Interim Results for the six months ended 30 September 2025

Core Insights - The company has demonstrated strong client demand and investment performance, leading to significant growth in assets under management (AUM) and fee income [3][4][9] Financial Performance - AUM increased to $124.3 billion, representing a 14% year-on-year growth, while fee-earning AUM rose to $83.8 billion, up 12% [8][9] - Management fee income reached £333.6 million, a 16% increase compared to the previous period, with performance fee income rising to £97.6 million [10][41] - Group profit before tax was £351.6 million, a 77% increase year-on-year, with earnings per share rising to 102.8p, up 78% [10][27] Fundraising and Deployment - The company raised $9 billion in the half-year, driven by European IX and European Infrastructure II funds [9][11] - Deployment of funds totaled $6.1 billion, with realisations amounting to $3.9 billion [11] Strategic Partnerships - A long-term strategic partnership with Amundi was announced to enhance the development and distribution of private market products targeted at wealth investors [6][9] Medium-term Guidance - The company aims to raise at least $55 billion in aggregate fundraising between April 2024 and March 2028, with an operating margin target exceeding 54% [12] Business Activity Overview - Structured Capital and Secondaries raised $4.0 billion, while Real Assets raised $3.3 billion, indicating strong fundraising activity across various strategies [11][31] - The effective management fee rate on fee-earning AUM was 0.98%, reflecting a stable fee structure [41] Investment Company Overview - The Investment Company focuses on seeding new strategies and investing alongside established strategies to align interests among shareholders, clients, and employees [47]