Bridgepoint Group plc (LON:BPT) has announced interim results for the six months to 30 June 2025, with the Bridgepoint Group continuing to deliver strong financial performance. Thanks to continued good fund performance and successful exits, €2.6 billion of capital was returned to fund investors in the first half of the year with a good pipeline of exits for the next 18 months. The Group is making encouraging progress in fundraising, reinforcing confidence in achieving the €24 billion target by the end of 2026, and continues to deploy capital as expected.
Summary highlights:
Performance versus six months ended 30 June 2024 including ECP (H1 2024 pro forma for six months of ECP ownership):
| • | Assets under management increased by 20% to $86.6 billion at 30 June 2025 (30 June 2024: $72.2 billion) and fee paying AUM increased by 2% to €37.5 billion from €36.8 billion at 30 June 2024; |
| • | Underlying management fee income of £207.1 million or £201.4 million excluding catch-up fees of £5.7 million (H1 2024: £211.8 million or £181.4 million excluding catch-up fees of £30.4 million), an increase of 11% excluding catch-up fees in both periods; |
| • | Fee related earnings of £76.0 million or £70.3 million excluding catch-up fees (H1 2024: £88.1 million or £57.7 million excluding catch-up fees), an increase of 22% excluding catch-up fees in both periods; |
| • | Performance related earnings of £57.6 million (H1 2024: £56.9 million); |
| • | Underlying EBITDA of £128.0 million or £122.3 million excluding catch-up fees (H1 2024: £145.0 million or £114.6 million excluding catch-up fees); |
| • | Reported profit before tax in H1 2025 of £60.6 million (H1 2024: £99.9 million); |
| • | Strong start to fundraising for ECP VI, which became fee paying in mid-May, and BDL IV, which had raised €2.2 billion by 30 June 2025; |
| • | €2.6 billion returned to fund investors in H1 2025 and carried interest in BE VI recognised earlier than expected; |
| • | Capital deployment continued as expected; and |
| • | Full year guidance reaffirmed. |
Raoul Hughes, Chief Executive said:
“Bridgepoint Group delivered strong performance in the first half and we have continued to make progress towards our fundraising target of €24 billion by the end of 2026. This was a result of good fund performance, product diversification and the investments we have made in our investor services team, together with strengthening LP appetite to invest in the European middle market and US electricity infrastructure.
“Our strong transaction origination capability and disciplined investment approach continues to deliver high quality returns. We returned €2.6 billion to fund investors in the first half of the year and there is a good pipeline of exits for the next 18 months. Successful exits have also led to carried interest from BE VI being recognised for the first time, earlier than expected.
“Looking ahead, we are making encouraging progress in fundraising, and there are signs of increasing transaction activity. The medium-term growth prospects for private markets are exciting and we are confident in the firm’s long-term strategic opportunity.”
Financial performance (including ECP in H1 2024)
| • | Fee paying AUM increased by 2% to €37.5 billion from €36.8 billion at 30 June 2024 with asset realisations and FX offsetting new fee earning commitments; |
| • | Underlying management fee income decreased by 2% to £207.1 million (H1 2024: £211.8 million) and increased by 11% excluding the recognition of catch-up fees in both periods; |
| • | Expenses (excluding exceptional expenses and adjusted items) (“Underlying Expenses“) were £131.1 million (H1 2024: £123.7 million); |
| • | FRE of £76.0 million or £70.3 million excluding catch-up fees (H1 2024: £88.1 million or £57.7 million excluding catch-up fees), an increase of 22% and an FRE margin of 34.9% (H1 2024: 31.8%) both excluding catch-up fees; |
| • | PRE of £57.6 million for the first half (H1 2024: £56.9 million), representing 22% of total income; |
| • | Underlying EBITDA of £128.0 million or £122.3 million excluding catch-up fees (H1 2024: £145.0 million or £114.6 million excluding catch-up fees); and |
| • | Underlying profit before tax of £103.7 million (H1 2024: £129.8 million), resulting in underlying basic EPS of 10.6p (H1 2024: 11.0p). |
Fundraising
| • | ECP VI became fee paying in mid-May 2025; |
| • | Strong start for BDL IV with €2.2 billion closed in H1 2025; |
| • | BCO V launched, CLO VIII priced in H1 and CLO IX in warehouse and expected to price later this quarter; and |
| • | BE VIII expected to formally start fundraising in H2 2025. |
Deployment
| • | Good deployment pace in H1 2025 with BE VII 70% committed across 14 investments, ECP V 75% committed and BDC V 25% committed at 30 June 2025; and |
| • | Deployment has started for BDL IV. |
| Note: Private equity deployment calculated as a percentage of primary capital and includes deals signed but not completed. | |
Exits
| • | Sale of Dorna Sports closed and sale of Kereis agreed in June 2025 which combined will return c. €2 billion to BE VI fund investors; and |
| • | Outlook for portfolio company exits remains positive with multiple exits planned for H2 2025 and 2026. |
Reported financial performance (excluding ECP in H1 2024)
| • | Management and other fees of £202.0 million (H1 2024: £153.0 million); |
| • | EBITDA of £120.2 million (H1 2024: £57.8 million); |
| • | Profit before tax of £60.6 million (H1 2024: £48.8 million); |
| • | Profit after tax of £44.1 million (H1 2024: £43.1 million); and |
| • | Basic EPS of 4.4 pence per share (H1 2024: 5.4 pence per share). |
| Note: for details for Underlying Expenses included in reported financial performance see the ‘Reconciliation of underlying income statement to IFRS income statement’ table below. | |
Dividend
| • | Interim dividend of 4.7 pence per share to be paid in October 2025 and final dividend expected to be no less than 4.7 pence per share, subject to shareholder approval. |
Guidance reaffirmed
Fundraising
Closed
| • | BDC V closed in March at €2.8 billion, charging fees since Q4 2024; and |
| • | BG II closed at £0.3 billion, charging fees since Q4 2022. |
Current and future activity
| • | ECP VI became fee paying in May 2025 and has received closed or fully approved capital of around half its cover number with further closes expected in the remainder of 2025 and in 2026; |
| • | Further co-investment, continuation fund and SMA opportunities in infrastructure; |
| • | BDL IV closed €2.2 billion to date, deploying since Q1 2025; |
| • | BCO V expected to start deploying in late 2025; |
| • | Intention to close two CLOs per year; and |
| • | BE VIII expected to become fee paying mid 2026 with final close in 2027. |
Expenses
| • | Continue to expect high single digit growth in expenses per annum. |
PRE
| • | Expected to be c.25% of total income in 2025 and 2026, profile subject to timing of further recognition of BE VI carry and timing of Calpine exit. |
EBITDA margin
| • | EBITDA margin expected to be 52-55% in 2025/26. |
| Presentation and Q&A Management will hold a webcast to answer questions from analysts and investors at 8:30 a.m. UK time on Friday, 18 July: Join via weblink: Bridgepoint Group plc 2025 Interim Results | SparkLive | LSEG Register for conference call: Registration | Bridgepoint Group plc 2025 Interim Results The slides from this presentation will be available on the company’s website: Financial Information – Bridgepoint |
INTERIM DIVIDEND PAYMENT TIMETABLE
The timetable for the payment of the interim dividend of 4.7 pence per share announced today is as follows:
| Ex-dividend date: | 18 September 2025 |
| Record date: | 19 September 2025 |
| Payment date: | 27 October 2025 |
