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General information
CVC Capital Partners plc (the Company or the parent) was\u00a0incorporated on 21 December 2021 in Jersey,
Channel Islands under the Companies (Jersey) Law 1991. The Company\u2019s\u00a0ordinary shares of no nominal
value\u00a0are listed on Euronext Amsterdam, the regulated market operated by Euronext Amsterdam N.V. The
registered office is at Level 1, IFC 1, Esplanade St Helier, Jersey JE2 3BX. The\u00a0consolidated financial statements
of the Company as at 31 December 2025 comprise the Company and its subsidiaries (together referred to as
the Group). The material subsidiaries affecting the results or net assets of the Group in the year are listed in
note 31 to the consolidated financial statements.
Following the Group\u2019s listing on Euronext Amsterdam (the IPO) and Group reorganisation (the Pre-IPO
Reorganisation) described below, the principal activities of the Company and its subsidiaries are to provide
management and adviser services to various investment funds and credit vehicles and to act as an
investment holding group.
The consolidated financial statements of the Group for the year ended 31 December 2025 were authorised
for issue on 10 March 2026 .
The consolidated financial statements are presented in euro and all values are in thousands (\u20ac 000) except where otherwise indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "CVC Capital Partners plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "Jersey, Channel Islands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "Jersey, Channel Islands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "Level 1, IFC 1, Esplanade St Helier, Jersey JE2 3BX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "the principal activities of the Company and its subsidiaries are to provide management and adviser services to various investment funds and credit vehicles and to act as an investment holding group.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
The consolidated financial statements of the Group for the year ended 31 December 2025 were authorised
for issue on 10 March 2026 .", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
Basis of preparation
The directors have prepared the annual consolidated financial statements of the Group in accordance with
IFRS Accounting Standards as adopted by the European Union and as issued by the\u00a0International Accounting
Standards Board (IASB), the requirements of the Dutch Financial Supervision Act\u00a0(Wet op het financieel
toezicht), the applicable provisions of the Dutch Civil Code (Burgerlijk Wetboek) and the Companies (Jersey)
Law 1991. The consolidated financial statements have been\u00a0prepared under the historical cost convention,
except for financial instruments measured at fair value. The consolidated financial statements are presented
in euro and all values are in thousands (\u20ac 000) except where otherwise indicated.\u00a0 The directors have also
prepared the Company\u2019s stand-alone financial statements in accordance with the requirements of the
Companies (Jersey) Law 1991.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
The directors have prepared the annual consolidated financial statements of the Group in accordance with
IFRS Accounting Standards as adopted by the European Union and as issued by the\u00a0International Accounting
Standards Board (IASB), the requirements of the Dutch Financial Supervision Act\u00a0(Wet op het financieel
toezicht), the applicable provisions of the Dutch Civil Code (Burgerlijk Wetboek) and the Companies (Jersey)
Law 1991.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "The consolidated financial statements are presented in euro and all values are in thousands (\u20ac 000) except where otherwise indicated.\u00a0 Presentation currency The Group\u2019s consolidated financial statements are presented in euro, which is also the Company\u2019s functional\u00a0currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
2024 Pre-IPO Reorganisation
In preparation for listing, a series of corporate restructurings were completed during the year ended
31\u00a0December 2024 (the Pre-IPO Reorganisation) resulting in the Company as the legal parent and
comprising\u00a0the following subsidiary groups: The Management Group (Management Group) which includes
CVC Management Holdings II Limited (MHII) and each of its subsidiary undertakings, the Advisory Group
(Advisory Group) which includes CVC Capital Partners Advisory Group Holding Foundation and each of its
subsidiary undertakings, and the Credit Group (CVC Credit) which includes CVC Credit Partners Group
Holding Foundation and each of its subsidiary undertakings.
As a result, comparative results reflect the impact of the below events, being the acquisition by the Company
of the Advisory Group on 1 January 2024, CVC Credit on 15 April 2024, and the Management Group on 29
April 2024.
The Company and the Management Group have been under common control since the Company\u2019s
incorporation in 2021. As a result, the acquisition of MHII by the Company was an acquisition under
common\u00a0control and was reflected within these consolidated financial statements from 1 January 2023.
The\u00a0acquisitions of the Advisory Group and CVC Credit were not under common control, and have been
reflected from the respective dates of each acquisition.
The disposal of RemainCo 1 Limited, RemainCo 2 Limited, and CVC Advisers (Benelux) SA/NV were under
common control and were reflected from 1 January 2023. All other transactions were reflected from the date
of the acquisition/disposal. Refer to the Group\u2019s annual consolidated financial statements as at 31 December
2024 for further details.
", "dimensions": { "concept": "cvccapitalpartners:DisclosureOf2024PreIPOReorganisation", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
Going concern
The consolidated financial statements have been prepared on a going concern basis as the directors have
a\u00a0reasonable expectation that the Group has adequate resources to continue in operational existence for a
period of at least 12 months from the date of issue of these consolidated financial statements having
assessed the business risks, financial position and resources of the Group. Refer to the Group\u2019s going concern
statement on page 54 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Adoption of new revised standards
The Group has adopted all relevant amendments to existing standards and interpretations issued by the
International Accounting Standards Board, and endorsed by the EU, that are effective from 1\u00a0January 2025.
The Group has adopted the amendments to IAS 21 for the first time in the current year. The amendments
specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it
is not. Its adoption has not had any material impact on the disclosures or on the amounts reported in these
financial statements.
The Group did not early adopt any standards that were in issue but\u00a0were not required to be adopted by the
Group at the year-end date. The new and amended standards and\u00a0interpretations that are issued, but not
yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group
intends to adopt these new and amended standards and interpretations when they become effective.
Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of
issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
In April 2024, the IASB issued IFRS 18, which replaces IAS 1. IFRS 18 introduces new requirements for
presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three
are new.
It also requires disclosure of management-defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and disaggregation of financial information based
on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, narrow-scope
amendments have been made to IAS 7 \u2018Statement of Cash Flows\u2019, which include changing the starting
point\u00a0for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest.
In\u00a0addition, there are consequential amendments to several other standards.
IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after
1\u00a0January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently assessing the impact of IFRS 18, including the classification of income and expenses
within the operating, investing and financing categories and the implications for management-defined
performance measures.
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure
requirements while still applying the recognition, measurement and presentation requirements in other IFRS
accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as
defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that
prepares consolidated financial statements, available for public use, which comply with IFRS accounting
standards.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application
permitted.
As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
1.\u00a0 \u00a0 General information and basis of preparation (continued)
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9
and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and
Measurement of Financial Instruments (the Amendments). The Amendments include:
\u2013 A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an
accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an
electronic payment system before the settlement date.
\u2013 Additional guidance on how the contractual cash flows for financial assets with environmental, social and
corporate governance (ESG) and similar features should be assessed.
\u2013 Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually
linked instruments.
\u2013 The introduction of disclosures for financial instruments with contingent features and additional disclosure
requirements for equity instruments classified at fair value through other comprehensive income (OCI).
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption
permitted for classification of financial assets and related disclosures only. The Group does not anticipate
that the amendments will have a material effect on the Group\u2019s financial statements.
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS
accounting standards. The amendments include clarifications, simplifications, corrections or changes to
improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7
Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.
The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier
application is permitted and must be disclosed.
The amendments are not expected to have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
Adoption of new revised standards
The Group has adopted all relevant amendments to existing standards and interpretations issued by the
International Accounting Standards Board, and endorsed by the EU, that are effective from 1\u00a0January 2025.
The Group has adopted the amendments to IAS 21 for the first time in the current year. The amendments
specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it
is not. Its adoption has not had any material impact on the disclosures or on the amounts reported in these
financial statements.
The Group did not early adopt any standards that were in issue but\u00a0were not required to be adopted by the
Group at the year-end date. The new and amended standards and\u00a0interpretations that are issued, but not
yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group
intends to adopt these new and amended standards and interpretations when they become effective.
Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of
issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
In April 2024, the IASB issued IFRS 18, which replaces IAS 1. IFRS 18 introduces new requirements for
presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three
are new.
It also requires disclosure of management-defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and disaggregation of financial information based
on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, narrow-scope
amendments have been made to IAS 7 \u2018Statement of Cash Flows\u2019, which include changing the starting
point\u00a0for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest.
In\u00a0addition, there are consequential amendments to several other standards.
IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after
1\u00a0January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently assessing the impact of IFRS 18, including the classification of income and expenses
within the operating, investing and financing categories and the implications for management-defined
performance measures.
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure
requirements while still applying the recognition, measurement and presentation requirements in other IFRS
accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as
defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that
prepares consolidated financial statements, available for public use, which comply with IFRS accounting
standards.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application
permitted.
As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
1.\u00a0 \u00a0 General information and basis of preparation (continued)
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9
and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and
Measurement of Financial Instruments (the Amendments). The Amendments include:
\u2013 A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an
accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an
electronic payment system before the settlement date.
\u2013 Additional guidance on how the contractual cash flows for financial assets with environmental, social and
corporate governance (ESG) and similar features should be assessed.
\u2013 Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually
linked instruments.
\u2013 The introduction of disclosures for financial instruments with contingent features and additional disclosure
requirements for equity instruments classified at fair value through other comprehensive income (OCI).
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption
permitted for classification of financial assets and related disclosures only. The Group does not anticipate
that the amendments will have a material effect on the Group\u2019s financial statements.
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS
accounting standards. The amendments include clarifications, simplifications, corrections or changes to
improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7
Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.
The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier
application is permitted and must be disclosed.
The amendments are not expected to have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
Adoption of new revised standards
The Group has adopted all relevant amendments to existing standards and interpretations issued by the
International Accounting Standards Board, and endorsed by the EU, that are effective from 1\u00a0January 2025.
The Group has adopted the amendments to IAS 21 for the first time in the current year. The amendments
specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it
is not. Its adoption has not had any material impact on the disclosures or on the amounts reported in these
financial statements.
The Group did not early adopt any standards that were in issue but\u00a0were not required to be adopted by the
Group at the year-end date. The new and amended standards and\u00a0interpretations that are issued, but not
yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group
intends to adopt these new and amended standards and interpretations when they become effective.
Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of
issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
In April 2024, the IASB issued IFRS 18, which replaces IAS 1. IFRS 18 introduces new requirements for
presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three
are new.
It also requires disclosure of management-defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and disaggregation of financial information based
on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, narrow-scope
amendments have been made to IAS 7 \u2018Statement of Cash Flows\u2019, which include changing the starting
point\u00a0for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest.
In\u00a0addition, there are consequential amendments to several other standards.
IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after
1\u00a0January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently assessing the impact of IFRS 18, including the classification of income and expenses
within the operating, investing and financing categories and the implications for management-defined
performance measures.
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure
requirements while still applying the recognition, measurement and presentation requirements in other IFRS
accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as
defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that
prepares consolidated financial statements, available for public use, which comply with IFRS accounting
standards.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application
permitted.
As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
1.\u00a0 \u00a0 General information and basis of preparation (continued)
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9
and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and
Measurement of Financial Instruments (the Amendments). The Amendments include:
\u2013 A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an
accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an
electronic payment system before the settlement date.
\u2013 Additional guidance on how the contractual cash flows for financial assets with environmental, social and
corporate governance (ESG) and similar features should be assessed.
\u2013 Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually
linked instruments.
\u2013 The introduction of disclosures for financial instruments with contingent features and additional disclosure
requirements for equity instruments classified at fair value through other comprehensive income (OCI).
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption
permitted for classification of financial assets and related disclosures only. The Group does not anticipate
that the amendments will have a material effect on the Group\u2019s financial statements.
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS
accounting standards. The amendments include clarifications, simplifications, corrections or changes to
improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7
Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.
The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier
application is permitted and must be disclosed.
The amendments are not expected to have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
2.\u00a0 \u00a0 Material accounting policies
Assessment of control
The Group controls an investee (entity) if, and only if, the Group has all of the following:
\u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities
of\u00a0the\u00a0investee);
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\u2013 ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
When the Group holds less than a majority of the voting rights of an investee, it has power over the investee
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the
investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not
the Group\u2019s voting rights in an investee are sufficient to give it power, including:
\u2013 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other
vote\u00a0holders;
\u2013 potential voting rights held by the Group, other vote holders or other parties;
\u2013 rights arising from other contractual arrangements; and
\u2013 any additional facts and circumstances that indicate that the Group has, or does not have, the current
ability to direct the relevant activities at the time when decisions need to be made, including voting
patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the
Group loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated statement of comprehensive income from the
date the Group gains control until the date when the Group ceases to control the subsidiary.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between
the members of the Group are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Interests of
non-controlling shareholders that are present ownership interests entitling their holders to a proportionate
share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is
made on an acquisition-by-acquisition basis.
Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests
at\u00a0initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity\u00a0transaction.
Business combinations and goodwill
Business combinations are accounted for by applying the acquisition method. The cost of a business
combination is the fair value of the consideration given, liabilities incurred or assumed and of equity
instruments issued. Costs attributable to the business combination are expensed in the consolidated
statement of profit or loss. Where control is achieved in stages the cost is the consideration at the date
of\u00a0each transaction.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the
acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument
and\u00a0within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair
value\u00a0recognised in the consolidated statement of profit or loss in accordance with IFRS 9.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent
liabilities. Intangible assets are only recognised separately from goodwill where they are separable and arise
from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably
measured, they are disclosed on the same basis as other contingent liabilities.
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value
of\u00a0the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities acquired.
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes
in\u00a0circumstances indicate potential impairment loss. Impairment is determined for goodwill by assessing
the\u00a0recoverable amount of the Group\u2019s cash-generating unit (CGU) to which the goodwill relates. When
the\u00a0recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised
in\u00a0the\u00a0consolidated statement of profit or loss. Impairment losses relating to goodwill cannot be reversed
in\u00a0future periods.
In additions to the acquisitions mentioned in note 1, the Group completed the acquisition of an initial interest
of 60% in DIF Management Holding B.V. (CVC DIF) on 1 July 2024 for consideration of \u20ac590m, settled by a
combination of cash and shares.
Group reorganisations
IFRS does not provide guidance on accounting for group reorganisations under common control. In
accordance with the provisions of IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019
the Group has developed its own accounting policy for group reorganisations. The Group accounts for group
reorganisations using the following methodology (the \u2018merger accounting method\u2019):
\u2013 the results and cash flows of the entities acquired in a group reorganisation are reflected in the
consolidated financial statements from the beginning of the financial year in which the group
reorganisation occurred;
\u2013 the comparative information is restated by including the total comprehensive income of the acquired
entities for the previous reporting period and their statement of financial position for the previous reporting
date, adjusted as necessary to achieve uniformity of accounting policies;
\u2013 adjustments are made to eliminate transactions and balances between the Group and the acquired
entities;
\u2013 the difference, if any, between the consideration transferred and the nominal value of the shares received in
exchange is reflected as a movement in other reserves in the consolidated statement of changes in equity;
and
\u2013 if required, adjustments are made to the results, cash flows, assets and liabilities of the acquired entities
to\u00a0achieve uniformity with the accounting policies of the Group.
The merger accounting method is applied for all group reorganisations, provided:
\u2013 the use of the merger accounting method is not prohibited by company law or other relevant legislation; and
\u2013 ultimate control remains the same.
If these criteria are not met, the acquisition method is applied in accordance with IFRS 3 \u2018Business
Combinations\u2019.
Foreign currencies
Presentation currency
The Group\u2019s consolidated financial statements are presented in euro, which is also the Company\u2019s
functional\u00a0currency.
Foreign currency transactions
Foreign currency transactions are translated into the functional currency using the spot exchange rates
at\u00a0the\u00a0dates of the transactions.
Foreign exchange (FX) gains and losses resulting from the settlement of such transactions, and from the
translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates,
are recognised in profit or loss.
The impact of the revaluation of investments held in foreign currencies is presented together with the fair
value movement related to these investments within investment income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are
translated at the rate prevailing at the date the fair value was determined. Translation differences on assets
and liabilities carried at fair value are reported as part of the fair value gain or loss.
Foreign operations
The results and financial position of foreign operations that have a functional currency different from the
presentation currency are translated into the presentation currency of the Group as follows:
\u2013 assets and liabilities for each consolidated statement of financial position presented are translated at the
closing rate at the date of that consolidated statement of financial position;
\u2013 income and expenses in each consolidated statement of profit or loss are translated at the average
exchange rates for the period;
\u2013 all resulting exchange differences are recognised in other comprehensive income; and
\u2013 on disposal of a foreign operation, exchange differences previously recognised in other comprehensive
income are reclassified to the consolidated statement of profit or loss.
Revenue
Revenue primarily comprises management fees, carried interest and performance fees, and investment
income resulting from the management of investments in Private Equity, Secondaries and Infrastructure
funds (the \u2018investment funds\u2019) and Credit vehicles. The parties to agreements of investment fund or credit
vehicle management services comprise the Group and the investors of each investment fund or credit vehicle
as a body. Accordingly, the group of investors for each investment fund or credit vehicle are identified as the
customer for accounting purposes.
Revenue is measured based on the consideration specified in the contracts and excludes amounts collected
on behalf of third parties and value added taxes.
Management fees
The Group earns management fees from its provision of various investment management services, which are
treated as a single performance obligation. Management fees are based on an agreed percentage of either
committed or invested capital, depending on the fund or vehicle and its life stage. Management fees are
recognised over time over the life of each fund or vehicle, generally 6 to 12 years, occasionally subject to an
extension, if agreed with the investors of that fund. Fees are billed in accordance with the relevant governing
documentation of the fund or vehicle and are billed monthly, quarterly or semi-annually in advance , with the
exception of management fees related to certain credit vehicles which are billed in arrears.
Included in management fees are fees received from CVC Capital Partners Asia IV Limited and CVC Capital
Partners Asia V Limited, which are entities not transferred to the Group from the SIF as part of the Pre-IPO
Reorganisation (the\u00a0\u2018Retained GPs\u2019). Pursuant to an agreement entered into prior to IPO (the \u2018Retained GPs
Agreement\u2019) between the Company, the Retained GPs and CVC Management Holdings II Limited, the
Retained GPs\u00a0pay a fee equal to their annual cumulative net profits, in consideration for the Group providing
certain support services to each of the Retained GPs, assuming any liabilities in respect of the Retained GPs
and granting a licence to each of the Retained GPs for the use of the Group\u2019s brand. The fee from the
Retained GPs Agreement has been recognised within management fees.
Also included in management fees are fees earned from the Group acting as an underwriter or placement
agent in offerings or placements of debt and/or equity financing. When the Group underwrites credit
facilities and securities offerings on a firm commitment basis the Group commits to buy and sell a loan
participation or securities and generates revenue by purchasing the loan participation/securities for a fee.
When the Group acts\u00a0on a best efforts basis it generates revenue for placing loan participations/securities
with capital markets\u00a0investors.
Fee-related performance revenues
Fee-related performance revenues consist of incentive fees earned by the Group from managing its
evergreen vehicles. The Group is entitled to an incentive fee if a vehicle\u2019s investments achieve a total return in
excess of a defined hurdle during a calendar year. Incentive fees are paid annually in arrears and are
recognised within fee-related performance revenues during the period the service was provided.
Carried interest and performance fees
Investment funds:
The Group receives a share of fund profits dependent on the performance of the relevant fund and the fund\u2019s
underlying investments (\u2018carried interest\u2019). The entitlement to receive carried interest is determined with
reference to the underlying agreements with each fund, with the amount determined by the level of realised
profits exceeding an agreed threshold (the \u2018hurdle\u2019) over the lifetime of each\u00a0fund. Recognition of carried
interest revenue is assessed based on a three-step model:
\u2013 Hurdle assessment: the total hurdle is determined with reference to the sum of total accumulated
drawdowns paid by the Limited Partners (LPs) and total returns attributable to the LPs (the \u2018preferred
return\u2019) as of the reporting date.
\u2013 Total discounted value assessment: the fair value of unrealised investments is determined as of the
reporting date. In the calculation of carried interest to be recognised as revenue, the unrealised fair value
will be adjusted, in accordance with established precautionary principles, to the extent that carried
interest\u00a0should only be recognised once it is highly probable that there would not be a significant reversal of
cumulative carried interest in future accounting periods. The fund\u2019s other total proceeds from realised
investments and other realised movements as of the reporting date are then added to the equation, to
arrive at the total discounted value.
\u2013 Carried interest recognition assessment: if the total discounted value exceeds the total hurdle, carried
interest is recognised.
The carried interest receivable represents a contract asset under IFRS 15 \u2018Revenue from Contracts with
Customers\u2019. Amounts are typically presented as non-current assets unless they are expected to be received
within the next 12 months. The Group applies the simplified approach for measuring impairment of the
contract asset as permitted by IFRS 9.
The carried interest provision represents carry received in cash that does not yet meet the criteria to be
recognised. Depending on the future performance of each fund, this amount may be recognised by the
Group or returned to the carried interest sharing (CIS) partnership for onward distribution to other carry
recipients. The amount reflects the full carried interest received from funds less any amounts offset against
the carried interest receivable. The timing and nature of the release of the carried interest received is
uncertain at year end.
Credit vehicles:
Performance-related fees (performance fees) are recognised only to the extent it is assessed to be highly
probable that there will not be a significant reversal in future accounting periods. Subject to this, they are
recognised over a period of time and generally towards the end of the vehicle\u2019s life or upon an early
liquidation.
For vehicles with a performance fee component, the estimate of performance fees is made with\u00a0reference to
specific vehicle performance requirements such as a preferred return or performance hurdle. A constraint is
applied to the estimate to reflect uncertainty of future vehicle performance. Performance fees will only
crystallise and subsequently be received in cash at maturity if a vehicle meets the relevant performance
return conditions, unless other criteria take precedent.
Investment income
Investment income consists primarily of changes in fair value of the Group\u2019s investments in investment funds
and credit vehicles. Further details are set out within note 25. Details of the valuation of such investments is
explained further within note 3.
Other operating income
Other operating income is recognised in relation to income from transactions other than management fees,
fee-related performance revenues, carried interest and performance fees, or investment income.
Placement fees
The Group incurs placement fees which are costs paid to third parties for raising capital in certain investment
funds and credit vehicles. These services and the associated expenditure result in management fees that are
contracted to be received over the life of the vehicle. The placement fees are incremental costs to the
contract with clients and hence are capitalised and amortised over the period relevant to the specific vehicle.
Distributor fees
The Group delegates to distributors certain obligations of managing its evergreen vehicles. The benefits
received by the Group from these services occur over the period the investor is invested in the vehicle.
Distributor fees are therefore recognised in the consolidated statement of profit or loss over time as the
Group receives the benefit from the service. Payments made to distributors in advance of expense
recognition are recorded within other receivables in the consolidated statement of financial position.
Personnel benefits
Short-term employee benefits
Short-term employee benefits, which include employee salaries and bonuses, are expensed as the related
service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or
constructive obligation to pay as a result of past service provided by the employee and the obligation can be
estimated reliably. A liability is recognised for holiday balances at each period end if an employee\u2019s
entitlement is not used in full.
Long-term employee benefits
Long-term employee benefits, which are those that are not expected to be settled within 12 months of the
period end in which the employee renders the service that gives rise to the benefit, include certain long-term
bonuses. An expense is recognised over the period in which the related service is provided. A liability is
recognised for the present value of the future amount expected to be paid if the Group has a present or
constructive obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
Defined contribution pensions
Amounts payable in respect of employers\u2019 contributions to the Group\u2019s defined contribution pension scheme
are recognised as employee expenses as incurred. The assets of the scheme are held separately from those of
the Group in an independently administered fund.
Share-based payments
Employees (including senior executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services in exchange for equity instruments (equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made
using an appropriate valuation model. Refer to note 6 for further details.
The cost is recognised in personnel expenses together with a corresponding increase in equity (other reserves),
over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting
period). The cumulative expense recognised for equity-settled transactions at each reporting date until the
vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the
number of equity instruments that will ultimately vest. The expense or income in the statement of profit or loss
for a period represents the movement in cumulative expense recognised as at the beginning and end of that
period.
Service and non-market performance conditions are not taken into account when determining the grant
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. Market performance conditions
are reflected within the grant date fair value. Any other conditions attached to an award, but without an
associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also
service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance and/or
service conditions have not been met. Where awards include a market or non-vesting condition, the
transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date
fair value of the unmodified award, provided the original vesting terms of the award are met. An additional
expense, measured as at the date of modification, is recognised for any modification that increases the total
fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an
award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award
is expensed immediately through profit or loss.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
General and administrative expenses
General and administrative expenses consist primarily of expenses related to external services and
exceptional costs. Amounts are recognised in the consolidated statement of profit or loss on an accruals
basis.
Exceptional expenses are expenses which, because of the nature and expected infrequency of the events
giving rise to them, the Group considers merit in separate presentation in the notes to provide a better and
more consistent indication of the Group\u2019s underlying financial performance and a more meaningful
comparison with prior and future periods to assess trends in financial performance.
Expenses with respect to investment vehicles
The Group makes its general partner commitments to funds through investments in limited partnerships and
other investment vehicles. IFRS 10 \u2018Consolidated Financial Statements\u2019 requires the Group to consolidate
investments in limited partnerships and other investment vehicles which are determined to be controlled by
the Group. Operating expenses incurred by these entities are presented in the consolidated statement of
profit or loss as expenses with respect to investment vehicles. Refer to note 3 for further details on the
judgements involved in the consolidation assessment of these entities.
EBITDA
Earnings before interest taxation depreciation and amortisation (EBITDA) has been presented as a
subheading in the consolidated statement of profit or loss. This is calculated as profit after income tax
adjusted by deducting from it, or adding back to it, finance income and expense, tax, depreciation and
amortisation in the consolidated financial statements. No adjustments have been made for non-recurring or
other one-off items.
Finance income and finance expense
Finance income comprises interest earned on cash deposited with banks, and interest on loans receivable.
Finance expense comprises interest on interest-bearing liabilities and finance expense on lease liabilities.
Recurring fees and charges levied on committed bank facilities are charged to the consolidated statement of
profit or loss as accrued.
Interest income and expense is recognised using the effective interest rate method. The calculation includes
all\u00a0fees paid or received between parties to the contract that are an integral part of the effective interest rate,
transaction costs, and all other premiums and discounts.
The cost of issuing borrowings is expensed over the period of the borrowing so as to produce a constant
periodic rate of charge. The amortisation of borrowing costs are included within finance expense in the
consolidated statement of profit or loss.
Taxation
Income tax charge for the period comprises current and deferred tax recognised in the reporting period.
Tax\u00a0is\u00a0recognised in the consolidated statement of profit or loss, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In each case tax is recognised in other
comprehensive income or directly in equity, respectively.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the period or prior
period. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted
by the period end. The Group offsets current tax assets and current tax liabilities if it has a legally enforceable
right to set off the recognised amounts, and it intends either to settle on a net basis, or to realise the asset
and settle the liability simultaneously.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2013 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2013 in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint arrangements, when the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2013 when the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss; and
\u2013 in respect of deductible temporary differences associated with investments in subsidiaries, associates and
interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that
the temporary differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that\u00a0it\u00a0is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax\u00a0asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that the relevant recognition criteria are met, such as, that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used
elsewhere in the consolidated financial statements and in other management reports.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right
to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the
assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred
tax liabilities or assets are expected to be settled or recovered.
Uncertain tax position
The Group operates in multiple territories across the world and is therefore subject to a range of factors that
require judgement and create estimation uncertainty. Management continue to believe that the positions
taken in all tax returns are in line with both the letter and the spirit of the law, including basing transfer
pricing policies on the \u2018arm\u2019s length\u2019 principle as set out in the OECD guidelines. However, tax legislation is
open to interpretation and different tax authorities may take a different view and seek to attribute further
profit to activities being undertaken in their jurisdiction.
The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a
result of a past event and management judge that it is probable that there will be a future outflow of
economic benefits from the Group to settle any resulting obligation. Uncertain tax positions are assessed and
measured on an issue-by-issue basis within the jurisdictions that the Group operates, either using
management\u2019s estimate of the most likely outcome where the issues are binary, or the expected value
approach where the issues have a range of possible outcomes. Estimates take into account the specific facts
and circumstances of\u00a0each potential uncertainty, including management\u2019s historical experience of similar
positions and relevant external advice.
Where uncertainties exist, particularly those which are non-binary, such as transfer pricing issues, the
ultimate outcome may vary from the amounts provided and is dependent upon the outcome of discussions
with the relevant tax authorities or, if necessary, formal legal proceedings.
While the Group\u2019s measurement for uncertain tax positions is subject to estimation uncertainty,
management have concluded that the assumptions are not a key source of estimation uncertainty that will
have a significant risk of causing a material adjustment to the carrying amounts of the Group\u2019s liabilities.
Pillar Two
In December 2021, the OECD released Pillar Two model rules intended to ensure large multinational
enterprises pay a minimum level of tax in each of the jurisdictions in which they operate (the GloBE Rules).
The GloBE rules\u00a0provide for a top-up tax on profits arising in a jurisdiction whenever the effective tax rate of a
large multinational enterprise, determined on a jurisdictional basis, is below a 15% minimum rate. The GloBE
Rules were implemented in the United Kingdom and most EU member states effective after 31 December
2023. In addition, other jurisdictions in which the Group operates have already enacted the GloBE Rules in
their domestic law, including Jersey, where the GloBE Rules are included in domestic law effective for fiscal
years beginning on or after 1 January 2025.
The GloBE Rules, as they are implemented in the domestic laws of certain of the jurisdictions in which the
Group operates, apply to the Group. Refer to note 10 for further information.
Given the uncertainty on whether the Pillar Two rules will lead to temporary differences that could create or
change deferred taxes, as well as the uncertainty related to the tax rate to use for purposes of deferred taxes
related to Pillar Two, the IASB issued amendments to IAS 12 \u2018Income Taxes\u2019 that introduced a mandatory
temporary exception to the requirements of IAS 12. Under this exception, a company does not recognise or
disclose information about deferred tax assets and liabilities related to the Pillar Two model rules. The Group
has applied this mandatory temporary exception.
