2024 Final Results

·

AGA's Net Asset Value ("NAV") was €1.23bn (FY23 €1.29bn) at 31 December 2024, equivalent to a NAV per share of €2.51/£2.08. Movement in NAV was mainly driven by a decrease in the Private Equity portfolio NAV and €69m returned to shareholders through both dividend and share buybacks. This was offset by supportive FX movements with the USD strengthening against the EUR.

·

Total NAV Return1 was 0.8% ((3.0%) constant currency) for the year ended 31 December 2024, impacted by the remaining healthcare (particularly the Vyaire writeoff) and retail investments. The three core sectors of Tech, Services, and Internet/Consumer all had net positive contributions to NAV.

·

The Private Equity portfolio continues to demonstrate steady revenue and earnings growth with c.82% exposure to the three most recent global buyout fund vintages.

·

AGA will deploy c.€166m on a look-through basis across nine Private Equity investments signed and/or closed across three Funds during the year, Apax XI, ADF II, and AGI.

·

The Apax Funds saw continued momentum in exits with nine realisations signed during 2024, delivering a gross MOIC of 2.6x excluding the writedown of Vyaire (1.6x including Vyaire). The take private of Paycor was announced post-period end and is expected to generate a gross MOIC of 3.3x on closing.

·

The Debt portfolio, a unique feature of AGA, achieved a Total Return of 7.5% (2.9% constant currency). Excluding the impact of Vyaire the Debt portfolio would have achieved a Total Return of 13.2% (8.7% constant currency) in the year ended 31 December 2024. Going forward, AGA will not invest in debt of Apax Funds' portfolio companies.

·

A new capital allocation framework was announced in June. This new framework comprises regular dividends to shareholders and the creation of a "Distribution Pool" which earmarks funds for share buybacks.

·

€69m was returned to shareholders through both dividends (equivalent to a dividend yield of 7.8%) and share buybacks during the year. Since IPO, AGA has paid shareholders dividends amounting to €508m in total, equivalent to 57% of IPO NAV.

·

To improve transparency and reduce reliance on alternative performance metrics, such as Adjusted NAV, the Board also agreed a change of the performance fee settlement from shares in AGA to cash which means IFRS NAV reflects the NAV due to investors. A reconciliation of NAV and Adjusted NAV for prior periods is available in the 2024 Annual Report.

·

On 1 March 2024, Karl Sternberg joined the Board as a Non-Executive Director and replaced Tim Breedon as Chairman of the Board on 1 July 2024. Chris Ambler retired as a Director on 1 March 2024, after nearly nine years in the role. Alexander Denny joined the Board as a non-executive Director on 3 July 2024.

·

AGA was well-capitalised at the end of December 2024, with calls in the next 12 months covered 2.4x.

·

AGA was 96% invested as at 31 December 2024 and had unfunded commitments to the Apax Funds (together with recallable distributions) of €837m.

·

At 31 December 2024, AGA's invested portfolio was split 83% in Private Equity and 17% in Debt Investments which includes the remaining two Derived Equity positions.

·

At year end, AGA had €48m in cash (including net current assets).

31 Dec 2024 (EUR)

31 Dec 2024 (GBP)

31 Dec 2023 (EUR)

31 Dec 2023 (GBP)

NAV/Adjusted NAV4

1,227m

1,015m

1,288m

1,116m

NAV/Adjusted NAV4 per share

2.51

2.08

2.62

2.27

NAV1 per share

2.51

2.08

2.64

2.28

% of NAV

FY 2024

FY 2024 constant currency

Total NAV Return1

0.8%

(3.0%)

Total Return1 - Private Equity

80%

(0.5%)

(4.6%)

Total Return1 - Debt Investments

16%

7.5%

2.9%

Total Return1 - Derived Equity

0%

26.9%

19.2%

Cash & Others

4%

·

AGA offers access to a global portfolio of mostly private companies that are not available to public market investors elsewhere.

·

The Private Equity portfolio is diversified across investments in Tech (44% of PE NAV), Services (32%), and Internet/Consumer (19%).

·

More than c.82% of the Private Equity portfolio was made up of companies held by the three most recent buyout fund vintages. This includes Apax IX which has signed or closed six exits during the year and post-period end, Apax X which is now reaching maturity and closed two full exits during 2024, and Apax XI which is off to a good start, having signed 10 investments so far.

