 1,707 13% (-) Personnel expenses (279) (3
Slide 34: FPAUM evolution
FPAUM evolution FPAUM1 evolution since 31 December 2024 Europe / Strategic FPAUM by segment (€bn) Americas Asia Opportunities Catalyst Secondaries Credit Infrastructure Total At 31 December 2024 60.0 10.5 6.7 1.8 13.6 40.6 14.1 147.3 Gross inflows / investments 2.7 0.2 0.7 1.1 4.0 10.5 3.7 22.8 Step
Slide 35: Investment activity summary
Investment activity summary Deployment summary1 2024 2025 (€bn) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Private Equity 2.7 5.6 4.0 1.0 13.3 1.1 4.6 1.7 2.3 9.7 2 Secondaries 0.1 0.5 0.6 0.4 1.7 0.7 0.2 0.5 1.5 2.9 3 Credit 1.8 1.6 2.3 2.3 8.0 2.6 3.2 2.4 2.4 10.5 Infrastructure 0.3 0.4 0.5 0.6 1.9 0.2 0.7 0.6
Slide 36: Gross investment performance of key CVC funds
Gross investment performance of key CVC funds Invested Capital Value of investments Deployment Gross As of 31 December 2025 Start date FPAUM %1 Total Realized Remaining Total Realized Remaining MOIC2 Europe / Americas (€bn) Fund VI 2014 - >100% 11.1 6.7 4.3 29.0 22.8 6.3 2.6x Fund VII 2018 6.6 >100%