Provisions
Provisions include the Group\u2019s carried interest provision which represents carried interest received in cash that
does not yet meet the criteria to be recognised, a share appreciation rights provision (SAR provision) related
to the acquisition of CVC DIF (formerly DIF Capital Partners), and provisions for dilapidations related to
property leases. These are measured at the present value of the expenditures expected to be required to
settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the obligation. The increase in the provision due to passage of time is
recognised as an interest expense.
Property and equipment
Property and equipment is stated at cost less accumulated depreciation and any provision for impairment.
Depreciation is provided on a straight-line basis over the expected useful economic lives of the assets.
Residual\u00a0values are reviewed at least annually. Estimated useful lives by major class of assets are as follows:
Asset class
Depreciation rate
Leasehold improvements
Over the shorter of their useful economic life or the lease term
Equipment
3 to 5 years
Fixtures and fittings
3 to 7 years
Right-of-use assets
Over the lease term
Property and equipment is subject to review for impairment if triggering events or circumstances indicate
that this is necessary. If an indication of impairment exists, the recoverable amount of the assets is estimated
and any impairment loss is charged to the consolidated statement of profit or loss as it arises.
Intangible assets
Intangible assets that are acquired by the Group include customer-related intangible assets, brands, and
computer software and are recognised initially at their estimated fair value at the acquisition date (which is
regarded as their historical cost). Subsequent to initial recognition, intangible assets are recorded at historical
cost less accumulated amortisation and any impairment losses.
The useful economic lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and
assessed for impairment whenever there are any indications that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed
at least annually. The amortisation expense on intangible assets with finite lives is recognised in the
consolidated statement of profit or loss, within depreciation and amortisation.
Estimated useful economic lives by major class of assets are as follows:
Asset class
Amortisation rate
Customer-related intangible assets
5 to 13 years
Brands
5 years
Computer software
3 to 5 years
Financial instruments
Financial assets
The Group\u2019s financial assets consist of financial assets at fair value through profit or loss, certain trade and
other receivables, and cash and cash equivalents.
Recognition
A financial asset is recognised when the Group becomes party to the contractual provisions of the
instrument.
Classification and measurement
A financial asset is initially classified into one of three measurement categories. The classification depends
on\u00a0how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows.
The measurement categories for financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
Financial assets must be measured through profit or loss unless they are measured at amortised cost or
through other comprehensive income. Financial assets at fair value through profit or loss are classified
as\u00a0current assets if they are expected to be settled in the next 12 months, otherwise they are classified
as\u00a0non-current.
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
The Group\u2019s trade and other receivables meet the above criteria and are therefore initially measured at
transaction cost and subsequently measured at amortised cost using the effective interest method less
expected credit losses (ECL).
The Group\u2019s financial assets at fair value through profit or loss are measured at fair value through profit or
loss.
Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when
the Group transfers the rights to receive the contractual cash flows in a transaction in which substantially all
the risks and rewards of ownership of the financial asset are transferred.
Impairment
Expected credit losses (ECL) are calculated on financial assets measured at amortised cost and are
recognised within the consolidated statement of profit or loss account. For trade and other receivables, the
Group applies the simplified approach and the practical expedient permitted by IFRS 9 to apply a provision
matrix that is based on its historic default rates over the expected life of the receivables.
The Group may consider a financial asset to be in default when internal or external information indicates that
the Group is unlikely to receive the outstanding contractual cash flows in full. A financial asset is written off
when there is no reasonable expectation of recovering the contractual cash flows.
Offsetting
Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of
financial position where the Group currently has a legally enforceable right to offset the recognised amounts,
and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Financial liabilities
The Group\u2019s financial liabilities include certain trade and other payables, borrowings and the forward liability
which relates to the Group\u2019s obligation to acquire the remaining 40% interest in CVC DIF in the future.
Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of
the\u00a0instrument.
Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs, with the exception of the Group\u2019s forward liability which is initially
recognised at the present value of the cost of acquisition.
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
Financial liabilities at amortised cost
After initial recognition financial liabilities at amortised cost are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs
in the consolidated statement of profit or loss. Borrowings (other than those designated to be measured at
fair value through profit or loss) and trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
The Group recognises a forward liability related to its obligation to acquire the remaining interest in CVC DIF
(refer to note 20 for further information). The forward liability is measured at the present value of the
expected cost of acquisition. Changes to the valuation of the forward liability are recognised in the
consolidated statement of profit or loss.
Derecognition
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled, or
expired.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and short-term highly liquid deposits with a maturity of
three months or less, that are readily convertible to a known amount of cash and subject to an insignificant
risk of change in value, held at call with banks.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above.
Leases
Leases for office premises
The Group assesses at contract inception whether a contract is, or contains, a lease. Such contracts
represent leases of office premises where the Group is a tenant. Right-of-use assets are recorded initially at
cost and depreciated on a straight-line basis over the shorter of the lease term or the estimated useful
economic life. Cost is defined as the lease liabilities recognised plus any initial costs and dilapidations
provisions less any incentives received. The right-of-use assets are depreciated over the lease term, which is
between 0.1 to 15 years. Right-of-use assets are included within property and equipment in the consolidated
statement of financial position.
The lease liability is initially measured at the net present value of future lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group\u2019s incremental borrowing rate (IBR). Generally, the Group uses its IBR as the
discount rate as the implicit rate is not readily determinable for the rented office premises. The IBR is the rate
that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic environment within similar terms, security and conditions. The
IBR has been determined by combining the relevant reference risk-free rate for each currency, consideration
of adjustments for country-specific risks and applying a financing spread observable to comparable
companies. The lease liability is subsequently measured at amortised cost using the effective interest
method.
The main components of lease payments included in the measurement of the lease liability comprise
the\u00a0following:
\u2013 fixed lease payments;
\u2013 variable lease payments that are linked to an index (i.e. consumer price index); and
\u2013 lease payments in an optional renewal period if the Group is reasonably certain to exercise an
extension\u00a0option.
Lease payments contain principal elements and interest. Interest is presented as part of finance costs in
the\u00a0consolidated statement of profit or loss using the effective interest method. The principal and interest
portions of lease payments have been presented within financing activities in the consolidated statement
of\u00a0cash flows. The carrying amount of lease liabilities is remeasured if there is a change in the future lease
payments due to a change in index or rate. Lease payments due within the next 12 months are recognised
within current liabilities, payments due after 12 months are recognised within non-current liabilities.
Short-term leases and leases of low-value assets
The Group recognises right-of-use assets and lease liabilities for leases of low-value and for short-term leases
that have a lease term of 12 months or less.
Dividends
Dividends and other distributions to the equity holders of the parent and non-controlling interests are
recognised in the period in which the dividends and other distributions are approved. These amounts are
recognised in the consolidated statement of changes in equity.
Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant
factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only
and the relevant activities are directed by means of contractual arrangements.
The Group has determined that where it holds an investment, fee receivable, commitment with an
investment vehicle or a right to carried interest, that this represents an interest in a structured entity.
The Group has further determined that when it acts within pre-determined parameters set out in various
agreements and the decision-making authority is well defined, including third-party rights in respect of the
investment manager, the Group is acting as an agent on behalf of its clients and therefore these entities are
not consolidated into the Group\u2019s financial statements.
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "Assessment of control
The Group controls an investee (entity) if, and only if, the Group has all of the following:
\u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities
of\u00a0the\u00a0investee);
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\u2013 ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
When the Group holds less than a majority of the voting rights of an investee, it has power over the investee
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the
investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not
the Group\u2019s voting rights in an investee are sufficient to give it power, including:
\u2013 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other
vote\u00a0holders;
\u2013 potential voting rights held by the Group, other vote holders or other parties;
\u2013 rights arising from other contractual arrangements; and
\u2013 any additional facts and circumstances that indicate that the Group has, or does not have, the current
ability to direct the relevant activities at the time when decisions need to be made, including voting
patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the
Group loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated statement of comprehensive income from the
date the Group gains control until the date when the Group ceases to control the subsidiary.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between
the members of the Group are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Interests of
non-controlling shareholders that are present ownership interests entitling their holders to a proportionate
share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is
made on an acquisition-by-acquisition basis.
Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests
at\u00a0initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity\u00a0transaction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "Assessment of control
The Group controls an investee (entity) if, and only if, the Group has all of the following:
\u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities
of\u00a0the\u00a0investee);
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\u2013 ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
When the Group holds less than a majority of the voting rights of an investee, it has power over the investee
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the
investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not
the Group\u2019s voting rights in an investee are sufficient to give it power, including:
\u2013 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other
vote\u00a0holders;
\u2013 potential voting rights held by the Group, other vote holders or other parties;
\u2013 rights arising from other contractual arrangements; and
\u2013 any additional facts and circumstances that indicate that the Group has, or does not have, the current
ability to direct the relevant activities at the time when decisions need to be made, including voting
patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the
Group loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated statement of comprehensive income from the
date the Group gains control until the date when the Group ceases to control the subsidiary.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between
the members of the Group are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Interests of
non-controlling shareholders that are present ownership interests entitling their holders to a proportionate
share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019
proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is
made on an acquisition-by-acquisition basis.
Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests
at\u00a0initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity\u00a0transaction.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "Business combinations and goodwill
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value
of\u00a0the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities acquired.
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes
in\u00a0circumstances indicate potential impairment loss. Impairment is determined for goodwill by assessing
the\u00a0recoverable amount of the Group\u2019s cash-generating unit (CGU) to which the goodwill relates. When
the\u00a0recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised
in\u00a0the\u00a0consolidated statement of profit or loss. Impairment losses relating to goodwill cannot be reversed
in\u00a0future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "Business combinations and goodwill
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value
of\u00a0the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities acquired.
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes
in\u00a0circumstances indicate potential impairment loss. Impairment is determined for goodwill by assessing
the\u00a0recoverable amount of the Group\u2019s cash-generating unit (CGU) to which the goodwill relates. When
the\u00a0recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised
in\u00a0the\u00a0consolidated statement of profit or loss. Impairment losses relating to goodwill cannot be reversed
in\u00a0future periods.
Intangible assets
Intangible assets that are acquired by the Group include customer-related intangible assets, brands, and
computer software and are recognised initially at their estimated fair value at the acquisition date (which is
regarded as their historical cost). Subsequent to initial recognition, intangible assets are recorded at historical
cost less accumulated amortisation and any impairment losses.
The useful economic lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and
assessed for impairment whenever there are any indications that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed
at least annually. The amortisation expense on intangible assets with finite lives is recognised in the
consolidated statement of profit or loss, within depreciation and amortisation.
Estimated useful economic lives by major class of assets are as follows:
Asset class
Amortisation rate
Customer-related intangible assets
5 to 13 years
Brands
5 years
Computer software
3 to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "Business combinations and goodwill
Business combinations are accounted for by applying the acquisition method. The cost of a business
combination is the fair value of the consideration given, liabilities incurred or assumed and of equity
instruments issued. Costs attributable to the business combination are expensed in the consolidated
statement of profit or loss. Where control is achieved in stages the cost is the consideration at the date
of\u00a0each transaction.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the
acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument
and\u00a0within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair
value\u00a0recognised in the consolidated statement of profit or loss in accordance with IFRS 9.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent
liabilities. Intangible assets are only recognised separately from goodwill where they are separable and arise
from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably
measured, they are disclosed on the same basis as other contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "Business combinations and goodwill
Business combinations are accounted for by applying the acquisition method. The cost of a business
combination is the fair value of the consideration given, liabilities incurred or assumed and of equity
instruments issued. Costs attributable to the business combination are expensed in the consolidated
statement of profit or loss. Where control is achieved in stages the cost is the consideration at the date
of\u00a0each transaction.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the
acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument
and\u00a0within the scope of IFRS 9 \u2018Financial Instruments\u2019, is measured at fair value with the changes in fair
value\u00a0recognised in the consolidated statement of profit or loss in accordance with IFRS 9.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent
liabilities. Intangible assets are only recognised separately from goodwill where they are separable and arise
from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably
measured, they are disclosed on the same basis as other contingent liabilities.
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value
of\u00a0the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities acquired.
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes
in\u00a0circumstances indicate potential impairment loss. Impairment is determined for goodwill by assessing
the\u00a0recoverable amount of the Group\u2019s cash-generating unit (CGU) to which the goodwill relates. When
the\u00a0recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised
in\u00a0the\u00a0consolidated statement of profit or loss. Impairment losses relating to goodwill cannot be reversed
in\u00a0future periods.
In additions to the acquisitions mentioned in note 1, the Group completed the acquisition of an initial interest
of 60% in DIF Management Holding B.V. (CVC DIF) on 1 July 2024 for consideration of \u20ac590m, settled by a
combination of cash and shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes
in\u00a0circumstances indicate potential impairment loss. Impairment is determined for goodwill by assessing
the\u00a0recoverable amount of the Group\u2019s cash-generating unit (CGU) to which the goodwill relates. When
the\u00a0recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised
in\u00a0the\u00a0consolidated statement of profit or loss. Impairment losses relating to goodwill cannot be reversed
in\u00a0future periods.
Property and equipment is subject to review for impairment if triggering events or circumstances indicate
that this is necessary. If an indication of impairment exists, the recoverable amount of the assets is estimated
and any impairment loss is charged to the consolidated statement of profit or loss as it arises.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and
assessed for impairment whenever there are any indications that the intangible asset may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes
in\u00a0circumstances indicate potential impairment loss. Impairment is determined for goodwill by assessing
the\u00a0recoverable amount of the Group\u2019s cash-generating unit (CGU) to which the goodwill relates. When
the\u00a0recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised
in\u00a0the\u00a0consolidated statement of profit or loss. Impairment losses relating to goodwill cannot be reversed
in\u00a0future periods.
Property and equipment is subject to review for impairment if triggering events or circumstances indicate
that this is necessary. If an indication of impairment exists, the recoverable amount of the assets is estimated
and any impairment loss is charged to the consolidated statement of profit or loss as it arises.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and
assessed for impairment whenever there are any indications that the intangible asset may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "Group reorganisations
IFRS does not provide guidance on accounting for group reorganisations under common control. In
accordance with the provisions of IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019
the Group has developed its own accounting policy for group reorganisations. The Group accounts for group
reorganisations using the following methodology (the \u2018merger accounting method\u2019):
\u2013 the results and cash flows of the entities acquired in a group reorganisation are reflected in the
consolidated financial statements from the beginning of the financial year in which the group
reorganisation occurred;
\u2013 the comparative information is restated by including the total comprehensive income of the acquired
entities for the previous reporting period and their statement of financial position for the previous reporting
date, adjusted as necessary to achieve uniformity of accounting policies;
\u2013 adjustments are made to eliminate transactions and balances between the Group and the acquired
entities;
\u2013 the difference, if any, between the consideration transferred and the nominal value of the shares received in
exchange is reflected as a movement in other reserves in the consolidated statement of changes in equity;
and
\u2013 if required, adjustments are made to the results, cash flows, assets and liabilities of the acquired entities
to\u00a0achieve uniformity with the accounting policies of the Group.
The merger accounting method is applied for all group reorganisations, provided:
\u2013 the use of the merger accounting method is not prohibited by company law or other relevant legislation; and
\u2013 ultimate control remains the same.
If these criteria are not met, the acquisition method is applied in accordance with IFRS 3 \u2018Business
Combinations\u2019.
", "dimensions": { "concept": "cvccapitalpartners:DescriptionOfAccountingPolicyForGroupReorganisation", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "Foreign currencies
Presentation currency
The Group\u2019s consolidated financial statements are presented in euro, which is also the Company\u2019s
functional\u00a0currency.
Foreign currency transactions
Foreign currency transactions are translated into the functional currency using the spot exchange rates
at\u00a0the\u00a0dates of the transactions.
Foreign exchange (FX) gains and losses resulting from the settlement of such transactions, and from the
translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates,
are recognised in profit or loss.
The impact of the revaluation of investments held in foreign currencies is presented together with the fair
value movement related to these investments within investment income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are
translated at the rate prevailing at the date the fair value was determined. Translation differences on assets
and liabilities carried at fair value are reported as part of the fair value gain or loss.
Foreign operations
The results and financial position of foreign operations that have a functional currency different from the
presentation currency are translated into the presentation currency of the Group as follows:
\u2013 assets and liabilities for each consolidated statement of financial position presented are translated at the
closing rate at the date of that consolidated statement of financial position;
\u2013 income and expenses in each consolidated statement of profit or loss are translated at the average
exchange rates for the period;
\u2013 all resulting exchange differences are recognised in other comprehensive income; and
\u2013 on disposal of a foreign operation, exchange differences previously recognised in other comprehensive
income are reclassified to the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
Presentation currency
The Group\u2019s consolidated financial statements are presented in euro, which is also the Company\u2019s
functional\u00a0currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "Revenue
Revenue primarily comprises management fees, carried interest and performance fees, and investment
income resulting from the management of investments in Private Equity, Secondaries and Infrastructure
funds (the \u2018investment funds\u2019) and Credit vehicles. The parties to agreements of investment fund or credit
vehicle management services comprise the Group and the investors of each investment fund or credit vehicle
as a body. Accordingly, the group of investors for each investment fund or credit vehicle are identified as the
customer for accounting purposes.
Revenue is measured based on the consideration specified in the contracts and excludes amounts collected
on behalf of third parties and value added taxes.
Management fees
The Group earns management fees from its provision of various investment management services, which are
treated as a single performance obligation. Management fees are based on an agreed percentage of either
committed or invested capital, depending on the fund or vehicle and its life stage. Management fees are
recognised over time over the life of each fund or vehicle, generally 6 to 12 years, occasionally subject to an
extension, if agreed with the investors of that fund. Fees are billed in accordance with the relevant governing
documentation of the fund or vehicle and are billed monthly, quarterly or semi-annually in advance , with the
exception of management fees related to certain credit vehicles which are billed in arrears.
Included in management fees are fees received from CVC Capital Partners Asia IV Limited and CVC Capital
Partners Asia V Limited, which are entities not transferred to the Group from the SIF as part of the Pre-IPO
Reorganisation (the\u00a0\u2018Retained GPs\u2019). Pursuant to an agreement entered into prior to IPO (the \u2018Retained GPs
Agreement\u2019) between the Company, the Retained GPs and CVC Management Holdings II Limited, the
Retained GPs\u00a0pay a fee equal to their annual cumulative net profits, in consideration for the Group providing
certain support services to each of the Retained GPs, assuming any liabilities in respect of the Retained GPs
and granting a licence to each of the Retained GPs for the use of the Group\u2019s brand. The fee from the
Retained GPs Agreement has been recognised within management fees.
Also included in management fees are fees earned from the Group acting as an underwriter or placement
agent in offerings or placements of debt and/or equity financing. When the Group underwrites credit
facilities and securities offerings on a firm commitment basis the Group commits to buy and sell a loan
participation or securities and generates revenue by purchasing the loan participation/securities for a fee.
When the Group acts\u00a0on a best efforts basis it generates revenue for placing loan participations/securities
with capital markets\u00a0investors.
Fee-related performance revenues
Fee-related performance revenues consist of incentive fees earned by the Group from managing its
evergreen vehicles. The Group is entitled to an incentive fee if a vehicle\u2019s investments achieve a total return in
excess of a defined hurdle during a calendar year. Incentive fees are paid annually in arrears and are
recognised within fee-related performance revenues during the period the service was provided.
Carried interest and performance fees
Investment funds:
The Group receives a share of fund profits dependent on the performance of the relevant fund and the fund\u2019s
underlying investments (\u2018carried interest\u2019). The entitlement to receive carried interest is determined with
reference to the underlying agreements with each fund, with the amount determined by the level of realised
profits exceeding an agreed threshold (the \u2018hurdle\u2019) over the lifetime of each\u00a0fund. Recognition of carried
interest revenue is assessed based on a three-step model:
\u2013 Hurdle assessment: the total hurdle is determined with reference to the sum of total accumulated
drawdowns paid by the Limited Partners (LPs) and total returns attributable to the LPs (the \u2018preferred
return\u2019) as of the reporting date.
\u2013 Total discounted value assessment: the fair value of unrealised investments is determined as of the
reporting date. In the calculation of carried interest to be recognised as revenue, the unrealised fair value
will be adjusted, in accordance with established precautionary principles, to the extent that carried
interest\u00a0should only be recognised once it is highly probable that there would not be a significant reversal of
cumulative carried interest in future accounting periods. The fund\u2019s other total proceeds from realised
investments and other realised movements as of the reporting date are then added to the equation, to
arrive at the total discounted value.
\u2013 Carried interest recognition assessment: if the total discounted value exceeds the total hurdle, carried
interest is recognised.
The carried interest receivable represents a contract asset under IFRS 15 \u2018Revenue from Contracts with
Customers\u2019. Amounts are typically presented as non-current assets unless they are expected to be received
within the next 12 months. The Group applies the simplified approach for measuring impairment of the
contract asset as permitted by IFRS 9.
The carried interest provision represents carry received in cash that does not yet meet the criteria to be
recognised. Depending on the future performance of each fund, this amount may be recognised by the
Group or returned to the carried interest sharing (CIS) partnership for onward distribution to other carry
recipients. The amount reflects the full carried interest received from funds less any amounts offset against
the carried interest receivable. The timing and nature of the release of the carried interest received is
uncertain at year end.
Credit vehicles:
Performance-related fees (performance fees) are recognised only to the extent it is assessed to be highly
probable that there will not be a significant reversal in future accounting periods. Subject to this, they are
recognised over a period of time and generally towards the end of the vehicle\u2019s life or upon an early
liquidation.
For vehicles with a performance fee component, the estimate of performance fees is made with\u00a0reference to
specific vehicle performance requirements such as a preferred return or performance hurdle. A constraint is
applied to the estimate to reflect uncertainty of future vehicle performance. Performance fees will only
crystallise and subsequently be received in cash at maturity if a vehicle meets the relevant performance
return conditions, unless other criteria take precedent.
Investment income
Investment income consists primarily of changes in fair value of the Group\u2019s investments in investment funds
and credit vehicles. Further details are set out within note 25. Details of the valuation of such investments is
explained further within note 3.
Other operating income
Other operating income is recognised in relation to income from transactions other than management fees,
fee-related performance revenues, carried interest and performance fees, or investment income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "Placement fees
The Group incurs placement fees which are costs paid to third parties for raising capital in certain investment
funds and credit vehicles. These services and the associated expenditure result in management fees that are
contracted to be received over the life of the vehicle. The placement fees are incremental costs to the
contract with clients and hence are capitalised and amortised over the period relevant to the specific vehicle.
", "dimensions": { "concept": "cvccapitalpartners:DescriptionOfAccountingPolicyForPlacementFee", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "Distributor fees
The Group delegates to distributors certain obligations of managing its evergreen vehicles. The benefits
received by the Group from these services occur over the period the investor is invested in the vehicle.
Distributor fees are therefore recognised in the consolidated statement of profit or loss over time as the
Group receives the benefit from the service. Payments made to distributors in advance of expense
recognition are recorded within other receivables in the consolidated statement of financial position.
", "dimensions": { "concept": "cvccapitalpartners:DescriptionOfAccountingPolicyForDistributorFees", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "Personnel benefits
Short-term employee benefits
Short-term employee benefits, which include employee salaries and bonuses, are expensed as the related
service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or
constructive obligation to pay as a result of past service provided by the employee and the obligation can be
estimated reliably. A liability is recognised for holiday balances at each period end if an employee\u2019s
entitlement is not used in full.
Long-term employee benefits
Long-term employee benefits, which are those that are not expected to be settled within 12 months of the
period end in which the employee renders the service that gives rise to the benefit, include certain long-term
bonuses. An expense is recognised over the period in which the related service is provided. A liability is
recognised for the present value of the future amount expected to be paid if the Group has a present or
constructive obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
Defined contribution pensions
Amounts payable in respect of employers\u2019 contributions to the Group\u2019s defined contribution pension scheme
are recognised as employee expenses as incurred. The assets of the scheme are held separately from those of
the Group in an independently administered fund.
Share-based payments
Employees (including senior executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services in exchange for equity instruments (equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made
using an appropriate valuation model. Refer to note 6 for further details.
The cost is recognised in personnel expenses together with a corresponding increase in equity (other reserves),
over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting
period). The cumulative expense recognised for equity-settled transactions at each reporting date until the
vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the
number of equity instruments that will ultimately vest. The expense or income in the statement of profit or loss
for a period represents the movement in cumulative expense recognised as at the beginning and end of that
period.
Service and non-market performance conditions are not taken into account when determining the grant
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. Market performance conditions
are reflected within the grant date fair value. Any other conditions attached to an award, but without an
associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also
service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance and/or
service conditions have not been met. Where awards include a market or non-vesting condition, the
transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date
fair value of the unmodified award, provided the original vesting terms of the award are met. An additional
expense, measured as at the date of modification, is recognised for any modification that increases the total
fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an
award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award
is expensed immediately through profit or loss.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Share-based payments
Employees (including senior executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services in exchange for equity instruments (equity-settled transactions).
Equity-settled transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made
using an appropriate valuation model. Refer to note 6 for further details.
The cost is recognised in personnel expenses together with a corresponding increase in equity (other reserves),
over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting
period). The cumulative expense recognised for equity-settled transactions at each reporting date until the
vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the
number of equity instruments that will ultimately vest. The expense or income in the statement of profit or loss
for a period represents the movement in cumulative expense recognised as at the beginning and end of that
period.
Service and non-market performance conditions are not taken into account when determining the grant
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. Market performance conditions
are reflected within the grant date fair value. Any other conditions attached to an award, but without an
associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also
service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance and/or
service conditions have not been met. Where awards include a market or non-vesting condition, the
transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date
fair value of the unmodified award, provided the original vesting terms of the award are met. An additional
expense, measured as at the date of modification, is recognised for any modification that increases the total
fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an
award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award
is expensed immediately through profit or loss.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "General and administrative expenses
General and administrative expenses consist primarily of expenses related to external services and
exceptional costs. Amounts are recognised in the consolidated statement of profit or loss on an accruals
basis.
Exceptional expenses are expenses which, because of the nature and expected infrequency of the events
giving rise to them, the Group considers merit in separate presentation in the notes to provide a better and
more consistent indication of the Group\u2019s underlying financial performance and a more meaningful
comparison with prior and future periods to assess trends in financial performance.
Expenses with respect to investment vehicles
The Group makes its general partner commitments to funds through investments in limited partnerships and
other investment vehicles. IFRS 10 \u2018Consolidated Financial Statements\u2019 requires the Group to consolidate
investments in limited partnerships and other investment vehicles which are determined to be controlled by
the Group. Operating expenses incurred by these entities are presented in the consolidated statement of
profit or loss as expenses with respect to investment vehicles. Refer to note 3 for further details on the
judgements involved in the consolidation assessment of these entities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Exceptional expenses are expenses which, because of the nature and expected infrequency of the events
giving rise to them, the Group considers merit in separate presentation in the notes to provide a better and
more consistent indication of the Group\u2019s underlying financial performance and a more meaningful
comparison with prior and future periods to assess trends in financial performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "EBITDA
Earnings before interest taxation depreciation and amortisation (EBITDA) has been presented as a
subheading in the consolidated statement of profit or loss. This is calculated as profit after income tax
adjusted by deducting from it, or adding back to it, finance income and expense, tax, depreciation and
amortisation in the consolidated financial statements. No adjustments have been made for non-recurring or
other one-off items.
", "dimensions": { "concept": "cvccapitalpartners:DescriptionOfAccountingPolicyForEBITDA", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "Finance income and finance expense
Finance income comprises interest earned on cash deposited with banks, and interest on loans receivable.
Finance expense comprises interest on interest-bearing liabilities and finance expense on lease liabilities.
Recurring fees and charges levied on committed bank facilities are charged to the consolidated statement of
profit or loss as accrued.
Interest income and expense is recognised using the effective interest rate method. The calculation includes
all\u00a0fees paid or received between parties to the contract that are an integral part of the effective interest rate,
transaction costs, and all other premiums and discounts.
The cost of issuing borrowings is expensed over the period of the borrowing so as to produce a constant
periodic rate of charge. The amortisation of borrowing costs are included within finance expense in the
consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "Finance income and finance expense
Finance income comprises interest earned on cash deposited with banks, and interest on loans receivable.
Finance expense comprises interest on interest-bearing liabilities and finance expense on lease liabilities.
Recurring fees and charges levied on committed bank facilities are charged to the consolidated statement of
profit or loss as accrued.
Interest income and expense is recognised using the effective interest rate method. The calculation includes
all\u00a0fees paid or received between parties to the contract that are an integral part of the effective interest rate,
transaction costs, and all other premiums and discounts.
The cost of issuing borrowings is expensed over the period of the borrowing so as to produce a constant
periodic rate of charge. The amortisation of borrowing costs are included within finance expense in the
consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "Finance income and finance expense
Finance income comprises interest earned on cash deposited with banks, and interest on loans receivable.
Finance expense comprises interest on interest-bearing liabilities and finance expense on lease liabilities.
Recurring fees and charges levied on committed bank facilities are charged to the consolidated statement of
profit or loss as accrued.
Interest income and expense is recognised using the effective interest rate method. The calculation includes
all\u00a0fees paid or received between parties to the contract that are an integral part of the effective interest rate,
transaction costs, and all other premiums and discounts.
The cost of issuing borrowings is expensed over the period of the borrowing so as to produce a constant
periodic rate of charge. The amortisation of borrowing costs are included within finance expense in the
consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
The cost of issuing borrowings is expensed over the period of the borrowing so as to produce a constant
periodic rate of charge. The amortisation of borrowing costs are included within finance expense in the
consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "Taxation
Income tax charge for the period comprises current and deferred tax recognised in the reporting period.
