Half-year Report

Bridgepoint Group plc

17 July 2026

 

Bridgepoint Group plc (the "Group" or the "Company")

Successful fundraising and 78% growth in underlying EBITDA increase confidence in delivering full year guidance

Bridgepoint Group plc today announces record results for the six months to 30 June 2026.

The Group delivered 22.8% growth in underlying management fees and other income and 109.5% growth in performance related earnings ("PRE") leading to 77.6% growth in EBITDA to £227.3 million compared to first half of 2025. The return of a record amount of €16.6 billion of capital to fund investors in the first half combined with continued strong fund performance has driven continued progress in fundraising which underpins confidence in delivering the recently increased fundraising target of €28 billion by the end of 2026.

Summary highlights:

Performance versus 6 months ended 30 June 2025 (unless otherwise stated) and excluding the acquisition of Kayne Anderson Real Estate:

•	Assets under management ("AUM") increased by 12.4% to $97.3 billion (30 June 2025: $86.6 billion);
•	Fee paying AUM increased by 32.7% to $58.4 billion (30 June 2025: $44.0 billion);
•	Underlying management fee income of £254.4 million, or £232.7 million excluding catch-up fees of £21.7 million (H1 2025: £207.1 million or £201.4 million excluding catch-up fees of £5.7 million), an increase of 22.8% including catch-up fees in both periods;
•	Fee related earnings ("FRE") increased by 42.1% including catch-up fees to £108.0 million (H1 2025: £76.0 million);
•	PRE more than doubled (+109.5%) to £120.7 million (H1 2025: £57.6 million);
•	Underlying EBITDA increased by 77.6% to £227.3 million (H1 2025: £128.0 million) with an EBITDA margin of 60.6%;
•	€3.6 billion was deployed (FY 2025: €7.8 billion) and a record €16.6 billion was returned to fund investors in H1 2026 (FY 2025: €8.1 billion); and
•	€26 billion now raised towards the previously increased fundraising target of €28 billion by the end of 2026.

Raoul Hughes, Chief Executive said:

"Bridgepoint reported continued strong growth in the first half with fee paying assets under management increasing by a third in US dollar terms and underlying EBITDA growing by 78% compared to the first half of 2025. Continued progress in fundraising underpins our confidence in delivering our recently increased fundraising target of €28 billion by the end of 2026.

"Consistent with our historical track record, the first half of 2026 was an impressive period for both capital deployment and returns with €3.6 billion deployed and a record €16.6 billion returned to fund investors.

"We took another major step forward in our strategy to strengthen our position as a leading global middle-market private markets platform with the announcement of the acquisition of Kayne Anderson Real Estate in late June. Real estate is a growing private markets asset class and Kayne Anderson Real Estate has built a leading position as a scaled specialist with an exceptional track record and strong fundraising momentum. We look forward to working with them to scale this exciting new strategy. The enlarged Group will be equally balanced between Europe and the US and with almost 50% of AUM in real assets.

"Looking ahead, we are making excellent progress in fundraising and there is a good transaction pipeline in place for the second half of 2026 and beyond. The medium-term growth prospects for private markets are exciting and we are confident in the Group's long-term strategic opportunity."

Financial performance

•	Fee paying AUM increased by 32.7% to $58.4 billion from $44.0 billion at 30 June 2025 as successful fundraising and further deployment in credit exceeded asset realisations, step downs and FX impacts;
•	Underlying management fee income increased by 22.8% to £254.4 million (H1 2025: £207.1 million) including catch-up fees or by 15.5% excluding catch-up fees from both periods;
•	Expenses (excluding exceptional expenses and adjusted items) ("Underlying Expenses") were £147.8 million (H1 2025: £136.7 million) as we continued to invest for growth;
•	FRE increased by 42.1% to £108.0 million or £86.3 million excluding catch-up fees (H1 2025: £76.0 million or £70.3 million excluding catch-up fees), with an FRE margin of 42.5% (H1 2025: 36.7%) including catch-up fees in both years;
•	PRE of £120.7 million (H1 2025: £57.6 million), represented 32.2% of total income;
•	Underlying EBITDA of £227.3 million or £205.6 million excluding catch-up fees (H1 2025: £128.0 million or £122.3 million excluding catch-up fees); and
•	Underlying profit before tax of £197.5 million (H1 2025: £103.7 million), resulting in underlying diluted EPS of 15.5p (H1 2025: 10.4p).

Fundraising

•	BDL IV held its final close in July at €5.1 billion of investable capital, comfortably above its cover number of €4.0 billion;
•	ECP VI has raised $7.0 billion to date, increased the hard cap from $7.5 billion to $7.8 billion and is expected to hold a final close later this quarter;
•	BE VIII has raised €7.0 billion to date with a final close expected in Q1 2027 at €8.0 - 8.5 billion;
•	BCO V started fundraising in 2025 and held its initial close in April with fundraising to continue into 2027; and
•	CLO X and XI both priced in H1 2026 with CLO XII in warehouse.

Deployment

•	€3.6 billion of capital deployed in H1 2026 (FY 2025: €7.8 billion); and
•	Continued deployment in H1 2026; deployment to fund commitments currently: BE VII 100%, ECP V 85%, ECP VI 12%, BDC V 49%; and BDL IV 32%.

Note: private equity and infrastructure deployment calculated as a percentage of primary capital and includes deals signed but not completed.

Exits

•	Record amount of capital returned to fund investors in H1 2026 at €16.6 billion (FY 2025: €8.1 billion) across infrastructure, private equity and credit, including €11 billion from the sale of Calpine; and
•	Outlook for portfolio company exits remains positive with multiple exits planned for H2 2026 and beyond.

Reported financial performance

•	Management and other fees of £246.9 million (H1 2025: £202.0 million);
•	EBITDA of £160.6 million (H1 2025: £120.2 million);
•	Profit before tax of £42.9 million (H1 2025: £60.6 million);
•	Profit after tax of £28.7 million (H1 2025: £44.1 million) reflecting higher management fees and PRE, offset by higher exceptional costs relating to the KARE and ECP transactions, amortisation of intangibles, and finance and other costs relating to acquisition activity; and
•	Basic EPS of 2.6 pence per share (H1 2025: 4.4 pence per share).

Note: for details of Underlying Expenses in reported financial performance see the 'Reconciliation of pro forma underlying income statement to IFRS income statement' table below.

Dividend

•	Interim dividend of 4.8 pence per share to be paid in October 2026.

Guidance

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

Fundraising

•	Increased fundraising guidance on 29 June: 2024-26 target was increased to €28 billion;
•	BE VIII raised €7.0 billion to date. Final close expected in Q1 2027 at €8.0-8.5 billion;
•	BE VIII became fee paying on 9 June 2026;
•	BDL IV held final close at €5.1bn of investable capital;
•	Successful pricing of CLO X and XI;
•	ECP VI raised $7.0 billion to date and hard cap raised to $7.8 billion;
•	ECP VI became fee paying in May 2025; and
•	ECP VII now expected to start in 2029 to allow for deployment of a larger ECP VI.

M&A

•	Newbury secondaries transaction closed on 6 February 2026, expected to break even in first two years; and
•	Acquisition of Kayne Anderson Real Estate announced on 29 June 2026, expected to close at year end.

Management fees

•	13-16% fee growth on a rolling 3-year basis.

Expenses

•	High single digit growth in 2026, mid-single digit from 2027 onwards.

PRE

•	Expected to remain 20-25% of total income in long term but projected to be top end of range in 2026 and 2027; and
•	H1 2026 expected to be two thirds of total PRE for the year.

EBITDA margin

•	Expected to be 55-60% in 2026/27.

Presentation and Q&A

A video presentation of results by management will be available from shortly after 7am UK time on Friday, 17 July 2026 from the following link:

Bridgepoint Group plc 2026 Interim Results | SparkLive | LSEG

There will be a conference call for analysts at 10am UK time.

The slides from this presentation, as well as the slides accompanying the announcement of the acquisition of Kayne Anderson Real Estate, will be available on the Company's website: Financial Information - Bridgepoint

Interim dividend payment timetable

The timetable for the payment of the interim dividend of 4.8 pence per share announced today is as follows:

Ex-dividend date:		17 September 2026
Record date:		18 September 2026
Payment date:		26 October 2026

Enquiries:

Bridgepoint

Analysts and investors	Media
Adam Key	Christian Jones
[e-mail]	[e-mail]
[phone]	[phone]

FGS Global (Public Relations Adviser to Bridgepoint)

James Murgatroyd / [phone] / [phone]

Anjali Unnikrishnan / [phone] / [phone]

[e-mail]

Abbreviated income statement

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Underlying management and other fees	254.1		206.8		22.9	%
PRE	120.7		57.6		109.5	%
Other operating income	0.3		0.3		-	%
Underlying total operating income	375.1		264.7		41.7	%
Total expenses (including expenses excluded from FRE but excluding investment linked bonus)	(254.7	)	(170.4	)	49.5	%
Total expenses (excluding exceptional expenses, adjusted items but including expenses excluded from FRE)	(147.8	)	(136.7	)	8.1	%
Reported EBITDA	160.6		120.2		33.6	%
Underlying EBITDA	227.3		128.0		77.6	%
FRE	108.0		76.0		42.1	%
Underlying depreciation and amortisation	(8.3	)	(8.6	)	(3.5	)	%
Underlying net finance and other (expense) (excluding FX)	(22.4	)	(17.6	)	27.3	%
Underlying profit before tax (excluding FX)	196.6		101.8		93.1	%
FX gain/(loss)	0.9		1.9		(52.6	)	%
Underlying profit before tax	197.5		103.7		90.5	%
Profit before tax	42.9		60.6		(29.2	)	%
Tax	(14.2	)	(16.5	)	(13.9	)	%
Profit after tax	28.7		44.1		(34.9	)	%

Consolidated balance sheet

Summarised condensed consolidated statement of financial position (IFRS basis) £ million	As at 30 June 2026		As at 31 December 2025		Change (%)
Assets
Non-current assets	1,944.9		1,834.8		6.0	%
Current assets	3,913.5		3,381.8		15.7	%
Total Assets	5,858.4		5,216.6		12.3	%
Liabilities
Non-current liabilities	3,925.7		3,560.1		10.3	%
Current liabilities	668.7		468.5		42.7	%
Total Liabilities	4,594.4		4,028.6		14.0	%
Net Assets	1,264.0		1,188.0		6.4	%
Equity
Share capital and premium	523.8		445.4		17.6	%
Other reserves	139.1		65.7		111.7	%
Retained earnings	416.4		484.2		(14.0	)	%
Non-controlling interests	184.7		192.7		(4.2	)	%
Total Equity	1,264.0		1,188.0		6.4	%

Consolidated cash flows

Summarised condensed consolidated cash flow statement (IFRS basis) £ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change (%)
Net cash (outflow) or inflow from operating activities	(45.2	)	17.9		(352.5	)	%
Net cash outflow from investing activities	(194.4	)	(357.5	)	(45.6	)	%
Net cash inflow from financing activities	246.3		364.2		(32.4	)	%
Net increase or (decrease) in cash and cash equivalents	6.7		24.6		(72.8	)	%
Total cash and cash equivalents at beginning of the period	334.9		159.8		109.6	%
Effect of exchange rate changes	(1.0	)	2.7		(137.0	)	%
Total cash and cash equivalents at the end of the period	340.6		187.1		82.0	%
of which: cash and cash equivalents at the end of the period (for use within the Group)	177.5		103.5		71.5	%
of which: cash belonging to consolidated CLOs and structured fund vehicles attributable to third-party investors (restricted use)	163.1		83.6		95.1	%
Total cash at the end of the period	340.6		187.1		82.0	%

