Bridgepoint Group (BPT) Trading update summary

Guidance and performance

• FY2026 PRE expected at 37%-39% of total income; medium-term guidance raised from 20%-25% to 25%-30% from 2027.

• ECP V gross MOIC exceeded 3x at June-end and is expected to exceed 4x at Q3; ProEnergy valuation could lift 2026 PRE ~$185m versus consensus and includes a discount for execution risk and uncertain timing.

• Symmetry exited at 6.4x and Cornerstone at 4.4x.

• EBITDA guidance upgraded; margin guidance around 60% in 2026/27. Management fee growth guidance is 13%-16% on a rolling three-year basis; expenses expected to grow at high-single-digit rates in 2026 and mid-single-digit rates from 2027.

• ECP V and other carry recognition could lift 2026 PRE 7%-9% above the top of the new range.

Cash generation and shareholder distributions

• Expected 2026-30 cash receipts rise to £2.4bn: £1.3bn from PRE and £1.1bn from co-investments, versus ~£500m in 2021-25.

• FY2026 DPS rebased from 10p to 15p; transition dividends include a 4.8p interim, 5p Q3 second interim payable in November, and intended 5.2p final dividend subject to approval.

• From FY2027, ordinary dividends target 40%-45% of EPS and are paid quarterly; additional dividends or buybacks can take total returns to 40%-60% of Cash from Profits over the cycle.

• Net leverage expected below 2x net debt to underlying EBITDA, retaining balance-sheet capacity for M&A, organic growth and seeding new funds.

Fundraising, deployment and transactions

• €28bn mid-2024–2026 fundraising target achieved more than a quarter early; more than €30bn expected by year-end 2026, including €16bn raised in 2026.

• BE VIII raised €7.8bn and is expected to reach its €8.65bn hard cap by year-end; fee-paying since 9 June 2026 and expected to be fully allocated later in the year.

• ECP VI closed at $8.1bn; BDL IV closed at €5.1bn, up 76% from BDL III; CLO X and XI priced successfully and CLO I reset.

• More than one-third of new capital across three flagship fundraisers came from new investors; up to 17 funds may be in market next year. Deployment: BE VIII 13%, BDC 49%, ECP VI 25% and KAREP VII 54%.

• KARE approvals received; completion expected 4 January 2027. Post-acquisition AUM expected at ~$125bn, with ~50% in the U.S. and ~50% in real assets.