Tax\u00a0is\u00a0recognised in the consolidated statement of profit or loss, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In each case tax is recognised in other
comprehensive income or directly in equity, respectively.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the period or prior
period. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted
by the period end. The Group offsets current tax assets and current tax liabilities if it has a legally enforceable
right to set off the recognised amounts, and it intends either to settle on a net basis, or to realise the asset
and settle the liability simultaneously.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2013 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2013 in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint arrangements, when the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2013 when the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss; and
\u2013 in respect of deductible temporary differences associated with investments in subsidiaries, associates and
interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that
the temporary differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that\u00a0it\u00a0is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax\u00a0asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that the relevant recognition criteria are met, such as, that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used
elsewhere in the consolidated financial statements and in other management reports.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right
to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the
assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred
tax liabilities or assets are expected to be settled or recovered.
Uncertain tax position
The Group operates in multiple territories across the world and is therefore subject to a range of factors that
require judgement and create estimation uncertainty. Management continue to believe that the positions
taken in all tax returns are in line with both the letter and the spirit of the law, including basing transfer
pricing policies on the \u2018arm\u2019s length\u2019 principle as set out in the OECD guidelines. However, tax legislation is
open to interpretation and different tax authorities may take a different view and seek to attribute further
profit to activities being undertaken in their jurisdiction.
The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a
result of a past event and management judge that it is probable that there will be a future outflow of
economic benefits from the Group to settle any resulting obligation. Uncertain tax positions are assessed and
measured on an issue-by-issue basis within the jurisdictions that the Group operates, either using
management\u2019s estimate of the most likely outcome where the issues are binary, or the expected value
approach where the issues have a range of possible outcomes. Estimates take into account the specific facts
and circumstances of\u00a0each potential uncertainty, including management\u2019s historical experience of similar
positions and relevant external advice.
Where uncertainties exist, particularly those which are non-binary, such as transfer pricing issues, the
ultimate outcome may vary from the amounts provided and is dependent upon the outcome of discussions
with the relevant tax authorities or, if necessary, formal legal proceedings.
While the Group\u2019s measurement for uncertain tax positions is subject to estimation uncertainty,
management have concluded that the assumptions are not a key source of estimation uncertainty that will
have a significant risk of causing a material adjustment to the carrying amounts of the Group\u2019s liabilities.
Pillar Two
In December 2021, the OECD released Pillar Two model rules intended to ensure large multinational
enterprises pay a minimum level of tax in each of the jurisdictions in which they operate (the GloBE Rules).
The GloBE rules\u00a0provide for a top-up tax on profits arising in a jurisdiction whenever the effective tax rate of a
large multinational enterprise, determined on a jurisdictional basis, is below a 15% minimum rate. The GloBE
Rules were implemented in the United Kingdom and most EU member states effective after 31 December
2023. In addition, other jurisdictions in which the Group operates have already enacted the GloBE Rules in
their domestic law, including Jersey, where the GloBE Rules are included in domestic law effective for fiscal
years beginning on or after 1 January 2025.
The GloBE Rules, as they are implemented in the domestic laws of certain of the jurisdictions in which the
Group operates, apply to the Group. Refer to note 10 for further information.
Given the uncertainty on whether the Pillar Two rules will lead to temporary differences that could create or
change deferred taxes, as well as the uncertainty related to the tax rate to use for purposes of deferred taxes
related to Pillar Two, the IASB issued amendments to IAS 12 \u2018Income Taxes\u2019 that introduced a mandatory
temporary exception to the requirements of IAS 12. Under this exception, a company does not recognise or
disclose information about deferred tax assets and liabilities related to the Pillar Two model rules. The Group
has applied this mandatory temporary exception.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2013 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2013 in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint arrangements, when the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2013 when the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss; and
\u2013 in respect of deductible temporary differences associated with investments in subsidiaries, associates and
interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that
the temporary differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that\u00a0it\u00a0is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax\u00a0asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that the relevant recognition criteria are met, such as, that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used
elsewhere in the consolidated financial statements and in other management reports.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right
to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the
assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred
tax liabilities or assets are expected to be settled or recovered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "Provisions
Provisions include the Group\u2019s carried interest provision which represents carried interest received in cash that
does not yet meet the criteria to be recognised, a share appreciation rights provision (SAR provision) related
to the acquisition of CVC DIF (formerly DIF Capital Partners), and provisions for dilapidations related to
property leases. These are measured at the present value of the expenditures expected to be required to
settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the obligation. The increase in the provision due to passage of time is
recognised as an interest expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "Property and equipment
Property and equipment is stated at cost less accumulated depreciation and any provision for impairment.
Depreciation is provided on a straight-line basis over the expected useful economic lives of the assets.
Residual\u00a0values are reviewed at least annually. Estimated useful lives by major class of assets are as follows:
Asset class
Depreciation rate
Leasehold improvements
Over the shorter of their useful economic life or the lease term
Equipment
3 to 5 years
Fixtures and fittings
3 to 7 years
Right-of-use assets
Over the lease term
Property and equipment is subject to review for impairment if triggering events or circumstances indicate
that this is necessary. If an indication of impairment exists, the recoverable amount of the assets is estimated
and any impairment loss is charged to the consolidated statement of profit or loss as it arises.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Property and equipment is stated at cost less accumulated depreciation and any provision for impairment.
Depreciation is provided on a straight-line basis over the expected useful economic lives of the assets.
Residual\u00a0values are reviewed at least annually. Estimated useful lives by major class of assets are as follows:
Asset class
Depreciation rate
Leasehold improvements
Over the shorter of their useful economic life or the lease term
Equipment
3 to 5 years
Fixtures and fittings
3 to 7 years
Right-of-use assets
Over the lease term
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "Intangible assets
Intangible assets that are acquired by the Group include customer-related intangible assets, brands, and
computer software and are recognised initially at their estimated fair value at the acquisition date (which is
regarded as their historical cost). Subsequent to initial recognition, intangible assets are recorded at historical
cost less accumulated amortisation and any impairment losses.
The useful economic lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and
assessed for impairment whenever there are any indications that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed
at least annually. The amortisation expense on intangible assets with finite lives is recognised in the
consolidated statement of profit or loss, within depreciation and amortisation.
Estimated useful economic lives by major class of assets are as follows:
Asset class
Amortisation rate
Customer-related intangible assets
5 to 13 years
Brands
5 years
Computer software
3 to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "Financial instruments
Financial assets
The Group\u2019s financial assets consist of financial assets at fair value through profit or loss, certain trade and
other receivables, and cash and cash equivalents.
Recognition
A financial asset is recognised when the Group becomes party to the contractual provisions of the
instrument.
Classification and measurement
A financial asset is initially classified into one of three measurement categories. The classification depends
on\u00a0how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows.
The measurement categories for financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
Financial assets must be measured through profit or loss unless they are measured at amortised cost or
through other comprehensive income. Financial assets at fair value through profit or loss are classified
as\u00a0current assets if they are expected to be settled in the next 12 months, otherwise they are classified
as\u00a0non-current.
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
The Group\u2019s trade and other receivables meet the above criteria and are therefore initially measured at
transaction cost and subsequently measured at amortised cost using the effective interest method less
expected credit losses (ECL).
The Group\u2019s financial assets at fair value through profit or loss are measured at fair value through profit or
loss.
Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when
the Group transfers the rights to receive the contractual cash flows in a transaction in which substantially all
the risks and rewards of ownership of the financial asset are transferred.
Impairment
Expected credit losses (ECL) are calculated on financial assets measured at amortised cost and are
recognised within the consolidated statement of profit or loss account. For trade and other receivables, the
Group applies the simplified approach and the practical expedient permitted by IFRS 9 to apply a provision
matrix that is based on its historic default rates over the expected life of the receivables.
The Group may consider a financial asset to be in default when internal or external information indicates that
the Group is unlikely to receive the outstanding contractual cash flows in full. A financial asset is written off
when there is no reasonable expectation of recovering the contractual cash flows.
Offsetting
Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of
financial position where the Group currently has a legally enforceable right to offset the recognised amounts,
and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Financial liabilities
The Group\u2019s financial liabilities include certain trade and other payables, borrowings and the forward liability
which relates to the Group\u2019s obligation to acquire the remaining 40% interest in CVC DIF in the future.
Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of
the\u00a0instrument.
Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs, with the exception of the Group\u2019s forward liability which is initially
recognised at the present value of the cost of acquisition.
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
Financial liabilities at amortised cost
After initial recognition financial liabilities at amortised cost are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs
in the consolidated statement of profit or loss. Borrowings (other than those designated to be measured at
fair value through profit or loss) and trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
The Group recognises a forward liability related to its obligation to acquire the remaining interest in CVC DIF
(refer to note 20 for further information). The forward liability is measured at the present value of the
expected cost of acquisition. Changes to the valuation of the forward liability are recognised in the
consolidated statement of profit or loss.
Derecognition
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled, or
expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Financial assets
The Group\u2019s financial assets consist of financial assets at fair value through profit or loss, certain trade and
other receivables, and cash and cash equivalents.
Recognition
A financial asset is recognised when the Group becomes party to the contractual provisions of the
instrument.
Classification and measurement
A financial asset is initially classified into one of three measurement categories. The classification depends
on\u00a0how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows.
The measurement categories for financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
Financial assets must be measured through profit or loss unless they are measured at amortised cost or
through other comprehensive income. Financial assets at fair value through profit or loss are classified
as\u00a0current assets if they are expected to be settled in the next 12 months, otherwise they are classified
as\u00a0non-current.
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
The Group\u2019s trade and other receivables meet the above criteria and are therefore initially measured at
transaction cost and subsequently measured at amortised cost using the effective interest method less
expected credit losses (ECL).
The Group\u2019s financial assets at fair value through profit or loss are measured at fair value through profit or
loss.
Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when
the Group transfers the rights to receive the contractual cash flows in a transaction in which substantially all
the risks and rewards of ownership of the financial asset are transferred.
Impairment
Expected credit losses (ECL) are calculated on financial assets measured at amortised cost and are
recognised within the consolidated statement of profit or loss account. For trade and other receivables, the
Group applies the simplified approach and the practical expedient permitted by IFRS 9 to apply a provision
matrix that is based on its historic default rates over the expected life of the receivables.
The Group may consider a financial asset to be in default when internal or external information indicates that
the Group is unlikely to receive the outstanding contractual cash flows in full. A financial asset is written off
when there is no reasonable expectation of recovering the contractual cash flows.
Offsetting
Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of
financial position where the Group currently has a legally enforceable right to offset the recognised amounts,
and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Classification and measurement
A financial asset is initially classified into one of three measurement categories. The classification depends
on\u00a0how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows.
The measurement categories for financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
Financial assets must be measured through profit or loss unless they are measured at amortised cost or
through other comprehensive income. Financial assets at fair value through profit or loss are classified
as\u00a0current assets if they are expected to be settled in the next 12 months, otherwise they are classified
as\u00a0non-current.
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
The Group\u2019s trade and other receivables meet the above criteria and are therefore initially measured at
transaction cost and subsequently measured at amortised cost using the effective interest method less
expected credit losses (ECL).
The Group\u2019s financial assets at fair value through profit or loss are measured at fair value through profit or
loss.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Classification and measurement
A financial asset is initially classified into one of three measurement categories. The classification depends
on\u00a0how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows.
The measurement categories for financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
Financial assets must be measured through profit or loss unless they are measured at amortised cost or
through other comprehensive income. Financial assets at fair value through profit or loss are classified
as\u00a0current assets if they are expected to be settled in the next 12 months, otherwise they are classified
as\u00a0non-current.
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
The Group\u2019s trade and other receivables meet the above criteria and are therefore initially measured at
transaction cost and subsequently measured at amortised cost using the effective interest method less
expected credit losses (ECL).
The Group\u2019s financial assets at fair value through profit or loss are measured at fair value through profit or
loss.
Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs, with the exception of the Group\u2019s forward liability which is initially
recognised at the present value of the cost of acquisition.
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
Financial liabilities at amortised cost
After initial recognition financial liabilities at amortised cost are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs
in the consolidated statement of profit or loss. Borrowings (other than those designated to be measured at
fair value through profit or loss) and trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
The Group recognises a forward liability related to its obligation to acquire the remaining interest in CVC DIF
(refer to note 20 for further information). The forward liability is measured at the present value of the
expected cost of acquisition. Changes to the valuation of the forward liability are recognised in the
consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
The Group\u2019s trade and other receivables meet the above criteria and are therefore initially measured at
transaction cost and subsequently measured at amortised cost using the effective interest method less
expected credit losses (ECL).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when
the Group transfers the rights to receive the contractual cash flows in a transaction in which substantially all
the risks and rewards of ownership of the financial asset are transferred.
Derecognition
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled, or
expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Impairment
Expected credit losses (ECL) are calculated on financial assets measured at amortised cost and are
recognised within the consolidated statement of profit or loss account. For trade and other receivables, the
Group applies the simplified approach and the practical expedient permitted by IFRS 9 to apply a provision
matrix that is based on its historic default rates over the expected life of the receivables.
The Group may consider a financial asset to be in default when internal or external information indicates that
the Group is unlikely to receive the outstanding contractual cash flows in full. A financial asset is written off
when there is no reasonable expectation of recovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Offsetting
Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of
financial position where the Group currently has a legally enforceable right to offset the recognised amounts,
and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Financial liabilities
The Group\u2019s financial liabilities include certain trade and other payables, borrowings and the forward liability
which relates to the Group\u2019s obligation to acquire the remaining 40% interest in CVC DIF in the future.
Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of
the\u00a0instrument.
Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs, with the exception of the Group\u2019s forward liability which is initially
recognised at the present value of the cost of acquisition.
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
Financial liabilities at amortised cost
After initial recognition financial liabilities at amortised cost are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs
in the consolidated statement of profit or loss. Borrowings (other than those designated to be measured at
fair value through profit or loss) and trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
The Group recognises a forward liability related to its obligation to acquire the remaining interest in CVC DIF
(refer to note 20 for further information). The forward liability is measured at the present value of the
expected cost of acquisition. Changes to the valuation of the forward liability are recognised in the
consolidated statement of profit or loss.
Derecognition
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled, or
expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Financial liabilities
The Group\u2019s financial liabilities include certain trade and other payables, borrowings and the forward liability
which relates to the Group\u2019s obligation to acquire the remaining 40% interest in CVC DIF in the future.
Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of
the\u00a0instrument.
Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs, with the exception of the Group\u2019s forward liability which is initially
recognised at the present value of the cost of acquisition.
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
Financial liabilities at amortised cost
After initial recognition financial liabilities at amortised cost are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs
in the consolidated statement of profit or loss. Borrowings (other than those designated to be measured at
fair value through profit or loss) and trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
The Group recognises a forward liability related to its obligation to acquire the remaining interest in CVC DIF
(refer to note 20 for further information). The forward liability is measured at the present value of the
expected cost of acquisition. Changes to the valuation of the forward liability are recognised in the
consolidated statement of profit or loss.
Derecognition
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled, or
expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Financial liabilities
The Group\u2019s financial liabilities include certain trade and other payables, borrowings and the forward liability
which relates to the Group\u2019s obligation to acquire the remaining 40% interest in CVC DIF in the future.
Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of
the\u00a0instrument.
Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs, with the exception of the Group\u2019s forward liability which is initially
recognised at the present value of the cost of acquisition.
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
Financial liabilities at amortised cost
After initial recognition financial liabilities at amortised cost are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs
in the consolidated statement of profit or loss. Borrowings (other than those designated to be measured at
fair value through profit or loss) and trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
The Group recognises a forward liability related to its obligation to acquire the remaining interest in CVC DIF
(refer to note 20 for further information). The forward liability is measured at the present value of the
expected cost of acquisition. Changes to the valuation of the forward liability are recognised in the
consolidated statement of profit or loss.
Derecognition
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled, or
expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Financial liabilities
The Group\u2019s financial liabilities include certain trade and other payables, borrowings and the forward liability
which relates to the Group\u2019s obligation to acquire the remaining 40% interest in CVC DIF in the future.
Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of
the\u00a0instrument.
Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of
directly attributable transaction costs, with the exception of the Group\u2019s forward liability which is initially
recognised at the present value of the cost of acquisition.
For the purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include those which have been designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are designated by management upon
initial recognition to be measured at fair value under IFRS 9 if they meet the following criteria. Such
designation is determined on an instrument-by-instrument basis:
\u2013 the designation eliminates, or significantly reduces, the inconsistent treatment that would otherwise arise
from measuring the assets or liabilities or recognising gains or losses on them on a different basis; or
\u2013 the liabilities are part of a group of financial liabilities, which are managed and their performance
evaluated on a fair value basis, in accordance with a documented risk management or investment
strategy, and information about the group of financial liabilities is provided internally on that basis to the
entity\u2019s key management personnel; or
\u2013 the financial liabilities contain one or more embedded derivatives, unless they do not significantly modify
the\u00a0cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when
a\u00a0similar instrument is first considered that separation of the embedded derivative(s) is prohibited.
The Group has designated certain borrowings to be measured at fair value through profit or loss.
Financial liabilities at amortised cost
After initial recognition financial liabilities at amortised cost are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the effective interest rate amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs
in the consolidated statement of profit or loss. Borrowings (other than those designated to be measured at
fair value through profit or loss) and trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
The Group recognises a forward liability related to its obligation to acquire the remaining interest in CVC DIF
(refer to note 20 for further information). The forward liability is measured at the present value of the
expected cost of acquisition. Changes to the valuation of the forward liability are recognised in the
consolidated statement of profit or loss.
Derecognition
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled, or
expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
The Group has designated certain borrowings to be measured at fair value through profit or loss.
19.\u00a0 \u00a0 Borrowings
(a) Borrowings
All figures in \u20ac 000
Dec-25
Dec-24
Non-current:
Borrowings held at amortised cost
1,530,084
1,593,160
Borrowings held at fair value through profit or loss
\u2014
1,088
Total non-current borrowings
1,530,084
1,594,248
Current:
Borrowings held at amortised cost
99,061
82,081
Total current borrowings
99,061
82,081
As at 31\u00a0December 2025 , the Group has \u20ac1.45bn of outstanding private placement notes (Dec-24 : \u20ac1.45bn).
The loan notes are measured at amortised cost and bear interest at a weighted average of 2.2% per annum.
The weighted average tenor as at 31\u00a0December 2025 is 10 years. Qualifying costs have been capitalised and
are amortised over the life of the notes.
The notes were partially swapped by the note holders into CAD, USD and GBP. The Group has an option to
prepay the private placement notes. The Group concluded that the economic risks of these prepayment
options are not closely related to the loan notes and therefore are recorded as separable embedded
derivatives measured at fair value. The fair value of the prepayment options are nil as at 31\u00a0December 2025
(Dec-24: nil).
On 16 January 2025, the Group extended its corporate revolving credit facility for an incremental amount
of\u00a0\u20ac200m. The Group now has access to \u20ac800m under this RCF, which is available until 24 August 2028. As
at 31\u00a0December 2025, the Group had nil (Dec-24: \u20ac72.5m) drawn down on this facility. Qualifying costs have
been capitalised and are amortised over the life of the facility. Amortised costs are included within finance
expense. Interest rates are determined at each drawdown based on the relevant currency\u2019s reference rate for
the relevant drawdown period plus 1.2%.
On 5 December 2025 the Group entered into a separate revolving credit facility agreement for an amount of
\u20ac400m, which is available until 5 December 2028. The facility was not drawn as at 31 December 2025.
The above private placement notes and RCFs are subject to two financial covenants: one requiring the
maintenance of minimum assets under management (AUM) of \u20ac20bn (plus 50% of the AUM of businesses
acquired) and a second setting a maximum total net leverage ratio of 4:1. The total net leverage ratio is
calculated on the basis of total debt for borrowed money less unrestricted cash compared to EBITDA,
adjusted for certain items as detailed within the agreements, for the most recent period of four consecutive
quarters. Both covenants are tested biannually as at 31 December and as at 30 June. As at 31\u00a0December
2025, the Group was fully compliant with the covenants.
The Group\u2019s consolidated structured entities have access to revolving credit facilities to cover funding of
investments over the short term, usually a 12-month period. The total amount available to these consolidated
structured entities at 31\u00a0December 2025 was \u20ac385.4m ( Dec-24: \u20ac495.3m). The total amount outstanding
at\u00a031\u00a0December 2025 was \u20ac90.8m (Dec-24: \u20ac73.4m). The balance outstanding as at 31\u00a0December 2025 was
repaid\u00a0post-period end through calls partly funded by commitments from non-controlling interests of the
consolidated structured entities. During the year, the Group transferred a portion of a fund investment
to\u00a0an\u00a0unconsolidated structured entity in exchange for a repayment of \u20ac16.6m (Dec-24: \u20ac2.3m) on a
revolving credit facility. The\u00a0transfer had no impact on the Group\u2019s cash.
19.\u00a0 \u00a0 Borrowings
Borrowings also include \u20ac97.1m (Dec-24: \u20ac84.7m) of CLO retention financing. CVC Credit entered into a
number of CLO repurchase agreements specific to each CLO, to finance a portion of risk retention holdings.
Generally, upon a counterparty default, the Group can terminate the CLO repurchase agreement and offset
amounts it owes against collateral, if any. During the term of a\u00a0transaction entered into under the CLO
repurchase agreement, the Group will deliver cash or additional securities acceptable to the counterparty
if\u00a0the securities sold are in default. The CLO repurchase agreement may be terminated at any time upon
certain defaults or circumstances agreed upon by the parties. The repurchase agreements may result in
credit exposure in the event the counterparty to the transaction is unable to fulfil its contractual obligations.
The Group minimises the credit risk associated with these activities by monitoring counterparty credit
exposure and collateral values. Other than margin requirements, the Group is not subject to additional terms
or contingencies which would expose the Group to additional obligations based upon the performance of the
securities pledged as collateral. The amount of investments pledged as collateral for these loans is \u20ac98.2m
(Dec-24: \u20ac91.8m).
(b) Guarantees
The Group is a guarantor on a \u20ac200m RCF provided to an entity outside of the Group. The RCF is available
until August 2028 and contains two financial covenants: one requiring the guarantors to maintain minimum
AUM of \u20ac20bn (plus 50% of the AUM of businesses acquired by the guarantors) and a second setting a
maximum total net leverage ratio of 4:1. The total net leverage ratio is calculated on the basis of total debt
for borrowed money less unrestricted cash compared to EBITDA, adjusted for certain items as detailed within
the credit agreement, for the most recent period of four consecutive quarters. As at 31\u00a0December 2025, the
Group was fully compliant with the covenants. As at 31\u00a0December 2025, the RCF had \u20ac133.5m drawn
(Dec-24: \u20ac143.3m).
Letters of credit have been issued, and guarantees provided, on behalf of the Group to landlords in respect
of\u00a0lease commitments for \u20ac2.3m (Dec-24: \u20ac5.5m). This amount represents the maximum exposure of
the\u00a0Group.
As discussed in note 2, included in management fees are fees earned by the Group acting as an underwriter or
placement agent in offerings or placements of debt and/or equity financing, and as a result at times has
outstanding commitments. As at 31\u00a0December 2025 the value of outstanding commitments was nil
(Dec-24:\u00a0nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "trade and other payables are subsequently measured at amortised cost
using the effective interest rate method, which approximates fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and short-term highly liquid deposits with a maturity of
three months or less, that are readily convertible to a known amount of cash and subject to an insignificant
risk of change in value, held at call with banks.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "Leases
Leases for office premises
The Group assesses at contract inception whether a contract is, or contains, a lease. Such contracts
represent leases of office premises where the Group is a tenant. Right-of-use assets are recorded initially at
cost and depreciated on a straight-line basis over the shorter of the lease term or the estimated useful
economic life. Cost is defined as the lease liabilities recognised plus any initial costs and dilapidations
provisions less any incentives received. The right-of-use assets are depreciated over the lease term, which is
between 0.1 to 15 years. Right-of-use assets are included within property and equipment in the consolidated
statement of financial position.
The lease liability is initially measured at the net present value of future lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group\u2019s incremental borrowing rate (IBR). Generally, the Group uses its IBR as the
discount rate as the implicit rate is not readily determinable for the rented office premises. The IBR is the rate
that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic environment within similar terms, security and conditions. The
IBR has been determined by combining the relevant reference risk-free rate for each currency, consideration
of adjustments for country-specific risks and applying a financing spread observable to comparable
companies. The lease liability is subsequently measured at amortised cost using the effective interest
method.
The main components of lease payments included in the measurement of the lease liability comprise
the\u00a0following:
\u2013 fixed lease payments;
\u2013 variable lease payments that are linked to an index (i.e. consumer price index); and
\u2013 lease payments in an optional renewal period if the Group is reasonably certain to exercise an
extension\u00a0option.
Lease payments contain principal elements and interest. Interest is presented as part of finance costs in
the\u00a0consolidated statement of profit or loss using the effective interest method. The principal and interest
portions of lease payments have been presented within financing activities in the consolidated statement
of\u00a0cash flows. The carrying amount of lease liabilities is remeasured if there is a change in the future lease
payments due to a change in index or rate. Lease payments due within the next 12 months are recognised
within current liabilities, payments due after 12 months are recognised within non-current liabilities.
Short-term leases and leases of low-value assets
The Group recognises right-of-use assets and lease liabilities for leases of low-value and for short-term leases
that have a lease term of 12 months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "Dividends
Dividends and other distributions to the equity holders of the parent and non-controlling interests are
recognised in the period in which the dividends and other distributions are approved. These amounts are
recognised in the consolidated statement of changes in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant
factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only
and the relevant activities are directed by means of contractual arrangements.
The Group has determined that where it holds an investment, fee receivable, commitment with an
investment vehicle or a right to carried interest, that this represents an interest in a structured entity.
The Group has further determined that when it acts within pre-determined parameters set out in various
agreements and the decision-making authority is well defined, including third-party rights in respect of the
investment manager, the Group is acting as an agent on behalf of its clients and therefore these entities are
not consolidated into the Group\u2019s financial statements.
", "dimensions": { "concept": "cvccapitalpartners:DescriptionOfAccountingPolicyForUnconsolidatedStructuredEntities", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
3.\u00a0 \u00a0 Critical judgements in the application of accounting policies and key sources of estimation
uncertainty
The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the consolidated financial statements are disclosed
below. There is no material impact of climate change on estimation uncertainty.
Judgements Consolidation of investments in investment vehicles
A significant judgement for the Group is whether the Group controls the limited partnerships and credit
vehicles, through which it makes its general partner commitment to each fund and manages and holds
investments (\u2018investment vehicles\u2019) in accordance with IFRS 10. Control is determined by the directors\u2019
assessment of decision-making authority, rights held by other parties, remuneration and exposure to variable
returns.
When assessing whether the Group controls any investment vehicle it is necessary to determine whether the
Group acts in the capacity of principal or as agent for the third-party clients. An agent is a party primarily
engaged to act on behalf of and for the benefit of another party or parties, whereas a principal is primarily
engaged to act for its own benefit.
When making this significant judgement the directors need to assess the kick-out rights of the third-party
clients and the Group\u2019s exposure to returns from the investment vehicle. For each of the investment vehicles
the kick-out rights and exposure to returns were reviewed. Where third-party clients have substantive rights
to\u00a0remove the Group as the general partner and the exposure to returns is not significant, the Group is
deemed to be acting as an agent to the investment vehicle and therefore does not require consolidation into
the Group. If the Group has significant influence over these entities, they are recognised as associates. Where
the Group acts in the capacity of principal, by demonstrating power over the investment vehicle, having
exposure to variable returns as an investor, and having the ability to use their power to affect their variable
returns, the Group consolidates the investment vehicle.
Consolidation of carried interest entities and carried interest entitlement
The Group is entitled to carried interest through its participation in certain carried interest entities. The
purpose of these carried interest entities is to facilitate payments of carried interest from the funds to those
parties whom the fund investors have agreed carried interest will be paid. Those parties are principally the
Group and certain of the Group\u2019s current and former employees and they receive their carried interest either
directly from the carried interest entities or indirectly as indirect shareholders in Vision LP II Holdings Limited
and its subsidiaries (\u2018LP II Holdings Group\u2019) or Vision Management Holdings Limited and its subsidiaries
(\u2018Management Holdings Group\u2019), which themselves are participants in the carried interest entities.
The\u00a0LP\u00a0II\u00a0Holdings Group and Management Holdings Group are not subsidiaries of the Company and are
therefore not included within the consolidated financial statements of the Group.
Consolidation of carried interest entities
A significant judgement for the Group is whether the Group controls any carried interest entity in accordance
with IFRS 10 and is required to consolidate the carried interest entity into the results of the Group. Control is
determined by the directors\u2019 assessment of decision-making authority, rights held by other parties,
remuneration and exposure to returns.
The directors have undertaken a control assessment of each carried interest entity in accordance with IFRS 10
to consider whether the carried interest entities should be consolidated into the Group. The directors have
determined that the power to control the carried interest entities lies with parties that are outside of the
Group and are not acting as agents of the Group, and that the carried interest entities should therefore not
be consolidated into the Group.
In this analysis the directors have considered both the legal form and the substance of the relationships
between the Group, the relevant fund, the carried interest entity and the carried interest participants. They
determined that the relevant arrangements were established at inception of the relevant funds, and reflected
fund investor requirements that the carried interest participants acquire a carried interest in the fund to align
interests for the purpose of enhancing the investment performance of the fund, those carried interests
having been acquired by those parties using their own resources. The directors determined that from the
outset of each relevant fund, the Group has not had the relevant decision-making power over the relevant
activities of the carried interest entities, and that the party that does have that decision-making power is the
general partner of the carried interest entities, which itself has been determined not to be part of the Group
by applying a similar analysis.
Carried interest entitlement
Carried interest receivable is based on amounts to which the Group is entitled, legally or in substance, in
accordance with the underlying agreements with each fund. The Group has included in revenue, on the
recognition basis described in note 2, the percentage of the carried interest in each fund to which the Group
is\u00a0contractually entitled (30% for all funds with the exception of Fund VI which is nil, Fund VII which is 15%,
and\u00a0Secondaries and Infrastructure funds which are nil (with the exception of SOF VI which is 30%, and DIF
VIII and Value-add IV which are 20%)).
