Full Year 2025 Trading Update

About this update from Pollen Street Group Limited

[{"type":"text","content":"\n \n 26 March 2026 \n Pollen Street Group Limited: Full Year 2025 Trading Update \n Continued growth in 2025 with sustained and growing fundraising momentum \n   \n Pollen Street Group Limited (\"Pollen Street\", together with its subsidiaries, the \"Group\") today issues its financial results for the year ended 31 December 2025. The Group is delivering sustained and growing fundraising momentum across both Private Credit and Private Equity strategies, underpinning strong financial performance and delivering against its key strategic priorities. \n \n \n \n \n AUM (£bn) \n \n \n 2025 \n \n \n 2024 \n \n \n YoY Growth (%) \n \n \n \n \n Total AuM \n \n \n 7.1 \n \n \n 5.4 \n \n \n 30% \n \n \n \n \n Fee Paying AuM \n \n \n 5.2 \n \n \n 4.0 \n \n \n 32% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n INCOME STATEMENT (£m) \n \n \n 2025 \n \n \n 2024 \n \n \n YoY Growth (%) \n \n \n \n \n Fund Management Income \n \n \n 81.1 \n \n \n 66.8 \n \n \n 21% \n \n \n \n \n Fund Management Administration Costs \n \n \n (49.4) \n \n \n (39.6) \n \n \n 25% \n \n \n \n \n Fund Management EBITDA \n \n \n 31.7 \n \n \n 27.2 \n \n \n 17% \n \n \n \n \n Income on Net Investment Assets \n \n \n 32.9 \n \n \n 31.8 \n \n \n 4% \n \n \n \n \n EBITDA \n \n \n 64.6 \n \n \n 59.0 \n \n \n 10% \n \n \n \n \n Profit After Tax \n \n \n 56.6 \n \n \n 49.6 \n \n \n 14% \n \n \n \n \n EPS \n \n \n 93.7p \n \n \n 78.8p \n \n \n 19% \n \n \n \n \n DPS \n \n \n 58.0p \n \n \n 53.6p \n \n \n 8% \n \n \n \n \n   \n FY25 Highlights \n ·              Total Assets Under Management (\"AUM\") increased by 30 per cent to £7.1 billion (FY 2024: £5.4 billion) \n ·              Fee-paying AUM grew 32 per cent to £5.2 billion (FY 2024: £4.0 billion) \n ·              Flagship fundraises in both Private Equity and Private Credit significantly outperforming target \n ·              Group Profit After Tax up 14 per cent to £56.6 million (FY 2024: £49.6 million) \n ·              Asset Management share of net revenues increased to 71 per cent (FY2024: 68 per cent) \n ·              Investment company income stable and consistent over long term at £32.9 million \n ·              £1.6 billion deployed across both strategies \n ·              Second (and final) interim dividend of 31 pence per share brings total dividend declared for the year to 58.0 pence per share, 3 pence per share ahead of guidance and 8 per cent up on FY24 \n ·              Growing visibility on reaching Total AUM of £10 billion, in line with our medium term target \n Commenting on the performance, Lindsey McMurray, Chief Executive Officer, said: \n \"2025 was a strong year for Pollen Street, marked by a step-change in fundraising and growth across both our Private Equity and Private Credit platforms. Our total AUM increased by 30 per cent to £7.1 billion, driven by the successful close of Private Equity Fund V and clear momentum in Private Credit Fund IV. \n This fundraising strength, underpinned by the trust of our global investor base, enabled us to generate strong management fee income and deliver Group Operating Profit of £64.4 million, ahead of expectations. \n Our investment strategies have continued to demonstrate resilience and outperformance amidst difficult market conditions . Across both Private Equity and Private Credit, the Group is focused on disciplined underwriting, downside protection and supporting portfolio companies and borrowers through active engagement. \n We enter 2026 with exciting momentum and a robust pipeline for both deployment and fundraising. Our strategic priorities remain clear: to continue deploying capital across our flagship funds, prepare for the next generation of investment strategies, and deliver sustainable value for our investors and shareholders.\" \n   \n   \n Financial Performance \n ·              Management fees up 26 per cent to £69.9 million \n ·              Fund Management EBITDA increased to £31.7 million, up 17 per cent \n ·              Income on Net Investment Assets of £32.9 million (2024: £31.8 million) giving a return of 9.9 per cent \n ·              Underlying return on Net Investment Assets of 10.6 per cent before dilution from equalisation related to the strong fundraising \n ·              Earnings per share increased to 93.7 pence per share, up 19 per cent from 78.8 pence per share in 2024, ahead of the growth in Profit After Tax given the benefit of share buybacks \n Fundraising \n ·              Significant fundraising outperformance achieved across both strategies \n ·              Final close of Private Equity Fund V at €1.5 billion in July 2025 \n ·              Private Credit Fund IV now at £1.8 billion with further capital commitments expected ahead of an imminent final close \n ·              £0.8 billion dry powder in Private Credit as at end December 2025, which will convert to fee-paying AUM once deployed \n ·              Fundraising momentum and expanded investor base underpin £10 billion medium term AUM target \n Deployment and exits \n ·              £1.6 billion invested across both platforms \n ·              Mid-market target market resilient offering a rich and deep opportunity set \n ·              Existing funds seasoning well and current vintage deploying at planned pace \n ·              Robust pipeline of transaction opportunities developed across both strategies for execution in 2026 \n ·              Three disposals completed during 2025 including the IPO of Shawbrook on the London Stock Exchange \n Outlook \n ·              We are confident that our strategic focus and significant momentum will enable the Group to capitalise on opportunities for continued sustainable growth in 2026 and beyond. \n ·              In order to recognise individual contributions to the substantial outperformance of the Private Credit Fund IV fundraise, the Board has determined to allocate a further 8 per cent of Carried Interest in Private Credit Fund IV to certain individuals with the effect of reducing the groups share to 17 per cent and to give more flexibility in how the Group's share of Carried Interest is set for future funds. Given the significant outperformance in fund size, there is no change in the Group's financial guidance as a result of these changes. \n ·              Despite our strong performance and favourable fundamentals, the share price has not fully reflected the progress made and we believe significantly undervalues the strength and resilience of the platform. This conviction underpins the Groups continued commitment to returning capital to shareholders through its share buyback programme. \n Dividend \n ·              The Board has declared a final dividend of 31.0 pence per share, bringing the total dividend for the year to 58.0 pence per share or £34.7 million,  pence per share ahead of guidance and an 8 per cent increase on 2024 \n ·              The Group is committed to maintaining our progressive dividend policy \n AGM Notice \n The Company will hold its Annual General Meeting on 30 April 2026 at 4pm at the offices of Slaughter & May, One Bunhill Row, London EC1Y 8YY. Further details are provided in the Notice of Annual General Meeting to be circulated to shareholders in due course and shortly available on www.pollenstreetgroup.com . \n About Pollen Street \n Pollen Street is an alternative asset manager dedicated to investing within the financial and business services sectors across both Private Equity and Private Credit strategies. Founded in 2013, the Group has consistently delivered top-tier returns alongside growing AuM. \n Pollen Street operates through two complementary segments: the Asset Manager, which manages third-party AuM, and the Investment Company, which invests on balance sheet to generate attractive returns and accelerate AuM growth through alignment with investors. \n POLN is listed on the London Stock Exchange (ticker symbol: POLN) and is a member of the FTSE 250 index. Further details are available at www.pollenstreetgroup.com . \n   \n   \n For investors: \n A presentation and Q&A will be held for analysts at 1 PM on 26 March 2026. \n The full presentation is available for on the website www.pollenstreetgroup.com . \n Results webinar: \n https://www.lsegissuerservices.com/spark-insights/POLLENSTREETGROUPLIMITED/events/1c2e7951-eecd-4e2b-a3ec-23d27ce4f37e \n For further information about this announcement please contact: \n Pollen Street - Corporate Development Director Shweta Chugh \n+44 (0)20 3965 5081 \n Barclays Bank plc - Joint Broker Neal West / Stuart Muress \n+44 (0)20 7623 2323 \n Investec Bank plc - Joint Broker Ben Griffiths / Kamalini Hull \n+44 (0)20 7597 4000 \n FGS Global Chris Sibbald / Anna Tabor [email protected] \n MUFG Corporate Governance Limited - Company Secretary [email protected] \n LEI: 894500LP94M98N8CY487 \n Annual Report and Accounts \n The Annual Report and Accounts are available to view and download from the Company's website https://ir.pollenstreetgroup.com/investors/financial-information/ . Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement. The information set out below does not constitute the Company's statutory accounts for the year ended 31 December 2025 but is derived from those accounts. Statutory accounts for the year ended 31 December 2025 will be delivered to the Registrar of Companies in due course. The group's auditors have reported on those accounts: their report 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 263 (2) or (3) of The Companies (Guernsey) Law, 2008. The following text are selected extracts from the Annual Report and Accounts. \n In accordance with UK Listing Rule 6.4.1, the following documents will be submitted to the Financial Conduct Authority and will shortly be available for inspection via the National Storage Mechanism which can be accessed at https://data.fca.org.uk/#/nsm/nationalstoragemechanism : \n ·              Annual Report and Accounts for the year ended 31 December 2025; \n ·              notice of 2026 annual general meeting; and \n ·              proxy form for the 2026 annual general meeting. \n In accordance with DTR 6.3.5(1A), the Annual Report and Accounts for the year ended 31 December 2025 will be submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available for inspection as noted above. \n   \n   \n   \n   \n Chair's Statement \n Lynn Fordham \n Chair \n In my first report as Chair of Pollen Street Group Limited, I am pleased to highlight another year of impressive progress for the business. Pollen Street is successfully delivering against its strategy, growing assets under management, deepening and maintaining investor relationships, and solidifying its position as a leader in its selected strategies. \n Momentum: Accelerating Our Growth \n In 2025 Pollen Street has achieved the goals set at the start of the year, executing well on our growth ambitions whilst also delivering strong cash returns to shareholders. Our consistent investment performance and strong relationships with our Limited Partner investors (\"LPs\") have driven successful fundraises across both Private Equity and Private Credit. \n In 2025, we grew AuM across both Private Equity and Private Credit to £7.1 billion - a 30 per cent increase on prior year. In Private Equity, we delivered a successful final close of Private Equity Fund V, well ahead of its initial target. In Private Credit, we have developed strong fundraising momentum for Private Credit Fund IV which has already exceeded its target with significant further commitments expected ahead of the final close. This fundraising activity translated into sustained robust management fee growth in the period