Financial summary

	Six months ended 30 June 2026	Six months ended 30 June 2025	Change 26 vs. 25 (%)
Total AUM ($bn)	97.3	86.6	12.4	%
Total AUM (€bn)	85.1	73.7	15.5	%
Fee Paying AUM ($bn)	58.4	44.0	32.7	%
Fee Paying AUM (€bn)	51.1	37.5	36.3	%
Management fee margin on Fee Paying AUM (%)	1.17%	1.18%	(0.01	)	ppt
Underlying management and other income (£m)	254.4	207.1	22.8	%
Underlying management and other income (£m) (excluding catch-up fees)	232.7	201.4	15.5	%
Underlying total operating income (£m)	375.1	264.7	41.7	%
Total expenses (excluding exceptional expenses, adjusted items, investment linked bonus and personnel expenses excluded from FRE) (£m)	(147.8)	(136.7)	8.1	%
Underlying EBITDA (£m)	227.3	128.0	77.6	%
Underlying EBITDA (excluding catch-up fees) (£m)	205.6	122.3	68.1	%
Underlying EBITDA margin (%)	60.6%	48.4%	12.2	ppt
Underlying EBITDA margin (excluding catch-up fees) (%)	58.2%	47.2%	11.0	ppt
FRE (£m)	108.0	76.0	42.1	%
FRE (£m) (excluding catch-up fees)	86.3	70.3	22.8	%
FRE margin (%)	42.5%	36.7%	5.8	ppt
FRE margin (excluding catch-up fees) (%)	37.1%	34.9%	2.2	ppt
PRE (£m)	120.7	57.6	109.5	%
Underlying profit before tax (£m)	197.5	103.7	90.5	%
Profit before tax (£m)	42.9	60.6	(29.2	)	%
Underlying profit after tax (£m)	169.2	87.2	94.0	%
Profit after tax (£m)	28.7	44.1	(34.9	)	%
Basic EPS (pence)	2.6	4.4	(40.9	)	%
Diluted EPS (pence)	2.4	4.3	(44.2	)	%
Underlying basic EPS (pence)	16.3	10.6	53.8	%
Underlying diluted EPS (pence)	15.5	10.4	49.0	%

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

Reconciliation of underlying income statement to IFRS income statement

£ million	Underlying six months ended 30 June 2026			Exceptionals and adjusted items		IFRS six months ended 30 June 2026
Management and other fees	254.1			(7.2	)	246.9
PRE, consisting of:
Carried interest	86.6			-		86.6
Fair value remeasurement of investments	41.0			47.4		88.4
Investment-linked bonuses	(6.9	)		-		(6.9	)
Other operating income	0.3			-		0.3
Total operating income (including investment-linked bonuses)	375.1			40.2		415.3
Personnel expenses (excluding investment linked bonus and expenses excluded from FRE*)	(108.4	)		(68.4	)	(176.8	)
Other operating expenses	(38.0	)		(38.5	)	(76.5	)
Personnel expenses excluded from FRE*	(1.4	)		-		(1.4	)
EBITDA	227.3			(66.7	)	160.6
EBITDA margin (%)	60.6	%		N/A		38.7	%
FRE	108.0			(114.1	)	(6.1	)
FRE margin (%)	42.5	%		N/A		(2.5	)	%
Depreciation and amortisation	(8.3	)		(24.0	)	(32.3	)
Net finance and other (expense)	(22.4	)		(63.7	)	(86.1	)
FX gain/(loss)	0.9			(0.2	)	0.7
Profit before tax	197.5			(154.6	)	42.9
Tax	(28.3	)		(14.1	)	(14.2	)
Profit after tax	169.2			(140.5	)	28.7

* 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: Alternative performance measures (APMs) section.

Chief Executive statement

Raoul Hughes

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

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

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

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

Raising larger funds than expected combined with BE VIII starting to pay fees earlier than expected has also led to higher fee related earnings (FRE) in the first half of the year. Additionally, our existing funds continue to perform well, resulting in PRE being recognised earlier than had been expected, with our PRE outlook remaining positive in 2026 and recently upgraded for 2027.

Compelling financial performance for shareholders

In H1 2026, AUM increased by 12% from H1 2025 to $97.3 billion and FPAUM increased by 33% compared to H1 2025 to reach $58.4 billion. Management fees and other income increased by 23% in H1 2026 vs H1 2025 to reach a total of £254.4 million (including catch-up fees of £21.7 million).

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

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

Following good fundraising progress in H1 2026 across BDL IV, ECP VI and BE VIII, we increased the €24 billion target to €28 billion in June. Having closed a further €2.5 billion since that announcement, we have raised €26 billion to date with a further €2 billion to be raised in the remainder of H2 2026.

All three flagship funds have been fundraising simultaneously, demonstrating the breadth and depth of the reach of our global investor services team. BDL IV held its final close in early July at €5.1 billion of investable capital, ECP VI has raised $7.0 billion and we have successfully sought permission from fund investors to increase the hard cap to $7.8 billion of external capital. In private equity, BE VIII has raised €7.0 billion, surpassing its predecessor fund, and began paying fees in early June. It is expected to hold a final close in Q1 2027.

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

The acquisition of Kayne Anderson Real Estate

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

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

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

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

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

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

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

Continued good performance across investment strategies

Private equity

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

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

Private credit

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

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

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

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

Infrastructure

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

Recent transactions include ECP VI agreeing to acquire EnergySolutions, a leading company providing integrated solutions across the full nuclear power lifecycle which had previously been a portfolio investment in ECP II. Additionally, there have been very successful exits. Symmetry Energy Solutions, a US natural gas supply, logistics, and asset management platform was sold at an excellent 6.4x money multiple and Cornerstone Generation, an owner of 2.6 gigawatts of natural gas generation capacity was sold for an exceptional 4.4x money multiple after less than one year of ownership.

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

Secondaries

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

Well placed to benefit from long-term market trends

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

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

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

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

Dividend

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

Looking ahead

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

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

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

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

Raoul Hughes

Chief Executive

Financial review

CFO statement

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

Financial results

Management fees and FRE

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

Growth in management fees and other income, excluding the impact of catch-up fees recognised, was £31.3 million or 15.5% (catch-up fees of £21.7 million in the six months ended 30 June 2026, compared to £5.7 million in the six months ended 30 June 2025).

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

PRE

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

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

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

Profitability and margins

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

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

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

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

AUM and fundraising

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

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

Fundraising for the current cycle is now substantially complete. In June, we increased our 2024 - 2026 fundraising guidance from €24 billion to €28 billion. Fund commitments raised in 2026 totalled €11.6 billion. In 2026, fundraising is expected to continue for BE VIII and BCO V, and to conclude for ECP VI.

Addition of Kayne Anderson Real Estate

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

Balance sheet, cash and financing

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

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

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

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

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

At 30 June 2026 the Group held investments in funds of £726.3 million (including the Group's exposure to CLO notes and excluding the interests of third-party investors), and carried interest at a discounted value of £210.0 million, which together total £1.2 billion without the carried interest discount.

Capital allocation and share liquidity

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

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

In June 2025 we announced a renewed directed share buyback programme of up to a further £50.0 million, which has been extended and is expected to complete on or before 31 May 2027. The buyback can be activated at times of market dislocation when we feel that our share price does not reflect underlying performance. In the first half of 2026, buybacks totalled £7.2 million and represented a return to shareholders of 0.7 pence per share.

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

Overall

The Group enters the second half of 2026 with strong financial and strategic momentum. Fundraising delivery is ahead of plan, which will strengthen our fee base. PRE has benefited from strong fund performance and realisations, in particular in ECP V. Taken together, this positions the Group well to deliver a strong full-year result. The announced acquisition of KARE adds a fifth vertical and accelerates progress towards our long-term ambition of building the clear global leader in middle-market private markets investing.

Ruth Prior

Group Chief Financial Officer

Guidance

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

Fundraising

•	On track to exceed 2024-2026 fundraising guidance, with target increased from €24 billion to €28 billion.
•	BE VIII has raised €7.0 billion to date. Final close expected by Q1 2027 at €8.0 billion to €8.5 billion. Fee paying from 9 June 2026.
•	BDL IV raised €5.1 billion of investable capital. Successful pricing of CLO X and XI.
•	ECP VI became fee paying in May 2025 and has raised $7.0 billion to date. Hard cap raised to $7.8 billion. ECP VII now expected to start in 2029 to allow for deployment of larger ECP VI.

M&A

•	Newbury secondaries closed on 6 February 2026, expected to break even in first two years.

Management fees

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

Expenses

•	High-single digit growth in 2026, mid-single digit from 2027 onwards.

PRE

•	Expected to remain 20 - 25% of total income in the long term but projected to be top end of range in 2026 and 2027. H1 2026 expected to be two-thirds of total PRE for the year.

EBITDA margin

•	Expected to be 55 - 60% in 2026/27.

Financial review

Financial summary

	Six months ended 30 June 2026	Six months ended 30 June 2025	Change 26 vs. 25 (%)
Total AUM ($bn)	97.3	86.6	12	%
Total AUM (€bn)	85.1	73.7	15	%
Fee Paying AUM ($bn)	58.4	44.0	33	%
Fee Paying AUM (€bn)	51.1	37.5	36	%
Management fee margin on Fee Paying AUM (%)	1.17%	1.18%	(0.01	)	ppt
Underlying management and other income (£m)	254.4	207.1	22.8	%
Underlying management and other income (£m) (excluding catch-up fees)	232.7	201.4	15.5	%
Underlying total operating income (£m)	375.1	264.7	41.7	%
Total expenses (excluding exceptional expenses, adjusted items, investment linked bonus and personnel expenses excluded from FRE) (£m)	(147.8)	(136.7)	8.1	%
Underlying EBITDA (£m)	227.3	128.0	77.6	%
Underlying EBITDA (excluding catch-up fees) (£m)	205.6	122.3	68.1	%
Underlying EBITDA margin (%)	60.6%	48.4%	12.2	ppt
Underlying EBITDA margin (excluding catch-up fees) (%)	58.2%	47.2%	11.0	ppt
FRE (£m)	108.0	76.0	42.1	%
FRE (£m) (excluding catch-up fees)	86.3	70.3	22.8	%
FRE margin (%)	42.5%	36.7%	5.8	ppt
FRE margin (excluding catch-up fees) (%)	37.1%	34.9%	2.2	ppt
PRE (£m)	120.7	57.6	109.5	%
Underlying profit before tax (£m)	197.5	103.7	90.5	%
Profit before tax (£m)	42.9	60.6	(29.2	)	%
Underlying profit after tax (£m)	169.2	87.2	94.0	%
Profit after tax (£m)	28.7	44.1	(34.9	)	%
Basic EPS (pence)	2.6	4.4	(40.9	)	%
Diluted EPS (pence)	2.4	4.3	(44.2	)	%
Underlying basic EPS (pence)	16.3	10.6	53.8	%
Underlying diluted EPS (pence)	15.5	10.4	49.0	%

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

Exposure to foreign exchange

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

	Average rate for six months ended 30 June 2026	Average rate for six months ended 30 June 2025	Rate at 30 June 2026	Rate at 30 June 2025
GBP/EUR	1.153	1.187	1.161	1.171
GBP/USD	1.345	1.295	1.323	1.371

Total AUM development during the year

€ billion	Private equity		Credit		Infrastructure		Secondaries		Total
30 June 2025	29.5		14.3		29.9		N/A		73.7
31 December 2025	27.6		16.7		36.0		N/A		80.3
Fundraising	7.0		1.8		2.8		-		11.6
Acquisitions	-		-		-		3.4		3.4
Divestments	(1.4	)	(0.3	)	(14.0	)	-		(15.7	)
Revaluations	2.4		0.2		1.9		-		4.5
Foreign exchange movements	-		-		1.0		-		1.0
30 June 2026	35.6		18.4		27.7		3.4		85.1

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

Fee Paying AUM development during the year

€ billion	Private equity		Credit		Infrastructure		Secondaries		Total
30 June 2025	17.5		9.6		10.4		N/A		37.5
31 December 2025	16.2		10.5		12.1		N/A		38.8
Fundraising: fees on committed capital	7.1		-		2.8		-		9.9
Acquisitions: fees on committed capital	-		-		-		3.1		3.1
Deployment of funds: fees on invested capital	-		0.6		-		-		0.6
Realisations	-		(0.6	)	(0.5	)	-		(1.1	)
Step down	(0.6	)	-		-		-		(0.6	)
Foreign exchange movements	-		-		0.4		-		0.4
30 June 2026	22.7		10.5		14.8		3.1		51.1

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

Fundraising

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

BE VIII (private equity) became fee paying on 9 June 2026. It was launched with a cover number of €7.5 billion and has now raised €7 billion of commitments. Fundraising is expected to continue until Q1 2027.

