CVC Capital Partners (CVC) H1 2026 earnings summary

Executive summary

• Achieved record realizations in H1 2026, with €24bn over the last twelve months (up 79% YoY), strong value creation, and robust fundraising across all business segments; FPAUM reached €153bn, with Credit, Secondaries, and Infrastructure now over 55% of FPAUM.

• Realizations up 19% compared to H1 2025, with notable exits in Europe, Americas, Asia, and infrastructure; value creation for PE and infra at 6% and Europe Americas at 8%.

• Returned 33% more capital than called in PE over 4.5 years, with 3.6x Gross MOIC and 26% Gross IRR across PE exits since 2022.

• AI adoption and integration are strategic priorities, driving value creation and operational efficiency.

• Strong performance in portfolio companies, with EBITDA growth of 13% across Private Equity holdings.

Financial highlights

• Fee-paying AUM up 9% year-on-year to €153bn, led by Credit, Secondaries, and Infrastructure (up 19%).

• Fee-related revenues up 9% to €771m; adjusted EBITDA up 12% to €554m; adjusted EPS up 11% to €0.40; profit after tax €434m, up 10% YoY.

• Dividend per share up 12% YoY to €0.26; €194m of share buyback completed out of a €350m program.

• Net cash inflows from operating activities: €241m (up from €166m YoY).

• Operating expenses increased 7% YoY, reflecting continued investment in growth areas.

Outlook and guidance

• Reaffirmed guidance for aggregate performance-related earnings (PRE) of €600–700m over 2026–2027, with a step-up expected in 2027 and further growth in 2028–2029 as Fund VIII carry is recognized.

• Double-digit CAGR in fee-paying AUM guided through 2028, with Fund X expected to match or exceed the size of its predecessor.

• Total cost growth expected slightly below 10% for 2026, reverting to mid-to-high single digits from 2027.

• Private Wealth and Insurance channels expected to account for 5–10% of FPAUM over the medium term.

• Confident in future fundraising, underpinned by strong visibility on realizations and a robust deployment pipeline.