CVC Capital Partners (CVC) H1 2026 earnings summary

Executive summary

• Achieved record realizations and strong performance across all business segments in H1 2026, with broad-based fundraising momentum and growth in fee-paying AUM and revenues; record realizations of €24bn over the last twelve months, up 79% year-over-year, and over €50bn returned to investors in Europe/Americas since 2021 at a 4x Gross MOIC.

• Fee-paying AUM reached €153bn, up 9% year-over-year, with Credit, Secondaries, and Infrastructure now comprising over 55% of FPAUM and growing 19% year-over-year.

• EBITDA for H1 2026 rose 12% year-over-year to €554m, with adjusted EPS up 11% to €0.40 and interim dividend per share up 12%.

• Strong adoption and integration of AI across portfolio and investment processes to drive value creation.

• Strong fundraising momentum and expansion in Private Wealth and US credit markets, with significant capital raised across all platforms.

Financial highlights

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

• Performance-related earnings up 15% to €110m; dividend per share up 12% year-over-year; €194m of share buyback completed out of a €350m program.

• Net debt leverage ratio at 1.2x, well within guidance; weighted average debt tenor of 9 years at 3.06% fixed rate.

• Adjusted total revenue: €882m (up from €802m YoY); statutory total revenue: €999m.

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

Outlook and guidance

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

• Double-digit CAGR in fee-paying AUM guided through 2028, with substantial earnings step-up expected as Fund X activates.

• Total cost growth expected slightly below 10% for 2026, reverting to mid-to-high single digits from 2027; full-year cost growth in the high single digits, including investments in AI and Wealth initiatives.

• 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.