Bridgepoint : Annual Report & Accounts (bridgepoint group annual report 2025)

Bridgepoint Group plc Annual Report & Accounts

2025

Contents

Strategic Report			Governance
Introduction	1		Board of Directors	81
Our track record of performance	2		Chair's governance review	86
Bridgepoint Group at a glance	4		Corporate governance report	87
Chair's statement	8		Nomination Committee report	91
Chief Executive statement	10		Audit and Risk Committee report	92
Market overview	14		ESSG Committee report	99
Strategy	16		Remuneration Committee report	100
Our business model	19		Annual report on remuneration	102
Bridgepoint private wealth	26		Directors' report and additional disclosures	114
Our people	30		Statement of Directors' responsibilities	118
Stakeholder engagement and section 172(1) statement	35
ESSG: Our approach to sustainable growth	42
Financial review	44		Financial Statements
CFO Statement	46		Independent auditor's report	119
Our historical performance	61		Consolidated and Company financial statements	128
Viability and going concern statements	62		Notes to the consolidated and Company
Risk management	65		financial statements	136
TCFD and SDR disclosures	72

Non-financial and sustainability information statement 80

Other Information

Supplementary information 207

Shareholder information 215

Glossary 216

‌Introduction

Bridgepoint Group is an international alternative asset management group with offices in Europe, North America and Asia.

We deploy capital on behalf of our world-leading investing partners across private equity, infrastructure, credit and

secondaries, delivering to them compelling returns by building companies with greatly enhanced long-term potential.

The 2025 Annual Report for Bridgepoint Group plc incorporates:

• the Strategic Report;

• the Directors' report, the Corporate Governance report and the Directors' remuneration report; and

• the Financial Statements,

each of which has been approved by the Board of Directors of Bridgepoint Group plc.

Ruth Prior

Group Chief Financial Officer

25 March 2026

Find out more bridgepointgroup.com

‌Our track record of performance

Progress over the last 5 years

Underlying management fee income

2.9x

FRE

6.3x

EBITDA 2

4.6x

£428m

today1

£150m

in 2020

£156m

today1

£25m

in 2020

£305m

today1

£66m

in 2020

1. 31 December 2025

2. Underlying basis

An explanation of the alternative performance measures ("APMs") used by the Group, including underlying profit before tax, underlying EBITDA and reported and underlying earnings per share, is set out on pages 206 to 214 along with a reconciliation to statutory measures.

Sustained long-term growth in AUM

94

6

6

8

10

10

10

10

10

10

12

13

14

15

22

23

33

37

41

45

76

+14.8%

AUM CAGR

over 20 years

AUM ($bn)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Financial highlights 2025

$94.1bn

Assets under management 2025: €80.3bn

2024: $75.6bn

$45.5bn

Fee Paying AUM 2025: €38.8bn

2024: $40.1bn

Underlying management and other income

2024*: £404.0m

£427.7m

2024**: £337.0m

£156.4m

FRE 2024* : £155.3m

2024**: £124.6m

£151.6m

PRE 2024* : £138.5m

2024**: £90.7m

£579.3m

Underlying total operating income 2024* : £542.5m 2024**: £427.7m

£304.8m

Underlying EBITDA 2024* : £292.0m

2024**: £213.5m

£248.3m

Underlying profit before tax 2024* : £237.5m 2024**: £168.2m

£85.7m

Profit before tax 2024* : £150.0m

2024**: £80.7m

26.5p

Underlying basic earnings per share 2024* : 25.7p 2024**: 19.5p

* Pro forma information includes ECP as if the acquisition completed on 1 January 2024.

** Information only includes ECP from completion on 20 August 2024.

Key Alternative performance measure Key performance indicator Measure defined by IFRS

‌Bridgepoint Group at a glance

Diversified global middle market-focused alternatives manager

The Group delivers premium returns for many of the world's leading institutional fund investors and an expanding private wealth channel

4	9 17 243 investment offices investment strategies worldwide professionals	5*
investment verticals		UN PRI rating

A large and diverse portfolio

	our private equity our infrastructure portfolio would be a vertical has owned FTSE 30 business over 300 US power plants since inception
430,000+ employees across the portfolio		our credit vertical has backed 400+ companies since inception

A diversified portfolio

The Group announced its expansion into a fourth vertical, secondaries, with the addition of the team from Newbury Partners in February 2026:

Dedicated middle market investor

• Outstanding market position and reputation

• Total middle market immersion

• Broad, well-established networks on the ground providing high-quality and differentiated origination

  Approach

• Sector-driven investment strategies directed towards areas with structural growth

• Deep operational improvement expertise

Bridgepoint Private Equity

A leading owner of energy transition, electrification and sustainable real asset infrastructure

• Early mover advantage in the sector

• Reputable and reliable capital provider across the energy transition spectrum

  Approach

• Value-add, hands-on partner

• Real assets, critical to society with inflation and downside protection

• Focus on risk management and minimising commodity price risk

ECP

Deep experience with a broad and differentiated origination platform

• Broad platform with a presence in eight offices

• 330+ industrial advisers

• Leverages the Group's network and sector expertise

  Approach

• Stringent asset selection to hit target performance with the least possible risk

• Invest in resilient business models in defensive industries

Bridgepoint Credit

A leading mid-market secondaries franchise - Proven expertise and

strong relationships

• Outstanding track record and data set

• Has invested in more than 700 underlying private equity fund interests on behalf of over 250 limited partners worldwide

• Has returned more than $5 billion in distributions since inception

  Approach

• Specialises in acquiring limited partnership interests in established buyout, growth equity and venture capital funds

Newbury Bridgepoint

Investment strategy

Investor type

Investor geography

35%

44%

21%

9%

1%

10%

40%

40%

9%

13%

40%

38%

• Private equity

• Credit

• ECP

• Pension funds

• Asset managers & insurance

• Sovereign wealth funds

• Endowments, foundations & family offices

• Other

• Americas

• Europe

• APAC

• MEA

Investment strategy, investor type and investor allocations are based on AUM at 31 December 2025

Bridgepoint Group today

A culture-driven business

Our culture helps us retain our position as an attractive home for talent, a favoured counterparty for investments and a trusted home for fund investor capital.

In everything we do, from committing investors' capital, to working with portfolio companies, to supporting our teams, we're guided by our values:

We do what we say We do the right thing

We act with intelligence and humility

Read more on page 30

Shaping tomorrow

Our strategy for future growth

Consistent Repeatable Strong returns

Expanding sources of capital

Scaling and diversifying

existing

verticals

Platform-enhancing

M&A

Read more on page 16

Read more on page 16 Read more on page 16

Ambition

$200 of AUM

>2x in the next 4-5 years

‌Chair's statement

Tim Score

The Group delivered pleasing growth in both management fees and performance related earnings in 2025.

Dear shareholders,

I am pleased to report that Bridgepoint enjoyed a year of impressive performance across the board in 2025, delivering a good set of financial results and making further operational and strategic progress, most recently with the addition of the Newbury team, a recognised leader in the secondaries market.

Strategic and operational progress across the Group

Assets under management grew to $94.1 billion,

a 24.5% increase from 2024, reflecting the strength of our organic growth initiatives and successful fundraising against a continued challenging industry backdrop.

2025 saw continued strength in capital returns and deployment also remained strong across investing funds. Along with excellent investment performance, renewed focus on investing in Europe and in the middle market, as well as continued growth in demand for electricity in the United States, has underpinned our capital raising. The flagship funds in all three strategies, BDL IV, ECP VI and BE VIII attracted pleasing levels of demand between launch and year end. We are therefore well positioned, as we look ahead, to continue fundraising for each of our

private equity, infrastructure and credit verticals and to start fundraising for our new secondaries vertical in 2026.