An area of significant judgement is whether the Group is entitled to, and should recognise as revenue under
IFRS 15, carried interest that is in fact paid to parties other than the Group (\u2018other party carried interest\u2019). The
directors have undertaken a detailed assessment to determine whether, in substance, the Group is entitled to
this other party carried interest and should therefore recognise it as revenue. The directors have considered
and determined the following in their analysis:
1. The Group is not and has never been entitled contractually to this other party carried interest.
2. The Group has no obligation, whether contractual or in substance, to pay any amounts of carried
interest, or amounts representing this other party carried interest, to any party.
3. The other party carried interest paid by the funds to parties other than the Group is paid for identifiable
economically rational reasons, in that it is paid by the funds for things done for and services provided by
those other parties to the funds, as follows:
a. In the case of the carried interest paid to the carried interest entities whose participants are
principally employees and former employees of the Group, the recipients acquire their interests as
required by third-party fund investors to drive alignment and thereby enhance fund performance,
and their receipt of carried interest from the fund is designed to reflect their contribution to the fund
in the form of enhanced performance of the fund, reflecting the current global market framework
and industry standards required by third-party fund investors. The recipients pay using their own
resources for their interests at inception of each fund, and any carried interest received by them is
considered by the directors not to be remuneration for services provided to the Group.
b. The carried interest paid to the LP II Holdings Group and Management Holdings Group reflects the
fact that these groups possess the power to ensure that a significant commercial requirement of the
third-party fund investors is provided, namely that a majority of all carried interest ultimately flows to
current and former employees of the Group. The directors consider that the Group cannot continue
investing its existing funds, or raise new funds, unless this requirement is met, but that the Group
cannot meet this requirement on its own. The LP II Holdings Group and Management Holdings
Group have contracted with the Group for the benefit of existing and future funds to actively
manage their shareholder population to ensure that this commercial requirement of funds and fund
investors is satisfied. The receipt of carried interest by the LP II Holdings Group and the Management
Holdings Group is reflective of this benefit of existing and future funds.
Based on this analysis the directors consider that the Group has no entitlement, whether contractual or in
substance, to the other party carried interest and accordingly, in accordance with IFRS 15, such carried
interest is not recognised as revenue of the Group.
Recognition of carried interest
Carried interest receivable is calculated based on the underlying agreements, and assuming all fund assets
are sold at their fair values at the balance sheet date. In accordance with IFRS 15, the calculated carried
interest revenue can only be recognised to the extent to which it is highly probable that there will not be a
significant reversal of any accumulated revenue recognised in future accounting periods. A significant
judgement for the Group is whether or not carried interest revenue should be recognised.
This judgement is made on a fund-by-fund basis, based on its specific circumstance, including consideration
of the remaining duration of the fund, the current fund valuation and internal forecasts on the expected
timing and value of disposal of fund assets.
Estimates
The key sources of estimation uncertainty at the reporting date, that may have a significant risk of causing
a\u202fmaterial adjustment to the carrying amounts of assets and liabilities within the next financial year are
summarised below.
Measurement of carried interest and performance fees
Private equity funds
Carried interest receivable is calculated based on amounts contractually due under the underlying
agreements\u00a0with each fund. The calculation of carried interest assumes that all fund assets are sold at
the\u00a0balance sheet date, at an amount equal to fair value less a discount (see below \u2013 the carried interest
\u2018constraint\u2019). This discount or constraint is applied to help mitigate the risk of significant revenue reversal in
accordance with IFRS 15. If the total discounted fair value exceeds the total hurdle, carried interest revenue is
recognised. The application of the constraint means that carry will be recognised later in a fund\u2019s life than if
no constraint were applied. The\u00a0Group expects carry to be initially recognised in a particular fund after
significant value has been created across the fund\u2019s portfolio and after a number of investments have been
realised.
IFRS 15 requires that carried interest revenue should only be recognised to the extent to which it is highly
probable that there will not be a significant reversal of revenue in future accounting periods. In determining
the amount of carried interest revenue to be recognised, if any, the Group is required to make assumptions
and estimates when determining the timing and measurement of such amounts. The Group bases its
assessment on the best available information relating to the funds and the activity of the underlying assets
within each fund. This includes the remaining duration of the fund, the current fund valuation and internal
forecasts on the expected timing and value of disposal of fund assets.
For private equity funds the risk of revenue reversal is managed through the application of constraints of
between 30 to 50% that are applied to the fair values of unrealised investments. The percentage constraint
applied depends on the specific circumstances of each individual fund including portfolio diversification,
portfolio volatility, whether there has been a recent market correction (and the extent to which this
has\u00a0been\u00a0factored into the valuation of the fund), and the expected average remaining holding period.
The\u00a0Group has assessed its historical funds and has back-tested past carry recognition through the
application of various constraints to historical fair value movements, in arriving at the approach used for
the\u00a0current fund portfolios. The level of constraints applied are reassessed at each reporting date.
The methodology applied in the calculation of carried interest has been devised so as to reflect the
investment management service provided, while acknowledging the requirement to apply a constraint to
reduce the risk of revenue reversal. The investment management service covers a range of interrelated
activities; sourcing and purchase of investments, monitoring of investments, value creation throughout the
holding period, and the realisation of investments. Each element of this service is reflected in the calculation
and recognition of carried interest, in particular the recognition of carried interest over the holding period of
each investment. Carried interest recognition is a function of the upward valuation of investments within
each fund portfolio. This value creation drives unrealised gains in respect of current investments and realised
gains on investments that have been sold. Carried interest is therefore recognised throughout the investment
holding period of each investment, in a manner which is judged to provide a faithful depiction of the service
provided.
Credit vehicles
Measurement and recognition of performance fees require significant estimates as to whether the credit
vehicles will meet their expected performance conditions in the future. The Group bases its assessment on the
best available information pertaining to the vehicles and the activity of the underlying assets within that
vehicle. The valuation of the underlying assets within a vehicle will be subject to fluctuations in future periods,
including but not limited to the impact of prevailing market variables and macroeconomic factors outside
the Group\u2019s control. A constraint is applied to the potential future unrealised performance fee cash flows
receivable due to the inherent uncertainty. The constraint is weighted to the final years of a funds\u2019 life which
results in recognition of performance fees for credit vehicles in proximity to the maturity date of the
underlying credit instruments. This is applied using a probability weighting to the cash flows which is then
discounted using a rate derived from the weighted average cost of capital and results in a constrained
revenue recognition which is assessed on a case-by-case basis.
A sensitivity analysis on the impact of reasonably possible changes in the constraint percentages on carried
interest and performance fee revenue and carried interest receivable, has been included in note 5.
Valuation of financial assets at fair value through profit or loss
Financial instruments at fair value through profit or loss are stated at fair value. IFRS 13 \u2018Fair Value
Measurement\u2019 establishes a fair value hierarchy that categorises the inputs to valuation techniques used to
measure fair value into three levels. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
\u2013 Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that
the Group has the ability to access at the measurement date;
\u2013 Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and
\u2013 Level 3: Inputs that are unobservable.
For assets and liabilities that are recognised in the consolidated financial statements at fair value
on\u00a0a\u00a0recurring basis, the Group determines whether transfers have occurred between levels in the
hierarchy\u00a0by\u00a0re-assessing categorisation (based on the lowest level input that is significant to the fair
value\u00a0measurement as a whole) at the end of each reporting period.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that
market\u00a0participants use to make valuation decisions, including assumptions about risk. Inputs may
include\u00a0price information, volatility statistics, specific and broad credit data, liquidity statistics, and other
factors. An investment\u2019s level within the fair value hierarchy is based on the lowest level of any input that
is\u00a0significant to the fair value measurement.
The Group considers observable data to be market data which is readily available, regularly distributed or
updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are
actively involved in the relevant market. The categorisation of an investment within the hierarchy is based
upon the pricing transparency of the investment and does not necessarily correspond to the Group\u2019s
perceived risk of that investment.
Substantially all of the Group\u2019s investments have been classified within Level 3 as they have unobservable
inputs and reflect estimates and assumptions over the inputs used in pricing the asset or liability, developed
based on the best information available in the circumstances as they trade infrequently or not at all.
Level 3 investments include common equity securities, preferred equity securities, corporate debts, other
privately issued securities, investments in collateralised loan obligations (CLOs), and investments in credit
vehicles. The total amount of unrealised gains and losses recognised in the consolidated statement of profit
or\u00a0loss related to Level 3 investments is recognised in investment income in line with IFRS 13.
Fair value is estimated as follows:
If a quoted market price is not available for a security, or the quoted price is not deemed to be sourced from
an active market, the Group estimates the security\u2019s fair value with reference to the International Private
Equity and Venture Capital Valuation Guidelines (IPEV).
The fair value measurement of the unquoted investments is based on a model which may contain significant
unobservable inputs. The relevant model might be an earnings-based multiple (including but not limited to
enterprise value/EBITDA, enterprise value/earnings before interest and taxes (EBIT) or price-to-earnings (P/E)),
an asset-based multiple (including but not limited to net tangible asset value (NTAV) or tangible book value
(TBV)), derived from the price of a recent investment or a specific industry valuation benchmark, depending
on management\u2019s assessment of the most appropriate valuation methodology for that particular business.
The inputs to the applicable model may include the earnings of the underlying business, and multiples of
relevant comparable companies (which are quoted companies similar in business activity and size to the
investee company), adjusted as necessary. These adjustments are to reflect differences between the
comparable companies and the investee company and may address factors such as specific risks, earnings
growth prospects which underpin the earnings multiple, the effect of the level of financial gearing, applicable
tax rate, and/or illiquidity. The composition of the basket of comparable companies and any adjustments to
multiples as may be required are determined by the Group (in the absence of market information) and
changes in these\u00a0unobservable inputs in isolation can cause significant increases or decreases in the fair
value of the\u00a0investments.
Level 2 investments comprise holdings whose fair value is based on the listed share price of the underlying
investee, with adjustments for observable inputs including holding-company cash and debt positions.
Investments in CLOs are valued using a market standard third-party modelling software that considers the
cash flow structure of each transaction. This output is consolidated with discounted cash flow techniques to
achieve a present value. Key inputs to these models/techniques are discount factors, market reinvestment
spreads, forecasted default, prepayment and recovery rates.
Investments in credit vehicles are valued at the Group\u2019s proportionate share of the net assets of the
underlying investment. The directors consider this basis to be the most appropriate proxy for a fair market
valuation.
Refer to note 25(f) for further details.
Valuation of forward liability
The Group acquired an initial 60% interest in CVC DIF on 1 July 2024. Under the terms of the share purchase
agreement the Group agreed to acquire 60% of CVC DIF at the initial acquisition date and the remaining
40% interest across two later acquisition tranches. Under IFRS, the Group is required to recognise a financial
liability in respect of the obligation to acquire the remaining 40% interest. This liability will be settled by
issuance of new shares of CVC Capital Partners plc.
The value of the liability was measured at the acquisition date at the present value of the future acquisition cost
as determined in accordance with the share purchase agreement. The value of the liability has been
recalculated at 31\u00a0December 2025, and will be recalculated at each subsequent balance sheet date. Any
changes in the valuation of the forward liability are recorded through the consolidated statement of profit or
loss.
The value of the liability is subject to a number of variables and was therefore subject to estimation
uncertainty.
The present value of the acquisition cost as at 31\u00a0December 2025 was estimated based on estimated future
MFE of CVC DIF (the CVC DIF MFE), multiplied by the MFE Multiple, and using an appropriate discount rate
based on the WACC for CVC DIF. Inputs to the discounted cash flow model (DCF) were taken from
observable markets where possible, but where this was not feasible, a degree of estimation was required to
establish appropriate values.
The CVC DIF MFE was forecasted using the CVC DIF business plan as at 31\u00a0December 2025. A\u202fsignificant area
of estimation uncertainty was involved in estimating the CVC DIF MFE, due to the variability in the fee-
paying assets under management of future funds and the commencement date of those funds, and also the
CVC MFE multiple which involves estimating future cash flows. Refer to note\u00a025(f) for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "Estimates
The key sources of estimation uncertainty at the reporting date, that may have a significant risk of causing
a\u202fmaterial adjustment to the carrying amounts of assets and liabilities within the next financial year are
summarised below.
Measurement of carried interest and performance fees
Private equity funds
Carried interest receivable is calculated based on amounts contractually due under the underlying
agreements\u00a0with each fund. The calculation of carried interest assumes that all fund assets are sold at
the\u00a0balance sheet date, at an amount equal to fair value less a discount (see below \u2013 the carried interest
\u2018constraint\u2019). This discount or constraint is applied to help mitigate the risk of significant revenue reversal in
accordance with IFRS 15. If the total discounted fair value exceeds the total hurdle, carried interest revenue is
recognised. The application of the constraint means that carry will be recognised later in a fund\u2019s life than if
no constraint were applied. The\u00a0Group expects carry to be initially recognised in a particular fund after
significant value has been created across the fund\u2019s portfolio and after a number of investments have been
realised.
IFRS 15 requires that carried interest revenue should only be recognised to the extent to which it is highly
probable that there will not be a significant reversal of revenue in future accounting periods. In determining
the amount of carried interest revenue to be recognised, if any, the Group is required to make assumptions
and estimates when determining the timing and measurement of such amounts. The Group bases its
assessment on the best available information relating to the funds and the activity of the underlying assets
within each fund. This includes the remaining duration of the fund, the current fund valuation and internal
forecasts on the expected timing and value of disposal of fund assets.
For private equity funds the risk of revenue reversal is managed through the application of constraints of
between 30 to 50% that are applied to the fair values of unrealised investments. The percentage constraint
applied depends on the specific circumstances of each individual fund including portfolio diversification,
portfolio volatility, whether there has been a recent market correction (and the extent to which this
has\u00a0been\u00a0factored into the valuation of the fund), and the expected average remaining holding period.
The\u00a0Group has assessed its historical funds and has back-tested past carry recognition through the
application of various constraints to historical fair value movements, in arriving at the approach used for
the\u00a0current fund portfolios. The level of constraints applied are reassessed at each reporting date.
The methodology applied in the calculation of carried interest has been devised so as to reflect the
investment management service provided, while acknowledging the requirement to apply a constraint to
reduce the risk of revenue reversal. The investment management service covers a range of interrelated
activities; sourcing and purchase of investments, monitoring of investments, value creation throughout the
holding period, and the realisation of investments. Each element of this service is reflected in the calculation
and recognition of carried interest, in particular the recognition of carried interest over the holding period of
each investment. Carried interest recognition is a function of the upward valuation of investments within
each fund portfolio. This value creation drives unrealised gains in respect of current investments and realised
gains on investments that have been sold. Carried interest is therefore recognised throughout the investment
holding period of each investment, in a manner which is judged to provide a faithful depiction of the service
provided.
Credit vehicles
Measurement and recognition of performance fees require significant estimates as to whether the credit
vehicles will meet their expected performance conditions in the future. The Group bases its assessment on the
best available information pertaining to the vehicles and the activity of the underlying assets within that
vehicle. The valuation of the underlying assets within a vehicle will be subject to fluctuations in future periods,
including but not limited to the impact of prevailing market variables and macroeconomic factors outside
the Group\u2019s control. A constraint is applied to the potential future unrealised performance fee cash flows
receivable due to the inherent uncertainty. The constraint is weighted to the final years of a funds\u2019 life which
results in recognition of performance fees for credit vehicles in proximity to the maturity date of the
underlying credit instruments. This is applied using a probability weighting to the cash flows which is then
discounted using a rate derived from the weighted average cost of capital and results in a constrained
revenue recognition which is assessed on a case-by-case basis.
A sensitivity analysis on the impact of reasonably possible changes in the constraint percentages on carried
interest and performance fee revenue and carried interest receivable, has been included in note 5.
Valuation of financial assets at fair value through profit or loss
Financial instruments at fair value through profit or loss are stated at fair value. IFRS 13 \u2018Fair Value
Measurement\u2019 establishes a fair value hierarchy that categorises the inputs to valuation techniques used to
measure fair value into three levels. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
\u2013 Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that
the Group has the ability to access at the measurement date;
\u2013 Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly; and
\u2013 Level 3: Inputs that are unobservable.
For assets and liabilities that are recognised in the consolidated financial statements at fair value
on\u00a0a\u00a0recurring basis, the Group determines whether transfers have occurred between levels in the
hierarchy\u00a0by\u00a0re-assessing categorisation (based on the lowest level input that is significant to the fair
value\u00a0measurement as a whole) at the end of each reporting period.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that
market\u00a0participants use to make valuation decisions, including assumptions about risk. Inputs may
include\u00a0price information, volatility statistics, specific and broad credit data, liquidity statistics, and other
factors. An investment\u2019s level within the fair value hierarchy is based on the lowest level of any input that
is\u00a0significant to the fair value measurement.
The Group considers observable data to be market data which is readily available, regularly distributed or
updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are
actively involved in the relevant market. The categorisation of an investment within the hierarchy is based
upon the pricing transparency of the investment and does not necessarily correspond to the Group\u2019s
perceived risk of that investment.
Substantially all of the Group\u2019s investments have been classified within Level 3 as they have unobservable
inputs and reflect estimates and assumptions over the inputs used in pricing the asset or liability, developed
based on the best information available in the circumstances as they trade infrequently or not at all.
Level 3 investments include common equity securities, preferred equity securities, corporate debts, other
privately issued securities, investments in collateralised loan obligations (CLOs), and investments in credit
vehicles. The total amount of unrealised gains and losses recognised in the consolidated statement of profit
or\u00a0loss related to Level 3 investments is recognised in investment income in line with IFRS 13.
Fair value is estimated as follows:
If a quoted market price is not available for a security, or the quoted price is not deemed to be sourced from
an active market, the Group estimates the security\u2019s fair value with reference to the International Private
Equity and Venture Capital Valuation Guidelines (IPEV).
The fair value measurement of the unquoted investments is based on a model which may contain significant
unobservable inputs. The relevant model might be an earnings-based multiple (including but not limited to
enterprise value/EBITDA, enterprise value/earnings before interest and taxes (EBIT) or price-to-earnings (P/E)),
an asset-based multiple (including but not limited to net tangible asset value (NTAV) or tangible book value
(TBV)), derived from the price of a recent investment or a specific industry valuation benchmark, depending
on management\u2019s assessment of the most appropriate valuation methodology for that particular business.
The inputs to the applicable model may include the earnings of the underlying business, and multiples of
relevant comparable companies (which are quoted companies similar in business activity and size to the
investee company), adjusted as necessary. These adjustments are to reflect differences between the
comparable companies and the investee company and may address factors such as specific risks, earnings
growth prospects which underpin the earnings multiple, the effect of the level of financial gearing, applicable
tax rate, and/or illiquidity. The composition of the basket of comparable companies and any adjustments to
multiples as may be required are determined by the Group (in the absence of market information) and
changes in these\u00a0unobservable inputs in isolation can cause significant increases or decreases in the fair
value of the\u00a0investments.
Level 2 investments comprise holdings whose fair value is based on the listed share price of the underlying
investee, with adjustments for observable inputs including holding-company cash and debt positions.
Investments in CLOs are valued using a market standard third-party modelling software that considers the
cash flow structure of each transaction. This output is consolidated with discounted cash flow techniques to
achieve a present value. Key inputs to these models/techniques are discount factors, market reinvestment
spreads, forecasted default, prepayment and recovery rates.
Investments in credit vehicles are valued at the Group\u2019s proportionate share of the net assets of the
underlying investment. The directors consider this basis to be the most appropriate proxy for a fair market
valuation.
Refer to note 25(f) for further details.
Valuation of forward liability
The Group acquired an initial 60% interest in CVC DIF on 1 July 2024. Under the terms of the share purchase
agreement the Group agreed to acquire 60% of CVC DIF at the initial acquisition date and the remaining
40% interest across two later acquisition tranches. Under IFRS, the Group is required to recognise a financial
liability in respect of the obligation to acquire the remaining 40% interest. This liability will be settled by
issuance of new shares of CVC Capital Partners plc.
The value of the liability was measured at the acquisition date at the present value of the future acquisition cost
as determined in accordance with the share purchase agreement. The value of the liability has been
recalculated at 31\u00a0December 2025, and will be recalculated at each subsequent balance sheet date. Any
changes in the valuation of the forward liability are recorded through the consolidated statement of profit or
loss.
The value of the liability is subject to a number of variables and was therefore subject to estimation
uncertainty.
The present value of the acquisition cost as at 31\u00a0December 2025 was estimated based on estimated future
MFE of CVC DIF (the CVC DIF MFE), multiplied by the MFE Multiple, and using an appropriate discount rate
based on the WACC for CVC DIF. Inputs to the discounted cash flow model (DCF) were taken from
observable markets where possible, but where this was not feasible, a degree of estimation was required to
establish appropriate values.
The CVC DIF MFE was forecasted using the CVC DIF business plan as at 31\u00a0December 2025. A\u202fsignificant area
of estimation uncertainty was involved in estimating the CVC DIF MFE, due to the variability in the fee-
paying assets under management of future funds and the commencement date of those funds, and also the
CVC MFE multiple which involves estimating future cash flows. Refer to note\u00a025(f) for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "Estimates The key sources of estimation uncertainty at the reporting date, that may have a significant risk of causing a\u202fmaterial adjustment to the carrying amounts of assets and liabilities within the next financial year are summarised below. Measurement of carried interest and performance fees Private equity funds Carried interest receivable is calculated based on amounts contractually due under the underlying agreements\u00a0with each fund. The calculation of carried interest assumes that all fund assets are sold at the\u00a0balance sheet date, at an amount equal to fair value less a discount (see below \u2013 the carried interest \u2018constraint\u2019). This discount or constraint is applied to help mitigate the risk of significant revenue reversal in accordance with IFRS 15. If the total discounted fair value exceeds the total hurdle, carried interest revenue is recognised. The application of the constraint means that carry will be recognised later in a fund\u2019s life than if no constraint were applied. The\u00a0Group expects carry to be initially recognised in a particular fund after significant value has been created across the fund\u2019s portfolio and after a number of investments have been realised.IFRS 15 requires that carried interest revenue should only be recognised to the extent to which it is highly probable that there will not be a significant reversal of revenue in future accounting periods. In determining the amount of carried interest revenue to be recognised, if any, the Group is required to make assumptions and estimates when determining the timing and measurement of such amounts. The Group bases its assessment on the best available information relating to the funds and the activity of the underlying assets within each fund. This includes the remaining duration of the fund, the current fund valuation and internal forecasts on the expected timing and value of disposal of fund assets. For private equity funds the risk of revenue reversal is managed through the application of constraints of between 30 to 50% that are applied to the fair values of unrealised investments. The percentage constraint applied depends on the specific circumstances of each individual fund including portfolio diversification, portfolio volatility, whether there has been a recent market correction (and the extent to which this has\u00a0been\u00a0factored into the valuation of the fund), and the expected average remaining holding period. The\u00a0Group has assessed its historical funds and has back-tested past carry recognition through the application of various constraints to historical fair value movements, in arriving at the approach used for the\u00a0current fund portfolios. The level of constraints applied are reassessed at each reporting date.The methodology applied in the calculation of carried interest has been devised so as to reflect the investment management service provided, while acknowledging the requirement to apply a constraint to reduce the risk of revenue reversal. The investment management service covers a range of interrelated activities; sourcing and purchase of investments, monitoring of investments, value creation throughout the holding period, and the realisation of investments. Each element of this service is reflected in the calculation and recognition of carried interest, in particular the recognition of carried interest over the holding period of each investment. Carried interest recognition is a function of the upward valuation of investments within each fund portfolio. This value creation drives unrealised gains in respect of current investments and realised gains on investments that have been sold. Carried interest is therefore recognised throughout the investment holding period of each investment, in a manner which is judged to provide a faithful depiction of the service provided.Credit vehiclesMeasurement and recognition of performance fees require significant estimates as to whether the credit vehicles will meet their expected performance conditions in the future. The Group bases its assessment on the best available information pertaining to the vehicles and the activity of the underlying assets within that vehicle. The valuation of the underlying assets within a vehicle will be subject to fluctuations in future periods, including but not limited to the impact of prevailing market variables and macroeconomic factors outside the Group\u2019s control. A constraint is applied to the potential future unrealised performance fee cash flows receivable due to the inherent uncertainty. The constraint is weighted to the final years of a funds\u2019 life which results in recognition of performance fees for credit vehicles in proximity to the maturity date of the underlying credit instruments. This is applied using a probability weighting to the cash flows which is then discounted using a rate derived from the weighted average cost of capital and results in a constrained revenue recognition which is assessed on a case-by-case basis. A sensitivity analysis on the impact of reasonably possible changes in the constraint percentages on carried interest and performance fee revenue and carried interest receivable, has been included in note 5.Valuation of financial assets at fair value through profit or loss Financial instruments at fair value through profit or loss are stated at fair value. IFRS 13 \u2018Fair Value Measurement\u2019 establishes a fair value hierarchy that categorises the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:\u2013 Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date; \u2013 Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and\u2013 Level 3: Inputs that are unobservable.For assets and liabilities that are recognised in the consolidated financial statements at fair value on\u00a0a\u00a0recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy\u00a0by\u00a0re-assessing categorisation (based on the lowest level input that is significant to the fair value\u00a0measurement as a whole) at the end of each reporting period.Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market\u00a0participants use to make valuation decisions, including assumptions about risk. Inputs may include\u00a0price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. An investment\u2019s level within the fair value hierarchy is based on the lowest level of any input that is\u00a0significant to the fair value measurement.The Group considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorisation of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Group\u2019s perceived risk of that investment.Substantially all of the Group\u2019s investments have been classified within Level 3 as they have unobservable inputs and reflect estimates and assumptions over the inputs used in pricing the asset or liability, developed based on the best information available in the circumstances as they trade infrequently or not at all. Level 3 investments include common equity securities, preferred equity securities, corporate debts, other privately issued securities, investments in collateralised loan obligations (CLOs), and investments in credit vehicles. The total amount of unrealised gains and losses recognised in the consolidated statement of profit or\u00a0loss related to Level 3 investments is recognised in investment income in line with IFRS 13. Fair value is estimated as follows:If a quoted market price is not available for a security, or the quoted price is not deemed to be sourced from an active market, the Group estimates the security\u2019s fair value with reference to the International Private Equity and Venture Capital Valuation Guidelines (IPEV).The fair value measurement of the unquoted investments is based on a model which may contain significant unobservable inputs. The relevant model might be an earnings-based multiple (including but not limited to enterprise value/EBITDA, enterprise value/earnings before interest and taxes (EBIT) or price-to-earnings (P/E)), an asset-based multiple (including but not limited to net tangible asset value (NTAV) or tangible book value (TBV)), derived from the price of a recent investment or a specific industry valuation benchmark, depending on management\u2019s assessment of the most appropriate valuation methodology for that particular business. The inputs to the applicable model may include the earnings of the underlying business, and multiples of relevant comparable companies (which are quoted companies similar in business activity and size to the investee company), adjusted as necessary. These adjustments are to reflect differences between the comparable companies and the investee company and may address factors such as specific risks, earnings growth prospects which underpin the earnings multiple, the effect of the level of financial gearing, applicable tax rate, and/or illiquidity. The composition of the basket of comparable companies and any adjustments to multiples as may be required are determined by the Group (in the absence of market information) and changes in these\u00a0unobservable inputs in isolation can cause significant increases or decreases in the fair value of the\u00a0investments.Level 2 investments comprise holdings whose fair value is based on the listed share price of the underlying investee, with adjustments for observable inputs including holding-company cash and debt positions.Investments in CLOs are valued using a market standard third-party modelling software that considers the cash flow structure of each transaction. This output is consolidated with discounted cash flow techniques to achieve a present value. Key inputs to these models/techniques are discount factors, market reinvestment spreads, forecasted default, prepayment and recovery rates.Investments in credit vehicles are valued at the Group\u2019s proportionate share of the net assets of the underlying investment. The directors consider this basis to be the most appropriate proxy for a fair market valuation. Refer to note 25(f) for further details. Valuation of forward liability The Group acquired an initial 60% interest in CVC DIF on 1 July 2024. Under the terms of the share purchase agreement the Group agreed to acquire 60% of CVC DIF at the initial acquisition date and the remaining 40% interest across two later acquisition tranches. Under IFRS, the Group is required to recognise a financial liability in respect of the obligation to acquire the remaining 40% interest. This liability will be settled by issuance of new shares of CVC Capital Partners plc.The value of the liability was measured at the acquisition date at the present value of the future acquisition cost as determined in accordance with the share purchase agreement. The value of the liability has been recalculated at 31\u00a0December 2025, and will be recalculated at each subsequent balance sheet date. Any changes in the valuation of the forward liability are recorded through the consolidated statement of profit or loss.The value of the liability is subject to a number of variables and was therefore subject to estimation uncertainty.The present value of the acquisition cost as at 31\u00a0December 2025 was estimated based on estimated future MFE of CVC DIF (the CVC DIF MFE), multiplied by the MFE Multiple, and using an appropriate discount rate based on the WACC for CVC DIF. Inputs to the discounted cash flow model (DCF) were taken from observable markets where possible, but where this was not feasible, a degree of estimation was required to establish appropriate values. The CVC DIF MFE was forecasted using the CVC DIF business plan as at 31\u00a0December 2025. A\u202fsignificant area of estimation uncertainty was involved in estimating the CVC DIF MFE, due to the variability in the fee- paying assets under management of future funds and the commencement date of those funds, and also the CVC MFE multiple which involves estimating future cash flows. Refer to note\u00a025(f) for further details.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
4.\u00a0 \u00a0 Operating segments
The directors of the Company act as the chief operating decision-maker (CODM) of the Group. The directors
monitor the operating results of the\u00a0following segments separately for the purpose of making decisions about
resource allocation and performance assessment:
\u2013 Private Equity, which consists of four private equity strategies: Europe / Americas, Asia, Strategic
Opportunities and Catalyst;
\u2013 Credit, which invests in companies through dedicated vehicles and investment solutions for both
Performing Credit and Private Credit;
\u2013 Secondaries, which focuses on secondary markets globally;
\u2013 Infrastructure, which focuses on mid-market infrastructure investments; and
\u2013 Central, which reflects all non-investment people costs and all non-people costs of the business, including
all\u00a0costs related to business operations.
