NB Private Equity Partners (NBPE) H2 2025 earnings summary

Executive summary

• NAV per share reached $27.94 at year-end 2025, with a 5.0% NAV total return and 7.5% share price total return, driven by private valuations, FX gains, and share buybacks.

• $180 million in realisations in 2025, representing 14% of opening portfolio NAV, a 57% increase over 2024, with a 17% uplift and 2.8x multiple of invested capital.

• Portfolio consists of $1.1 billion in direct investments, 94% in private assets, across 72 deals and 48 managers, with top 30 holdings representing 79% of fair value.

• Portfolio is well-positioned for future growth, focusing on long-term secular growth themes, especially AI, and includes several exit-ready companies.

• Over $102 million returned to shareholders in 2025 via buybacks and dividends, with $140 million returned over the last 15 months.

Financial highlights

• NAV per share at 31 December 2025: $27.94; 2025 NAV total return of 5.0% and share price total return of 7.5%.

• LTM revenue growth of 9.2% and LTM EBITDA growth of 9.7% across the portfolio.

• Private company valuations grew 3.9% (ex-FX) in 2025; public holdings declined slightly.

• $102 million returned to investors in 2025 via dividends and buybacks, 8% of opening NAV.

• $302 million available liquidity at year-end 2025; $196 million available as of March 31, 2026.

Outlook and guidance

• Portfolio includes several high-quality, exit-ready companies, with good visibility on realisations over the next 6–18 months.

• Continued focus on balancing new investments and capital returns to shareholders, with disciplined investment pacing.

• Ongoing selective investment approach, especially in AI and growth sectors.