Additionally, in October 2025 we launched our first private wealth product, Bridgepoint Generations, to high net worth investors. The wealth channel represents a growing source of capital to complement our core institutional investor base.

Having recently added secondaries as a new vertical alongside our private equity, credit and infrastructure strategies, we continue actively to explore new product development and further M&A opportunities to expand our geographic reach and add additional verticals and/or strategies.

Our people

My first full year as Chair has enabled me to appreciate more fully the Group's inclusive and entrepreneurial culture.

Combined with our value creation approach this culture continues to drive exceptional outcomes for fund investors, enabling our portfolio companies to thrive despite a complex macroeconomic environment.

The Group made 82 new hires across ten geographies during 2025, significantly enhancing the breadth and depth of expertise across our investment and specialist teams.

Continued work on corporate responsibility

In addition to strong financial performance, our investments also have a tangible impact on the communities in which we operate.

In 2025 the Group's portfolio companies supported approximately 430,000 jobs globally, contributing to economic growth and employment across the regions and sectors in which it operates.

I am pleased that in 2025 we earned another five-star rating under the United Nations Principles of Responsible Investing. The Group is well positioned to support the transition to low carbon electricity generation through ECP's investment in energy transition assets.

Outside of the Group's core activities, as well as encouraging employees to become involved with volunteering and charitable work, the Bridgepoint Charitable Trust supports charities across the markets in which it operates. The Trust is overseen by trustees drawn from across the Firm, and its resources are drawn from both corporate and individual employee contributions.

Tim Score

Chair

"We enter 2026 well placed financially, operationally and strategically."

The Board

We were delighted to welcome two new members to the Board during 2025 with the appointments of John Dionne and Michelle Scrimgeour as independent non-executive directors from 1 July 2025. They bring a wealth of experience across the full spectrum of asset management, from public markets to alternatives, further broadening and deepening the expertise and diversity of thought on which the Board can draw.

We are grateful to Cyrus Taraporevala for acting as interim Chair of the Audit Committee following my appointment

as Chair in July 2024 until Michelle's appointment to the role in July 2025.

Financial position

The Group's financial performance continued to improve in 2025, with 13.0% growth in management fees and other income (excluding catch-up fees) and 9.5% growth in PRE.

Aligned with our view of the opportunity set available, the aim is to grow the dividend over time as the Group scales through organic growth in existing businesses and by adding complementary or adjacent strategies.

Accordingly, a final dividend of 4.7 pence per share is being proposed, consistent with the interim dividend. Combined with a capital return of 0.4 pence per share through the share buyback programme and the interim dividend of 4.7 pence

per share, the total capital returned to shareholders for 2025 will be 9.8 pence per share.

Outlook

With the alternatives sector projected to exceed $58 trillion

in AUM by 2033, just under twice the current level, the future for the Group looks bright.

We continue to increase the diversification of our platform, most recently following the addition of a fourth vertical in secondaries in February 2026, in addition to the launch late last year of our private wealth offering, which will further strengthen our investor base. We will continue to diversify the platform geographically and by adding additional strategies.

We enter 2026 well placed financially, operationally and strategically. On behalf of the Board, I extend my thanks to our shareholders, fund investors, colleagues and business partners. I am confident that, together, we are well positioned to capitalise on the opportunities that lie ahead.

Tim Score

Chair

Find out more: bridgepointgroup.com

‌Chief Executive statement

Raoul Hughes

I am very pleased to report that the Group again performed really well in 2025, with underlying profit growth driven by consistent capital deployment, good fund performance, continued return of capital to fund investors, and further successful fundraisings.

The Group delivered on key financial and strategic objectives in 2025 despite continuing geopolitical and economic volatility. Notably, our investment and fundraising teams continued to deliver tremendous results across the Group.

AUM grew to $94.1 billion, up from $75.6 billion in 2024, and now stands at 2.9x the level of five years ago. Successful fundraising across all three flagship funds underpins our confidence in achieving the €24 billion fundraising target we set in March 2025.

Underlying EBITDA grew to

£304.8 million

This contributed to strong financial performance in 2025 which exceeded expectations. Underlying management and other income increased to £427.7 million in 2025, up from £404.0 million in 2024, driven by the growth in fee paying AUM. Underlying EBITDA increased by 4.4% to £304.8 million, reflecting strong contributions from all three strategies, underscoring the strength of the core business.

The middle market - where we are a global leader - became newly fashionable in 2025 as it continued to prove itself as a highly attractive place to invest across asset classes. Its resilience through cycles, combined with the Group's track record, local knowledge and deep sector expertise, enabled capital deployment to continue in line with our historical pace, capitalising on often off-market opportunities and navigating broader economic headwinds.

The Group's funds invest in the middle market on behalf of world-leading institutional investors and this is a source of great pride for me and colleagues across the Group.

Investment performance remains critical to delivering on our promises to our fund investors and I am pleased that our funds continued to perform, with investment activity in infrastructure a particular highlight for me. As a result of successful exits we returned €8.1 billion of capital to fund investors.

This performance underpinned our fundraising and, following good progress across BDL IV, ECP VI and BE VIII, €14 billion has now been raised in this fundraising cycle towards the target of €24 billion by the end of 2026.

Strong fundraising progress across flagship funds and launch of first wealth product

At year end, BDL IV had closed €4.2 billion of commitments and BCO V had started fundraising with a first close expected in mid-2026. In our syndicated debt strategy, having repriced CLOs IV and V in January and June, we successfully repriced CLO VI in November and priced two new issues, of CLO VIII and CLO IX, in March and September. This brought total AUM in our syndicated debt strategy to over €2 billion of notes issued during the year. CLO X priced last month, raising a further

€403 million.

We made excellent further progress with ECP's next flagship fund against the backdrop of continued high investor demand for exposure to the growth in US electricity consumption, a widely acknowledged sweet spot for investment in North America. ECP VI became fee paying in May, made its first investment in November 2025 and to date has closed $3.7 billion of commitments compared to its cover number of $5.0 billion and a hard cap of $7.5 billion.

In addition to renewed interest in the middle market, the volatile macroeconomic and geopolitical backdrop in 2025 resulted in a renewed appreciation among fund investors of the benefits of maintaining geographically diversified exposures, which boosted the allocation of capital to European funds. BE VIII launched after the summer break with a cover number of €7.5 billion and is expected to hold a formal first close in Q2 2026.

With European credit, European private equity and US value-added energy infrastructure currently in vogue with fund investors, we expect to close fundraising for our flagship infrastructure and direct lending funds in the second half of 2026 and continue fundraising for BE VIII into 2027.

Raoul Hughes

Chief Executive

"The middle market - where we are a global leader - became newly fashionable in 2025."

Over the last five years our client services team has more than doubled in number and the number of offices with client services presence has increased from 3 in Europe to 11 globally. We are beginning to see the benefit of this investment in sales coverage, not just in increasing the number of meetings held with investors but in converting those meetings too, with a significant increase in both the number of new investors to the platform and the number of existing investors coming into a new strategy. This has been an important factor in the success of our current fundraising with the percentage of fund investors who are new to the relevant flagship fund running at 37% in ECP VI, 55% in BDL IV and 33% so far in BE VIII.

Bridgepoint Generations

Expanding into the private wealth channel, to complement our core institutional investor base, is a natural evolution that, over time, is expected to help strengthen and diversify the Group's sources of capital.

Bridgepoint Generations is one of the first globally diversified, middle market, direct private equity offerings delivered in the evergreen fund format. It is a Luxembourg-domiciled open-ended fund investing alongside Bridgepoint and ECP's private equity and infrastructure strategies and offers institutional-grade exposure to a diversified portfolio of private equity and infrastructure assets.

