Half-year Report

Bridgepoint Group plc

(the "Company")

Strong half year performance with encouraging progress on fundraising,deployment continuing on track, €2.6 billion returned to fund investors and full year guidance reaffirmed

Bridgepoint Group plc today announces interim results for the six months to 30 June 2025, with the Bridgepoint Group (the "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):

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)

Fundraising

Deployment

Exits

Reported financial performance (excluding ECP in H1 2024)

Dividend

Guidance reaffirmed

Fundraising

Closed

Current and future activity

Expenses

PRE

EBITDA margin

INTERIM DIVIDEND PAYMENT TIMETABLE

The timetable for the payment of the interim dividend of 4.7 pence per share announced today is as follows:

ENQUIRIES

Bridgepoint

FGS Global (Public Relations Adviser to Bridgepoint)

James Murgatroyd / +44 20 7251 3801 / +44 7768 254 911

Anjali Unnikrishnan / +44 20 7251 3801 / +44 7826 534 233

[email protected]

Abbreviated income statement

Consolidated balance sheet

Consolidated cash flows

Financial summary

Reconciliation of underlying income statement to IFRS income statement

Chief Executive statement

I'm pleased to report strong financial performance in the first half of 2025. With investment activity expected to continue to be robust and increased confidence in fundraising, we are well positioned for the remainder of this year and beyond.

In March the Group reported a strong set of financial results for 2024 and I am pleased to report that strong performance has continued in the first half of 2025 despite continuing geopolitical and economic volatility. Successful fundraises across all three strategies increased our confidence in achieving the target which we announced in March of raising €24 billion by the end of 2026. Both fee related earnings (FRE) and performance related earnings (PRE) are on track, with our PRE outlook positive in both 2025 and into 2026 with a number of further exits in the pipeline across the business despite market uncertainty. This should allow us to keep returning capital to our fund investors to add to the €2.6 billion returned in the first half of the year.

Financial performance includes initial recognition of carry from BE VI earlier than expected

In H1 2025, AUM increased by 20% to $86.6 billion and FPAUM increased by 2% compared to H1 2024 to reach

€37.5 billion. Management fees and other income increased by 11% period-on-period (excluding catch-up fees) to reach a total of £201.4 million (excluding catch-up fees of £5.7 million). Following a number of successful exits, €2 billion of capital will be returned to investors in BE VI and carried interest in the fund has been recognised in our numbers for the first time, sooner than previously expected. Underlying EBITDA in the first half amounted to £128.0 million, representing an underlying EBITDA margin of 48%.

Increasing confidence in target of raising €24 billion by the end of 2026

Following good fundraising progress in H1 2025 across BDL IV, BCO V and ECP VI, €8 billion of the €24 billion target has now been raised with a further €16 billion to be raised in H2 2025 and 2026.

At the end of June, BDL IV had made strong progress with €2.2 billion closed in H1 2025 and we have commenced fundraising for BCO V which is expected to start investing and charging fees in late 2025. In our syndicated debt strategy, we successfully repriced CLO V in June with strong demand throughout the full capital stack, evidencing the market's continued appetite for Bridgepoint Group's disciplined approach to investment and credit selection. Having priced CLO VIII in March, CLO IX is now in its warehouse phase and is expected to price later this quarter.

We have made good progress with fundraising for ECP's next flagship fund against the backdrop of continued robust investor demand for exposure to the growth in US electricity demand. ECP VI became fee paying in May.

With good investor interest in our strategies, including market leading European PE and added value US energy transition, six funds will be raising capital in H2 2025, comprising BDL IV, BCO V, CLO IX, ECP VI, ECP Evergreen and BE VIII. In addition to raising capital through existing channels, our first private wealth offering, Bridgepoint Generations, is expected to launch after the summer.