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

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

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

Fund performance

Asset class		Strategy	Established	Fund details			Fund performance at 30 June 2026
				Fund name	Vintage	Size	Gross MOIC3	DPI1	Gross IRR
Private equity		Bridgepoint Europe	1984	BE V	2015	€4.0bn	2.3x	1.5x	17.7	%
				BE VI	2019	€5.8bn	2.0x	1.0x	15.0	%
				BE VII	2022	€7.0bn	1.4x	-	19.5	%
		Bridgepoint Development Capital	2009	BDC III	2016	£605m	5.0x	3.1x	40.7	%
				BDC IV	2021	£1.6bn	1.4x	-	11.9	%
				BDC V	2024	€2.8bn	1.1x	-	22.8	%
Credit		Direct Lending	2015	BDL I	2015	€530m	1.3x	1.2x	9.0	%
				BDL II2	2017	€2.3bn	1.3x	0.9x	8.8	%
				BDL III2	2021	€2.9bn	1.2x	0.2x	10.0	%
Infra		Flagship Funds	2005	ECP III	2014	$5.1bn	2.3x	1.9x	17.5	%
				ECP IV	2018	$3.3bn	2.1x	1.0x	20.9	%
				ECP V	2022	$4.4bn	3.1x	0.6x	65.4	%

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

2.     BDL II and BDL III are unlevered.

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

Abbreviated income statement

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Underlying management and other fees	254.1		206.8		22.9	%
PRE	120.7		57.6		109.5	%
Other operating income	0.3		0.3		-	%
Underlying total operating income	375.1		264.7		41.7	%
Total expenses (including expenses excluded from FRE but excluding investment linked bonus)	(254.7	)	(170.4	)	49.5	%
Total expenses (excluding exceptional expenses, adjusted items but including expenses excluded from FRE)	(147.8	)	(136.7	)	8.1	%
Reported EBITDA	160.6		120.2		33.6	%
Underlying EBITDA	227.3		128.0		77.6	%
FRE	108.0		76.0		42.1	%
Underlying depreciation and amortisation	(8.3	)	(8.6	)	(3.5	)	%
Underlying net finance and other (expense) (excluding FX)	(22.4	)	(17.6	)	27.3	%
Underlying profit before tax (excluding FX)	196.6		101.8		93.1	%
FX gain/(loss)	0.9		1.9		(52.6	)	%
Underlying profit before tax	197.5		103.7		90.5	%
Profit before tax	42.9		60.6		(29.2	)	%
Tax	(14.2	)	(16.5	)	(13.9	)	%
Profit after tax	28.7		44.1		(34.9	)	%

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

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

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

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

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

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

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

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

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

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

Reconciliation of underlying income statement to IFRS income statement

£ million	Underlying six months ended 30 June 2026			Exceptionals and adjusted items		IFRS six months ended 30 June 2026
Management and other fees	254.1			(7.2	)	246.9
PRE, consisting of:
Carried interest	86.6			-		86.6
Fair value remeasurement of investments	41.0			47.4		88.4
Investment-linked bonuses	(6.9	)		-		(6.9	)
Other operating income	0.3			-		0.3
Total operating income (including investment-linked bonuses)	375.1			40.2		415.3
Personnel expenses (excluding investment linked bonus and expenses excluded from FRE*)	(108.4	)		(68.4	)	(176.8	)
Other operating expenses	(38.0	)		(38.5	)	(76.5	)
Personnel expenses excluded from FRE*	(1.4	)		-		(1.4	)
EBITDA	227.3			(66.7	)	160.6
EBITDA margin (%)	60.6	%		N/A		38.7	%
FRE	108.0			(114.1	)	(6.1	)
FRE margin (%)	42.5	%		N/A		(2.5	)	%
Depreciation and amortisation	(8.3	)		(24.0	)	(32.3	)
Net finance and other (expense)	(22.4	)		(63.7	)	(86.1	)
FX gain/(loss)	0.9			(0.2	)	0.7
Profit before tax	197.5			(154.6	)	42.9
Tax	(28.3	)		(14.1	)	(14.2	)
Profit after tax	169.2			(140.5	)	28.7

* 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: Alternative performance measures (APMs) section.

Underlying total operating income

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Underlying management and other fees	254.1		206.8		22.9	%
PRE	120.7		57.6		109.5	%
Other operating income	0.3		0.3		-	%
Underlying total operating income	375.1		264.7		41.7	%

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

Underlying management and other fees £254.1 million are attributable to the reporting segments set out below.

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Private equity	113.6		124.8		(9	)	%
Infrastructure	99.7		47.2		111	%
Credit	37.8		32.9		15	%
Secondaries	3.0		N/A		N/A
Central	-		1.9		(100	)	%
Underlying management and other fees	254.1		206.8		23	%

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

PRE of £120.7 million relates to income from the Group's co-investment in funds and share of carried interest and has increased by £63.1 million relative to the comparable period in 2025. Performance in 2026 includes the strong performance of ECP V (infrastructure), driven in particular by the sale of Cornerstone and the continued performance of ProEnergy, which has resulted in the accrual of carry for the first time, as well as continued valuation progression and contribution from BE VI and VII (private equity), and ECP IV and the Calpine Continuation Fund (infrastructure).

Operating expenses

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Personnel expenses (excluding exceptional expenses, adjusted items, investment-linked bonus and expenses excluded from FRE)	(108.4	)	(99.2	)	9.3	%
Other operating expenses (excluding exceptional expenses and adjusted items)	(38.0	)	(31.9	)	19.1	%
Excluded personnel expenses, consisting of:
Personnel expenses - expenses excluded from FRE and investment linked bonus	(8.3	)	(5.6	)	48.2	%
Personnel expenses - adjusted items	(1.4	)	(2.6	)	(46.2	)	%
Personnel expenses - exceptional expenses	(67.0	)	(29.1	)	130.2	%
Total personnel expenses (IFRS basis)	(185.1	)	(136.5	)	N/A
Excluded other operating expenses, consisting of:
Other operating expenses - exceptional expenses	(34.7	)	(1.6	)	2,068.8	%
Other operating expenses - adjusted items	(3.8	)	(0.2	)	1,800	%
Total other operating expenses (IFRS basis)	(76.5	)	(33.7	)	127.0	%
Total expenses	(261.6	)	(170.2	)	53.7	%

Personnel expenses (excluding exceptional expenses, adjusted items and investment-linked bonus) of £108.4 million increased by £9.2 million relative to the prior comparative period due to the impact of higher FTEs and inflationary impacts on pay.

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

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

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

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

Depreciation and amortisation expense

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Depreciation	(8.3	)	(8.6	)	(3.5	)	%
Total depreciation and amortisation expenses (excluding amortisation of intangibles relating to acquisitions)	(8.3	)	(8.6	)	(3.5	)	%
Amortisation of intangibles relating to acquisitions	(24.0	)	(24.0	)	-	%
Total depreciation and amortisation expense	(32.3	)	(32.6	)	(0.9	)	%

Depreciation and amortisation expense (excluding amortisation of intangibles relating to acquisitions) decreased from £8.6 million to £8.3 million.

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

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

Finance and other income or expenses

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Interest income on deposits	2.4		1.2		100.0	%
Interest expense on borrowings	(15.3	)	(16.2	)	(5.6	)	%
Net foreign exchange gains/(losses)	0.9		3.2		(71.9	)	%
Net other finance and other (expenses)	(9.5	)	(3.9	)	143.6	%
Net finance and other (expense), excluding exceptional and excluded items	(21.5	)	(15.7	)	36.9	%
Exceptional other (expense)	(40.8	)	(1.3	)	3,038.5	%
Adjusted other (expense)	(23.1	)	(10.0	)	131.0	%
Net finance and other (expense), including exceptional and excluded items	(85.4	)	(27.0	)	216.3	%

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

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

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

Profit before tax

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change 26 vs. 25 (%)
Underlying profit before tax	197.5		103.7		90.5	%
Excluded exceptional expenses, consisting of:
Exceptional personnel expenses	(67.0	)	(29.1	)	130.2	%
Exceptional other operating expenses	(34.7	)	(1.6	)	2,068.8	%
Exceptional net finance and other expenses	(40.8	)	(1.3	)	3,038.5	%
Excluded adjusted items, consisting of:
PRE adjustments	40.2		25.7		56.4	%
Certain share scheme expenses and related tax	(1.4	)	(2.2	)	(36.4	)	%
Adjusted other operating expenses	(3.8	)	(0.6	)	533.3	%
Amortisation of acquisition-related intangible assets	(24.0	)	(24.0	)	-	%
Net finance and other expenses	(23.3	)	(10.0	)	133.0	%
Adjusted net foreign exchange gains/(losses)	0.2		-		N/A
Profit before tax	42.9		60.6		(29.2	)	%
Underlying profit before tax margin	52.7 %		39.2 %		13.5	ppt

Underlying profit before tax was £197.5 million in the six months ended 30 June 2026, an increase of 90% from £103.7 million for the prior comparative period, which is primarily due to the increase in underlying EBITDA. The underlying profit before tax margin was 52.7% for the same period.

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

Tax

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change (%)
Tax	(14.2	)	(16.5	)	(13.9	)	%

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

Profit after tax

£ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change (%)
Profit after tax	28.7		44.1		(34.9	)	%

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

Earnings per share and dividend per share

£ pence	Six months ended 30 June 2026	Six months ended 30 June 2025	Change 26 vs. 25 (%)
Basic earnings per share	2.6	4.4	(40.9	)	%
Diluted earnings per share	2.4	4.3	(44.2	)	%
Underlying basic earnings per share	16.3	10.6	53.8	%
Underlying diluted earnings per share	15.5	10.4	49.0	%
Interim dividend per share	4.8	4.7	2.1	%

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

The Directors announced a final dividend of 4.7 pence per share in respect of year ended 2025 that was paid in May 2026. This had a cost of £46.2 million, including a related distribution to the sellers of ECP. Directors have announced an interim dividend of 4.8 pence per share to be paid in October 2026. The cost is estimated to be £42.6 million, plus dividend equivalents paid to non-controlling interests estimated to be £5.1 million. The actual cost will depend upon the number of shares in issue when the dividend is paid.

Consolidated balance sheet

Summarised condensed consolidated statement of financial position (IFRS basis) £ million	As at 30 June 2026		As at 31 December 2025		Change (%)
Assets
Non-current assets	1,944.9		1,834.8		6.0	%
Current assets	3,913.5		3,381.8		15.7	%
Total Assets	5,858.4		5,216.6		12.3	%
Liabilities
Non-current liabilities	3,925.7		3,560.1		10.3	%
Current liabilities	668.7		468.5		42.7	%
Total Liabilities	4,594.4		4,028.6		14.0	%
Net Assets	1,264.0		1,188.0		6.4	%
Equity
Share capital and premium	523.8		445.4		17.6	%
Other reserves	139.1		65.7		111.7	%
Retained earnings	416.4		484.2		(14.0	)	%
Non-controlling interests	184.7		192.7		(4.2	)	%
Total Equity	1,264.0		1,188.0		6.4	%

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

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

Non-current assets have increased by £110.1 million to £1,944.9 million and current assets increased by £531.7 million to £3,913.5 million, primarily due to the impact of additional investments in funds and consolidated CLOs.

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

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

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

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

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

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

Summarised condensed consolidated statement of financial position (excluding interests of third-party investors in consolidated CLOs and other structured fund vehicles, non-statutory)* £ million	As at 30 June 2026		As at 31 December 2025		Change (%)
Assets
Non-current assets	1,783.5		1,724.7		3.4	%
Current assets	438.7		359.7		22.0	%
Total Assets	2,222.2		2,084.4		6.6	%
Liabilities
Non-current liabilities	774.4		726.5		6.6	%
Current liabilities	258.8		236.1		9.6	%
Total Liabilities	1,033.2		962.6		7.3	%
Net Assets	1,189.0		1,121.8		6.0	%
Equity
Share capital and premium	523.8		445.4		17.6	%
Other reserves	140.3		65.7		113.5	%
Retained earnings	406.9		463.2		(12.2	)	%
Non-controlling interests	118.0		147.5		(20.0	)	%
Total Equity	1,189.0		1,121.8		6.0	%

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

Liquidity

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

Total financial debt and net cash position

£ million	As at 30 June 2026		As at 31 December 2025		Change (%)
Borrowings (excluding capitalised facility costs)	(467.4	)	(456.1	)	2.5	%
Cash and cash equivalents (excluding cash belonging to consolidated CLOs and structured fund vehicles attributable to third-party investors (restricted use))	177.5		193.5		(8.3	)	%
Net (debt)/ cash (excluding cash belonging to consolidated CLOs and structured fund vehicles attributable to third-party investors (restricted use))	(289.9	)	(262.6	)	10.4	%

At 30 June 2026, the Group had net debt of £289.9 million (30 June 2025: net debt of £262.6 million). This primarily includes the $430.0 million (2025: $430.0 million) of private placement notes the Group issued during 2024 following the ECP transaction. It also includes the $184.0 million (2025: $184.0 million) of ECP private placement notes. The Group private placement notes are structured in tranches with maturities ranging between 3 and 10 years and have an average coupon of 6.16 per cent.

