Final Results

Summary by AI ^BETAClose X

Bridgepoint Group plc reported strong preliminary results for 2025, exceeding expectations with a 24.5% increase in Assets Under Management (AUM) to $94.1 billion and 13.0% growth in underlying management fees to £427.7 million. The company deployed €7.8 billion and returned €8.1 billion to fund investors, while fundraising is on track to reach its €24 billion target by the end of 2026. Underlying EBITDA grew by 4.4% to £304.8 million, with an EBITDA margin of 52.6%, and Fee Related Earnings (FRE) increased by 20.7% to £150.7 million. The Group also announced a final dividend of 4.7 pence per share and an extension of its share buyback programme.

Disclaimer*

Companies

Bridgepoint Group (Reg S) (BPT)

UK 100

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Ex-dividend date:		23 April 2026
Record date:		24 April 2026
Payment date:		21 May 2026

Analysts and investors	Media
Adam Key	Christian Jones
adam.key@bridgepointgroup.com	christian.jones@bridgepointgroup.com
+44 7833 748010	+44 20 7034 3500

£ million	Year ended 31 December 2025	Pro forma Year ended 31 December 2024 (ECP: full year)	Year ended 31 December 2024 (ECP: from completion date)	Change 25 vs. Pro forma* 24 (%)	Change 25 vs. 24 (%)
Underlying management and other fees	427.0	402.9	336.0	6.0%	27.1%
PRE	151.6	138.5	90.7	9.5%	67.1%
Other operating income	0.7	1.1	1.0	(36.4%)	(30.0%)
Underlying total operating income	579.3	542.5	427.7	6.8%	35.4%
Total expenses (including investment linked bonus and expenses excluded from FRE)	(387.2)	(318.2)	(281.9)	21.7%	37.4%
Total expenses (excluding exceptional expenses and adjusted items)	(274.5)	(248.7)	(212.4)	10.4%	29.2%
Reported EBITDA	242.7	224.7	146.2	8.0%	66.0%
Underlying EBITDA	304.8	292.0	213.5	4.4%	42.8%
FRE	156.4	155.3	124.6	0.7%	25.5%
Underlying depreciation and amortisation	(16.6)	(18.9)	(16.8)	(12.2%)	(1.2%)
Underlying net finance and other (expense)	(36.7)	(23.3)	(16.2)	57.5%	126.5%
Underlying profit before tax (excluding FX)	251.5	249.8	180.5	0.7%	39.3%
FX (loss)	(3.2)	(12.3)	(12.3)	(74.0%)	(74.0%)
Underlying profit before tax	248.3	237.5	168.2	4.5%	47.6%
Profit before tax	85.7	150.0	80.7	(42.9%)	6.2%
Tax	(29.0)	(25.6)	(11.6)	13.3%	150.0%
Profit after tax	56.7	124.4	69.1	(54.4%)	(17.9%)
* The pro forma results assume that the acquisition of ECP completed on 1 January 2024

Summarised consolidated statement of financial position (statutory basis) £ million	As at 31 December 2025	(Restated) As at 31 December 2024	Change (%)
Assets
Non-current assets	1,834.8	1,782.0	3.0%
Current assets	3,381.8	2,314.8	46.1%
Total Assets	5,216.6	4,096.8	27.3%
Liabilities
Non-current liabilities	3,560.1	2,495.6	42.7%
Current liabilities	468.5	408.1	14.8%
Total Liabilities	4,028.6	2,903.7	38.7%
Net Assets	1,188.0	1,193.1	(0.4%)
Equity
Share capital and premium	445.4	375.2	18.7%
Other reserves	65.7	51.1	28.6%
Retained earnings	484.2	558.7	(13.3%)
Non-controlling interests	192.7	208.1	(7.4%)
Total Equity	1,188.0	1,193.1	(0.4%)

Summarised consolidated cash flow statement (statutory basis) £ million	Year ended 31 December 2025	Year ended 31 December 2024	Change (%)
Net cash flows from operating activities	135.9	10.8	1158.3%
Net cash flows from investing activities	(618.5)	(928.9)	(33.4%)
Net cash flows from financing activities	651.6	776.1	(16.0%)
Net increase/(decrease) in cash and cash equivalents	169.0	(142.0)	(219.0%)
Total cash and cash equivalents at beginning of the year	159.8	314.8	(49.2%)
Effect of exchange rate changes	6.1	(13.0)	(146.9%)
Total cash and cash equivalents at the end of the year	334.9	159.8	109.6%
of which: cash and cash equivalents at the end of the year (for use within the Group)	193.5	90.8	113.1%
of which: cash belonging to consolidated CLOs and structured fund vehicles attributable to third-party investors (restricted use)	141.4	69.0	104.9%
Total cash at the end of the year	334.9	159.8	109.6%

*	The pro forma results assume that the acquisition of ECP completed on 1 January 2024.
1.	2024 comparative information is restated, further details are included in note 13 of the consolidated financial statements.

