Interim Report (bridgepoint group interim report 2026)

Bridgepoint Group plc Interim Report

2026

Financial highlights

Assets under management

At 30 June 2026 At 30 June and

31 December 2025

$97.3bn

YE 2025: $94.1bn

HY 2025: $86.6bn

$58.4bn

Fee Paying AUM YE 2025: $45.5bn

HY 2025: $44.0bn

Six months ended 30 June 2026

Six months ended 30 June 2025

Underlying management and other income

Including catch-up fees £254.4m H1 2025: £207.1m

Excluding catch-up fees £232.7m H1 2025: £201.4m

FRE Including catch-up fees £108.0m H1 2025: £76.0m

Excluding catch-up fees £86.3m H1 2025 : £70.3m

PRE £120.7m H1 2025 : £57.6m

Underlying EBITDA Including catch-up fees £227.3m H1 2025: £128.0m

Excluding catch-up fees £205.6m H1 2025 : £122.3m

Profit before tax £42.9m H1 2025 : £60.6m

Underlying basic earnings per share

16.3p H1 2025 : 10.6p

The definition of APM is set out in the Supplementary Information section on pages 54 to 58.

Key Alternative performance measure Key performance indicator Measure defined by IFRS

Contents

Chief Executive statement 2

Financial review 6

Required disclosures 24

Independent review report 25

Condensed consolidated financial statements 26

Notes to the condensed consolidated

financial statements 31

Supplementary information 50

‌Chief Executive statement

Raoul Hughes

The Group delivered a strong performance across fundraising, investing and its financial results in the first half of 2026.

The Group has made significant strategic progress in the first half of 2026.

Last month we announced the acquisition of Kayne Anderson Real Estate (KARE) which marked another major step forward in our plan to build the clear global leader in middle-market value-added investing across all alternative asset classes. Adding KARE to the Group broadens our product suite and ensures we now have products which are leaders in their sectors, operating at scale, across all four major private market asset classes as well as a growing secondaries pillar.

Fundraising has continued to exceed our expectations across our strategies and this allowed us, when we announced the acquisition of KARE last month, to increase our fundraising target for the existing Group from €24 billion to €28 billion by the end of 2026.

Raising larger funds than expected combined with BE VIII starting to pay fees earlier than expected has also led to higher fee related earnings (FRE) in the first half of the year.

Additionally, our existing funds continue to perform well, resulting in PRE being recognised earlier than had been expected, with our PRE outlook remaining positive in 2026 and recently upgraded for 2027.

Underlying EBITDA grew to

£227.3 million

Compelling financial performance for shareholders

In H1 2026, AUM increased by 12% from H1 2025 to $97.3 billion and FPAUM increased by 33% compared to H1 2025 to reach $58.4 billion. Management fees and other income increased by 23% in H1 2026 vs H1 2025 to reach a total of

£254.4 million (including catch-up fees of £21.7 million).

Following a number of successful exits, $1.3 billion of capital has been returned to investors in ECP V and carried interest in the fund has been recognised in our numbers for the first time, sooner than previously expected. Underlying EBITDA in the first half of the year amounted to £227.3 million, representing an underlying EBITDA margin of 61%.

Increased target of raising €28 billion by the end of 2026

Following good fundraising progress in H1 2026 across BDL IV, ECP VI and BE VIII, we increased the €24 billion target to €28 billion in June. Having closed a further €2.5 billion since that announcement, we have raised €26 billion to date with a further

€2 billion to be raised in the remainder of H2 2026.

All three flagship funds have been fundraising simultaneously, demonstrating the breadth and depth of the reach of our global investor services team. BDL IV held its final close in early July at

€5.1 billion of investable capital, ECP VI has raised $7.0 billion and we have successfully sought permission from fund investors to increase the hard cap to $7.8 billion of external capital. In private equity, BE VIII has raised €7.0 billion, surpassing its predecessor fund, and began paying fees in early June. It is expected to hold a final close in Q1 2027.

With encouraging strength of investor interest in our strategies, including market-leading European PE and added value US energy transition infrastructure, four funds will be raising further capital in H2 2026, comprising BCO V, CLO XII, ECP VI, and BE VIII. In addition to raising the great majority of our capital through closed-ended funds, we continue to make progress with our private wealth offering, Bridgepoint Generations.

Raoul Hughes

Chief Executive

"We believe that Kayne Anderson is the best platform, in the best part of the US real estate market."

The acquisition of Kayne Anderson Real Estate

For a truly global middle-market alternatives manager, real estate is an important part of the product suite. It is the third-largest asset class after equities and fixed income and a critical allocation for our core investor base, the world's largest institutional investors.

The US is a scaled market with deep opportunities and is the logical choice for our first entry into the value-added real estate sector.

The timing is good for several reasons. Firstly, we've completed our successful integration of ECP so have the bandwidth and experience to repeat that playbook again here; secondly, the real estate market is at an inflection point; and thirdly, the momentum in the business is undeniable, having just closed an oversubscribed latest flagship, KAREP VII, at $5.1 billion (almost double the size of its predecessor).

Having looked at a number of opportunities in US real estate, we believe KARE is the best platform, in the best part of the US real estate market.

It targets specialist real estate and has a middle-market DNA and a strong track record of delivering value-added returns - a leader in its sectors, just like the rest of the Group. Importantly, there is also a strong cultural fit and a highly complementary set of LP relationships.

With this transaction we are building the platform we said we would build, growing in line with a clear strategy, and doing so while preserving the high performing and entrepreneurial culture that has underpinned our success from the beginning.

Subject to shareholder, regulatory and certain KARE fund investor approvals, we expect the acquisition to close at the end of the year.

Continued good performance across investment strategies

Private equity

With activity levels in the European middle-market increasing again following a temporary slowdown in April and May caused by conflict in the Middle East, the private equity team has continued to deliver good performance. BE VII has made significant progress and has now completed its investment period with 20 platform investments. 17 of these have been sourced outside of conventional auction processes, underlining the strength of our origination capabilities in the European middle-market. Recent transactions include BE VII agreeing to acquire majority stakes in UMag Solutions, a Danish defence technology company specialising in drone-based real-time subsurface threat detection on land and sea, iC Consult, the world's largest independent provider of identity security services and Obagi Medical, a dermatological skincare and aesthetics business. Additionally, BE IV successfully exited Flexitallic, a global provider of highly engineered sealing and joint integrity solutions.

Chief Executive statement continued

In Bridgepoint Development Capital (BDC), the Group's latest lower mid-cap fund, BDC V, completed two new platform investments in ht.digital, a provider of digital asset assurance and technology solutions, and PDSVISION, a leading global provider of digital engineering solutions, as well as 2 bolt-on acquisitions for an existing platform investment. BDC V is now 49% committed and on track to deploy over its target investment period of 3.5 to 4 years.

Private credit

Increased investor interest in investing in Europe provided a continuing tailwind to fundraising for both Direct Lending and Credit Opportunities. Our credit funds are closed-ended with locked up capital, so are not subject to any redemption risks.

The Bridgepoint Direct Lending team has committed to invest in 6 new primary deals totalling almost €0.5 billion in deployment across all core geographies and target sectors in the first half of the year. As a result, BDL IV had deployed €1.0 billion by 30 June 2026 representing 32% of committed capital.

Current market conditions, including geopolitically-driven volatility in secondary markets and sector-specific dislocations in software and AI-adjacent credits, have created a compelling opportunity set for our Credit Opportunities strategy that the team is actively pursuing, consistent with its playbook from similar periods in the past.

In syndicated credit, two CLOs (X and XI) were issued in the first half and CLO XII is currently warehousing.

Infrastructure

In addition to excellent progress in fundraising for our flagship fund, where we continue to benefit from investor demand for exposure to a sector whose growth trajectory is underpinned by several megatrends, most notably electricity demand growth and a corresponding shortage of power generation supply in the U.S., ECP continues to perform strongly.

Recent transactions include ECP VI agreeing to acquire EnergySolutions, a leading company providing integrated solutions across the full nuclear power lifecycle which had previously been a portfolio investment in ECP II. Additionally, there have been very successful exits. Symmetry Energy Solutions, a US natural gas supply, logistics, and asset management platform was sold at an excellent 6.4x money multiple and Cornerstone Generation, an owner of 2.6 gigawatts of natural gas generation capacity was sold for an exceptional

4.4x money multiple after less than one year of ownership.

Those exits, combined with very strong growth in the order book for the retained gas turbine business at ProEnergy, means that ECP V, a 2022 vintage fund, is now marked at a money multiple of over 3x for the fund as a whole, which is an outstanding achievement for an infrastructure fund.