with momentum for going forward. \n The Investment Company continued to demonstrate strong and consistent performance, with robust income generation and cash conversion supporting £39.4 million of cash returns to shareholders during the year through dividends and share buybacks. \n In last year's report we set out our expectation of a favourable outlook as the Group builds upon its strong foundations in differentiated strategies. Our realised fundraising success reflects a robust and consistent investment track record, strategic clarity and resilience, alongside the quality relationships with existing and new LPs. \n Looking ahead, we expect continued institutional allocation to private markets in 2026, driven by the diversification and long-term return benefits these strategies can offer especially with sustained demand for exposure to mid-market opportunities where our sector-specialist focus remains a clear differentiator. While macroeconomic, geopolitical and technology-related uncertainties persist, Pollen Street's disciplined approach to investment selection and active portfolio management position us well to navigate this environment and capitalise on the structural opportunities it presents. \n Group's Share of Carried Interest \n Following the successful fundraises for Private Equity Fund V and Private Credit Fund IV, the Board has reviewed how Carried Interest is allocated between the Group and individual team members. At the time of the Combination between Honeycomb Investment Trust and Pollen Street Capital Holding Limited in 2022, it was agreed that 25 per cent of the Carried Interest entitlement in all future funds would be allocated to the Group. \n While we believe that it is important for the Group to benefit from the performance of the funds it manages, in the case of Private Credit Fund IV, and specifically to recognise contributions made to the success of this fundraise and its resultant increased scale, the Board has determined to reduce the Group's share of Carried Interest in this fund to 17 per cent and to give more flexibility in how the Group's share of Carried Interest is set for future funds. Going forward, the Group's allocation for each fund will be set by the Board at or before the final close of the fund. The Group's allocation will be set at no less than 15 per cent and up to 25 per cent of the total entitlement for the next generation of flagship Private Equity and Private Credit Funds. \n The Board believe this change is strategically important for the Group to support the long-term growth and development of our asset management platform. \n There is no change in the Group's financial guidance as a result of these changes. \n Capital Allocation Framework & Buyback Programme \n The Group continues to follow the enhanced capital allocation framework that was put in place in November 2025 which gives confidence in maintaining cash returns to shareholders whilst prioritising strategic growth opportunities, including making capital commitments to our funds. \n The Board has declared a final dividend of 31.0 pence per share, bringing the total dividend for the year to 58.0 pence per share or £34.7 million. \n Corporate Governance and Reporting on Responsible Investing \n Pollen Street places excellent governance at the heart of everything that we do. We adopt rigorous oversight, transparency and accountability as essential foundations for delivering long-term value for our investors and shareholders. We aim to model best-in-class governance through the strength and independence of our Board. In this context, I am delighted to welcome Robert Ohrenstein, who joins as an independent Non-Executive Director and will be appointed as Chair of the Audit Committee following the AGM. Robert brings deep private markets expertise and an unwavering commitment to robust audit and risk oversight, further enhancing our governance framework. \n Responsible Investing is a key part of Pollen Street's strategy and culture helping us to build robust, resilient businesses with foundations to grow for the future. We use proprietary metrics to drive clear, measurable progress enabling fast, sustainable and safe growth - both for Pollen Street and for our portfolio companies and borrowers. \n The Group also remains focused on strengthening its reporting and climate risk management, ensuring transparency and accountability as the regulatory landscape further evolves. \n Our Outlook: Sustained Progress and Long-Term Growth \n Pollen Street enters 2026 with strong momentum and confidence in delivering against our targets for the year ahead. While we are cognisant of the uncertain macroeconomic environment, complex geopolitical backdrop and ever-changing market dynamics, we believe that the outlook for the Group is positive. Our platform has demonstrated performance across cycles, supported by disciplined risk management and strong governance. \n Pollen Street's shares delivered strong performance during 2025, significantly outperforming the FTSE 250 index and reflecting investor confidence in our successful fundraising, robust financial results, and quality earnings growth. 2026 has presented a more challenging backdrop for equity markets broadly and listed alternative asset managers in particular. Initially this resulted from a sharp sell-off in growth stocks amid heightened uncertainty over the impact of AI, which was exacerbated by investor caution around private credit. More recently this has been compounded with heightened risk aversion across global markets following the escalation of the Iran conflict. \n Notwithstanding this backdrop, the fundamental performance of our business remains strong, with continued momentum in fundraising, deployment, and portfolio performance. \n I would like to thank the entire Pollen Street team for their outstanding work in delivering such a successful year, as well as our LPs and shareholders for their continued support. We look forward to building on this momentum in the year ahead. \n   \n Lynn Fordham \n Chair \n 25 March 2026 \n   \n   \n   \n   \n CEO Report \n Lindsey McMurray \n Chief Executive Officer \n Strong Performance and Fundraising Momentum \n 2025 marked another strong year of progress for Pollen Street. We have continued to execute well against our strategic objectives, delivering notable fundraising successes and extending our consistently strong investment track record. \n We delivered substantial growth in AuM across both Private Equity and Private Credit, reflecting the strength of our strategies and the depth of our investor support. In July we completed the successful final close of Private Equity Fund V, securing commitments of €1.5 billion. Including associated co-investment vehicles, the Group has raised more than €2.0 billion for our flagship strategy. Private Credit Fund IV has surpassed its target with £1.8 billion of commitments at the date of signing the financial statements and significant further capital commitments expected ahead of a final close. Importantly, the increase in commitments is from a broad range of global investors and their consultant advisers, significantly adding to the resilience of the platform and supporting cross sell across our strategies over time. We are very grateful for the endurance of relationships that we have with established partners and are thrilled to develop new partnerships as we continue to expand our investor base. \n This outperformance in fundraising enabled us to deliver strong financial performance in the period, especially in relation to high-quality management fee income and profits ahead of expectations. \n Group Operating Profit grew to £64.4 million for 2025, up from £58.2 million in 2024. The primary growth driver was our Asset Manager, with Operating Profit increasing to £31.7 million (49 per cent of Group), from £27.2 million (47 per cent of Group) in 2024. This included an £8.4 million benefit from catch up fees in Fund V ahead of it's final close during the year. \n Resilience in a Changeable Macro Environment \n As the macroeconomic and geopolitical backdrop remains uncertain, we are intensely vigilant while our strategies remain resilient. Across both Private Equity and Private Credit, we are focused on disciplined underwriting and downside protection while actively engaging to support portfolio companies and borrowers continue to build value. \n We continually consider emerging threats from changing market conditions including idiosyncratic events in adjacent markets and AI. In Private Credit, high quality borrowers seek our expertise and long-term partnership and we work together to create bespoke structures to withstand events and shocks. In Private Equity, change also brings opportunities, both on an individual investee company level and from a portfolio construction perspective and we actively work with our companies to ensure that they have the expertise and resources to take advantage of improved operational models to enhance their customer proposition and their own operational efficiencies. Overall, we believe our portfolio companies benefit from highly resilient business models operating in regulated areas and benefiting from substantial proprietary data and resilient end user markets. \n ASSET MANAGER \n Fundraising and Deployment \n Total AuM grew to £7.1 billion as of 31 December 2025, up 30 per cent from £5.4 billion at the end of 2024 with Fee-Paying AuM increasing 32 per cent (£1.3 billion) to £5.2 billion. \n Private Equity AuM increased to £4.2 billion and Private Credit AuM increased to £2.9 billion. \n 2025 was a strong year for deployment across the platform. We invested £0.5 billion in Private Equity and £1.1 billion in Private Credit during the year. We enter 2026 with a robust pipeline of opportunities across both strategies and look forward to another active year of disciplined capital deployment. \n Deepening our Diverse Client Base \n Our fundraising momentum is driven by our strategies being positioned in the most resilient and growing parts of private markets and by the strength of positioning of our funds in their relevant markets, reflected in our consistently strong investment track record. This has enabled us to increasingly build out the strength and diversity of our investor base. We are supported by a highly engaged and sophisticated group of Limited Partners, built through long-standing relationships and reinforced by consistent performance. We continue to attract new institutional capital, reflecting increasing interest in specialist strategies, particularly within Financial Services and asset-backed opportunities. The increasing breadth and depth of relationships supported by the top global consultants, builds out the resilience of our investor base and provides a greater opportunity for cross sell across strategies over time. \n INVESTMENT COMPANY \n 2025 marked another strong year of returns for the Investment Company, extending its robust long-term track record. \n Balance sheet investments performed in line with expectations generating income of £32.9 million in addition to contributing to share buybacks of £6.6 million and dividends paid of £32.8 million. Underlying returns of 10.6 per cent were in line with guidance, with reported returns of 9.9 per cent after £2.4 million of equalisation charges related to the strong fundraising. \n Our balance sheet is a strategic resource enabling the acceleration of Third-Party AuM growth through demonstrating strong alignment with LPs alongside delivering consistent returns. Making meaningful GP commitments, c.2 - 5 per cent in Private Equity Funds and 7 - 10 per cent in Private Credit Funds, remains an important differentiator that supports us in attracting new