£ million	Underlying year ended 31 December 2025	Exceptionals and adjusted items	IFRS year ended 31 December 2025
Management and other fees	427.0	(11.0)	416.0
PRE, consisting of:	151.6	48.1	199.7
Carried interest	60.0	-	60.0
Fair value remeasurement of investments (excluding investment-linked bonuses)	105.1	48.1	153.2
Investment-linked bonuses	(13.5)	-	(13.5)
Other operating income	0.7	-	0.7
Total operating income (including investment-linked bonuses)	579.3	37.1	616.4
Personnel expenses (excluding investment linked bonus and expenses excluded from FRE*)	(203.4)	(82.1)	(285.5)
Other operating expenses	(67.9)	(17.1)	(85.0)
Personnel expenses excluded from FRE*	(3.2)	-	(3.2)
EBITDA	304.8	(62.1)	242.7
EBITDA margin (%)	52.6%	N/A	39.4%
FRE	156.4	(110.2)	46.2
FRE margin (%)	36.6%	N/A	11.1%
Depreciation and amortisation	(16.6)	(48.3)	(64.9)
Net finance and other (expense)	(36.7)	(51.7)	(88.4)
FX (loss)	(3.2)	(0.5)	(3.7)
Profit before tax	248.3	(162.6)	85.7
Tax	(29.0)	-	(29.0)
Profit after tax	219.3	(162.6)	56.7
* Other excluded personnel expenses include expenses relating to corporate development activities. They are excluded from FRE but are added back to EBITDA. Further details are set out in the Supplementary information: Non-statutory consolidated cash flow statement, excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors to the end of alternative performance measures (APMs).

€ billion	Private equity	Credit	Infrastructure	Total
31 December 2024	31.0	13.8	28.2	73.0
Fundraising	0.3	3.4	3.8	7.5
Divestments	(5.0)	-0.8	(1.3)	(7.1)
Revaluations	1.3	0.3	8.6	10.2
Foreign exchange movements	-	-	(3.3)	(3.3)
31 December 2025	27.6	16.7	36.0	80.3

Asset class	Strategy	Established	Fund details			Fund performance at 31 December 2025
Asset class	Strategy	Established	Fund name	Vintage	Size	Gross MOIC³	DPI¹	Gross IRR
Private equity	Bridgepoint Europe	1984	BE V	2015	€4.0bn	2.3x	1.5x	18.0%
			BE VI	2019	€5.8bn	2.0x	0.8x	15.8%
			BE VII	2022	€7.0bn	1.3x	-	20.1%
	Bridgepoint Development Capital	2009
			BDC III	2016	£605m	4.7x	3.0x	40.6%
			BDC IV	2021	£1.6bn	1.2x	-	8.2%

Credit	Direct Lending	2015	BDL I	2015	€530m	1.3x	1.2x	9.1%
			BDL II²	2017	€2.3bn	1.3x	0.8x	8.9%
			BDL III²	2021	€2.9bn	1.2x	0.2x	10.1%

Infra	Flagship Funds	2005	ECP III	2014	$5.1bn	2.4x	1.4x	18.3%
			ECP IV	2018	$3.3bn	2.1x	0.8x	22.4%
			ECP V	2022	$4.4bn	2.3x	0.5x	55.4%

1.	DPI is presented net of carry and expenses.
2.	BDL II and BDL III are unlevered.
3.	Gross MOIC in Direct Lending funds (credit) does not include the benefits of recycling.

£ pence	Year ended 31 December 2025	Pro forma Year ended 31 December 2024 (ECP: full year)	Year ended 31 December 2024 (ECP: from completion date)	Change 25 vs. Pro forma 24 (%)	Change 25 vs. 24 (%)
Basic earnings per share	5.0	15.1	8.0	(66.9%)	(37.5%)
Diluted earnings per share	4.9	12.2	7.9	(59.8%)	(38.0%)
Underlying basic earnings per share	26.5	25.7	19.5	3.1%	35.9%
Underlying diluted earnings per share	25.7	20.6	19.0	24.8%	35.3%
Interim dividend per share	4.7	4.6	4.6	2.2%	2.2%
Final dividend per share	4.7	4.6	4.6	2.2%	2.2%

%	GBP	EUR	USD	Other
AUM	4.6	48.8	46.6	-
Fee Paying AUM	5.6	63.3	31.1	-
Management and other fees	9.4	63.9	26.7	-
Underlying operating expenses	46.0	22.4	27.6	4.0
PRE	7.2	28.1	64.8	-

