Slides
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2025 Half-Year Results Presentation 4 September 2025
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2 CVC – a global leader in private markets Investing for the long term Scaling and diversifying across strategies and clients Delivering investment performance for our clients
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H1 2025 – another period of strong performance 3 Operating Highlights Financial Highlights ▪ Strong fundraising momentum ▪ FPAUM continuing to scale and diversify ▪ LTM Deployment and Realisations growing strongly: +20% ▪ LTM Value creation: +9% (pre-FX) ▪ Strong operating performance translating into strong financial performance ▪ H1-25 Revenue and EBITDA: +14% vs. H1-24 ▪ 2025 PRE tracking expectations ▪ €250m interim dividend payment in October (€475m LTM) 317 397 114 962 1€433m €493m H1-24 H1-25 Deployment2 Realisations3FPAUM1 EBITDA4 €128bn €140bn 14 H1-24 H1-25 Revenue4 7.3 11.6 13.1 13.3 €20.4bn €24.9bn LTM Jun-24 LTM Jun-25 Infrastructure €802m €706m H1-24 H1-25 MFE PRE Other H1 H2 1.6 3.6 9.4 9.6 €11.0bn €13.2bn LTM Jun-24 LTM Jun-25 Note: Totals may not sum due to rounding. 1. FPAUM as of 30 June 2025 are pro forma for Ahlsell deployment / realisation. 2. Includes signed but not yet closed investments as at 30 June 2025. Pro forma for the acquisition of CVC Infrastructure, signed in September 2023 and completed on 1 July 2024. Secondaries deployment is net investment exposure which represents the initial funded equity purchase price plus unfunded commitments reasonably expected to be called over the life of the transaction. Cre dit deployment based on movement in FPAUM by vehicle (excl. FX and exits). 3. Signed realisations across Private Equity, Secondaries and Infrastructure (excl. Credit) as of 30 June 2025. 4. References throughout this presentation to Revenue, EBITDA, Profit after tax, Management fees, Operating expenses, Management fee earnings and Performance fee earnings are equivalent to the pro forma and adjusted pro forma measures presented in the Group's 2025 Half-Year financial report. See page 24 for further information .
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4 Delivering attractive investment performance for our clients Deepening and expanding our institutional client base, and growing strongly in Wealth and Insurance Significant fundraising momentum, and building our future pipeline Achieving strong deployment and a record year for realisations Growing and diversifying as a global leader in private markets: ~50% of FPAUM in non-PE strategies Generating a highly attractive financial profile: growing, predictable, and cash generative …and delivering on our plan We continue to make excellent progress against our strategic ambitions…
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Significant fundraising momentum, and building our future pipeline 5 €97bn FPAUM €140bn FPAUM €51bn €71bn €37bn €43bn€9bn €12bn €14bn Jun-23 Jun-25 Private Equity Credit Secondaries Infrastructure €29bn of current fundraising >$750m7 closed3Catalyst III $2bn target materially de-risked Strong pipeline to follow c.$5bn5 closed3SOF VI $7bn target materially de-risked EUDL IV >€10bn2 closed3 >$700m4 closed3CLO Equity IV €6bn target surpassed $750m target materially de-risked €8bn targetDIF VIII / VA IV First closings expected before year-end Transformational capital formation over last 24 months… …and strong foundations for future growth 1 Non-Private Equity: 49% of FPAUM Private Equity: 51% of FPAUM Fund X Asia VII CapSol IVEUDL V CVC-PESEC Infra Secondaries Credit SecondariesCVC-INFRA c.€2bn aggregate value6Wealth Strong momentum 1. FPAUM as of 30 June 2025 are pro forma for Ahlsell deployment / realisation. 2. Including co-invest, leverage, SMAs and GP commitment. 3. As at 30 June 25. 4. Including GP commitment. 5. Including SOOF III, co-invest and GP commitment. 6. Across CVC-CRED and CVC-PE. Including 1 July 2025 subscriptions and corresponding leverage, as applicable. 7. Including GP commitment and co-invest.
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Deepening and expanding our client base 6 …established…Supportive… …and ever more diversified 17 year average client relationship3 1,100+ clients including many of the world’s top-tier institutions c.€2bn of aggregate value4 across CVC-PE and CVC-CRED c.20% of total H1-25 commitments secured from Insurance investors 95% Of clients committing to products across multiple strategies2 €6.3bn Capital raised in H1-251 Credit, Secondaries and Infrastructure driving H1-25 gross inflows 35+ Fund closings held in H1-25 1. Total capital commitments made across CVC’s seven strategies (including Infrastructure) from 1 January 2025 through 30 June 2 025, including commitments accepted to CVC’s private funds, separate accounts, and evergreen products. Amounts shown may include GP commitments and, in respect of private credit strategies, leverage. 2. Percentage of top 100 clients in CVC Private Equity and Credit. 3. Average relationship with CVC is based on Top 50 LPs by total commitments. 4. Including 1 July 2025 subscriptions and corresponding leverage, as applicable.