investors and strengthening existing ones. \n At the end of 2025 GP commitments to Pollen Street managed funds were £188 million, with 72 per cent drawn (2024: 66 per cent). As at 31 December 2025, the balance sheet allocation was £120 million Private Credit and £68 million Private Equity. \n OUTLOOK FOR 2026 \n Looking ahead with confidence to 2026, our strategic focus and significant momentum will enable us to capitalise on opportunities for continued sustainable growth, notwithstanding geopolitical and macroeconomic uncertainties. We remain dedicated to delivering exceptional returns to our investors and shareholders with our key priorities for 2026: \n ·              Continue to deploy Private Equity Fund V \n ·              Continue to deploy and build Private Credit AuM \n ·              Prepare for marketing of Private Equity VI \n ·              Maintain our progressive dividend policy while strategically deploying capital for shareholder value \n ·              Return surplus capital to shareholders through share buybacks, subject to relative attractiveness compared to other value-creation opportunities \n And we are confident in our medium-term goal of reaching a Total AuM of £10 billion. \n Our achievements in the past year were only possible with hard work, commitment and teamwork shown across Pollen Street. I am incredibly proud of the people that work in and with Pollen Street, and I am grateful to everyone across the Group for the energy, care and professionalism they bring every day. I would also like to thank our Board, Limited Partners, shareholders, investors and wider partners for their continued trust and support. It means a great deal to us. \n Finally, I am delighted to welcome Lynn Fordham as Chair and Robert Ohrenstein as an independent Non-Executive Director of our Board. They bring deep experience, strong judgement and a shared commitment to high standards, and I very much look forward to working with them as we continue to build Pollen Street together. I would like to thank Jim Coyle who will be retiring from the Board this year after 10 years of service. He has been a strong support in implementing and maintaining our high governance standards and we wish him well for the future. \n   \n Lindsey McMurray \n Chief Executive Officer \n 25 March 2026 \n   \n   \n   \n   \n Private Equity Strategy \n Michael England \n Partner \n Pollen Street Capital is a leading private markets investor focused on mid-market European financial and business services. Our Private Equity strategy targets majority stakes in founder-led businesses, where we support outstanding teams to accelerate growth. Applying our deep sector knowledge and a proven operational framework enables us to build businesses with the potential to deliver transformational growth. The Group earns management fees and carried interest from managing and advising funds investing in this strategy. \n We invest aligned with structural growth trends which form the basis of our investment themes, from the wide-ranging impact of middle and back-office automation, the consolidation of distribution that is driving change across sectors and the embedding of financial services into other technologies such as payments. We identify these key drivers of change and align our investment strategy with businesses positioned to capitalise on these opportunities to become market leaders. \n Pollen Street's Private Equity strategy, developed and refined over 20 years, has been proven through multiple market cycles. During this time, we have consistently delivered top-tier returns through a disciplined, specialist approach grounded in deep sector expertise and best practice. \n How it Works: A Consistent Approach With Defined Areas Of Focus \n Our long-standing investment strategy remains dedicated to buying and building great businesses serving the financial ecosystem across six key sub-sectors: \n ·              Payments; \n ·              Wealth; \n ·              Insurance; \n ·              Financial software; \n ·              Professional services; and \n ·              Lending. \n We combine this deep sector knowledge with deal origination that is built around long-term themes, whilst continuing to assess the impact of market changes. The approach we use to grow our portfolio companies is based around three key pillars: \n ·              Buy, build and consolidation; \n ·              Global expansion; and \n ·              Product development. \n 2025 - Continued Strength in Fundraising, Deployment, and Exits \n During the year, we have delivered consistently strong performance across our Private Equity funds, with disciplined deployment activity, strong revenue and EBITDA growth as well as delivery on exits. \n Pollen Street welcomed three new platform deals: \n ·              Keylane: a software platform for European general insurers and life and pension providers \n ·              OrderYOYO: market-leading payments enabled ecommerce solutions to restaurants \n ·              Leonard Curtis: leading provider of corporate restructuring and professional services to UK SMEs and Corporates \n We also completed 24 bolt-on transactions enhancing the value of our portfolio companies. Combined we acquired over €0.5 billion of Enterprise Value. \n Alongside this, the pace of exits continues to build, with the disposal of: \n ·              Punkta, a motor insurance broker in central Europe, was sold to a local private equity sponsor \n ·              Shawbrook, admitted to trading on the London Stock Exchange, in one of the largest IPOs in a number of years \n ·              Kingswood: sale of the UK and Ireland business to a strategic acquirer \n In July we announced the successful final close of Private Equity Fund V at €1.5 billion exceeding our initial €1 billion target. Including associated co-investment vehicles, the Group has raised more than €2 billion in total equity capital for this flagship strategy. The fundraise welcomed new Limited Partners from North America and Europe, together with returning investors, reflecting confidence in our track record of top-tier returns and controlled risk together with our ability to secure exits and to continue to deploy capital into attractive deals. \n Market Environment \n Throughout the course of the year, markets have moved rapidly. \n Most notable is the market reaction to the potential impact of GenAI on wider society and especially the impact on the longevity of business models in certain sectors. Our assessment across the portfolio sees more opportunity than threat. Many of our portfolio companies stand to deliver impactful automation initiatives to drive margin improvements and some are seeing product enhancements driving increased sales. On the risk side, our approach to subsector diversification means we have limited overall exposure to software, and we are protected from correlation risks. Within our software investments, we have been focused on product categories which are \"systems of record\" which enables them to be closer to proprietary datasets such as customer records, delivering mission-critical services and operating in categories where accuracy and precision are critical success factors. \n Overall, we continue to see attractive and well-priced businesses despite the more recent market sell-off and continue to be optimistic that we can continue to build our franchise throughout 2026. \n   \n Michael England \n Partner \n 25 March 2026 \n   \n   \n   \n   \n Private Credit Strategy \n Matthew Potter \n Partner \n Pollen Street's Private Credit strategy is focused on asset-based lending (\"ABL\") to mid-market companies across Europe. The Group earns management fees, performance fees and carried interest from managing and advising funds investing in this strategy. \n ABL is a private credit strategy where investments are backed by diversified tangible asset portfolios and is the funding behind the everyday activities which power our economy and society. We provide funding to support everything from building homes to funding SMEs, to vehicle financing. Our deals are predominantly senior secured loans to companies that are serving these end markets secured on diverse portfolios of financial or hard assets, such as loans, leases and vehicles, alongside corporate guarantees. \n As banks reduced their lending activity after the global financial crisis, a significant and enduring funding gap emerged. Pollen Street recognised early the opportunity to support this large and expanding market. Our ABL strategy is designed to deliver resilient returns through the cycle, with low correlation to other private credit strategies. Seniority, strong collateral, comprehensive covenants and bespoke structuring provide robust downside protection and close alignment with borrowers. Our specialist team offers access to a market that is difficult to reach, enabling us to generate consistently attractive returns compared with broader private and public credit strategies. \n Our ABL credit team, one of the largest in Europe, has deep expertise and a network of long-term established relationships that allows us to identify opportunities in the fragmented and underpenetrated mid-market. This is where we believe the greatest opportunity and largest financing gap exists meaning we can create the most favourable risk-reward profile. As a result, Pollen Street has increasingly become a \"go-to\" funding partner for many borrowers. \n How it Works: Structuring for Protection \n Our strategy brings together the strengths of asset-backed and corporate lending through a disciplined, repeatable approach that has produced strong returns with low volatility. Significant credit protection is created through both asset security and transaction structure: loans are secured against large, diversified pools of assets that generate borrower cash flow, complemented by full corporate guarantees and comprehensive covenants. \n We follow a structured investment approach that focuses on: \n ·              Diverse asset-backing: predominantly senior loans secured on highly diverse tangible assets to maintain credit protection; \n ·              Bespoke structuring: highly structured investments that seek to create strong downside protection and align incentives with our borrowers; and \n ·              Conservative leverage on assets with tangible value: substantial credit protection from borrower cash equity, asset pool profits and corporate guarantees. \n 2025 - Accelerating Growth Alongside Strong Performance \n 2025 has been a successful period for both fundraising and deployment which is helping to cement Pollen Street's reputation as a leader in the European Asset Backed market. Private Credit Fund IV has attracted strong investor interest with total commitments now surpassing the original target raise at £1.8 billion up to the date of signing the financial statements with further commitments expected ahead of a final close. This result has been delivered through 100 per cent retention rate of existing investors by final close alongside securing a range of new global blue chip investors. These long term relationships provide a strong platform for future fundraises and give confidence in the long term growth of the platform. \n Deployment across funds has also been strong with £1.1 billion of new deals completed increasing Fee-Paying AuM to £2.1 billion (up from £1.4 billion in 2024), with strong visibility of future growth in 2026 from borrowers drawing down existing commitments alongside deployment of the new raised Private Credit Fund IV. \n Fund returns have continued to outperform with inception to date IRRs ahead of target alongside delivering high cash income distributions on a quarterly