Secondaries

We are pleased to have made a really efficient entry into the secondaries market with the addition of the team from Newbury. The challenge now is to grow it into a secondaries and solutions platform of equal scale to the other verticals in the Group in the medium to long term.

Well placed to benefit from long-term market trends

With a platform that continues to deliver through cycles, there is significant potential for growth given the strong tailwinds in the alternatives market. Private markets continue to perform well and remain attractive to institutional investors. Major pools of capital have very limited exposure to private markets and significant capital deployment needs, and therefore will increasingly require private capital investments, such as in ECP's core market of energy transition.

Our current product set - market-leading European PE, added value US energy transition and European credit - positions us well to benefit from institutional investors looking to reduce the number of managers with which they invest their capital.

The Group's strategy of increasing diversity, whether by investment strategy, geography or investor type, builds on its clearly differentiated position in the global middle-market. The platform's strength makes the Group a go-to participant in credit, equity, and value-added infrastructure and, once the acquisition of KARE completes, in US real estate as well, with a growing secondaries pillar.

Consequently, we are well placed to reach the staging post we set out at our Capital Markets Day in October 2024 of increasing our AUM to $200 billion by 2029/2030 through a combination of organic and inorganic growth and expansion into new asset classes.

Dividend

I'm pleased to confirm that the Company will pay an interim dividend of 4.8p per share in October.

Looking ahead

Successful fundraising and continued robust deployment and exit activity against the volatile backdrop of H1 2026 illustrates the benefits of our positioning in the middle-market segment across private equity, credit and infrastructure, with a growing secondaries pillar. With a strong pipeline of investments and exits the Group is well placed to look to the rest of the year with confidence.

Opportunities for inorganic growth continue to be actively explored, alongside the organic scaling and broadening of our existing investment strategies through the launch of new products.

With the clear differentiator of middle-market leadership, the Group is well-positioned to capitalise on both market growth and the increasing trend towards industry consolidation as illustrated by the upgraded fundraising guidance and the acquisition of KARE which were announced in June.

I would like to thank colleagues who have helped to deliver yet another strong set of financial results for shareholders.

Raoul Hughes

Chief Executive

‌Financial review

KPIs: tracking our performance

Total AUM ($bn)

$97.3bn

97.3

Fee Paying AUM ($bn)

$58.4bn

86.6

72.2

43.1

58.4

FRE (£m)

£108.0m

88.1

76.0

42.9

108.0

FRE margin (%)

42.5%

avg 41.6

36.7

34.3

42.5

44.0

39.5

26.8

H1 2023

H1 2024

H1 2025

H1 2026

H1 2023

H1 2024

H1 2025

H1 2026

H1 2023

H1 2024

H1 2025

H1 2026

H1 2023

H1 2024

H1 2025

H1 2026

Description

The total value of assets held in the Group's funds plus the value of capital which has been committed but not yet drawn

Definition

See page 54 for

a detailed definition

Description

Assets under management upon which management fees are charged by the Group, including CLOs

Definition

See page 54 for

a detailed definition

Description

FRE is a measure of underlying profitability, excluding PRE

Definition

See page 55 for definition

Description

FRE margin is a measure of underlying profitability

Definition

See page 56 for definition

Outcome

Total AUM increased by 12.4% to $97.3 billion (€85.1 billion) primarily due to commitments raised for BE VIII, ECP VI, BDL IV, the

impact of revaluations of fund investments, the AUM transferring from the acquisition of Newbury, with a reduction for divestments, including the impact of the partial disposal from sale of Calpine.

Outcome

Fee Paying AUM increased by 32.7% to $58.4 billion*(€51.1 billion) primarily due to initial commitments raised for BE VIII, ECP VI, AUM

transferring from the acquisition of Newbury, offset by asset realisations.

* Includes $3.3 billion (€2.9 billion) of Secondaries Fee Paying AUM on which the Group receives only 25% of the fee income.

Outcome

FRE increased 42.1% to

£108.0 million due to higher management and other fees from an increase in Fee Paying AUM. FRE excluding catch-up fees in both periods would represent an increase of 22.8%.

Outcome

FRE margin grew to 42.5% due to higher management fees. FRE margin excluding catch-up fees in both periods would represent an increase of 2.2ppt.

PRE (£m)

£120.7m

56.9 57.6

12.7

120.7

Underlying EBITDA (£m)

£227.3m

145.0

128.0

55.6

227.3

EBITDA (£m)

£160.6m

160.6

Profit before tax (£m)

£42.9m

116.6 120.2

54.3

53.1

42.9

99.9

60.6

H1 2023

H1 2024

H1 2025

H1 2026

H1 2023

H1 2024

H1 2025

H1 2026

H1 2023

H1 2024

H1 2025

H1 2026

H1 2023

H1 2024

H1 2025

H1 2026

Description

PRE is a measure of income attributable to fund performance and consists of income from the fair value remeasurement of investments and carried interest

Definition

See page 54 for definition

Description Underlying EBITDA excluding exceptional expenses related to the acquisitions of Kayne

Anderson Real Estate (KARE), ECP, EQT Credit and other M&A due diligence which were not incurred in the normal course of business, and certain adjusted items

Definition

See page 55 for

a detailed definition

Description

A measure of profitability prior to depreciation of property leases, amortisation of intangible assets, the cost offinancing and taxation

Definition

See page 55 for

a detailed definition

Description

A statutory measure of profit after expenses, depreciation and amortisation and financing but before taxation

Definition Profit for the year before taxation

Outcome

PRE was more than double the comparable period, which included the strong performance of ECP V, resulting in the initial recognition of carry,

plus valuation progression in the other private equity and infrastructure funds.

Outcome

Underlying EBITDA grew by 77.6% due to higher FRE and PRE.

Outcome

EBITDA increased by 33.6% to £160.6 million due to the increase in underlying EBITDA and PRE

adjustments, partially offset by an increase in exceptional expenses primarily relating to the KARE and ECP transactions.

Outcome

Reported profit before tax of

£42.9 million, reflecting higher management fees and PRE, offset by higher exceptional costs relating to the KARE and ECP transactions, amortisation of intangibles, and finance and other costs relating to acquisition activity.

Financial review

CFO statement

The Group delivered strong first-half financial performance, ahead of expectations, supported by a substantially completed fundraising cycle and PRE, which was largely driven by the performance of ECP V. This underpinned the recent upgrade to the guidance we announced in June and our confidence in delivering continued growth in the future.

Financial results

Management fees and FRE

Underlying management and other income increased by 22.8% to £254.4m, including incremental fees relating to ECP VI which started charging fees in May 2025 and had raised $7.0 billion of commitments by the end of June, fees from initial closes of BE VIII which started charging fees on 9 June and had raised €7.0 billion of commitments by the end of June, as well as fees from further deployment in our credit strategies.

Growth in management fees and other income, excluding the impact of catch-up fees recognised, was £31.3 million or 15.5% (catch-up fees of £21.7 million in the six months ended 30 June 2026, compared to £5.7 million in the six months ended

30 June 2025).

FRE of £108.0 million or £86.3 million excluding catch-up fees, represents an increase of 22.8% excluding catch-up fees in both periods. This delivered a margin of 42.5%, or 37.1% excluding catch-up fees, which compares to 36.7% and 34.9% respectively in the prior period, benefitting from fundraising and locking in margin for the medium term.

PRE

Fund performance is critical to our ability to raise new funds. Across our strategies our funds continue to perform well.

PRE delivered £120.7 million of income, representing 32.2% of total income and including carried interest income from ECP V, which was recognised for the first time. ECP V has performed particularly strongly, supported by the completed sale of Cornerstone and the continued performance of ProEnergy. The performance in the first half is expected to represent approximately two thirds of full year PRE, meaningfully de-risking delivery in 2026.

The sale of Calpine closed in January 2026 and cash proceeds were distributed to investors. Of the Constellation Energy shares received in the sale, 35% out of the 50% tranche subject to lockup release in 2026 have been sold and proceeds distributed, alongside shares held in specie by co-investors. The remaining 15% of the 2026 release and the 50% tranche held by fund vehicles subject to a 2027 lock-up, continue to be held.

Profitability and margins

Underlying EBITDA was £227.3 million, an increase of 77.6% compared to £128.0 million for the six months ended 30 June 2025, due to increases in both FRE and PRE.

The underlying EBITDA margin was 60.6%, or 58.2% excluding catch-up fees. Margins are therefore moving towards the EBITDA margin target we set out at our Capital Markets Day of between 55% and 60% on the conclusion of the next fundraising cycle.

Underlying profit before tax (excluding FX) was £196.6 million, an increase of £94.8 million from half year 2025.

