CVC Capital Partners (CVC) H2 2024 earnings summary

Executive summary

• Achieved a landmark year with a successful IPO on Euronext Amsterdam in April 2024 and activation of record-breaking Europe Americas Fund 9 (€26.8bn) and Asia Fund 6 ($6.8bn), both exceeding hard caps.

• Total AUM reached €200bn, with fee-paying AUM up 50% year-over-year to €147bn by year-end.

• Strong recovery in activity: deployment up 71% to €25.6bn and realisations more than doubled to €13.1bn (+114% year-over-year).

• Delivered 4x gross multiple of money and 30% IRR on exits in 2024.

• Completed strategic acquisitions, including CVC DIF and full acquisition of CVC Secondary Partners.

Financial highlights

• Management fees grew 23% to €1,328m; management fee earnings up 40% to €780m; MFE margin at 59%.

• EBITDA up 31% to €966m; EBITDA margin expanded to 64% in 2024.

• Performance related earnings (PRE) at €182m, up 5% year-over-year and in line with guidance.

• Realisations across PE, infrastructure, and secondaries reached €13.1bn, more than doubling from 2023.

• Recommended half-year dividend of €0.21 per share (€225m total), subject to approval.

Outlook and guidance

• Expect further strong EBITDA and management fee earnings growth in 2025, supported by ongoing fundraising and full-year impact of new funds.

• MFE margin expected to remain within 55-60% range in 2025, despite increased investment in growth.

• PRE in 2025 anticipated to show material growth versus 2024 but remain below medium-term range; total carry potential unchanged at €4-7.5bn.

• Realisations in 2025 expected at or slightly above 2024 levels.

• Cost growth in 2025 expected to be higher due to accelerated investment in private wealth, insurance, and AI, but top-line growth to offset.