Update for the 3 Months Ended 30 June 2026

Patria Private Equity Trust PLC

12 October 2026

 

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

UPDATE FOR THE THREE MONTHS ENDED 30 JUNE 2026

Patria Private Equity Trust (the 'Company' or 'PPET'), a FTSE 250 investment company focused on the private equity mid-market, today provides an update on the quarter to 30 June 2026, following the receipt of quarter-end valuations. The details provided in this update are based on receipt of 96.5% of 30 June 2026 valuations for PPET's underlying investments.

MANAGER UPDATE

The portfolio continued to grow in the quarter to 30 June 2026 despite the challenging macroeconomic backdrop, with a Portfolio Return of 2.6% (constant currency). The weakening of the Euro relative to Sterling during the quarter resulted in a Portfolio Return of 1.4% in GBP. This performance, combined with a narrowing of the share price discount, the quarterly dividend of £6.8m and £3.1m of share buybacks, contributed to the Company's Share Price Total Return of 7.2% for the quarter, ahead of the FTSE All-Share return of 4.7%.

New investments totalled £52.8m across three primary fund commitments and two secondary investments. Drawdowns were broadly in line with recent quarters at £57.7m and distributions from the underlying portfolio were £24.5m (prior quarter: £43.8m), reflecting a quieter period for realisations amid geopolitical instability and uncertainty around the software sector. No secondary sales were made by the Manager during the period. This resulted in increased use of PPET's revolving credit facility and a small increase in the overcommitment ratio¹ to 40.2%. This level remains, however, at the lower end of our 30–65% target range, and PPET retains £230.7m of available cash and undrawn credit facility. 

Looking ahead, we expect meaningful realisation activity from the portfolio in the short term. The underlying portfolio continues to grow and remains well diversified. PPET has continued to deploy into new opportunities through the cycle, with 53% of underlying portfolio company value relating to investments made in the last four years, following the rise in interest rates. We believe these investments will continue to drive the portfolio performance over the short to medium term.

KEY PERFORMANCE INDICATORS

	At	At
	30 June	31 March
	2026	2026
3-month Share Price Total Return*	7.2%	(4.7%)
3-month NAV Total Return*	1.3%	0.1%
Net Gearing*	13.3%	9.7%
Over-commitment Ratio*	40.2%	39.4%
Dividend Yield	3.0%	3.2%

OTHER FINANCIAL HIGHLIGHTS

	At	At
	30 June	31 March
	2026	2026
NAV per share	869.0p	862.5p
3-month Portfolio Return (in Constant Currency)	2.6%	(0.3%)
3-month Total Portfolio Return (in GBP)	1.4%	0.2%
Quarterly Dividend Per Share	4.6p	4.6p
Share Price Discount to NAV*	29.3%	33.1%
Net Assets	£1,270.9m	£1,265.9m
Ongoing Charges Ratio - annualised (OCR) *	1.07%	1.09%

PERFORMANCE OVERVIEW

Performance to 30 June 2026 (Annualised)²

	3 months3	1 year	3 years	5 years	10 years	Since inception (2001)
NAV Total Return*	1.3%	9.3%	6.4%	8.7%	12.6%	10.1%
Share Price Total Return*	7.2%	13.5%	14.1%	9.1%	14.4%	9.8%
FTSE All-Share Index Total Return	4.7%	21.9%	15.3%	10.9%	8.7%	6.5%

Portfolio movements in the quarter to 30 June 2026

	Primary	Secondary	Direct	Total
Constant Currency Return (A)	2.5%	1.4%	3.2%	2.6%
Foreign Exchange Return (B)	(1.2%)	(1.1%)	(1.2%)	(1.2%)
Portfolio Return in £ (A+B)	1.3%	0.3%	2.0%	1.4%
Drawdowns	£35.0m	£20.9m	£1.8m	£57.7m
Distributions	£20.9m	£2.3m	£1.3m	£24.5m
New Commitments	£40.1m	£12.8m	-	£52.8m
Closing portfolio value	£923.1m	£153.5m	£366.1m	£1,442.7m
% of total portfolio	64.0%	10.6%	25.4%	100.0%

PORTFOLIO CONSTRUCTION

	% Exposure4 as at
Geography	30 June 2026
Nordic		16%
France		16%
United Kingdom		12%
Germany		12%
Benelux		6%
Italy		4%
Spain		2%
Other Europe		7%
North America		24%
Other ex-Europe		1%

	% Exposure4 as at
Sector		30 June 2026
Information Technology			24%
Health Care			22%
Industrials			19%
Consumer Discretionary			11%
Consumer Staples			9%
Financials			9%
Materials			3%
Energy			2%
Other			1%

Holding period		% Exposure4 as at 30 June 2026
1 year		12%
2 years		16%
3 years		12%
4 years		13%
5 years		21%
More than 5 years		26%