basis. The strategy continues to deliver strong levels of liquidity with Private Credit Fund III continuing to deliver realisations and high cash income yields. Private Credit Fund IV is already a well-seeded portfolio with £1.3 billion of facilities closed across 27 different names with diversification across UK and European asset classes. \n Market Environment \n The Private Credit market continued its growth in 2025 albeit at a slower pace than prior years as the industry matures in size and scale, with AUM growing to ~$2.3 trillion and fundraisings increasing to $224 billion up 3 per cent on the prior year. This maturing cycle has coincided with an increase in competitive pressure from the volume of capital entering the sector alongside banks and syndicated markets becoming increasingly active. This has resulted in investors become increasingly nervous about the credit quality of loans being written, borrower friendly structures and looser documentation. This nervousness has been heightened by a few high-profile defaults and isolated incidents of potentially fraudulent activity. US publicly traded Business Development Companies (\"BDCs\") have also traded down throughout 2025 with the majority trading at large discounts to NAV as investors have sought redemptions in the face of this uncertainty. \n This environment has accelerated investors desire to diversify their private credit programmes with historic allocations typically heavily weighted towards corporate credit. Asset based lending has benefited from this diversification activity as it is viewed as being lowly correlated with other areas of private debt and benefits from a less competitive investing environment (especially in Europe) alongside strong downside protection from financial and hard assets as opposed to relying solely on borrower cash-flow strength. Our positioning in the mid market provides further protection, as transactions are predominately bilateral, giving us control over due diligence and the counterparty relationship, with no reliance on syndication agents. \n This strategy is best delivered by a dedicated and experienced managers with strategies specifically designed to provide capital into the sector with bespoke underwriting and data and asset monitoring capabilities alongside differentiated access to the market through a large investment team. We believe Pollen Street is well positioned to take advantage of these dynamics. \n   \n Matthew Potter \n Partner \n 25 March 2026 \n   \n   \n   \n CFO Report \n Crispin Goldsmith \n Chief Financial Officer \n Delivering Strong Performance with High-Quality Earnings \n During the year ended 31 December 2025, the Group has delivered strong financial performance against our strategic objectives, underpinned by continued fundraising momentum, a growing contribution of high-quality, recurring management fee income and resilient investment returns. Fee-Paying AuM has increased by £1.3 billion, or 32 per cent, on the prior year which has in turn generated higher management fees allowing the Group to deliver robust growth and profits ahead of expectations. \n The Investment Company delivered performance in line with expectations, with Income on Net Investment Assets of £32.9 million (2024: £31.8 million) notwithstanding the £2.4 million effect of equalisation on its investments in Pollen Street managed funds, linked to the strong fundraising performance, and alongside returning £39.4 million of cash to shareholders through dividends and share buybacks, which had the effect of reducing invested assets. The Investment Company delivered an underlying return on Net Investment Assets of 10.6 per cent, with a reported 9.9 per cent return after the effect of equalisation is taken into account. \n Fundraising accelerated across both strategies during the year, bringing total AuM to £7.1 billion as at 31 December 2025 (31 December 2024: £5.4 billion), an increase of 30 per cent, supported by a diverse and growing investor base. Private Equity Fund V achieved its final close at €1.5 billion (together with a further €0.5 billion of associated co-investment capital) in July 2025 significantly exceeding the target fund size of €1 billion. \n We are also pleased with the sustained strong fundraising momentum for Private Credit Fund IV which underpinned £1.0 billion (50 per cent) growth in total Credit AuM to £2.9 billion during the year. Private Credit Fund IV has exceeded its initial £1 billion target with total commitments of £1.8 billion up to the date of signing the financial statements and with the expectation of significant further commitments ahead of the fund's final close from a strong pipeline of investors in an advanced stage of due diligence. As these commitments are deployed, they will convert into Fee-Paying AuM, supporting future management fee growth. \n The Operating Profit for the Group increased by 11 per cent to £64.4 million (2024: £58.2 million). The main driver of this increase was the 17 per cent increase in the Operating Profit of the Asset Manager segment to £31.7 million (2024: £27.2 million) as successful fundraising grew high quality, recurring management fee income. This included the benefit of £8.4 million of Private Equity catch-up fees during the year. \n Growing Asset Manager Share of Earnings \n Assets under management are tracked on a total and fee-paying basis. Total AuM represents the total commitments that investors have made into funds managed by the Asset Manager, whereas Fee-Paying AuM represents only that portion of AuM on which the Group earns management fees. For Private Equity, the Fee-Paying AuM is the committed capital in the flagship and Accelerator funds. \n As funds mature, Fee-Paying AuM reduces, tracking the invested capital of the fund. The difference between Total AuM and Fee-Paying AuM largely relates to capital in co-investment vehicles which are typically non-fee paying. Fee-Paying AuM for Private Credit is the net invested amount from each fund. So non-Fee-Paying AuM for Private Credit represents capital available to be deployed, which will become fee-paying as it is deployed. \n Total AuM was £7.1 billion as at 31 December 2025 (2024: £5.4 billion). As a result of Private Equity fundraising and Private Credit fundraising and deployment, Fee-Paying AuM increased by 32 per cent during the year to £5.2 billion (31 December 2024: £4.0 billion). \n \n \n \n \n Total AuM \n \n \n 2025 \n (£ billion) \n \n \n 2024 \n (£ billion) \n \n \n \n \n Private Equity \n \n \n 4.2 \n \n \n 3.5 \n \n \n \n \n Credit \n \n \n 2.9 \n \n \n 1.9 \n \n \n \n \n Total \n \n \n 7.1 \n \n \n 5.4 \n \n \n \n \n   \n   \n   \n   \n   \n \n \n \n \n Fee-Paying AuM \n \n \n 2025 \n (£ billion) \n \n \n 2024 \n (£ billion) \n \n \n \n \n Private Equity \n \n \n 3.1 \n \n \n 2.6 \n \n \n \n \n Credit \n \n \n 2.1 \n \n \n 1.4 \n \n \n \n \n Total \n \n \n 5.2 \n \n \n 4.0 \n \n \n \n \n   \n Of this, £3.1 billion related to Private Equity, up 21 per cent from £2.6 billion at December 2024, and £2.1 billion related to Private Credit, up 52 per cent from £1.4 billion at December 2024. \n We expect the Private Credit strategy to be the main driver of Fee-Paying AuM growth in 2026 as the strong fundraising pipeline converts into additional committed capital and the £0.8 billion of dry powder at December 2025 is deployed and becomes fee-paying. \n Fund Management Income comprises management fees, performance fees and income from carried interest. Total Income increased by 21 per cent to £81.1 million (2024: £66.8 million), driven by increases in the Group's Fee-Paying AuM flowing through into increased Management Fees, which are contracted over the life of the fund and therefore recur over multiple years. We have also benefitted from Private Equity catch-up fees, as outlined below. \n Fund Management Administration Costs increased by 25 per cent to £49.4 million (2024: £39.6 million) as we made ongoing investments in our Business Development and Investment teams to support the long-term growth of the business. It is important to note that fundraising costs associated with Private Credit funds, in relation to placement agents and Business Development team incentivisation arrangements, are typically linked to fundraising rather than deployment and are therefore incurred in advance of fee generation. As a result, there is a natural timing difference between cost recognition and revenue generation, with the benefits expected to flow through in future periods. \n The Group tracks the performance of this segment using Fund Management EBITDA, which is the Operating Profit. Fund Management EBITDA has grown by 17 per cent to £31.7 million (2024: £27.2 million), while Fund Management EBITDA Margin has remained stable with a slight decrease from 41 per cent to 39 per cent over the year for the reasons outlined above. \n \n \n \n \n Asset Manager Profitability \n \n \n 2025 \n (£ million) \n \n \n 2024 \n (£ million) \n \n \n \n \n Total Income \n \n \n 81.1 \n \n \n 66.8 \n \n \n \n \n Administration Costs \n \n \n (49.4) \n \n \n (39.6) \n \n \n \n \n Fund Management EBITDA \n \n \n 31.7 \n \n \n 27.2 \n \n \n \n \n Fund Management EBITDA Margin \n \n \n 39% \n \n \n 41% \n \n \n \n \n   \n Fund Management EBITDA now stands at 49 per cent of the Group EBITDA, up from 46 per cent in 2024. \n \n \n \n \n Asset Manager Financial Ratios \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Management Fee Rate \n (% of Average Fee-Paying AuM) \n \n \n 1.52% \n \n \n 1.50% \n \n \n \n \n Performance Fee Rate \n (% of Fund Management Income) \n \n \n 14% \n \n \n 17% \n \n \n \n \n Fund Management EBITDA Margin \n (% of Fund Management Income) \n \n \n 39% \n \n \n 41% \n \n \n \n \n   \n Private Equity funds typically charge management fees on committed capital, with investors admitted after the first close paying catch-up fees so that all investors pay fees from the first closing date. Private Credit funds generally charge fees on net invested capital, with capital recycled until the end of the investment period. Management fee rates are fixed for the life of each fund. We have guided to a long-term blended management fee rate across Private Equity and Private Credit of 1.25-1.5 per cent. In 2025, we are at the upper end of this guidance at 1.52 per cent (2024: 1.5 per cent), reflecting catch-up fees on capital raised for Private Equity Fund V in the year. Excluding £8.4 million of catch-up fees, the 2025 management fee rate would have been 1.34 per cent. \n In addition to management fees, the Group earns performance fees and carried interest. These allow the Group to share in the profits of the funds under management and are variable amounts dependent on the level of fund returns. Carried Interest is earned once cumulative returns exceed an agreed threshold (the \"hurdle\") over the lifetime of each fund. The Group was allocated 25 per cent of carried interest in all Private Equity funds since Private Equity Fund IV and Private Credit funds since Private Credit Fund III. \n Carried interest is typically 20 per cent of Private Equity returns above an 8 per cent per annum hurdle, and 10 per cent of Private Credit returns above a 5 to 6 per cent per annum hurdle, in each case with full catch-up. \n Performance fees and carried interest recognised in 2025 reflect the continued growth in the value of the underlying fund portfolios and represents 14 per cent of Fund Management Income for the year (2024: 17 per cent) and 8 per cent of total income for the year (2024: 10 per cent). This is slightly below the lower end of the long-term guidance of 15 per cent to 25 per cent of Fund Management Income, reflecting outperformance in management fees together with the relatively