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Fundraising diversified across products and strategies 7 EUDL IV: ▪ >€10bn4 of total investable capital, exceeding its €6bn target ▪ Final close expected in late Q3-25 ▪ Launch of EUDL V in mid-2026 CLO Equity IV: ▪ Closed >$700m1 ($750m target size) ▪ Supporting expected future CLO issuances of c.$15bn CreditSecondaries Infrastructure SOF VI: ▪ Closed c.$5bn3, on track to exceed $7bn target size ▪ Final fund size expected to be >2.5x vs. SOF IV when CVC acquired Glendower DIF VIII / VA IV: ▪ Progressing well towards €8bn combined target (launched in Jan-25) ▪ Expected +33% growth vs. prior vintages ▪ Expected first closings before year-end Private Equity StratOps III: ▪ Final close in Feb-25 at €4.6bn1 Catalyst: ▪ New European-focussed mid-market buyout strategy ▪ Closed >$750m2 ($2bn target size) Fund X: ▪ Expected launch in Q1-27, in line with 3-4 year cycle #1 European CLO manager5 Top 3 European Private Credit manager Strong tailwinds supporting growth across LP and GP-led Growing appeal of CVC Infrastructure’s European and mid-market focus Private Wealth ▪ c.€2bn6 in aggregate value across CVC-CRED and CVC-PE in 14 months ▪ Launch in the US in Q1-26 ▪ Preparing launch of CVC- INFRA and CVC-PESEC in 2026 Expanding Evergreen offering and widening distribution 40+ years of experience investing across regions and sectors Note: As at 30 June 2025. 1. Including GP commitment. 2. Including GP commitment and co-invest. 3. Including SOOF III, co-invest and GP commitment. 4. Including co-invest, leverage, SMAs and GP commitment. 5. As per Creditflux CLO-I AUM ranking, as at 30 June 2025. The Creditflux rankings provide a full and comprehensive view of CLO managers by their principal liabilities (debt and equity) as at 30 June 2025 . 6. Including 1 July 2025 subscriptions and corresponding leverage, as applicable.
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Driving forward our Wealth offering 8 CVC-PE CVC-PE CVC-PE CVC-INFRA Direct access to the investment expertise of… CVC Private Equity CVC Infrastructure Investing directly across core plus and value-add infrastructure alongside CVC Infrastructure’s two mid-market strategies Product Overview February 2025 4 months since break of escrow CVC-PE CVC-PESEC CVC Secondary Partners A global and diversified private equity secondaries portfolio, comprising both LP-led and GP- led mid-market deals 2026 expected launch CVC-PE CVC-CRED CVC Credit Directly originated senior-secured, floating rate loans for mid-market companies across Northern and Western Europe May 2024 14 months since break of escrow 2026 expected launchBreak of Escrow Companies and assets alongside CVC’s Private Equity strategies Europe & APAC US from Q1 2026 Europe & APACEurope & APAC Europe & APACDistribution Geography c.€2bn1 in 1 year and building strong momentum 60+ FTEs by year-end 1. Including 1 July 2025 subscriptions and corresponding leverage, as applicable.
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Growing and diversifying as a global leader in private markets 9 €52bn €71bn €27bn €43bn €12bn €14bn Dec-21 Jun-25 Infrastructure Secondaries Credit Private Equity €140bn FPAUM 1 €79bn FPAUM Non-Private Equity: 49% of FPAUM Private Equity: 51% of FPAUM 1. FPAUM as of 30 June 2025 are pro forma for Ahlsell deployment / realisation.
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CVC Credit – leveraging market tailwinds to build market leadership 10 Continued bank pull back Ability to offer borrowers more flexible terms Client demand for yield Structural tailwinds… …applied to an established platform… Led by a senior team with extensive investment experience Deep local presence and understanding across Europe Fully integrated with the Private Equity platform Scaled platform across credit strategies with strong track record …delivering significant scaling €43bn FPAUM €27bn FPAUM 1.6x Focus on credit quality: 0.2% loss rate since inception2 #1 European CLO manager1 Top 3 European Private Credit manager Dec-21 Jun-25 Private Credit Liquid Credit 1. As per Creditflux CLO-I AUM ranking, as at 30 June 2025. The Creditflux rankings provide a full and comprehensive view of CLO managers by their principal liabilities (debt and equity) as at 30 June 2025. 2. Across Liquid Credit as at 31 March 2025.
