Pollen Street (POLN) H2 2025 earnings summary

Executive summary

• Achieved strong AUM growth, reaching GBP 7.1 billion, a 30% year-on-year increase, with fee-paying AUM at GBP 5.2 billion, up GBP 1.3 billion year-on-year.

• Delivered robust fundraising, exceeding targets in both private equity and credit, with Private Equity Fund V closing at EUR 1.5 billion and Credit IV at GBP 1.8 billion commitments.

• Maintained high visibility, recurring revenues, and consistent long-term returns, supporting a progressive dividend policy and share buyback program.

• Positioned for further scaling, with GBP 800 million of uninvested capital and a strong pipeline for future funds.

Financial highlights

• Revenue increased to GBP 114 million, driven by asset manager scale-up and stable investment company returns.

• Fee-related earnings reached GBP 30.7 million; EBITDA rose to GBP 64.6 million.

• Management fee income was GBP 69.9 million, up 28% year-on-year (24% excluding catch-up fees).

• Performance fees totaled GBP 11.2 million, in line with the previous year.

• Net investment income was GBP 32.9 million, up 4% year-on-year, with a 9.9% return on net investment assets (10.6% underlying).

• Fund management EBITDA increased 17% to GBP 31.7 million, now nearly half of group profits.

Outlook and guidance

• On track or ahead of expectations for the current year, with no change to guidance.

• Targeting GBP 10 billion AUM with next-generation flagship funds.

• Priorities for 2026: scaling the platform, investing for growth, and delivering returns.

• Preparing for Private Equity Fund VI launch in H1 2027.