£ million	As at 31 December 2025	As at 31 December 2024	Change (%)
Borrowings (excluding capitalised facility costs)	(456.1)	(490.3)	(7.0%)
Cash and cash equivalents (excluding cash belonging to consolidated CLOs and structured fund vehicles attributable to third-party investors (restricted use))	193.5	90.8	113.1%
Net (debt)/ cash (excluding cash belonging to consolidated CLOs and structured fund vehicles attributable to third-party investors (restricted use))	(262.6)	(399.5)	(34.3%)

Fundraising
Description		Mitigation
Funds under management by the Group typically have a finite life and a finite amount of commitments from fund investors. Once a fund nears the end of its investment period, the Group raises additional or successor funds in order to keep making investments in that strategy and earn management fees (although funds and investment vehicles continue to earn management fees after the expiration of their investment periods, they generally do so at a reduced rate).		The Group's capital raising efforts are supported by an in-house global investor services team, which utilises the Group's data and technology capabilities. The Group's global investor relations and fundraising platform continued to expand in 2025, leveraging strengthened distribution capabilities, enhanced investor analytics, and improved CRM infrastructure. The Group further diversified its investor base geographically and by investor type and executed targeted investor engagement programmes across the global network.

The alternative investment management sector is intensely competitive, with the Group competing with a number of others for investor capital, including sponsors of public and private investment funds. Fundraising conditions remained competitive during 2025, with a high volume of managers returning to market and extended fundraising timetables across private markets. Investor allocation cycles have also lengthened, with increased diligence around performance, fee structures, and alignment.		Fund performance, transparency, and disciplined pricing remain core differentiators in fundraising processes. Oversight of fundraising strategy and pipeline was enhanced through the operations of the Group's Investor Relations Board. As a leading middle market investor, the Group offers investors a differentiated approach arising from its global reach and ability to deploy capital across middle market strategies. This differentiation insulates the Group, to some extent, against the competitive pressures arising in respect of attracting fund investors.

The inability to raise additional or successor funds (or raise successor funds of a comparable size to predecessor funds), or a change in the terms on which investors are willing to invest, could have a material adverse impact on the Group's business, revenue, net income, cash flows and/or the ability to retain employees.

Regulation and Compliance
Description		Mitigation
The international nature of the Group's business, with corporate and fund entities located in multiple jurisdictions and a diverse investor base, makes it subject to a wide range of laws and regulations. It is supervised by a number of regulators, including the Financial Conduct Authority in the UK, the Securities and Exchange Commission in the United States, the Autorité des Marchés Financiers in France and the Commission de Surveillance du Secteur Financier in Luxembourg. Failure to comply with applicable laws and regulations may put the Group at risk of fines, lawsuits or reputational damage.		The Group is supported by a Legal and Compliance team that provides guidance to the business on its regulatory and legal obligations. As the Group expands into new products and strategies, the Group ensures that this team is well placed to address the increasing and developing framework of applicable regulation. In 2025 the Group established a Risk & Compliance Working Group, which, together with the Group Operating Committee, enhanced risk monitoring, regulatory horizon scanning, and policy frameworks throughout the year.

As the Group expands into new products and strategies, the laws and regulations that apply to the Group also expand, often in a way which overlaps and requires complex review, assessment and regulatory implementation.		The Group monitors regulatory and legislative changes in the jurisdictions in which it operates and interacts with regulators and industry bodies to stay informed of regulatory changes. It also proactively takes actions to comply with any changes in law or regulation.

Increased law and regulation may impact the Group's operating entities, and funds that it manages or advises, as well as the markets and sectors in which the Group's investment strategies invest or from which capital is raised.		Employees of the Group are provided with periodic training on the laws and regulations relevant to the Group.

Market and Economics
Description		Mitigation
Macroeconomic events may contribute to volatility in financial and global markets which can adversely impact the Group's business by reducing the value or performance of the investments made by the funds managed or advised by the Group as well as the availability of financial resources to the Group. Adverse economic scenarios may reduce exit opportunities, prolong holding periods, and impact the performance of funds across the platform. Market conditions may also influence investor appetite for private market strategies, indirectly affecting fundraising performance.		The Group's business model is predominantly based on illiquid, closed-end funds which allow investment teams to remain disciplined throughout economic cycles. In addition, the Group actively manages fund portfolios as well as the Group's liquidity and operations, to ensure resilience across a range of macroeconomic outcomes. The expansion of the Group into different verticals can help to mitigate the impact of macroeconomic changes, as different alternative asset classes will react differently to macroeconomic impacts. For example, higher interest rates may benefit the Group's credit vertical.