Adjusted tax increased to \u20ac147.7m (Dec-24: \u20ac46.8m), primarily due to the introduction of the MCIT law, the
inclusion of taxable profits from entities acquired in 2024 as part of the Pre-IPO Reorganisation and from
CVC DIF (acquired on 1 July 2024), which are included for a full year in the 2025 results.
Dec-25
All figures in \u20ac 000
Private
Equity
Secondaries
Credit
Infrastructure
Central
Total
Group
Management fees 1
912,225
159,249
211,676
168,160
\u2014
1,451,310
People costs 2
(93,126)
(27,778)
(53,727)
(53,430)
(202,573)
(430,634)
Non-people costs 3
\u2014
\u2014
\u2014
\u2014
(185,731)
(185,731)
Gross contribution / MFE
819,099
131,471
157,949
114,730
(388,304)
834,945
Carried interest and performance fees
275,521
Investment income
76,447
Performance-related costs
(97,865)
PRE
254,103
Other operating income
2,034
Adjusted EBITDA
1,091,082
Depreciation and amortisation
(43,565)
Net finance expense
(27,175)
Tax
(147,712)
Adjusted profit after income tax
872,630
Note: Refer to pages 209 to 210 for footnotes.
The operating segments shown below for Dec-24 do not include pro forma adjustments to reflect the results
of the Group as if the Pre-IPO Reorganisation and acquisition of CVC DIF occurred at the start of the
comparative period. These comparatives are on a statutory basis and therefore only include eight months of
CVC Credit and six months of CVC DIF. Refer to page 266 for the Adjusted pro forma operating segments
used as the comparatives.
Dec-24 18
All figures in \u20ac 000
Private
Equity
Secondaries
Credit
Infrastructure
Central
Total
Group
Management fees 1
861,035
94,994
135,644
89,561
\u2014
1,181,234
People costs 2
(102,178)
(20,184)
(34,342)
(20,786)
(163,221)
(340,711)
Non-people costs 3
\u2014
\u2014
\u2014
\u2014
(132,973)
(132,973)
Gross contribution /\u00a0 MFE
758,857
74,810
101,302
68,775
(296,194)
707,550
Carried interest and performance fees
161,414
Investment income
107,345
Performance-related costs
(85,408)
PRE
183,351
Other operating income
3,733
Adjusted EBITDA
894,634
Depreciation and amortisation
(36,607)
Net finance expense
(30,574)
Tax
(46,774)
Adjusted profit after income tax
780,679
MFE, PRE, adjusted EBITDA, and adjusted profit after income tax are alternative performance measures
which are not defined or recognised under IFRS, but are used by the CODM to analyse the business and
financial performance. Reconciliations of these measures back to the nearest IFRS measure are set out
below.
All figures in \u20ac 000
Dec-25
Dec-24
EBITDA 4
1,438,550
473,656
Investment income attributable to NCI 5
(57,802)
(100,184)
Exceptional expenses 8
11,435
53,481
FX on non-trading loans receivable 6
9,068
\u2014
Change in valuation of forward liability 9
(334,380)
463,305
Expenses related to recharged lease agreements 10
563
366
Expenses with respect to investment vehicles 11
3,591
4,010
Share-based payment expense 12
20,057
\u2014
Adjusted EBITDA
1,091,082
894,634
All figures in \u20ac 000
Dec-25
Dec-24
Profit after income tax 4
1,222,282
308,116
Investment income attributable to NCI 5
(57,802)
(100,184)
Exceptional expenses 8
8,801
53,481
FX on non-trading loans receivable 6
9,068
\u2014
Change in valuation of forward liability 9
(334,380)
463,305
Expenses with respect to investment vehicles 11
3,591
4,010
Amortisation of acquired intangible assets 13
140,718
88,791
Deferred tax related to acquired intangible assets 13
(35,042)
(18,404)
Net finance expense attributable to NCI 14
8,610
9,585
Exceptional tax 15
(113,273)
(28,021)
Share-based payment expense 12
20,057
\u2014
Adjusted profit after income tax
872,630
780,679
Note: Refer to pages 209 to 210 for footnotes.
All figures in \u20ac 000
Dec-25
Dec-24
MFE
834,945
707,550
Carried interest and performance fees 4
253,243
173,170
Investment income 4
134,249
207,528
Other operating income 4
2,034
3,733
Change in valuation of forward liability 4
334,380
(463,305)
Expenses with respect to investment vehicles 4
(3,591)
(4,010)
Depreciation and amortisation 4
(183,719)
(125,033)
Exceptional expenses 8
(11,435)
(53,481)
FX on non-MFE related items 6
13,210
(11,755)
Expenses related to recharged lease agreements 10
(563)
(366)
Performance-related costs 7
(97,865)
(85,408)
Share-based payment expense 12
(20,057)
\u2014
Operating profit 4
1,254,831
348,623
All figures in \u20ac 000
Dec-25
Dec-24
PRE
254,103
183,351
Management fees 4
1,449,544
1,181,234
Fee-related performance revenues 4
14,377
\u2014
Other operating income 4
2,034
3,733
Personnel expenses 4
(544,980)
(427,668)
General and administrative expenses 4
(208,114)
(193,838)
Change in valuation of forward liability 4
334,380
(463,305)
Foreign exchange gains/(losses) 4
7,408
(3,188)
Expenses with respect to investment vehicles 4
(3,591)
(4,010)
Depreciation and amortisation 4
(183,719)
(125,033)
Investment income attributable to NCI 5
57,802
100,184
FX on carried interest provision 6
(22,278)
11,755
Performance-related costs 7
97,865
85,408
Operating profit 4
1,254,831
348,623
Notes
1. Management fees for the year ended 31\u00a0December 2025 reflect the Group\u2019s management fees and fee-
related performance revenues, adjusted for management fee adjustments of \u20ac-12.6m16 (Dec-24: nil).
2. People costs for the year ended 31\u00a0December 2025 reflect the Group\u2019s personnel expenses, adjusted for
performance-related costs of \u20ac-97.9m (Dec-24: \u20ac-85.4m), exceptional expenses of \u20ac3.4m (Dec-24:
\u20ac-8.7m), share-based payment expense of \u20ac-20.1m (Dec-24: nil), management fee adjustments of
\u20ac-7.2m16 (Dec-24: nil) and the CVC Advisers (Benelux) SA/NV reclass of \u20ac7.4m17 (Dec-24: \u20ac7.1m).
3. Non-people costs for the year ended 31\u00a0December 2025 reflect the Group\u2019s general and administrative
expenses and foreign exchange gains and losses, adjusted for exceptional expenses of \u20ac-14.8m
(Dec-24:\u00a0\u20ac-44.8m), expenses related to recharged lease agreements of \u20ac-0.6m (Dec-24: \u20ac-0.4m), CVC
Advisers (Benelux) SA/NV reclass of \u20ac-7.4m (Dec-24: \u20ac-7.1m), management fees adjustment of \u20ac-5.4m16
(Dec-24: nil) and FX on non-MFE related items of \u20ac13.2m (Dec-24: \u20ac-11.8m).
4. Statutory financial information is directly extracted from the consolidated financial statements.
5. Investment income attributable to NCI comprises investment income attributable to non-controlling
interests and from investments pledged as collateral for loans. This amount \u202fhas been deducted from
investment income to show investment income attributable to the Group.
6. Foreign exchange movement on non-MFE items includes FX movement on carried interest provision
which has been deducted from carried interest revenue to show net carried interest revenue. This also
includes FX on non-trading loans receivable.
7. Performance-related costs relate to employee compensation that is deemed attributable to the
generation of carried interest, performance fees and investment income.
8. Exceptional expenses:
a. For the year ended 31 December 2025, of the total \u20ac11.4m exceptional expenses items: \u20ac14.8m were
general and administrative expenses items comprising (i) one-off costs incurred in relation to the first
listed accounting period to enhance ESG reporting requirements and control framework
development of \u20ac1.3m; (ii) transaction costs of \u20ac11.0m and (iii) lease surrender costs of \u20ac2.5m.
Exceptional transaction costs relate to potential and completed corporate acquisitions and
partnerships (including Marathon Asset Management and AIG), as well as costs associated with the
establishment of the CVC share option programme.
b. For the year ended 31 December 2025, of the total \u20ac11.4m exceptional expenses items: \u20ac-3.4m were
personnel costs comprising (i) exceptional bonus awards paid to individuals of \u20ac2.2m, offset by (ii)
\u20ac-5.6m reduction in the SAR provision.
c. Adjusted profit after tax is further adjusted to reflect higher corporate tax expense as a result of lower
expenses (i.e., after removing the tax benefit of exceptional expenses).
For the year ended 31 December 2024, of the total \u20ac53.5m exceptional expenses items: \u20ac44.8m were
general and administrative expenses items and \u20ac8.7m were personnel expenses items. Exceptional
expenses items comprise (i) expenses related to the planned listing on Euronext Amsterdam of
\u20ac35.9m; (ii) legal and professional fees related to the acquisition of CVC DIF of \u20ac7.9m; (iii) one-off
bonus awards paid to individuals of \u20ac8.7m; and (iv) other transaction costs of \u20ac1.0m.
9. The forward liability represents the value of the Group\u2019s obligation to acquire the remaining 40% interest
in CVC DIF which is due to be settled by the issue of shares of CVC Capital Partners plc in 2027 and 2029.
The value of the forward liability decreased in Dec-25, in line with the decrease in the share price of
CVC\u00a0Capital Partners plc. During the prior period a forward liability related to the Group\u2019s obligation to
acquire the remaining 40% interest in CVC Secondaries was settled. The movement in the value of the
forward liability does not represent part of the Group\u2019s operating results.
10. Certain expenses related to the recharge of lease costs have been included within general and
administrative expenses, due to the legal nature of the recharge agreement.
11. This figure comprises expenses, including tax expenses where applicable, with respect to investment
vehicles arising from the consolidation of GP commitments and credit vehicles and are being added back
to show net investment income attributable to the Group.
12. Share-based payment expense relates to LTIP awards, one-off share options granted, ongoing share
option plans and the CVC DIF ESOP.
13. Amortisation and deferred tax on CVC Secondaries, CVC Credit and CVC DIF\u2019s acquired intangible
assets, and related deferred tax, which has been removed as it is not indicative of the Group\u2019s operating
results.
14. Net finance expense attributable to non-controlling interests has been added back to show adjusted
profit after income tax attributable to the Group.
15. Exceptional tax comprises the movement in the Group\u2019s uncertain tax positions, together with a deferred
tax asset recognised in relation to the new MCIT rules. These amounts have been added back as they are
not reflective of the underlying operating results of the Group.
16. Management fee adjustments reflect a reclass of costs from personnel expenses (\u20ac7.2m) and general
and administrative expenses (\u20ac5.4m) to management fees, to reflect management fees on our Wealth
platform on a net basis. These amounts reflect fees paid to distributors and a share of incentive fees
payable to CVC employees. There is no net impact on EBITDA.
17. Within adjusted EBITDA is an adjustment to reclass \u20ac7.4m (Dec-24: \u20ac7.1m) of costs out of general and
administrative expenses into personnel expenses. These costs relate to advisory services provided by
CVC\u00a0Advisers (Benelux) SA/NV, which is not a subsidiary of the Group. If CVC Advisers (Benelux) SA/NV
were to be consolidated, a portion of these costs would have been reflected as personnel expenses. There
is no net impact on EBITDA. Refer to note 1 for further details on CVC Advisers (Benelux) SA/NV.
18. Dec-24 operating segments exclude pro forma adjustments for CVC Credit and CVC DIF.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
5.\u00a0 \u00a0 Revenue
Geographical locations
Revenue primarily comprises management fees, carried interest and investment income from the management
of, and investment in, investment funds and credit vehicles. The Group also earns other operating income. The
Group\u2019s management fees are derived from Jersey, Luxembourg, the Netherlands, the Cayman Islands, Ireland,
the United Kingdom, the United States and Denmark. Included in management fees are fees received from
CVC\u00a0Capital Partners Asia IV Limited and CVC Capital Partners Asia V Limited which are entities not transferred
to the Group as part of the Pre-IPO Reorganisation (the\u00a0Retained GPs). Pursuant to an agreement entered into
prior to IPO, the Retained GPs will\u00a0pay the Group a fee equal to their annual cumulative net profits, which is
primarily made up of management fees, in consideration for the Group providing certain support services.
The\u00a0fee from the Retained GPs Agreement has been recognised within management fees. Revenue from
management fees is generated in the following geographical locations, based on the location of\u00a0the contract:
All figures in \u20ac 000
Dec-25
Dec-24
Geographical markets
Jersey
854,676
871,871
Luxembourg
342,156
145,554
Netherlands
168,160
89,561
Cayman Islands
41,489
31,895
Ireland
40,061
21,433
United Kingdom
8,771
11,241
United States
8,072
9,356
Denmark
536
323
Total fee-related revenues
1,463,921
1,181,234
The Group\u2019s carried interest revenues are derived from the following geographical locations, based on the
domicile of the individual fund:
All figures in \u20ac 000
Dec-25
Dec-24
Jersey
196,335
173,170
Ireland
7,804
\u2014
Luxembourg
47,463
\u2014
Cayman
1,641
\u2014
Total carried interest and performance fees
253,243
173,170
The Group\u2019s investment income earned from direct investments in portfolio companies cannot be
meaningfully split by geographical areas as the Group\u2019s investments are located in multiple jurisdictions.
Contract liabilities
Contract liabilities are deferred income related to management fees received in advance as a result of timing
differences between the generation of revenues and payment. Changes in contract liabilities related to
management fees are presented below:
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
5,570
3,113
Revenue recognised that was included in the contract
liability at the beginning of the period
(5,570)
(3,113)
Payment in advance during the period for performance
obligations not yet performed
6,766
5,570
Closing balance
23
6,766
5,570
Carried interest and performance fees
The amount of carried interest recognised and the carrying value of the related carried interest is\u00a0sensitive to
the constraint applied to each fund. The figures below show the impact that an increase or decrease in the
constraint would have on carried interest income recognised for the year ended 31\u00a0December 2025. In certain
limited circumstances carried interest received may be subject to clawback provisions if the performance of
the fund deteriorates materially following the receipt of carried interest.
Dec-25
All figures in \u20ac 000
Income at
constraint
(\u20ac 000)
Effect on income at
110% of\u00a0constraint
(\u20ac 000)
Effect on income
at 90%
of\u00a0constraint
(\u20ac 000)
Carried interest and performance fees
253,243
(34,924)
35,077
The sensitivity for carried interest applies a 10%/(10%) change to the weighted average percentage constraint
of 39% (Dec-24: 39%) applied to the fair values of unrealised investments.
The sensitivity for performance fees applies a 10%/(10%) change to the probability weighting applied to the
cash flows that are near their maturity date and a proportion of the constraint has been released. No
sensitivity is applied to performance fees that are fully constrained as at the reporting date.
The below sensitivity for the year ended 31\u00a0December 2024 does not include \u20ac6.3m related to performance
fees.
Dec-24
All figures in \u20ac 000
Income at
constraint
(\u20ac 000)
Effect on income at
110% of\u00a0constraint
(\u20ac 000)
Effect on income
at 90%
of\u00a0constraint
(\u20ac 000
Carried interest
166,910
(37,119)
37,119
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
5.\u00a0 \u00a0 Revenue
Geographical locations
Revenue primarily comprises management fees, carried interest and investment income from the management
of, and investment in, investment funds and credit vehicles. The Group also earns other operating income. The
Group\u2019s management fees are derived from Jersey, Luxembourg, the Netherlands, the Cayman Islands, Ireland,
the United Kingdom, the United States and Denmark. Included in management fees are fees received from
CVC\u00a0Capital Partners Asia IV Limited and CVC Capital Partners Asia V Limited which are entities not transferred
to the Group as part of the Pre-IPO Reorganisation (the\u00a0Retained GPs). Pursuant to an agreement entered into
prior to IPO, the Retained GPs will\u00a0pay the Group a fee equal to their annual cumulative net profits, which is
primarily made up of management fees, in consideration for the Group providing certain support services.
The\u00a0fee from the Retained GPs Agreement has been recognised within management fees. Revenue from
management fees is generated in the following geographical locations, based on the location of\u00a0the contract:
All figures in \u20ac 000
Dec-25
Dec-24
Geographical markets
Jersey
854,676
871,871
Luxembourg
342,156
145,554
Netherlands
168,160
89,561
Cayman Islands
41,489
31,895
Ireland
40,061
21,433
United Kingdom
8,771
11,241
United States
8,072
9,356
Denmark
536
323
Total fee-related revenues
1,463,921
1,181,234
The Group\u2019s carried interest revenues are derived from the following geographical locations, based on the
domicile of the individual fund:
All figures in \u20ac 000
Dec-25
Dec-24
Jersey
196,335
173,170
Ireland
7,804
\u2014
Luxembourg
47,463
\u2014
Cayman
1,641
\u2014
Total carried interest and performance fees
253,243
173,170
The Group\u2019s investment income earned from direct investments in portfolio companies cannot be
meaningfully split by geographical areas as the Group\u2019s investments are located in multiple jurisdictions.
Contract liabilities
Contract liabilities are deferred income related to management fees received in advance as a result of timing
differences between the generation of revenues and payment. Changes in contract liabilities related to
management fees are presented below:
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
5,570
3,113
Revenue recognised that was included in the contract
liability at the beginning of the period
(5,570)
(3,113)
Payment in advance during the period for performance
obligations not yet performed
6,766
5,570
Closing balance
23
6,766
5,570
Carried interest and performance fees
The amount of carried interest recognised and the carrying value of the related carried interest is\u00a0sensitive to
the constraint applied to each fund. The figures below show the impact that an increase or decrease in the
constraint would have on carried interest income recognised for the year ended 31\u00a0December 2025. In certain
limited circumstances carried interest received may be subject to clawback provisions if the performance of
the fund deteriorates materially following the receipt of carried interest.
Dec-25
All figures in \u20ac 000
Income at
constraint
(\u20ac 000)
Effect on income at
110% of\u00a0constraint
(\u20ac 000)
Effect on income
at 90%
of\u00a0constraint
(\u20ac 000)
Carried interest and performance fees
253,243
(34,924)
35,077
The sensitivity for carried interest applies a 10%/(10%) change to the weighted average percentage constraint
of 39% (Dec-24: 39%) applied to the fair values of unrealised investments.
The sensitivity for performance fees applies a 10%/(10%) change to the probability weighting applied to the
cash flows that are near their maturity date and a proportion of the constraint has been released. No
sensitivity is applied to performance fees that are fully constrained as at the reporting date.
The below sensitivity for the year ended 31\u00a0December 2024 does not include \u20ac6.3m related to performance
fees.
Dec-24
All figures in \u20ac 000
Income at
constraint
(\u20ac 000)
Effect on income at
110% of\u00a0constraint
(\u20ac 000)
Effect on income
at 90%
of\u00a0constraint
(\u20ac 000
Carried interest
166,910
(37,119)
37,119
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
6.\u00a0 \u00a0 Personnel expenses
(a) Personnel expenses
Personnel expenses, including remuneration for key management personnel (KMP), for the years ended
31\u00a0December 2025 and 31\u00a0December 2024 were as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Salaries, bonuses and other short-term benefits
506,520
410,119
Post-employment benefits
18,403
14,225
Share-based payment expense
20,057
3,324
Total personnel expenses
544,980
427,668
Included in the year ended 31\u00a0December 2024 are eight months of expenses for CVC Credit which was
acquired on 15 April 2024, and six months of expenses for CVC DIF which was acquired on 1 July 2024. If
these acquisitions had taken place at the beginning of the year, expenses for the year ended 31\u00a0December
2024 would have increased by \u20ac61.4m on a pro forma basis.
Included within salaries, bonuses and other short-term benefits are exceptional expenses related to non-
recurring bonus awards of \u20ac2.2m (Dec-24: \u20ac8.7m) offset by a \u20ac5.6m decrease in the SAR provision.
The Group operates defined contribution pension schemes for its employees. Costs incurred in respect of
defined contributions are included within post-employment benefits.
6.\u00a0 \u00a0 Personnel expenses
(b) Share-based payments
LTIP
Under the Group\u2019s long term incentive plan (LTIP), options were granted to senior executives of the Company
on 24 March 2025, including members of key management personnel. The options vest over the period from
1 January 2025 to 31 December 2029, provided certain market and non-market conditions are met. Upon
fully vesting, the options will be settled in Company shares, with no consideration paid by the participants.
Each option equates to one Company share. The fair value of the options were estimated at the grant date
using a Monte Carlo simulation, taking into account the terms and conditions including relevant market
conditions. The Group accounts for the LTIP as an equity-settled plan in line with IFRS 2.
The fair value of the awards granted during the year was estimated based on the following assumptions:
Assumptions
Dec-25
Dec-24
Volatility
40%
39%
Correlation
0.46
0.49
Dividend yield
2.4%
2.4%
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome.
Number
Weighted average fair value per
option\u00a0 granted (\u20ac)
Dec-25
Dec-24
Dec-25
Dec-24
Options outstanding at beginning of year
687,442
\u2014
18.27
\u2014
Granted
785,133
687,442
15.80
18.27
Forfeited
\u2014
\u2014
\u2014
\u2014
Exercised
\u2014
\u2014
\u2014
\u2014
Options outstanding at end of year
1,472,575
687,442
16.96
18.27
The weighted average remaining contractual life for the share options outstanding as at 31\u00a0December 2025
was 9.1 years (Dec-24: 10.0 years). During the year ended 31\u00a0December 2025, \u20ac5.9m (Dec-24: \u20ac2.1m) was
recorded within personnel expenses within the consolidated statement of profit or loss.
One-off share option plans
In October 2025, various one-off share options were granted to employees of the Group. The strike price of each
option is either \u20ac14 or nil, depending on the award programme, and the exercise of each option is expected to be
settled through the delivery of Company shares which are already in issue. These shares are held by a subsidiary
of the SIF and, as a result, the exercise of these options will not be dilutive for existing shareholders. These options
have a vesting period of up to five years, contingent on continued employment with the Group. The Group
accounts for the one-off share option plan as an equity-settled plan in line with IFRS\u00a02.
Ongoing share option plan
In October 2025, the Group granted market-value strike price options over the Company\u2019s shares to
employees of the Group. These options will vest over a five-year period and, upon exercise, will be settled
through the issue of new shares of the Company. Option vesting will be contingent on continued
employment with the Group. The Group accounts for the ongoing share option plan as an equity-settled plan
in line with IFRS 2.
The fair value of the one-off and the ongoing awards was estimated at the grant date based on a Black-
Scholes option pricing model. The following table lists the inputs to the models used for the one-off and
ongoing share option plans for the year ended 31 December 2025:
Assumptions
Dec-25
Dec-24
Volatility
37.5%
\u2014
Risk-free rate
2.4%\u20132.6%
\u2014
Dividend yield
1.3%
\u2014
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome.
The following table illustrates the number and weighted average fair value of, and movements in, the one-off
and the ongoing share option plans during the year:
Number
Weighted average fair value per
option\u00a0 granted (\u20ac)
Dec-25
Dec-24
Dec-25
Dec-24
Options outstanding at beginning of year
\u2014
\u2014
\u2014
\u2014
Granted
2,843,622
\u2014
10.91
\u2014
Forfeited
\u2014
\u2014
\u2014
\u2014
Exercised
\u2014
\u2014
\u2014
\u2014
Options outstanding at end of year
2,843,622
\u2014
10.91
\u2014
The weighted average remaining contractual life for the share options outstanding as at 31\u00a0December 2025
was 9.8 years (Dec-24: nil). During the year ended 31\u00a0December 2025, \u20ac10.7m (Dec-24: nil) was recorded
within personnel expenses within the consolidated statement of profit or loss.
The exercise prices for options outstanding at the end of the year ranges from nil to \u20ac15.55.
6.\u00a0 \u00a0 Personnel expenses (continued)
CVC DIF acquisition employee share option plan
As part of the acquisition of CVC DIF, the Group is subject to a call option which, if exercised, provides the
Group with a discount over the price paid for 5% of CVC DIF that will be purchased in January 2029. The
discount allows the Group to purchase the 5% at the initial acquisition price. If the Group elects to pay the
discounted price for the final tranche of shares, the discount received is to be allocated to an employee
share\u00a0option plan (ESOP). Employees who have been granted options under the ESOP must remain in
service\u00a0for a period of four to six years from the option grant date. It is expected that the Group will exercise
the call option, and therefore the plan has been accounted for as an equity-settled share-based payment
under IFRS 2. During the year an additional 11% of the options were awarded taking the total awarded to
52%\u00a0as at 31\u00a0December 2025. The weighted fair value of the additional share options granted was estimated
at the grant date to be \u20ac14.87, based on a Black-Scholes option price model, using a strike price equal to 5%
of the consideration paid for the initial 60% of DIF, a volatility of 40.0% to 42.5% and a risk-free rate of 2.1%
to 2.2%. The expense related to the ESOP for the year ended 31\u00a0December 2025 was \u20ac3.5m (Dec-24: \u20ac1.2m)
and is recorded within personnel expenses within the consolidated statement of profit or loss. This expense\u00a0is
offset by a corresponding gain in the change in valuation of the CVC DIF forward liability.
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
6.\u00a0 \u00a0 Personnel expenses
(a) Personnel expenses
Personnel expenses, including remuneration for key management personnel (KMP), for the years ended
31\u00a0December 2025 and 31\u00a0December 2024 were as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Salaries, bonuses and other short-term benefits
506,520
410,119
Post-employment benefits
18,403
14,225
Share-based payment expense
20,057
3,324
Total personnel expenses
544,980
427,668
Included in the year ended 31\u00a0December 2024 are eight months of expenses for CVC Credit which was
acquired on 15 April 2024, and six months of expenses for CVC DIF which was acquired on 1 July 2024. If
these acquisitions had taken place at the beginning of the year, expenses for the year ended 31\u00a0December
2024 would have increased by \u20ac61.4m on a pro forma basis.
Included within salaries, bonuses and other short-term benefits are exceptional expenses related to non-
recurring bonus awards of \u20ac2.2m (Dec-24: \u20ac8.7m) offset by a \u20ac5.6m decrease in the SAR provision.
The Group operates defined contribution pension schemes for its employees. Costs incurred in respect of
defined contributions are included within post-employment benefits.
6.\u00a0 \u00a0 Personnel expenses
(b) Share-based payments
LTIP
Under the Group\u2019s long term incentive plan (LTIP), options were granted to senior executives of the Company
on 24 March 2025, including members of key management personnel. The options vest over the period from
1 January 2025 to 31 December 2029, provided certain market and non-market conditions are met. Upon
fully vesting, the options will be settled in Company shares, with no consideration paid by the participants.
Each option equates to one Company share. The fair value of the options were estimated at the grant date
using a Monte Carlo simulation, taking into account the terms and conditions including relevant market
conditions. The Group accounts for the LTIP as an equity-settled plan in line with IFRS 2.
The fair value of the awards granted during the year was estimated based on the following assumptions:
Assumptions
Dec-25
Dec-24
Volatility
40%
39%
Correlation
0.46
0.49
Dividend yield
2.4%
2.4%
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome.
Number
Weighted average fair value per
option\u00a0 granted (\u20ac)
Dec-25
Dec-24
Dec-25
Dec-24
Options outstanding at beginning of year
687,442
\u2014
18.27
\u2014
Granted
785,133
687,442
15.80
18.27
Forfeited
\u2014
\u2014
\u2014
\u2014
Exercised
\u2014
\u2014
\u2014
\u2014
Options outstanding at end of year
1,472,575
687,442
16.96
18.27
The weighted average remaining contractual life for the share options outstanding as at 31\u00a0December 2025
was 9.1 years (Dec-24: 10.0 years). During the year ended 31\u00a0December 2025, \u20ac5.9m (Dec-24: \u20ac2.1m) was
recorded within personnel expenses within the consolidated statement of profit or loss.
One-off share option plans
In October 2025, various one-off share options were granted to employees of the Group. The strike price of each
option is either \u20ac14 or nil, depending on the award programme, and the exercise of each option is expected to be
settled through the delivery of Company shares which are already in issue. These shares are held by a subsidiary
of the SIF and, as a result, the exercise of these options will not be dilutive for existing shareholders. These options
have a vesting period of up to five years, contingent on continued employment with the Group. The Group
accounts for the one-off share option plan as an equity-settled plan in line with IFRS\u00a02.
Ongoing share option plan
In October 2025, the Group granted market-value strike price options over the Company\u2019s shares to
employees of the Group. These options will vest over a five-year period and, upon exercise, will be settled
through the issue of new shares of the Company. Option vesting will be contingent on continued
employment with the Group. The Group accounts for the ongoing share option plan as an equity-settled plan
in line with IFRS 2.
The fair value of the one-off and the ongoing awards was estimated at the grant date based on a Black-
Scholes option pricing model. The following table lists the inputs to the models used for the one-off and
ongoing share option plans for the year ended 31 December 2025:
Assumptions
Dec-25
Dec-24
Volatility
37.5%
\u2014
Risk-free rate
2.4%\u20132.6%
\u2014
Dividend yield
1.3%
\u2014
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome.
The following table illustrates the number and weighted average fair value of, and movements in, the one-off
and the ongoing share option plans during the year:
Number
Weighted average fair value per
option\u00a0 granted (\u20ac)
Dec-25
Dec-24
Dec-25
Dec-24
Options outstanding at beginning of year
\u2014
\u2014
\u2014
\u2014
Granted
2,843,622
\u2014
10.91
\u2014
Forfeited
\u2014
\u2014
\u2014
\u2014
Exercised
\u2014
\u2014
\u2014
\u2014
Options outstanding at end of year
2,843,622
\u2014
10.91
\u2014
The weighted average remaining contractual life for the share options outstanding as at 31\u00a0December 2025
was 9.8 years (Dec-24: nil). During the year ended 31\u00a0December 2025, \u20ac10.7m (Dec-24: nil) was recorded
within personnel expenses within the consolidated statement of profit or loss.
The exercise prices for options outstanding at the end of the year ranges from nil to \u20ac15.55.