Consistent capital deployment and good returns across investment strategies

More than €7.8 billion of capital was deployed across Group funds in 2025 and the Group distributed over €8 billion to fund investors for the second year running. Against the backdrop of robust transaction volumes in the market, there is good near-term visibility on several further exits for 2026, with the majority expected to close in the second half. The Group continued to enjoy good fund performance across strategies, underscoring the value of its disciplined investment approach and ability to navigate challenging markets.

Private equity

In 2025, 13 platform investments were made in private equity strategies, deploying €3.4 billion. BE VII is now 87% deployed after three and a half years across 17 investments with a four-year investment period expected before transition to BE VIII in mid-2026. Recent investments included Interpath, a leading UK-headquartered Office of the CFO advisory platform which

is expected to close later in the year, HBC, a leading independent SME+ insurance distribution platform in the DACH region and myDentist, the UK's leading provider of affordable dentistry.

BDC V also had a strong year with five acquisitions, including ht.digital, a London-headquartered provider of digital asset assurance and technology solutions, and Comrod, a Norwegian provider of advanced tactical radio communications and power solutions, which is expected to close later in the year. This took total commitments to 45% of primary capital.

Key exits in 2025 included Kereis, a European multi-channel insurance brokerage; Vermaat, a Netherlands-based premium catering and hospitality services provider; and Evac, a global provider of cleantech solutions for marine and land-based applications, which is expected to close later in the year. Overall, exits returned €3.6 billion of capital to fund investors in the Group's private equity strategies.

Chief Executive statement continued

Infrastructure

We continued to make excellent progress in infrastructure, with ECP V now 85% deployed and ECP VI 5% deployed, having started to charge fees from May 2025. In 2025 we announced four platform acquisitions in power generation and renewables, deploying €1.6 billion.

In July we announced the development of a new 190 MW hyperscale data centre campus in Bosque County, Texas, marking the inaugural investment through our strategic partnership with KKR to support AI infrastructure growth in the United States.

Exit activity has been nothing short of extraordinary, with key exits announced in 2025 including Calpine, which at $33 billion1 of enterprise value on closing in January 2026 was the largest and most profitable exit to date in the global private equity universe, the partial exit from ProEnergy, the first exit from the 2022 vintage ECP V, and most recently the announcement of the sale of Cornerstone just months after the acquisition closed in August 2025.

Together they demonstrate our ability to capitalise on decarbonisation trends and energy security initiatives, driving compelling returns for investors, with both ECP IV and ECP V now comfortably ranked in the top quartile for DPI, an increasingly important differentiator in the current market. In total, exits returned €1.9 billion of capital to fund investors in the Group's infrastructure strategy.

1. Calpine enterprise value calculated using CEG share price of $338.63 at closing on 7 January 2026.

Credit

The credit team has continued to achieve the performance, resilience and value that our credit strategies are known for, deploying €2.8 billion during the year, while fundraising has benefitted from increased investor appetite for European direct lending strategies.

BDL committed €2.2 billion across 24 investments, including 15 new platform deals and nine add-ons. In the process, BDL III was fully invested and BDL IV started lending and is already 29% deployed across 13 transactions. The focus for the portfolio continues to be on high-margin companies in resilient sectors.

Fund performance remained strong with BDL II's DPI at 0.8x, and net IRRs for BDL II and III in high single digits. Fundraising for BDL IV was a major focus and the €4 billion cover number

for the vintage was exceeded with €4.2 billion of commitments closed by year end.

2025 was a transitional year for the Credit Opportunities strategy, as we continued investing BCO IV and launched fundraising for our latest fund, BCO V, with a cover number of

€1 billion. BCO IV's performance remains robust, with the fund having fully realised 24 investments.

Our syndicated debt strategy priced five transactions in 2025, with the most recent, the reset of CLO VI in November, reducing average liability costs by 30 bps (from ~230 bps to

~200 bps), with strong participation from existing investors. The relative outperformance of Bridgepoint CLOs versus our European peers continued, with our performance benchmarked in the top quartile. We were recently ranked by CLO Research to be second out of 65 managers in Europe based on relative equity performance since inception. Overall, exits returned

€2.6 billion of capital to fund investors in the Group's credit strategies.

Well positioned for long-term market trends

While Europe saw subdued growth and inflation pressure through the year, the Group's track record of performing well across cycles and our differentiated middle market positioning meant we continued to drive returns through focused asset selection and differentiated origination depth regardless of the broader macroeconomic environment. Our global footprint, diversified investment strategies, and disciplined approach to capital allocation provide resilience in shifting market conditions.

Sectors such as agriscience and energy transition continue to experience significant tailwinds, presenting exciting opportunities for future growth. Additionally, the Group's focus on structural trends, including market consolidation, the evolution of scalable platforms, and the increasing role of private capital in financing resilient business models, reinforces our ability to generate long-term value.

The Group's well-established presence in North America, its significant European private equity exposure, and track record of far outpacing European GDP through strategic investments underpin its ability to navigate complex markets. Furthermore, stringent asset selection in credit ensures a balanced risk-reward profile, particularly in defensive industries.

Continued growth both organically and inorganically

At the Capital Markets Day in October 2024 we set out the Group's long-term strategic vision and an ambition to become the outright global leader in middle market investing. There is a clear opportunity to continue to scale the Group and we aim to achieve this through a combination of organic growth and M&A. This strategy builds on the strength of the platform and positions us well to capitalise on market consolidation and evolving investor needs.

Scaling and diversifying existing verticals

Growth and diversification of existing investment strategies will continue through a combination of selectively expanding existing funds, organically adding adjacent investment strategies, and targeted complementary M&A. The synergies created by the ECP-Bridgepoint combination are already enhancing organic growth, including through equity deal flow in the energy transition space and enabling ECP to leverage an extensive European network, as demonstrated by the acquisition of Grain LNG in partnership with Centrica plc. These efforts reinforce the ability to deliver long-term value.

Platform-enhancing M&A

As I have consistently referred to in my shareholder communications, the business aims to continue to grow through platform-enhancing acquisitions that enable entry into new asset classes and geographies at scale, strengthen market presence and increase the diversity of income streams. A disciplined M&A strategy remains central to strengthening geographic reach, deepening sector expertise, and expanding into new areas.

In December, we announced our entry into the secondaries market with the addition of the team from Newbury. Founded in 2006, Newbury is a recognised leader in secondaries and has raised over $6.5 billion of committed investor capital across six dedicated funds, invested in over 700 underlying fund interests on behalf of more than 250 limited partners worldwide and has returned more than $5 billion in distributions since inception.

The team joined us in February 2026, expanding the Group's capabilities into the attractive and fast-growing secondaries segment. In addition to adding an experienced team and

established client relationships, the transaction will also bring nearly two decades of data from the secondaries market, adding a new capability to the Group. I am very excited about our opportunities to use the platform, which is to operate as Newbury Bridgepoint, to quickly grow our new secondaries capabilities organically.

Team and culture

We recruit, retain, and develop great talent in what is a people business. Our culture is inclusive and entrepreneurial and it is our culture which makes people want to join and, more importantly, want to stay. It's what makes us better partners to our clients, better owners of businesses, and better colleagues to each other. It's what has kept the Group so special through every stage of growth. I have therefore been delighted with the way in which our evolving and growing team has embraced our culture and as a result, the firm has become increasingly integrated. In October 2025, we hosted the first firm-wide conference since ECP joined the Group, bringing together over 550 colleagues in London with a focus on culture and our plans for the future.