early stage of Private Equity Fund V and Accelerator II which are expected to be the key generators of Carried Interest value over the long-term. Excluding catch-up management fees, the performance fee rate was 15 per cent of Fund Management Income (2024: 19 per cent). \n Following the Combination completed on 30 September 2022, the Group acquired 25 per cent of the carried interest rights in two Private Equity funds. These were recognised on acquisition under IFRS 3 and are subsequently accounted for under IFRS 9, and represent all of the recognised Private Equity Carried Interest to date. The remaining Private Equity Carried Interest is accounted for under IFRS 15 and will be recognised only where it is highly probable that no significant reversal will occur. Discounts are therefore applied to reflect fund maturity, asset diversification, market conditions and remaining holding periods. Under IFRS 15, if no discount rate was applied to the carried interest outstanding the carried interest receivable would increase by £18.4 million (2024: £13.1 million). \n Following the outperformance in fundraising for Private Credit Fund IV, the management team and Board have reviewed the allocation of Carried Interest between the Group and the team. In order to recognise the contribution of certain team members to the fundraising outperformance, and in order to continue expanding both the Business Development and Investment teams to sustain and enhance the growth momentum of the Group going forward, the Board has elected to increase the team's share of the Carried Interest in Private Credit Fund IV by reducing the Group's share to 17 per cent. Given the outperformance in fundraising, the value of the Group's allocation is still expected to be higher than it would have been at the initial £1 billion target size for the fund. As such, there will be no impact on the Operating Profit of the Asset Manager on implementing this change, nor will there be any change in the Group's forward-looking guidance as a result of it. \n The Board has further decided to adopt a similar approach for future funds to be raised by the Group. The Group's share of Carried Interest will be up to 25 per cent for all future funds and shall be set at no less than 15 per cent for the next generation of flagship Private Equity and Private Credit Funds. The precise Group allocation for each fund will be determined by the Board, prior to the final close of each fund. \n Consistent Investment Company Returns \n The Investment Company delivered returns in line with guidance with Return on Net Investment Assets increasing to 9.9 per cent and Income on Net Investment Assets of £32.9 million (2024: £31.8 million). This is in line with expectations, notwithstanding £2.4 million of dilution from equalisation effects in the year, related to the strong fundraising activity, and £6.6 million of share buybacks, which had the effect of reducing invested assets. Strong growth in third party AuM across both Private Equity and Private Credit had the effect of temporarily diluting the Investment Company's returns on its investments in these funds through equalisation with new investors. The equalisation process aims to treat all investors as having come into the fund at the first close. To do so, gains initially allocated to earlier investors in the fund are re-allocated to later investors pro rata to the increased fund size. In return, newer investors pay interest to the older investors to compensate them for their cost of capital on funds which have previously been drawn. The underlying return on Net Investment Assets, before equalisation effects, was 10.6 per cent. \n We have maintained our disciplined investment approach resulting in robust performance which is well diversified across deals and borrowers and the performance of Pollen Street managed funds. The largest investment accounted for 12 per cent of the portfolio, with the portfolio being 80 per cent invested in Credit Assets and 20 per cent invested in Private Equity Assets (either in direct deals or through Pollen Street managed funds). The portfolio has seen high levels of cash generation in the year of £172 million (2024: £239 million) driven by realisations, interest payments and amortisations on continuing positions. This cash generation demonstrates the quality and liquidity of the portfolio and facilitates the strategic rotation from direct investments to investments in Pollen Street managed funds. \n   \n   \n   \n   \n \n \n \n \n Investment Company Segment \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Investment Assets (£'m) \n \n \n 536 \n \n \n 504 \n \n \n \n \n Average Net Investment Assets (£'m) \n \n \n 332 \n \n \n 330 \n \n \n \n \n Income on Net Investment Assets (£'m) \n \n \n 32.9 \n \n \n 31.8 \n \n \n \n \n Reported Net Investment Return (%) \n \n \n 9.9% \n \n \n 9.6% \n \n \n \n \n Add back: Equalisation Impact (£'m) \n \n \n 2.4 \n \n \n - \n \n \n \n \n Underlying Income on Net Investment Assets (£'m) \n \n \n 35.3 \n \n \n 31.8 \n \n \n \n \n Underlying Net Investment Return (%) \n \n \n 10.6% \n \n \n 9.6% \n \n \n \n \n   \n As at 31 December 2025, the investment portfolio was £536 million (2024: £504 million). \n The total drawn leverage for the Group was £199.7 million (2024: £188.3 million). In addition, the Group had £11.9 million (2024: £11.2 million) of cash resulting in a strong liquidity position and a net debt-to-gross investment assets ratio of 35 per cent (2024: 35 per cent). \n Profit before Tax and Tax \n Profit before Tax for the Group increased by 10 per cent to £61.6 million for 2025 (2024: £55.8 million). The main driver of this was the £4.5 million increase in the Operating Profit from the Asset Manager. \n The charge for depreciation and amortisation is £2.8 million (2024: £2.4 million). This relates to a charge of £0.6 million (2024: £0.3 million) associated with the depreciation of the Group's fixed assets, a charge of £1.5 million (2024: £1.5 million) associated with the depreciation of the Group's leased assets and a charge of £0.6 million (2024: £0.6 million) associated with the amortisation of intangible assets representing the value of customer relationships acquired with the combination. \n During the year a full review of the Group's tax position has been conducted which has resulted in the release of certain previously accrued tax liabilities and the identification of losses which had not previously been applied. As a result, there was a minimal current tax charge for the period of £37k (2024: £3.1 million). As at December 2025, the Group had a deferred tax liability of £10.6 million (2024: £8.9 million) relating to fair value gains in the Investment Company and carried interest in the Asset Manager, which is expected to crystallise as these gains are realised in the medium term. The deferred tax charge for the year was £5.0 million (2024: £3.1 million), resulting in an effective tax rate of 8.2 per cent (2024: 11.1 per cent). \n As detailed in Note 6 to the financial statements, the Group had a lower effective tax rate than the UK statutory rate for the period. This was largely driven by one-off adjustments made in the year, as referenced above, as well as the tax treatment of certain other forms of income. We expect the effective tax rate to increase towards previously guided levels going forward. \n \n \n \n \n   \n \n \n 2025 \n (£ million) \n \n \n 2024 \n (£ million) \n \n \n \n \n Operating Profit of Asset Manager \n \n \n 31.7 \n \n \n 27.2 \n \n \n \n \n Operating Profit of Investment Company \n \n \n 32.9 \n \n \n 31.8 \n \n \n \n \n Operating Loss of Central segment \n \n \n (0.2) \n \n \n (0.8) \n \n \n \n \n Operating Profit of Group \n \n \n 64.4 \n \n \n 58.2 \n \n \n \n \n Depreciation and amortisation \n \n \n (2.8) \n \n \n (2.4) \n \n \n \n \n Profit before Tax \n \n \n 61.6 \n \n \n 55.8 \n \n \n \n \n Corporation tax \n \n \n (5.0) \n \n \n (6.2) \n \n \n \n \n Profit after Tax \n \n \n 56.6 \n \n \n 49.6 \n \n \n \n \n   \n Earnings per Share & Dividends \n Earnings per share (basic and diluted) increased by 19 per cent to 93.7 pence per share (2024: 78.8 pence per share), ahead of the 14 per cent growth in Profit After Tax given the benefit of share buybacks. \n The Board is pleased to confirm a second (and final) interim dividend for the period ended 31 December 2025 of 31.0 pence per share, amounting to a total payment of £18.5 million. This dividend, combined with the first interim dividend of 27.0 pence per share, brings the total dividends declared in respect of 2025 to 58.0 pence per share, which is ahead of the guidance given and represents a 4.4 pence per share (8 per cent) increase on 2024. \n The second interim dividend will be paid on 1 May 2026 to shareholders on the share register at the record date, being 7 April 2026. The ex-dividend date will be 2 April 2026. Pollen Street operates a Dividend Re-Investment Programme (\"DRIP\"), details of which are available from the Company's Registrars, Computershare. The final date for DRIP elections will be 10 April 2026. \n In November 2025, we announced a further share buyback programme of up to £30 million following the successful completion of the initial share buyback programme launched in 2024. During 2025, £0.8 million was used to repurchase 8,338 shares. \n Outlook \n The Group enters 2026 with confidence, supported by a strong balance sheet, a diversified and supportive investor base, and a growing base of Fee-Paying AuM. While we are cognisant of the uncertain macroeconomic environment and complex geopolitical backdrop, the Group benefits from strong fundraising momentum across both strategies. \n Fund Management income in 2026 is expected to be stable as further capital raises and their subsequent deployment in Private Credit offset the non-recurrence of Private Equity catch-up fees. As with prior periods, the timing of deployment and consequent conversion of commitments into Fee-Paying AuM will influence the pace at which this translates into revenue. \n The balance sheet remains robust, with strong liquidity and disciplined leverage, supporting ongoing investment activities and consistent returns. \n The Group applies a disciplined approach to cost management, balancing investments in the platform to support long-term growth with the achievements and short-term profitability targets and maintaining operational resilience. Execution discipline remains a priority as the business continues to scale. \n The Group continues to trade in line with expectations and remains focused on delivering sustainable long-term value for shareholders. In line with the Capital Allocation Framework, the Board intends to maintain a progressive dividend policy and will continue to assess opportunities to return surplus capital to shareholders, including through share buybacks, while retaining sufficient flexibility to support future growth and investment opportunities. \n   \n Crispin Goldsmith \n Chief Financial Officer \n 25 March 2026 \n   \n   \n   \n Risk Management \n Effective risk management underpins the successful delivery of our strategy and longer-term sustainability of the Group. It provides an integrated approach to the evaluation, control and monitoring of the risks that the Group faces. A robust governance structure ensures well defined, transparent, and consistent lines of responsibility, supported by effective processes to identify, manage, monitor, and report risks the Group is, or may become, exposed to. \n The Group's Risk landscape can be divided into six main categories: \n \n The Group fosters a strong culture of risk awareness and proactive risk management, demonstrated by the conduct of its personnel, established