TPG Inc. (TPG) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of +53.33%. A quarter ago, it was expected that this company would post earnings of $0.5 per share when it actually produced earnings of $0.48, delivering a surprise of -4%. Over the last four quarters, the company has surp ...

TPG Reports Second Quarter 2025 Financial Results Quarter Ended June 30, 2025 T P G R e p o r t s S e c o n d Q u a r t e r 2 0 2 5 F i n a n c i a l R e s u l t s Q u a r t e r E n d e d J u n e 3 0 , 2 0 2 5 TPG Reports Second Quarter 2025 Results San Francisco and Fort Worth. Texas – August 6, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited second quarter 2025 results. TPG issued a full detailed presentation of its second quarter ended June 30. 20 ...

TPG Telecom (TPG) Update Summary Company Overview - **Company**: TPG Telecom - **Date of Briefing**: August 04, 2025 - **Key Speakers**: Paul Hutton (Investor Relations), Innaki Beretta (CEO), John Bonicoli (CFO), James Hall (General Manager of Capital Markets) Key Points Financial Position and Capital Management - TPG has completed the Vocus transaction, resulting in cash proceeds of **$4.7 billion** [2] - Plans to return up to **$3 billion** to shareholders through a pro rata capital reduction, translating to a cash distribution of **$1.61 per share** [3][6] - Up to **$2.4 billion** of bank borrowings will be repaid, aiming for an investment-grade financial position [3][8] - Annual dividends will remain at **$0.18 per share** for 2025, with intentions to grow over time as profits increase [4][12] Strategic Moves and Market Position - The Vocus transaction has streamlined TPG's structure, enhancing its competitive position as a cost-efficient mobile-led telco [5] - TPG aims to increase minority shareholder ownership through a reinvestment plan, allowing shareholders to reinvest their capital reduction distribution into new shares [7] - The company has established a long-term partnership with Vocus to grow customer numbers and data volumes [5] Operational Performance - TPG's fiber network and enterprise business were previously subscale; the Vocus deal has improved the economics of TPG's network access [5] - The company reported a **6.1%** increase in EBITDA for 2024 compared to 2023, with a pro forma EBITDA guidance of **$1.6 billion to $1.655 billion** for FY 2025 [21][20] - Operating free cash flow increased by **$490 million** between 2023 and 2024, indicating a healthy underlying business [20] Subscriber Metrics - Mobile subscribers increased by **100,000** to **5.615 million** [29] - Fixed subscribers totaled **2.021 million**, with a modest increase in fixed ARPU to **$26.11** [30] - TPG has seen an **82%** increase in data volumes in regional areas and a **20%** increase in voice traffic [28] Market Dynamics - TPG has gained market share in smaller towns and fringe urban areas, with a **1%** aggregate increase [28] - The company is focused on maintaining a competitive edge in a low-risk essential services industry, emphasizing customer-centric operations [34] Future Outlook - TPG expects to maintain a strong cash flow outlook driven by lower CapEx, completion of legacy financing unwinds, and reduced borrowing costs [25] - The company is targeting a reduction in operating costs by **$100 million** over the next four years [24] - TPG is committed to investing in both wireless and fixed infrastructure to remain competitive [65] Additional Considerations - The reinvestment plan is designed to enhance liquidity and free float, with strategic shareholders supporting the initiative [7][51] - The company is optimistic about its growth trajectory despite potential challenges in subscriber growth and churn rates [49][50] Conclusion TPG Telecom is positioned for growth following the Vocus transaction, with a strong focus on capital management, shareholder returns, and operational efficiency. The company aims to enhance its market position while maintaining a commitment to customer service and infrastructure investment.