Good performance across investment strategies

Private equity

With activity levels in the European middle market increasing again following a temporary slowdown in April and May, the private equity team has enjoyed a period of good performance. BE VII has made significant progress and has now deployed 70% of its fund capital across 14 platform investments. 12 of these have been sourced outside of conventional auction processes, underlining the strength of our origination capabilities in the European middle market. Recent BE VII transactions include an agreement to acquire a controlling interest in Safe Life, the global leader in the distribution of automated external defibrillators (AEDs) and successful exits in BE VI from Kereis, a leading European insurance broker, and Dorna.

BDC V, the Group's latest lower mid-cap fund which closed in March at €2.8 billion, has begun to deploy fund capital with 3 new investments agreed in the first half of the year, including Argon & Co, a Paris-based global management consultancy specialising in operations strategy and transformation, Finzzle, a leading wealth management consultancy in France, and NMi Group, a pan-European provider of independent advisory, testing, inspection, certification, and calibration services. The fund is now 25% committed and on track to deploy over its target investment period of 3.5 to 4 years.

Private credit

Credit has doubled its AUM in the four years since IPO from €7 billion to €14 billion and has continued to see robust levels of activity in the first half of the year.

Increased investor interest in investing in Europe provided a tailwind to fundraising for both Direct Lending and Credit Opportunities. In the year to date, the Bridgepoint Direct Lending team has committed to invest in 15 deals, including 6 new primary deals and 9 refinancings or further commitments to existing investments, totalling almost €2.0 billion in deployment across all core geographies and target sectors. BDL III has now completed its investment period and BDL IV has started to deploy with the first €0.5 billion invested by 30 June 2025. This level of activity again demonstrated the relative resilience of deal volumes in the European middle market. In syndicated credit in H1, two CLOs (IV and V) were refinanced, CLO V was repriced, CLO VIII was issued and CLO IX is currently warehousing.

Infrastructure

In addition to the good progress in fundraising for our flagship fund, where we continue to benefit from investor demand for exposure to a sector whose growth trajectory is underpinned by several megatrends, most notably electricity demand growth and a corresponding shortage of power generation supply in the U.S., ECP continues to trade strongly. We have a strong pipeline with a number of opportunities for both deployment and exits and expect to complete the Calpine exit later this year.

In March 2025 ECP announced a partnership with ADQ, an active sovereign investor with a focus on critical infrastructure and global supply chains, based in Abu Dhabi. The partnership aims to service the growing power needs of data centres, hyperscale cloud companies and other energy-intensive industries by investing in greenfield development, new build and expansion opportunity projects that will establish the partnership as a leader in power generation in the United States.

Well-placed to benefit from long-term market trends

With a platform that continues to deliver through cycles, there is significant potential for growth given the strong tailwinds in the alternatives market. Private markets continue to perform well and remain attractive to institutional investors. Major pools of capital have very limited exposure to private markets and significant capital deployment needs, and therefore will increasingly require private capital investments, such as in ECP's core market of energy transition. Our product set - market leading European PE and added value US energy transition - positions us well, as does the increasing appetite for Direct Lending and CLOs in credit.

The Group's strategy of increasing diversity, whether by investment strategy, geography or investor type, builds on its clearly differentiated position in the global middle market. The platform's strength makes Bridgepoint Group a go-to participant in credit, equity, and value-added infrastructure and, consequently, we are well placed to achieve the target we set out at our Capital Markets Day in October 2024 of increasing our AUM to $200 billion in the medium term through a combination of organic and inorganic growth and expansion into new asset classes.

Board appointments

We were pleased to announce two new appointments in the first half of the year. John Dionne and Michelle Scrimgeour, both of whom have extensive experience in asset management, became independent non-executive directors with effect from 1 July 2025.

Until his retirement from Blackstone, John served as Global Head of the Private Equity Business Development and Investor Relations groups. He first joined the firm as the Founder and Chief Investment Officer of the Blackstone Distressed Securities Fund. John is a member of the Audit and Risk Committee.