6.\u00a0 \u00a0 Personnel expenses (continued)
CVC DIF acquisition employee share option plan
As part of the acquisition of CVC DIF, the Group is subject to a call option which, if exercised, provides the
Group with a discount over the price paid for 5% of CVC DIF that will be purchased in January 2029. The
discount allows the Group to purchase the 5% at the initial acquisition price. If the Group elects to pay the
discounted price for the final tranche of shares, the discount received is to be allocated to an employee
share\u00a0option plan (ESOP). Employees who have been granted options under the ESOP must remain in
service\u00a0for a period of four to six years from the option grant date. It is expected that the Group will exercise
the call option, and therefore the plan has been accounted for as an equity-settled share-based payment
under IFRS 2. During the year an additional 11% of the options were awarded taking the total awarded to
52%\u00a0as at 31\u00a0December 2025. The weighted fair value of the additional share options granted was estimated
at the grant date to be \u20ac14.87, based on a Black-Scholes option price model, using a strike price equal to 5%
of the consideration paid for the initial 60% of DIF, a volatility of 40.0% to 42.5% and a risk-free rate of 2.1%
to 2.2%. The expense related to the ESOP for the year ended 31\u00a0December 2025 was \u20ac3.5m (Dec-24: \u20ac1.2m)
and is recorded within personnel expenses within the consolidated statement of profit or loss. This expense\u00a0is
offset by a corresponding gain in the change in valuation of the CVC DIF forward liability.
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome
7.\u00a0 \u00a0 General and administrative expenses
General and administrative expenses
General and administrative expenses in each period were as follows:
All figures in \u20ac 000
Dec-25
Dec-24
General business expenses
193,295
39,422
Expenses incurred in businesses acquired
\u2014
109,614
Exceptional expenses
14,819
44,802
Total general and administrative expenses
208,114
193,838
General and administrative expenses are made up of general business expenses, expenses incurred in
businesses acquired and exceptional expenses.
General business expenses include all non-people costs, including travel, IT, legal and professional services,
audit, and insurance.
Expenses incurred in businesses acquired included \u20ac88m with respect to the Advisory Group, which was
acquired by the Group on 1 January 2024, \u20ac13.7m with respect to CVC Credit, which was acquired by
the\u00a0Group on 15 April 2024, and \u20ac10.9m with respect to CVC DIF, which was acquired by the Group on
1\u00a0July\u00a02024. Of these, \u20ac3m are considered exceptional in nature.
CVC Credit\u2019s and CVC DIF\u2019s general and administrative expenses for the full year ended 31\u00a0December 2024
were \u20ac21.4m and \u20ac21.6m, respectively.
For the year ended 31 December 2025 \u20ac14.8m were general and administrative expenses items comprising
(i)\u00a0one-off costs incurred in relation to the first listed accounting period to enhance ESG reporting
requirements and control framework development of \u20ac1.3m; (ii) transaction costs of \u20ac11m and (iii) lease
surrender costs of \u20ac2.5m. Exceptional transaction costs relate to potential and completed corporate
acquisitions and partnerships (including Marathon Asset Management and AIG), as well as costs associated
with the establishment of the CVC share option programme.
Audit and audit-related fees
The table below sets out the fees associated with services provided by the external auditor of the Group,
Deloitte LLP (Deloitte):
All figures in \u20ac 000
Dec-25
Dec-24
Audit fees
Consolidated financial statements
5,986
6,421
Total audit fees
5,986
6,421
Non-audit fees
Other audit-related assurance services
1,918
2,027
Other non-audit services
\u2014
7,852
Total non-audit fees
1,918
9,879
Total auditor\u2019s remuneration
7,904
16,300
Included within other audit-related assurance services are fees associated to the review of interim financial
information of \u20ac0.8m (Dec-24: \u20ac0.8m) and \u20ac0.9m related to the Corporate Sustainability Reporting
Directive (CSRD) assurance services (Dec-24: \u20ac1.1m).
8.\u00a0 \u00a0 Depreciation and amortisation
All figures in \u20ac 000
Note
Dec-25
Dec-24
Depreciation
12
39,412
31,070
Amortisation
13
144,307
93,963
Total depreciation and amortisation
183,719
125,033
Included in depreciation for the year ended 31\u00a0December 2025 are depreciation costs related to property
and\u00a0equipment acquired as part of the acquisition of the Advisory Group on 1\u00a0January 2024 of \u20ac28.4m
(Dec-24: \u20ac23.3m ), the acquisition of CVC Credit on 15 April 2024 of \u20ac2.9m (Dec-24: \u20ac1.8m ), and the
acquisition of CVC DIF on 1 July 2024 of \u20ac4.1m (Dec-24: \u20ac2.2m). Refer to note 12 for further details.
Included in amortisation for the year ended 31\u00a0December 2025 are amortisation costs related to intangible
assets acquired as part of the acquisition of Advisory Group on 1 January 2024 of \u20ac3.6m (Dec-24: \u20ac5.2m),
the acquisition of CVC Credit on 15 April 2024 of \u20ac40.4m (Dec-24: \u20ac27.0m), and the acquisition of CVC DIF
on 1 July 2024 of \u20ac78.6m (Dec-24: \u20ac39.3m). Refer to note 13 for further details.
If the acquisitions of CVC Credit and CVC DIF had taken place at the beginning of the comparative year,
depreciation and amortisation expenses for the year ended 31\u00a0December 2024 would have increased by
\u20ac55.5m.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
(b) Share-based payments
LTIP
Under the Group\u2019s long term incentive plan (LTIP), options were granted to senior executives of the Company
on 24 March 2025, including members of key management personnel. The options vest over the period from
1 January 2025 to 31 December 2029, provided certain market and non-market conditions are met. Upon
fully vesting, the options will be settled in Company shares, with no consideration paid by the participants.
Each option equates to one Company share. The fair value of the options were estimated at the grant date
using a Monte Carlo simulation, taking into account the terms and conditions including relevant market
conditions. The Group accounts for the LTIP as an equity-settled plan in line with IFRS 2.
The fair value of the awards granted during the year was estimated based on the following assumptions:
Assumptions
Dec-25
Dec-24
Volatility
40%
39%
Correlation
0.46
0.49
Dividend yield
2.4%
2.4%
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome.
Number
Weighted average fair value per
option\u00a0 granted (\u20ac)
Dec-25
Dec-24
Dec-25
Dec-24
Options outstanding at beginning of year
687,442
\u2014
18.27
\u2014
Granted
785,133
687,442
15.80
18.27
Forfeited
\u2014
\u2014
\u2014
\u2014
Exercised
\u2014
\u2014
\u2014
\u2014
Options outstanding at end of year
1,472,575
687,442
16.96
18.27
The weighted average remaining contractual life for the share options outstanding as at 31\u00a0December 2025
was 9.1 years (Dec-24: 10.0 years). During the year ended 31\u00a0December 2025, \u20ac5.9m (Dec-24: \u20ac2.1m) was
recorded within personnel expenses within the consolidated statement of profit or loss.
One-off share option plans
In October 2025, various one-off share options were granted to employees of the Group. The strike price of each
option is either \u20ac14 or nil, depending on the award programme, and the exercise of each option is expected to be
settled through the delivery of Company shares which are already in issue. These shares are held by a subsidiary
of the SIF and, as a result, the exercise of these options will not be dilutive for existing shareholders. These options
have a vesting period of up to five years, contingent on continued employment with the Group. The Group
accounts for the one-off share option plan as an equity-settled plan in line with IFRS\u00a02.
Ongoing share option plan
In October 2025, the Group granted market-value strike price options over the Company\u2019s shares to
employees of the Group. These options will vest over a five-year period and, upon exercise, will be settled
through the issue of new shares of the Company. Option vesting will be contingent on continued
employment with the Group. The Group accounts for the ongoing share option plan as an equity-settled plan
in line with IFRS 2.
The fair value of the one-off and the ongoing awards was estimated at the grant date based on a Black-
Scholes option pricing model. The following table lists the inputs to the models used for the one-off and
ongoing share option plans for the year ended 31 December 2025:
Assumptions
Dec-25
Dec-24
Volatility
37.5%
\u2014
Risk-free rate
2.4%\u20132.6%
\u2014
Dividend yield
1.3%
\u2014
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome.
The following table illustrates the number and weighted average fair value of, and movements in, the one-off
and the ongoing share option plans during the year:
Number
Weighted average fair value per
option\u00a0 granted (\u20ac)
Dec-25
Dec-24
Dec-25
Dec-24
Options outstanding at beginning of year
\u2014
\u2014
\u2014
\u2014
Granted
2,843,622
\u2014
10.91
\u2014
Forfeited
\u2014
\u2014
\u2014
\u2014
Exercised
\u2014
\u2014
\u2014
\u2014
Options outstanding at end of year
2,843,622
\u2014
10.91
\u2014
The weighted average remaining contractual life for the share options outstanding as at 31\u00a0December 2025
was 9.8 years (Dec-24: nil). During the year ended 31\u00a0December 2025, \u20ac10.7m (Dec-24: nil) was recorded
within personnel expenses within the consolidated statement of profit or loss.
The exercise prices for options outstanding at the end of the year ranges from nil to \u20ac15.55.
6.\u00a0 \u00a0 Personnel expenses (continued)
CVC DIF acquisition employee share option plan
As part of the acquisition of CVC DIF, the Group is subject to a call option which, if exercised, provides the
Group with a discount over the price paid for 5% of CVC DIF that will be purchased in January 2029. The
discount allows the Group to purchase the 5% at the initial acquisition price. If the Group elects to pay the
discounted price for the final tranche of shares, the discount received is to be allocated to an employee
share\u00a0option plan (ESOP). Employees who have been granted options under the ESOP must remain in
service\u00a0for a period of four to six years from the option grant date. It is expected that the Group will exercise
the call option, and therefore the plan has been accounted for as an equity-settled share-based payment
under IFRS 2. During the year an additional 11% of the options were awarded taking the total awarded to
52%\u00a0as at 31\u00a0December 2025. The weighted fair value of the additional share options granted was estimated
at the grant date to be \u20ac14.87, based on a Black-Scholes option price model, using a strike price equal to 5%
of the consideration paid for the initial 60% of DIF, a volatility of 40.0% to 42.5% and a risk-free rate of 2.1%
to 2.2%. The expense related to the ESOP for the year ended 31\u00a0December 2025 was \u20ac3.5m (Dec-24: \u20ac1.2m)
and is recorded within personnel expenses within the consolidated statement of profit or loss. This expense\u00a0is
offset by a corresponding gain in the change in valuation of the CVC DIF forward liability.
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of
the options is indicative of future trends, which may not necessarily be the actual outcome", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
7.\u00a0 \u00a0 General and administrative expenses
General and administrative expenses
General and administrative expenses in each period were as follows:
All figures in \u20ac 000
Dec-25
Dec-24
General business expenses
193,295
39,422
Expenses incurred in businesses acquired
\u2014
109,614
Exceptional expenses
14,819
44,802
Total general and administrative expenses
208,114
193,838
General and administrative expenses are made up of general business expenses, expenses incurred in
businesses acquired and exceptional expenses.
General business expenses include all non-people costs, including travel, IT, legal and professional services,
audit, and insurance.
Expenses incurred in businesses acquired included \u20ac88m with respect to the Advisory Group, which was
acquired by the Group on 1 January 2024, \u20ac13.7m with respect to CVC Credit, which was acquired by
the\u00a0Group on 15 April 2024, and \u20ac10.9m with respect to CVC DIF, which was acquired by the Group on
1\u00a0July\u00a02024. Of these, \u20ac3m are considered exceptional in nature.
CVC Credit\u2019s and CVC DIF\u2019s general and administrative expenses for the full year ended 31\u00a0December 2024
were \u20ac21.4m and \u20ac21.6m, respectively.
For the year ended 31 December 2025 \u20ac14.8m were general and administrative expenses items comprising
(i)\u00a0one-off costs incurred in relation to the first listed accounting period to enhance ESG reporting
requirements and control framework development of \u20ac1.3m; (ii) transaction costs of \u20ac11m and (iii) lease
surrender costs of \u20ac2.5m. Exceptional transaction costs relate to potential and completed corporate
acquisitions and partnerships (including Marathon Asset Management and AIG), as well as costs associated
with the establishment of the CVC share option programme.
Audit and audit-related fees
The table below sets out the fees associated with services provided by the external auditor of the Group,
Deloitte LLP (Deloitte):
All figures in \u20ac 000
Dec-25
Dec-24
Audit fees
Consolidated financial statements
5,986
6,421
Total audit fees
5,986
6,421
Non-audit fees
Other audit-related assurance services
1,918
2,027
Other non-audit services
\u2014
7,852
Total non-audit fees
1,918
9,879
Total auditor\u2019s remuneration
7,904
16,300
Included within other audit-related assurance services are fees associated to the review of interim financial
information of \u20ac0.8m (Dec-24: \u20ac0.8m) and \u20ac0.9m related to the Corporate Sustainability Reporting
Directive (CSRD) assurance services (Dec-24: \u20ac1.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "Audit and audit-related fees
The table below sets out the fees associated with services provided by the external auditor of the Group,
Deloitte LLP (Deloitte):
All figures in \u20ac 000
Dec-25
Dec-24
Audit fees
Consolidated financial statements
5,986
6,421
Total audit fees
5,986
6,421
Non-audit fees
Other audit-related assurance services
1,918
2,027
Other non-audit services
\u2014
7,852
Total non-audit fees
1,918
9,879
Total auditor\u2019s remuneration
7,904
16,300
Included within other audit-related assurance services are fees associated to the review of interim financial
information of \u20ac0.8m (Dec-24: \u20ac0.8m) and \u20ac0.9m related to the Corporate Sustainability Reporting
Directive (CSRD) assurance services (Dec-24: \u20ac1.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
8.\u00a0 \u00a0 Depreciation and amortisation
All figures in \u20ac 000
Note
Dec-25
Dec-24
Depreciation
12
39,412
31,070
Amortisation
13
144,307
93,963
Total depreciation and amortisation
183,719
125,033
Included in depreciation for the year ended 31\u00a0December 2025 are depreciation costs related to property
and\u00a0equipment acquired as part of the acquisition of the Advisory Group on 1\u00a0January 2024 of \u20ac28.4m
(Dec-24: \u20ac23.3m ), the acquisition of CVC Credit on 15 April 2024 of \u20ac2.9m (Dec-24: \u20ac1.8m ), and the
acquisition of CVC DIF on 1 July 2024 of \u20ac4.1m (Dec-24: \u20ac2.2m). Refer to note 12 for further details.
Included in amortisation for the year ended 31\u00a0December 2025 are amortisation costs related to intangible
assets acquired as part of the acquisition of Advisory Group on 1 January 2024 of \u20ac3.6m (Dec-24: \u20ac5.2m),
the acquisition of CVC Credit on 15 April 2024 of \u20ac40.4m (Dec-24: \u20ac27.0m), and the acquisition of CVC DIF
on 1 July 2024 of \u20ac78.6m (Dec-24: \u20ac39.3m). Refer to note 13 for further details.
If the acquisitions of CVC Credit and CVC DIF had taken place at the beginning of the comparative year,
depreciation and amortisation expenses for the year ended 31\u00a0December 2024 would have increased by
\u20ac55.5m.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
9.\u00a0 \u00a0 Finance expense
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Interest on borrowings
45,315
46,170
Interest on lease liabilities
21
7,003
4,003
Other finance expenses
4,263
2,862
Total finance expense
56,581
53,035
Interest on borrowings includes costs associated with \u20ac1.45bn of outstanding private placement notes issued
by the Group. On a combined weighted average basis, the notes have a 10-year tenor and an interest rate of
2.2%. Additionally, interest on borrowings includes amounts related to the Group\u2019s revolving credit facility
(RCF). Refer to note 19 for further details.
Interest on lease liabilities relates primarily to rental payments in respect of the Group\u2019s rented offices and
certain lease liabilities acquired as part of the Group\u2019s acquisitions. Refer to note 21 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
9.\u00a0 \u00a0 Finance expense
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Interest on borrowings
45,315
46,170
Interest on lease liabilities
21
7,003
4,003
Other finance expenses
4,263
2,862
Total finance expense
56,581
53,035
Interest on borrowings includes costs associated with \u20ac1.45bn of outstanding private placement notes issued
by the Group. On a combined weighted average basis, the notes have a 10-year tenor and an interest rate of
2.2%. Additionally, interest on borrowings includes amounts related to the Group\u2019s revolving credit facility
(RCF). Refer to note 19 for further details.
Interest on lease liabilities relates primarily to rental payments in respect of the Group\u2019s rented offices and
certain lease liabilities acquired as part of the Group\u2019s acquisitions. Refer to note 21 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
9.\u00a0 \u00a0 Finance expense
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Interest on borrowings
45,315
46,170
Interest on lease liabilities
21
7,003
4,003
Other finance expenses
4,263
2,862
Total finance expense
56,581
53,035
Interest on borrowings includes costs associated with \u20ac1.45bn of outstanding private placement notes issued
by the Group. On a combined weighted average basis, the notes have a 10-year tenor and an interest rate of
2.2%. Additionally, interest on borrowings includes amounts related to the Group\u2019s revolving credit facility
(RCF). Refer to note 19 for further details.
Interest on lease liabilities relates primarily to rental payments in respect of the Group\u2019s rented offices and
certain lease liabilities acquired as part of the Group\u2019s acquisitions. Refer to note 21 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
9.\u00a0 \u00a0 Finance expense
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Interest on borrowings
45,315
46,170
Interest on lease liabilities
21
7,003
4,003
Other finance expenses
4,263
2,862
Total finance expense
56,581
53,035
Interest on borrowings includes costs associated with \u20ac1.45bn of outstanding private placement notes issued
by the Group. On a combined weighted average basis, the notes have a 10-year tenor and an interest rate of
2.2%. Additionally, interest on borrowings includes amounts related to the Group\u2019s revolving credit facility
(RCF). Refer to note 19 for further details.
Interest on lease liabilities relates primarily to rental payments in respect of the Group\u2019s rented offices and
certain lease liabilities acquired as part of the Group\u2019s acquisitions. Refer to note 21 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
10.\u00a0 \u00a0 Income tax
Income tax charge
Income tax (credited)/charged in the consolidated statement of profit or loss:
All figures in \u20ac 000
Dec-25
Dec-24
Current tax
Current tax \u2013 current year
94,927
55,550
Current tax \u2013 prior years
5,125
10,922
Movement on uncertain tax provision
(9,251)
(3,816)
Deferred tax
Relating to origination and reversal of temporary differences
(94,037)
(62,306)
Income tax (credit)/charge reported in the consolidated statement
of profit or loss
(3,236)
350
Included in current tax for the year ended 31\u00a0December 2024 is \u20ac15.7m with respect to the Advisory Group, which
was acquired by the Group on 1\u00a0January 2024, \u20ac33.2m with respect to CVC Credit, which was acquired by
the Group on 15 April 2024, and \u20ac11.1m with respect to CVC DIF which was acquired by the Group on 1 July
2024.
CVC Credit and CVC DIF\u2019s current tax charges for the 12 months ended 31\u00a0December 2024 were \u20ac41.3m and
\u20ac25.7m, respectively.
As part of the Group\u2019s acquisition of Advisory Group on 1 January 2024 the Group acquired a provision of
\u20ac22.6m in respect of uncertain tax positions. As at 31\u00a0December 2025 the Group has revised certain
provisions following developments which has resulted in a net credit to the tax expense within the
consolidated statement of profit or loss of \u20ac9.3m.
As a result of the implementation of the MCIT law, the Group has recognised additional deferred tax assets of
\u20ac104.0m as at 31\u00a0December 2025 (Dec-24: \u20ac24.8m) in respect of tax losses of the Group\u2019s Jersey entities that
can be utilised to offset profits taxable under the MCIT law. The majority of the deferred tax recognised
during the year ended 31\u00a0December 2025 had been disclosed in the 2024 financial statements, but was not
recognised in the year ended 31\u00a0December 2024 due to the level of uncertainty relating to the interpretation
of the relevant aspects of the MCIT law. In light of additional guidance on the interpretation of these aspects
of the MCIT law, the majority of this deferred tax was recognised in the year ended 31\u00a0December 2025, on
the\u00a0basis that there was no longer material uncertainty in relation to the relevant aspects of the MCIT Law.
During the year ended 31\u00a0December 2025, deferred tax assets of \u20ac43.6m ( Dec-24: nil) relating to the MCIT
law were utilised.
Reconciliation of income tax (credit)/charge
The tax (credit)/charge on profit before tax is different to the corporation tax payable based on the profit for
the year taxed at a weighted average rate of 17.1% for the year ended 31\u00a0December 2025 (Dec-24: 7.8% ) due
to the following factors:
All figures in \u20ac 000
Dec-25
Dec-24
Profit before income tax
1,219,046
308,466
Tax on profit before taxation at the standard rate of corporation tax
in each jurisdiction with a weighted average of 17.1% (Dec-24: 7.8%)
208,509
24,051
Change in non-recognised tax losses
(104,611)
(25,634)
Excluded income
(100,626)
\u2014
Movement on uncertain tax provision
(9,251)
(3,816)
Non-deductible expenses
2,317
2,896
Effect of foreign taxes
4,043
1,948
Prior year adjustments
(2,269)
1,788
Other
(1,348)
(883)
At the effective income tax rate
(3,236)
350
The effective tax rate is the tax (credit)/charge divided by the accounting profit. The Group has business
presence in multiple jurisdictions with different tax rates. The differences in the income tax (credit)/charge
from the statutory tax rates in each jurisdiction result from, among others, movement in uncertain tax
provisions, non-deductibility of certain expenses, the net impact of foreign tax regimes and changes in non-
recognised tax losses (including losses of the Group\u2019s Jersey entities that can be utilised to offset future profits
taxable under the MCIT law). The differences in the income tax (credit)/charge from statutory tax rates also
relates to income excluded from taxable income, primarily under the MCIT Law in Jersey that is consistent
with Pillar Two Rules.
Deferred tax
Deferred tax reflected in the consolidated statement of financial position as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Deferred tax assets
154,104
84,744
Deferred tax liabilities
(227,489)
(248,149)
Net deferred tax liabilities
(73,385)
(163,405)
Deferred tax reflected in the consolidated statement of financial position relates to the following:
All figures in \u20ac 000
Dec-25
Dec-24
Goodwill and other intangible assets
(190,576)
(227,147)
Investments in partnership interests
31,183
31,618
Deferred tax related to MCIT
78,584
24,779
Leases
3,824
1,344
Other
3,600
6,001
Net deferred tax liabilities
(73,385)
(163,405)
Reconciliation of deferred tax:
All figures in \u20ac 000
Dec-25
Dec-24
Net deferred tax liabilities as at 1 January
(163,405)
(13,578)
Acquisition of subsidiaries
\u2014
(86,568)
Tax charge/(credit) during the year recognised in profit or loss
94,037
(62,306)
Foreign exchange movement
(4,017)
(953)
Net deferred tax liabilities as at 31 December
(73,385)
(163,405)
Deferred tax reflected in the consolidated statement of profit or loss relates to the following:
All figures in \u20ac 000
Dec-25
Dec-24
Leases
(2,527)
(1,064)
Investments in partnership interests
(237)
(16,121)
Goodwill and other intangible assets
(35,041)
(18,255)
Deferred tax related to MCIT
(54,600)
(24,205)
Other
(1,632)
(2,661)
Net deferred tax credit
(94,037)
(62,306)
The Group\u2019s deferred tax assets and liabilities have been measured at the tax rates that are expected to
apply in the year when the asset is realised or liability is settled, based on the tax rates and tax laws that have
been enacted or substantively enacted at the reporting date.
The Group\u2019s deferred tax assets include deferred tax on right-of-use assets and lease liabilities which will
unwind over the period of each lease, as well as tax losses carried forward, to the extent that they can be
utilised under relevant tax legislation and it is probable that future taxable profits will allow the deferred tax
asset to be recovered.
The Group\u2019s deferred tax liabilities primarily represent a temporary difference arising on the remeasurement
of the fair value of investments, as well as on the amortisation of the intangible assets recognised on
acquisition. They unwind as investments are realised and intangible assets are amortised.
Certain of the Group\u2019s Jersey entities had historic tax losses that can be utilised under the MCIT law to
provide relief against the 15% MCIT tax rate. While there is some level of uncertainty in the interpretation of
certain aspects of the MCIT Law, as well as the OECD Pillar Two rules, as at 31\u00a0December 2025 the Group has
a\u00a0recognised deferred tax asset of \u20ac84.4m in relation to a portion of these tax losses.
There are no other material temporary differences for which no deferred tax was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "Deferred tax
Deferred tax reflected in the consolidated statement of financial position as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Deferred tax assets
154,104
84,744
Deferred tax liabilities
(227,489)
(248,149)
Net deferred tax liabilities
(73,385)
(163,405)
Deferred tax reflected in the consolidated statement of financial position relates to the following:
All figures in \u20ac 000
Dec-25
Dec-24
Goodwill and other intangible assets
(190,576)
(227,147)
Investments in partnership interests
31,183
31,618
Deferred tax related to MCIT
78,584
24,779
Leases
3,824
1,344
Other
3,600
6,001
Net deferred tax liabilities
(73,385)
(163,405)
Reconciliation of deferred tax:
All figures in \u20ac 000
Dec-25
Dec-24
Net deferred tax liabilities as at 1 January
(163,405)
(13,578)
Acquisition of subsidiaries
\u2014
(86,568)
Tax charge/(credit) during the year recognised in profit or loss
94,037
(62,306)
Foreign exchange movement
(4,017)
(953)
Net deferred tax liabilities as at 31 December
(73,385)
(163,405)
Deferred tax reflected in the consolidated statement of profit or loss relates to the following:
All figures in \u20ac 000
Dec-25
Dec-24
Leases
(2,527)
(1,064)
Investments in partnership interests
(237)
(16,121)
Goodwill and other intangible assets
(35,041)
(18,255)
Deferred tax related to MCIT
(54,600)
(24,205)
Other
(1,632)
(2,661)
Net deferred tax credit
(94,037)
(62,306)
The Group\u2019s deferred tax assets and liabilities have been measured at the tax rates that are expected to
apply in the year when the asset is realised or liability is settled, based on the tax rates and tax laws that have
been enacted or substantively enacted at the reporting date.
The Group\u2019s deferred tax assets include deferred tax on right-of-use assets and lease liabilities which will
unwind over the period of each lease, as well as tax losses carried forward, to the extent that they can be
utilised under relevant tax legislation and it is probable that future taxable profits will allow the deferred tax
asset to be recovered.
The Group\u2019s deferred tax liabilities primarily represent a temporary difference arising on the remeasurement
of the fair value of investments, as well as on the amortisation of the intangible assets recognised on
acquisition. They unwind as investments are realised and intangible assets are amortised.
Certain of the Group\u2019s Jersey entities had historic tax losses that can be utilised under the MCIT law to
provide relief against the 15% MCIT tax rate. While there is some level of uncertainty in the interpretation of
certain aspects of the MCIT Law, as well as the OECD Pillar Two rules, as at 31\u00a0December 2025 the Group has
a\u00a0recognised deferred tax asset of \u20ac84.4m in relation to a portion of these tax losses.
There are no other material temporary differences for which no deferred tax was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
11.\u00a0 \u00a0 Earnings per share (EPS)
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the year.
Dec-25
Dec-24
Profit attributable to ordinary equity holders of the parent (\u20ac 000)
1,183,106
225,295
Weighted average no. of ordinary shares for purposes of basic
EPS\u00a0(000)
1,062,984
946,523
Basic earnings per share (\u20ac)
1.11
0.24
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year plus the weighted average number
of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into
ordinary shares. The Group\u2019s forward liability is convertible into ordinary shares, which is dilutive in the period
and has been shown below with an estimated increase in ordinary shares of 31,692,168 using the
31\u00a0December 2025 share price, with earnings being adjusted to remove the change in valuation of the
forward liability (\u20ac-334m) and\u00a0the CVC DIF NCI (\u20ac-3m). The LTIP and share-based payment plans are not
dilutive and therefore have not been included in the Group\u2019s dilutive EPS\u00a0calculation. The following table
reflects the income and share data used in the diluted EPS\u00a0calculations (Dec-24: no dilutive items therefore
Diluted EPS was the same as Basic EPS as shown in the table above):
Dec-25
Dec-24
Profit attributable to ordinary equity holders of the parent (\u20ac 000)
845,870
225,295
Weighted average no. of ordinary shares for purposes of diluted\u00a0EPS (000)
1,094,676
946,523
Diluted earnings per share (\u20ac)
0.77
0.24
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year plus the weighted average number
of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into
ordinary shares. The Group\u2019s forward liability is convertible into ordinary shares, which is dilutive in the period
and has been shown below with an estimated increase in ordinary shares of 31,692,168 using the
31\u00a0December 2025 share price, with earnings being adjusted to remove the change in valuation of the
forward liability (\u20ac-334m) and\u00a0the CVC DIF NCI (\u20ac-3m). The LTIP and share-based payment plans are not
dilutive and therefore have not been included in the Group\u2019s dilutive EPS\u00a0calculation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
12.\u00a0 \u00a0 Property and equipment
All figures in \u20ac 000
Notes
Right-of-use
assets
Equipment
Fixtures and
fittings
Leasehold
improvements
Total
Cost
As at 1 January 2025
159,383
8,293
10,572
37,765
216,013
Additions
35,474
2,724
5,430
20,272
63,900
Disposals
(10,874)
(57)
(768)
(2,825)
(14,524)
Lease modification
1,391
\u2014
\u2014
\u2014
1,391
Foreign exchange
(11,330)
(573)
(796)
(3,471)
(16,170)
As at 31 December 2025
174,044
10,387
14,438
51,741
250,610
Accumulated depreciation
As at 1 January 2025
25,987
2,984
2,175
6,206
37,352
Depreciation
27,847
2,795
2,752
6,018
39,412
Disposals
(10,874)
\u2014
(400)
(1,466)
(12,740)
Foreign exchange
(1,986)
(320)
(227)
(668)
(3,201)
As at 31 December 2025
40,974
5,459
4,300
10,090
60,823
Net book value as at 31
December 2025
133,070
4,928
10,138
41,651
189,787
Additions in the year ended 31\u00a0December 2025 for right-of-use assets primarily relate to new leases for office
space in the UK and US of \u20ac33.9m.