For example, rising interest rates may adversely impact multiples and discount rates used for investment valuations. Higher interest rates may also reduce the Group's ability to secure favourable financing, both for the Group itself and for the funds it manages or advises.		The expansion of the Group into different verticals can help to mitigate the impact of macroeconomic changes, as different alternative asset classes will react differently to macroeconomic impacts. For example, higher interest rates may benefit the Group's credit vertical.


		The Group's senior management and strategy leadership regularly update the business on economic trends and outlooks to aid investment teams and corporate functions in anticipating and proactively addressing macroeconomic risks.

Fund Performance and Capital Deployment
Description		Mitigation
Investment performance remains central to the Group's reputation and its ability to grow assets under management. Underperformance within large flagship funds or other strategies could reduce investor confidence and impair future fundraising. Capital deployment conditions were mixed in 2025, with increased competition for resilient assets and evolving financing markets. A slow deployment pace or reduced transaction sizes could adversely affect fund performance, fee generation and alignment with investor expectations.		The Group's investment strategies each have in place a robust and disciplined investment process where investments are analysed and selected by investment-focused committees. Each strategy will also regularly review and monitor investment performance and delivery of investment objectives. Any 'at risk' investments are subject to particular focus and specialist attention. For example, such investments are reviewed by the Portfolio Working Group within the Group's private equity vertical.

		Investment processes not only evaluate and mitigate the risks inherent in particular investments or divestments, but also ensure that decisions are taken in accordance with the relevant fund's investment strategy and governing documents. This includes limiting fund exposure to individual investments, and diversifying investments in terms of sectors and geographies.

		Deal flow is driven by the Group's sector strategy which is continually refined to take advantage of market conditions, including changes in competitive pressures. The Group's investment approach has evolved through different economic cycles, helping it to resist temporary pressures.

		The introduction of new products and verticals to the Group helps to reduce dependence on performance of any individual fund.
Talent and Conduct
Description		Mitigation
The Group's personnel, including its investment professionals and specialist teams, are highly important to the Group's business and the implementation of its strategy, and the market for such persons is highly competitive. The Group's continued success is therefore dependent upon its ability to retain and motivate its personnel and to strategically recruit new talented professionals. Conduct risks, including behavioural, cultural, or ethical failings, could result in regulatory scrutiny, reputational damage or loss of key individuals.		The Group places an emphasis on active engagement with its people to better understand their needs, and to focus on progression and professional development. The Group also ensures competitive reward schemes are in place for all employees. Rewards are weighted towards performance and therefore provide long-term alignment with fund investors and other key stakeholders, ultimately driving value for the Group. For senior management, these include a blend of short- and long-term incentives.

In particular, the Group depends on the skills, reputations and business networks of its executive management and other key senior team members and the information and deal flow they generate. Competition for talent remains strong across the private markets industry.		Talent development, succession planning and reward frameworks remained key themes in 2025, overseen by the Group and business-unit Talent & Reward Committees.

Cybersecurity and IT
Description		Mitigation
Cybersecurity threats remain a significant risk for all global financial and investment institutions. Cybersecurity incidents and cyber attacks continue to be a feature of the global economy and as an increasingly global business, the Group faces various cybersecurity threats on a regular basis. This includes ongoing cybersecurity threats to, and attacks on, digital and information technology infrastructure that is intended to gain access to proprietary information, destroy data, or disable, degrade or sabotage systems.		The Group's information security programme is designed to prevent and respond to current and emerging cyber threats facing the Group. The Group's IT accounts are protected using multi-factor authentication to significantly reduce identity-based attacks and digital assets are protected from exploitation through robust patching and vulnerability management programmes.

Cybersecurity failures, technology failures or data security breaches could result in the confidentiality, integrity or availability of data being negatively affected, causing disruption and/or damage to the Group's business.		Employees receive training, including simulations, to continually raise vigilance and to promote positive security behaviours. Employee devices are also secured to industry standards and technologies are used to enable seamless and secure remote access.

		The Group conducts annual external offensive and penetration tests that validate the effectiveness of controls, and aid further protection. The Group's digital infrastructure is entirely cloud hosted, with resiliency designed into it. In-house and external cyber experts monitor and respond to any abnormal activity. The Group maintains an annually tested IT disaster recovery and cyber incident response plan, and desktop cyber attack simulation exercises were conducted in 2025 with executives.

Operational Resilience & Execution
Description		Mitigation
The Group depends on operational processes, data, systems, and specialist teams to support investment activity, satisfaction of client obligations, reporting, and financial operations. Operational failures - including errors, system outages, third-party failures or inadequate process controls - could lead to financial loss, regulatory breaches, and/or reputational damage. Increasing Group scale and the addition of new products or verticals elevate the importance of robust operational resilience.		Management of operational resilience risks is overseen by the Group Operating Committee, supported by dedicated working groups responsible for specific themes such as third-party risk, business continuity, incident management, data optimisation and technology resilience. Responsibilities for operational risk ownership and control operation are clearly defined across business units and functions.