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

Consolidated cash flows

Summarised condensed consolidated cash flow statement (IFRS basis) £ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change (%)
Net cash (outflow) or inflow from operating activities	(45.2	)	17.9		(352.5	)	%
Net cash outflow from investing activities	(194.4	)	(357.5	)	(45.6	)	%
Net cash inflow from financing activities	246.3		364.2		(32.4	)	%
Net increase or (decrease) in cash and cash equivalents	6.7		24.6		(72.8	)	%
Total cash and cash equivalents at beginning of the period	334.9		159.8		109.6	%
Effect of exchange rate changes	(1.0	)	2.7		(137.0	)	%
Total cash and cash equivalents at the end of the period	340.6		187.1		82.0	%
of which: cash and cash equivalents at the end of the period (for use within the Group)	177.5		103.5		71.5	%
of which: cash belonging to consolidated CLOs and structured fund vehicles attributable to third-party investors (restricted use)	163.1		83.6		95.1	%
Total cash at the end of the period	340.6		187.1		82.0	%

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

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

Net cash inflows from financing activities include funds drawn and repaid to consolidated CLO investors, transactions with related party investors and distributions to shareholders. For the six months ended 30 June 2026, net cash inflows from financing activities totalled £246.3 million, which primarily related to the net cash inflows of CLO cash from investors in CLO X and XI (which are consolidated) of £250.1 million and net drawings from related party investors and non-controlling interest and CLO repurchase agreements of £80.9 million, offset by distributions paid to shareholders £(55.3) million and payments to acquire shares as part of the share buyback programme, which totalled £(7.2) million.

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

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

Summarised condensed consolidated cash flow statement (excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors, non-statutory) £ million	Six months ended 30 June 2026		Six months ended 30 June 2025		Change (%)
Net cash (outflow) or inflow from operating activities	(25.2	)	30.0		(184.0	)	%
Net cash inflow from investing activities	68.3		19.0		259.5	%
Net cash outflow from financing activities	(59.8	)	(36.4	)	64.3	%
Net increase or (decrease) cash and cash equivalents (excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors)	(16.7	)	12.6		(232.5	)	%
Cash and cash equivalents at beginning of the period (excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors)	193.5		90.8		113.1	%
Effect of exchange rate changes on cash and cash equivalents (excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors)	0.7		0.1		600.0	%
Net cash at the end of the period (excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors)	177.5		103.5		71.5	%

A full condensed consolidated cash flow statement excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors (unaudited) is included in the Supplementary Information section.

Required disclosures

Principal risks

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

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

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

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

Directors

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

− Angeles Garcia-Poveda

− Archie Norman

− Carolyn McCall

− Cyrus Taraporevala

− John Dionne

− Michelle Scrimgeour

− Raoul Hughes

− Ruth Prior

− Tim Score

Statement of directors' responsibilities

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

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

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

On behalf of the Board

Ruth Prior

Group Chief Financial Officer

17 July 2026

Independent review report to Bridgepoint Group plc

Conclusion

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

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

Basis for conclusion

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

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

Conclusions relating to going concern

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

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

Responsibilities of directors

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

Auditor's responsibilities for the review of the financial information

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

Use of our report

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

Forvis Mazars LLP

Chartered Accountants

30 Old Bailey, London, EC4M 7AU

17 July 2026

Notes:

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

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

Condensed consolidated Statement of Profit or Loss

for the six months ended 30 June

	Note	2026 £ m		2025 £ m
Management and other fees		246.9		202.0
Carried interest		86.6		23.8
Fair value remeasurement of investments		88.4		64.3
Other operating income		0.3		0.3
Total operating income		422.2		290.4
Personnel expenses	4	(185.1	)	(136.5	)
Other operating expenses	4 (c)	(76.5	)	(33.7	)
EBITDA*		160.6		120.2
Depreciation and amortisation expense	6	(32.3	)	(32.6	)
Finance and other income	7	3.7		3.5
Finance and other expenses	7	(89.1	)	(30.5	)
Profit before tax		42.9		60.6
Tax	8	(14.2	)	(16.5	)
Profit after tax		28.7		44.1
Attributable to:
Equity holders of the parent		22.7		36.1
Non-controlling interests	14 (d)	6.0		8.0
		28.7		44.1
		Pence		Pence
Basic earnings per share	9	2.6		4.4
Diluted earnings per share	9	2.4		4.3

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

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

Condensed consolidated Statement of Comprehensive Income

for the six months ended 30 June

	Note	2026 £ m		2025 £ m
Profit after tax		28.7		44.1
Items that may be reclassified to the statement of profit or loss in subsequent years:
Exchange differences on translation of foreign operations		4.7		(47.6	)
Change in the fair value of hedging instruments		13.3		(8.0	)
Reclassifications to the Consolidated Statement of Profit or Loss		(0.5	)	(3.9	)
Total tax on components of other comprehensive income		(3.2	)	2.8
Other comprehensive income net of tax		14.3		(56.7	)
Total comprehensive income net of tax		43.0		(12.6	)
Total comprehensive income attributable to:
Equity holders of the parent		36.2		(12.4	)
Non-controlling interests		6.8		(0.2	)
		43.0		(12.6	)

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

Condensed consolidated Statement of Financial Position

		As at 30 June 2026		As at 31 December 2025
	Note	£ m		£ m
Assets
Non-current assets
Property, plant and equipment		107.5		95.6
Goodwill and intangible assets		708.4		711.9
Carried interest receivable	10	210.0		148.9
Fair value of fund investments	11 (a)	887.7		853.6
Trade and other receivables	11 (a)	31.3		24.8
Total non-current assets		1,944.9		1,834.8
Current assets
Consolidated CLO assets*	11 (a)	3,314.4		2,878.8
Trade and other receivables	11 (a)	227.9		138.5
Derivative financial assets	11 (a)	16.6		5.1
Other investments	11 (a)	14.0		24.5
Cash and cash equivalents	11 (a)	177.5		193.5
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use)	11 (a)	163.1		141.4
Total current assets		3,913.5		3,381.8
Total assets		5,858.4		5,216.6
Liabilities
Non-current liabilities
Trade and other payables	11 (b)	94.3		53.5
Other financial liabilities	11 (b)	392.3		317.4
Fair value of consolidated CLO liabilities*	11 (b)	2,830.7		2,587.8
Borrowings	11 (b)	425.2		451.2
Lease liabilities	11 (b)	104.0		84.0
Deferred tax liabilities		79.2		66.2
Total non-current liabilities		3,925.7		3,560.1
Current liabilities
Trade and other payables	11 (b)	190.7		193.3
Borrowings	11 (b)	37.6		-
Lease liabilities	11 (b)	12.9		12.6
Derivative financial liabilities	11 (b)	25.6		33.5
Consolidated CLO liabilities*	11 (b)	36.3		25.5
Consolidated CLO purchases awaiting settlement*	11 (b)	365.6		203.6
Total current liabilities		668.7		468.5
Total liabilities		4,594.4		4,028.6
Net assets		1,264.0		1,188.0
Equity
Share capital	14 (a)	0.1		0.1
Share premium		523.7		445.3
Other reserves	14 (c)	139.1		65.7
Retained earnings		416.4		484.2
Equity attributable to owners of the parent		1,079.3		995.3
Non-controlling interests	14 (d)	184.7		192.7
Total equity		1,264.0		1,188.0

*       Details of the Group's interest in consolidated Collateralised Loan Obligations ("CLOs") are included in note 11 (b) ii). Total Group exposure to consolidated CLOs is £228.7m (2025: £200.3m) at 30 June 2026. The Group's investment in CLOs which are not consolidated is £15.4m (2025: £15.3m) and is included within fair value of fund investments. Total equity holders' exposure in the CLOs is £177.4m at 30 June 2026 (2025: £170.4m), excluding the interests of non-controlling interests of £66.7m (2025: £45.2m). An underlying condensed Consolidated Statement of Financial Position (unaudited), excluding consolidated CLOs and structured fund vehicles is presented in the Supplementary Information.

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

Consolidated Statement of Changes in Equity

for the six months ended 30 June

	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 2026		0.1		445.3		65.7		484.2		995.3		192.7		1,188.0
Profit for the period		-		-		-		22.7		22.7		6.0		28.7
Other comprehensive (loss)/income		-		-		16.4		(2.9	)	13.5		0.8		14.3
Total comprehensive income		-		-		16.4		19.8		36.2		6.8		43.0
Share-based payment expense	4	-		-		60.7		-		60.7		6.7		67.4
Vested share-based payments	14 (c)	-		-		(3.7	)	3.7		-		-		-
Transactions with non-controlling interests	14 (c)	-		78.4		-		(42.0	)	36.4		(8.2	)	28.2
Share buyback	14 (c)	-		-		-		(7.2	)	(7.2	)	-		(7.2	)
Dividends and dividend equivalents	12	-		-		-		(42.1	)	(42.1	)	(13.3	)	(55.4	)
As at 30 June 2026		0.1		523.7		139.1		416.4		1,079.3		184.7		1,264.0

	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		557.1		983.4		207.8		1,191.2
Profit for the period		-		-		-		36.1		36.1		8.0		44.1
Other comprehensive income		-		-		(50.9	)	2.4		(48.5	)	(8.2	)	(56.7	)
Total comprehensive income		-		-		(50.9	)	38.5		(12.4	)	(0.2	)	(12.6	)
Share-based payment expense	4.0	-		-		24.2		-		24.2		4.3		28.5
Vested share-based payments	14 (c)	-		-		(4.0	)	4.0		-		-		-
Transactions with non-controlling interests	14 (c)	-		-		-		-		-		5.1		5.1
Share buyback	14 (c)	-		-		-		(1.3	)	(1.3	)	-		(1.3	)
Dividends and dividend equivalents	12	-		-		-		(37.9	)	(37.9	)	(7.4	)	(45.3	)
As at 30 June 2025		0.1		375.1		20.4		560.4		956.0		209.6		1,165.6

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

Consolidated Statement of Cash Flows

for the six months ended 30 June

	Note	2026 £ m		2025 £ m
Cash flows from operating activities
Cash generated from operations	13 (a)	(41.4	)	18.8
Tax paid		(3.8	)	(0.9	)
Net cash (outflow) or inflow from operating activities		(45.2	)	17.9
Cash flows from investing activities
Receipts from investments (non-CLO)		117.6		96.9
Purchase of investments (non-CLO)		(59.1	)	(28.4	)
Acquisition of subsidiaries, net of cash acquired		(7.7	)	-
Receipt/purchase of other investments (non-CLO)		10.4		(12.6	)
Interest received (non-CLO)		2.9		1.2
Receipts from investments (consolidated CLOs)		495.2		329.9
Purchase of investments (consolidated CLOs)		(751.2	)	(717.8	)
Payments for property, plant and equipment and intangible assets		(2.5	)	(26.7	)
Net cash outflow from investing activities		(194.4	)	(357.5	)
Cash flows from financing activities
Dividends and dividend equivalents paid to shareholders of the Company and non-controlling interests	12	(55.4	)	(45.3	)
Share buyback	14 (c)	(7.2	)	(1.3	)
Proceeds from repurchase agreements		16.2		15.9
Proceeds from non-controlling interests		28.3		5.1
Proceeds from related party and third party investors		36.4		3.9
Principal elements of lease payments		(6.4	)	(6.5	)
Drawn funding (consolidated CLOs)		187.9		118.2
Repayment of CLO borrowings (consolidated CLOs)		(257.9	)	(744.3	)
Cash from CLO investors (consolidated CLOs)		320.1		1,026.7
Drawings on bank facilities (non-CLO)		3.4		-
Interest paid (non-CLO)		(19.1	)	(8.2	)
Net cash inflow from financing activities		246.3		364.2
Net increase in cash and cash equivalents		6.7		24.6
Total cash and cash equivalents at the beginning of the period		334.9		159.8
Effect of exchange rate changes on cash and cash equivalents		(1.0	)	2.7
Total cash and cash equivalents at the end of period		340.6		187.1
Cash and cash equivalents (for use within the Group)	11 (a) v)	177.5		103.5
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use)	11 (a) v)	163.1		83.6
Total cash and cash equivalents (including restricted cash) at the end of period		340.6		187.1

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

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

Notes to the condensed consolidated interim financial statements

1 General information and basis of preparation

General information

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

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

Basis of preparation

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

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

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

The consolidated financial statements of Bridgepoint Group plc and entities controlled by the Company for the year ended 31 December 2025 were prepared in accordance with UK-adopted International Accounting Standards ("IAS") and the legal requirements of the Companies Act 2006 and have been prepared under the historical cost convention, except for financial instruments measured at fair value. These financial statements are available on the Group's website: www.bridgepointgroup.com

The 2026 financial statements will be prepared in a consistent manner.

