CVC Capital Partners (CVC) investor relations material

Executive summary

• Achieved €23 billion in gross inflows and record €21.9 billion realizations in 2025, with strong contributions from credit, secondaries, and infrastructure.

• Fee-paying AUM reached €148 billion, up 50% over two years, with over half now from credit, secondaries, and infrastructure.

• Strategic partnership with AIG and acquisition of Marathon Asset Management to enhance insurance and U.S. credit capabilities.

• Private wealth vehicles grew from €800 million to €3.6 billion year-over-year, with strong momentum into 2026.

• Record financial performance in 2025, with strong strategic execution and accelerated growth across platforms.

Financial highlights

• Management fees increased 9% to €1.45 billion; performance-related earnings up 39% to €254 million.

• EBITDA rose 13% to €1.1 billion; profit after tax was €873 million, reflecting a 20% effective tax rate.

• Fee-paying AUM grew 6% in H2 2025; credit, secondaries, and infrastructure AUM up 12% year-over-year.

• Statutory revenue €1.85 billion, EBITDA €1.44 billion, profit after tax €1.22 billion, EPS €1.11.

• Aggregate dividend for 2025 of €500 million and share buyback program up to €350 million announced.

Outlook and guidance

• Confident in 10%+ compound annual growth in fee-paying AUM, targeting €200 billion by end of 2028.

• PRE expected to remain flat in 2026, then grow to €400 million in 2027 and €1.2–1.5 billion across 2028–2029.

• Growth to be driven equally by private equity, credit, and secondaries/infrastructure.

• Cost growth expected to return to mid-to-high single digits from 2026.

• Significant PRE build underpinned by €5 billion future carry potential.