Looking ahead to 2026

Bridgepoint's diversified investment strategies and a healthy pipeline of potential investments and exits, position the firm well to navigate the year ahead with confidence. Amid ongoing industry consolidation, opportunities for inorganic growth and expansion into new asset classes are being actively explored, alongside continued scaling of Bridgepoint's current strategies and broadening existing product offerings.

We are ambitious and confident in the Group's ability to deliver continued growth and value creation.

I'd like to thank all colleagues working across our offices globally for their dedication and hard work. It is thanks to them that the business is in such a strong position today.

Raoul Hughes

Chief Executive

‌Market overview

As private markets continue to evolve and grow, the Group is well positioned to take advantage of sector tailwinds

2025 unfolded against a mixed macroeconomic backdrop. Central banks continued to reduce interest rates, bolstering growth and economic confidence. However, geopolitical tensions remained and inflation proved more persistent than expected, leading to base rates at year end at higher levels than had been forecast at the start of the year. Despite this backdrop, transaction volumes in the middle market remained robust and the Group's disciplined investment approach, experienced team, broad sector diversity and geographic presence, coupled with a middle market focus, leave it well positioned to continue delivering compelling returns.

Factor

Macroeconomic conditions

In 2025, macroeconomic conditions in Europe and the United States diverged. In the US, the Federal Reserve delivered fewer rate cuts than initially expected while in Europe, growth underperformed expectations, prompting the European Central Bank to ease policy earlier and more decisively

than anticipated.

Ongoing geopolitical tensions in the Middle East, namely the conflict involving Iran, are contributing to heightened macroeconomic uncertainty, with potential implications for energy prices, inflation, interest rates and global growth. The duration and ultimate outcome of the conflict remains uncertain and developments may continue to drive volatility across financial markets and could have an impact on fundraising and transaction volumes.

Private market activity

The alternative asset middle market continued to exhibit resilience in 2025 with an uptick in the level of deal activity, albeit activity was still below the record levels seen during 2021 and the first half of 2022. Heading into 2026, there are signs of improving momentum in the market.

In the medium term, the private asset management market continues to benefit from sector tailwinds. Private market investments are an increasingly important asset class for investors seeking returns, resulting in increasing allocations to private assets. In comparison to public markets, the nature of private markets investing is typically longer term, with capital locked into funds for periods commonly ranging from seven to 10 years, providing some stability during periods

of uncertainty.

Impact on the Group

Middle market assets are typically both higher growth and less dependent on macroeconomic growth than larger businesses.

Our European private equity and credit strategies benefitted from a reassessment of geographic asset allocation following the unexpected imposition of tariffs by the US in Q2.

In credit, higher base rates continued to underpin attractive returns while in the US our energy transition and sustainable real assets infrastructure benefitted from strong sector tailwinds, not least growing demand for electricity.

The Group continued both to deploy and return capital, completing 16 acquisitions and 8 exits in private equity and 4 acquisitions and 1 exits in infrastructure. In total the Group deployed €7.8 billion in 2025 with all funds remaining on track to hit their deployment targets.

Within the Group's private equity business, the ability to deploy capital is strong despite wider market conditions. This is thanks to early identification of potential investments, with 13 out of 17 investments in BE VII acquired outside of conventional auction processes.

In US infrastructure, our partnership with KKR to invest in AI data centres, and our deep sector knowledge, give us significant off-market origination capability.

Factor

Interest rates

Central banks shifted from restrictive policy toward cautious easing in 2025 as inflation continued to moderate.

In the US, the Federal Reserve began cutting interest rates though policy remained restrictive in real terms.

The European Central Bank followed with more gradual rate cuts, reflecting weaker growth dynamics and faster disinflation across the euro area.

Inflation in both regions moved closer to central bank targets, although services inflation proved persistent, and inflation ended 2025 slightly above central bank targets, contrary to early forecasts of full normalisation. Economic growth remained modest, with the US outperforming Europe.

Fundraising

The fundraising environment continued to be challenging in 2025 across the industry with both the number of funds and volume of capital raised declining compared to 2024. The main driver was low investor liquidity due to a lack of distributions from exit.

The impact was most significant in mature markets. This resulted in greater focus by investors on reinvesting with managers who succeeded in returning capital.

The outlook for 2026 is more positive with increasing M&A and IPO activity expected to see increasing capital returns and improved investor liquidity.

Impact on the Group

The majority of the Group's private equity portfolio companies enjoy high margins with strong cash generation, creating returns through focused domestic and international value creation strategies rather than leverage, which is typically modest compared to peers.

The great majority of the Group's credit portfolios feature floating rate instruments (i.e. Euribor+). As a result, credit returns remained attractive by historical standards. The market share of traditional lenders remained subdued in the middle market which resulted in continued opportunities for the Direct Lending strategy, while the Credit Opportunities strategy benefitted from volatility in the secondary market.

In US infrastructure, we benefitted from the expectation of better valuations for real assets in an environment with higher than expected inflation.

2025 was a strong year for fundraising by the Group with BDL IV continuing to raise capital, and with the launches of ECP VI and BE VIII. Combined with the reset of CLOs V and VI and the pricing of CLOs VIII and IX, by year end the Group had closed €8.3 billion of new capital. This resulted in a total of

€14 billion having been raised towards the target of €24 billion by the end of 2026.

The Group's deep and well-resourced investment platform, disciplined investment strategy, measured deployment pace and consistent ability to return capital all proved valuable. The Group distributed over €8 billion for the second year running, with some €8.1 billion returned to fund investors in 2025.

The Group is well placed to complete fundraising for BDL IV and ECP VI in 2026 with BE VIII expected to hold its final close in 2027.

‌Strategy

A formula for future growth

Our strategy is focused on creating value for clients and shareholders. Investment performance is the primary metric by which we are judged against our peers and which in turn determines our ability to successfully raise capital and generate future fees and profits. Key performance metrics for the Group include DPI, TVPI, IRR and the pace of deployment. We have the performance track record and platform to grow faster than the market and, as a result, grow the Group's market share within alternatives. There are three pillars to our strategy:

‌Expanding sources of capital

We have a strong core client set and have the opportunity to grow it further among the world's leading institutional investors.

We have built client partnerships over decades and will continue to nurture and grow this core group, including through introducing them to our different investment strategies.

Delivering our ambition for AUM growth will also require tapping into new sources of capital and therefore new fundraising channels.

So in addition to growing the relationships with our core client base, we will look to increase the contribution to AUM from sovereign wealth funds, grow our private wealth channel and target increased capital from areas such as insurance. This will require investment over the next cycle, which we expect

to partially fund through efficiency gains elsewhere.

Scaling and diversifying existing verticals

The white space in the middle market has created a clear opportunity to grow.

We have the opportunity to expand and diversify our existing strategies through a combination of selectively growing existing funds, organically adding adjacent investment strategies and targeted complementary M&A or

team lifts.

These smaller tuck-in acquisitions and team lifts will be in areas where we can gain additional expertise and exposure within an existing vertical.

In terms of scaling existing funds, we will remain disciplined and ensure that we raise an amount of capital that we can deploy to achieve our high expectations for returns.

In terms of diversifying existing verticals, examples could include new geographies in existing strategies, such as infrastructure in Europe, or sector-specific funds, such as defence, in existing geographies.

Platform-enhancing M&A

We will build the business out further through platform-enhancing acquisitions.

The additions of Bridgepoint Credit and ECP have been a success, contributing to the Group from day one.

We will continue to look at similarly transformative M&A in the future. Such acquisitions would enable us to enter new asset classes at scale, enhance our market presence, and increase the diversity of our income streams, as well as bringing in additional expertise and new investors

to the platform.