Going concern

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

Adoption of new and amended standards and interpretations

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

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

Related party transactions

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

2 Business combinations

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

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

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

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

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

i) Consideration transferred, provisional amounts recognised for the identifiable assets acquired and liabilities assumed, and provisional goodwill

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

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

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

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

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

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

Goodwill has been allocated to the secondaries cash generating unit.

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

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

ii) Income and profit contribution

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

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

iii) Impact on cash flows

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

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

iv) Trade and other receivables assumed

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

v) Acquisition-related costs

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

3 Operating segments

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

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

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

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

Segmental income and profit before tax analysis

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

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

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

Geographical analysis and customer concentrations

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

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

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

Assets and liabilities analysis

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

	Group
	30 June 2026 £ m		31 December 2025 £ m
Investments:
Private equity (investments in funds, excluding those attributable to third-party investors)	453.9		440.8
Private equity (investments in funds attributable to third-party investors)	300.2		241.8
Credit (investments in funds, including CLOs, excluding those attributable to third-party investors)	144.7		152.7
Credit (CLO assets attributable to third-party investors)	3,191.2		2,747.2
Credit (other investments)	14.0		24.5
Secondaries (investments in funds)	2.3		-
Infrastructure (investments in funds)	109.8		149.9
Total investments	4,216.1		3,756.9
Carried interest receivable:
Private equity	77.1		64.4
Credit	2.6		2.6
Infrastructure	130.3		81.9
Secondaries	-		-
Total carried interest receivable	210.0		148.9

4 Operating expenses

Operating expenses include:

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

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

(a) Share-based payments

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

Of the total share-based payment expense, £65.1m (2025: £26.4m) relates to the ECP transaction and are treated as exceptional expenses.

£1.4m (2025: £5.2m) relates to the long-term incentive plan introduced following the IPO to increase employee ownership in the Group for a targeted group of employees and are treated as adjusted items. Such amounts are excluded from underlying profitability measures.

(b) Other employee expenses

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

(c) Other operating expenses

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

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

5 Exceptional items

Exceptional items are items of income and expenses that are material by size and/or nature and are not considered to be incurred in the normal course of business and without separate disclosure could distort an understanding of the financial statements. Accordingly, exceptional items are excluded from the calculation of underlying profitability measures.

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

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

(a) Exceptional personnel expenses

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

(b) Exceptional other operating expenses

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

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

(c) Exceptional finance and other expenses

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

6 Depreciation and amortisation

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

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

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

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

7 Net finance and other income or expenses

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

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

(a) Interest expense on bank overdrafts and borrowings

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

(b) Finance income and expenses on amounts receivable from or payable to third-party and related party investors

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

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

(c) Other expenses

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

8 Tax expense

(a) Tax expense

Analysis of tax expense reported in the income statement:

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

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

9 Earnings per share

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

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

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

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

10 Carried interest receivable

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

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

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

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

11 Financial assets and liabilities

(a) Classification of financial assets

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

	Group
As at 30 June 2026	Fair value through profit or loss £ m		Hedging derivatives £ m		Financial assets at amortised cost £ m		Assets which are not financial assets £ m		Total £ m
Fair value of fund investments	887.7		-		-		-		887.7
Consolidated CLO assets	3,194.4		-		120.0		-		3,314.4
Trade and other receivables	-		-		207.9		51.3		259.2
Derivative financial instruments	-		16.6		-		-		16.6
Other investment	-		-		14.0		-		14.0
Cash and cash equivalents	-		-		177.5		-		177.5
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use)	-		-		163.1		-		163.1
Total	4,082.1		16.6		682.5		51.3		4,832.5

	Group
As at 31 December 2025	Fair value through profit or loss £ m		Hedging derivatives £ m		Financial assets at amortised cost £ m		Assets which are not financial assets £ m		Total £ m
Fair value of fund investments	853.6		-		-		-		853.6
Consolidated CLO assets	2,799.4		-		79.4		-		2,878.8
Trade and other receivables	-		-		123.1		40.2		163.3
Derivative financial instruments	-		5.1		-		-		5.1
Other investment	-		-		24.5		-		24.5
Cash and cash equivalents	-		-		193.5		-		193.5
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use)	-		-		141.4		-		141.4
Total	3,653.0		5.1		561.9		40.2		4,260.2

There are no material differences between the above amounts for financial assets at amortised cost and their fair value.

i) Fair value of fund investment

The investments primarily consist of loans or commitments made in relation to BE VII, VI and V, BEP IV, BDC V, BDC IV and III, BG II, ECP V and IV, Calpine Continuation and Bridgepoint Generations funds.

The fund investments are measured at fair value through profit or loss as the business model of each vehicle is to manage the assets and to evaluate their performance on a fair value basis.

ii) CLO assets

The balance shown includes the gross value of the assets held by CLO 1, CLO 3, CLO IV, CLO V, CLO VI, CLO VII, CLO VIII, CLO IX, CLO X and CLO XI (2025: CLO 1, CLO 3, CLO IV, CLO V, CLO VI, CLO VII, CLO VIII, CLO IX and CLO X), which are consolidated by the Group, but where the Group only holds the rights and liabilities in relation to a small portion. The CLO assets are primarily measured at fair value through profit or loss as the business model of each vehicle is to manage the assets and to evaluate their performance on a fair value basis.

	Group
	30 June 2026 £ m		31 December 2025 £ m
Consolidated CLO assets held by the Group	3,461.2		3,017.2
Consolidated CLO assets attributable to third-party investors	(3,232.5	)	(2,816.9	)
Group's exposure to consolidated CLO assets	228.7		200.3

iii) Derivative financial assets

The derivative financial instruments at 30 June 2026 relate to forward contracts that are used to hedge foreign exchange risk (2025: forward contracts and foreign exchange options).

iv) Trade and other receivables

Total trade and other receivables include the deferred cost of acquisition and consist of expenditure in excess of the cap within the relevant fund governing documents and fees paid to placement agents. Such costs are capitalised as current or non-current prepayments and are amortised between two and six years.

v) Cash and deposits

	Group
	30 June 2026 £ m		31 December 2025 £ m
Cash at bank and in hand	146.5		67.3
Money market funds	30.1		126.2
Deposits with original maturities of less than three months	0.9		-
Total cash and cash equivalents	177.5		193.5
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use)	163.1		141.4
Total cash	340.6		334.9

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments including term deposits with original maturities of three months or less and money market funds, which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Term deposits represent fixed term deposits placed with banks and financial institutions.

Cash belonging to consolidated CLOs and structured fund vehicles (restricted use) is cash held by CLOs and other structured fund vehicles consolidated by the Group and is not available for the Group's operating activities.

There are no material differences between the carrying amounts and fair values of cash and cash equivalents, deposits with original maturities of less than three months and cash belonging to consolidated CLOs and fund vehicles.

Credit risk exposure on cash and term deposits is managed in accordance with the Group's Treasury & Risk Management Policy which provides limits on exposures to any single financial institution. The Group's surplus cash is held with financial institutions or money market funds which are rated as investment grade by third party rating agencies. As at 30 June 2026, 100% of cash and term deposits were held with institutions or funds that are rated investment grade or above and all relevant money market funds are AAA rated.

(b) Classification of financial liabilities

The following tables analyse the Group's financial liabilities in accordance with the categories of financial instruments defined in IFRS 9. Liabilities such as deferred income, long-term employee benefits, social security and other taxes are excluded as they do not constitute a financial liability and are shown in the table in a separate column in order to reconcile to the face of the Condensed Consolidated Statement of Financial Position.

	Group
As at 30 June 2026	Fair value through profit or loss £ m		Hedging derivatives £ m		Financial liabilities at amortised cost £ m		Liabilities which are not financial liabilities £ m		Total £ m
Trade and other payables	84.4		-		126.1		74.5		285.0
Other financial liabilities	392.3		-		-		-		392.3
Lease liabilities	-		-		116.9		-		116.9
Borrowings	-		-		462.8		-		462.8
Derivative financial instruments	-		25.6		-		-		25.6
Consolidated CLO liabilities	2,830.7		-		36.3		-		2,867.0
Consolidated CLO purchases awaiting settlement	-		-		365.6		-		365.6
Total	3,307.4		25.6		1,107.7		74.5		4,515.2

	Group
As at 31 December 2025	Fair value through profit or loss £ m		Hedging derivatives £ m		Financial liabilities at amortised cost £ m		Liabilities which are not financial liabilities £ m		Total £ m
Trade and other payables	41.5		-		90.0		115.3		246.8
Other financial liabilities	317.4		-		-		-		317.4
Lease liabilities	-		-		96.6		-		96.6
Borrowings	-		-		451.2		-		451.2
Derivative financial instruments	-		33.5		-		-		33.5
Consolidated CLO liabilities	2,587.8		-		25.5		-		2,613.3
Consolidated CLO purchases awaiting settlement	-		-		203.6		-		203.6
Total	2,946.7		33.5		866.9		115.3		3,962.4

Carrying amount of financial liabilities carried at amortised cost approximates their fair value, and therefore have not been included in the disclosure within this section.

i) Borrowings

	Group
Non-current:			30 June 2026
	Principal £m		Fixed interest %		Maturity date
ECP private placement debt
Series A Notes	16.6		5.70		7 July 2027
Series B Notes	65.7		5.79		7 July 2029
Series C Notes	56.7		5.94		7 July 2032
Sub-total / weighted coupon	139.0		5.84
US private placement debt
Series A Notes	37.8		6.18		7 June 2027
Series B Notes	98.2		6.20		6 June 2029
Series C Notes	132.3		6.31		6 June 2031
Series D Notes	56.7		6.46		6 June 2034
Sub-total / weighted coupon	325.0		6.29
Borrowings within consolidated structured fund vehicles	3.4		4.50		19 December 2028
Borrowings at 30 June / weighted coupon	467.4		6.16
Capitalised facility costs	(4.6	)
Total borrowings at 30 June / weighted coupon	462.8		6.14

	Group
Non-current:			31 December 2025
	Principal £m		Fixed interest %		Maturity date
ECP private placement debt
Series A Notes	16.3		5.70		7 July 2027
Series B Notes	64.6		5.79		7 July 2029
Series C Notes	55.7		5.94		7 July 2032
Sub-total / weighted coupon	136.6		5.84
US private placement debt
Series A Notes	37.2		6.18		7 June 2027
Series B Notes	96.6		6.20		6 June 2029
Series C Notes	130.0		6.31		6 June 2031
Series D Notes	55.7		6.46		6 June 2034
Sub-total / weighted coupon	319.5		6.29
Borrowings at 31 December / weighted coupon	456.1		6.16
Capitalised facility costs	(4.9	)
Total borrowings at 31 December / weighted coupon	451.2		6.16

1) ECP private placement debt

In July 2022, ECP completed the issuance and sale of $225.0m in aggregate principal amount private placement debt. $184.0m (£139.0m) of the notes remain outstanding at 30 June 2026 after $41.0m of notes were redeemed at par in 2024.