		Lessons learned from incidents, and the findings of audits and control testing are embedded into process improvements and control enhancements. Independent assurance is provided through second line monitoring and internal audit reviews, with particular focus on controls that support the delivery of critical business services.
Liquidity & Funding
Description		Mitigation
The Group must maintain appropriate levels of liquidity to support operations, seed capital commitments and undertake strategic opportunities. Fund-level liquidity risks may also affect investor relations and returns.		The Group maintains robust liquidity forecasting processes with oversight from the Group Investment Committee. Stress testing is performed periodically, and liquidity KRIs are monitored against Board-approved risk appetite thresholds. Diversification across strategies and geographies supports resiliency across different market scenarios.

Sustainability
Description		Mitigation
Sustainability risk involves the failure to accurately assess and manage the impacts of environmental, social, security and governance related matters. Sustainability-related risks include those related to regulatory and reporting obligations, and investor expectations.		The Group has a number of governance structures to help ensure appropriate oversight and management of ESSG related risks, including the ESSG Committee. The Group strengthened its ESSG governance framework during 2025, including enhanced oversight via the ESSG Working Group. It also upgraded ESSG data and reporting systems.

Failure to meet evolving ESSG expectations could reduce investor confidence, impair fundraising, lead to regulatory scrutiny and/or cause reputational damage.		Sustainability matters are considered throughout the fund investment process. ESSG integration processes for investments were reviewed and updated during the year to reflect emerging regulation and market practice.

		The Group continued to enhance its climate-related and sustainability disclosures, aligned to regulatory requirements and investor expectations.

Group M&A and Integration
Description		Mitigation
The Group periodically undertakes mergers, acquisitions and other strategic transactions to support the execution of its long-term strategy, expand its investment capabilities, enter new verticals or geographies, and enhance its operating platform. Successfully executing such transactions requires disciplined strategic assessment, robust due diligence, effective deal structuring, and timely and effective post-transaction integration.		The Group applies a disciplined and structured approach to mergers, acquisitions and other strategic transactions to ensure alignment with its long-term strategy and risk appetite. Proposed transactions are subject to robust governance and approval processes, supported by comprehensive commercial, financial, legal, regulatory and operational due diligence.

M&A activity exposes the Group to a range of risks, including the risk that transactions are not aligned to strategic objectives, that anticipated synergies or benefits are not realised, or that execution challenges arise during integration. These challenges may include operational disruption, cultural misalignment, technology integration issues, regulatory or legal complexity, issues with retention of key personnel, and increased time and focus required from management.		Integration planning is embedded early in the transaction process, with clear ownership of integration workstreams, defined milestones and ongoing oversight by senior management. Particular focus is placed on cultural alignment, retention of key personnel and the orderly integration of systems, processes and controls.

Failure to execute transactions in line with strategy, or to integrate acquired businesses effectively, could result in financial underperformance, delays in achieving strategic objectives, reputational harm, and/or increased operational and regulatory risk.		Progress against integration plans and delivery of strategic objectives is monitored through established governance forums, with lessons learned from completed transactions embedded into the Group's M&A framework to support continuous improvement.

	Note	2025 £ m	2024 £ m
Management and other fees	6	416.0	329.2
Carried interest	6	60.0	59.1
Fair value remeasurement of investments	6	153.2	38.8
Other operating income		0.7	1.0
Total operating income		629.9	428.1
Personnel expenses	7	(302.2)	(214.6)
Other operating expenses	8	(85.0)	(67.3)
EBITDA*		242.7	146.2
Depreciation and amortisation expense	10	(64.9)	(36.2)
Finance and other income	11	4.4	7.8
Finance and other expenses	11	(96.5)	(37.1)
Profit before tax		85.7	80.7
Tax	12	(29.0)	(11.6)
Profit after tax		56.7	69.1

Attributable to:
Equity holders of the parent		41.5	64.8
Non-controlling interests	24 (d)	15.2	4.3
		56.7	69.1

		Pence	Pence
Basic earnings per share	13	5.0	8.0
Diluted earnings per share¹	13	4.9	7.9

*	Exceptional expenses of £86.7m (2024: £61.8m) are included in EBITDA. Profit before tax includes exceptional expenses of £117.4m (2024: £62.6m). Details of exceptional items are included in note 9.
1	Diluted earnings per share for 2024 have been restated, for further details refer to note 13.

