CVC Capital Partners (CVC) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with 14% year-over-year growth in revenues and EBITDA, supported by robust fundraising, deployment, and realisations across a diversified client base.

• Fee-paying AUM (FPAUM) reached €140bn, up 10% year-over-year, driven by inflows across Credit, Private Equity, and Secondaries.

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

• All material funds delivered attractive returns, with a 3.3x gross MOIC and 27% gross IRR for Private Equity realisations.

• Interim dividend of €250m approved for October 2025, bringing total distributions to €475m over the last year.

Financial highlights

• Adjusted total revenue for H1 2025 was €802m (+14% YoY); adjusted EBITDA was €493m (+14% YoY); adjusted profit after tax was €396m (+8% YoY).

• Management fees rose 20% year-over-year to €705m, with MFE margin at 56%.

• Weighted average FPAUM was €143bn in H1 2025, up from €123bn in H1 2024.

• Adjusted EBITDA margin was 61% and management fee rate was 1.00% for H1 2025.

• Board approved €250m dividend, up 11% from prior period.

Outlook and guidance

• FPAUM expected to grow in H2 2025, with further scaling in Credit, Secondaries, and Infrastructure, and new product launches planned.

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

• Realisations for 2025 anticipated at or above 2024 levels, with returns consistent with long-term track record.

• 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.