Reported profit before tax of £42.9 million and reported profit after tax of £28.7 million compared to £60.6 million and £44.1 million respectively in the six months ended 30 June 2025, reflecting higher management fees and co-investment income, offset by higher exceptional costs relating to the KARE and ECP transactions, amortisation of intangibles, and finance and other costs relating to acquisition activity.

AUM and fundraising

At 30 June 2026 the Group's AUM was $97.3 billion, compared with $94.1 billion at 31 December 2025 (or $92.9 billion on a constant currency basis).

Fee Paying AUM grew by 32.7% to $58.4bn (€51.1 billion) compared to 30 June 2025. This includes the impact of capital raised for BE VIII and ECP VI, alongside capital deployed in credit strategies and positive FX movements, partially offset by the impact of divestments in credit and infrastructure and in private equity where BE VII was subject to a step down.

Fundraising for the current cycle is now substantially complete. In June, we increased our 2024 - 2026 fundraising guidance from €24 billion to €28 billion. Fund commitments raised in 2026 to-date totalled €11.6 billion, including those relating to BE VIII, ECP VI and BDL IV, which has closed €5 billion of investable capital. In 2026, fundraising is expected to continue for BE VIII and BCO V, and to conclude for ECP VI.

→

Ruth Prior

Group Chief Financial Officer

Addition of Kayne Anderson Real Estate

The acquisition of Kayne Anderson Real Estate (KARE) is a strategically important step in building the Group into a more scaled and diversified global middle-market private markets platform. It adds real estate as a fifth vertical, creates a combined platform with pro forma AUM of approximately $120 billion and increases the proportion of real assets in Group AUM to around 45%, while deepening our US presence and increasing recurring, FRE-centric earnings. The transaction has an upfront enterprise value of approximately $1.4 billion, with day one consideration comprising $759 million of cash and approximately 176.7 million newly issued loan notes or operating partnership units exchangeable for shares by the sellers and awards over a further 11.9 million shares made available to eligible employees. There is an additional performance-related earn-out to the sellers of up to 82.83 million loan notes or operating partnership units exchangeable for shares in 2030, as well as awards over up to a further 19.67 million shares available to eligible employees. The transaction is expected to be EPS accretive by a mid-single-digit percentage in 2027 and by more than 20% in 2028. Completion is expected at the end of 2026, subject to shareholder approval, regulatory approvals and fund consents.

Balance sheet, cash and financing

The Group continues to operate with a strong balance sheet and significant financial flexibility.

At 30 June 2026 the Group had cash of £177.5 million (excluding cash belonging to consolidated CLOs and other restricted cash).

The Group is supported by $614.0 million of US private placement notes in issue (£464.0 million, excluding capitalised facility costs and borrowings within the consolidated structured fund vehicles), which have an average maturity of 4.3 years. Net leverage represents 0.7x of LTM underlying EBITDA.

During the first half of 2026, banking facilities totalling £800 million were put in place. This included the renewal of the revolving credit facility (from £250 million to £400 million) and the arrangement of a dedicated acquisition bridge facility (£400 million).

The cash component of the KARE transaction is expected to be funded from existing balance sheet resources and the available credit facilities, which we expect to refinance through a new US private placement. Net leverage is expected to peak at c.2.0x and reduce to below 1.0x within 18 months.

At 30 June 2026 the Group held investments in funds of £726.3 million (including the Group's exposure to CLO notes

and excluding the interests of third-party investors), and carried interest at a discounted value of £210.0 million, which together total £1.2 billion without the carried interest discount.

Capital allocation and share liquidity

Our capital allocation priorities remain unchanged. We continue to prioritise investment in organic growth, disciplined platform-enhancing acquisitions, fund investments and shareholder dividends.

Alongside our half year 2026 results, we have announced an interim dividend of 4.8 pence per share to be paid in October, in addition to the final dividend in respect of 2025 of 4.7 pence per share paid in May.

In June 2025 we announced a renewed directed share buyback programme of up to a further £50.0 million, which has been extended and is expected to complete on or before 31 May 2027. The buyback can be activated at times of market dislocation when we feel that our share price does not reflect underlying performance. In the first half of 2026, buybacks totalled £7.2 million and represented a return to shareholders of

0.7 pence per share.

Financial review continued

At the IPO a staggered lock-up of up to five years was agreed with pre-IPO management shareholders and, of the lock-ups remaining, 100 million shares were released in 2025 and the final 167 million shares will be released on 26 July. As lock-ups expire, including those relating to the ECP and KARE transactions, and additional shares are sold, the free float will increase.

Overall

The Group enters the second half of 2026 with strong financial and strategic momentum. Fundraising delivery is ahead of plan, which will strengthen our fee base. PRE has benefited from strong fund performance and realisations, in particular in ECP V. Taken

together, this positions the Group well to deliver a strong full-year result. The announced acquisition of KARE adds a fifth vertical and accelerates progress towards our long-term ambition of building the clear global leader in middle-market private markets investing.

Ruth Prior

Group Chief Financial Officer

Guidance

Guidance is for the existing Group and excludes guidance for Kayne Anderson Real Estate which can be found in the transaction announcement of 29 June 2026.

Fundraising M&A

On track to exceed 2024-2026 fundraising guidance, with

target increased from €24 billion to €28 billion.

BE VIII has raised €7.0 billion to date. Final close expected by Q1 2027 at €8.0 billion to €8.5 billion. Fee paying from 9 June 2026

Newbury secondaries closed on 6 February 2026,

expected to break even in first two years

Management fees

13 - 16% management fee growth on a rolling three-year basis

Expenses

BDL IV raised €5.1 billion of investable capital.

Successful pricing of CLO X and XI

ECP VI became fee paying in May 2025 and has raised $7.0 billion to date. Hard cap raised to $7.8 billion. ECP VII now expected to start in 2029 to allow for deployment of larger ECP VI

High-single digit growth in 2026, mid-single digit from 2027

onwards

PRE

Expected to remain 20 - 25% of total income in the long term

but projected to be top end of range in 2026 and 2027. H1 2026 expected to be two-thirds of total PRE for the year

EBITDA margin

Expected to be 55 - 60% in 2026/27

Financial summary

The financial summary above and throughout the remainder of this section of the Interim Report compares the underlying results for the six months ended 30 June 2026 against the underlying results for the six months ended 30 June 2025.

Exposure to foreign exchange

The following foreign exchange rates have been used throughout this review:

Financial review continued

Total AUM development during the year

Total AUM at 30 June 2026 was $97.3 billion (€85.1 billion) compared to $86.6 billion (€73.7 billion) at 30 June 2025. The increase was primarily due to commitments raised to date for BE VIII (private equity), ECP VI (infrastructure) and BDL IV (credit), final commitments for BDC V and BG II (private equity), deployment of BDL III and BCO IV (credit), launch of CLO X (credit) and the impact of valuation growth of fund investments.

Fee Paying AUM development during the year

Fee Paying AUM at 30 June 2026 was $58.4 billion (€51.1 billion) compared to $44.0 billion (€37.5 billion) at 30 June 2025, with the increase due to commitments raised to date for BE VIII (private equity) and ECP VI (infrastructure), an increase in invested capital in our credit strategies and the launch of CLO X, which became fee paying during the period, offset by asset realisations.

Fundraising

Fund commitments raised in the first six months of 2026 totalled €11.6 billion. We have now raised €26 billion of our €28 billion target.

BE VIII (private equity) became fee paying on 9 June 2026. It was launched with a cover number of €7.5 billion and has now raised

€7 billion of commitments. Fundraising is expected to continue until Q1 2027.

BDL IV (credit) concluded fundraising with €5.1 billion of investable capital, compared with its cover number of €4 billion. BCO V (also credit) continued fundraising, which is expected to conclude in 2027.

ECP VI (infrastructure) had raised $7.0 billion, compared with a $5 billion cover number and original hard cap of $7.5 billion which was recently increased to $7.8 billion, with fundraising expected to conclude later this year. The ECP Evergreen Yield fund (also infrastructure) is expected to deploy $500 million from an anchor investor during the second half of 2026, whilst continuing to raise additional capital from other institutions.

Fundraising for the next Newbury Bridgepoint fund (secondaries) will commence later this year.

Fund performance

Asset class

Infra

1. DPI (Distributed to Paid In) is presented net of carry and expenses.

2. BDL II and BDL III are unlevered.

3. Gross MOIC (Multiple on Invested Capital) in Direct Lending funds (credit) does not include the benefits of recycling.

Abbreviated income statement

The Group's consolidated income statement has two key components:

1. income generated from management and other fees arising from long term fund management contracts, which, together with costs (excluding exceptional expenses and certain adjusted items), forms FRE; and

2. variable income from investments in funds and carried interest, or PRE. PRE together with FRE forms the EBITDA of the business.