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CVC Secondary Partners – addressing a significant market opportunity 11 …supporting significant scaling…Structural tailwinds… $2.7bn $5.8bn Target: $7.0bn SOF IV (2018) SOF V (2021) SOF VI (2024) >2.5x ...and with new products to come Credit Secondaries Infra Secondaries Levering the CVC Network in these high-growth and under-penetrated segments Repeated strong performance across market cycles with 22% gross IRR since inception1 Low historic propensity to trade: 2-3% of total Private Equity market Active portfolio management and need for liquidity driving growth in LP-led market Exponential growth in the GP-led market as managers look to deliver liquidity 1. Performance results as of December 31, 2024 (audited). Across SOF Funds raised since inception in 2006.
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CVC Infrastructure – leading investor in the attractive mid-market segment of infrastructure 12 Track record of delivering consistent, above-target realised returns: 16% / 1.8x gross IRR / MOIC1 Accelerating macro tailwinds… Decarbonisation Rapid shift away from fossil-based energy to achieve climate targets Digitalisation Explosive growth in the use, consumption and creation of data Deconsolidation Government and private entities are increasingly moving critical infrastructure off- balance sheet to specialised players …supporting further growth Rapidly Growing Family of Funds DIF VI / VA II (2020/2019) DIF VII / VA III (2022) DIF VIII / VA IV (launched in Jan-25) Leading mid-market investor, addressing the largest and most attractive segment of global infrastructure Disciplined and diversified investment strategy complemented by value creation with 129 local investment professionals and sector specialists ✓ CVC Infrastructure’s inaugural investments in Asia and in Middle East ✓ Partnership between CVC Infrastructure, CVC Asia and CVC Private Equity in the Middle East €8bn target Successful collaboration across the CVC Network €4bn €6bn 2.0x 1. Aggregate gross IRR and MOIC of the 132 unique realised investments in DIF II – VII and CIF I – III from 1 January 2011 to 30 Ju ne 2025.
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LTM Jun-25 deployment grew 22% year-on-year Private Equity deployment remains consistent with a 3-4 year investment period 13 5.7 10.3 2.0 1.9 2.0 2.0 10.7 10.7 €20.4bn €24.9bn LTM Jun-24 LTM Jun-25 Private Equity Infrastructure2 Secondaries3 Credit4 Europe / AmericasStratOpsInfra Asia Deployment1 Selected H1 2025 investments1 Private Credit Strong increase in Credit as we capitalise on secular growth and build market leadership Note: Totals may not sum due to rounding. 1. Includes signed but not yet closed investments as at 30 June 2025. Pro forma for Ahlsell deployment. 2. Pro forma for the acquisition of CVC Infrastructure, signed in September 2023 and completed on 1 July 2024. 3. Secondaries deployment is net investment exposure which represents the initial funded equity purchase price plus unfunded commitments reasonably expected to be called over the life of the transaction. 4. Credit deployment based on movement in FPAUM by vehicle (excl. FX and exits). 3.4 5.80.6 0.9 0.8 0.9 8.3 5.8 €13.1bn €13.3bn H1-24 H1-25
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Levering the CVC Network to support businesses and scale deployment 14 − Leading global mobile video game developer − World’s #1 match 3 game, Royal Match with 200m annual players, >$2.3bn revenues; now launching sequel game, Royal Kingdom − Strategic partnership with CVC as new, sole equity partner, alongside preferred equity investment − Joint investment from Europe / Americas Fund IX, CVC Strategic Opportunities II, CVC Capital Solutions III and CVC-PE › Breadth and depth of the CVC Network provides access to proprietary investment opportunities › Origination capability further enhanced by ability to offer capital in multiple forms › CVC is uniquely positioned to partner with companies, offering both capital and strategic support via the CVC Network › Dream Games deployment opportunity increased from c.€700m (Fund IX) to c.€1.2bn across CVC
