Hardman & Co Research on Neuberger Private Equity Partners:

1H’26 results: foot on the accelerator

Closed End Investments
Market FTSE 250, STMM
Ticker NBPE/NBPU

NBPE’s end-June 2026 results saw an acceleration in i) investee companies’ EBITDA growth ‒ avg. 12% vs. 10% end-2025 ‒ we believe, the key driver to long-term value creation, ii) realisations – NBPE expects FY’26 to be at least 18% opening NAV vs. three-year average 13.5%, iii) investments – previous FY’26 guidance $100m+; to June, NBPE completed $104m, with a further $60m signed, iv) buybacks/dividends ‒ $144m returned YTD vs. $62m for same 2025 period. NBPE’s exit-ready mature portfolio and multiple market dynamics are favourable to realisations. In our view, a major factor, potentially closing the discount.

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https://hardmanandco.com/research/corporate-research/nbpe-1h26-results-foot-on-the-accelerator/

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Analyst: Mark Thomas mt@hardmanandco.com

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Hardman Research Ltd, trading as Hardman & Co, is an Appointed Representative of Palace Ventures Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 433291). Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.