Further acquisitions would accelerate the growth of the Group, unlock opportunities and create material value for shareholders. We will also look at transactions which could enable us to deliver new sources of capital, for example, where it can accelerate access to retail or permanent capital.

Continued organic and M&A-driven growth across investment strategies and geographies

Strategy in action

A track record of expansion

The Group has grown from a middle market private equity business primarily focused on the UK to a diversified alternative asset manager with a global presence.

Independence from NatWest

The Group was established as an independent business following a management buyout

Dyal (now named Blue Owl) minority transaction

Provides capital to the Group for accelerated growth

Bridgepoint Credit (EQT Credit acquisition)

Provides scale and further growth potential for Bridgepoint Credit

IPO

Provides capital for further growth and listed share currency for potential acquisitions

$3bn

2000

$10bn

2009-10

$14bn

2016

$23bn

2018

$33bn

2020

$37bn

2021

$76bn

2024

$94bn

2025

Acquisitions of Hermes' direct investment platform & funds (previously managed by Edmund de Rothschild) Takes the Group's institutionalised approach and platform to the SMID Cap market

Bridgepoint Credit (organic expansion)

Establishes the Group in the second largest alternative asset class, providing diversity to the Group and growth potential

US presence established Develops the Group's global presence, supports portfolio companies, increases deployment capability and therefore potential fund growth, and reinforces existing activities in North America

Bridgepoint Growth Third strategy of Bridgepoint Private Equity established

Partnership with ECP Accelerates the Group's strategic diversification and delivers value-add infrastructure as a

meaningful third growth vertical, with a highly complementary fit from the perspective of culture, client relationships and geographic focus

Announcement of addition of team from Newbury Partners Establishes the Group in the secondaries market, which was the fastest growing alternative asset class in 2025

18 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

Strategy in action

The addition of the team from Newbury

Case study

In line with our strategy of diversifying into additional asset classes, in December 2025 we announced the addition of the team from Newbury. This offered an efficient route into the fast growing secondaries market.

Founded in 2006, Newbury Partners is a $4.3bn AUM specialist secondaries investor which has historically focused primarily on small to mid-sized secondary transactions, where the market is less efficient.

Critically, the team has nearly 20 years of accumulated secondary performance data, along with a wide range of GP relationships and offers the potential to accelerate growth by leveraging the Group's platform including our global fundraising team.

The transaction closed in February 2026 and fundraising for the next flagship fund will start later this year.

>$6.5 billion

raised across 6 funds

Geographic Allocation

3%

21%

Portfolio Construction1

Underlying Fund Size

22%

Strategy Allocation

14%

12%

76%

14%

64%

19%

55%

North America EU

Asia

$0-1bn

$1-3bn

>$3bn

Small / Mid LBO Large LBO Growth

Venture

1. Allocation split is based on AUM at 31 December 2025

‌Our business model

Bridgepoint Group is a global leader

in middle market private asset investing.

The Group has a 30-year track record of delivering compelling returns with an attractive risk profile.

We provide the capital and expertise to facilitate growth

We raise capital from, and invest on behalf of, a globally diverse, long-standing and growing blue-chip client base of more than 1,225 institutional investors. We use our expertise and leading investment platform to generate strong returns for these investors and receive fees for managing their capital. The expertise of the investment teams is not easily replicated and is a key source of competitive advantage.

A combination of:

First-class investor services

Leading investment platform

Hands-on value creation

Raise fund capital

Enables us to:

Invest in middle market assets

We take a responsible approach to investment and value creation

Read more on pages 20 to 25

Create strong and consistent investment performance

Delivering:

Strong returns for fund investors

Fees for managing clients' capital

Our business model continued

How we create value in European private equity

Bridgepoint Private Equity offers a differentiated middle market position.

It operates at enterprise values below those targeted by large cap firms and more broadly and deeply than other middle market platforms.

A leading dedicated middle market investor with global presence

We create value through:

Our people	Our market presence	Our approach
Entrepreneurial culture	Outstanding market position and reputation	Sector-driven investment strategies directed towards niches with structural growth and designed to exploit local insight
30+ years of institutional heritage	Total middle market immersion	Value-creating operating skills -deepened during GFC
	Broad, well-established networks on the ground providing high-quality origination

Differentiated and sustainable approach delivering high-quality returns

‌Bridgepoint Private Equity's investment approach has delivered strong and consistent returns. Based on latest benchmarking (Q4 2025), all Bridgepoint Europe funds raised after the global financial crisis of 2008 to 2009 are first or upper second quartile performers.

The Group has delivered these high-quality returns through careful portfolio construction, sensible use of leverage and disciplined asset selection focused on high margin, cash generative businesses in combination with a hands-on value-creation philosophy.

21 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

Private equity in action

European private equity case study

2019 Vintage year

Disciplined investment

Vermaat

€792m EV on entry

Vermaat is a premium catering business employing ca. 5,000 FTEs servicing the leisure, healthcare, travel and corporate sectors. Clients include blue-chip corporates where catering is a key employee benefit.

5 Add-on acquisitions

Value creation

2x EBITDA growth

Bridgepoint invested in Vermaat in Q4 2019, just weeks before the first reports of COVID. During lockdown 280 of 295 sites had to close and the investment was marked down to less than invested capital.

Exit
2025 Exit year
>2x Money multiple
€1.5bn EV on exit

Following the end of the pandemic, Vermaat recovered strongly, expanding into France and Germany both organically and through acquisition, and innovating with the launch of a digital-first delivery model that proved commercially and strategically significant. With revenues doubling and successful internationalisation under Bridgepoint's ownership, the sale to a trade buyer was announced in July 2025.

>2x

money multiple on exit

€1.5bn

EV on exit

22 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

Our business model continued

How we create value in US infrastructure

ECP is a market leader in critical infrastructure investing focused on energy transition, electrification and sustainable real assets infrastructure, with deep sector experience and a two decades-long track record of delivering added-value returns.

A leading infrastructure investor focusing on energy transition

Our people

Our market presence

Our approach

We create value through:

Our people	Our market presence	Our approach
25+ years of successfully investing in energy transition	Early-mover advantage in the sector	Value-add, hands-on partner
Deep domain expertise and networks	Owned over 300 US power plants since inception	Invest in real assets, critical to society with inflation and downside protection
Local market insight and sector expertise	Reputable and reliable capital provider across the energy transition spectrum	Focus on risk management and minimising commodity price risk

Deep sector knowledge and market leadership drives consistent, strong risk-adjusted returns

ECP, which has raised over $37 billion of capital since inception in 2005 has a leading position in the electrification and sustainable real asset infrastructure market in North America.

Energy transition investing stands to be the key beneficiary of the global decarbonisation effort, with forecast investment in the space expected to be $2.4 trillion per annum over the next

30 years, creating significant tailwinds and many potential growth avenues.

The US is experiencing a paradigm shift with aggregate demand for electricity expected to grow 1.5x to 2.0x by 2040 driven

by the onshoring of manufacturing, the electrification of transportation and expansion in computing power (partially from data centres and AI). ECP's team delivers value through real specialisation built up through navigating multiple energy, regulatory and environmental transitions over three decades. This has resulted in a consistently strong investment performance track record delivering a gross MOIC of

~2.5x across ECP II to ECP V.

