Clairvest (CVG) Q4 2025 earnings summary

Executive summary

• Book value as of March 31, 2025 was $1,251.6 million ($88.30 per share), up from $1,176.3 million ($80.16 per share) a year earlier.

• Fiscal 2025 net income was $122.0 million ($8.47 per share), with Q4 net income at $20.7 million ($1.46 per share).

• Four investments were exited for $141 million in proceeds and $46.1 million in net realized gains.

• $53 million was invested in three new deals and follow-ons during the year.

• Subsequent to year-end, investments were made in NCS Engineers and Beneficial Reuse Management.

Financial highlights

• Net investment gain for fiscal 2025 was $15.2 million, compared to a loss of $19.4 million in 2024.

• Net income for fiscal 2025 was $122.0 million, compared to a loss of $3.4 million in 2024.

• Book value per share increased to $88.30 from $80.16 year-over-year.

• Cash, cash equivalents, and temporary investments totaled $389 million as of March 31, 2025.

• 500,070 shares were repurchased and cancelled for $35 million, accretive to book value per share.

Outlook and guidance

• Management remains confident in long-term value creation despite macroeconomic challenges.

• CEP VII has begun its first three investments, signaling continued investment momentum.