Quarterly Results to 31 March 2025

·

Apax Global Alpha's ("AGA") Net Asset Value ("NAV") was €1.16bn (FY24 €1.23bn) at 31 March 2025, equivalent to a NAV per share of €2.38/£2.00. Total NAV Return1 per share was (2.5%) and 0.5% on a constant currency basis.

·

Earnings growth from the Private Equity portfolio was largely offset by adverse FX movements, while valuation multiples were generally flat overall.

·

In light of the US tariff announcements in April, we expect 90% of the Private Equity portfolio not to have any first-order impact, with only minor exposure through select consumer and healthcare exposed assets. Second- and third-order tariff impacts are still uncertain and remain too early to assess.

·

The underlying Private Equity portfolio continues to demonstrate solid operating performance with average LTM EBITDA growth of 16.0%.

·

Continued strong performance from Apax XI investments which will be important value drivers of future NAV growth (average LTM EBITDA growth of 25%).

·

AGA deployed €52m on a look-through basis in closed Private Equity investments in S&W and CohnReznick. One further investment in DLRdmv signed during Q1 2025.

·

The take private of Paycor and a partial exit of Lexitas closed post quarter end. Including the signed exit of Assured Partners, AGA expects to receive distributions of €55m.

·

The Debt portfolio, a unique feature of AGA, was also affected by a depreciating US dollar, achieving a Total Return of (0.8%) in euro terms, but 2.5% in constant currency.

·

€36m was returned to shareholders in Q1 2025 through both dividends and share buybacks (2.1m shares repurchased in the quarter).

·

Post period end, Nadya Wells accepted an invitation to join the AGA Board with effect from 1 July 2025.

·

AGA's balance sheet remains robust, with expected capital calls in the next 12 months covered 1.8x, supported by €55m in expected distributions from the Private Equity portfolio and €417m in available resources outside the Private Equity portfolio.

·

AGA was 100% invested as at 31 March 2025 and had unfunded commitments to the Apax Funds (together with recallable distributions) of €770m.

·

At 31 March 2025, AGA's invested portfolio was split 86% in Private Equity and 14% in Debt Investments which includes the remaining two Derived Equity positions.

·

At 31 March 2025, AGA had €15m in cash (including net current assets) and was drawn down €12.5m on its revolving credit facility. The facility was fully repaid on 2 May 2025

31 March 2025 (EUR)

31 March 2025

 (GBP)

31 Dec 2024 (EUR)

31 Dec 2024 (GBP)

NAV

1,159m

970m

1,227m

1,015m

NAV per share

2.38

2.00

2.51

2.08

% of NAV

Q1 2025

Q1 2025 constant currency

Total NAV Return1

(2.5%)

0.5%

Total Return1 - Private Equity

86%

(2.7%)

0.3%

Total Return1 - Debt Investments

14%

(0.8%)

2.5%

Cash & Others

0%

·

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

·

The Private Equity portfolio is diversified across investments in Tech (43% of PE NAV), Services (35%), and Internet/Consumer (16%).

·

Portfolio companies reported average Last Twelve Months ("LTM") Revenue growth of 10.6% and LTM EBITDA2 growth of 16.0% (FY24 8.9% and 14.1% respectively). EBITDA growth was primarily driven by Tech and Services, offsetting a modest slowdown in consumer facing businesses.

·

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.

·

Six debt positions were exited across Q1 2025 and post-period end, realising €51m at an average price of c.99.8% of par.

·

The Debt portfolio maintained a strong income yield3 of 7.9% and average yield to maturity3 of 10.9% at 31 March 2025, with 60% of the Debt Investments invested in more readily tradeable first lien loans.

·

The remaining two Derived Equity positions were valued at €4.1m and represented less than 1% of the invested portfolio at 31 March 2025.

NAV movements (€m)

Private Equity

Debt Investments

Derived Equity

Cash

Facility drawn

Other4

Q1 25 Total

NAV at 31.12.24

978.8

192.3

4.6

45.5

-

5.5

1,226.7

+ Investments

41.0

2.1

-

(43.1)

-

-

-

- Distributions/ divestments

-

(30.9)

-

26.9

-

4.0

-

+ Interest and dividend income

-

-

-

3.9

-

0.7

4.6

+/- Gains/(losses)

2.5

0.2

(0.7)

-

-

-

2.0

+/- FX gains/(losses)5

(29.5)

(5.9)

(0.2)

(0.1)

-

-

(35.7)

+/- Costs and other movements

-

-

-

(3.1)

-

0.2

(2.9)

 - Dividends paid

-

-

-

(32.3)

-

-

(32.3)

+/- Performance fee reserve6

-

2.5

0.4

(2.9)

-

-

-

+/- Shares purchased

-

-

-

(3.3)

-

-

(3.3)

+/- Revolving credit facility

drawn/repaid

-

-

-

12.5

(12.5)

-

-

NAV at 31.03.25

992.8

160.3

4.1

4.0

(12.5)

10.4

1,159.1

Private Equity - operational metrics

31 March 2025

31 December 2024

Portfolio year-over-year LTM revenue growth2

10.6%

8.9%

Portfolio year-over-year LTM EBITDA growth2

16.0%

14.1%

Enterprise Value / EBITDA valuation multiple2

18.0x

17.8x

Net debt / EBITDA multiple2

4.3x

4.5x

Debt Investments - operational metrics3

31 March 2025

31 December 2024

Debt average yield to maturity

10.9%

10.1%

Debt average years to maturity

4.1

3.9

Debt average income yield

7.9%

8.3%

Invested Portfolio analysis7

€m

€m

%

%

- AEVI

1.3

- AEVII

20.6

- AVIII

24.5

- AIX

225.6

- AX

439.7

- AXI

155.0

- AMI

20.0

- AMI II

4.5

- ADF

64.9

- ADF II

30.6

- AGI

6.1

Private Equity

992.8

86%

Debt Investments

160.3

14%

Derived Equity

4.1

0%

Total

1,157.2

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.