Financial review continued

Exceptional items are items of income or expense that are material by size and/or nature and are not considered to be incurred in the normal course of business. Exceptional items that are classified as "exceptional" within the Group Consolidated Statement of Profit or Loss are disclosed separately to give a clearer presentation of the Group's results. In the six months ended 30 June 2026 exceptional expenses within EBITDA predominantly related to costs relating to the KARE and ECP transactions (2025: primarily related to the ECP transaction). Further explanation of these items is included within note 5 of the financial statements.

Underlying profit before tax excludes exceptional items and other adjusted items. Other adjusted items include:

1. Reinstatement of management fees relating to CLOs and other structured fund vehicles which are consolidated by the Group, which are otherwise eliminated on consolidation and form part of PRE.

2. Adjustments to PRE to exclude: (i) the impact of negative returns in the early years of a fund due to management fee expenses based on the full committed capital of the fund exceeding capital growth from deployed invested capital (typically known as the 'J-curve' and which is considered temporary); (ii) PRE attributable to third-party investors that invest in a structured fund vehicle under IFRS that is consolidated by the Group due to its level of variable returns, as its inclusion could distort the view of the amount of PRE attributable to shareholders. Related finance costs payable to the third-party investors are also excluded from finance expenses and underlying profit before tax; (iii) PRE related to warehoused fund investments which are expected to be syndicated to third-party investors; (iv) the management fees, relating to CLO and other structured fund vehicles consolidated by the Group, are reinstated as part of underlying management fees, as explained above; and (v) investment linked bonuses.

3. Exclusion of costs relating to grants under certain employee share schemes following the IPO which are not considered to be an alternative to cash-based compensation. Costs relating to corporate development activities and certain operating costs relating to the consolidated structured fund vehicles attributable to third-party investors are also excluded.

4. Exclusion of the amortisation of intangible assets arising from the acquisitions of ECP and EQT Credit, and removal of net finance income and expenses attributable to third-party investors.

Further explanation of exceptional items is included within note 5 of the financial statements.

Reconciliation of underlying income statement to IFRS income statement

* Other excluded personnel expenses include expenses relating to corporate development activities. They are excluded from FRE but are added back to EBITDA. Further details are set out in the Supplementary information: Alternative performance measures (APMs) on pages 54 to 58.

Underlying total operating income

Underlying total operating income increased by £110.4 million to £375.1 million. This was primarily driven by a £63.1 million increase in PRE to £120.7 million, reflecting carried interest recognised from ECP V, recognised for the first time. Growth was also supported by higher management and other fees, which increased by £47.3 million to £254.1 million, an increase of 22.9%.

Underlying management and other fees are attributable to the reporting segments set out below.

The increase in underlying management and other fees reflects fees relating to ECP VI (infrastructure) which started in May 2025 and BE VIII (private equity) which started in June 2026, and the growth of fee paying AUM in our credit business. These increases are partially offset by declining fees on older funds which are in their divestment phase, where fees are based upon the remaining invested capital and reduce as investments are realised.

PRE of £120.7 million relates to income from the Group's co-investment in funds and share of carried interest and has increased by

£63.1 million relative to the comparable period in 2025. Performance in 2026 includes the strong performance of ECP V (infrastructure), driven in particular by the sale of Cornerstone and the continued performance of ProEnergy, which has resulted in the accrual of carry for the first time, as well as continued valuation progression and contribution from BE VI and VII (private equity), and ECP IV and the Calpine Continuation Fund (infrastructure).

Financial review continued

Operating expenses

Personnel expenses (excluding exceptional expenses, adjusted items and investment-linked bonus) of £108.4 million increased by

£9.2 million relative to the prior comparative period due to the impact of higher FTEs and inflationary impacts on pay.

Personnel expenses (excluding exceptional expenses, adjusted items and investment-linked bonus) as a percentage of underlying total operating income was 28.4% for the six months ended 30 June 2026, compared to 37.5% for the period ended 30 June 2025. The improvement in the ratio in 2026 was primarily due to an increase in underlying total operating income.

In the six months ended 30 June 2026 reported personnel costs of £185.1 million included £67.0 million of exceptional costs that primarily related to the ECP transaction (2025: £29.1 million primarily ECP related). They also included £1.4 million of share-based payments (2025: £2.2 million) and £8.3 million of expenses that do not form part of FRE (2025: £5.6 million). Further details are contained within the explanation and reconciliation of APMs on pages 53 to 58.

Other operating expenses (excluding exceptional expenses and adjusted items) of £38.0 million increased by 19.1%, driven primarily by expenditure relating to travel and technology. Other operating expenses (excluding exceptional expenses and adjusted items) as a percentage of underlying total operating income was 9.9% for the period ended 30 June 2026 compared to 12.3% for the prior comparative period.

In 2026 exceptional expenses within EBITDA predominantly related to costs incurred in connection with the acquisitions of ECP and KARE (2025: primarily related to the ECP transaction). Other adjusted items within EBITDA include share-based payment awards in connection with the Company's listing and costs incurred in structured vehicles that are consolidated in the Group under IFRS and are attributable to third-party investors. Further details are contained within the explanation and reconciliation of APMs on pages 53 to 58.

Depreciation and amortisation expense

Depreciation and amortisation expense (excluding amortisation of intangibles relating to acquisitions) decreased from £8.6 million to

£8.3 million.

Amortisation of intangibles includes the amortisation of fund customer relationships capitalised following the acquisition of EQT Credit and ECP. It also includes the amortisation of an acquired carried interest intangible from the ECP transaction.

Amortisation relating to acquisition related intangible assets has been excluded from the underlying profitability measures in order to enable a clearer analysis of the Group's performance.

Finance and other income or expenses

Finance and other income or expenses include interest income from cash deposits and interest cost on borrowings, lease-related expenses, and finance expense or income on amounts payable to or receivable from related or third party investors, along with non-operating foreign exchange gains and losses.

Net finance and other expenses (excluding exceptional and excluded items) were £21.5 million, an increase of £5.8 million from the prior comparative period, primarily due to higher payout relating to 5% share of ECP FRE and other amounts due under agreed profit share arrangements with related party investors.

Exceptional items of £40.8 million primarily relate to the remeasurement of deferred contingent consideration arising from the ECP transaction. Adjusted other expenses of £23.1 million primarily relate to PRE attributable to third-party investors in consolidated structured fund vehicles.

Financial review continued

Profit before tax

Underlying profit before tax was £197.5 million in the six months ended 2026, an increase of 90.5% from £103.7 million for the prior comparative period, which is primarily due to the increase in underlying EBITDA. The underlying profit before tax margin was 52.7% for the same period.

Profit before tax decreased to £42.9 million in the six months ended 30 June 2026 and compared with £60.6 million in the prior comparative period. This was primarily due to the impact of exceptional costs and adjusted items relating to the ECP and KARE transactions, including the impact of acquisition related share-based payment expenses, remeasurement of a deferred contingent consideration and amortisation of acquisition related intangible assets.

Tax

The tax charge decreased from £16.5 million in the six months ended 30 June 2025 to £14.2 million in the six months ended 30 June 2026. The statutory effective tax rate for the six months ended 30 June 2026 was 33.1% compared to 27.2% for the period ended 30 June 2025. This was primarily due to movements in deferred tax liabilities and the tax effect of acquisition-related items. Excluding these items, the underlying effective tax rate for the six months ended 30 June 2026 was 14.3% compared to 15.9% for the period ended 30 June 2025.

Profit after tax

Profit after tax decreased by 34.9% from £44.1 million in 2025 to £28.7 million in 2026.

Earnings per share and dividend per share

Basic and diluted underlying earnings per share grew by 5.7 pence per share and 5.1 pence per share respectively, reflecting the increased underlying profitability of the Group. Underlying diluted earnings per share includes the dilutive effect of shares issued or redeemed by the Company in the six months to 30 June 2026. This included 30.0 million operating partnership units which had been exchanged into shares during the period. It also includes a maximum of 55.0 million units which related to earn-out arising from the ECP acquisition could be exchanged for Company shares in the future.

The Directors announced a final dividend of 4.7 pence per share in respect of year ended 2025 that was paid in May 2026. This had a cost of £46.2 million, including a related distribution to the sellers of ECP. Directors have announced an interim dividend of

4.8 pence per share to be paid in October 2026. The cost is estimated to be £42.6 million, plus dividend equivalents paid to non-controlling interests estimated to be £5.1 million. The actual cost will depend upon the number of shares in issue when the dividend is paid.

