Bridgepoint Group (BPT) H2 2024 earnings summary

Executive summary

• Achieved strong 2024 performance, exceeding guidance and market expectations, with increased diversification and scale following the ECP transaction.

• Record €8.5bn capital returned to investors and fundraising target raised to €24bn by end 2026, reflecting robust investor demand and successful fund launches.

• Group is more diversified and scaled, with higher quality of earnings and clear drivers for long-term value, supporting a medium-term $200bn AUM target.

Financial highlights

• EBITDA nearly doubled in 2024, up 96%, with margin rising to 54%.

• Management fee and other income grew 14% organically and 52% year-over-year including ECP, reaching £404m.

• Assets under management (AUM) reached $75.6bn, up 80% year-over-year including ECP; FPAUM up 49% to $44.7bn.

• Fee-related earnings (FRE) grew 16% organically; PRE as a share of total income was 26%.

• Statutory profit before tax (PBT) at £237.5m including ECP.

Outlook and guidance

• Upgraded fundraising guidance to €24bn for 2024-2026, split roughly evenly across private equity, credit, and infrastructure.

• EBITDA margin expected at 52%-55% for 2025-2026, rising to 55%-60% as AUM approaches €200bn.

• PRE expected to remain around 25% of total income in 2025 and 2026, with timing dependent on exits such as Calpine.

• Expenses projected to grow at a high single-digit percentage annually to support platform growth.