23 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

Infrastructure in action

US sustainability infrastructure case study

Liberty Tire

Liberty Tire, the largest and only nationwide tire recycler in the

U.S. was acquired by ECP in May 2021. In addition to a disciplined entry multiple, value-added initiatives included:

• Transitioning to higher value products (pushing into new markets such as rubber mats, playground surfaces and building products)

• Increasing recycling rates from ~70% in 2021 to >80% for 2024

• Targeting add-on acquisitions which reduced reliance on sub-contractors and increased customer service metrics

• Strengthening the management team

• Saving >$10 million of annual costs through improvements to procurement, organisational design, and fleet procurement and maintenance

• Creating a new programme for manufacturers providing a trackable path to guarantee 100% of collected tires would be beneficially re-used

7

add-on acquisitions

>3x

EBITDA multiple uplift on exit

2021 Vintage year

Disciplined investment

<9x EBITDA on acquisition

7 Add-on acquisitions

Strengthening the management team

Value creation

Exit
2025 Exit year
>12x EBITDA on exit
1.8x Money multiple

24 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

Our business model continued

How we create value in credit

Bridgepoint Credit uses its deep market presence and insight-driven approach to create investment opportunities from across the Group's network in defensive sectors

with strong downside protection.

Deep experience with a broad and differentiated origination capability

We create value through:

Our people	Our market presence	Our approach
Highly experienced and cycle-tested team	Broad platform with presence in eight offices	Stringent asset selection to hit target performance with the least possible risk
Culture of shared knowledge	330+ industrial advisers	Invest in resilient business models in defensive industries
	Leverages the whole network and deep sector expertise

Leveraging experience, insight and the Group's network to deliver compelling risk-adjusted returns

The highly experienced Bridgepoint Credit team has invested approximately €25 billion in more than 400 companies since inception with a demonstrable track record of delivering consistently strong risk-adjusted returns. For example, in aggregate as of Q4 2025 the BDL III fund has delivered net IRRs of 9% and 13% respectively from the unlevered and levered sleeves and Bridgepoint CLOs have consistently ranked in the top quartile among European managers.

As an example of stringent asset selection targeting resilient business models, our most recently deployed direct lending fund, BDL IV, had on average a 31% EBITDA margin with 80% conversion from EBITDA to cash flow on entry. The average loan was made at 37% opening loan-to-value with 3.0x opening interest cover.

25 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

‌Credit in action

European credit case study

BGL

10.5%

IRR

1.35x

money multiple

BGL Group operates leading price comparison platforms in the UK (Compare the Market) and France (Les Furets), providing a highly cost-effective and scalable customer acquisition channel across a broad range of insurance, financial services and household utility products, including motor, home and travel insurance, personal finance, energy and broadband. In 2021, Bridgepoint Credit provided debt financing to support the acquisition of a minority stake in the business.

BGL's flagship platform, Compare the Market, holds a leading position in the UK across both motor and home insurance, while also maintaining strong positions in adjacent verticals such as travel insurance and household financial products. The business benefits from the regulated nature of key product categories, particularly insurance and consumer finance, which increases barriers to entry and reinforces the importance of trusted, compliant distribution platforms. In addition, BGL's extensive proprietary dataset - built from millions of customer interactions and transactions - enhances pricing insights and customer conversion effectiveness, creating a durable competitive moat. The largely non-discretionary nature of core products such as motor and home insurance supports resilient demand dynamics, underpinning attractive margins, strong cash generation and defensive characteristics across economic cycles.

Financial performance
13% Sales CAGR
40% Adjusted EBITDA margin
90-95% Unlevered free cash flow conversion

Loan details at entry
£275m Senior facility
2.7x Interest coverage ratio
37% Loan to value

Timing
February 2021 Loan funded
5 Year tenor
February 2026 Loan matured

26 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

‌Bridgepoint Private Wealth

Introducing one of the first direct mid-market Private Wealth platforms in Europe

"For forty years we've been connecting great companies with the capital and expertise they need to grow. Through our private wealth offering, we're opening that opportunity to more investors, bringing together our investment capabilities in a single platform that reflects the very best

of what we do. This is about helping individuals invest alongside us in the companies shaping the world

of tomorrow."

Raoul Hughes

Chief Executive of Bridgepoint Group

The opportunity set

Bridgepoint's growth in private wealth…

Bridgepoint has built its success on long-standing partnerships with institutional investors. Expanding into the private wealth channel is a natural evolution that strengthens and diversifies the Group's investor capital base.

The private wealth opportunity is significant. Individual investors are underrepresented in private markets: it has been estimated that individual investors hold approximately 50% of global AUM yet account for only 16% of the investment in alternative investment funds. Demand from individual investors for institutional-quality access to private markets continues to accelerate, with their exposure expected to more than double by 2030. Bridgepoint's entry into this space looks to take advantage of this opportunity.

Individual allocations are set to grow by $3 trillion by 2030

Estimated individual investor

private market AUM

$5.8tn

$2.6tn

$1.6tn

2020

2024F

2030F

+$3tn

+14% p.a.

27

Bridgepoint Group - 2025 Annual Report & Accounts

Strategic Report

… driven by product innovation…

Rising demand from private wealth investors has resulted in a rapid increase in the need for products and structures suited to individuals, most notably evergreen vehicles. These vehicles come with a unique set of portfolio construction and structuring challenges. Fortunately, the maturity and size of Bridgepoint's investment platform, with a consistently high level of deployment and realisations, ensure we have the necessary foundation for developing such products. Importantly,

our growing wealth team has structured these products whilst protecting the integrity of the Group's existing investment processes.

As we look to 2026 and beyond, we expect private banks and wealth platforms to increasingly gravitate towards private markets firms that have a full suite of asset classes, the structuring expertise to build the next generation of offerings, and the investor relations support they require. We believe that what we have built, and what we can offer individual investors across different asset classes and geographical distribution markets, is compelling and well positioned to meet future demand.

Evergreen structure net assets surpassed

$490 billion in 2025

… makes Bridgepoint well positioned to meet growing demand

We believe that private wealth investors will always seek exposure to high-quality, high-returning opportunities underpinned by long-term structural themes. As with institutional investors, the preferences of wealth investors can vary throughout a market cycle; however, we are in an environment where the Group's core areas of expertise -European mid-market equity, and North American value-add infrastructure - are resonating with individual investors.

The European mid-market, which investors are attracted to for greater geographic diversification and where Bridgepoint has an established track record, offers attractive valuations, multiple levers for value creation and diverse exit routes that support strong, repeatable returns. Europe combines depth of opportunity with favourable pricing and leverage, supporting multiple expansion and active ownership. Despite modest macro growth, its diverse economies and innovation clusters continue to generate sustained deal flow. Individual investors are increasingly viewing Europe as the most attractive region for private market investments.

Total evergreen structure net assets

$245bn

$493bn

2022

2025

Through ECP, Bridgepoint also invests in enduring structural themes such as the energy transition and, more recently, the rapidly growing need for power in the U.S. driven by the expansion of data centres and AI. Both are multi-decade opportunities that are helping economies, industries and companies decarbonise, innovate and modernise. Private capital plays a critical role in financing these themes and offers individual investors access to opportunities that cannot easily be obtained in public markets.

28

Bridgepoint Group - 2025 Annual Report & Accounts

Strategic Report

Bridgepoint Private Wealth continued

Key achievements in 2025

Launch of Bridgepoint Private Wealth and Bridgepoint Generations

In 2025, Bridgepoint formalised its Private Wealth platform, dedicating proven people and resources to capture the growth opportunity in private wealth.

Our inaugural product, Bridgepoint Generations, is one of - if not the first - globally diversified, mid-market, direct private equity offerings delivered in the evergreen fund format.

Bridgepoint Generations is a Luxembourg-domiciled open-ended fund investing alongside Bridgepoint and ECP's private equity strategies. It offers institutional-grade exposure to a diversified portfolio of private equity assets, building on the Group's 40-year record of investing in resilient, high-quality companies and providing exposure to long-term growth themes.