governance arrangements that it has embedded, and the commitment of staff to maintain appropriate management and control standards. A strong control culture exists, with clear accountability, a tailored set of systems and controls, and ongoing compliance monitoring. The monitoring and control of risk form a fundamental part of the Group's management processes. \n The Group's governance structure is by way of committees, designed to ensure that the Board maintains appropriate oversight of the Group's activities. The effectiveness of the governance framework is reviewed by senior management on an ongoing basis. Should a material deficiency in the control environment or risk management framework be identified, it shall be addressed without undue delay. \n The Board has established a Risk Committee responsible for overseeing the Group's risk management systems and processes, including the management of the key risks across the organisation. In addition, the Risk and Operations Committee operates at management level, providing stewardship of the risk framework, promoting a culture of risk awareness across all employees, and reviewing the key risks together with the management approach to each risk. \n Risk Management Framework \n A comprehensive and independent risk management framework ensures that the Group identifies, monitors, mitigates and manages risk with oversight from the Risk Committees and the Board. Appropriate systems to identify, assess, monitor and, where proportionate, reduce all material risks and harms have been implemented and all areas of the business are engaged in risk management supporting long-term performance and growth. \n All staff are expected to actively manage risks, incorporate mitigants into their processes, and escalate risk issues promptly and transparently actively contributing to the Group's risk culture. \n The risk management framework includes key components such as risk identification, risk appetite, accountability, risk limits, controls and reporting. Together, these elements enable effective oversight of risk across the Group. Under this framework, a wide range of risk mitigants are targeted at the risks to which the business is exposed. \n Challenge and oversight are provided through the first, second and third lines of defence; the Group has established committees that oversee specific areas of the business, each of which will report to the relevant governing bodies. \n Risk Environment 2025 \n The global economic and financial environment through 2025 continued to evolve against a backdrop of persistent uncertainty and structural change. While inflation continued to moderate and central banks began to ease monetary policy, the pace of rate reductions was slower than markets had initially anticipated, leaving the cost of capital elevated relative to previous years and continuing to shape investor sentiment and asset valuations against a backdrop of subdued economic growth. \n Geopolitical tensions remained elevated, with continuing conflicts in Ukraine and persistent instability across parts of the Middle East exerting pressure on energy markets, trade, and global supply chains. These conditions left markets sensitive to further geopolitical shocks, particularly in energy‑producing regions. Longer-term transformative forces such as decarbonisation, digitisation, deglobalisation, and demographic shifts collectively reshaped the global investment landscape for many. The acceleration of artificial intelligence and other technological innovations continued to influence productivity expectations, business models, and operating risks across many sectors. \n Disciplined capital allocation and proactive portfolio management remained central within our business. The fundraising environment continued to be selective, reflecting a greater focus on manager differentiation, operational value creation, and sustainable returns. \n The regulatory environment continues to evolve, with heightened expectations around transparency, Responsible Investment integration, and operational resilience. The Group continues to embrace these developments closely and adapt its governance, compliance and risk management frameworks accordingly. \n Despite the complex environment, the Group's overall risk profile remains stable. The strength of our governance arrangements and our disciplined approach to investment provides resilience against market volatility. As we move into 2026, the Group remains focused on prudent risk management, capital preservation, and identifying opportunities that align with our long-term investment philosophy. \n Principal Risks & Uncertainties \n The Group's assessment of risk has identified a broad range of internal and external factors which it believes could adversely impact the Group. The following summary of key risks has been identified as having the potential to be material; it is not exhaustive of those faced by the Group. It includes emerging risks and has been reviewed by the Risk and Operations Committee and the Risk Committee on a regular basis and recorded on the Group's risk register. \n Responsible Investing and Climate-Related Risks are also considered, further information on these are included in the Climate-Related Risk Management - Task Force on Climate-Related Financial Disclosures section. \n Key \n \n \n \n \n      Risk Description \n \n \n      Risk Management \n \n \n      2025 Summary \n \n \n \n \n   \n \n \n \n \n Economic & Market Conditions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Economic and market factors may affect the Group's investments, track record or ability to raise new capital, and may also adversely impact the timing and terms of exits from existing investments. \n In stressed or otherwise unfavourable conditions, market liquidity may also be reduced, which could limit the Group's ability to transact or reallocate capital as intended. \n \n \n Pollen Street operates closed ended funds without redemption rights for investors, therefore is not subject to redemption risk, allowing a greater degree of freedom to pursue investment objectives throughout macroeconomic cycles, taking advantage of favourable market conditions, and weathering downturns. \n Regular investment reviews are undertaken. The Investment Committee focuses on investment strategy, exit processes,  refinancing strategies, and assesses the impact of geopolitical developments, supply chain and skills constraints, and technology driven shifts in market sentiment, including those related to AI, throughout the life of an investment. \n An efficient capital call process exists enabling funds to be called from Investors when needed in the unlikely event of potential liquidity shortfalls. \n \n \n The portfolios remained resilient throughout 2025. Financial performance, together with progress towards the Group's medium-term targets was in line with expectations. \n   \n \n \n \n \n   \n \n \n \n \n Fundraising \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The inability to secure new capital, or the delay in raising capital, in a competitive market affecting the Group's revenue and cash flows. \n The potential for downward pressure on fee levels and other terms that the Group receives to manage new funds, which could adversely affect the Group's ability to generate revenue. \n Fundraising activities involve a degree of fraud risk for the Group, for example through external parties making fraudulent approaches to investors or misleading communications about fund offerings. \n \n \n Pollen Street has extensive experience investing in both private equity and private credit strategies across a wide geographic landscape. The Group continues to invest in its Investor Relations function to support capital raising across the business and has a supportive and growing investor base. \n The Group maintains a focus on its brand and reputation through various media, including thought leadership alongside consistent delivery of its investment strategy and has established controls and oversight over fundraising activities. \n \n \n The Investor Relations team continued to benefit from additional resource and, together with management, remained focused on fundraising activities across the business throughout 2025. \n During the year, the Group's reach was broadened with the opening of a new office to support engagement across a wider geographic scope. \n Pollen Street's management fee revenue is long term and contractual in nature and its core strategies continue to provide a clear route to increasing AuM despite the continued challenging macro environment. \n \n \n \n \n   \n \n \n \n \n Investment Underperformance and Financial Risks \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The Group's Investment Assets are exposed to credit and market risks. They may be impacted by adverse economic and market conditions, including higher impairment charges or reduced valuations, leading to returns within the funds falling below target levels. \n In addition, credit risk, market risk (such as interest rate risk, currency risk & price risk), capital management risk, and liquidity risk exists. Idiosyncratic risks in the underlying loan portfolios may affect the value and performance of the Group's investments. \n \n \n The Group has a proven track record of making robust investment decisions and has in place a strong team of investment professionals delivering investment returns that are resilient to market conditions and idiosyncratic risks, and in line with published guidance. \n Investments are monitored closely as part of the Group's ongoing investment monitoring programmes, adhering to the funds' investment strategy. Pollen Street dedicates ample resources to product development, expansion, bolt-on acquisitions and business development via the network of its portfolio companies. \n \n \n The Group has a diversified, granular portfolio of assets. Loans are subject to stringent underwriting and stress testing. \n Investment performance remains robust. Further information over financial risk management is set out in more detail in Note 18. \n \n \n \n \n   \n \n \n \n \n Conduct and Regulatory \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Conduct and regulatory risk arises from the potential for the Group to fail to meet applicable laws, regulations, rules or recognised standards of market conduct in the jurisdictions in which it operates. This includes the risk of market abuse or other illegal, improper or unethical practices that could disadvantage investors, distort or manipulate financial markets, or otherwise undermine the fair treatment of clients and counterparties. \n Such failures could result in regulatory investigations, supervisory interventions, fines and sanctions, civil or criminal proceedings, reputational damage, and requirements to remediate identified weaknesses. They may also give rise to financial losses, restrictions on business activities, increased operating costs and material reputational damage, which could adversely affect investor confidence, fundraising, capital flows and the Group's ability to execute its strategy. \n \n \n A comprehensive compliance framework is in place, supported by policies that describe expected standards of behaviour, outline prohibited practices (including market abuse) and set out procedures for identifying, escalating, reporting and preventing such issues. \n Regular training is provided to staff on conduct expectations, regulatory obligations and reporting procedures, with additional targeted training for higher‑risk roles. Personal account dealing controls oversee employees' personal trading activities, and the Group undertakes ongoing monitoring of relevant activities and communications