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LTM Jun-25 realisations grew 20% year-on-year A record year for realisations, delivered at highly attractive investments returns… 15 Private Equity Infrastructure2 Secondaries 3.3x Gross MOIC5 27% Gross IRR5 …and over the past 3 years we’ve returned more capital to clients than we’ve called Realisations across multiple sources3… …generating highly attractive realised returns PE sale4 41% Trade sale 31% IPO / Sell downs 14% Dividend / Recap 13% €11.3bn Other <1% Building better businesses – Selected H1 2025 realisations1 Note: Totals may not sum due to rounding. 1. Signed realisations as of 30 June 2025. Pro forma for Ahlsell realisation. 2. Pro forma for the acquisition of CVC Infrastructure, signed in September 2023 and completed on 1 July 2024. 3. Based on Private Equity signed realisations in LTM Jun-25. 4. PE sale includes continuation vehicles. 5. Weighted average by invested capital for Private Equity signed realisations in LTM Jun -25. 1.0 0.9 0.7 1.0 9.4 11.3 €11.0bn €13.2bn LTM Jun-24 LTM Jun-25 0.6 0.4 0.5 0.5 8.4 8.7 €9.4bn €9.6bn H1-24 H1-25 Realisations1
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Resilient investment performance – all material funds on or above plan 16 Private Equity Continued growth across the portfolio All material funds on or above plan 10% LTM EBITDA growth across the Private Equity portfolio 7% LTM value creation across the Private Equity and Infrastructure portfolios (9% pre-FX) 3% in H1-25 (6% pre-FX) Credit Secondaries Infrastructure Europe Americas: StratOps: ✓ Fund VI (2014) ❖ StratOps I (2016) ❖ Fund VII (2018) ❖ StratOps II (2019) ✓ Fund VIII (2021) ✓ StratOps III (2024) ✓ Fund IX (2024) Asia: Growth: ✓ Asia IV (2014) ✓ Growth I (2015) ✓ Asia V (2020) ✓ Growth II (2019) ✓ Asia VI (2024) 2.6x 2.7x 1.2x 1.1x 2.4x 1.6x 1.1x 2.3x 1.7x 1.2x 2.3x 1.8x ✓ EUDL II (2019) ✓ EUDL III (2021) ✓ EUDL IV (2023) 1.2x 1.2x 1.1x 1.6x 1.5x 1.3x 1.7x 1.5x 1.1x ✓ SOF IV (2018) ✓ SOF V (2021) ✓ SOF VI (2024) ✓ DIF V (2017) ✓ DIF VI (2020) ✓ DIF VII (2022) Q2-25 Gross MOIC ✓ On plan1 ❖ Above plan1 1. For Europe / Americas, “on plan” is expected end -of-life Gross MOIC of 2.5x-3.0x for Funds VI and VII, and 2.0 -3.0x for Funds VIII and IX. For Asia, “on plan” is expected end -of-life Gross MOIC of 2.0 -3.0x. For StratOps, “on plan” is expected end -of-life Gross MOIC of 2.5x. For Growth, “on plan” is expected end -of-life Gross MOIC of 2.0 -3.0x. For Secondaries, “on plan” is expected end -of-life Gross MOIC of 1.5-2.0x. For Credit, “on plan” is expected end -of-life Net IRR of 6.0-8.0%. For Infrastructure, “on plan” is expec ted end-of-life Gross MOIC of 1.6-2.2x.
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FPAUM grew 10% YoY , driven by the inclusion of Infrastructure in H2-24 17 FPAUM by strategy (€bn)FPAUM development1 (€bn) 147.3 140.19.0 (4.3) (6.7) (5.2) Q4-24 Gross inflows Exits Step downs FX and other H1-25 LTM Jun-25 H1-25 14.9 20.1 (11.5) (7.3) (3.6)127.5 140.1 H1-24 Infrastructure Gross inflows Exits Step downs FX and other H1-25 Gross inflows offset by strong realisations across PE, step downs in PE and Secondaries, and FX H1-24 H1-25 % growth Private Equity 76.7 71.5 (7)% Secondaries 10.6 11.8 11% Credit 40.1 42.8 7% Infrastructure n.a. 14.1 n.a. Total 127.5 140.1 10% Private Equity: €6.0bn Secondaries: €3.4bn Credit: €10.3bn Infrastructure: €0.3bn Note: Totals may not sum due to rounding. 1. FPAUM as of 30 June 2025 are pro forma for Ahlsell deployment / realisation.
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317 397 114 962 1433 493 H1-24 H1-25 +25% +14% Continued strong financial growth Driven by continued fundraising momentum and strong operational performance 18 Management fees as % of revenues MFE margin Management fees (€m)1 590 705 H1-24 H1-25 › +20% in management fees vs. H1-24 › +25% increase in MFE vs. H1-24 › 56% MFE margin, up vs. H1-24 › €96m PRE in H1-25 – In line with our expectations, and we remain confident 2025 PRE will materially exceed 2024 › €396m profit after tax in H1-25, reflecting first year of implementation of Pillar 2 rules EBITDA (€m)1 EBITDA margin MFE PRE Other op. income 84% 88% 54% 61% 56% 62% 2 2 +20% Profit after tax (€m) 367 396 Significant growth in H1-25, while continuing to invest in Private Wealth, Insurance and AI 1. References throughout this presentation to Revenue, EBITDA, Profit after tax, Management fees, Operating expenses, Management fee earnings and Performance fee earnings are equivalent to the pro forma and adjusted pro forma measures presented in the Grou p’s 2025 Half-Year financial report. See page 24 for further information. 2. Figures shown include 6-month contribution in H1 2024 from CVC Infrastructure (actual contribution starting 1 July 2024). Exclud ing H1 2024 contribution from CVC Infrastructure results in Management fees of €505m, MFE of €274m and EBITDA of €390m.