	Note	2025 £ m	2024 £ m
Profit after tax		56.7	69.1
Items that may be reclassified to the statement of profit or loss in subsequent years:
Exchange differences on translation of foreign operations		(24.1)	10.6
Change in the fair value of hedging instruments	21 (b)	(6.7)	14.0
Change in the time value of foreign exchange options	21 (b)	-	(0.1)
Reclassifications to the Consolidated Statement of Profit or Loss	21 (b)	(8.7)	0.3
Total tax on components of other comprehensive income	12 (c)	3.6	(3.3)
Other comprehensive income net of tax		(35.9)	21.5
Total comprehensive income net of tax		20.8	90.6

Total comprehensive income attributable to:
Equity holders of the parent		8.0	83.2
Non-controlling interests	24 (d)	12.8	7.4
		20.8	90.6

		2025	(Restated) 2024
	Note	£ m	£ m
Assets
Non-current assets
Property, plant and equipment	14	95.6	88.3
Goodwill and intangible assets	4,15	711.9	780.9
Carried interest receivable	16	148.9	113.3
Fair value of fund investments	17 (a),(b)	853.6	765.6
Trade and other receivables	17 (a),(f)	24.8	33.9
Total non-current assets		1,834.8	1,782.0
Current assets
Consolidated CLO assets*	17 (a),(d)	2,878.8	1,978.2
Trade and other receivables	4,17 (a),	138.5	150.4
Derivative financial assets	17 (a),(e)	5.1	26.4
Other investments	17 (a),(c)	24.5	-
Cash and cash equivalents	17 (a),(g)	193.5	90.8
Cash belonging to consolidated CLOs and structured fund vehicles	17 (a),(g)	141.4	69.0
Total current assets		3,381.8	2,314.8
Total assets		5,216.6	4,096.8
Liabilities
Non-current liabilities
Trade and other payables	18 (a),(b)	53.5	35.6
Other financial liabilities	18 (a),(d)	317.4	159.4
Fair value of consolidated CLO liabilities*	18 (a),(e)	2,587.8	1,696.2
Borrowings	18 (a),(c)	451.2	485.3
Lease liabilities	18 (a),19	84.0	74.4
Deferred tax liabilities	23	66.2	44.7
Total non-current liabilities		3,560.1	2,495.6
Current liabilities
Trade and other payables	18 (a),(b)	193.3	157.1
Lease liabilities	18 (a),19	12.6	13.5
Derivative financial liabilities	18 (a),(g)	33.5	4.2
Consolidated CLO liabilities*	18 (a),(e)	25.5	20.6
Consolidated CLO purchases awaiting settlement*	18 (a),(f)	203.6	212.7
Total current liabilities		468.5	408.1
Total liabilities		4,028.6	2,903.7
Net assets		1,188.0	1,193.1
Equity
Share capital	24 (a)	0.1	0.1
Share premium	24 (a)	445.3	375.1
Other reserves	24 (c)	65.7	51.1
Retained earnings	4	484.2	558.7
Equity attributable to owners of the parent		995.3	985.0
Non-controlling interests	4,24 (d)	192.7	208.1
Total equity		1,188.0	1,193.1

	Note	Share capital £ m	Share premium £ m	Other reserves £ m	Retained earnings £ m	Total equity attributable to owners of the parent £ m	Non-controlling interests £ m	Total equity £ m
At 1 January 2025		0.1	375.1	51.1	558.7	985.0	208.1	1,193.1
Profit for the year		-	-	-	41.5	41.5	15.2	56.7
Other comprehensive (loss)/income		-	-	(36.6)	3.3	(33.3)	(2.6)	(35.9)
Total comprehensive income		-	-	(36.6)	44.8	8.2	12.6	20.8
Share-based payment expense	7 (a)	-	-	55.2	-	55.2	9.5	64.7
Vested share-based payments	24 (c)	-	-	(4.0)	4.0	-	-	-
Transactions with non-controlling interests	24 (d)	-	70.2	-	(41.1)	29.1	(23.9)	5.2
Share buyback	24 (c)	-	-	-	(4.1)	(4.1)	-	(4.1)
Dividends and dividend equivalents	25	-	-	-	(78.1)	(78.1)	(13.6)	(91.7)
At 31 December 2025		0.1	445.3	65.7	484.2	995.3	192.7	1,188.0

	Note	Share capital £ m	Share premium £ m	Other reserves £ m	(Restated) Retained earnings £ m	(Restated) Total equity attributable to owners of the parent £ m	(Restated) Non-controlling interests £ m	(Restated) Total equity £ m
At 1 January 2024		0.1	289.8	12.6	418.7	721.2	-	721.2
Profit for the year		-	-	-	64.8	64.8	4.3	69.1
Other comprehensive income		-	-	21.6	(3.2)	18.4	3.1	21.5
Total comprehensive income		-	-	21.6	61.6	83.2	7.4	90.6
Share-based payment expense	7 (a)	-	-	33.1	-	33.1	5.5	38.6
Vested share-based payments	24 (c)	-	-	(16.2)	16.2	-	-	-
Acquisition and part disposal of subsidiaries	4	-	-	-	199.6	199.6	233.0	432.6
Transactions with non-controlling interests	24 (d)	-	85.3	-	(54.3)	31.0	(31.0)	-
Share buyback	24 (c)	-	-	-	(9.8)	(9.8)	-	(9.8)
Dividends and dividend equivalents	25	-	-	-	(73.3)	(73.3)	(6.8)	(80.1)
As at 31 December 2024		0.1	375.1	51.1	558.7	985.0	208.1	1,193.1

