CVC Capital Partners (CVC) H1 2026 earnings summary

Executive summary

• Achieved record realizations and strong performance across all business segments in H1 2026, with broad-based fundraising momentum and growth in fee-paying AUM and revenues; over €50bn returned to investors in Europe/Americas since 2021 at a 4x Gross MOIC.

• Realizations up 19% compared to H1 2025, with notable exits in Europe, Americas, Asia, and infrastructure; full-year realizations expected to be similar to last year; record realizations of €24bn over the last twelve months, up 79% year-over-year.

• Fee-paying AUM reached €153bn, up 9% year-over-year, led by credit, secondaries, and infrastructure (up 19%), now comprising over 55% of FPAUM.

• Strong operating momentum in portfolio companies, with 13% EBITDA growth across PE funds and 14% in Europe, Americas Fund VIII.

• Accelerated adoption of AI across portfolio and investment processes to drive value creation.

Financial highlights

• Adjusted EBITDA for H1 2026 rose 12% year-over-year to €554m; profit after tax up 10% to €434m; adjusted total revenue €882m; statutory total revenue €999m.

• Fee-related revenues up 9% to €771m; fee-related earnings up 11% to €442m, with a 57% FRE margin.

• Dividend per share up 12% year-on-year to €0.26; €194m of share buyback completed in H1; interim dividend of €275m approved for September 2026.

• Net cash inflows from operating activities: €241m (up from €166m YoY).

• Operating expenses increased 7% year-over-year, reflecting continued investment in growth areas.

Outlook and guidance

• Reaffirmed guidance for aggregate PRE of €600–700m over 2026–2027, with a step-up in 2027 and further build in 2028–2029 as Fund VIII recognizes carry.

• Double-digit CAGR in fee-paying AUM expected through 2028, with substantial earnings step-up as Fund X activates.

• Total cost growth expected slightly below 10% for 2026, reverting to mid-high single digits from 2027; anticipate full-year cost growth in the high single digits, including investments in AI and Wealth initiatives.

• Private Wealth and Insurance channels expected to account for 5-10% of FPAUM over the medium term.

• Confident in future fundraising, underpinned by strong visibility on realizations and a robust deployment pipeline.