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Investing into Private Wealth, Insurance and AI to propel growth 19 Operating expenses (€m)1 2025 Full-year OpEx growth expected to be in line with H1-25 › Total OpEx +13% vs H1-24, combining investment with cost control › Personnel cost +4% – FTEs increase of 12% weighted towards Business Operations › Other expenses increase driven by FX translation, first time PLC costs, consulting and fundraising costs › Ongoing investment into Wealth, Insurance and AI, driving further MFE growth 205 214 68 95 273 309 H1-24 H1-25 +13% Total people costs (net of PFC3) Non-people costs 2 1. References throughout this presentation to Revenue, EBITDA, Profit after tax, Management fees, Operating expenses, Management fee earnings and Performance fee earnings are equivalent to the pro forma and adjusted pro forma measures presented in the Grou p's 2025 Half-Year financial report. See page 24 for further information . 2. Figures shown include 6-month contribution in H1 2024 from CVC Infrastructure (actual contribution starting 1 July 2024). 3. Performance-related costs (€36m in H1 -24 and €37m in H1-25) relate to employee compensation that is deemed attributable to the g eneration of carried interest, performance fees and investment income.
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Significant embedded carry potential, underpinning PRE 20 Net carried interest potential1,2 (excl. investment income and performance-related costs) › We continue to expect PRE in 2025 to show material growth vs. 2024 › Total carry potential assuming key funds perform “on plan”1,2: €3.3 – 6.8bn4 › €0.5bn carry (mid point of the range) remaining from key harvesting funds already in carry mode – Significant majority expected by end of 2027 › €1.4 – 2.8bn carry from funds next in carry mode – Significant majority expected by 2028/2029 In carry mode Next in carry mode Recently activated funds Harvesting Funds Eu/Am VII (15% contribution to CVC plc P&L) Asia IV Growth I StratOps I Asia V Growth II StratOps II Credit Funds Eu/Am IX Asia VI Eu/Am VI (does not contribute to CVC plc P&L) €0.2-0.7bn3 €1.4-2.8bn €1.7-3.4bn StratOps III Eu/Am VIII Note: Totals may not sum due to rounding. 1. For Fund VII, “on plan” is Gross MOIC of 2.5 –3.0x, for Fund VIII/IX, Asia IV/V/VI and Growth I/II, “on plan” is Gross MOIC of 2. 0–3.0x, and for StratOps, “on plan” is Gross MOIC of 2.5x. 2. Net carried interest as presented above is calculated net of management fees and other expenses. 3. Excluding €0.6bn of carry recognised as of 30 June 2025. 4. €3.9 – 7.5bn including €0.6bn of carry recognised as at 30 June 2025. €1.6-3.4bn of future carry potential Expected realisation: 2025-27 €3.3-6.8bn of future carry potential Expected realisation: 2026-30 (Significant majority by 2028-29)
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› Simple and capital-light balance sheet › Strong cash generation and conservative leverage › Growing distributions to shareholders – €250m interim dividend for H1-25 (paid in October 2025) – Total distributions of €475m for the LTM period Strong balance sheet and cash generative model support growing distributions 21 GP Commitments Digital Foundations €874m1 Digital Foundations €1,450m2 Weighted avg. tenor of 10.9 years Weighted avg. interest rate of 2.2% (fixed) Digital Foundations €656m3 Long-term debt Cash Summary balance sheet as at 30 June 2025 1. CVC’s share of the net assets in each of the investment vehicles after excluding assets attributable to non -controlling interests (€591m). 2. CVC issued private placement notes with a principal balance of €1.25bn in June 2021. At issue, the notes had a weighted avera ge tenor of 15 years and weighted average interest rate of 1.8% (fixed). CVC issued additional private placement notes with a pr incipal balance of €200m in June 2024. At issue, the notes had a weighted average tenor of 15 years and weighted average interest rate of 4.7 % (fixed). Long-term corporate debt excludes capitalised borrowing costs of €18m, borrowings related to specific Credit investments of €90m, and other long-term debt of €6m. 3. Cash excludes cash held by the consolidated funds.