Asset class	Useful life
Computers, furniture and other	3 to 6 years
Leasehold improvements	Over the shorter of their useful economic life or the lease term
Property right-of-use assets	Over the contractual lease term

Asset class	Amortisation rate
Customer relationship intangible assets	5 to 10 years
Acquired carried interest intangible assets	3 to 15 years
Computer software	Up to 5 years

Name of CLOs	Group interest in the subordinated notes	Group share of CLO	Consolidation treatment at YE24	Nature of the entity
Bridgepoint CLO 1 DAC	55.2%	5.0%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO 2 DAC	5.1%	5.0%	Not consolidated	Subordinated notes in the residual class
Bridgepoint CLO 3 DAC	58.8%	9.6%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO IV DAC	74.9%	5.9%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO V DAC	66.2%	11.0%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO VI DAC	68.4%	9.7%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO VII DAC	64.6%	5.0%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO VIII DAC	65.8%	5.0%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO IX DAC	50.7%	8.5%	Consolidated	Subordinated notes in the residual class
Bridgepoint CLO X DAC	50.0%	n/a	Consolidated	Warehouse entity

Year Ended 31 December 2025	Private Equity £ m	Credit £ m	Infrastructure £ m	Central £ m	Total Core £ m	Total Other £ m	Exceptional and adjusted items £ m	Reported total Group £ m
Management and other fees	241.3	69.9	112.6	3.2	427.0	-	(11.0)	416.0
Carried interest	33.3	1.4	25.3	-	60.0	-		60.0
Fair value remeasurement of investments	37.2	13.2	40.1	14.6	105.1	-	48.1	153.2
Other operating income	-	-	0.1	-	0.1	0.6	-	0.7
Total operating income	311.8	84.5	178.1	17.8	592.2	0.6	37.1	629.9
Personnel expenses	(74.5)	(27.7)	(52.1)	(65.3)	(219.6	(0.5)	(82.1)	(302.2)
Other operating expenses	(20.4)	(9.1)	(12.3)	(25.9)	(67.7)	(0.2)	(17.1)	(85.0)
EBITDA	216.9	47.7	113.7	(73.4)	304.9	(0.1)	(62.1)	242.7
Depreciation and amortisation								(64.9)
Net finance and other income and expenses								(92.1)
Profit before tax								85.7

Final Results

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

Year Ended 31 December 2024	Private Equity £ m	Credit £ m	Infrastructure £ m	Central £ m	Total Core £ m	Total Other £ m	Exceptional and adjusted items £ m	Reported total Group £ m
Management and other fees	238.8	61.3	33.0	2.9	336.0	-	(6.8)	329.2
Carried interest	28.0	-	31.1	-	59.1	-	-	59.1
Fair value remeasurement of investments	8.8	14.4	8.4	-	31.6	-	7.2	38.8
Other operating income	0.2	-	-	-	0.2	0.8	-	1.0
Total operating income	275.8	75.7	72.5	2.9	426.9	0.8	0.4	428.1
Personnel expenses	(69.9)	(23.9)	(15.2)	(48.0)	(157.0)	(0.8)	(56.8)	(214.6)
Other operating expenses	(23.3)	(6.9)	(3.5)	(22.6)	(56.3)	(0.1)	(10.9)	(67.3)
EBITDA	182.6	44.9	53.8	(67.7)	213.6	(0.1)	(67.3)	146.2
Depreciation and amortisation								(36.2)
Net finance and other income and expenses								(29.3)
Profit before tax								80.7

Year Ended 31 December	2025 £ m	2024 £ m
UK	343.2	264.7
USA	178.0	72.5
EU countries	108.7	90.9
Total operating income	629.9	428.1

	Group
	2025 £ m	2024 £ m
Investments:
Private equity (investments in funds, excluding those attributable to third-party investors)	440.8	470.8
Private equity (investments in funds attributable to third-party investors)	241.8	110.6
Credit (investments in funds, including CLOs, excluding those attributable to third-party investors)	152.7	142.0
Credit (CLO assets attributable to third-party investors)	2,747.2	1,893.3
Credit (other investments)	24.5	-
Infrastructure (investments in funds)	149.9	127.1
Total investments	3,756.9	2,743.8
Carried interest receivable:
Private equity	64.4	49.0
Credit	2.6	2.5
Infrastructure	81.9	61.8
Total carried interest receivable	148.9	113.3

