Bridgepoint: 25% H1 26 Adjusted EBITDA beat driven by strong management fees and investment returns

研报英文原文证据摘录

Bridgepoint: 25% H1 26 Adjusted EBITDA beat driven by strong management fees and investment returns

C A Z E N O V E Europe Equity Research

17 July 2026

Bridgepoint Not Rated

BPTB.L, BPT LN

25% H1 26 Adjusted EBITDA beat driven by strong Price (16 Jul 26):314p

management fees and investment returns

Our Take: Bridgepoint reported a 25% beat in Adjusted EBITDA relative to European Diversified Financials

company-compiled consensus, with total revenue of £375m, 15% above Enrico Bolzoni, CFA AC

consensus, and costs only modestly higher than expected. In particular, (44 20) 7134-4222

management fees were 8% above expectations, and Performance Related Earnings enrico.bolzoni@jpmorgan.com

(PRE) 31% above. Fee paying AUM stood at €51bn, 13% above expectations, with Tom Miller, CFA

Total AUM at €85m. The guidance, which was already upgraded with the (44-20) 3493-7427

announcement of the proposed acquisition of Kayne Anderson Real Estate at the tom.miller@jpmorgan.com

J.P. Morgan Securities plc

end of June (see here) has been reiterated, as well as the positive outlook, with the

company making “excellent progress in fundraising” and with “multiple exits Specialist Sales contact details:

planned for H2 26 and beyond”. Gigi Sparling - Specialist Sales -

European Financials

• Noteworthy Areas: 1) Closing fee-paying AuM of €51bn was 13% higher (44-20) 7134-0355

than company-compiled consensus (€45bn - this was possibly driven by ghislaine.sparling@jpmorgan.com

consensus not having included Newbury Partners which positively contributed Style Exposure

to FPAM, despite being earnings neutral) and 31% up from FY25, reflecting

fundraising and deployment of €10.5bn (vs €7.3bn H1 2025), realisations of

€1.1bn (vs €3.1bn H1 2025), step-downs of €0.6bn (vs €2.8bn H1 2025), and