Movements in the right-of-use assets disposals line reflect the derecognition of assets and accumulated
depreciation upon the contractual expiration of the respective lease contracts. For the year ended
31\u00a0December 2025, these movements primarily relate to the derecognition of office leases in the UK and US
upon expiry or early termination during the year.
All figures in \u20ac 000
Right-of-use
assets
Equipment
Fixtures and
fittings
Leasehold
improvements
Total
Cost
As at 1 January 2024
13,669
1,242
1,550
6,776
23,237
Acquisition of subsidiaries
85,951
3,486
7,432
18,308
115,177
Additions
46,969
3,352
1,206
11,649
63,176
Disposals
(141)
(125)
(24)
(500)
(790)
Lease modification
10,030
\u2014
\u2014
\u2014
10,030
Impact of merger accounting
(1,584)
\u2014
\u2014
\u2014
(1,584)
Foreign exchange
4,489
338
408
1,532
6,767
As at 31 December 2024
159,383
8,293
10,572
37,765
216,013
Accumulated depreciation
As at 1 January 2024
3,557
525
277
1,411
5,770
Disposals
(141)
(92)
(17)
(498)
(748)
Depreciation
21,944
2,389
1,819
4,918
31,070
Foreign exchange
627
162
96
375
1,260
As at 31 December 2024
25,987
2,984
2,175
6,206
37,352
Net book value as at 31 December
2024
133,396
5,309
8,397
31,559
178,661
The Group acquired the Advisory Group on 1 January 2024, and as a result, recognised certain property and
equipment assets on acquisition. The Group then underwent a Pre-IPO Reorganisation which resulted in
certain disposals which were accounted for using the merger accounting method.
12.\u00a0 \u00a0 Property and equipment (continued)
The net book value and depreciation of the right-of-use assets is broken down by class of underlying asset:
All figures in \u20ac 000
Properties
Equipment and
vehicles
Total
2025
Depreciation for the year ended 31 December 2025
27,230
617
27,847
Net book value at 31 December 2025
132,034
1,036
133,070
All figures in \u20ac 000
Properties
Equipment and
vehicles
Total
2024
Depreciation for the year ended 31 December 2024
21,175
769
21,944
Net book value at 31 December 2024
132,478
918
133,396
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
13.\u00a0 \u00a0 Goodwill and other intangible assets
Goodwill and other intangible assets
All figures in \u20ac 000
Notes
Goodwill
Customer-
related intangible
assets
Brands
Computer
software
Total
Cost
As at 1 January 2025
833,644
1,141,376
23,104
11,359
2,009,483
Additions
\u2014
\u2014
\u2014
2,123
2,123
Foreign exchange
(40,530)
(30,925)
(1,036)
(269)
(72,760)
As at 31 December 2025
793,114
1,110,451
22,068
13,213
1,938,846
Accumulated amortisation
As at 1 January 2025
\u2014
130,397
6,448
5,427
142,272
Amortisation
\u2014
136,714
4,004
3,589
144,307
Foreign exchange
\u2014
(8,585)
(690)
(274)
(9,549)
As at 31 December 2025
\u2014
258,526
9,762
8,742
277,030
Net book value as at 31
December 2025
793,114
851,925
12,306
4,471
1,661,816
All figures in \u20ac 000
Notes
Goodwill
Customer-
related
intangible assets
Brands
Computer
software
Total
Cost
As at 1 January 2024
321,009
244,937
8,206
\u2014
574,152
Acquisition of a subsidiary
491,185
880,070
14,350
6,685
1,392,290
Additions
\u2014
\u2014
\u2014
4,408
4,408
Foreign exchange
21,450
16,369
548
266
38,633
As at 31 December 2024
833,644
1,141,376
23,104
11,359
2,009,483
Accumulated amortisation
As at 1 January 2024
\u2014
40,823
3,277
\u2014
44,100
Amortisation
\u2014
85,916
2,872
5,175
93,963
Foreign exchange
\u2014
3,658
299
252
4,209
As at 31 December 2024
\u2014
130,397
6,448
5,427
142,272
Net book value as at 31
December 2024
833,644
1,010,979
16,656
5,932
1,867,211
Goodwill arose following the acquisition of CVC Secondaries on 11 January 2022 (\u20ac301.9m as at 31 December
2025 (Dec-24: \u20ac342.5m), the acquisition of the Advisory Group on 1\u00a0January 2024 (\u20ac117.3m), the acquisition
of CVC Credit on 15 April 2024 ( \u20ac108.7m), and the acquisition of CVC DIF on 1 July 2024 (\u20ac265.2m).
Of the Group\u2019s customer-related intangible assets, \u20ac153.6m relate to the acquisition of CVC Secondaries
(Dec-24: \u20ac196m) which will be fully amortised by 2034, \u20ac138.9m relate to the acquisition of CVC Credit
(Dec-24 : \u20ac179.3m ) which will be fully amortised by 2034, and \u20ac559.5m (Dec-24: \u20ac635.7m) relate to the
acquisition of CVC DIF which will be fully amortised by 2037.
Impairment testing
Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate
potential impairment loss. Goodwill is tested for impairment at the segment level, which is the lowest level
within the Group where goodwill is monitored for internal management purposes. For impairment testing,
goodwill acquired through the acquisition of CVC Secondaries has been allocated to the Secondaries
operating segment, goodwill acquired through the acquisition of the Advisory Group has been allocated to
the Private Equity operating segment, goodwill acquired through the acquisition of the Credit Group has
been allocated to\u00a0the Credit operating segment, and goodwill acquired through the acquisition of CVC DIF
has been allocated to the Infrastructure operating segment.
13.\u00a0 \u00a0 Goodwill and other intangible assets (continued)
All figures in \u20ac 000
Dec-25
Dec-24
Secondaries
301,931
342,461
Credit
108,718
108,718
Private Equity
117,266
117,266
Infrastructure
265,199
265,199
As at 31 December
793,114
833,644
The Group performed its annual impairment test of the Private Equity, Secondaries and Credit operating
segments as at 30 June 2025, and Infrastructure segment as at 31\u00a0December 2025, and their respective
recoverable amounts have been determined based on a value in use calculation (VIU) using cash flow
projections from financial budgets covering up to a five-year period. Key assumptions in the Group\u2019s financial
forecasts include projected earnings, the discount rate and the terminal value. The projected cash flows are
based on the contractual management fees expected to be earned on existing funds, as well as new capital
raising, deployment of capital and costs of the business, taking into account growth plans for the segment as
well as past experience.
The pre-tax discount rates were estimated based on the current market assessment of the risks specific to the
segment. The discount rate calculation is based on the specific circumstances of the segment and is derived
from its WACC. The WACC takes into account both debt and equity. The cost of equity is derived from the
expected return on investment. The cost of debt is based on the interest-bearing borrowings the segment is
obliged to service. The long-term growth rate was calculated based on a long-term growth rate assumption,
in\u00a0line with the long-term inflation and nominal GDP growth expectations for UK and EU markets.
As a result of this analysis, significant headroom was noted and therefore no impairment was identified.
Management believes that any reasonably possible change in any of the key assumptions would not cause
the\u00a0carrying amount to exceed the recoverable amount for any operating segment. Key inputs into the
above impairment assessments are presented in the following table:
Dec-25
Dec-24
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Secondaries
15.6%
2.0%
17.0%
2.5%
Private Equity
15.7%
2.0%
13.1%
2.5%
Credit
15.7%
2.0%
16.8%
2.5%
Infrastructure
19.4%
2.0%
18.9%
2.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
13.\u00a0 \u00a0 Goodwill and other intangible assets
Goodwill and other intangible assets
All figures in \u20ac 000
Notes
Goodwill
Customer-
related intangible
assets
Brands
Computer
software
Total
Cost
As at 1 January 2025
833,644
1,141,376
23,104
11,359
2,009,483
Additions
\u2014
\u2014
\u2014
2,123
2,123
Foreign exchange
(40,530)
(30,925)
(1,036)
(269)
(72,760)
As at 31 December 2025
793,114
1,110,451
22,068
13,213
1,938,846
Accumulated amortisation
As at 1 January 2025
\u2014
130,397
6,448
5,427
142,272
Amortisation
\u2014
136,714
4,004
3,589
144,307
Foreign exchange
\u2014
(8,585)
(690)
(274)
(9,549)
As at 31 December 2025
\u2014
258,526
9,762
8,742
277,030
Net book value as at 31
December 2025
793,114
851,925
12,306
4,471
1,661,816
All figures in \u20ac 000
Notes
Goodwill
Customer-
related
intangible assets
Brands
Computer
software
Total
Cost
As at 1 January 2024
321,009
244,937
8,206
\u2014
574,152
Acquisition of a subsidiary
491,185
880,070
14,350
6,685
1,392,290
Additions
\u2014
\u2014
\u2014
4,408
4,408
Foreign exchange
21,450
16,369
548
266
38,633
As at 31 December 2024
833,644
1,141,376
23,104
11,359
2,009,483
Accumulated amortisation
As at 1 January 2024
\u2014
40,823
3,277
\u2014
44,100
Amortisation
\u2014
85,916
2,872
5,175
93,963
Foreign exchange
\u2014
3,658
299
252
4,209
As at 31 December 2024
\u2014
130,397
6,448
5,427
142,272
Net book value as at 31
December 2024
833,644
1,010,979
16,656
5,932
1,867,211
Goodwill arose following the acquisition of CVC Secondaries on 11 January 2022 (\u20ac301.9m as at 31 December
2025 (Dec-24: \u20ac342.5m), the acquisition of the Advisory Group on 1\u00a0January 2024 (\u20ac117.3m), the acquisition
of CVC Credit on 15 April 2024 ( \u20ac108.7m), and the acquisition of CVC DIF on 1 July 2024 (\u20ac265.2m).
Of the Group\u2019s customer-related intangible assets, \u20ac153.6m relate to the acquisition of CVC Secondaries
(Dec-24: \u20ac196m) which will be fully amortised by 2034, \u20ac138.9m relate to the acquisition of CVC Credit
(Dec-24 : \u20ac179.3m ) which will be fully amortised by 2034, and \u20ac559.5m (Dec-24: \u20ac635.7m) relate to the
acquisition of CVC DIF which will be fully amortised by 2037.
Impairment testing
Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate
potential impairment loss. Goodwill is tested for impairment at the segment level, which is the lowest level
within the Group where goodwill is monitored for internal management purposes. For impairment testing,
goodwill acquired through the acquisition of CVC Secondaries has been allocated to the Secondaries
operating segment, goodwill acquired through the acquisition of the Advisory Group has been allocated to
the Private Equity operating segment, goodwill acquired through the acquisition of the Credit Group has
been allocated to\u00a0the Credit operating segment, and goodwill acquired through the acquisition of CVC DIF
has been allocated to the Infrastructure operating segment.
13.\u00a0 \u00a0 Goodwill and other intangible assets (continued)
All figures in \u20ac 000
Dec-25
Dec-24
Secondaries
301,931
342,461
Credit
108,718
108,718
Private Equity
117,266
117,266
Infrastructure
265,199
265,199
As at 31 December
793,114
833,644
The Group performed its annual impairment test of the Private Equity, Secondaries and Credit operating
segments as at 30 June 2025, and Infrastructure segment as at 31\u00a0December 2025, and their respective
recoverable amounts have been determined based on a value in use calculation (VIU) using cash flow
projections from financial budgets covering up to a five-year period. Key assumptions in the Group\u2019s financial
forecasts include projected earnings, the discount rate and the terminal value. The projected cash flows are
based on the contractual management fees expected to be earned on existing funds, as well as new capital
raising, deployment of capital and costs of the business, taking into account growth plans for the segment as
well as past experience.
The pre-tax discount rates were estimated based on the current market assessment of the risks specific to the
segment. The discount rate calculation is based on the specific circumstances of the segment and is derived
from its WACC. The WACC takes into account both debt and equity. The cost of equity is derived from the
expected return on investment. The cost of debt is based on the interest-bearing borrowings the segment is
obliged to service. The long-term growth rate was calculated based on a long-term growth rate assumption,
in\u00a0line with the long-term inflation and nominal GDP growth expectations for UK and EU markets.
As a result of this analysis, significant headroom was noted and therefore no impairment was identified.
Management believes that any reasonably possible change in any of the key assumptions would not cause
the\u00a0carrying amount to exceed the recoverable amount for any operating segment. Key inputs into the
above impairment assessments are presented in the following table:
Dec-25
Dec-24
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Secondaries
15.6%
2.0%
17.0%
2.5%
Private Equity
15.7%
2.0%
13.1%
2.5%
Credit
15.7%
2.0%
16.8%
2.5%
Infrastructure
19.4%
2.0%
18.9%
2.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
13.\u00a0 \u00a0 Goodwill and other intangible assets
Goodwill and other intangible assets
All figures in \u20ac 000
Notes
Goodwill
Customer-
related intangible
assets
Brands
Computer
software
Total
Cost
As at 1 January 2025
833,644
1,141,376
23,104
11,359
2,009,483
Additions
\u2014
\u2014
\u2014
2,123
2,123
Foreign exchange
(40,530)
(30,925)
(1,036)
(269)
(72,760)
As at 31 December 2025
793,114
1,110,451
22,068
13,213
1,938,846
Accumulated amortisation
As at 1 January 2025
\u2014
130,397
6,448
5,427
142,272
Amortisation
\u2014
136,714
4,004
3,589
144,307
Foreign exchange
\u2014
(8,585)
(690)
(274)
(9,549)
As at 31 December 2025
\u2014
258,526
9,762
8,742
277,030
Net book value as at 31
December 2025
793,114
851,925
12,306
4,471
1,661,816
All figures in \u20ac 000
Notes
Goodwill
Customer-
related
intangible assets
Brands
Computer
software
Total
Cost
As at 1 January 2024
321,009
244,937
8,206
\u2014
574,152
Acquisition of a subsidiary
491,185
880,070
14,350
6,685
1,392,290
Additions
\u2014
\u2014
\u2014
4,408
4,408
Foreign exchange
21,450
16,369
548
266
38,633
As at 31 December 2024
833,644
1,141,376
23,104
11,359
2,009,483
Accumulated amortisation
As at 1 January 2024
\u2014
40,823
3,277
\u2014
44,100
Amortisation
\u2014
85,916
2,872
5,175
93,963
Foreign exchange
\u2014
3,658
299
252
4,209
As at 31 December 2024
\u2014
130,397
6,448
5,427
142,272
Net book value as at 31
December 2024
833,644
1,010,979
16,656
5,932
1,867,211
Goodwill arose following the acquisition of CVC Secondaries on 11 January 2022 (\u20ac301.9m as at 31 December
2025 (Dec-24: \u20ac342.5m), the acquisition of the Advisory Group on 1\u00a0January 2024 (\u20ac117.3m), the acquisition
of CVC Credit on 15 April 2024 ( \u20ac108.7m), and the acquisition of CVC DIF on 1 July 2024 (\u20ac265.2m).
Of the Group\u2019s customer-related intangible assets, \u20ac153.6m relate to the acquisition of CVC Secondaries
(Dec-24: \u20ac196m) which will be fully amortised by 2034, \u20ac138.9m relate to the acquisition of CVC Credit
(Dec-24 : \u20ac179.3m ) which will be fully amortised by 2034, and \u20ac559.5m (Dec-24: \u20ac635.7m) relate to the
acquisition of CVC DIF which will be fully amortised by 2037.
Impairment testing
Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate
potential impairment loss. Goodwill is tested for impairment at the segment level, which is the lowest level
within the Group where goodwill is monitored for internal management purposes. For impairment testing,
goodwill acquired through the acquisition of CVC Secondaries has been allocated to the Secondaries
operating segment, goodwill acquired through the acquisition of the Advisory Group has been allocated to
the Private Equity operating segment, goodwill acquired through the acquisition of the Credit Group has
been allocated to\u00a0the Credit operating segment, and goodwill acquired through the acquisition of CVC DIF
has been allocated to the Infrastructure operating segment.
13.\u00a0 \u00a0 Goodwill and other intangible assets (continued)
All figures in \u20ac 000
Dec-25
Dec-24
Secondaries
301,931
342,461
Credit
108,718
108,718
Private Equity
117,266
117,266
Infrastructure
265,199
265,199
As at 31 December
793,114
833,644
The Group performed its annual impairment test of the Private Equity, Secondaries and Credit operating
segments as at 30 June 2025, and Infrastructure segment as at 31\u00a0December 2025, and their respective
recoverable amounts have been determined based on a value in use calculation (VIU) using cash flow
projections from financial budgets covering up to a five-year period. Key assumptions in the Group\u2019s financial
forecasts include projected earnings, the discount rate and the terminal value. The projected cash flows are
based on the contractual management fees expected to be earned on existing funds, as well as new capital
raising, deployment of capital and costs of the business, taking into account growth plans for the segment as
well as past experience.
The pre-tax discount rates were estimated based on the current market assessment of the risks specific to the
segment. The discount rate calculation is based on the specific circumstances of the segment and is derived
from its WACC. The WACC takes into account both debt and equity. The cost of equity is derived from the
expected return on investment. The cost of debt is based on the interest-bearing borrowings the segment is
obliged to service. The long-term growth rate was calculated based on a long-term growth rate assumption,
in\u00a0line with the long-term inflation and nominal GDP growth expectations for UK and EU markets.
As a result of this analysis, significant headroom was noted and therefore no impairment was identified.
Management believes that any reasonably possible change in any of the key assumptions would not cause
the\u00a0carrying amount to exceed the recoverable amount for any operating segment. Key inputs into the
above impairment assessments are presented in the following table:
Dec-25
Dec-24
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Secondaries
15.6%
2.0%
17.0%
2.5%
Private Equity
15.7%
2.0%
13.1%
2.5%
Credit
15.7%
2.0%
16.8%
2.5%
Infrastructure
19.4%
2.0%
18.9%
2.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "Impairment testing
Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate
potential impairment loss. Goodwill is tested for impairment at the segment level, which is the lowest level
within the Group where goodwill is monitored for internal management purposes. For impairment testing,
goodwill acquired through the acquisition of CVC Secondaries has been allocated to the Secondaries
operating segment, goodwill acquired through the acquisition of the Advisory Group has been allocated to
the Private Equity operating segment, goodwill acquired through the acquisition of the Credit Group has
been allocated to\u00a0the Credit operating segment, and goodwill acquired through the acquisition of CVC DIF
has been allocated to the Infrastructure operating segment.
13.\u00a0 \u00a0 Goodwill and other intangible assets (continued)
All figures in \u20ac 000
Dec-25
Dec-24
Secondaries
301,931
342,461
Credit
108,718
108,718
Private Equity
117,266
117,266
Infrastructure
265,199
265,199
As at 31 December
793,114
833,644
The Group performed its annual impairment test of the Private Equity, Secondaries and Credit operating
segments as at 30 June 2025, and Infrastructure segment as at 31\u00a0December 2025, and their respective
recoverable amounts have been determined based on a value in use calculation (VIU) using cash flow
projections from financial budgets covering up to a five-year period. Key assumptions in the Group\u2019s financial
forecasts include projected earnings, the discount rate and the terminal value. The projected cash flows are
based on the contractual management fees expected to be earned on existing funds, as well as new capital
raising, deployment of capital and costs of the business, taking into account growth plans for the segment as
well as past experience.
The pre-tax discount rates were estimated based on the current market assessment of the risks specific to the
segment. The discount rate calculation is based on the specific circumstances of the segment and is derived
from its WACC. The WACC takes into account both debt and equity. The cost of equity is derived from the
expected return on investment. The cost of debt is based on the interest-bearing borrowings the segment is
obliged to service. The long-term growth rate was calculated based on a long-term growth rate assumption,
in\u00a0line with the long-term inflation and nominal GDP growth expectations for UK and EU markets.
As a result of this analysis, significant headroom was noted and therefore no impairment was identified.
Management believes that any reasonably possible change in any of the key assumptions would not cause
the\u00a0carrying amount to exceed the recoverable amount for any operating segment. Key inputs into the
above impairment assessments are presented in the following table:
Dec-25
Dec-24
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Pre-tax discount
rate
(%)
Long-term growth
rate
(%)
Secondaries
15.6%
2.0%
17.0%
2.5%
Private Equity
15.7%
2.0%
13.1%
2.5%
Credit
15.7%
2.0%
16.8%
2.5%
Infrastructure
19.4%
2.0%
18.9%
2.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
14.\u00a0 \u00a0 Carried interest and performance fees receivable
The carried interest and performance fees receivable relates to revenue which has been recognised by the
Group in respect of its share of profits from investment funds and credit vehicles.
Revenue is only recognised to the extent it is highly probable that the revenue recognised would not result in
significant revenue reversal of any accumulated revenue recognised on the completion of an investment fund
or credit vehicle. The reversal risk is mitigated through the application of constraints to the fair value of
unrealised investments when calculating the value of carried interest or performance fee revenue to be
recognised.
A sensitivity analysis of the impact of a change in the value of unrealised fund assets as a result of
reasonably possible changes in the constraints applied is included within note 5.
All figures in \u20ac 000
Dec-25
Dec-24
Opening balance
254,926
190,461
Acquisition of a subsidiary
\u2014
6,558
Carried interest additions
814
774
Release of carried interest provision
(195,621)
(115,824)
Income recognised in the period
253,243
173,170
Foreign exchange movements
(572)
(213)
Closing balance
312,790
254,926
Carried interest and performance fees of \u20ac253.2m have been recognised for the year ended 31\u00a0December
2025 (Dec-24: \u20ac173.2m) where the relevant funds have met the Group\u2019s criteria for carried interest revenue
recognition under IFRS 15. Carried interest additions are contributions made to carried interest entities for the
Group\u2019s participation in carried interest from the funds as described in note 3(a).
", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
15.\u00a0 \u00a0 Financial assets at fair value through profit and loss
Investments representing the Group\u2019s interests in investment vehicles are initially recognised at fair value and
subsequently measured at fair value through profit or loss as investment income.
The financial assets are measured at fair value through profit or loss as the business model of each
investment vehicle is to manage the assets and to evaluate their performance on a fair value basis.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
1,890,532
935,674
Acquisition of subsidiaries
\u2014
600,962
Deconsolidation of subsidiaries
(455,011)
\u2014
Additions
599,978
479,445
Disposals
(491,437)
(327,735)
Investment income
134,249
199,868
Foreign exchange movements
(9,225)
2,318
Closing balance
17, 25
1,669,086
1,890,532
Included in financial assets at fair value through profit or loss, are investments of \u20ac102.1m as at 31\u00a0December
2025 (Dec-24: \u20ac95.6m), of which \u20ac98.2m (Dec-24: \u20ac91.8m) are pledged as collateral for the Group\u2019s
borrowings. The amount also includes foreign exchange forward contracts subject to master netting
arrangements which comprise a gross asset position of \u20ac9.9m (Dec-24: nil) and gross liability position of
\u20ac9.9m (Dec-24: nil), which are presented on a net basis in the consolidated statement of financial position.
In 2025, the Group partially sold its commitment in CVC Capital Partners Investment Europe VII L.P. and
partially cancelled its commitment in CVC SOF VI Associates (Feeder), SCSp resulting in the Group no longer
controlling these entities. An amount of \u20ac455m has been removed from financial assets at fair value through
profit or loss relating to non-controlling interests in these entities on the dates control was lost. Refer to note
27 for further details.
Additions and disposals include non-cash transactions amounting to \u20ac88.2m and \u20ac99.8m, respectively
(Dec-24: nil and \u20ac2.3m). These transactions primarily relate to the exchange or syndication of credit facilities
with unconsolidated structured entities and resets of CLO investments.
Acquisitions of subsidiaries during the year ended 31\u00a0December 2024 relate to investments held within
businesses acquired as a part of the Pre-IPO Reorganisation.
17.\u00a0 \u00a0 Financial assets
The following tables analyse the Group\u2019s assets in accordance with the categories of financial instruments
in\u00a0IFRS 9.
All figures in \u20ac 000
Notes
Fair value through
profit or loss
Financial assets
at amortised cost
Total
At 31 December 2025
Financial assets at fair value through
profit or loss
15
1,669,086
\u2014
1,669,086
Loans receivable
16
\u2014
180,660
180,660
Other receivables
16
\u2014
53,645
53,645
Due from funds
16
\u2014
91,441
91,441
Related party receivables
16
\u2014
11,796
11,796
Management fees receivable
16
\u2014
63,973
63,973
Preference shares
16
\u2014
14,954
14,954
Cash and cash equivalents
18
\u2014
721,165
721,165
Total financial assets
1,669,086
1,137,634
2,806,720
All figures in \u20ac 000
Notes
Fair value through
profit or loss
Financial assets
at amortised cost
Total
At 31 December 2024
Financial assets at fair value through
profit or loss
15
1,890,532
\u2014
1,890,532
Loans receivable
16
\u2014
149,575
149,575
Other receivables
16
\u2014
73,023
73,023
Due from funds
16
\u2014
38,842
38,842
Related party receivables
16
\u2014
8,483
8,483
Management fees receivable
16
\u2014
42,304
42,304
Preference shares
16
\u2014
21,729
21,729
Cash and cash equivalents
18
\u2014
618,289
618,289
Total financial assets
1,890,532
952,245
2,842,777
(a) Borrowings
All figures in \u20ac 000
Dec-25
Dec-24
Non-current:
Borrowings held at amortised cost
1,530,084
1,593,160
Borrowings held at fair value through profit or loss
\u2014
1,088
Total non-current borrowings
1,530,084
1,594,248
Current:
Borrowings held at amortised cost
99,061
82,081
Total current borrowings
99,061
82,081
As at 31\u00a0December 2025 , the Group has \u20ac1.45bn of outstanding private placement notes (Dec-24 : \u20ac1.45bn).
The loan notes are measured at amortised cost and bear interest at a weighted average of 2.2% per annum.
The weighted average tenor as at 31\u00a0December 2025 is 10 years. Qualifying costs have been capitalised and
are amortised over the life of the notes.
The notes were partially swapped by the note holders into CAD, USD and GBP. The Group has an option to
prepay the private placement notes. The Group concluded that the economic risks of these prepayment
options are not closely related to the loan notes and therefore are recorded as separable embedded
derivatives measured at fair value. The fair value of the prepayment options are nil as at 31\u00a0December 2025
(Dec-24: nil).
On 16 January 2025, the Group extended its corporate revolving credit facility for an incremental amount
of\u00a0\u20ac200m. The Group now has access to \u20ac800m under this RCF, which is available until 24 August 2028. As
at 31\u00a0December 2025, the Group had nil (Dec-24: \u20ac72.5m) drawn down on this facility. Qualifying costs have
been capitalised and are amortised over the life of the facility. Amortised costs are included within finance
expense. Interest rates are determined at each drawdown based on the relevant currency\u2019s reference rate for
the relevant drawdown period plus 1.2%.
On 5 December 2025 the Group entered into a separate revolving credit facility agreement for an amount of
\u20ac400m, which is available until 5 December 2028. The facility was not drawn as at 31 December 2025.
The above private placement notes and RCFs are subject to two financial covenants: one requiring the
maintenance of minimum assets under management (AUM) of \u20ac20bn (plus 50% of the AUM of businesses
acquired) and a second setting a maximum total net leverage ratio of 4:1. The total net leverage ratio is
calculated on the basis of total debt for borrowed money less unrestricted cash compared to EBITDA,
adjusted for certain items as detailed within the agreements, for the most recent period of four consecutive
quarters. Both covenants are tested biannually as at 31 December and as at 30 June. As at 31\u00a0December
2025, the Group was fully compliant with the covenants.
The Group\u2019s consolidated structured entities have access to revolving credit facilities to cover funding of
investments over the short term, usually a 12-month period. The total amount available to these consolidated
structured entities at 31\u00a0December 2025 was \u20ac385.4m ( Dec-24: \u20ac495.3m). The total amount outstanding
at\u00a031\u00a0December 2025 was \u20ac90.8m (Dec-24: \u20ac73.4m). The balance outstanding as at 31\u00a0December 2025 was
repaid\u00a0post-period end through calls partly funded by commitments from non-controlling interests of the
consolidated structured entities. During the year, the Group transferred a portion of a fund investment
to\u00a0an\u00a0unconsolidated structured entity in exchange for a repayment of \u20ac16.6m (Dec-24: \u20ac2.3m) on a
revolving credit facility. The\u00a0transfer had no impact on the Group\u2019s cash.
Borrowings also include \u20ac97.1m (Dec-24: \u20ac84.7m) of CLO retention financing. CVC Credit entered into a
number of CLO repurchase agreements specific to each CLO, to finance a portion of risk retention holdings.
Generally, upon a counterparty default, the Group can terminate the CLO repurchase agreement and offset
amounts it owes against collateral, if any. During the term of a\u00a0transaction entered into under the CLO
repurchase agreement, the Group will deliver cash or additional securities acceptable to the counterparty
if\u00a0the securities sold are in default. The CLO repurchase agreement may be terminated at any time upon
certain defaults or circumstances agreed upon by the parties. The repurchase agreements may result in
credit exposure in the event the counterparty to the transaction is unable to fulfil its contractual obligations.
The Group minimises the credit risk associated with these activities by monitoring counterparty credit
exposure and collateral values. Other than margin requirements, the Group is not subject to additional terms
or contingencies which would expose the Group to additional obligations based upon the performance of the
securities pledged as collateral. The amount of investments pledged as collateral for these loans is \u20ac98.2m
(Dec-24: \u20ac91.8m).
20.\u00a0 \u00a0 Forward liability
Under the terms of the share purchase agreement between the Group and CVC DIF on 1 July 2024 the Group
agreed to acquire 60% of CVC DIF at the initial acquisition date and the\u00a0remaining 40% interest across two
later acquisition tranches. The Group has recognised a financial liability in respect of the obligation to acquire
the remaining 40% interest in CVC DIF.
The value of each liability was measured at their respective initial acquisition dates at the present value of the
future acquisition cost as determined in accordance with the share purchase agreement. The liability has
been recalculated at each subsequent balance sheet date and any changes in value have been recorded
through the consolidated statement of profit or loss.