Capital Management Plan - TPG plans a cash distribution of up to $3 billion via a pro rata Capital Reduction, potentially offering up to $1.61 per share[16, 28] - A Reinvestment Plan aims to issue up to $688 million in new shares to increase minority ownership, potentially raising the free float to approximately 30%[16, 28] - The company targets repaying up to $2.4 billion of bank borrowings, reducing drawn borrowings to approximately $1.7 billion and achieving a pro forma financial leverage of approximately 1.3 times[16, 28] - TPG aims for an FY25 dividend of 18 cents per share, with growth expected over time based on profit and cash flow[16, 28] Financial Performance and Guidance - Pro Forma FY25 EBITDA guidance is set at $1.605 billion to $1.655 billion, excluding material one-offs[53] - Capital expenditure for FY25 is guided at approximately $790 million, excluding spectrum payments[53] - The company is targeting approximately $100 million in cost reductions from the FY25 Pro Forma cost base, to be delivered over two to four years (FY26 – FY29)[57] - TPG anticipates strong free cash flow in FY25, driven by factors like lower spectrum costs (approximately $128 million lower), reduced legacy handset receivables financing unwind (approximately $125 million lower), and lower capital expenditure (approximately $102 million lower) from FY27[60] 1H25 Trading Update - Pro Forma total revenue for 1H25 reached $2.448 billion, reflecting approximately 2% growth compared to the prior corresponding period (PCP)[69] - Pro Forma EBITDA (guidance basis) for 1H25 was $786 million, representing approximately 0.9% growth versus PCP[69]

Core Viewpoint - TPG RE Finance Trust reported mixed financial results for Q2 2025, with distributable earnings per share exceeding analyst expectations, but total distributable earnings declining, indicating a need for strategic focus on loan origination and portfolio management [1][10]. Business Overview and Strategic Focus - TPG RE Finance Trust is a real estate investment trust (REIT) that specializes in providing commercial first mortgage loans to institutional borrowers, focusing on high-quality properties across the U.S. [2] - The company is managed by TPG Real Estate, which enhances its access to institutional capital and market expertise [2]. - Key priorities include maintaining REIT compliance, optimizing the floating rate loan portfolio, and disciplined loan origination [3]. Quarterly Performance: Portfolio Growth, Credit, and Capital Actions - In Q2 2025, the company originated seven new first mortgage loans totaling $695.6 million, with a weighted average spread of 2.86% over Term SOFR and a loan-to-value (LTV) ratio of 67.6% [4]. - The company received $172.3 million in repayments from three loans across various property types, and committed to additional loans totaling $112.3 million post-quarter-end, indicating a healthy deal pipeline [5]. - Asset quality remained stable with a weighted average risk rating of 3.0, and reserves increased to $68.8 million, representing 1.76% of loan commitments [6]. Capital Management and Liquidity - The company executed two real estate owned (REO) property sales, generating $39.4 million in proceeds and a $7.0 million gain, enhancing liquidity [7]. - A significant share repurchase program was implemented, with 1.66 million shares bought back for $12.5 million, and an additional 0.83 million shares for $6.8 million, increasing book value per share to $11.20 [8]. - Total liquidity stood at $236.4 million, down from $457.6 million in the previous quarter, primarily due to the absence of proceeds from a CRE CLO issuance [9]. Dividend and Outlook - The REIT declared a quarterly cash dividend of $0.24 per share, fully covered by distributable earnings, maintaining stability in line with REIT regulatory requirements [10]. - Management did not provide numerical guidance for future quarters, leaving investors focused on the company's ability to enhance distributable earnings and maintain loan origination levels [11][12].

Summary of The Platform Group (TPG) Update Call - August 01, 2025 Company Overview - The Platform Group (TPG) operates across 28 industries with 15,000 partners, serving over 5 million customers through more than 30 e-commerce platforms [2][3] Key Developments - **Acquisitions**: - Acquired a B2B platform for construction businesses, WeConnect Work, aimed at connecting construction companies with labor [5][6] - Acquired Julie Closet, a B2C platform for vintage luxury goods, adding 220,000 new vintage products to TPG's offerings [7][8] - Entered the optics and hearing market with MyGlasses, targeting revenues of €55-60 million in 2026 and expecting an EBITDA margin of 25% [9][10] - **Fulfillment Center**: - Opened a new fulfillment center to enhance service offerings for partners, allowing them to store inventory at competitive prices [11][12] - **Legal Structure**: - Announced a new legal structure, SA and Co, with Spana Holding owning approximately 70% of the company [13][14] Strategic Goals - TPG aims to become the leading platform group in Europe, focusing on both organic and inorganic growth [15][16] - Plans to expand to 30 industries by the end of the year, having already covered 28 [16] Financial Performance - **Q2 Results**: - GMV increased by 87% to €356 million [22] - Net revenues rose by nearly 50% to €160.8 million [23] - Adjusted EBITDA increased from €8.5 million to €15.9 million, an 87% rise [25] - Net profit from continued operations grew by 41% to €18.2 million [25] - **Earnings Per Share**: - Increased from $0.65 to $0.90 [26] - **Debt and Leverage**: - Forecasted net debt of €106 million with an expected EBITDA of €54-58 million, leading to a leverage ratio of 2.0 [42] Growth Strategy - TPG expects to onboard around 500 additional partners, reaching a total of 18,000 partners across 30 industries by next year [34][38] - The company has doubled its GMV and more than doubled its EBITDA over the past two years [35] Future Guidance - Revenue guidance for 2026 is set between €860 million, up from €820 million [37] - Expected GMV for 2026 is approximately €1.6 billion [39] - Adjusted EBITDA margin projected to be between 7.5% and 10% [37] Upcoming Events - Half-year financial statements to be published on August 22, followed by the annual general meeting on August 25 [54] Additional Insights - TPG has implemented a strong cost efficiency program, stabilizing distribution costs after eight quarters of increases [29] - The company emphasizes transparency in its financial reporting and plans to provide detailed cash flow statements in future updates [51]

