Apax Global Alpha (APAX) Q2 2025 earnings summary

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.