Michelle most recently served as Chief Executive Officer of Legal & General Investment Management from July 2019 to December 2024. Before joining Legal & General, she was Chief Executive Officer, EMEA, at Columbia Threadneedle Investments and a member of the executive leadership team of Ameriprise Financial. Michelle is taking over as Chair of the Audit and Risk Committee.

I would like to thank Cyrus Taraporevala for chairing the Audit and Risk Committee for the year since Tim Score became Chair of the Board in July 2024.

Dividend

I'm pleased to confirm that the Company will pay an interim dividend of 4.7p per share in October.

An exciting period ahead

Successful fundraising and continued robust deployment and exit activity against the challenging backdrop of H1 2025 illustrates the benefits of our positioning in the resilient middle-market segment across private equity, credit and infrastructure. A strong pipeline of both investments and exits positions the Group to look to the rest of the year with confidence.

With the clear differentiator of middle-market leadership, the Group is well-positioned to capitalise on both market growth and the increasing trend towards industry consolidation.

Opportunities for inorganic growth and expansion into new asset classes continue to be actively explored, alongside the organic scaling and broadening of our existing investment strategies.

I would like to thank all colleagues who have helped to deliver another strong set of financial results. I think everyone across the Group would agree that the future is very exciting.

Raoul Hughes

Chief Executive

CFO statement

The Group's financial performance for the first six months of 2025 continues to benefit from the ECP transaction, including fees from ECP VI. The outlook for PRE is positive with BE VI carry recognised for the first time and a good pipeline of exits for the second half of the year despite market uncertainty.

Financial results

Underlying management fees and other income for the six months ended 30 June 2025 of £207.1 million includes fees relating to ECP VI which started in May and from the final closes of BDC V and BG II.

The drop in fee income of £4.7 million was due to the magnitude of catch-up fees recognised in the prior year (£30.4 million compared to £5.7 million in the six months to 30 June 2025) which mask the underlying growth in our fee base.

FRE of £76.0 million (£70.3 million excluding catch-up fees) compares with £88.1 million in the comparative period (£57.7 million excluding catch-up fees). The FRE margin is 34.9% excluding catch-up fees and compares to 31.8% in the comparative period. The start of ECP VI from May will result in a step up of income and margins over the course of this year and next, once fundraising is concluded.

Ultimately fund performance underpins our business model as it is critical to our ability to raise new funds. Across our three verticals our funds continued to perform well, despite macro uncertainties, with BE VI, BE VII, ECP IV and the Calpine Continuation Fund demonstrating momentum during the first half of the year and driving valuation growth. PRE was £57.6 million, which represents 21.8% of total income. In a positive development, carried interest income from BE VI, in which the Group has an interest of 7%, has been recognised for the first time.

Despite wider market uncertainty we remain confident in delivery of our guidance for PRE to be 25% of total income for the full year. The exit from Calpine remains subject to regulatory approvals, which are expected in late 2025. The consideration has been valued at a level broadly equivalent to the cash and share consideration which was receivable at the time the transaction was announced in January 2025 rather than at the prevailing share price at 30 June in order to avoid any short-term volatility in the asset valuation before the transaction completes. Delivery of the full year guidance will be subject to the timing of further recognition of BE VI carry and the realised proceeds from, and timing of the Calpine exit.

Underlying EBITDA was £128.0 million (£122.3 million excluding catch-up fees) compared to £145.0 million in the comparative period or £114.6 million excluding catch-up fees.

Underlying EBITDA margin was 48.4%. Margins remain on track to reach our target of 55% to 60% at the conclusion of the next fund cycles. Underlying profit before tax was £103.7 million.

AUM and fundraising

At 30 June 2025 the Group's AUM of $86.6 billion (€73.7 billion) compared with $72.2 billion at 30 June 2024 (or $76.6 billion on a constant currency basis).

Fee Paying AUM of €37.5 billion increased by 1.9% compared to 30 June 2024 (or 4.7% on a constant currency basis), representing the capital raised in the new PE and infrastructure funds, alongside fees earned on deployed capital in credit.