Alongside this, Bridgepoint launched a similar offering for Spanish investors, Bridgepoint Generaciones, with Amchor Investment Strategies acting as Alternative Investment Fund Manager. Drawing on Bridgepoint's long-standing presence in the country, the fund largely replicates Bridgepoint Generations' investment strategy but in a structure designed for local investors, demonstrating the platform's ability to draw from its global reach to create localised vehicles that address specific regulatory and investor requirements. This offering has also highlighted the value of high-quality local partnerships and the Group's growing confidence in adopting novel structures ahead of its peers.

Strategic focus on closed-end fundraising

In 2025, the platform made strong progress, with private wealth channels playing an important role in the ECP VI fundraise.

Engagement with major U.S. wealth platforms represents a significant achievement, particularly given the market's increasing focus on evergreen structures.

This approach is also being applied to the BE VIII fundraise, where Bridgepoint has established relationships with leading global private wealth platforms around the world, including in new markets.

Looking ahead

Bridgepoint is expanding its private wealth platform into a meaningful and stable contributor to total AUM, further solidifying a balanced and resilient capital model while maintaining the same investment discipline, governance standards and transparency that define its institutional approach.

Expanding the Bridgepoint Generations product suite Building on the success of Bridgepoint Generations' Luxembourg and Spanish offerings, the Group plans to develop other country-dedicated vehicles in Europe, where Bridgepoint continues to benefit from its strong market position, and in North America, one of the largest and most competitive wealth markets, where the Group is seeking to grow its presence and brand recognition.

Strengthening wealth platform partnerships Bridgepoint's deliberate focus on private wealth partnerships is expanding its geographic reach and uncovering new opportunities for closed-end funds, reinforcing its growing role in fundraising.

29 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

Product expansion

Bridgepoint is leveraging the expertise and resources developed across its broader platform to bring private wealth investors access to additional asset classes.

The Group is developing ECP Yield, designed to offer income-oriented exposure to real assets in the energy-transition sector. It also sees potential for evergreen solutions within its credit strategies. These efforts continue to broaden wealth participation across Bridgepoint's full suite of products, further diversify the Group's capital base and enable it to continue serving portfolio companies, investors and shareholders as effectively as possible.

Purpose-built evergreen product offerings designed for individual investors

Bridgepoint Generations

Middle-Market Private Equity

ECP Yield

Core+ Infrastructure

‌Our people

We are a people business

Our ability to deliver for our investors, portfolio and shareholders relies on our ability to attract, develop and retain the best talent.

We aim to recruit the very best talent irrespective of background, foster a workplace where our people can grow and thrive, and are motivated to drive returns for our investors. We strive to create a work environment where all types of voices can be heard and high performance is valued. We operate globally and welcome a broad range of perspectives to help us achieve our investment and strategic goals.

Our people strategy focuses on four key elements:

1. Attract

   We aim to recruit the very best talent, building diverse teams which exhibit drive and a passion for performance. We create an environment where the best performers will prosper

2. Develop

   We operate an 'apprenticeship model' offering hands-on learning supplemented with bespoke training and development opportunities

3. Care

   Our values define how we do business and treat people

4. Retain

We nurture a culture where individuals develop professionally and build exciting careers

Our rewards are weighted towards performance and long-term alignment with fund investors and ultimately shareholders

We foster a creative, connected community

542

employees

8%

turnover among investment professionals

>49

nationalities

16

years average partner tenure

68%

of private equity investment professionals are multilingual

Our values

We do what we say We do the right thing

We act with intelligence and humility

Our people continued

Investing in our people

At Bridgepoint, investing in our people is fundamental to who we are. We remain committed to creating an environment where they can grow, thrive and perform at their best. In 2025, we continued to strengthen our approach to talent development, wellbeing and engagement, ensuring our teams have the skills, support and opportunities they need to build rewarding careers. Across learning programmes, leadership development, mentoring, wellbeing initiatives and regular feedback mechanisms, we are focused on enabling our people to reach their full potential and contribute meaningfully to the Group's long-term performance.

Talent development

Complementing this hands-on approach, the Group provides a wide variety of formal talent and leadership development programmes. As part of this, we support and encourage cohort learning, international rotations and secondments, fostering diverse experiences across markets, funds and teams. These programmes are continuously evolving to remain current and relevant to the needs of our colleagues. We also have a learning platform which provides a wealth of online courses and modules.

Employee engagement

Listening and learning from colleagues is important to how we develop and retain talent. We conduct regular employee engagement surveys that help shape people and engagement initiatives at a Group and product level. Our latest survey achieved an 84% participation rate and an overall engagement score of 7.6 out of 10. Highlights from 2025 included strong peer relationships, effective goal setting, fair treatment of people from all backgrounds, and continued confidence in the clarity and relevance of our Group level and product level business strategies.

Mentoring

Mentoring is an important part of how we support development across the Group, helping colleagues build confidence, gain new perspectives and strengthen connections. Our internal programmes continue to be popular and we also encourage colleagues to engage in external schemes, such as Level 20's mentoring programme, to broaden their networks and support their continued growth.

Wellbeing

Supporting the mental and physical wellbeing of our people is a core priority. We offer a range of mental health resources -including our Employee Assistance Programme, the Thrive app, access to professional psychologists and comprehensive private health cover. This is complemented by wellbeing events year-round. This year we invited Dr Rupy Aujla to speak during our Global Wellbeing Week, where he shared practical insights on improving health and building sustainable habits. In addition, our local offices curate their own year-round activities -

from mindfulness workshops to fitness sessions and community initiatives.

Diversity and inclusion

We continue to invest in an inclusive culture that creates meaningful opportunities for people from all backgrounds to engage with our industry and succeed within it. Our approach is rooted in long-term partnerships and community programmes that help widen access, nurture early talent and support underrepresented groups.

Through our six-week summer internship with the 10,000 Interns Foundation, we provide hands-on experience and mentoring to black students and students from underrepresented backgrounds, helping to remove barriers to entry into the investment industry. This year, we also launched a new partnership with the Social Mobility Foundation, offering mentorship through their Aspiring Professionals Programme to high-potential students, supporting them as they navigate their academic and early-career choices.

We continue our long-standing relationship with the Greenhouse Sports School Partnership, engaging with young people through skills-based sessions and community volunteering. Our industry partnerships - including Level 20, Out Investors, France Invest, and the ILPA Diversity in Action initiative - further reinforce our commitment to driving equitable access, inclusive workplaces and greater representation across private markets.

Together, these partnerships and programmes reflect our belief that inclusion strengthens our firm, our industry and the communities we work within.

Spotlight: Out Investors France and UK events

As part of our ongoing partnership with Out Investors, we were proud to partner with them for their summer receptions in both the UK and France. These events provided an important platform to connect with industry peers and champion greater LGBTQ+ representation across private markets. Each reception brought together members of the Out Investors community and mentors as part of their newly established mentoring programme.

33 Bridgepoint Group - 2025 Annual Report & Accounts Strategic Report

People and inclusion spotlights

Insights Week 2025

Now in its ninth year, Insights Week is a summer programme offering in-depth exposure to Bridgepoint and the investment industry. The programme is central to our social mobility initiative, partnering with local schools and organisations like the Social Mobility Foundation to recruit talented young people. We address barriers to opportunity by collaborating closely with these groups.

This year, we welcomed 40 students, giving them a chance to explore our different business areas and build professional skills through hands-on sessions such as CV and interview skills workshops and speed networking. During the week, students experienced face-to-face interactions with colleagues from various parts of the company and had opportunities to network with their peers.

