Bridgepoint Group (BPT) H1 2025 earnings summary

Executive summary

• Strong H1 2025 financial performance with €2.6bn returned to investors, robust fundraising, and full-year guidance reaffirmed.

• AUM increased 20% year-over-year to $87bn, with fee-paying AUM at €37.5bn and management/other fees up 11%.

• €8bn raised toward €24bn fundraising target by 2026, supported by product diversification and strong LP interest.

• Interim dividend of 4.7p per share announced, with continued capital returns and new product launches underpinning growth.

• Superior positioning in the European mid-market and robust pipeline of exits for H2 and into 2026.

Financial highlights

• Management and other income (excluding catch-up fees) rose 11% year-over-year, surpassing £200m for the first time in a half year.

• Fee-related earnings (FRE) of £76m with a 37% margin; underlying EBITDA £128m with a 48% margin.

• PRE of £57.6m, representing ~22–25% of total income, with full-year guidance reaffirmed.

• Net leverage at 1.3x 2025 consensus underlying EBITDA; available liquidity £354m.

• Profit before tax was £60.6m, down from £99.9m year-over-year due to lower catch-up fees and higher exceptional costs.

Outlook and guidance

• Full-year guidance reaffirmed; confident in raising €24bn by end of 2026, with €8bn already raised.

• EBITDA margin expected at 52–55% for 2025/26; PRE to remain ~25% of total income.

• High single-digit expense growth anticipated; BE VIII to become fee-paying mid-2026.

• Positive outlook for portfolio company exits, with several planned for H2 2025 and 2026.