Over the last 12 months we have raised a total of €7.2 billion across our strategies.

Fundraising for ECP VI will continue during 2025 and into 2026, alongside BDL IV which has had closes to-date totalling €2.2 billion of deployable capital, and BCO V which is expected to have a first close later this year.

We remain confident of meeting the upgraded target set in March this year of €24 billion of new capital by the end of 2026.

Balance sheet and financing

We are a balance sheet light business, with modest leverage. At 30 June 2025 the Group had cash of £103.5 million (excluding cash belonging to consolidated CLOs).

The Group has $614.0 million (£447.7 million, excluding capitalised facility costs) of US private placement notes in issue, which have an average maturity of 5 years. Net leverage represents 1.3x 2025 consensus underlying EBITDA of £271.0 million.

At 30 June 2025, the Group held investments in funds of £690.7 million (including the Group's exposure to CLO notes and excluding the interests of third-party investors) and carried interest at a discounted value of £130.6 million.

Capital allocation and share liquidity

We allocate capital in order to support organic growth, invest in our funds, undertake strategic M&A, pay dividends and generate capital returns.

Alongside our half year results, we have announced an interim dividend of 4.7 pence per share, in addition to the final dividend in respect of 2024 of 4.6 pence per share paid in May.

Our previous share buyback programme expired in March, which together with the previous programme, repurchased shares with a total value of £71.3 million. In June we announced a renewed directed share buyback programme of up to a further £50 million which can be activated at times of market dislocation when we feel that our share price does not reflect underlying performance. During the first six months of 2025 buybacks under the previous programme totalled £1.3 million and represented a return of 0.1 pence per share.

We are exploring options to increase the free float and therefore trading liquidity of our shares. We intend to engage with our major shareholder groups to discuss how best to achieve this, which could include measures such as a secondary offering of shares. There can be no certainty as to whether any action will be taken in this regard.

At the IPO a staggered lock-up of up to 5 years was agreed with pre-IPO employee shareholders and of the remaining lock-ups, 81 million shares will be released on 26 July 2025 and the final 186 million shares will be released on 26 July 2026. In addition, lock-ups on shares related to the ECP transaction are expected to expire between 2026 and 2029.

Overall

Our performance in the first half of 2025 is entirely consistent with our full year guidance and expectations. Fundraising in the first half of the year and preparatory work on exits provides the foundation for continued delivery of strong financial performance for the full year and beyond. Continued growth in Fee Paying AUM means the Group is continuing to work towards our fundraising and margin targets and our ambition to grow to around $200 billion of AUM over the next fund cycles.

Ruth Prior

Group Chief Financial Officer

Guidance

Fundraising

Reaffirming 2024-2026 'next cycle' fundraising target of €24 billion

PE

Expenses

PRE

EBITDA margin

Financial summary

The financial summary above and throughout the remainder of this section of the interim report includes two comparisons:

Constant currency performance

Due to the Group's income, costs and AUM being denominated in different currencies, the Group's financial performance can be affected by fluctuations in those currencies which can distort period-on-period comparisons.

The table below sets out a number of APMs and KPIs presented on a constant currency basis, which adjust the comparative measure by the foreign exchange rates applied to the current period.

In order to manage the impact of transactional and translation risk the Group hedges management fee income received in euros from the private equity and credit businesses into pounds sterling, however does not currently hedge the US dollar earnings of the ECP business on the basis that management fee income and cost base are both denominated in US dollars, and there is a degree of natural hedge from the interest payable on the Group's USPP borrowings which is denominated in US dollars. The table below sets out the currency exposure for certain reported items, including the impact of hedging.

The table below sets out the currency exposure for certain reported items, including the impact of hedging.

