Pollen Street (POLN) H2 2025 earnings summary

Executive summary

• Achieved strong AUM growth, reaching GBP 7.1 billion (up 30% year-on-year), with robust fundraising and deployment across private equity and credit strategies.

• Fee-paying AUM at GBP 5.2 billion, up 32% year-on-year, supporting recurring management fees and stable investment returns.

• Revenue grew 16% year-on-year to GBP 114 million, underpinned by high-quality, recurring management fees and consistent investment returns.

• Progressive dividend policy maintained, with surplus capital returned via share buybacks.

• Specialist private equity and private credit manager focused on the European mid-market, with a 20-year strategy and established platform.

Financial highlights

• Total revenue increased 16% year-on-year to GBP 114 million; 71% of revenue from asset management.

• Group EBITDA rose 10% to GBP 64.6 million; net income up 14% to GBP 56.6 million.

• Fund management income up 21% to GBP 81.1 million; management fees up 28% to GBP 69.9 million.

• Fund management EBITDA margin at 39%, slightly down from 41% due to platform investments.

• Earnings per share increased 19% to 93.7p; dividends per share up 8% to 58.0p.

Outlook and guidance

• On track or ahead of expectations for the current year, with no change to guidance.

• Targeting GBP 10 billion AUM with next-generation flagship funds and ongoing fundraising momentum.

• Management fee rate expected to remain at 1.25–1.50%, with potential for fund management EBITDA margin to build to 50%.

• Preparing for Private Equity Fund VI launch in H1 2027.

• Dividend per share increased 8%, with continued focus on compounding shareholder value through disciplined growth and capital returns.