LARGEST UNDERLYING PORTFOLIO COMPANIES (% of Net Assets)

		At 30 June  2026	At 31 March 2026
1	Wundex	2.6%	2.6%	Sector: Healthcare Location: Germany
2	Visma	2.2%	2.1%	Sector: Information Technology Location: Norway
3	Action	1.6%	1.6%	Sector: Consumer Staples Location: Netherlands
4	Nutripure	1.5%	1.1%	Sector: Consumer Discretionary Location: France
5	CFC	1.4%	1.4%	Sector: Financials Location: United Kingdom
6	Groupe NGE	1.4%	1.4%	Sector: Industrials Location: France
7	NAMSA	1.4%	1.4%	Sector: Healthcare Location: United States
8	Vitrea	1.4%	1.5%	Sector: Healthcare Location: Austria
9	Trioworld	1.3%	1.3%	Sector: Industrials Location: Sweden
10	CDL	1.3%	1.3%	Sector: Healthcare Location: United States

NEW INVESTMENT ACTIVITY

Investment		£m	Description
Primary Investments
Investindustrial Lower Mid-Market IV		21.7	Lower mid-market strategy targeting opportunities within niche industrials, healthcare and services.
Seidler Equity Partners Discovery, L.P.		3.7	Lower mid-market strategy fund focused on business services, specialty manufacturing, and consumer services companies in the $5-25M EBITDA range
Seidler Equity Partners IX, L.P.		14.7	Flagship fund focused on mid-market business services, specialty manufacturing, and consumer services companies in the $20-100M EBITDA range.
Secondary Investments
Project Captain		0.9	Transfer of final tranche of interests relating to Project Captain, as previously announced.
Project Hamachi		11.9	Acquisition of interests in mid and lower mid-market co-investments and funds spanning technology and healthcare.

OUTSTANDING COMMITMENTS

	At 30 June 2026
Outstanding commitments at 1 April 2026	£824.9m
Fund investment drawdowns	(£43.8m)
Direct investment funding	(£1.8m)
New primary commitments	£40.1m
Secondary exposure acquired	£0.8m
Recallable transactions	£0.4m
Foreign exchange impact	(£9.9m)
Outstanding commitments	£810.6m

BORROWINGS AND CASH BALANCES

	At 30 June 2026 (£m)	At 31 March 2026 (£m)
Cash	24.1	17.8
Total revolving debt facility	400.0	400.0
Drawn revolving debt facility	193.4	141.1
Undrawn revolving debt facility	206.6	258.9
Available resources (cash and undrawn debt facility)	230.7	276.7

DIVIDENDS AND SHARE BUYBACKS

	Quarter to 30 June 2026
Dividend paid	£6.8m
Number of shares bought back	0.52m
Amount invested into buybacks	£3.1m
NAV accretion for shareholders	1.0p
Total invested in dividends and buybacks	£9.9m

The first interim dividend for the year ended 30 September 2026 of 4.6 pence per share was paid to investors on 28 April 2026. The second interim dividend of 4.6 pence per share was paid to investors on 31 July 2026.

The Company has announced its third interim dividend of 4.6 pence. The dividend will be paid on 30 October 2026 to all shareholders on the register on 25 September 2026. The ex-dividend date was 24 September 2026.

COMPANY TIMETABLE

The next PPET results announcement will be the 2026 Annual Report and Accounts, which is due to be released on or around 28^th January 2027.

ENQUIRIES

For further information please contact:

Patria Private Equity Trust plc	[e-mail]
Isabella Sousa (Investor Relations)
Investec Bank plc	[phone]
Lucy Lewis
Tom Skinner
Denis Flanagan
SEC Newgate	[phone]
Sally Walton	[e-mail]

Notes:-

Patria Private Equity Trust plc is an investment company managed by Patria Capital Partners LLP, the ordinary shares of which are admitted to listing by the UK Listing Authority and to trading on the Stock Exchange and which seeks to conduct its affairs so as to qualify as an investment trust under sections 1158-1165 of the Corporation Tax Act 2010.

Additional detail about PPET's NAV and investment diversification can be found on PPET's website (www.patriaprivateequitytrust.com). Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website is incorporated into, or forms part of, this announcement.

Footnotes:

¹ Overcommitment ratio is defined as outstanding commitments less available resources, divided by portfolio NAV.

² NAV total returns presented in the table shown assume dividend re-investment and quarterly compounding.

³ Returns presented for periods less than one year are not annualised.

⁴ Exposure figures are based on the latest available information from underlying managers. The figures represent the percentage of total value of underlying private companies.

Where relevant, the above information incorporates the activities of the Company's subsidiary, PPET Investments Limited, on a look through basis.

*Considered to be an alternative performance measure of the Company

The calculation methodology of alternative performance measures and key performance indicators can be found in the latest Annual Report of the Company, available on the Company website.

 

END