The debt is unsecured and is held at amortised cost and the Group has determined to approximate the fair value of these liabilities.

2) US private placement debt

The Group completed the issuance and sale of $430.0m in aggregate principal amount of Series A, B, C and D notes (collectively, the USPP) following the completion of the ECP transaction in 2024.

Qualifying costs have been capitalised and are amortised over the weighted average life of the notes. Interest is payable semi-annually at the fixed stated interest rates. During the period ended 30 June 2026 the interest expense and debt issuance cost amortisation totalled £10.6m (2025: £21.5m). The USPP is held at amortised cost, £325.0m (2025: £319.5m), which the Group has determined to approximate the fair value of these liabilities.

3) Borrowing facility agreements

In 2023, the Group entered into a borrowing facility agreement for £250.0m. During March 2026, this agreement was renewed and increased to £400.0m. At 30 June 2026, there were no drawn amounts outstanding on this facility (2025: nil).

In May 2026, in connection with the acquisition of KARE, the Group entered into a £400.0m acquisition bridge facility. At 30 June 2026, this had not been drawn.

The Group's revolving credit, acquisition bridge and US private placement notes are subject to covenants based on a ratio of adjusted EBITDA to net finance charges and a ratio of total net debt to adjusted EBITDA on a rolling annual period. During the period the Group was fully compliant with banking covenants.

ii) Other financial liabilities

	Group
	30 June 2026 £ m		31 December 2025 £ m
Liabilities held at fair value through profit or loss:
CLO repurchase agreements	95.6		80.2
Amount payable to third-party investors	276.1		220.7
Amount payable to related party investors	20.6		16.5
Total	392.3		317.4

1) CLO repurchase agreements

The Group has entered into an arrangement to sell and repurchase interests in CLO 2, 3, V, VI, IX and X, which totals £95.6m (2025: £80.2m). The repurchase agreements will be repaid at face value at the scheduled repurchase date of each relevant CLO, unless an earlier date is agreed as per the agreement. The interest payable over the life of the repurchase is equal to any distributions received by the relevant notes to which the repurchase agreement relates.

2) Amounts payable to third-party investors and related party investors

The Group consolidates a number of limited partnerships through which some of the Group's investments in funds are held. The Group's interest only constitutes a portion of the total and therefore other financial liabilities include the fair value of the amounts due to external parties, who are either third-party investors (non-Group subsidiaries or affiliates) or related party investors (Group subsidiaries or affiliates), under the relevant limited partnership agreements. Due to the nature of this agreement, being a contractually agreed profit share to third-party investors and related party investors, the Group recognises their interest as a financial liability which is fair valued through profit or loss at each reporting date.

(c) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk.

The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:

-    Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

-    Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

-    Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs).

Investments in funds, which hold portfolios of private equity, infrastructure and credit assets are valued in line with the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines using a variety of methodologies. These investments are primarily classified as level 3 financial assets due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund and the lack of an observable price for each investment in a fund.

The assets of the CLO vehicles, which are fully consolidated by the Group, are classified as level 2 fair values as they are priced using independent loan pricing sources. They consolidate quotes from a variety of different brokers active in the market.

Further details of the valuation methodologies, process and governance for investments in funds, investments held by consolidated CLOs and other financial liabilities are set out within the notes to the 2025 financial statements.

Derivatives used for hedging, which are fair valued, are classified as level 2 fair values as the inputs are observable.

The following table summarises the valuation of the Group's financial assets and liabilities by fair value hierarchy:

	Financial Assets				Financial Liabilities
Financial assets and liabilities at fair value through profit or loss	30 June 2026 £ m		31 December 2025 £ m		30 June 2026 £ m		31 December 2025 £ m
Level 1	-		-		-		-
Level 2	3,227.7		2,839.3		121.2		113.7
Level 3	871.0		818.8		3,211.8		2,866.5
Total	4,098.7		3,658.1		3,333.0		2,980.2

i) Reconciliation of level 3 fair value measurements of financial assets

A reconciliation of level 3 fair values for financial assets which primarily represent the Group's interest in private equity, infrastructure and credit funds, including the Group's investment in CLOs which are not consolidated, is set out in the table below:

	30 June 2026 £ m		31 December 2025 £ m
Level 3 financial assets at fair value through profit or loss:
Opening balance	818.8		752.6
Additions from acquired subsidiaries	2.2		-
Other additions	63.6		195.4
Change in fair value	76.2		120.2
Foreign exchange movements recognised as profit or loss	0.1		11.6
Foreign exchange movements recognised as other comprehensive income	(4.1	)	13.7
Disposals	(85.8	)	(239.9	)
Transfer (to)/from level 1 or 2	-		(34.8	)
Closing balance	871.0		818.8

The underlying assets in each fund consist of portfolios of controlling or minority equity stakes, typically in private companies, and investments in their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13.

A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 11 (d).

ii) Reconciliation of level 3 fair value measurement of financial liabilities

Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore classified as level 3.

The valuation methodology for valuing the consolidated CLO liabilities is based upon internal discounted cash flow models with unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates, recovery rates and discount rates and are therefore considered level 3 financial liabilities.

A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.

	Group
	30 June 2026 £ m		31 December 2025 £ m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance	2,587.8		1,696.2
Additions	355.1		2,010.0
Change in fair value	(30.0	)	(11.9	)
Foreign exchange movements recognised as profit or loss	(31.3	)	92.5
Foreign exchange movements recognised as other comprehensive income	-		-
Disposals	(50.9	)	(1,199.0	)
Transfer (to)/from level 1 or 2	-		-
Closing balance	2,830.7		2,587.8

A reconciliation of level 3 fair values for other financial liabilities at fair value through profit or loss is set out in the table below.

	Group
Group	30 June 2026 £ m		31 December 2025 £ m
Movement in other financial liabilities at fair value through profit or loss which are level 3:
Opening balance	237.2		159.4
Additions	43.8		156.0
Change in fair value	27.5		19.2
Foreign exchange movements recognised as profit or loss	-		-
Foreign exchange movements recognised as other comprehensive income	(3.3	)	8.6
Disposals	(8.5	)	(25.8	)
Transfer (to)/from level 1 or 2	-		(80.2	)
Closing balance	296.7		237.2

The movements in deferred contingent consideration, primarily relating to the ECP transaction completed in 2024, are set out in the table below.

	Group
Group	30 June 2026 £ m		31 December 2025 £ m
Movement in deferred contingent considerations at fair value through profit or loss which are level 3:
Opening balance	41.5		9.8
Additions	-		0.1
Change in fair value	42.2		32.4
Foreign exchange movements recognised as profit or loss	0.7		(0.8	)
Foreign exchange movements recognised as other comprehensive income	-		-
Disposals	-		-
Transfer (to)/from level 1 or 2	-		-
Closing balance	84.4		41.5

The movement during the period is primarily driven by the remeasurement of deferred contingent consideration related to the ECP transaction. Further details are provided in Note 7(c). A sensitivity analysis of a change in the value of CLO liabilities and other financial liabilities at fair value through profit or loss is set out in note 11 (d).

(d) Valuation inputs and sensitivity analysis

The number of unique investments represents the investments that the Group indirectly invests into through its investments in private equity, infrastructure and credit funds. The table below sets out information about significant unobservable inputs used at 30 June 2026 in measuring financial instruments categorised as level 3 in the fair value hierarchy.

Description	Fair value at 30 June 2026 £ m	31 December 2025 £ m	Number of unique investments	Valuation technique	Significant unobservable inputs	Range	Sensitivity	Effect on fair value at 30 June 2026 £ m
Private equity fund investments	616.5	585.5	90	Market	Earnings multiple	2.46x - 29.3x	+10% multiple	52.3
				Approach	Revenue multiple	3.7x - 13.3x	-10% multiple	(52.7	)
Infrastructure fund investments	107.4	129.4	19	Market Approach	Earnings multiple	7.0x - 14.3x	Upside case**	4.4
							Downside case**	(5.9	)
				Discounted	Discount rate	8.2% - 22.5%	Upside case**	3.6
				Cash Flow			Downside case**	(4.1	)
Credit fund investments	6.1	5.7	73	Market	Earnings multiple	5.5x - 16x	Upside case**	-
				Approach	Revenue multiple	3.1x - 13x	Downside case**	-
				Income Approach	Discount Rate	9.1%-21.7%
			266	Other	n/a	n/a	n/a	n/a
Secondaries fund investments	2.3	-	N/A	Other	Net asset value (NAV)	n/a	+10% of NAV	0.2
							-10% of NAV	(0.2	)
Group's investments in CLOs that are not consolidated*	1.1	1.1	8	Discounted Cash Flow	Discount rate	13%	Upside case**	1.6
					Default rate	1.0%
					Recovery rate	35% - 65%
					Prepayment rate	20.0%	Downside case**	(0.7	)
					Reinvestment price	99.5%
					Spread	3.5%
Group's investments in consolidated fund vehicles	137.6	97.1	N/A	Other	Net asset value (NAV)	n/a	+10% of NAV	13.8
							-10% of NAV	(13.8	)
Total assets	871.0	818.8
Consolidated CLO liabilities*	2,830.7	2,587.8	68	Discounted Cash Flow	Discount rate	13.0%	Upside case**	187.5
					Default rate	1.0%
					Recovery rate	35% - 65%
					Prepayment rate	20.0%	Downside case**	(100.0	)
					Reinvestment price	99.5%
					Spread	3.5%
Deferred contingent consideration	84.4	41.5	n/a	Probability Weighted Expected Return	Discount rate	9.8%	+1% discount rate	(1.3	)
					Scenario probabilities	10% - 65%	-1% discount rate	1.4
Other financial liabilities	296.7	237.2	n/a	Other	Net asset value (NAV)	n/a	+10% of NAV	29.7
							-10% of NAV	(29.7	)
Total liabilities	3,211.8	2,866.5

*       The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that the Group has invested in, including £15.4m of investments in CLOs that are not consolidated (2025: £14.6m) and £228.7m of investments in CLOs that are consolidated (2025: £200.3m). The sensitivity analysis for the investments in the notes of CLOs that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the table.

**     The upside case is based on the key inputs used in the valuation model disclosed above being favourably adjusted from their base value by a factor of 10%. The downside case adjusts these key inputs by a factor of 10% in the opposite direction.

12 Dividends and dividend equivalents

The Company paid a final dividend of 4.7 pence per share, which equated to £42.0m, in May 2026 in respect of the second half of 2025. In addition, £4.2m of dividend equivalents were paid to non-controlling interest holders in May 2026 in respect of the second half of 2025.

The Directors have announced an interim dividend of 4.8 pence per share, to be paid on 26 October 2026 to shareholders on the register as at 18 September 2026. This equates to £42,607,171.00, based on the number of shares in issue at 30 June 2026 and expected new issuance, plus dividend equivalents paid to non-controlling interests estimated to be £5,083,024.00.

During the six months ended 30 June 2026, dividends and dividend equivalents also include a £9.1m distribution to the non-controlling interest holders.

	For the six months ended 30 June 2026				For the six months ended 30 June 2025
Ordinary dividends and dividend equivalents	£ m		Pence per share		£ m		Pence per share
Prior period final dividends and dividend equivalents	46.2		4.7		45.3		4.6
Proposed interim dividends and dividend equivalents	47.7		4.8		46.4		4.7

13 Cash flow information

(a) Cash generated from operations

	Group
Six months ended 30 June	2026 £ m		2025 £ m
Profit/(loss) before tax	42.9		60.6
Adjustments for:
Share-based payments (exceptional and adjusted items)	66.5		26.4
Share-based payments	0.9		2.2
Depreciation and amortisation expense	32.3		32.6
Net other finance and other income or expenses	84.9		27.0
Carried interest	(86.6	)	(23.8	)
Fair value remeasurement of investments	(87.7	)	(64.3	)
(Increase)/decrease in trade and other receivables	(86.3	)	(29.3	)
(Decrease)/increase in trade and other payables	(8.3	)	(12.6	)
Cash generated from operations	(41.4	)	18.8

14 Equity

(a) Share capital and premium

Allotted, called up and fully paid shares

	Company
	2026				2025
	No.		£		No.		£
Ordinary of £0.00005 each	878,071,547		43,904		849,336,269		42,467
Deferred of £81 each	500		40,500		500		40,500
Deferred of £1 each	1		1		1		1
Deferred of £0.01 each	1		0.01		1		0.01
Total	878,072,049		84,405		849,336,771		82,968

Share capital represents the number of ordinary shares issued in the capital of the Company multiplied by their nominal value of £0.00005 each. Share premium substantially represents the aggregate of all amounts that have ever been paid above nominal value to the Company when it has issued ordinary shares.