Financial review continued

Consolidated balance sheet

Net assets principally comprise cash and investments in money market funds, the fair value of investments and carried interest receivables from private equity, infrastructure, credit and secondaries funds, as well as goodwill and intangible assets arising from the acquisition of the Newbury, ECP and EQT Credit businesses.

The IFRS balance sheet includes the full consolidation of the assets and liabilities of certain CLOs and structured fund vehicles attributable to third-party investors, which are required under IFRS to be presented gross on the balance sheet.

Non-current assets have increased by £110.1 million to £1,944.9 million and current assets increased by £531.7 million to

£3,913.5 million, primarily due to the impact of additional investments in funds and consolidated CLOs.

The Group has £887.7 million of investments in funds (2025: £853.6 million). Of this, £754.1 million (2025: £682.6 million) relates to private equity funds, including £300.2 million (2025: £241.8 million) of fund investments held through structured vehicles which are consolidated by the Group and are included as non-current assets. In addition, the Group holds a £21.5 million interest in credit funds (2025: £21.0 million), including £15.4 million in unconsolidated CLOs (2025: £15.3 million), and £109.8 million in infrastructure funds (2025: £149.9 million). The Group also has a carried interest receivable, which is held at a discount under IFRS, of £210.0 million (2025: £148.9 million).

At 30 June 2026, the Group had cash of £177.5 million (excluding cash belonging to consolidated CLOs and fund vehicles, which is not available for use by the Group).

Total liabilities increased by £565.8 million to £4,594.4 million. Non-current liabilities increased by £365.6 million to £3,925.7 million, primarily due to an increased level of liabilities owed by consolidated CLOs. Current liabilities increased by £200.2 million to £668.7 million. Excluding the impact of liabilities of consolidated CLOs and structured fund vehicles attributable to third-party investors, non-current liabilities increased by £47.9 million to £774.4 million, due to CLO repurchase agreements and trade and other payables. Current liabilities, excluding the impact of liabilities of consolidated CLOs and structured fund vehicles belonging to third-party investors, increased by £22.7 million to £258.8 million due to an increase in accrued expenses and an increase in the fair value of derivative liabilities.

Total equity reflects the 2026 profit and increase in other reserves primarily due to equity-settled share awards offset by dividends paid and the cost of the share buyback programmes. This resulted in total equity of £1,264.0 million at 30 June 2026.

The consolidation of certain CLOs could distort how a reader of the financial statements interprets the balance sheet of the Group. The Group's maximum exposure to loss associated with its interest in the CLOs is limited to its investment in the relevant CLOs, which at 30 June 2026 was £177.4 million (2025: £170.4 million), excluding the investments of non-controlling interests of £66.7 million (2025: £45.2 million).

A summarised consolidated balance sheet on a non-statutory basis, excluding interests of third-party investors in consolidated CLOs and other structured fund vehicles, is included below.

* A full non-statutory consolidated statement of financial position excluding interests of third-party investors in consolidated CLOs and other structured fund vehicles (unaudited) is included in the Supplementary Information on page 51.

Liquidity

The Group's liquidity requirements primarily arise in relation to the funding of operations and the Group's plans in connection with its expansion and diversification strategy. The Group funds its business using cash from its operations (retained profits), capital from shareholders and, from time-to-time, third-party debt.

Total financial debt and net cash position

At 30 June 2026, the Group had net debt of £289.9 million (30 June 2025: net debt of £262.6 million). This primarily includes the

$430.0 million (2025: $430.0 million) of private placement notes the Group issued during 2024 following the ECP transaction. It also includes the $184.0 million (2025: $184.0 million) of ECP private placement notes. The Group private placement notes are structured in tranches with maturities ranging between 3 and 10 years and have an average coupon of 6.16 per cent.

The Group also has an undrawn revolving credit facility, which was renewed and upsized to £400.0 million in March 2026. There were no drawings on the facility at 30 June 2026 (30 June 2025: £250.0 million undrawn). In addition, in connection with the acquisition of KARE, the Group raised a £400.0 million acquisition bridge facility in May 2026, which was undrawn at 30 June 2026.

Financial review continued

Consolidated cash flows

Net cash outflows from operating activities for the period ended 30 June 2026 were £45.2 million. The decrease of £63.1 million in the net cash flows from operating activities compared to the six months ended 30 June 2025 was due to settlement of a management incentive scheme for the Credit team put in place following the acquisition of EQT Credit, resulting in an outflow of £25.9 million, and management fees due, but not yet collected, because of the recency of certain fundraisings.

Net cash outflows from investing activities for the six months ending 30 June 2026 were £194.4 million. This is driven by outflows of £256 million from the consolidated CLOs, offset by net inflows of distributions from funds of £31.7 million and proceeds from carried interest of £26.8 million. Excluding the consolidation of the CLOs, net cash flows from investing activities for the six months ended 30 June was £68.3 million which includes net cash outflows of £15.7 million into the Group's CLOs reflect the impact of the launch of CLO X and the warehousing of CLO XI.

Net cash inflows from financing activities include funds drawn and repaid to consolidated CLO investors, transactions with related party investors and distributions to shareholders. For the six months ended 30 June 2026, net cash inflows from financing activities totalled

£246.3 million, which primarily related to the net cash inflows of CLO cash from investors in CLO X and XI (which are consolidated) of

£250.1 million and net drawings from related party investors and non-controlling interest and CLO repurchase agreements of £80.9 million, offset by distributions paid to shareholders £55.3 million and payments to acquire shares as part of the share buyback programme, which totalled £7.2 million.

In addition to £177.5 million of its own cash at 30 June 2026, the Group had £163.1 million recorded on the balance sheet as cash belonging to consolidated CLOs and structured fund vehicles, which is legally ring-fenced and not available for use by the Group.

The consolidated cash flow statement includes the gross cash inflows and outflows for the period in respect of the consolidated CLOs and structured fund vehicles, and cash held at 30 June 2026 for those CLOs, which are required to be consolidated. This could distort how a reader of the financial statements interprets the cash flows of the Group, therefore a cash flow statement without the consolidated CLO and structured fund vehicles is presented below.

A full condensed consolidated cash flow statement excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors (unaudited) is included on page 52.

Required disclosures

‌Principal risks

The Group believes that risk management is a fundamental part of robust corporate governance and our ongoing success.

Details of the Group's approach to risk management and its key risks are set out within pages 65 to 71 of the 2025 Annual Report, which is available in the shareholder section of the Bridgepoint Group plc website: bridgepointgroup.com

The key risk areas within the 2025 Annual Report were fundraising, regulation and compliance, market and economic, fund performance and capital deployment, talent and conduct, cybersecurity and IT, operational resilience and execution, liquidity and funding, sustainability, and Group M&A and integration. The directors do not consider there to have been any material changes to the key risks since the 2025 Annual Report was published.

The key risks and uncertainties to which the Group will be exposed in the second half of 2026 are expected to be substantially the same as those described in the 2025 Annual Report.

Directors

The directors of Bridgepoint Group plc at 17 July 2026 are:

• Angeles Garcia-Poveda

• Archie Norman

• Carolyn McCall

• Cyrus Taraporevala

• John Dionne

• Michelle Scrimgeour

• Raoul Hughes

• Ruth Prior

• Tim Score

  Statement of directors' responsibilities

  The directors confirm that, to the best of their knowledge, the interim condensed consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34 "Interim Financial Reporting" and that the interim report herein includes a fair review of the information required by Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.2.7 and 4.2.8, namely:

• an indication of important events that have occurred during the first six months of the financial year and their impact on the interim condensed consolidated financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

• material related party transactions that have taken place in the first six months of the current financial year and any material changes in the related party transactions described in the last Annual Report.

On behalf of the Board

Ruth Prior

Group Chief Financial Officer

17 July 2026

Independent review report to Bridgepoint Group plc

‌Conclusion

We have been engaged by Bridgepoint Group plc ("the Company" or "the Group") to review the financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the Condensed Consolidated Income Statement, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Financial Position, the Condensed Consolidated Statement of Cash Flows, the Condensed Consolidated Statement of Changes in Equity and related notes (the "Interim financial information").

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements 2400 (Revised) "Engagement to Review Historical Financial Statements" ("ISRE 2400") issued by the International Auditing and Assurance Standards Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with UK adopted IFRSs. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE 2400; however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with the terms of our engagement. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Forvis Mazars LLP

Chartered Accountants

30 Old Bailey, London, EC4M 7AU 17 July 2026

Notes:

1. The maintenance and integrity of the Bridgepoint Group plc web site is the responsibility of the directors; the work carried out by us does not involve consideration of these matters and, accordingly, we accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the web site.

2. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.