Exposure to foreign exchange

The following foreign exchange rates have been used throughout this review:

Total AUM development during the year

Total AUM at 30 June 2025 was €73.7 billion ($86.6 billion) compared to €73.0 billion ($75.6 billion) at the end of 2024. The increase is primarily due to the final commitments raised for BDC V and BG II (private equity), initial commitments from ECP VI (infrastructure), commitments raised for BDL IV and launch of CLO VIII (credit), the impact of valuation growth of fund investments and foreign exchange movements.

Fee Paying AUM development during the year

Fee Paying AUM at 30 June 2025 was €37.5 billion ($44.0 billion) compared to €38.7 billion ($40.1 billion) at the end of 2024, with the increase due to the addition of final commitments for BDC V and BG II (private equity), initial commitments for ECP VI (infrastructure), an increase in invested capital in our credit strategies and the launch of CLO VIII (credit) which became fee paying during the period, offset by asset realisations and foreign exchange movements.

Fundraising

Fundraising has met or surpassed our expectations for funds currently in the market. BDC V closed in March at €2.8 billion and BG II closed at £0.3 billion. ECP VI, which has a cover number of $5 billion, started to pay fees from mid-May with further closes expected in the remainder of 2025 and in 2026. There has also been a strong start to fundraising for BDL IV, which has a cover number of €4 billion.

Six funds will be raising capital in the second half of 2025, comprising BDL IV, BCO V, ECP VI, ECP Evergreen, BE VIII as well as CLO IX. In addition to raising capital through existing channels, our first private wealth offering, Bridgepoint Generations, is expected to launch later this year.

Overall, we expect to raise €24 billion across the Group during the next fund cycle by the end of 2026, weighted towards commitments raised from ECP VI (infrastructure) and BE VIII (private equity), the latter of which is expected to continue raising capital into 2027 meaning that only the capital raised by the end of 2026 will be included in the €24 billion target.

Fund performance

Abbreviated income statement

The Group's consolidated income statement has two key components:

The pro forma results for the period ended 30 June 2024 include ECP as if the acquisition had completed on 1 January 2024 to provide a clearer indication of the performance impact of ECP on the Group.

Exceptional items are items of income or expense that are material by size and/or nature and are not considered to be incurred in the normal course of business. Exceptional items that are classified as "exceptional" within the Group Consolidated Statement of Profit or Loss are disclosed separately to give a clearer presentation of the Group's results. In the six months ended 30 June 2025, exceptional expenses within EBITDA predominantly related to costs relating to the ECP transaction. Further explanation of these items is included within note 4 of the financial statements.

Underlying profit before tax excludes exceptional items and other adjusting items. Other adjusted items include:

Further explanation of these items is included within note 4 of the financial statements.

Reconciliation of underlying income statement to IFRS income statement

Underlying total operating income

On a pro forma basis, including ECP, underlying total operating income declined by £4.0 million due to catch-up fees recognised in 2024 totalling £30.4 million compared with catch-up fees of £5.7 million in the current period. Excluding the impact of these catch-up fees, underlying total operating income increased by £20.7 million, or 8.7%, driven by higher fee paying AUM from the completed BDC V and BG II fundraises, fees from ECP VI, which became fee paying in May 2025, and deployed capital in the credit business, whilst PRE was marginally higher.

Underlying management and other fees of £206.8 million are attributable to the reporting segments set out below.

Underlying management and other fees of £206.8 million include catch-up fees totalling £5.7 million comprising amounts relating to BDC V (£0.5 million) and BG II (£5.2 million) (30 June 2024: BE VII, £22.2 million and ECP V, £8.2 million). Fees from new funds or deployed capital are partially offset by declining fees on older funds which are in their divestment phase, where fees are based upon the remaining invested capital and reduce as investments are realised.

PRE of £57.6 million relates to income from the Group's co-investment in funds and share of carried interest and has increased by £0.7 million relative to the comparable period in 2024, including ECP on a pro forma basis. Performance in 2025 includes the impact of successful exits and valuation progression in BE VI, which has led to carried interest for that fund being recognised for the first time.