Business Overview and Strategy - The Platform Group (TPG) operates as a software-enabled group of e-commerce platforms connecting partners and customers in niche segments[14] - TPG aims to become Europe's leading profitable platform group through organic growth, acquisitions (3-8 companies per year), and software platform improvements[43, 44, 45] - TPG's strategy involves a balanced organic and inorganic growth approach (50/50), expanding to 30 industries by 2025, and extending partnerships and service offerings[45] Recent Developments - TPG acquired We Connect Work, a B2B construction platform, with closing expected in August 2025[16, 20] - Expanded the French luxury platform Joli Closet (B2C), with closing in July 2025, integrating it with Fashionette, Winkelstraat, and Brandfield[22, 25] - Entered the Optics & Hearing segment (B2C) with an online platform and 30 local stores, projecting €55-60 million in revenue for FY 2026e with a 25% EBITDA margin[27, 31] Financial Performance and Outlook - Q1 2025 GMV reached €356.3 million, and net revenue was €160.8 million[55] - Q1 2025 Adjusted EBITDA was €15.9 million (9.9% margin), and net profit was €18.2 million[55, 57] - The company increased its FY2025 revenue guidance to €715-735 million, with adjusted EBITDA of €54-58 million and GMV of €1.3 billion[72] Key Performance Indicators - The number of partners increased to 15,348 as of March 31, 2025[63, 66] - Active customers (LTM) grew to 5.7 million in Q1 2025[63, 66] - Average order value increased to €125 in Q1 2025, up from €115 in 2024[63, 66] Debt and Capital Structure - As of December 31, 2024, TPG had cash and cash equivalents of €22.1 million, long-term debt of €33.1 million, short-term debt of €26.1 million, and a bond of €50.0 million[105] - Net debt was €87.1 million, with a leverage ratio of 2.6x EBITDA[105] - The company targets a leverage ratio of 1.5-2.3x LTM EBITDA for 2025-2026[106]

Core Insights - TPG Inc has evolved from a pure-play private equity manager at its IPO to a more diversified alternative asset manager with approximately $251 billion in assets under management (AUM) across various sectors including private equity, real assets, and credit [1]

IVZ currently has a forward P/E ratio of 12.15, while TPG has a forward P/E of 28.82. We also note that IVZ has a PEG ratio of 1.18. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. TPG currently has a PEG ratio of 1.48. Another notable valuation metric for IVZ is its P/B ratio of 0.65. Investors use the P/B ratio to look at a stock's market value versus its book value, which is def ...

Group 1 - AT&T has completed the sale of its entire remaining 70% stake in DIRECTV to TPG Capital [1] - The transaction marks a significant divestiture for AT&T, focusing on its core business operations [1] - TPG Capital is a prominent private equity platform operating in the U.S. and Europe [1] Group 2 - AT&T serves over 100 million U.S. families and nearly 2.5 million businesses, providing connectivity solutions [2] - The company has a long history of innovation, dating back over 140 years, and currently offers 5G wireless and multi-gig internet services [2] - For more information about AT&T, stakeholders can visit the company's investor relations website [2]