Condensed consolidated Statement of Profit or Loss

for the six months ended 30 June

* Exceptional expenses of £101.7m (2025: £30.7m) are included in EBITDA. Profit before tax includes exceptional expenses of £142.5m (2025: £32.0m). Details of exceptional items are included in note 5 on page 36. An Underlying Condensed Consolidated Statement of Profit or Loss excluding the interests of third-party investors in consolidated CLOs and other structured fund vehicles is included on page 50.

The notes to the accounts form an integral part of these interim financial statements.

Condensed consolidated Statement of Comprehensive Income

for the six months ended 30 June

The notes to the accounts form an integral part of these interim financial statements.

Condensed consolidated Statement of Financial Position

* Details of the Group's interest in consolidated Collateralised Loan Obligations ("CLOs") are included in note 11 (b) ii). Total Group exposure to consolidated CLOs is £228.7m (2025: £200.3m) at 30 June 2026. The Group's investment in CLOs which are not consolidated is £15.4m (2025: £15.3m) and is included within fair value of fund investments. Total equity holders' exposure in the CLOs is £177.4m at 30 June 2026 (2025: £170.4m), excluding the interests of non-controlling interests of £66.7m (2025:

£45.2m). An underlying condensed Consolidated Statement of Financial Position (unaudited), excluding consolidated CLOs and structured fund vehicles is presented on page 51.

The notes to the accounts form an integral part of these interim financial statements.

Condensed consolidated Statement of Changes in Equity

for the six months ended 30 June

The notes to the accounts form an integral part of these interim financial statements.

Condensed consolidated Statement of Cash Flows

for the six months ended 30 June

1. The Condensed Consolidated Statement of Cash Flows includes those cash flows relating to third-party CLOs and other investors. A Condensed Consolidated Statement of Cash Flows excluding the impact of third-party CLOs and other investors is included on page 52.

The notes to the accounts form an integral part of these interim financial statements.

Notes to the condensed consolidated interim financial statements

1. ‌General information and basis of preparation

   General information

   Bridgepoint Group plc (the "Company") is a public company limited by shares, incorporated, domiciled and registered in England and Wales. The Company's registration number is 11443992 and the address of its registered office is 5 Marble Arch, London, W1H 7EJ, United Kingdom.

   The principal activity of the Company and entities controlled by the Company (collectively, the "Group" or "Bridgepoint Group") is to act as a private equity, credit, infrastructure and secondaries fund manager.

   Basis of preparation

   The condensed consolidated interim financial statements ("interim financial statements") for the six months ended 30 June 2026 have been prepared in accordance with UK-adopted IAS 34 "Interim Financial Reporting" and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

   The interim financial statements should be read in conjunction with the Company's annual report for the year ended 31 December 2025 including the statutory accounts for the year ended 31 December 2025 (the "2025 financial statements"). The Group's accounting policies, areas of significant judgement and the key sources of estimation uncertainty are consistent with those applied to the 2025 financial statements.

   The financial information contained within the interim financial statements does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The 2025 financial statements have been reported on by Forvis Mazars LLP and delivered to the Registrar of Companies. The report of the auditors was: (i) unqualified; (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report; and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Financial information in respect of the six months ended 30 June 2026 and comparative financial information dated 30 June 2025 has not been audited, while comparative financial information dated 31 December 2025 has been audited as part of the 2025 financial statements unless noted.

   The consolidated financial statements of Bridgepoint Group plc and entities controlled by the Company for the year ended 31 December 2025 were prepared in accordance with UK-adopted International Accounting Standards ("IAS") and the legal requirements of the Companies Act 2006 and have been prepared under the historical cost convention, except for financial

   instruments measured at fair value. These financial statements are available on the Group's website: https://www.bridgepointgroup.com The 2026 financial statements will be prepared in a consistent manner.

   Going concern

   The condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared on a going concern basis, taking into consideration the Group's financial model and forecasts, available resources and banking facilities, along with financial commitments, including the acquisition of Kayne Anderson Real Estate and other Group investment opportunities.

   Adoption of new and amended standards and interpretations

   The Group has adopted all relevant amendments to existing standards and interpretations issued by the International Accounting Standards Board (IASB), and endorsed by the UK, that are effective from 1 January 2026 with no material impact on its consolidated results or financial position.

   There are a number of new accounting pronouncements issued by IASB with an effective date of 1 January 2027, including IFRS 18 "Presentation and Disclosure in Financial Statements" which replaces IAS 1 "Presentation and Disclosure in Financial Statements". IFRS 18 introduces additional disclosure obligations in relation to the structure of the income statement, management-defined performance measures, and the aggregation and disaggregation of financial information. IFRS 18 will have no impact on the Group's net profit as it impacts neither recognition nor measurement. The new standard will impact the presentation of the Group's results as it requires that operating, investing and financing activities are presented separately. There will also be a change in the presentation of Group's cash flow statement as IFRS 18 requires that the first line of the cash flow statement is operating profit rather than profit before tax.

   Related party transactions

   All related party transactions that took place in the six months ended 30 June 2026 are consistent in nature with the disclosures in note 27 to the 2025 financial statements. There have been no material changes to the nature or size of related party transactions since 31 December 2025.

   Notes to the condensed consolidated interim financial statements continued

2. Business combinations

   On 6 February 2026, the Group completed the acquisition of the Newbury secondaries platform ("Newbury"), a specialist middle-market secondaries investment business. Following the completion of the acquisition, the business operates as Newbury Bridgepoint and forms the Group's dedicated secondaries platform.

   The Group has accounted for the transaction as a business combination under IFRS 3 "Business Combinations". As the transaction included the acquisition of experienced investment professionals, investment-management processes, proprietary data and track record, which together are capable of contributing to the creation of outputs through management fee income, investment performance-related income and related advisory activities, it has been concluded that the acquired set of activities and assets constitutes a business under IFRS 3.

   The acquisition expands the Group's product offering into secondaries, broadens its relationships with limited partners, enhances the Group's investment and analytical capabilities through Newbury's track record and proprietary data, and supports the Group's strategy of building a scaled and diversified global private-markets platform.

   6 February 2026 is the date on which the Group obtained control of the Newbury business through contractual arrangements and the transfer of the relevant business activities, employees and rights. From that date, Newbury has been consolidated in the Group's financial statements.

   The initial accounting for the acquisition is provisional at 30 June 2026, as permitted by IFRS 3, because the Group is continuing to evaluate certain facts and circumstances that existed at the acquisition date. Accordingly, the purchase price allocation, including the identification and measurement of the assets acquired and liabilities assumed and the resulting goodwill, remains provisional. The measurement period will not exceed 12 months from the acquisition date. During this period, the Group may retrospectively adjust the provisional amounts recognised at the acquisition date to reflect new information about facts and circumstances that existed as at that date, with a corresponding adjustment to goodwill where appropriate.

   1. Consideration transferred, provisional amounts recognised for the identifiable assets acquired and liabilities assumed, and provisional goodwill

      The acquisition-date fair value of the consideration transferred was as follows:

      	£ m $ m
      Purchase consideration: Total cash consideration Deferred contingent consideration (earn-out)	7.7 10.5 - -
      Total consideration transferred	7.7 10.5
      Less: net identifiable liabilities at carrying values from closing statement Goodwill	(2.7) (3.6) 10.4 14.1

      Note 1: The deferred contingent consideration payable (earn-out) is linked to performance targets of Newbury. The earn-out value above is calculated with reference to contracted management fees, discounted to a present value and adjusted for scenario probability. On an undiscounted basis, the expected earn-out payable ranges from nil to $25.0m. The payable is classified as Level 3 (of the fair value hierarchy) due to inputs used in the valuation that are not based on observable data. Inputs used are not subject to material uncertainty.

      The cash consideration represents the base cash consideration of $15.0m, less estimated indebtedness of $4.5m, resulting in a closing purchase price of £7.7m ($10.5m).

      The acquisition agreement also includes a cash earn-out of up to $25.0m. The earn-out is based on the revenue run-rate of the future flagship fund as at 30 June 2027. No earn-out is payable if the revenue run-rate is below $15.0m. The earn-out is payable on a linear basis between $15.0m and $30.0m. The earn-out is capped at $25.0m once the revenue run-rate reaches $30.0m. The current earn-out model indicates that projected management fees remain below the contractual threshold under the scenarios modelled and, accordingly, the fair value of the contingent consideration recognised at the acquisition date is nil. As the earn-out is cash-settled, any subsequent changes in fair value will be recognised in profit or loss.