The holders of the ordinary shares have the right to receive notice of and to attend and vote at any general meeting of the Company. The shares have one vote per share on a resolution.

Each ordinary share is eligible for ordinary course dividends and distributions on a liquidation, and is generally entitled to participate in a return of capital, in each case subject to the provisions set out in the Articles of the Company.

Deferred shares have no rights other than the right to receive their nominal value in a liquidation after all other shares have received £1.0m per share.

(b) Own shares

Own shares are recorded by the Group when ordinary shares are acquired by the Company and they are deducted from shareholders' equity. The Company held 171,096 ordinary shares and 501 deferred shares (2025: 171,096 ordinary shares; 501 deferred shares) within retained earnings as at 30 June 2026 at a cost of nil (2025: nil).

(c) Other reserves

The following table provides a breakdown of the reserves that are included in the Group's other reserves.

	30 June 2026 £ m		31 December 2025 £ m
Cash flow hedge reserve	12.8		1.3
Net exchange differences reserve	(1.7	)	(6.6	)
Share-based payment reserve	128.0		71.0
Capital redemption reserve	0.0		0.0
Total	139.1		65.7

i) Cash flow hedge reserve

Hedge reserves consist of the cash flow hedge reserve and the costs of hedging reserve reflecting items such as the change in fair value related to forward points-basis adjustment. The cash flow hedge reserve is used to recognise the effective portion of gains or losses on foreign exchange forward contracts that are designated and qualify as cash flow hedges

ii) Net exchange differences reserve

Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gains and losses on the translation of foreign operations.

iii) Share-based payment reserve

The share-based payment reserve relates to the accumulated expense from the recognition of equity-settled share-based payments to employees.

In the six months ended 30 June 2026, a £3.7m (2025: £4.0m) transfer was made between share-based payment reserve and retained earnings which related to the full vesting of share awards.

iv) Capital redemption reserve

On 2 June 2025, the Company announced the reintroduction of a share buyback programme of up to £50.0m. The Buyback Programme commenced on 2 June 2025 and is expected to complete on or before 31 May 2027.

During the period, the Company repurchased and cancelled 2,664,455 ordinary shares (2025: 392,545) for a total consideration of £7.2m (2025: £1.3m).

As at 30 June 2026, the Company had repurchased shares for a total consideration of £10.0m under this programme, comprising £2.8m in 2025 and £7.2m during the current period, leaving £40.0m available for future repurchases.

During the financial period, the Group had a total cash outflow of £7.2m (2025: £1.3m) relating to share buybacks.

(d) Non-controlling interests

Non-controlling interests arise when the Group does not own all of a subsidiary, but the Group retains control. Financial information for subsidiary entities or groups that have material non-controlling interests is provided below:

	Proportion of economic interest held by non-controlling interests				Profit/(loss) allocated to non-controlling interests				Carrying value of non-controlling interests
At 31 December	30 June 2026 %		31 December 2025 %		For the six months ended 30 June 2026 £ m		For the six months ended 30 June 2025 £ m		30 June 2026 £ m		31 December 2025 £ m
Bridgepoint OP LP	9.4	%	12.5	%	2.6		5.9		118.0		147.5
Bridgepoint European CLO Management I SCSp	43.2	%	31.8	%	3.4		2.1		66.7		45.2
					6.0		8.0		184.7		192.7

During the six months ended 30 June 2026, 30.0m partnership units held by ECP vendors in Bridgepoint OP LP were exchanged for the Company's ordinary shares on a one-for-one basis. Accordingly, the non-controlling interest in Bridgepoint OP LP percentage reduced to 9.4% at 30 June 2026 from 12.5% at 31 December 2025.

15 Kayne Anderson Real Estate acquisition

On 29 June 2026, the Group announced that it had entered into a definitive agreement to acquire Kayne Anderson Real Estate ("KARE"), a US-based real estate investment manager, from Kayne Anderson Capital Advisors, L.P. and other sellers. KARE has approximately $22bn of assets under management across real estate equity and debt strategies. The proposed transaction has an upfront enterprise value of approximately $1.4bn, comprising $759m of cash and approximately 176.7m of loan notes or operating partnership units in Bridgepoint OP LP, which is the principal holding vehicle for the combined Group's operating entities plus a further 11.9m award of shares made available to eligible employees. The loan notes and operating partnership units are economically equivalent to the Company's ordinary shares and may ultimately be exchanged for the shares on a one-for-one basis. Further consideration in the form of an earn-out of up to 82.83m loan notes or operating partnership units exchangeable for shares in 2030 subject to management fee-related performance hurdles, plus additional awards of 19.67m earn-out shares available to eligible employees. Completion is subject to customary conditions, including Bridgepoint Group plc shareholder approval, regulatory approvals and fund consents, and is expected to be completed towards the end of the year.

The acquisition is aligned with the Group's strategy of expanding its global private markets platform through complementary investment capabilities. Upon completion, KARE will establish Real Estate as the Group's fifth investment vertical, alongside Private Equity, Infrastructure, Private Credit and Secondaries. The acquisition will also strengthen the Group's presence in North America, broaden its product offering across private markets and further diversify its earnings and fundraising capabilities.

As at 30 June 2026, the acquisition had not completed and the Group had not obtained control of KARE. Accordingly, the proposed transaction has not been accounted for as a business combination in these condensed consolidated interim financial statements in accordance with IFRS 3. No assets or liabilities of KARE have been recognised, and no goodwill, acquisition-related intangible assets or acquisition-date fair value adjustments have been recorded as at 30 June 2026.

Acquisition-related costs of £31.3m incurred during the six months ended 30 June 2026 have been recognised as an expense in the consolidated income statement within other operating expenses and treated as exceptional costs in accordance with the Group's accounting policy. These costs are not included in consideration transferred. Costs directly attributable to the issue of debt or equity securities, if any, are accounted for in accordance with IFRS 9 "Financial Instruments" and IAS 32 "Financial Instruments - Presentation", respectively. This treatment is consistent with IFRS 3, which requires acquisition-related costs to be expensed as incurred, except for debt or equity issuance costs.

Upon completion, the Group will assess and account for the transaction in accordance with IFRS 3 from the acquisition date, being the date on which the Group obtains control of KARE. At that point, the Group will measure the consideration transferred and the identifiable assets acquired and liabilities assumed at their acquisition-date fair values, with any excess recognised as goodwill.

The cash element of the consideration is expected to be funded through a combination of existing cash resources, a committed borrowing facility (see note 11) and proceeds from a US private placement.

16 Events after the reporting period

There have been no material subsequent events since 30 June 2026.

Supplementary information:

Supplementary information: Underlying condensed consolidated statement of profit or loss, excluding exceptional costs and adjusted items

for the six months ended 30 June

	2026 £ m		2025 £ m
Management and other fees	254.1		206.8
Carried interest	86.6		23.8
Fair value remeasurement of investments (including investment linked bonus)	34.1		33.8
Other operating income	0.3		0.3
Total operating income	375.1		264.7
Personnel expenses (excluding investment linked bonus)	(109.8	)	(104.8	)
Other operating expenses	(38.0	)	(31.9	)
EBITDA	227.3		128.0
Depreciation and amortisation expense	(8.3	)	(8.6	)
Finance and other income	3.9		3.5
Finance and other expenses	(25.4	)	(19.2	)
Profit before tax	197.5		103.7
Tax	(28.3	)	(16.5	)
Profit after tax	169.2		87.2

This unreviewed, non-statutory consolidated statement of profit or loss applies all measurement and recognition requirements of UK adopted IAS and the Group's accounting policies, except that it excludes exceptional costs and adjusted items that could distort a reader's interpretation of the Group's profitability. Further details of these adjustments are explained in APM section.

Condensed consolidated statement of financial position, excluding interests of third-party investors in consolidated CLOs and other structured fund vehicles

	30 June 2026 £ m		(Unaudited) 31 December 2025 £ m
Assets
Non-current assets
Property, plant and equipment	107.5		95.6
Goodwill and intangible assets	708.4		711.9
Carried interest receivable	210.0		148.9
Fair value of fund investments*	726.3		743.5
Trade and other receivables	31.3		24.8
Total non-current assets	1,783.5		1,724.7
Current assets
Trade and other receivables	231.1		136.6
Derivative financial assets	16.1		5.1
Other investments	14.0		24.5
Cash and cash equivalents	177.5		193.5
Total current assets	438.7		359.7
Total assets	2,222.2		2,084.4
Liabilities
Non-current liabilities
Trade and other payables	94.3		53.5
Other financial liabilities	75.1		71.6
Borrowings	421.8		451.2
Lease liabilities	104.0		84.0
Deferred tax liabilities	79.2		66.2
Total non-current liabilities	774.4		726.5
Current liabilities
Trade and other payables	182.7		190.0
Borrowings	37.6		-
Lease liabilities	12.9		12.6
Derivative financial liabilities	25.6		33.5
Total current liabilities	258.8		236.1
Total liabilities	1,033.2		962.6
Net assets	1,189.0		1,121.8
Equity
Share capital	0.1		0.1
Share premium	523.7		445.3
Other reserves	140.3		65.7
Retained earnings	406.9		463.2
Equity attributable to owners of the parent	1,071.0		974.3
Non-controlling interests	118.0		147.5
Total equity	1,189.0		1,121.8

*       The fair value of fund investments includes the Group's own exposures in consolidated CLOs 1, 3, IV, V, VI, VII, VIII, IX, X and XI of £228.7m as at 30 June 2026 (31 December 2025: CLOs 1, 3, IV, V, VI, VII, VIII, IX and X of: £200.3m).

This unreviewed condensed consolidated statement of financial position applies all of the measurement and recognition requirements of IFRS and the accounting policies of the Group, except for the requirement to consolidate CLOs and structured fund vehicles through which third-party investors have invested. Note that CLOs are presented as an investment held at fair value in line with how they are managed by the Group, rather than being consolidated in accordance with IFRS 10.

Condensed consolidated cash flow statement, excluding cash flows relating to consolidated CLOs and structured fund vehicles attributable to third-party investors

for the six months ended 30 June

	2026 £ m		2025 £ m
Cash flows from operating activities
Cash generated from operations	(21.4	)	30.9
Tax paid	(3.8	)	(0.9	)
Net cash (outflow) or inflow from operating activities	(25.2	)	30.0
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired	(7.7	)	-
Receipts from investments	100.4		96.9
Purchase of investments	(19.5	)	(28.4	)
(Purchase) / receipt of other investments	10.4		(12.6	)
Interest received	2.9		1.2
Payments for property, plant and equipment and intangible assets	(2.5	)	(26.7	)
Purchase of investments in CLOs	(15.7	)	(11.4	)
Net cash inflow from investing activities	68.3		19.0
Cash flows from financing activities
Dividends and dividend equivalents paid to shareholders of the Company and non-controlling interests	(55.4	)	(45.3	)
Share buyback	(7.2	)	(1.3	)
Proceeds from non-controlling interests	28.3		24.9
Principal elements of lease payments	(6.4	)	(6.5	)
Interest paid	(19.1	)	(8.2	)
Net cash outflow from financing activities	(59.8	)	(36.4	)
Net (decrease) or increase in cash and cash equivalents	(16.7	)	12.6
Cash and cash equivalents at the beginning of the period	193.5		90.8
Effect of exchange rate changes on cash and cash equivalents	0.7		0.1
Cash and cash equivalents at the end of the period	177.5		103.5

This unreviewed condensed consolidated statement of cash flows applies all of the measurement and recognition requirements of IFRS and the accounting policies of the Group, except for the requirement to consolidate CLOs and structured fund vehicles through which third-party investors have invested. Cash belonging to consolidated CLOs or structured fund vehicles is not presented in the opening or closing cash positions in this statement and all cash flows relate only to those of the Group, excluding those cash flows relating to third-party investors.