to identify and address potential conduct or regulatory concerns at an early stage. \n \n \n Conduct and regulatory risk remained a key area of focus for the Group in 2025, reflecting the evolving regulatory landscape and continued emphasis on market integrity and the fair treatment of Investors and the markets. \n \n \n \n \n   \n \n \n \n \n Talent and Retention \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Talent and retention remain a key people related risk for the Group given the importance of attracting, developing and retaining skilled individuals to deliver its strategy and performance objectives. In addition, risk arises from the potential inability to secure and retain the right skills at the right time, provide competitive and appropriate remuneration and development opportunities, maintain an engaging culture and sense of purpose, and ensure effective succession planning for key roles. \n \n \n Pollen Street seeks to create an environment that enables employees to deliver maximum potential and invests in both leadership development and ongoing development opportunities for all employees. \n The Group's remuneration and incentive arrangements are structured to promote sound risk management and good conduct and are designed so that the variable pay elements do not encourage excessive or irresponsible risk-taking, in line with regulatory expectations. These incentive schemes align individual, team, and organisational goals, driving value for the Group. \n \n \n The business continued to strengthen its team throughout 2025, investing in the development of its people and making a number of senior key hires and progressing internal promotions to support the continued growth and development of the business. \n Employee engagement is actively considered, and the firm seeks to enhance employee satisfaction through various programmes. The firm also invests in training and development to further enhance employee skills and knowledge, supporting high standards of performance and professionalism. \n \n \n \n \n   \n \n \n \n \n Information Security & Resilience \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Information Security and Resilience risk arises from the Group's dependence on reliable and secure technology, systems and data to support its operations. This includes risks associated with information security and data protection, such as insufficient investment in, or ineffective implementation of, appropriate technology; failures of IT systems leading to financial loss, data loss, business disruption or reputational damage; and weaknesses in data protection and information security controls. \n This risk also encompasses loss of personal data or unauthorised access to sensitive data that could compromise the integrity, confidentiality or availability of information and result in data breaches or other cyber security incidents. In addition, shortcomings in business continuity, disaster recovery and broader operational resilience arrangements could amplify the impact of such events on the Group and its investors. \n \n \n The Group maintains strong technical and operational controls against cyber and information security threats which comply with industry standards and regulatory requirements. \n Staff awareness, being key to any modern defence plans, is enhanced through new joiner and ongoing training, and regular communications to staff about relevant threats observed across the industry. Resilient systems are deployed to protect the Group's assets and are validated through regular testing and simulations. \n The Group holds a defined incident response plan as a set of guideline procedures to be followed in the event of an information security attack or breach. The primary aim of any response is to protect the Group's assets, remediate any issues and minimise the impact of the breach as quickly as possible. The plan sets out communication, oversight and other considerations to be undertaken. \n \n \n The Group invests annually in detailed external security reviews and penetration tests. All technology and security policies have been reviewed and updated during the year and the protections in place continue to operate well. \n The technology team is appropriately sized to manage the various security demands and utilises industry standard tooling to ensure monitoring and response management is efficient and thorough. \n The Group tested its Disaster Recovery Plan and Business Continuity Plans in 2025 with no material findings. \n \n \n \n \n   \n Emerging Risk Identification \n The Risk Management Function continually scans the horizon to identify and communicate emerging risks that could materially affect the Group, which are expected to have a significant impact within 1 to 10 years. Emerging risks may be entirely new or developments of existing risks and are typically characterised by a high degree of uncertainty in both likelihood and impact, with the potential to influence the Group's strategy, business model and operations. \n The Group monitors these risks, supporting organisational readiness for external volatility, drawing on both top down insight from the Board and Risk Committee and bottom-up input from the business via the Risk and Operations Committee. Key emerging risks for 2026 include: \n ·              The growing integration of AI and machine learning into financial markets and operating models, which presents both opportunities and new forms of business, operational and conduct risks. \n ·              The evolution of Cybersecurity risks, including increasingly sophisticated AI-enabled attacks and ransomware, which may impact the confidentiality, integrity and availability of systems and data. \n ·              Heightened geopolitical tensions including the potential escalation of existing conflicts, which may drive market volatility and amplify operational, counterparty, cyber, and fraud risks. \n ·              The increasing sophistication of fraud risk, including AI-enabled financial fraud, identity fraud and misrepresentation in investment and fundraising processes, which presents both direct financial risk and reputational exposure, and requires continued vigilance across the Group's underwriting, operational and compliance functions. \n ·              A more volatile and uncertain environment for private markets, including higher‑for‑longer interest rates, persistent inflation and periods of reduced market liquidity. These conditions may affect valuations, exit opportunities and financing availability for portfolio companies, and could in turn influence fundraising conditions and deployment pace for the Group. \n The Risk Committee will continue to oversee and assess these and other emerging risks, with a focus on strengthening operational resilience and adapting governance, technology and risk management capabilities in response to the evolving risk landscape. \n Viability Statement \n The Company has chosen to voluntarily comply with the requirements of Listing Rules 6.6.6R(3) and present a Viability Statement. Therefore, the Directors have carried out a comprehensive and vigorous assessment of the prospects of the Group over the three-year period to Pollen Street Group Limited's AGM in 2029. The Board believes this period to be appropriate for assessing viability, considering the Group's current trading position, the potential impact of principal risks, and aligning with the recommendations of the Financial Reporting Council's 2021 thematic review. \n The Group's long-term prospects are primarily assessed through the strategic and financial planning process, culminating in the Board-approved Group Budget. As of the year-end, the Group was in a strong financial position, with cash balances of £11.9 million and £371 million of tangible net assets, coupled with good visibility of future management fees and a largely predictable cost base, supports its ongoing viability. \n To prepare the viability statement, the Board has considered the prospects of the Group in light of its current position and has considered each of the Group's principal risks, uncertainties and mitigating factors to develop a comprehensive scenario analysis for viability. \n These projections consider the Group's income, net asset value and the cash flows over the three-year period under a range of scenarios. The scenarios are not a business plan in itself, but rather a prudent view of how the Group may evolve, based principally upon its growth to date, in order to demonstrate its viability. Analysis to assess viability focused on the risks of delivery of the growth of the business and a series of projections have been considered, including changing new business volumes and the performance of the Investment Assets. \n Key assumptions within the scenario analysis include: \n ·              the raising of new funds, which impacts the amount of management fees; \n ·              the timing and level of returns from funds, which impacts co-investment and carried interest cash flows and profit recognition; and \n ·              changes in the cost base, primarily in relation to people costs and inflation. \n Progress against the current year's budget, which underpins the Group's strategic plan, is monitored through the year. \n The stressed scenarios applied were deliberately challenging, with the combined scenario representing an extreme case. While the testing identified potential pressures on liquidity in the most severe cases, the Board concluded that the Group has sufficient mitigating actions available. \n The ongoing geopolitical and macroeconomic disruption has also been considered in these scenarios. \n All the analysis indicates that due to the stability and cash-generating nature of the Investment Asset portfolio, the long-term fund management contracts of the Asset Manager, as well as the long-term debt facilities in place, the Group would be able to withstand the impact of the risks identified. Based on the robust assessment of the principal risks, prospects and viability of the Group, the Board confirms that they have reasonable expectation that the Group will be able to continue operating and meet its liabilities as they fall due over the three-year period to Pollen Street Group Limited's AGM in 2029. The Board also continuously monitors the financial performance of the Group against key financial metrics and ratios, ensuring a strict discipline in the financial management of the business. \n Going Concern \n The Group has chosen to voluntarily comply with the requirements of Listing Rules 6.6.6R(3) and present a going concern statement. This statement includes the Directors' assessment of the appropriateness of adopting the going concern basis of accounting and their evaluation of the Group's prospects, in line with Provisions 30 and 31 of the UK Corporate Governance Code. \n The Directors have reviewed the financial projections of the Group, which show that the Group will be able to generate sufficient cash flows in order to meet its liabilities as they fall due for a period of at least twelve months from when the financial statements are authorised for issue. The Group benefits from income from long-term fund management contracts, with a significant majority of forecast management fees in the assessment period from funds that have already been raised. The firm benefits from a largely predictable cost base, of which over three quarters is personnel related. Based on the above there is good visibility of income, expenditure and future profitability during and beyond the period covered by this assessment. These financial projections have been performed for the Group under various new business volumes and stressed scenarios, and in all cases the