      The amounts recognised for the identifiable assets acquired and liabilities assumed are provisional pending completion of the purchase price allocation. Based on the procedures performed to date, no separately identifiable intangible assets have been recognised. The Group continues to assess the fair values of the assets acquired and liabilities assumed, including whether any identifiable intangible assets should be recognised separately from goodwill. Accordingly, the amount recognised as goodwill is provisional and may change during the IFRS 3 measurement period.

      Goodwill has been allocated to the secondaries cash generating unit.

      The Newbury transaction was funded from the Group's existing cash resources.

      The Group expects to complete the purchase price allocation within the IFRS 3 measurement period. Any adjustments arising from the completion of the acquisition accounting will be recognised retrospectively as measurement period adjustments in accordance with IFRS 3 and may result in changes to the provisional amounts recognised, including goodwill.

   2. Income and profit contribution

      From the date of acquisition, 6 February 2026, to 30 June 2026, Newbury contributed the following revenue, underlying EBITDA and underlying profit to the Group:

      	£ m
      Total operating income	3.0
      Underlying EBITDA	-
      Underlying profit before tax	(0.1)

   3. Impact on cash flows

      The principal external cash flow relating to the acquisition was the net cash payment to vendors of £7.7m ($10.5m), with nil cash and cash equivalents acquired. This cash flow is presented within investing activities.

      Cash flows from operating activities relate to transaction costs, totalling £3.5m ($4.8m), of which £2.7m ($3.6m) was paid during the first six months of 2026.

   4. Trade and other receivables assumed

      Trade and other receivables acquired comprise gross trade and other receivables amounting to £0.1m ($0.2m), which approximates fair value. It is expected that the full contractual amounts can be collected.

   5. Acquisition-related costs

      Acquisition-related legal, diligence and integration costs are expensed as incurred and are not included in consideration transferred. The total acquisition-related fees paid to third-party suppliers of £3.5m ($4.8m). During the period ended 30 June 2026, £0.8m is recognised as an exceptional cost in accordance with the Group's accounting policy. Further details of transaction costs are included in note 5.

3. Operating segments

   Operating segments are the components of the Group whose results are regularly reviewed by the Group's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance.

   The Executive Directors are considered to be the chief operating decision makers of the Group, which is divided into operating segments based on how key management reviews and evaluates the operation and performance of the business.

   The Group's operations are divided into two groups, the core business, consisting of the private equity, credit, infrastructure and secondaries fund management and associated central support, and other. Other includes the Group's procurement consulting business and costs relating to strategic projects.

   The Group's core operations are divided into four business segments: private equity, credit, infrastructure and secondaries, which is a new segment added to the Group following the Newbury transaction in February 2026. The operations of the business segments consist of providing investment management services to the relevant funds and their investors. The investment management services comprise identification and structuring of new investments, the monitoring of investments and the sale and exit from investments. The four business segments are supported by the central support functions which include investor relations, head office, finance, legal, human resources, IT and marketing.

   Segmental income and profit before tax analysis

   The Executive Directors assess the operating segments based on the line items below, and primarily on operating income and underlying EBITDA. The underlying EBITDA for each segment, together with depreciation and amortisation and net finance and other income or expenses, forms profit before tax. Depreciation, finance and other income, finance and other expenses, exceptional items and the share-based payment expenses excluded from underlying EBITDA are not allocated to operating segments and are included in the Group total.

   Notes to the condensed consolidated interim financial statements continued

   Six months ended 30 June 2026	Private Equity £ m	Credit £ m	Infrastructure £ m	Secondaries £ m	Central £ m	Total Core £ m	Total Other £ m	Exceptional and adjusted items £ m	Reported total Group £ m
   Management and other fees	113.6	37.8	99.7	3.0	-	254.1	-	(7.2)	246.9
   Carried interest	15.2	0.3	71.1	-	-	86.6	-	-	86.6
   Fair value remeasurement of
   investments	11.0	4.4	14.9	-	10.7	41.0	-	47.4	88.4
   Other operating income	-	-	-	-	-	-	0.3	-	0.3
   Total operating income	139.8	42.5	185.7	3.0	10.7	381.7	0.3	40.2	422.2
   Personnel expenses	(42.7)	(16.4)	(25.6)	(2.6)	(29.2)	(116.5)	(0.2)	(68.4)	(185.1)
   Other operating expenses	(15.2)	(6.7)	(7.1)	(0.4)	(8.6)	(38.0)	-	(38.5)	(76.5)
   EBITDA	81.9	19.4	153.0	-	(27.1)	227.2	0.1	(66.7)	160.6
   Depreciation and amortisation									(32.3)
   Net finance and other income
   and expenses									(85.4)
   Profit before tax	42.9

   Six months ended 30 June 2025	Private Equity £ m	Credit £ m	Infrastructure £ m	Central £ m	Total Core £ m	Total Other £ m	Exceptional and adjusted items £ m	Reported total Group £ m
   Management and other fees	124.8	32.9	47.2	1.9	206.8	-	(4.8)	202.0
   Carried interest	19.0	-	4.8	-	23.8	-	-	23.8
   Fair value remeasurement of investments	20.1	5.9	7.8	-	33.8	-	30.5	64.3
   Other operating income	-	-	0.1	-	0.1	0.2	-	0.3
   Total operating income	163.9	38.8	59.9	1.9	264.5	0.2	25.7	290.4
   Personnel expenses	(35.8)	(13.5)	(24.7)	(30.3)	(104.3)	(0.5)	(31.7)	(136.5)
   Other operating expenses	(9.4)	(4.6)	(6.1)	(11.5)	(31.6)	(0.3)	(1.8)	(33.7)
   EBITDA	118.7	20.7	29.1	(39.9)	128.6	(0.6)	(7.8)	120.2
   Depreciation and amortisation								(32.6)
   Net finance and other income and expenses								(27.0)
   Profit before tax								60.6

   Geographical analysis and customer concentrations

   The Group's total operating income disaggregated by geographical location of service provided is as follows:

   Six months Ended 30 June	2026 £ m	2025 £ m
   UK	171.4	186.6
   USA	188.4	59.9
   EU countries	62.4	43.9
   Total operating income	422.2	290.4

   No single fund investor constitutes more than 10% of assets under management.

   Assets and liabilities analysis

   The Group's Condensed Consolidated Statement of Financial Position is managed as a single unit rather than by segment. The only distinction for the business segments relates to the Group's investments in funds, carried interest receivable and other investments, which can be between private equity, credit (further split between investments attributable to the Group and to third-party investors), infrastructure and secondaries.

   Group

   30 June 2026

   £ m

   31 December

   2025

   £ m

   Investments:
   Private equity (investments in funds, excluding those attributable to third-party investors)	453.9	440.8
   Private equity (investments in funds attributable to third-party investors)	300.2	241.8
   Credit (investments in funds, including CLOs, excluding those attributable to third-party investors)	144.7	152.7
   Credit (CLO assets attributable to third-party investors)	3,191.2	2,747.2
   Credit (other investments)	14.0	24.5
   Secondaries (investments in funds)	2.3	-
   Infrastructure (investments in funds)	109.8	149.9
   Total investments	4,216.1	3,756.9
   Carried interest receivable:
   Private equity	77.1	64.4
   Credit	2.6	2.6
   Infrastructure	130.3	81.9
   Secondaries	-	-
   Total carried interest receivable	210.0	148.9

4. Operating expenses

   Operating expenses include:

   Group

   Six months ended 30 June	2026 £ m	2025 £ m
   Wages and bonuses	91.7	85.8
   Social security	13.0	10.7
   Pensions	3.7	3.5
   Share-based payments	67.4	29.0
   Other employee expenses	9.3	7.5
   Total personnel expenses	185.1	136.5
   Other operating expenses	76.5	33.7
   Total expenses	261.6	170.2

   Total personnel expenses include £67.0m (2025: £29.1m) of exceptional expenses, and accordingly are excluded from the calculation of underlying profitability measures. See note 5 for further details.

   1. Share-based payments

      The total charge to the Condensed Consolidated Statement of Profit or Loss for the period was £67.4m (2025: £29.0m) and this was credited to the share-based payments reserve in equity for an equity-settled award or recognised as a liability for a cash-settled award.

      Of the total share-based payment expense, £65.1m (2025: £26.4m) relates to the ECP transaction and are treated as exceptional expenses. £1.4m (2025: £5.2m) relates to the long-term incentive plan introduced following the IPO to increase employee ownership in the Group for a targeted group of employees and are treated as adjusted items. Such amounts are excluded from underlying profitability measures.

   2. Other employee expenses

      Other employee expenses include insurance, healthcare, training, recruitment costs and certain incentive schemes.

   3. Other operating expenses

   Other operating expenses include expenditure on IT, travel and legal and professional fees.