Operating expenses

Personnel expenses (excluding exceptional items and adjusted items) increased by 6.0% from £123.7 million to £131.1 million, including ECP on a pro forma basis, which reflected further investment in the team.

Personnel expenses (excluding exceptional expenses and adjusted items) as a percentage of underlying total operating income was 37.5% for the six months ended 30 June 2024, compared to 38.2% for the period ended 30 June 2024. The improvement in the ratio in 2025 was primarily due to an increase in underlying total operating income including the inclusion of ECP.

In the six months ended 30 June 2025 reported personnel costs of £136.5 million included £29.1 million of exceptional costs that primarily related to the ECP transaction (2024: £1.2 million non-ECP related), £2.2 million of share-based payments (2024: £3.8 million), £0.4 million of other corporate development activities (2024: £nil) and £5.6 million of expenses that do not form part of FRE (2024: £nil). Further details are contained within the Supplementary Information: Alternative performance measures (APMs).

Other operating expenses (excluding exceptional expenses and adjusted items) were £31.9 million, an increase of 1.3% from £31.5 million in the comparable period, including ECP on a pro forma basis. Other operating expenses (excluding exceptional expenses and adjusted items) as a percentage of underlying total operating income (excluding catch-up fees) was 12.3% for the six months ended 30 June 2025 compared to 13.2% for the prior comparative period on the same basis. Exceptional other operating expenses in 2025 and 2024 within EBITDA predominantly related to costs incurred in connection with the acquisition of ECP and other corporate activities.

Depreciation and amortisation expense

Depreciation and amortisation expense (excluding amortisation of intangibles relating to acquisitions) decreased from £9.2 million to £8.6 million, which included the impact of IT software costs in 2024.

Amortisation of intangibles includes the amortisation of fund customer relationships capitalised following the acquisition of EQT Credit and ECP. It also includes the amortisation of acquired carried interest intangible from the ECP transaction.

Amortisation relating to acquisition related intangible assets has been excluded from the underlying profitability measures in order to enable a clearer analysis of the Group's performance.

Finance and other income or expenses

Finance and other income or expenses include interest income from cash deposits and interest cost on borrowings, lease related expenses and finance expenses or income on amounts payable to or receivable from related party investors, along with non-operating foreign exchange gains and losses.

Net finance and other expenses (excluding exceptional and excluded items) were £15.7 million, an increase of £15.5 million from the reported comparative period, primarily due to interest cost on the Group's US private placement debt incurred following the ECP transaction. The net finance and other expenses for the comparative pro forma period incorporates the income and expenses had ECP been part of the Group since 1 January 2024, however interest on deposits and interest on borrowings have not been adjusted for an earlier completion date.

Profit before tax

Underlying profit before tax was £103.7 million for the six months ended 30 June 2025, a reduction from £129.8 million for the comparative period, including ECP on a pro forma basis, which is primarily due to the level of catch-up fees recognised as income in 2024. The underlying profit before tax margin was 39.2% for the period.

Profit before tax of £60.6 million for the six months ended 30 June 2025 compares with £99.9 million in the comparative period including ECP on a pro forma basis. The reduction is due to lower underlying profit before tax and higher ECP transaction related costs.

Tax

The tax charge increased from £5.7 million for the six months ended 30 June 2024 to £16.5 million for the six months ended 30 June 2025.

The underlying effective tax rate of 15.9% for the Group compares to 7.2%, excluding ECP's impact, for the six months ended 30 June 2024. This is due to an increase in deferred tax liabilities on management fee income and non-recognition of deferred tax on US tax losses. As previously guided, the effective tax rate on underlying profits is expected to be around 15%, although there will be some volatility year-to-year depending on the nature and timing of the taxable income.

Profit after tax

Profit after tax increased by 2.3% from £43.1 million in 2024 to £44.1 million in 2025.