Group is able to meet its liabilities as they fall due. The stressed scenarios included no new fundraising and material impairments for a number of structured facilities. The Directors consider these scenarios to be the most relevant risks to the Group's operations. Finally, the Directors reviewed financial and non-financial covenants in place for its debt facility with no breaches anticipated, even in the stressed scenario. \n The Directors are satisfied that the going concern basis remains appropriate for the preparation of the financial statements. The Group also has detailed policies and processes for managing the risk. \n   \n   \n   \n Financial Statements \n   \n   \n   \n Consolidated Statement of Profit or Loss and Other Comprehensive Income \n \n \n \n \n   \n \n \n   \n \n \n For the year ended \n 31 December 2025 \n \n \n For the year ended \n 31 December 2024 \n \n \n \n \n \n \n \n Notes \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Management fee income \n \n \n 4 \n \n \n 64,321 \n \n \n 50,282 \n \n \n \n \n Carried interest and performance fee income \n \n \n 4, 13 \n \n \n 7,551 \n \n \n 7,786 \n \n \n \n \n Interest income on Credit Assets held at amortised cost \n \n \n 4 \n \n \n 33,063 \n \n \n 41,380 \n \n \n \n \n Gains on Investment Assets held at fair value \n \n \n 4, 9 \n \n \n 29,584 \n \n \n 18,998 \n \n \n \n \n Total income \n \n \n   \n \n \n 134,519 \n \n \n 118,446 \n \n \n \n \n Expected credit loss charge \n \n \n 4, 8 \n \n \n (472) \n \n \n (593) \n \n \n \n \n Third-party servicing costs \n \n \n 4 \n \n \n (1,104) \n \n \n (1,177) \n \n \n \n \n Net operating income \n \n \n   \n \n \n 132,943 \n \n \n 116,676 \n \n \n \n \n Administration costs \n \n \n 4 \n \n \n (52,074) \n \n \n (41,931) \n \n \n \n \n Finance costs \n \n \n 4, 16 \n \n \n (16,468) \n \n \n (16,587) \n \n \n \n \n Operating profit \n \n \n   \n \n \n 64,401 \n \n \n 58,158 \n \n \n \n \n Depreciation \n \n \n 4 \n \n \n (2,160) \n \n \n (1,730) \n \n \n \n \n Amortisation \n \n \n 4, 12 \n \n \n (640) \n \n \n (640) \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 61,601 \n \n \n 55,788 \n \n \n \n \n Tax charge \n \n \n 6 \n \n \n (5,035) \n \n \n (6,190) \n \n \n \n \n Profit after tax \n \n \n   \n \n \n 56,566 \n \n \n 49,598 \n \n \n \n \n Other comprehensive income \n Foreign currency translation reserve \n \n \n \n \n \n 507 \n \n \n 62 \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n 57,073 \n \n \n 49,660 \n \n \n \n \n Earnings per share \n (basic and diluted) \n \n \n 7 \n \n \n 93.7 pence \n \n \n 78.8 pence \n \n \n \n \n   \n The notes to the accounts form an integral part of the financial statements. \n   \n \n   \n Company Statement of Profit or Loss and Other Comprehensive Income \n \n \n \n \n   \n \n \n   \n \n \n For the year ended \n 31 December 2025 \n \n \n For the year ended \n 31 December 2024 \n \n \n \n \n \n \n \n Notes \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Revenue \n \n \n 4 \n \n \n 34,550 \n \n \n 40,508 \n \n \n \n \n Administration costs \n \n \n 4 \n \n \n (1,771) \n \n \n (1,486) \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 32,779 \n \n \n 39,022 \n \n \n \n \n Tax charge \n \n \n 6 \n \n \n - \n \n \n - \n \n \n \n \n Profit after tax \n \n \n   \n \n \n 32,779 \n \n \n 39,022 \n \n \n \n \n   \n The notes to the accounts form an integral part of the financial statements. \n There is no other comprehensive income in the current or preceding financial years. \n   \n   \n   \n   \n   \n   \n   \n Consolidated Statement of Financial Position \n \n \n \n \n   \n \n \n   \n \n \n As at \n 31 December 2025 \n \n \n As at \n 31 December 2024 \n \n \n \n \n   \n \n \n Notes \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Credit Assets at amortised cost \n \n \n 8 \n \n \n 300,098 \n \n \n 309,423 \n \n \n \n \n Investment Assets held at fair value through profit or loss \n \n \n 9 \n \n \n 236,054 \n \n \n 194,176 \n \n \n \n \n Fixed assets \n \n \n 10 \n \n \n 916 \n \n \n 1,149 \n \n \n \n \n Lease assets \n \n \n 11 \n \n \n 3,763 \n \n \n 4,860 \n \n \n \n \n Goodwill and intangible assets \n \n \n 12 \n \n \n 226,460 \n \n \n 227,100 \n \n \n \n \n Carried interest \n \n \n 13 \n \n \n 31,916 \n \n \n 25,073 \n \n \n \n \n Deferred tax asset \n \n \n 6 \n \n \n - \n \n \n 3,256 \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n 799,207 \n \n \n 765,037 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 14 \n \n \n 32,475 \n \n \n 35,542 \n \n \n \n \n Current tax receivable \n \n \n \n \n \n 7,275 \n \n \n 561 \n \n \n \n \n Derivative financial assets \n \n \n 15 \n \n \n 688 \n \n \n - \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 11,899 \n \n \n 11,195 \n \n \n \n \n Total current assets \n \n \n   \n \n \n 52,337 \n \n \n 47,298 \n \n \n \n \n Total assets \n \n \n   \n \n \n 851,544 \n \n \n 812,335 \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest-bearing borrowings \n \n \n 16 \n \n \n 121 \n \n \n 498 \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 40,399 \n \n \n 29,249 \n \n \n \n \n Lease liabilities \n \n \n 11 \n \n \n 1,512 \n \n \n 1,376 \n \n \n \n \n Derivative financial liabilities \n \n \n 15 \n \n \n - \n \n \n 1,467 \n \n \n \n \n Total current liabilities \n \n \n   \n \n \n 42,032 \n \n \n 32,590 \n \n \n \n \n Total assets less current liabilities \n \n \n   \n \n \n 809,512 \n \n \n 779,745 \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest-bearing borrowings \n \n \n 16 \n \n \n 199,538 \n \n \n  187,767 \n \n \n \n \n Lease liabilities \n \n \n 11 \n \n \n 2,352 \n \n \n 3,756 \n \n \n \n \n Deferred tax liability \n \n \n 6 \n \n \n 10,608 \n \n \n 8,866 \n \n \n \n \n Total non-current liabilities \n \n \n   \n \n \n 212,498 \n \n \n 200,389 \n \n \n \n \n Net assets \n \n \n   \n \n \n 597,014 \n \n \n 579,356 \n \n \n \n \n Shareholders' funds \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Ordinary share capital \n \n \n 20 \n \n \n 601 \n \n \n 610 \n \n \n \n \n Share premium \n \n \n 20 \n \n \n 543,129 \n \n \n 549,757 \n \n \n \n \n Retained earnings \n \n \n \n \n \n 52,984 \n \n \n 29,196 \n \n \n \n \n Other reserves \n \n \n 20 \n \n \n 300 \n \n \n (207) \n \n \n \n \n Total shareholders' funds \n \n \n   \n \n \n 597,014 \n \n \n 579,356 \n \n \n \n \n   \n The notes to the accounts form an integral part of the financial statements. \n The financial statements of Pollen Street Group Limited (company number 70165), which includes the notes, were approved and authorised by the Board of Directors on 25 March 2026 and were signed on its behalf by: \n   \n Lynn Fordham \n Chair \n 25 March 2026 \n   \n   \n   \n   \n   \n   \n   \n Company Statement of Financial Position \n \n \n \n \n   \n \n \n   \n \n \n As at \n 31 December 2025 \n \n \n As at \n 31 December 2024 \n \n \n \n \n   \n \n \n Notes \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investments in subsidiaries \n \n \n 27 \n \n \n 571,269 \n \n \n 571,269 \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n 571,269 \n \n \n 571,269 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 14 \n \n \n 24,271 \n \n \n 23,986 \n \n \n \n \n Total current assets \n \n \n   \n \n \n 24,271 \n \n \n 23,986 \n \n \n \n \n Total assets \n \n \n \n \n \n 595,540 \n \n \n 595,255 \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 36,088 \n \n \n 29,167 \n \n \n \n \n Total current liabilities \n \n \n   \n \n \n 36,088 \n \n \n 29,167 \n \n \n \n \n Net assets \n \n \n   \n \n \n 559,452 \n \n \n 566,088 \n \n \n \n \n Shareholders' funds \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Ordinary share capital \n \n \n \n \n \n 601 \n \n \n 610 \n \n \n \n \n Share premium \n \n \n \n \n \n 536,344 \n \n \n 542,972 \n \n \n \n \n Retained earnings \n \n \n \n \n \n 22,507 \n \n \n 22,506 \n \n \n \n \n Total shareholders' funds \n \n \n   \n \n \n 559,452 \n \n \n 566,088 \n \n \n \n \n   \n The notes to the accounts form an integral part of the financial statements. \n The financial statements of Pollen Street Group Limited (company number 70165), which includes the notes, were approved and authorised by the Board of Directors on 25 March 2026 and were signed on its behalf by: \n   \n Lynn Fordham \n Chair \n 25 March 2026 \n   \n   \n   \n   \n Consolidated Statement of Changes in Shareholders' Funds \n For the year ended 31 December 2025 \n \n \n \n \n   \n \n \n Ordinary Share Capital \n \n \n Share Premium \n \n \n Retained Earnings \n \n \n Foreign Currency Translation Reserve \n \n \n Total Equity \n \n \n \n \n   \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Shareholders' funds as at \n 1 January 2025 \n \n \n 610 \n \n \n 549,757 \n \n \n 29,196 \n \n \n (207) \n \n \n 579,356 \n \n \n \n \n Profit after taxation \n \n \n - \n \n \n - \n \n \n 56,566 \n \n \n - \n \n \n 56,566 \n \n \n \n \n Dividends paid \n \n \n - \n \n \n - \n \n \n (32,778) \n \n \n - \n \n \n (32,778) \n \n \n \n \n Buybacks \n \n \n (9) \n \n \n (6,628) \n \n \n - \n \n \n - \n \n \n (6,637) \n \n \n \n \n Foreign currency translation reserve \n \n \n - \n \n \n - \n \n \n - \n \n \n 507 \n \n \n 507 \n \n \n \n \n Shareholders' funds as at \n 31 December 2025 \n \n \n 601 \n \n \n 543,129 \n \n \n 52,984 \n \n \n 300 \n \n \n 597,014 \n \n \n \n \n   \n For the year ended 31 December 2024 \n \n \n \n \n   \n \n \n Ordinary Share Capital \n \n \n Share Premium \n \n \n Retained Earnings \n \n \n Special Distributable Reserve \n \n \n Merger Reserves \n \n \n Foreign Currency Translation Reserve \n \n \n Total Equity \n \n \n \n \n   \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Shareholders' funds as at 1 January 2024 \n \n \n 642 \n \n \n - \n \n \n 4,978 \n \n \n 351,625 \n \n \n 225,270 \n \n \n (269) \n \n \n 582,246 \n \n \n \n \n Reallocation of reserves \n \n \n - \n \n \n 576,895 \n \n \n - \n \n \n (351,625) \n \n \n (225,270) \n \n \n - \n \n \n - \n \n \n \n \n Profit after taxation \n \n \n - \n \n \n - \n \n \n 49,598 \n \n \n - \n \n \n - \n \n \n - \n \n \n 49,598 \n \n \n \n \n Reclassification of transaction costs \n \n \n - \n \n \n 517 \n \n \n (517) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Transaction costs in relation to the Reorganisation \n \n \n - \n \n \n (4,833) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (4,833) \n \n \n \n \n Dividends paid \n \n \n - \n \n \n - \n \n \n (24,863) \n \n \n - \n \n \n - \n \n \n - \n \n \n (24,863) \n \n \n \n \n Buybacks \n \n \n (32) \n \n \n (22,822) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (22,854) \n \n \n \n \n Foreign currency translation reserve \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 62 \n \n \n 62 \n \n \n \n \n Shareholders' funds as at 31 December 2024 \n \n \n 610 \n \n \n 549,757 \n \n \n 29,196 \n \n \n - \n \n \n - \n \n \n (207) \n \n \n 579,356 \n \n \n \n \n   \n The notes to the accounts form an integral part of the financial statements. \n   \n Company Statement of Changes in Shareholders' Funds \n For the year ended 31 December 2025 \n \n \n \n \n   \n \n \n Ordinary Share Capital \n \n \n Share Premium \n \n \n Retained Earnings \n \n \n Total Equity \n \n \n \n \n   \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Shareholders' funds as at \n 1 January 2025 \n \n \n 610 \n \n \n 542,972 \n \n \n 22,506 \n \n \n 566,088 \n \n \n \n \n Profit after taxation \n \n \n - \n \n \n - \n \n \n 32,779 \n \n \n 32,779 \n \n \n \n \n Dividends paid \n \n \n - \n \n \n - \n \n \n (32,778) \n \n \n (32,778) \n \n \n \n \n Buybacks \n \n \n (9) \n \n \n (6,628) \n \n \n - \n \n \n (6,637) \n \n \n \n \n Shareholders' funds as at \n 31 December 2025 \n \n \n ...

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