Pollen Street PLC H1 26 results: Fund Management momentum intact; Shawbrook weighs on EPS

Research evidence excerpt

Equity Research

European Diversified Financials

15 September 2026

Pollen Street PLC

H1 26 results: Fund Management

momentum intact; Shawbrook

weighs on EPS

Fund Management growth continues on an underlying basis

with AUM growth supporting a 22% increase in adj. income

and 73% growth in adj. EBITDA. Shawbrook exposure weighs

on H1 IC returns and FY26e EPS but guidance and mediumterm outlook remain intact; reduce FY26 EPS but maintain

OW, PT 1120p.

OVERWEIGHT

POLNP.L/POLN LN

Unchanged

European Diversified

Financials

POSITIVE

Unchanged

GBp 1120

Price Target

Unchanged

GBp 832

+34.6%

Price (08-Sep-26)

Potential Upside/Downside

Source: Bloomberg, Barclays Research

491

59.10

58.87

0.1

7.01

9.62

992

Market Cap (GBP mn)

Fund Management EBITDA 73% higher YoY on an underlying basis: Pollen Street reported H1

26 Fund Management EBITDA of £16.1m (H1 25: £17.7m), 9% lower YoY due to the material

Catch-up fees in H1 2025. Fund Management income was 3% lower YoY at £40.2m (H1 25:

£41.4m) but 22% higher excluding H1 25 catch-up fees of £8.4m. Fund Management costs rose

only 2% YoY to £24.1m (H1 25: £23.7m). Net Investment Asset income was 57% lower YoY at

£5.7m (H1 25: £13.3m) as Pollen Street's direct exposure to Shawbrook weighed on returns.

Pollen Street reaffirmed its existing guidance for 2026 (excluding the impact of Shawbrook) and

confirmed its confidence in its medium-long term targets. We reduce our FY26e EPS estimate by

c.10% predominantly due to the Shawbrook impact but make limited changes to FY27

estimates; we maintain our PT of 1120p and our Overweight rating.

AUM growth underpins 22% Fund Management income growth: Total AUM was c.39% higher

YoY and increased c.4% QoQ and c.20% HoH to £8.5bn (Mar-26: £8.2bn, Dec-25: £7.1bn; Barc:

£8.4bn) due to increases in both Private Equity and Private Credit AUM. The new fundraising mix

means that AUM was split: £4.2bn in Private Equity AUM (31 Mar: £4.2bn) and £4.3bn in Private

Credit AUM (31 Mar: £4.0bn). Average Fee-paying AUM increased over H1 to £5.4bn

(FY25: £4.6bn), in line with Barclays estimates and c.25% higher YoY, supporting c.22% growth in

Fund Management income (excluding H1 25 Catch-up fees).…