Earnings per share and dividend per share

Underlying basic earnings per share and underlying diluted earnings per share, compared to the comparative period including ECP, reduced by 0.4 pence and 0.6 pence per share, primarily due to the value of catch-up fee received in 2024 and higher shares in issue in the first half of 2025. Underlying diluted earnings per share includes the dilutive impact of shares that will be issued to the ECP employees. Further details are included in note 8 of the condensed consolidated interim financial statements.

For the year ended 31 December 2024, the directors proposed a final dividend of 4.6 pence per share. The cost of this dividend was £45.3 million, including a related distribution to the sellers of ECP. The directors have announced an interim dividend of 4.7 pence per share in respect of the first half of 2025, to be paid in October 2025. The cost is estimated to be £38.8 million, plus dividend equivalents paid to non-controlling interests estimated to be £7.6 million. The actual cost will depend upon the number of shares in issue when the dividend is paid.

Consolidated balance sheet

Net assets principally comprise cash and investments in money market funds, the fair value of investments and carried interest receivables from funds and goodwill arising from the acquisition of the ECP and EQT Credit businesses.

The IFRS balance sheet includes the full consolidation of the assets and liabilities of certain CLOs and interests of third party investors, which are required under IFRS to be presented gross on the balance sheet.

Non-current assets decreased by 5.4% to £1,695.1 million, primarily due to the revaluation of intangible assets (including goodwill) denominated in USD at the prevailing exchange rate and lower fund investments following distributions and the syndication of warehoused holdings in funds to third party investors. Current assets increased by 26.2% to £2,908.4 million, mainly driven by additional investments in CLOs.

The Group has £729.1 million of investments in funds (2024: £765.6 million), including £187.7 million (2024: £143.4 million) of investments held through structured vehicles by third party investors which are consolidated by the Group and included as non-current assets. Excluding third party investors' interest, the Group holds an interest in private equity funds of £430.0 million (£470.8 million), credit funds of £141.8 million (2024: £142.0 million) and infrastructure funds of £118.9 million (2024: £127.1 million). The Group also has a carried interest receivable, which is held at a discount under IFRS, of £130.6 million (2024: £113.3 million).

At 30 June 2025, the Group had cash of £103.5 million (including amounts in money market funds, but excluding cash belonging to the consolidated CLOs).

Total liabilities increased by 18.4% to £3,437.9 million. Non-current liabilities increased by 20.7% to £3,011.2 million, primarily due to an increased level of liabilities owed by consolidated CLOs. Current liabilities increased by 4.6% to £426.7 million. Excluding the impact of consolidated CLOs and third-party investors total liabilities decreased by 2.2%.

The change in total equity reflects the profit for the six months ended 30 June 2025, offset by dividends paid and the cost of share buyback programme and a decrease in other reserves due to foreign exchange movements. This resulted in total equity of £1,165.6 million at 30 June 2025.

The consolidation of certain CLOs could distort how a reader of the financial statements interprets the balance sheet of the Group. The Group's maximum exposure to loss associated with its interest in the CLOs is limited to its investment in the relevant CLOs, which at 30 June 2025 was £112.1 million (2024 restated: £90.2 million), excluding the investments attributable to non-controlling interests of £52.3 million (2024: £42.1 million).

In addition, a summarised consolidated balance sheet on a non-statutory basis, excluding third-party investments, CLO assets and liabilities, is included below.

Liquidity

The Group's liquidity requirements primarily arise in relation to the funding of operations and the Group's plans in connection with its expansion and diversification strategy. The Group funds its business using cash from its operations (retained profits), capital from shareholders and, from time-to-time, third-party debt.

Total financial debt and net cash position

At 30 June 2025, the Group had net debt of £340.4 million (2024: net debt of £394.5 million). This relates to the $430.0 million (2024: $430.0 million) of US private placement notes the Group issued during 2024 following the ECP transaction. It also includes the $184.0 million (2024: $184.0 million) of ECP private placement notes. The notes are structured in four tranches with maturities of 3, 5, 7 and 10 years and have an average coupon of 6.16 per cent. Additionally, the Group has a £250.0 million undrawn revolving credit facility (2024: £250.0 million undrawn).

