Apax Global Alpha (APAX) Q1 2025 earnings summary

Executive summary

• Net asset value (NAV) at 31 March 2025 was €1.16 billion (€1,159m), or €2.38/£2 per share, down from €1.23bn at FY24, reflecting a (2.5)% total NAV return per share, or 0.5% on a constant currency basis, post-dividend payment.

• Dividend yield increased to 9.4% at quarter-end, with €36 million returned to shareholders via dividends and buybacks.

• Portfolio fundamentals remain steady, with private equity portfolio LTM EBITDA growth of 16.0% and Apax XI investments delivering 25% EBITDA growth.

• Board remains focused on addressing the share price discount to NAV and evaluating options.

• FX headwinds negatively impacted reported returns.

Financial highlights

• NAV per share at €2.38/£2 reflects post-dividend payment, with a total NAV return per share of (2.5)% in euro terms and 0.5% on a constant currency basis.

• Dividend yield at 9.4% based on quarter-end share price.

• €36 million returned to shareholders in Q1 2025 through dividends and buybacks.

• Six debt positions exited in Q1 and post-period, realising €51m at ~99.8% of par.

• Debt portfolio returned 2.5% on a constant currency basis, but (0.8)% after FX effects; income yield was 7.9%.

Outlook and guidance

• Underlying portfolio companies continue steady growth; Apax XI investments expected to be key value drivers.

• 90% of the portfolio is relatively insulated from new US tariffs, with second- and third-order impacts remaining uncertain.

• Deal activity is expected to slow in 2025 due to macroeconomic uncertainty, with a focus on operational value creation and portfolio resilience.

• Expected private equity calls in the next 12 months are covered 1.8x by available resources.