   Notes to the condensed consolidated interim financial statements continued

   For the six months ended 30 June 2026, exceptional expenses of £34.7m (2025: £1.6m) are included in the Group's other operating expenses. Further details are provided in note 5 (b).

5. ‌Exceptional items

   Exceptional items are items of income and expenses that are material by size and/or nature and are not considered to be incurred in the normal course of business and without separate disclosure could distort an understanding of the financial statements.

   Accordingly, exceptional items are excluded from the calculation of underlying profitability measures.

   Exceptional items in the period ended 30 June 2026 principally relate to costs incurred in relation to the acquisitions of KARE, ECP and Newbury (2025: principally relate to costs incurred in relation to the acquisition of ECP and the costs associated with the EQT Credit acquisition).

   Group

   Six months ended 30 June	2026 £ m	2025 £ m
   Personnel expenses Other operating expenses	67.0 34.7	29.1 1.6
   Total exceptional expenses within EBITDA Finance and other expenses	101.7 40.8	30.7 1.3
   Total exceptional expenses	142.5	32.0

   1. Exceptional personnel expenses

      For the six months ended 30 June 2026, exceptional personnel expenses primarily relate to £65.6m (2025: £26.4m) of one-off incentive award share-based payment expenses and associated social security costs related to the acquisition of ECP.

   2. Exceptional other operating expenses

      For the six months ended 30 June 2026 exceptional other operating expenses primarily relate to £31.3m of costs incurred in relation to the acquisition of KARE. Exceptional other operating expenses for the six months ended 30 June 2026 and 30 June 2025 also include costs incurred in relation to other one-off corporate development activities.

      Such costs would not have been incurred had no transaction taken place and therefore have been classified as exceptional.

   3. Exceptional finance and other expenses

   For the six months ended 30 June 2026 exceptional finance and other expenses of £40.8m (2025: £1.3m) primarily relate to the remeasurement of the deferred contingent consideration arising from the ECP transaction. They also include £0.4m (2025: £0.2m) relating to the unwind of discount and revaluation of deferred non-contingent consideration from the ECP transaction and foreign exchange impact from a management incentive scheme linked to the EQT Credit transaction.

6. Depreciation and amortisation

   The following table summarises the depreciation and amortisation charges during the period.

   Group

   Six months ended 30 June	2026 £ m	2025 £ m
   Depreciation on property, plant and equipment	8.3	8.6
   Amortisation of intangible assets	24.0	24.0
   Total depreciation and amortisation expense	32.3	32.6

   The amortisation charge of £24.0m (2025: £24.0m) includes an expense in relation to the amortisation of customer relationship intangible assets arising from the EQT Credit and ECP transactions and acquired carried interest intangible assets arising from the ECP transaction.

   The amortisation charge of customer relationship and carried interest intangible assets is excluded from the calculation of underlying profitability measures in order to distinguish one-off material transactions from underlying performance.

7. Net finance and other income or expenses

   Group

   Six months ended 30 June	2026 £ m	2025 £ m
   Interest income on term deposits Finance income on subleases Net foreign exchange gains	2.5 0.5 0.7	1.2 0.4 1.9
   Total finance and other income	3.7	3.5
   Interest expense on bank overdrafts and borrowings	(15.5)	(16.2)
   Interest expense on lease liabilities	(2.5)	(1.9)
   Finance expense on amounts payable to third-party and related party investors	(27.5)	(10.4)
   Other expenses	(43.6)	(2.0)
   Total finance and other expenses	(89.1)	(30.5)
   Net finance and other income, including exceptional items	(85.4)	(27.0)

   Interest income and interest expense on financial instruments measured at amortised cost and on lease liabilities are recognised using the effective interest method. Amounts payable to third-party and related party investors and other expenses are measured at fair value through profit or loss are presented as fair value movements within net finance and other expenses.

   1. Interest expense on bank overdrafts and borrowings

      For the six months ended 30 June 2026 the interest expense on bank overdrafts and borrowings relates to the interest charged on the US private placement notes issued by the Group.

   2. Finance income and expenses on amounts receivable from or payable to third-party and related party investors

      Finance income and expenses represent amounts due from or to external parties in entities that are consolidated by the Group under IFRS 10 "Consolidated Financial Statements". The Group's interest only constitutes a portion of the total and therefore other financial liabilities include the fair value of the amounts due to external parties, who are either third-party investors (non-Group subsidiaries or affiliates) or related party investors (Group subsidiaries or affiliates), under the applicable fund partnership agreement. Due to the nature of this arrangement, being a contractually agreed profit share to third-party investors and related party investors, the Group recognises their interest as a financial liability which is fair valued through profit or loss at each reporting date.

      For the six months ended 30 June 2026, a £27.5m finance expense is recognised within the profit or loss account (2025: finance expense of £10.4m) as a result of the fair value movement. Further details of the financial liability are included in note 11 (b) ii).

   3. Other expenses

   For the six months ended 30 June 2026, other expenses of £43.6m (2025: £2.0m) primarily comprise £40.4m (2025: £1.2m) relating to the remeasurement of deferred contingent consideration and £0.4m (2025: £0.2m), the unwind of the discount and revaluation of deferred non-contingent consideration, both arising from the ECP transaction, as well as £0.7m (2025: £0.8m) from the amortisation of borrowing facility fees for revolving credit facilities which are being amortised on a straight-line basis.

8. Tax expense

   (a) Tax expense

   Analysis of tax expense reported in the income statement:

   Group

   Six months ended 30 June	2026 £ m	2025 £ m
   Current tax	4.8	3.5
   Deferred tax	9.4	13.0
   Total tax expense for the period	14.2	16.5

   The tax expense for the six months ended 30 June 2026 is calculated based on a forecast annual effective tax rate which is applied to profit before tax for the half year. Where material and practical, a separate estimated average annual effective tax rate is determined for each taxing jurisdiction and applied individually to the interim period profit before tax of each jurisdiction.

   Notes to the condensed consolidated interim financial statements continued

9. Earnings per share

   The following table reflects the income and share data used in the basic and diluted earnings per share calculations:

   Six months ended 30 June	2026	2025
   Earnings Profit attributable to ordinary equity holders of the parent (£m)	22.7	36.1
   Number of shares Weighted average number of ordinary shares for purposes of basic earnings per share (m) Effect of dilutive potential ordinary share conversion (m) Number of ordinary shares for the purposes of diluted earnings per share (m)	871.3 92.2 963.5	824.7 23.3 848.0
   Basic earnings per share (pence) Diluted earnings per share (pence)	2.6 2.4	4.4 4.3
   Underlying profit after tax* (£m) Underlying basic earnings per share* (pence) Underlying diluted earnings per share* (pence)	169.2 16.3 15.5	87.2 10.6 10.4

   * These are not defined or recognised under IFRS. Pages 53 and 58 set out definitions of each of the APMs and how they can be reconciled back to the non-statutory consolidated financial statements.

   The underlying profit after tax is calculated by excluding exceptional items, adjusted items and the amortisation of intangible assets from within profit after tax. Further details are set out in the APM section on pages 54 to 58. The number of ordinary shares included in the calculation of earnings per share excludes shares held by the Group itself. Further detail is included in note 14.

10. Carried interest receivable

    The carried interest receivable relates to revenue which has been recognised by the Group relating to its share of fund profits through its holdings in carried interest partnerships ("CIPs") and GP vehicles.

    Revenue is only recognised to the extent it is highly probable that the revenue recognised would not result in significant revenue reversal of any accumulated revenue recognised on the final closing of a fund. The reversal risk is mitigated through the application of discounts. If adjustments to the carried interest receivable recognised in previous periods are required, they are adjusted through revenue.

    The weighted average discount at 30 June 2026 to the notional carried interest due to the Group based on unrealised fair value of investments in relevant funds is 54% (2025: 57%) resulting in a carried interest receivable of £210.0m (2025: £148.9m). If the average discount was to increase by 10% this would reduce carried interest income by £45.6m. If the average discount was to decrease by 10% this would increase carried interest income by £45.6m.

    Group

    	30 June 2026 £ m	31 December 2025 £ m
    Opening balance	148.9	113.3
    Income recognised in the period	87.1	59.0
    Foreign exchange movements recognised as profit or loss	(0.5)	1.0
    Foreign exchange movements recognised as other comprehensive income	1.7	(4.6)
    Receipts of carried interest	(27.2)	(19.8)
    Closing balance	210.0	148.9

11. Financial assets and liabilities

(a) Classification of financial assets

The following tables analyse the Group's assets in accordance with the categories of financial instruments as defined in IFRS 9 "Financial Instruments". Assets which are not considered as financial assets, for example prepayments and lease receivables, are also shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of Financial Position.