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22 CVC – a global leader in private markets Scaling and diversifying across strategies and clients Delivering investment performance for our clients Investing for the long term
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Appendix
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How our results are presented 24 Results Include: Results Include: Statutory Pro Forma Adjustments Reflect 1: Six months ended 30 June 2025 Six months ended 30 June 2024 Adjusted Measures Condensed consolidated financial statements for the six months ended 30 June 2025 subject to review by the statutory auditor. Condensed consolidated financial statements for the six months ended 30 June 2024 subject to review by the statutory auditor. Adjustments to the financial information to illustrate the underlying operational performance of the business. Key items that do not reflect underlying operational performance: ▪ non-recurring expenses, including expenses related to the IPO and the acquisition of CVC DIF; ▪ investment income, expenses and fair value of financial assets related to fund NCI 2; ▪ amortisation of acquired intangible assets; and ▪ change in value of the forward liability related to the obligation to acquire the remaining interest in CVC Secondary Partners and CVC DIF3. Presentation of non -IFRS measures that are considered helpful to shareholders 4: ▪ Adjusted total revenue ▪ Adjusted EBITDA ▪ Adjusted profit after income tax ▪ MFE ▪ PRE 6 months 6 months 6 months NIL 6 months 6 months 6 months 6 months 6 months 6 months 6 months 6 months 6 months 6 months Reflects change from Statutory Financial Management Group CVC Secondary Partners Advisory Group CVC Credit CVC DIF 2 months (from date of acquisition) Statutory Note: There are no pro forma adjustments in Jun -25. 1. The adjustments listed here represent the most material adjusting items, but do not constitute a full and complete list of ad justments. 2. Fund NCI relates to non-controlling interests of funds that are consolidated by the Group in accordance with IFRS 10. 3. The value of the forward liability reflects the value of the shares issued to the sellers of CVC Secondary Partners and the v alue expected to be issued to the sellers of CVC DIF. This value has increased over 2025 in line with the increase in the share price of CVC Capital Partners plc. 4. Refer to page 48 of the Group’s Half-Year 2025 financial report for a reconciliation of statutory financial statements to pro forma financial information, and pages 49 to 54 for a reconciliation of adjusted measures.
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Summary adjusted pro forma income statement1 25 (€m) FY 2022 FY 20232 FY 20242 FY 2023-24 Growth H1 20242 H1 2025 H1 2024-25 Growth Management fees 888 1,080 1,328 23% 590 705 20% (+) Performance fee earnings 144 174 182 5% 114 96 (16%) (+) Other operating income 3 3 3 (4%) 2 1 (55%) Revenue 1,036 1,257 1,513 20% 706 802 14% (-) Personnel expenses (279) (369) (399) 8% (205) (214) 4% (-) Other expenses (128) (153) (148) (3%) (68) (95) 40% EBITDA 628 734 966 31% 433 493 14% (-) D&A (27) (37) (39) 8% (19) (22) 17% (-) Net finance charges (22) (18) (27) 50% (12) (12) 3% (-) Tax (20) (71) (70) (1%) (35) (63) 80% Profit after tax 560 609 830 36% 367 396 8% of which attributable to CVC Infrastructure non- controlling interests 30 15 9 Select KPIs: Management fee earnings (MFE) 481 557 780 40% 317 397 25% Management fees (% of revenue) 86% 86% 88% 84% 88% MFE margin 54% 52% 59% 54% 56% EBITDA margin 61% 58% 64% 61% 62% 1. References throughout this presentation to Revenue, EBITDA, Profit after tax, Management fees, Operating expenses, Management fee earnings and Performance fee earnings are equivalent to the pro forma and adjusted pro forma measures presented in the Grou p's 2025 Half-Year financial report. See page 24 for further information . 2. Includes CVC Infrastructure unless otherwise stated (acquisition closed on 1 July 2024).
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FPAUM evolution 26 FPAUM by segment (€bn) Europe / Americas Asia Strategic Opportunities Growth Secondaries Credit Infrastructure Total At 31 December 2024 60.0 10.5 6.7 1.8 13.6 40.6 14.1 147.3 Gross inflows / investments 1.8 - - - 1.2 5.8 0.2 9.0 Step-downs (4.7) (0.6) - - (1.4) - - (6.7) Exits (2.2) (0.2) - (0.2) - (1.6) (0.2) (4.3) FX / other - (1.2) - (0.2) (1.6) (2.1) (0.1) (5.2) At 30 June 2025 54.9 8.5 6.7 1.4 11.8 42.8 14.1 140.1 Weighted average FPAUM 55.1 9.4 6.7 1.6 14.7 41.0 14.2 142.8 Management fee revenue (€m)2 356 62 28 11 70 99 80 705 Management fee rate (%) 1.3% 1.3% 0.8% 1.4% 1.0% 0.5% 1.1% 1.0% FPAUM evolution over the first half of 20251 FPAUM by segment (€bn) Europe / Americas Asia Strategic Opportunities Growth Secondaries Credit Infrastructure Total At 30 June 2024 58.0 10.3 6.7 1.7 10.6 40.1 14.9 142.4 Gross inflows / investments 5.5 - 0.5 - 3.4 10.3 0.3 20.1 Step-downs (4.7) (0.6) - - (1.4) - (0.6) (7.3) Exits (3.8) (0.4) (0.5) (0.2) - (6.2) (0.4) (11.5) FX / other - (0.9) - (0.2) (0.9) (1.5) (0.1) (3.6) At 30 June 2025 54.9 8.5 6.7 1.4 11.8 42.8 14.1 140.1 Weighted average FPAUM 57.6 9.8 6.6 1.6 13.7 40.3 14.3 143.9 Management fee revenue (€m)2 743 129 56 23 124 198 170 1,443 Management fee rate (%) 1.3% 1.3% 0.8% 1.4% 0.9% 0.5% 1.2% 1.0% FPAUM evolution over the last 12 months1 Note: Totals may not sum due to rounding 1. FPAUM as of 30 June 2025 are pro forma for Ahlsell deployment / realisation. 2. For the six months ending 30 June 2025 management fees aggregated total includes management fees related to managed funds of €1.3m.