Supplementary information: Alternative performance measures (APMs)

The use of APMs

This interim report includes several measures which are not defined or recognised under International Financial Reporting Standards ("IFRS"), including financial and operating measures relating to the Group such as EBITDA, Underlying EBITDA, Underlying EBITDA margin, Underlying profit before tax, FRE, FRE margin, Underlying management fees and other income, PRE, Fee Paying AUM and Total AUM, all of which the Group considers to be APMs.

We have changed the composition of certain APMs to make them more meaningful and reflect the business performance. The impact in comparative information is not considered material, therefore it is not adjusted retrospectively.

Total AUM

The total value of unrealised assets as of the relevant date (as determined pursuant to the latest quarterly or semi-annual valuation for each fund conducted by the Group) plus undrawn commitments to funds managed by the Group. Total AUM at 30 June 2026 was $97.3 billion (€85.1 billion).

Fee Paying AUM

Assets under management for funds upon which fees are charged by the Group, including separately managed accounts (SMAs), CLOs and continuation funds, but excluding co-investment vehicles. Fee Paying AUM is either based on total commitments or on net invested capital and is presented gross of any share of fees due to third parties. Fee Paying AUM at 30 June 2026 was $58.4 billion (€51.1 billion), including $3.3 billion (€2.9 billion) of Secondaries Fee Paying AUM on which the Group receives only 25% of the fee income.

Management fee margin on Fee Paying AUM	The underlying management fee rate in the Group's funds, calculated as the weighted average management fee rate for all funds contributing to Fee Paying AUM as at the end of the accounting period.
Underlying management and other income	Management fees relating to CLOs and structured fund vehicles which are consolidated, that are eliminated and form part of PRE, are added back to arrive at the underlying management and other income.
	Underlying management and other income	Six months ended 30 June 2026		Six months ended 30 June 2025
	Management and other fees	246.9		202.0
	Add: CLO management fee consolidation adjustment	7.0		4.8
	Underlying management and other fees	254.1		206.8
	Other operating income	0.3		0.3
	Underlying management and other income	254.4		207.1
PRE	PRE is calculated by adding the fair value remeasurement of investments to carried interest income and making adjustments for: (i) the impact of negative returns in the early years of a fund due to management fee expenses based on the full committed capital of the fund exceeding capital growth from deployed invested capital (typically known as the 'J-curve' and which is considered temporary); (ii) PRE attributable to third-party investors that invest in a structured fund vehicle under IFRS that is consolidated by the Group due to its level of variable returns, as its inclusion could distort the view of the amount of PRE attributable to shareholders. Related finance costs payable to third-party investors are also excluded from finance expenses and underlying profit before tax (2026 and 2025: nil); (iii) PRE related to warehoused fund investments which are expected to be syndicated to third-party investors; (iv) the CLO management fees reinstated as part of underlying management and other income, as explained above; and (v) bonuses linked to investment activities.
	PRE	Six months ended 30 June 2026		Six months ended 30 June 2025
	Carried interest	86.6		23.8
	Fair value remeasurement of investments	88.4		64.3
	Less: CLO management fee consolidation adjustment ((iv) above)	(7.0	)	(4.8	)
	Less: PRE adjustments (a total of adjustments (i) to (iii) above)	(40.2	)	(25.7	)
	Less: PRE linked bonus ((v) above)	(6.9	)	-
	PRE	120.7		57.6

Underlying total operating income	The underlying total operating income is calculated by adding underlying management and other income and PRE.
	Underlying total operating income	Six months ended 30 June 2026		Six months ended 30 June 2025
	Underlying management and other income	254.4		207.1
	PRE	120.7		57.6
	Underlying total operating income	375.1		264.7
EBITDA	Earnings before interest, taxes, depreciation and amortisation. It is calculated by reference to total operating income and deducting from it, or adding to it, as applicable, personnel expenses and other operating expenses.
Underlying EBITDA	Calculated by excluding exceptional items, certain share scheme expenses, costs incurred in consolidated special vehicles and PRE adjustments from EBITDA. Exceptional items are items of income or expense that are material by size and/or nature and are not considered to be incurred in the normal course of business. Certain excluded share scheme expenses relate to share-based payment awards that were granted following the IPO. An explanation of the costs is included in note 5. Further detail on the PRE adjustments is set out in PRE section. A breakdown of exceptional items within EBITDA is included within note 5 of the condensed consolidated financial statements.
	Underlying EBITDA	Six months ended 30 June 2026		Six months ended 30 June 2025
	EBITDA	160.6		120.2
	Add: exceptional items within EBITDA	101.7		30.7
	Add: certain share scheme expenses	1.4		2.2
	Add: costs as a result of consolidation under IFRS 10	3.8		0.6
	Less: PRE adjustments	(40.2	)	(25.7	)
	Underlying EBITDA	227.3		128.0
Underlying EBITDA margin	Underlying EBITDA as a percentage of underlying total operating income.
FRE	Underlying EBITDA less carried interest and income from the fair value remeasurement of investments and adding back the cost of investment-linked bonuses and costs relating to corporate development activities.
	FRE	Six months ended 30 June 2026		Six months ended 30 June 2025
	Underlying EBITDA	227.3		128.0
	Less: PRE	(120.7	)	(57.6	)
	Add back: expenses excluded from FRE	1.4		5.6
	FRE	108.0		76.0

FRE margin	FRE as a percentage of underlying management and other income.
	FRE margin	Six months ended 30 June 2026			Six months ended 30 June 2025
	FRE	108.0			76.0
	Underlying total operating income	375.1			264.7
	Less: PRE	(120.7	)		(57.6	)
	Underlying management and other income	254.4			207.1
	FRE margin	42.5	%		36.7 %
FRE margin (excluding catch-up fees)	FRE (excluding catch-up fees) as a percentage of underlying management and other income excluding catch-up fees.
	FRE margin (excluding catch-up fees)	Six months ended 30 June 2026			Six months ended 30 June 2025
	FRE	108.0			76.0
	Less: catch-up fees	(21.7	)		(5.7	)
	FRE (excluding catch-up fees)	86.3			70.3
	Underlying management and other income	254.4			207.1
	Less: catch-up fees	(21.7	)		(5.7	)
	Underlying management and other income (excluding catch-up fees)	232.7			201.4
	FRE margin (excluding catch-up fees)	37.1	%		34.9 %
Underlying profit before tax	Calculated by excluding exceptional items, certain share scheme expenses, costs incurred in consolidated structured fund vehicles, the amortisation of acquisition-related intangible assets and PRE adjustments from within profit before income tax.
	Underlying profit before tax	Six months ended 30 June 2026			Six months ended 30 June 2025
	Profit before tax	42.9			60.6
	Add: exceptional items within EBITDA	101.7			30.7
	Add: amortisation of acquisition-related intangible assets	24.0			24.0
	Add: certain share scheme expenses	1.4			2.2
	Add: costs related to corporate development activities	-			0.6
	Less: PRE adjustments	(40.2	)		(25.7	)
	Add: exceptional net finance and other expenses	40.8			1.3
	Add: costs as a result of consolidation under IFRS 10	24.9			10.0
	Add: other adjusted net finance and other expenses	2.0			-
	Underlying profit before tax	197.5			103.7
Underlying profit before tax margin	Underlying profit before tax as a percentage of underlying total operating income.
Underlying profit after tax margin	Underlying profit after tax as a percentage of underlying total operating income.

Underlying basic and diluted earnings per share	Calculated by dividing underlying profit after tax, including non controlling interests, by the period end shares outstanding, including operating partnership units expected to be exchanged for the Company's ordinary shares. Diluted earnings per share reflects the dilutive impact of the potential conversion of ordinary shares. *     The approach used to calculate the comparative ordinary shares and partnership units for the purposes of underlying basic and diluted EPS changed in 2026 to fully reflect the impact of the operating units issued in connection with the ECP transaction. The comparative information has not been restated. Had the same approach been applied to the comparative period, underlying basic and diluted EPS would have been 8.4 pence and 7.9 pence, respectively.
	Underlying basic and diluted EPS	Six months ended 30 June 2026		Six months ended 30 June 2025
	Profit after tax	28.7		44.1
	Add: exceptional items within EBITDA	101.7		30.7
	Add: amortisation of acquisition-related intangible assets	24.0		24.0
	Add: certain share scheme expenses and other corporate activities	1.4		2.8
	Add: PRE adjustments	(40.2	)	(25.7	)
	Add: exceptional net finance and other expenses	40.8		1.3
	Add: costs as a result of consolidation under IFRS 10	24.9		10.0
	Underlying profit after tax	169.2		87.2
	Ordinary shares and partnership units for purposes of underlying basic and diluted EPS (m)*	1,036.2		842.0
	Underlying basic EPS (pence)	16.3		10.6
	Underlying diluted EPS (pence)	15.5		10.4

Non-current assets (excluding consolidated CLO assets and investments attributable to third-party investors)	Calculated by excluding non-current assets of consolidated CLOs and other structured fund vehicles attributable to third-party investors from total non-current assets as defined by IFRS and adding back the investment into CLOs on a non-consolidated basis.
	Non-current assets (excluding consolidated CLO assets and investments attributable to third-party investors)	30 June 2026 £ m		31 December 2025 £ m
	Total non-current assets	1,944.9		1,834.8
	Less: investments attributable to third-party investors	(390.1	)	(310.4)
	Add: investment in CLOs on a non-consolidated basis	228.7		200.3
	Non-current assets (excluding consolidated CLO assets and investments attributable to third-party investors)	1,783.5		1,724.7
Current assets (excluding third-party CLO assets and assets attributable to third-party investors)	Calculated by excluding current assets of consolidated CLOs and structured fund vehicles attributable to third-party investors from total current assets as defined by IFRS.
	Current assets (excluding consolidated CLO assets and assets attributable to third-party investors)	30 June 2026 £ m		31 December 2025 £ m
	Total current assets	3,913.5		3,381.8
	Less: consolidated CLO assets and assets attributable to third-party investors	(3,311.7	)	(2,880.7)
	Less: consolidated CLO cash and cash attributable to third-party investors	(163.1	)	(141.4)
	Current assets (excluding consolidated CLO assets and assets attributable to third-party investors)	438.7		359.7
Non-current liabilities (excluding consolidated CLO liabilities and liabilities attributable to third-party investors)	Calculated by excluding non-current liabilities of consolidated CLOs and structured fund vehicles attributable to third-party investors from total non-current liabilities as defined by IFRS.
	Non-current liabilities (excluding consolidated CLO liabilities and liabilities attributable to third-party investors)	30 June 2026 £ m		31 December 2025 £ m
	Total non-current liabilities	3,925.7		3,560.1
	Less: liabilities held by third-party investors	(320.6	)	(245.8)
	Less: fair value of consolidated CLO liabilities	(2,830.7	)	(2,587.8)
	Non-current liabilities (excluding consolidated CLO liabilities and liabilities attributable to third-party investors)	774.4		726.5
Current liabilities (excluding consolidated CLO liabilities and liabilities attributable to third-party investors)	Calculated by excluding current liabilities of consolidated CLOs and structured fund vehicles attributable to third-party investors from total current liabilities as defined by IFRS.
	Current liabilities (excluding consolidated CLO liabilities and liabilities attributable to third-party investors)	30 June 2026 £ m		31 December 2025 £ m
	Total current liabilities	668.7		468.5
	Less: consolidated CLO liabilities and liabilities attributable to third-party investors	(44.3	)	(28.8)
	Less: consolidated CLO purchases awaiting settlement	(365.6	)	(203.6)
	Current liabilities (excluding consolidated CLO liabilities and liabilities attributable to third-party investors)	258.8		236.1

Forward Looking Statements

This announcement may include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time made, the beliefs, intentions and current targets/aims of Bridgepoint Group plc (the "Company"). Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this announcement are based upon various assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of the Company, its subsidiary undertakings or the industry to differ materially from those results expressed or implied in this announcement by such forward-looking statements. No representation or warranty, express or implied, is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward-looking statement. No statement in this announcement is intended to be nor may be construed as a profit forecast. Neither the Company, nor any of its subsidiaries nor any of their affiliates, nor any of its or their officers, employees, agents or advisers, undertake to publicly update or revise any such forward-looking statement, except to the extent required by applicable law.

Issued by Bridgepoint Group plc

LEI: 213800KFNMVI8PDZX472

Registered in England and Wales no. 11443992

Registered office: 5 Marble Arch, London, W1H 7EJ

 

END