CVC Capital Partners (CVC) H1 2025 earnings summary

Executive summary

• Delivered strong H1 2025 results with 14% growth in both revenues and EBITDA, supported by robust fundraising, deployment, and record realisations across diversified strategies and clients.

• Fee-paying AUM (FPAUM) increased to €140bn, up 10% year-over-year, driven by inflows across Credit, Private Equity, and Secondaries, and reflecting significant capital formation despite a challenging market.

• Continued expansion in Wealth and Insurance channels, with over €20bn gross inflows in the last twelve months.

• Record investment returns, with a 3.3x gross multiple of money and 27% gross IRR over the last twelve months.

• Announced and approved interim dividend of €250m, bringing total distributions to €475m over the last year.

Financial highlights

• Adjusted total revenue: €802m (+14% YoY); adjusted EBITDA: €493m (+14% YoY); adjusted profit after tax: €396m (+8% YoY).

• Management fee revenue rose 20% year-over-year to €705m, with a 56% MFE margin and 61% adjusted EBITDA margin.

• Weighted average FPAUM: €143bn (H1 2025) vs €123bn (H1 2024); management fee rate: 1.00%.

• Board approved €250m dividend for October 2025, with €225m paid in H1 2025.

• Cash and cash equivalents: €674m as of June 2025.

Outlook and guidance

• FPAUM expected to grow in H2 2025, driven by further deployment in Credit, inflows into Secondaries and Wealth, and infrastructure fund activation.

• PRE for 2025 expected to materially exceed 2024, with recognition weighted towards H2.

• Medium-term carry potential remains strong, with €1.6–3.4bn expected over the next four to five years.

• Cost growth for 2026 anticipated in high single digits, mainly from investments in Wealth, Insurance, and AI.

• Fundraising for Europe/Americas Fund X to commence in Q1 2027.