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Investment activity summary 27 Deployment summary1 Realisations summary4 (€bn) 2024 2025 Q1 Q2 H1 H2 LTM Jun FY Q1 Q2 H1 LTM Jun Private Equity 2.7 5.6 8.3 5.0 10.7 13.3 1.1 4.6 5.8 10.7 Secondaries2 0.1 0.5 0.6 1.0 2.0 1.7 0.7 0.2 0.9 1.9 Credit3 1.8 1.6 3.4 4.5 5.7 8.0 2.6 3.2 5.8 10.3 Infrastructure 0.3 0.4 0.8 1.1 2.0 1.9 0.2 0.7 0.9 2.0 Total Deployment 5.0 8.1 13.1 11.6 20.4 24.9 4.6 8.8 13.3 24.9 (€bn) 2024 2025 Q1 Q2 H1 H2 LTM Jun FY Q1 Q2 H1 LTM Jun Private Equity 3.4 4.9 8.4 2.6 9.4 11.0 4.9 3.8 8.7 11.3 Secondaries 0.2 0.4 0.6 0.4 1.0 1.0 0.2 0.2 0.4 0.9 Infrastructure 0.4 0.1 0.5 0.6 0.7 1.1 0.2 0.2 0.5 1.0 Total Realisations 4.0 5.5 9.4 3.6 11.0 13.1 5.4 4.2 9.6 13.2 Note: Totals may not sum due to rounding. Pro forma for the acquisition of CVC Infrastructure signed in September 2023 and co mpleted on 1 July 2024. 1. Includes signed but not yet closed investments as at 30 June 2025. Methodology for Infrastructure aligned post closing. 2. Secondaries deployment is net investment exposure which represents the initial funded equity purchase price plus unfunded com mitments reasonably expected to be called over the life of the transaction. 3. Credit deployment based on movement in FPAUM by vehicle (excl. FX and exits). 4. Signed realisations as at 30 June 2025, across Private Equity, Secondaries and Infrastructure (excludes Credit).
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Gross investment performance of key CVC funds 28 Invested Capital Value of investments As of 30 June 2025 Start date FPAUM Deployment %1 Total Realized Remaining Total Realized Remaining Gross MOIC2 Europe / Americas (€bn) Fund VI 2014 - >100% 11.0 6.0 5.0 28.8 19.8 9.0 2.6x Fund VII 2018 7.6 >100% 15.1 7.1 8.1 40.3 20.7 19.6 2.7x Fund VIII 2021 18.0 95-100% 19.7 0.7 19.0 24.4 0.4 24.1 1.2x Fund IX 2024 26.0 35-40% 6.5 - 6.5 7.3 - 7.3 1.1x Asia ($bn) Asia IV 2014 - 95-100% 2.9 2.2 0.7 6.5 4.7 1.8 2.3x Asia V 2020 3.4 95-100% 3.7 0.2 3.5 6.3 0.9 5.5 1.7x Asia VI 2024 6.6 30-35% 2.0 - 2.0 2.5 - 2.5 1.2x StratOps (€bn) StratOps I 2016 2.7 90-95% 3.4 1.6 1.8 8.1 2.4 5.7 2.4x StratOps II 2019 3.6 >100% 4.0 0.6 3.3 6.5 1.0 5.5 1.6x StratOps III 2024 0.4 25-30% 0.4 - 0.4 0.5 - 0.5 1.1x Growth ($bn)3 Growth I 2015 0.1 >100% 0.9 0.8 0.1 2.1 1.4 0.7 2.3x Growth II 2019 1.5 80-85% 1.1 0.2 0.9 2.1 0.2 1.9 1.8x Secondaries ($bn)4 SOF II/III/IV Various 3.3 >100% 4.9 4.0 0.9 7.8 5.4 2.4 1.6x SOF V 2021 5.6 >100% 5.2 1.3 3.9 7.9 1.4 6.5 1.5x SOF VI 2024 4.4 25-30% 1.0 - 1.0 1.2 - 1.2 1.3x Infrastructure (€bn) DIF V 2017 1.6 >100% 1.7 0.2 1.6 2.9 0.2 2.8 1.7x DIF VI 2020 2.6 95-100% 2.7 - 2.6 4.0 0.1 3.9 1.5x DIF VII 2022 4.4 90-95% 3.7 - 3.7 4.3 - 4.3 1.1x Value Add I 2017 0.3 95-100% 0.4 0.1 0.3 0.7 0.2 0.5 1.6x Value Add II 2019 0.8 90-95% 0.8 - 0.8 1.4 0.1 1.3 1.7x Value Add III 2022 1.6 75-80% 1.1 - 1.1 1.5 - 1.5 1.4x Note: Totals may not sum due to rounding. Carried interest contribution to the Company is 30% of total carried interest excep t for Fund VI (0%), Fund VII (15%), SOF II -V (0%) and DIF V-VII / CIF I-III (0%). Carried interest rates are 20% except for StratOp s I and StratOps II (12.5% – headline rate), StratOps III (15%) and SOF funds (12.5%). 1. Includes investments that have been signed but have not yet closed as at 30 June 2025 (figures are presented on a committed b asis, e.g. upon signing or announcement of a new investment or investment exit, which may include estimated cashflows that may d iffer to actual cashflows that eventuate at closing). Deployment percentages include fees and expenses for which capital has been call ed from clients. Funds with over 100% deployment include triggered recycled capital. 2. Gross MOIC calculated as total value of investments divided by total invested capital. Total value and invested capital for I nfrastructure includes committed but not yet funded capital of closed investments as at 30 June 2025. 3. Growth includes associated co-invest vehicles. 4. Secondaries includes overflow fund.
