Bridgepoint Group (BPT) H1 2026 earnings summary

Executive summary

• Record interim and first half results were achieved, with underlying EBITDA up 78% to £227 million and strong fundraising momentum, supported by the acquisition of Kayne Anderson Real Estate, which enhanced diversification and US presence.

• Financial performance exceeded expectations, with significant growth in management fees and increased investment from major institutional investors.

• Fee paying AUM rose 32.7% year-over-year to $58.4bn, and group AUM increased 38% year-over-year to $120bn pro forma for Kayne.

• The business continues to deliver robust growth, focusing on alpha-driven investing and maintaining a balanced presence across Europe and the U.S.

Financial highlights

• Underlying EBITDA rose 78% year-over-year to £227m, with a margin of 61%, surpassing guidance.

• Group AUM increased 38% year-over-year to $120bn pro forma for Kayne; excluding Kayne, AUM rose 12%.

• Management fees grew 23% (including catch-up fees), and FRE increased 42% year-over-year.

• PRE recognition and co-investment gains delivered £121m, representing two-thirds of full-year expectations.

• Net leverage at 0.7x LTM underlying EBITDA; available liquidity of £578m.

Outlook and guidance

• On track to meet or exceed the upgraded €28bn fundraising target for 2024-2026, with €26bn already raised and further positive progress.

• BE VIII expected to reach €8–8.5bn by Q1 2027, with fees starting earlier than anticipated.

• EBITDA margin for the full year likely to be slightly lower than H1 due to front-loaded PRE, but within the 55%-60% guided range.

• Management fee growth guidance of 13–16% on a rolling three-year basis.

• PRE projected at the top end of 20–25% of total income for 2026 and 2027.