·

AGA will deploy c.€166 million across nine Private Equity investments signed and/or closed in the year. During the year, AGA received €62 million in distributions, primarily from eight full or partial exits. Including exits signed in 2024, an average gross MOIC of 1.6x was achieved. Post period-end, the take private of Paycor was announced and is expected to generate a gross MOIC of 3.3x on closing later in H1 2025.

·

Portfolio companies reported average Last Twelve Months ("LTM") EBITDA2 growth of 14.1% (FY233 16.5%). The decline from the prior period is primarily driven by the remaining healthcare and retail investments and a slowdown seen by consumer and cyclically exposed businesses (such as some tech services companies).

·

Capital not invested in Private Equity is primarily invested in Debt Investments to absorb excess liquidity, thereby limiting cash drag, producing additional returns, and enhancing the robustness of AGA's balance sheet.

·

The Debt portfolio maintained a strong income yield6 of c.8.3% and average yield to maturity6 of c.10.1% at 31 December 2024, with 66% of the Debt Investments invested in more readily tradeable first lien loans and bonds.

·

After exiting one position in FY 2024, AGA has two remaining Derived Equity positions valued at €5.0m and representing less than 1% of the invested portfolio at 31 December 2024.

NAV movements (€m)

Private Equity

Debt Investments

Derived Equity

Cash

Treasury Shares/ Facility drawn

Other7

FY 24 Total

Adjusted NAV at 31.12.23

890.7

288.2

15.0

101.4

-

(7.7)

1,287.6

+ Investments

154.5

35.5

-

(200.8)

-

10.8

-

- Distributions/ divestments

(61.8)

(131.2)

(12.5)

201.8

-

3.7

-

+ Interest and dividend income

-

-

-

27.5

-

(1.2)

26.3

+/- Gains/(losses)

(42.7)

(14.3)

1.5

-

-

-

(55.5)

+/- FX gains/(losses)8

38.1

10.6

0.4

0.2

-

-

49.3

+/- Costs and other movements

-

-

-

(8.6)

-

(0.1)

(8.7)

 - Dividends paid

-

-

-

(64.4)

-

-

(64.4)

+/- Performance fee reserve9

-

3.5

0.2

-

(6.6)

-

(2.9)

+/- Shares purchased

-

-

-

(11.6)

6.6

-

(5.0)

+/- Revolving credit facility

drawn/repaid

-

-

-

-

-

-

-

NAV at 31.12.24

978.8

192.3

4.6

45.5

-

5.5

1,226.7

Private Equity - operational metrics

31 December 2024

31 December 20233

Portfolio year-over-year LTM revenue growth2

8.9%

11.5%

Portfolio year-over-year LTM EBITDA growth2

14.1%

16.5%

Enterprise Value / EBITDA valuation multiple2

17.8x

16.6x

Net debt / EBITDA multiple2

4.5x

4.4x

Debt Investments - operational metrics6

31 December 2024

31 December 2023

Debt average yield to maturity

10.1%

12.0%

Debt average years to maturity

3.9

4.4

Debt average income yield

8.3%

10.4%

Invested Portfolio analysis10

€m

€m

%

%

- AEVI

1.4

- AEVII

21.9

- AVIII

27.3

- AIX

224.6

- AX

449.8

- AXI

128.6

- AMI

20.0

- AMI II

4.6

- ADF

67.0

- ADF II

26.6

- AGI

7.0

Private Equity

978.8

83%

Debt Investments

194.8

17%

Derived Equity

5.0

0%

Total

1,178.6

100%

1.

Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to "AGA" or "the Company". References to Apax Partners LLP have been abbreviated to "Apax" or "the Investment Adviser"

2.

Please be advised that this announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 ("MAR")

3.

This announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States or to "US persons" (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) or into or within Australia, Canada, South Africa or Japan. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the announcement may be restricted by law in certain jurisdictions

4.

The information presented herein is not an offer for sale within the United States of any equity shares or other securities of Apax Global Alpha Limited ("AGA"). AGA has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, AGA's shares (the "Shares") have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require AGA to register under the Investment Company Act. No public offering of the Shares is being made in the United States

5.

This announcement may include forward-looking statements. The words "expect", "anticipate", "intends", "plan", "estimate", "aim", "forecast", "project" and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding AGA's intentions, beliefs or current expectations concerning, among other things, AGA's results of operations, financial condition, liquidity, prospects, growth and strategies. The forward-looking statements in this presentation are based on numerous assumptions regarding AGA's present and future business strategies and the environment in which AGA will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of AGA to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond AGA's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as AGA's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which AGA operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. AGA expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in AGA's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, or to update or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this announcement.