CVC Capital Partners (CVC) Q4 2025 earnings summary

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, with over 50% now in credit, secondaries, and infrastructure.

• EBITDA rose 13% year-over-year to €1.1 billion, with management fees up 9% to €1.45 billion and performance-related earnings up 39% to €254 million.

• Private Wealth vehicles grew from €0.8 billion to €3.6 billion, and a $3.5 billion partnership with AIG was established.

• Strategic acquisitions, notably Marathon Asset Management, broadened credit capabilities and US market access.

Financial highlights

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

• Management fees up 9% to €1,451 million, performance fee earnings up 39% to €254 million, EBITDA up 13% to €1.1 billion.

• Profit after tax was €873 million, with an effective tax rate of 20%.

• Management fee earnings margin at 58%, EBITDA margin at 64%.

• Operating expenses rose 13% year-over-year, reflecting ongoing investment in Private Wealth and FX translation.

Outlook and guidance

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

• Growth expected to be evenly split among private equity, credit, and secondaries/infrastructure.

• PRE expected to materially step up in 2028–2029, with €1.2–1.5 billion aggregate PRE in FY28–29.

• Total cost growth expected below 10% in 2026, with mid- to high-single-digit % growth beyond.

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