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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Apax Global Alpha
Apax Global Alpha (APAX) investor relations material
Apax Global Alpha has been delisted
Apax Global Alpha Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Aug, 2025
Executive summary
Net Asset Value (NAV) at 30 June 2025 was €1.11bn (€2.29 per share), down from €1.23bn at 31 December 2024, mainly due to adverse FX movements and dividend payments.
Total NAV Return for H1 2025 was -6.1%, but +2.5% on a constant currency basis.
A recommended cash acquisition by Janus Bidco Limited was announced, offering a 30.6% premium to the one-month VWAP and a 33.1% premium to the six-month VWAP.
The offer is expected to complete in Q3 or early Q4 2025, subject to shareholder and regulatory approval.
Financial highlights
NAV per share declined from €2.51 to €2.29 over the six months.
Loss after tax for H1 2025 was €79.5m, compared to a €18.2m loss in H1 2024.
Total operating expenses for H1 2025 were €3.0m.
€39.7m was returned to shareholders via dividends and share buybacks in H1 2025.
No dividend was declared for the period, but €32.3m was paid as the final 2024 dividend.
Outlook and guidance
The Board expects the take-private transaction to complete in Q3 or early Q4 2025.
The company will continue to manage its portfolio and maintain operational continuity during the transition.
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Latest events from Apax Global Alpha
- NAV stable, strong Private Equity growth, €67m returned to shareholders YTD.APAX
Q3 2024 - NAV fell 1.4% in H1 2024, but capital allocation and portfolio resilience remain strong.APAXH1 2024
- New capital allocation policy and robust private equity strategy drive value creation.APAXCMD 2024 Presentation
- NAV fell 2.5% as FX offset strong private equity growth; €36m returned to shareholders.APAXQ1 2025
- NAV at €1.23bn, 0.8% return, core sectors strong, €69m returned, new capital framework.APAXQ4 2024
Apax Global Alpha
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Frequently asked questions
Apax Global Alpha Limited is an investment entity designed to give investors access to the funds managed by Apax Partners, a global private equity advisory firm. APAX primarily focuses on long-term investments in four key sectors: Technology & Telecom, Services, Healthcare, and Consumer. The company aims to generate sustainable long-term capital growth through a diversified portfolio that includes investments in private equity as well as derived investments from its private equity transactions, such as debt and equity in public and pre-public companies. The company is headquartered in St. Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.