International Associates Programme 2025

This autumn we welcomed the 2025 cohort of our International Associate Programme (IAP), marking the start of their two-year development journey with the Group. The IAP brings together Associates from across the global network and strategies, providing a structured platform to build key professional skills, strengthen internal connections, and exchange ideas and perspectives.

Over a two-day welcome event, 20 Associates representing five geographies heard from senior leaders across the Group who shared experiences and advice. The cohort also took part in a series of interactive workshops designed to build skills.

"Insights Week gave me valuable insight across private markets. Speaking directly with people at Bridgepoint made the career paths feel real and achievable, and the exposure to the many different roles has helped shape my understanding of where my strengths and interests align within the industry."

Dennis Malaj, Insights Week participant

"Participating in mini-presentations and intimate networking sessions with Bridgepoint employees created a highly personalised

and engaging experience."

Ayan Abdallah, Insights Week participant

"The IAP was an incredibly enriching experience. A well-balanced blend of learning and exposure to different parts of the business, reflection and connection with the cohort. It was a highlight to have small group sessions led by senior leaders as well as engaging workshops with interactive investment sessions. Every element of the programme was curated to bring us a unique point of view in the business."

Victoria Jooris, Associate and IAP 2025 participant

Investment professionals

The learning and development pathway for investment professionals

‌We provide structured development at all levels, and these include:

1 2 3 4

Associate

International Associate Programme

The International Associate Programme recruits top talent and aims to develop the next generation of leaders across the Group. As part of this two-year programme, there are several elements, including:

• regular modules on technical and behavioural skills;

• mentoring support; and

• opportunity for a rotation to another office

Investment Director

Conference on Leadership

Annual event which:

• develops leadership skills;

• features active learning sessions and external speakers; and

• includes discussions with the Group's senior leaders

  Director

  Leaders' Forum

  Annual event which:

• fosters cross-office networking;

• enhances insights into the Group's key markets; and

• facilitates discussion on the Group's strategic growth

  Partner

  New Partner Development Programme Programme following promotion to Partner, including:

• detailed personal development plan;

• leadership briefing with peers;

• guidance from a senior mentor; and

• external executive coaching sessions

‌Stakeholder engagement and section 172(1) statement

Key stakeholders

The Board has identified its key stakeholders as colleagues, the community, fund investors, portfolio companies, regulators, shareholders and suppliers.

Colleagues

Community

Fund investors

Portfolio companies

Section 172 of the Companies Act 2006 requires the Directors to act in a way that they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole.

In doing this, section 172 requires the Directors to have regard, amongst other matters, to:

• the likely consequences of any decisions in the long-term;

• the interests of the Company's employees;

• the need to foster the Company's business relationships with suppliers, customers and others;

• the impact of the Company's operations on the community and environment;

• the desirability of the Company maintaining a reputation for high standards of business conduct; and

• the need to act fairly as between members of the Company.

Regulators

The Corporate Governance Code requires the Board to understand the views of the Company's key stakeholders and describe how their interests, and the matters set out in section 172 of the Companies Act 2006, have been considered by the Board in discussions and decision-making.

Shareholders

Suppliers

Stakeholder engagement continued

The key considerations in respect of these stakeholders and the Board's approach to engaging with them are explained below.

Colleagues

Key considerations

The Bridgepoint Group is a people business.

Its employees are integral to the continued success of the Group, and therefore the retention, development and motivation of colleagues is key.

How the Group engages with colleagues

The Board actively engages with colleagues through a variety of channels, including town hall briefings, videos and meetings. The Group conducts an employee engagement survey on an annual basis to obtain feedback from employees, the results of which are fed back to business unit heads, senior management and the Board as appropriate, and a number of actions are taken in response. The year-on-year change in survey results is monitored carefully as part of this review.

Members of the Board meet with various members of senior management and colleagues from across the business, both through Board and committee meetings and through separate discussions.

A designated Non-Executive Director (Angeles Garcia-Poveda) is responsible for gathering employee feedback and spent time at a number of Group offices during 2025 as well as at the Group's global offsite in the Autumn. The Group continuously invests in its people through internal career development, inclusivity and engagement initiatives, further detail on which can be found on pages 30 to 34.

Fund investors

Key considerations

Fund investors are a central focus of the Group's business.

They provide

the capital which the Group invests as part of its investment management activities and are who the Group owes regulatory duties to.

How the Group engages with fund investors

The Group has a dedicated investor relations function, with deep and expanding specialities across the Group's private equity, credit, and infrastructure strategies. During the year, these professionals focused on managing and strengthening the Group's relationships with fund investors while seeking to develop new relationships with prospective investors, utilising a matrix approach combining product and geographic coverage.

In 2025, the Group sustained a high level of fundraising activities across all of its strategies, with investor discussions increasingly covering multiple products offered by the Group, with regular investor touchpoints through annual investor meetings, investor committee meetings and individual sessions. The private wealth channel has led to conversations with distributors and intermediaries representative of a broad investor base, bringing new perspectives to managing client relationships and funds. Through these and other discussions, investors' views are regularly heard on a range of topics, with regular updates on investor feedback and ongoing fundraising activity provided to the Board and to senior management, further embedding investor insight into decision-making.

Fund investors and distributors typically undertake due diligence on the Group as part of their assessment of an investment into a fund managed by the Group. These exercises continue to provide an up-to-date view of the primary concerns and considerations of investors, with investor views being constantly factored into how the Group establishes, manages, and operates the funds in which investors invest.

Shareholders

Key considerations

A strong and transparent relationship with shareholders is essential for the long-term success of the Group.

How the Group engages with shareholders

During 2025 the Directors continued to have regular engagement with shareholders of the Company, with substantial time invested in meeting with and hearing from existing and prospective shareholders.

The Group's global offsite held in the Autumn also provided an opportunity for the Board and its Non-Executive Directors to connect with various employee shareholders.

As in previous years, following the release of financial results, shareholders and analysts were given the opportunity to join a webcast attended by certain Directors to discuss the results and raise questions.

This engagement helped the Board to understand the, at times, conflicting interests of different shareholders, and to make decisions in a way that treats shareholders and other stakeholders fairly.

Stakeholder engagement continued

Portfolio companies

Key considerations

The companies in which funds managed by the Group invest are the source of returns to the Group's fund investors and ultimately its shareholders. Portfolio companies employ over 430,000 people and have a significant role in the wider community.

How the Group engages with portfolio companies

As a prudent and responsible investor the Group is focused on sustainable value creation through financial and non-financial improvement. Strong relationships with portfolio company management teams allow for better strategic decision-making at the investment level, driving value within portfolio companies and ultimately benefiting portfolio company stakeholders, relevant fund investors and the Group's shareholders.

The Group's investment teams are the primary engagement mechanism with portfolio companies, with investments across the Group's equity strategies typically involving the appointment of investment professionals as directors on portfolio company boards.

Investments in the Group's credit strategy are typically characterised by close relationships with CFOs and management teams through the lender relationship.

Beyond its engagement model, the Group supports portfolio companies throughout the investment lifecycle to improve operations and manage risk. It conducts cyber maturity assessments, engages with management, and provides integrated reporting on security domains to company leaders and internal stakeholders, supporting alignment and knowledge sharing. Companies can access advisers as extensions of cyber teams, and cyber is embedded in investment processes to drive best practice and responsible investment.

The Group's Sustainability team engages with portfolio companies in relation to a range of sustainability topics. This includes providing onboarding guidance for new portfolio companies, ongoing support with enhancements to business practices in response to an evolving regulatory landscape, and access to a dedicated mailbox encouraging open dialogue between the Group and portfolio companies. An annual sustainability survey is also carried out. For more information on our approach to sustainability see pages 42 to 43.