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29 IPO lock-ups: › Pre-IPO strategic investors: now free from lock-up › Gradual release of lock-up for CVC employees - Apr-27: 25% of initial holding - Apr-28: further 25% - Apr-29: remaining 50% Shareholding overview 70% 16% 14% Shareholding1 at IPO2 Shareholding1 today3 70% 12% 19% CVC employees4 Pre-IPO strategic investors5 Other shareholders Free float 14% Free float 30% Note: Totals may not sum due to rounding 1. % of total shares issued. 2. Based on IPO allocation. 3. Latest information available to the company (as of June 2025). 4. Includes former employees. 5. GIC, HKMA, KIA, Blue Owl.
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Disclaimer 30 Forward-looking statements and other important information This document is delivered solely as reference material and is merely for information purposes. Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an offer to invest in CVC. Neither this document nor any part of it shall form the basis of, or be relied on in connection with, any contract or investment decision. This document is subject to, and should be viewed solely in conjunction with, all the publicly available information provided by CVC. It does not intend to provide, and recipients may not rely on these materials as providing, a complete or comprehensive analysis of CVC’s financial or trading position or prospects. To the fullest extent permissible by law, CVC Capital Partners plc, its subsidiaries, and its and their respective affiliates, directors, officers, employees, agents and advisers, disclaim all and any responsibility or liability, whether arising in tort, contract or otherwise, which they might otherwise have in respect of the information in this document. Unless otherwise stated, all figures refer to the twelve months ended 30 June 2025. Certain figures contained in this document, including financial, statistical, and operating information, have been subject to rounding adjustments. As a result of the rounding, the totals of data presented in this document may vary slightly from the actual arithmetic totals of such data. Percentages have been rounded and accordingly may not add up to 100%. This document contains financial measures that are not defined or recognised under IFRS. These metrics are the non-IFRS financial measures used internally by CVC to help evaluate CVC’s operational and financial performance and value creation. The Company believes that these non-IFRS measures, in addition to IFRS measures, provide an enhanced understanding of CVC’s results and related trends. CVC does not regard these non-IFRS measures as a substitute for, or superior to, the equivalent measures that are calculated and presented in accordance with IFRS. For further details on the non-IFRS measures CVC uses, including definitions and reconciliations to IFRS measures, please see CVC’s 2024 financial results available on CVC’s website (www.cvc.com). This document contains forward-looking statements, which are statements that are not historical facts and that reflect CVC’s beliefs and expectations with respect to future events and financial and operational performance. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond the control of CVC and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements, which should therefore be treated with caution. Nothing contained within this document is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of CVC or its business. Any historical information contained in this statistical information is not indicative of future performance. The information contained in this document is provided as of the dates shown and, except as required by law, CVC assumes no obligation to publicly update or revise any forward looking statements, whether as a result of new information or for any other reason. Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an offer to invest in CVC. No statement in this communication is intended to be a profit forecast. Although certain information has been obtained from third-party sources believed to be reliable, CVC has not independently verified information obtained from third-party sources and does not guarantee its veracity, accuracy, completeness or fairness.