	Number of units		Weighted average fair value per share granted (£)
Group and Company	2025	2024	2025	2024
Rights outstanding at beginning of the period	14,929,500	-	3.03	N/A
Granted	-	14,929,500	N/A	3.0
Forfeited	-	-	N/A	N/A
Vested	-	-	N/A	N/A
Rights outstanding (unvested) at the end of the period	14,929,500	14,929,500	3.03	3.03

	Number of shares		Weighted average fair value per share granted (£)
Group and Company	2025	2024	2025	2024
Rights outstanding at beginning of the period	42,379,775	-	3.03	N/A
Granted	11,478,985	49,993,600	2.74	3.03
Forfeited	(1,650,480)	-	2.74	N/A
Vested	-	(7,613,825)	N/A	3.03
Rights outstanding (unvested) at the end of the period	52,208,280	42,379,775	3.03	3.03

	A3 Share Award		A3 Share Award (£ per share)
Group and Company	2025	2024	2025	2024
Opening	389,200	440,400	3.96	3.96
Vested	-	-	N/A	N/A
Forfeited	(7,681)	(51,200)	3.96	3.96
Outstanding at year end	381,519	389,200	3.96	3.96

	Number of shares		Weighted average fair value per share granted (£)
Group and Company	2025	2024	2025	2024
Rights outstanding at beginning of the period	2,709,422	1,859,348	2.40	2.14
Granted	1,589,763	2,423,489	3.32	2.58
Granted - dividend equivalents	64,327	81,403	3.11	2.48
Forfeited	(215,273)	(243,754)	2.92	2.35
Forfeited - dividend equivalents	(6,252)	(5,533)	2.66	2.25
Vested	(1,641,208)	(1,364,201)	2.31	2.31
Vested - dividend equivalents	(71,633)	(41,330)	2.30	2.27
Rights outstanding (unvested) at the end of the period	2,429,146	2,709,422	3.04	2.40

	Group
	Right-of-use assets £ m	Leasehold improvements £ m	Computers, furniture and other £ m	Total £ m
Cost
As at 1 January 2025	87.2	41.4	14.3	142.9
Additions	22.1	4.7	2.0	28.8
Foreign exchange	(1.0)	(0.7)	-	(1.7)
Disposals	(3.6)	(0.4)	(1.7)	(5.7)
As at 31 December 2025	104.7	45.0	14.6	164.3
Accumulated depreciation
As at 1 January 2025	(34.8)	(11.4)	(8.4)	(54.6)
Foreign exchange	-	-	(0.1)	(0.1)
Depreciation	(9.1)	(4.7)	(2.3)	(16.1)
Disposals	-	0.4	1.7	2.1
As at 31 December 2025	(43.9)	(15.7)	(9.1)	(68.7)
Carrying value at 31 December 2025	60.8	29.3	5.5	95.6

	Note	Goodwill £ m	Intangible assets - customer relationship £ m	Intangible assets - acquired carried interest £ m	Total £ m
Cost
As at 1 January 2025		550.1	158.7	101.4	810.2
Additions	3(b)(ii)	-	-	25.3	25.3
Foreign exchange		(30.9)	(9.6)	(7.2)	(47.7)
As at 31 December 2025		519.2	149.1	119.5	787.8
Accumulated amortisation and impairment
As at 1 January 2025		-	(19.7)	(9.6)	(29.3)
Amortisation		-	(21.7)	(26.6)	(48.3)
Foreign exchange		-	0.7	1.0	1.7
As at 31 December 2025		-	(40.7)	(35.2)	(75.9)
Carrying value
As at 1 January 2025		550.1	139.0	91.8	780.9
As at 31 December 2025		519.2	108.4	84.3	711.9

		Group
	Note	(Restated) Goodwill £ m	Intangible assets - customer relationship £ m	Intangible assets - acquired carried interest £ m	(Restated) Total £ m
Cost
As at 1 January 2024	4	105.1	21.2	-	126.3
As at Additions from acquired subsidiaries	4	427.6	132.1	97.5	657.2
As at Foreign exchange	4	17.4	5.4	3.9	26.7
As at 31 December 2024	4	550.1	158.7	101.4	810.2
Accumulated amortisation and impairment
As at 1 January 2024		-	(9.7)	-	(9.7)
Amortisation		-	(9.9)	(9.5)	(19.4)
As at Foreign exchange			(0.1)	(0.1)	(0.2)
As at 31 December 2024		-	(19.7)	(9.6)	(29.3)
Carrying value
As at 1 January 2024	4	105.1	11.5	-	116.6
As at 31 December 2024	4	550.1	139.0	91.8	780.9