Consolidated cash flows

The increase of £9.4 million in the net cash flows from operating activities compared to the six-month period ended 30 June 2024 included the impact of ECP. Excluding the impact of consolidated CLOs, cash generated from operations for the six-month period ended 30 June 2025 was £30.0 million.

Net cash inflows from investing activities, excluding the impact of consolidated CLOs, include an inflow from distributions in fund investments and syndication of holdings to third party investors, offset by outflows for the launch of and warehousing of CLO VIII and CLO IX respectively, as well as outflows including for investments into funds and for carried interest acquired from a third party relating to future ECP funds.

Net cash outflows from financing activities for the six-month period ending 30 June 2025, excluding consolidated CLOs, include outflows to shareholders and non-controlling interests for dividend and distribution payments as well as payments to acquire shares as part of the share buyback programme. Further outflows of cash for interest payments on the USPP borrowings contributed to the net cash outflow.

In addition to £103.5 million of its own cash at 30 June 2025, the Group had £83.6 million recorded on the balance sheet as consolidated CLO cash which was held by the consolidated CLO vehicles, legally ring-fenced and not available for use by the Group.

Required disclosures

Principal risks

The Group believes that risk management is a fundamental part of robust corporate governance and our ongoing success.

Details of the Group's approach to risk management and its key risks are set out within pages 57 to 62 of the 2024 Annual Report, which is available in the shareholder section of the Bridgepoint Group plc website: bridgepointgroup.com

The key risk areas within the 2024 Annual Report were fundraising challenges, law and regulation, changes in macroeconomic environment, fund underperformance, decreased pace or size of investments made by Group funds, personnel and key people, information technology and cyber security, and third-party service providers. The directors do not consider there to have been any material changes to the key risks since the 2024 Annual Report was published.

The key risks and uncertainties to which the Group will be exposed in the second half of 2025 are expected to be substantially the same as those described in the 2024 Annual Report.

Directors

The directors of Bridgepoint Group plc at 18 July 2025 are:

Statement of directors' responsibilities

The directors confirm that, to the best of their knowledge, the interim condensed consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34 "Interim Financial Reporting" and that the interim report herein includes a fair review of the information required by Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.2.7 and 4.2.8, namely:

On behalf of the Board

Ruth Prior

Group Chief Financial Officer

18 July 2025

Independent review report to Bridgepoint Group plc

Conclusion

We have been engaged by Bridgepoint Group plc (the "Company") to review the financial information for the six months ended 30 June 2025 which comprises the Condensed Consolidated Statement of Profit or Loss, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Financial Position, the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Statement of Cash Flows and related notes (the "Interim financial information").

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 (Revised), "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with UK-adopted IFRSs. The condensed set of financial statements included in this interim report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410 (Revised), however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of directors

The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with UK-adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, which requires that the interim report must be prepared and presented in a form consistent with that which will be adopted in the Company's annual accounts having regard to the accounting standards applicable to such annual accounts.

In preparing the interim report, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the interim report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the interim report. Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of the review report

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK) 2410 issued by the Financial Reporting Council and our Engagement Letter dated 10 July 2025. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

Forvis Mazars LLP

Chartered Accountants30 Old Bailey, London, EC4M 7AU18 July 2025

Notes:

Condensed Consolidated Statement of Profit or Loss

for the six months ended 30 June

The notes to the accounts form an integral part of these interim financial statements.

Condensed Consolidated Statement of Comprehensive Income

for the six months ended 30 June

The notes to the accounts form an integral part of these interim financial statements.

Condensed Consolidated Statement of Financial Position

The notes to the accounts form an integral part of these interim financial statements.

Condensed Consolidated Statement of Changes in Equity

for the six months ended 30 June