During the prior period, a similar forward liability relating to the Group\u2019s obligation to acquire the remaining
40% interest in CVC Secondaries was settled as a result of the 10 May 2024 and 2 July 2024 acquisitions of
CVC Secondaries.
A reconciliation of the measurement of the forward liability is provided below.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
787,578
592,019
Settlement of liability
\u2014
(805,026)
Liability recognised on acquisition
\u2014
537,280
Change in valuation of forward liability
(334,380)
463,305
Closing balance
24
453,198
787,578
24.\u00a0 \u00a0 Financial liabilities
Classification of financial liabilities
The following table analyses the Group\u2019s liabilities in accordance with the categories of financial instruments in IFRS 9.
All figures in \u20ac 000
Notes
Fair value
through profit
or loss
Financial
liabilities at
amortised cost
Total
As at 31 December 2025
Borrowings
\u2014
1,629,145
1,629,145
Forward liability
20
453,198
\u2014
453,198
Lease liabilities
21
\u2014
154,816
154,816
Accrued expenses
\u2014
353,407
353,407
Other payables
23
\u2014
32,376
32,376
Total financial liabilities
453,198
2,169,744
2,622,942
All figures in \u20ac 000
Notes
Fair value
through profit
or loss
Financial
liabilities at
amortised cost
Total
As at 31 December 2024
Borrowings
1,088
1,675,241
1,676,329
Forward liability
20
787,578
\u2014
787,578
Lease liabilities
21
\u2014
140,743
140,743
Accrued expenses
\u2014
310,191
310,191
Other payables
23
\u2014
19,700
19,700
Total financial liabilities
788,666
2,145,875
2,934,541
24.\u00a0 \u00a0 Financial liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
15.\u00a0 \u00a0 Financial assets at fair value through profit and loss
Investments representing the Group\u2019s interests in investment vehicles are initially recognised at fair value and
subsequently measured at fair value through profit or loss as investment income.
The financial assets are measured at fair value through profit or loss as the business model of each
investment vehicle is to manage the assets and to evaluate their performance on a fair value basis.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
1,890,532
935,674
Acquisition of subsidiaries
\u2014
600,962
Deconsolidation of subsidiaries
(455,011)
\u2014
Additions
599,978
479,445
Disposals
(491,437)
(327,735)
Investment income
134,249
199,868
Foreign exchange movements
(9,225)
2,318
Closing balance
17, 25
1,669,086
1,890,532
Included in financial assets at fair value through profit or loss, are investments of \u20ac102.1m as at 31\u00a0December
2025 (Dec-24: \u20ac95.6m), of which \u20ac98.2m (Dec-24: \u20ac91.8m) are pledged as collateral for the Group\u2019s
borrowings. The amount also includes foreign exchange forward contracts subject to master netting
arrangements which comprise a gross asset position of \u20ac9.9m (Dec-24: nil) and gross liability position of
\u20ac9.9m (Dec-24: nil), which are presented on a net basis in the consolidated statement of financial position.
In 2025, the Group partially sold its commitment in CVC Capital Partners Investment Europe VII L.P. and
partially cancelled its commitment in CVC SOF VI Associates (Feeder), SCSp resulting in the Group no longer
controlling these entities. An amount of \u20ac455m has been removed from financial assets at fair value through
profit or loss relating to non-controlling interests in these entities on the dates control was lost. Refer to note
27 for further details.
Additions and disposals include non-cash transactions amounting to \u20ac88.2m and \u20ac99.8m, respectively
(Dec-24: nil and \u20ac2.3m). These transactions primarily relate to the exchange or syndication of credit facilities
with unconsolidated structured entities and resets of CLO investments.
Acquisitions of subsidiaries during the year ended 31\u00a0December 2024 relate to investments held within
businesses acquired as a part of the Pre-IPO Reorganisation.
16.\u00a0 \u00a0 Trade and other receivables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Loans receivable
170,991
137,403
Non-financial receivables
37,314
5,165
Other receivables
4,197
4,737
Preference shares
17
14,954
21,729
Total non-current trade and other receivables
227,456
169,034
Current:
Loans receivable
9,669
12,172
Due from funds
17, 32
91,441
38,842
Non-financial receivables
47,205
33,270
Other receivables
49,448
68,286
Related party receivables
30
11,796
8,483
Management fees receivable
17
63,973
42,304
Total current trade and other receivables
273,532
203,357
There are no material differences between the above amounts for trade and other receivables and their
fair\u00a0value.
16.\u00a0 \u00a0 Trade and other receivables (continued)
No n-current and current loans receivable relate to amounts held at amortised cost which include
the\u00a0following:
All figures in \u20ac 000
Interest rate
Dec-25
Dec-24
Secured loans
2.00% \u2013 2.30% 1
19,416
25,379
Unsecured loans
1.30% \u2013 6.56% 1
69,147
44,392
KMP secured loan
2.00%
13,938
13,700
KMP unsecured loan
3.75%
2,500
2,500
Other related party loan
Interest free
\u2014
9,167
RCF extended by the Group
EURIBOR/SOFR + 0.1%
1,313
1,259
Promissory notes extended by the Group
1.30% \u2013 4.40%
74,346
53,178
Total loans receivable
180,660
149,575
1. Interest rates applicable to the secured and unsecured loans include EURIBOR linked rates.
Non-financial receivables include placement fees, prepaid subscriptions and insurance costs. \u20ac12.4m of
amortisation related to placement fees was recognised in the year ended 31\u00a0December 2025
(Dec-24:\u00a0\u20ac5.0m).
Preference shares relates to those purchased at the same time as the acquisition of 60% of CVC DIF on
1\u00a0July\u00a02024. The preference shares are due a fixed preferred dividend of 6% or 8% per annum, have no voting
rights, and redemption is solely within the power of the Group. As a result, the Group has classified these as
held at amortised cost. Additionally, the Group has granted the CVC DIF selling shareholders the irrevocable
right, but not the obligation, to require the Group to sell and transfer all or a fraction of preferences shares for
cash. During the year \u20ac6.4m of preference shares were sold to the CVC DIF selling shareholders.
Included within funding of loans receivable and proceeds from repayment of loans receivable in the
consolidated statement of cash flows are \u20ac145.8m relating to amounts advanced to an unconsolidated
structured entity, which were repaid during the year ended 31 December 2025.
17.\u00a0 \u00a0 Financial assets
The following tables analyse the Group\u2019s assets in accordance with the categories of financial instruments
in\u00a0IFRS 9.
All figures in \u20ac 000
Notes
Fair value through
profit or loss
Financial assets
at amortised cost
Total
At 31 December 2025
Financial assets at fair value through
profit or loss
15
1,669,086
\u2014
1,669,086
Loans receivable
16
\u2014
180,660
180,660
Other receivables
16
\u2014
53,645
53,645
Due from funds
16
\u2014
91,441
91,441
Related party receivables
16
\u2014
11,796
11,796
Management fees receivable
16
\u2014
63,973
63,973
Preference shares
16
\u2014
14,954
14,954
Cash and cash equivalents
18
\u2014
721,165
721,165
Total financial assets
1,669,086
1,137,634
2,806,720
All figures in \u20ac 000
Notes
Fair value through
profit or loss
Financial assets
at amortised cost
Total
At 31 December 2024
Financial assets at fair value through
profit or loss
15
1,890,532
\u2014
1,890,532
Loans receivable
16
\u2014
149,575
149,575
Other receivables
16
\u2014
73,023
73,023
Due from funds
16
\u2014
38,842
38,842
Related party receivables
16
\u2014
8,483
8,483
Management fees receivable
16
\u2014
42,304
42,304
Preference shares
16
\u2014
21,729
21,729
Cash and cash equivalents
18
\u2014
618,289
618,289
Total financial assets
1,890,532
952,245
2,842,777
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
15.\u00a0 \u00a0 Financial assets at fair value through profit and loss
Investments representing the Group\u2019s interests in investment vehicles are initially recognised at fair value and
subsequently measured at fair value through profit or loss as investment income.
The financial assets are measured at fair value through profit or loss as the business model of each
investment vehicle is to manage the assets and to evaluate their performance on a fair value basis.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
1,890,532
935,674
Acquisition of subsidiaries
\u2014
600,962
Deconsolidation of subsidiaries
(455,011)
\u2014
Additions
599,978
479,445
Disposals
(491,437)
(327,735)
Investment income
134,249
199,868
Foreign exchange movements
(9,225)
2,318
Closing balance
17, 25
1,669,086
1,890,532
Included in financial assets at fair value through profit or loss, are investments of \u20ac102.1m as at 31\u00a0December
2025 (Dec-24: \u20ac95.6m), of which \u20ac98.2m (Dec-24: \u20ac91.8m) are pledged as collateral for the Group\u2019s
borrowings. The amount also includes foreign exchange forward contracts subject to master netting
arrangements which comprise a gross asset position of \u20ac9.9m (Dec-24: nil) and gross liability position of
\u20ac9.9m (Dec-24: nil), which are presented on a net basis in the consolidated statement of financial position.
In 2025, the Group partially sold its commitment in CVC Capital Partners Investment Europe VII L.P. and
partially cancelled its commitment in CVC SOF VI Associates (Feeder), SCSp resulting in the Group no longer
controlling these entities. An amount of \u20ac455m has been removed from financial assets at fair value through
profit or loss relating to non-controlling interests in these entities on the dates control was lost. Refer to note
27 for further details.
Additions and disposals include non-cash transactions amounting to \u20ac88.2m and \u20ac99.8m, respectively
(Dec-24: nil and \u20ac2.3m). These transactions primarily relate to the exchange or syndication of credit facilities
with unconsolidated structured entities and resets of CLO investments.
Acquisitions of subsidiaries during the year ended 31\u00a0December 2024 relate to investments held within
businesses acquired as a part of the Pre-IPO Reorganisation.
16.\u00a0 \u00a0 Trade and other receivables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Loans receivable
170,991
137,403
Non-financial receivables
37,314
5,165
Other receivables
4,197
4,737
Preference shares
17
14,954
21,729
Total non-current trade and other receivables
227,456
169,034
Current:
Loans receivable
9,669
12,172
Due from funds
17, 32
91,441
38,842
Non-financial receivables
47,205
33,270
Other receivables
49,448
68,286
Related party receivables
30
11,796
8,483
Management fees receivable
17
63,973
42,304
Total current trade and other receivables
273,532
203,357
There are no material differences between the above amounts for trade and other receivables and their
fair\u00a0value.
16.\u00a0 \u00a0 Trade and other receivables (continued)
No n-current and current loans receivable relate to amounts held at amortised cost which include
the\u00a0following:
All figures in \u20ac 000
Interest rate
Dec-25
Dec-24
Secured loans
2.00% \u2013 2.30% 1
19,416
25,379
Unsecured loans
1.30% \u2013 6.56% 1
69,147
44,392
KMP secured loan
2.00%
13,938
13,700
KMP unsecured loan
3.75%
2,500
2,500
Other related party loan
Interest free
\u2014
9,167
RCF extended by the Group
EURIBOR/SOFR + 0.1%
1,313
1,259
Promissory notes extended by the Group
1.30% \u2013 4.40%
74,346
53,178
Total loans receivable
180,660
149,575
1. Interest rates applicable to the secured and unsecured loans include EURIBOR linked rates.
Non-financial receivables include placement fees, prepaid subscriptions and insurance costs. \u20ac12.4m of
amortisation related to placement fees was recognised in the year ended 31\u00a0December 2025
(Dec-24:\u00a0\u20ac5.0m).
Preference shares relates to those purchased at the same time as the acquisition of 60% of CVC DIF on
1\u00a0July\u00a02024. The preference shares are due a fixed preferred dividend of 6% or 8% per annum, have no voting
rights, and redemption is solely within the power of the Group. As a result, the Group has classified these as
held at amortised cost. Additionally, the Group has granted the CVC DIF selling shareholders the irrevocable
right, but not the obligation, to require the Group to sell and transfer all or a fraction of preferences shares for
cash. During the year \u20ac6.4m of preference shares were sold to the CVC DIF selling shareholders.
Included within funding of loans receivable and proceeds from repayment of loans receivable in the
consolidated statement of cash flows are \u20ac145.8m relating to amounts advanced to an unconsolidated
structured entity, which were repaid during the year ended 31 December 2025.
17.\u00a0 \u00a0 Financial assets
The following tables analyse the Group\u2019s assets in accordance with the categories of financial instruments
in\u00a0IFRS 9.
All figures in \u20ac 000
Notes
Fair value through
profit or loss
Financial assets
at amortised cost
Total
At 31 December 2025
Financial assets at fair value through
profit or loss
15
1,669,086
\u2014
1,669,086
Loans receivable
16
\u2014
180,660
180,660
Other receivables
16
\u2014
53,645
53,645
Due from funds
16
\u2014
91,441
91,441
Related party receivables
16
\u2014
11,796
11,796
Management fees receivable
16
\u2014
63,973
63,973
Preference shares
16
\u2014
14,954
14,954
Cash and cash equivalents
18
\u2014
721,165
721,165
Total financial assets
1,669,086
1,137,634
2,806,720
All figures in \u20ac 000
Notes
Fair value through
profit or loss
Financial assets
at amortised cost
Total
At 31 December 2024
Financial assets at fair value through
profit or loss
15
1,890,532
\u2014
1,890,532
Loans receivable
16
\u2014
149,575
149,575
Other receivables
16
\u2014
73,023
73,023
Due from funds
16
\u2014
38,842
38,842
Related party receivables
16
\u2014
8,483
8,483
Management fees receivable
16
\u2014
42,304
42,304
Preference shares
16
\u2014
21,729
21,729
Cash and cash equivalents
18
\u2014
618,289
618,289
Total financial assets
1,890,532
952,245
2,842,777
19.\u00a0 \u00a0 Borrowings
(a) Borrowings
All figures in \u20ac 000
Dec-25
Dec-24
Non-current:
Borrowings held at amortised cost
1,530,084
1,593,160
Borrowings held at fair value through profit or loss
\u2014
1,088
Total non-current borrowings
1,530,084
1,594,248
Current:
Borrowings held at amortised cost
99,061
82,081
Total current borrowings
99,061
82,081
As at 31\u00a0December 2025 , the Group has \u20ac1.45bn of outstanding private placement notes (Dec-24 : \u20ac1.45bn).
The loan notes are measured at amortised cost and bear interest at a weighted average of 2.2% per annum.
The weighted average tenor as at 31\u00a0December 2025 is 10 years. Qualifying costs have been capitalised and
are amortised over the life of the notes.
The notes were partially swapped by the note holders into CAD, USD and GBP. The Group has an option to
prepay the private placement notes. The Group concluded that the economic risks of these prepayment
options are not closely related to the loan notes and therefore are recorded as separable embedded
derivatives measured at fair value. The fair value of the prepayment options are nil as at 31\u00a0December 2025
(Dec-24: nil).
On 16 January 2025, the Group extended its corporate revolving credit facility for an incremental amount
of\u00a0\u20ac200m. The Group now has access to \u20ac800m under this RCF, which is available until 24 August 2028. As
at 31\u00a0December 2025, the Group had nil (Dec-24: \u20ac72.5m) drawn down on this facility. Qualifying costs have
been capitalised and are amortised over the life of the facility. Amortised costs are included within finance
expense. Interest rates are determined at each drawdown based on the relevant currency\u2019s reference rate for
the relevant drawdown period plus 1.2%.
On 5 December 2025 the Group entered into a separate revolving credit facility agreement for an amount of
\u20ac400m, which is available until 5 December 2028. The facility was not drawn as at 31 December 2025.
The above private placement notes and RCFs are subject to two financial covenants: one requiring the
maintenance of minimum assets under management (AUM) of \u20ac20bn (plus 50% of the AUM of businesses
acquired) and a second setting a maximum total net leverage ratio of 4:1. The total net leverage ratio is
calculated on the basis of total debt for borrowed money less unrestricted cash compared to EBITDA,
adjusted for certain items as detailed within the agreements, for the most recent period of four consecutive
quarters. Both covenants are tested biannually as at 31 December and as at 30 June. As at 31\u00a0December
2025, the Group was fully compliant with the covenants.
The Group\u2019s consolidated structured entities have access to revolving credit facilities to cover funding of
investments over the short term, usually a 12-month period. The total amount available to these consolidated
structured entities at 31\u00a0December 2025 was \u20ac385.4m ( Dec-24: \u20ac495.3m). The total amount outstanding
at\u00a031\u00a0December 2025 was \u20ac90.8m (Dec-24: \u20ac73.4m). The balance outstanding as at 31\u00a0December 2025 was
repaid\u00a0post-period end through calls partly funded by commitments from non-controlling interests of the
consolidated structured entities. During the year, the Group transferred a portion of a fund investment
to\u00a0an\u00a0unconsolidated structured entity in exchange for a repayment of \u20ac16.6m (Dec-24: \u20ac2.3m) on a
revolving credit facility. The\u00a0transfer had no impact on the Group\u2019s cash.
19.\u00a0 \u00a0 Borrowings
Borrowings also include \u20ac97.1m (Dec-24: \u20ac84.7m) of CLO retention financing. CVC Credit entered into a
number of CLO repurchase agreements specific to each CLO, to finance a portion of risk retention holdings.
Generally, upon a counterparty default, the Group can terminate the CLO repurchase agreement and offset
amounts it owes against collateral, if any. During the term of a\u00a0transaction entered into under the CLO
repurchase agreement, the Group will deliver cash or additional securities acceptable to the counterparty
if\u00a0the securities sold are in default. The CLO repurchase agreement may be terminated at any time upon
certain defaults or circumstances agreed upon by the parties. The repurchase agreements may result in
credit exposure in the event the counterparty to the transaction is unable to fulfil its contractual obligations.
The Group minimises the credit risk associated with these activities by monitoring counterparty credit
exposure and collateral values. Other than margin requirements, the Group is not subject to additional terms
or contingencies which would expose the Group to additional obligations based upon the performance of the
securities pledged as collateral. The amount of investments pledged as collateral for these loans is \u20ac98.2m
(Dec-24: \u20ac91.8m).
(b) Guarantees
The Group is a guarantor on a \u20ac200m RCF provided to an entity outside of the Group. The RCF is available
until August 2028 and contains two financial covenants: one requiring the guarantors to maintain minimum
AUM of \u20ac20bn (plus 50% of the AUM of businesses acquired by the guarantors) and a second setting a
maximum total net leverage ratio of 4:1. The total net leverage ratio is calculated on the basis of total debt
for borrowed money less unrestricted cash compared to EBITDA, adjusted for certain items as detailed within
the credit agreement, for the most recent period of four consecutive quarters. As at 31\u00a0December 2025, the
Group was fully compliant with the covenants. As at 31\u00a0December 2025, the RCF had \u20ac133.5m drawn
(Dec-24: \u20ac143.3m).
Letters of credit have been issued, and guarantees provided, on behalf of the Group to landlords in respect
of\u00a0lease commitments for \u20ac2.3m (Dec-24: \u20ac5.5m). This amount represents the maximum exposure of
the\u00a0Group.
As discussed in note 2, included in management fees are fees earned by the Group acting as an underwriter or
placement agent in offerings or placements of debt and/or equity financing, and as a result at times has
outstanding commitments. As at 31\u00a0December 2025 the value of outstanding commitments was nil
(Dec-24:\u00a0nil).
20.\u00a0 \u00a0 Forward liability
Under the terms of the share purchase agreement between the Group and CVC DIF on 1 July 2024 the Group
agreed to acquire 60% of CVC DIF at the initial acquisition date and the\u00a0remaining 40% interest across two
later acquisition tranches. The Group has recognised a financial liability in respect of the obligation to acquire
the remaining 40% interest in CVC DIF.
The value of each liability was measured at their respective initial acquisition dates at the present value of the
future acquisition cost as determined in accordance with the share purchase agreement. The liability has
been recalculated at each subsequent balance sheet date and any changes in value have been recorded
through the consolidated statement of profit or loss.
During the prior period, a similar forward liability relating to the Group\u2019s obligation to acquire the remaining
40% interest in CVC Secondaries was settled as a result of the 10 May 2024 and 2 July 2024 acquisitions of
CVC Secondaries.
A reconciliation of the measurement of the forward liability is provided below.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
787,578
592,019
Settlement of liability
\u2014
(805,026)
Liability recognised on acquisition
\u2014
537,280
Change in valuation of forward liability
(334,380)
463,305
Closing balance
24
453,198
787,578
23.\u00a0 \u00a0 Trade and other payables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Accrued expenses
65,184
35,424
\u00a0Total non-current trade and other payables
65,184
35,424
Current:
Accrued expenses
288,223
274,768
Deferred income
5
6,766
5,570
Other payables
32,376
19,700
\u00a0Total current trade and other payables
327,365
300,038
Accrued expenses primarily includes employee bonuses and related social security taxes. Deferred income is
contract liabilities related to management fees that have been received in relation to fund management
activity but have not yet been earned. Refer to note 5 (b) for further details. There are no material differences
between the above amounts for trade and other payables and their fair value.
24.\u00a0 \u00a0 Financial liabilities
Classification of financial liabilities
The following table analyses the Group\u2019s liabilities in accordance with the categories of financial instruments in IFRS 9.
All figures in \u20ac 000
Notes
Fair value
through profit
or loss
Financial
liabilities at
amortised cost
Total
As at 31 December 2025
Borrowings
\u2014
1,629,145
1,629,145
Forward liability
20
453,198
\u2014
453,198
Lease liabilities
21
\u2014
154,816
154,816
Accrued expenses
\u2014
353,407
353,407
Other payables
23
\u2014
32,376
32,376
Total financial liabilities
453,198
2,169,744
2,622,942
All figures in \u20ac 000
Notes
Fair value
through profit
or loss
Financial
liabilities at
amortised cost
Total
As at 31 December 2024
Borrowings
1,088
1,675,241
1,676,329
Forward liability
20
787,578
\u2014
787,578
Lease liabilities
21
\u2014
140,743
140,743
Accrued expenses
\u2014
310,191
310,191
Other payables
23
\u2014
19,700
19,700
Total financial liabilities
788,666
2,145,875
2,934,541
24.\u00a0 \u00a0 Financial liabilities Changes in liabilities arising from financing activities
All figures in \u20ac 000
Notes
Dec-25
Dec-24
As at 1 January
1,817,072
1,451,184
Changes from financing cash flows:
Net proceeds from private placement note
\u2014
196,768
Drawings on credit facilities
366,932
668,191
Repayment of credit facilities
(422,150)
(757,949)
Interest paid
(46,523)
(39,404)
Lease payments
(12,042)
(16,542)
Total changes in cash flows arising on financing
activities from borrowing and leases
(113,783)
51,064
Leases acquired through business combinations
\u2014
84,368
Borrowings acquired through business combinations
\u2014
123,293
Non-cash movement of borrowings
2,750
(4,422)
New lease liabilities and lease modifications
36,647
56,436
Interest accrued
52,318
50,173
Foreign exchange movements
(11,043)
4,976
Total financial liabilities
1,783,961
1,817,072
.
25.\u00a0 \u00a0 Financial risk management
In its activities, the Group is exposed to various financial risks: price/valuation risk, market risk (including
exposure to foreign currencies), credit risk, interest rate risk and liquidity risk arising from financial
instruments. The directors are responsible for the creation and control of an overall risk management policy
for the Group.
The Group\u2019s consolidated statement of financial position is made up predominantly of investments into
investment funds and credit vehicles. The assets of a private equity fund are controlling or minority stakes,
typically in private companies, and their debt. The financial risks relating to such investments are inherently
different, due to the nature of the investment as equity or debt and recovery and returns from capital invested
will depend upon the financial health and prospects of each underlying investee entity. Each investment fund
and credit vehicle is constructed as a portfolio of assets, diversified by the number of assets, their industry and
geography.
Risk management policies are established to identify and analyse the risks faced by the Group and to set
appropriate risk limits and controls. Risk management policies and systems are reviewed on a regular basis
to\u00a0reflect changes in the market conditions and the Group\u2019s activities. The Group, through its training and
management standards and procedures, aims to develop a disciplined and constructive control environment
in which all employees understand their roles and obligations.
Price/valuation risk
Price/valuation risk is the uncertainty about the difference between the reported value and the price that
could be obtained on exit or maturity. This principally relates to investments in portfolios companies and debt
investments, and investments held in CLOs.
This uncertainty arises due to the use of unobservable inputs, such as EBITDA, in the calculation of fair value,
the performance and financial health of portfolio companies, and ultimately, as it relates to investments in
private equity, what a third party may be willing to pay for the business. There is less uncertainty for
investments in debt as the upside is capped to the maximum of the principal and interest receipts, whereas
private equity investments have greater potential for larger changes in their valuation as the upside is not
capped.
The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and
maintains focus throughout the investment life of each company. All investments are formally reviewed
through dedicated portfolio monitoring committees. The review process involves a rigorous assessment of
the\u00a0company\u2019s financial performance, financial health (including covenant coverage) and exit prospects.
25.\u00a0 \u00a0 Financial risk management (continued)
The Group reviews valuations of all investments at least twice a year, with private equity investments valued
with reference to IPEV Guidelines. Investments in CLOs are valued using a market standard model, Intex, that
considers the cash flow structure of each transaction. This output is consolidated with discounted cash flow
techniques to achieve a present value. Each investment undergoes the same detailed valuation process, in
accordance with the Group\u2019s valuation policies. Valuations are presented and discussed at the relevant
committee for final evaluation and approval. Further detail about the valuation process is included within
note 3.
A reasonably possible change in the values of financial assets at fair value through profit or loss classified as
Level 3 is shown in note 25(f).
Foreign currency risk
Foreign currency risk is the risk of losses or other adverse effects resulting from a change in a foreign
exchange rate, or from other unfavourable changes in relation to foreign currency.
The Group is primarily exposed to two types of foreign currency risk:
\u2013 translation risk: The risk of changes in the rates at which assets, liabilities, income or costs in foreign
currencies are translated into the reporting currency; and
\u2013 transaction risk: The adverse effect that foreign exchange rate fluctuations can have on a completed
transaction prior to settlement. It is the exchange rate, or currency risk associated specifically with the
time\u00a0delay between entering into a trade or contract and then settling it.
The Group is exposed to translation and transaction risk as a result of it holding assets and liabilities
(including\u00a0financial assets at fair value through profit or loss, carried interest receivable, carried interest
provision, intangibles and goodwill), and having operating activities denominated in currencies other than
EUR (its reporting and presentational currency).
The Group\u2019s income and expenses are primarily denominated in EUR, USD or GBP. In most subsidiaries, the
income and expenses are denominated in the same currency as the functional currency of the Group and
therefore does not create any currency effects in the Group\u2019s consolidated statement of profit or loss.
However, when income and expenses arise in entities with a functional currency other than EUR, the Group\u2019s
operating profits will be affected by changes in exchange rates in the period between initial recognition of
revenue or expense and settlement.
The table to the right demonstrates the sensitivity of profit before income tax to a 10% change in the
exchange rate of foreign currencies compared to EUR in its financial assets at fair value through profit or loss,
carried interest receivable, carried interest provision, and foreign operations:
All figures in \u20ac 000
Dec-25
Dec-24
(+/-)
(+/-)
Foreign currency sensitivity:
10% effect on profit before income tax (USD)
44,456
48,634
10% effect on profit before income tax (Other)
32,569
42,088
Credit risk
Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full, when due.
Potential areas of credit risk consist of cash and cash equivalents, including deposits with banks and financial
institutions and short-term receivables. The Group has not experienced any significant defaults in prior
periods.
The Group limits its exposure in relation to cash balances by only dealing with well-established financial
institutions of high-quality credit standing. As at 31\u00a0December 2025 , the Group\u2019s material cash balances were
held with financial institutions that had the following S&P ratings:
Distribution of cash and cash equivalents by credit rating of counterparties:
Credit rating
Dec-25
Dec-24
AAA
3%
3%
AA-
4%
9%
A+
37%
63%
A
54%
22%
BBB+ or lower
2%
3%
Total cash and cash equivalents
100%
100%
Trade and other receivables are comprised primarily of loans receivable and amounts due from investment
vehicles. Loans receivable relates to amounts due from staff and shareholders; these have historically been
repaid when reaching expiration with no history of default. Amounts due from investment vehicles are
specifically management fees or amounts due from funds or portfolio companies. The funds are managed
by the Group on behalf of its clients, who have made commitments or subscriptions to the vehicles. These
trade and other receivables are repaid from commitments made by investors to the funds. These
commitments can be drawn at any time. The Group considers the probability of default to be remote and
therefore no expected credit loss has been recognised.
25.\u00a0 \u00a0 Financial risk management (continued)
Sundry debtors and rental deposits included within other receivables have had no history of default. The
Group considers the probability of default to be remote and therefore no expected credit loss has been
recognised.
Interest rate risk
The Group\u2019s interest rate risk related to fluctuations in market interest rates with potential impact on the
Group\u2019s finance expense is limited as the Group\u2019s main source of borrowings, the private placement notes,
are held at fixed interest rates.
While the Group does have exposure to changes in interest rates on certain monetary assets and liabilities,
including cash, cash equivalents and its revolving credit facility, such exposure is deemed immaterial.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Liquidity outlook is monitored and regularly reviewed by the directors.
The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing,
amount and profits from the Group\u2019s investments into and divestments from the funds are inherently less
predictable, however a reasonable period of notice is given to all clients, including the Group, ahead of
drawing of funds.
The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents and access to the RCF to
meet its commitments at a given date.
The tables below summarise the Group\u2019s undiscounted financial liabilities by the time frame they are
contractually due to be settled including interest payable. This analysis excludes liabilities which are not
financial liabilities (for example, deferred income). The forward liability represents the value of the Group\u2019s
obligation to acquire the remaining 40% interest in CVC DIF, and will be settled in shares of CVC Capital
Partners plc.
All figures in \u20ac 000
As at 31 December 2025
Due within
1\u00a0year
Due between
1\u00a0and 2 years
Due within
2\u00a0and 5 years
Due more than
5 years
Total
Trade and other payables
327,365
17,837
35,047
12,300
392,549
Forward liability
\u2014
281,733
331,789
\u2014
613,522
Borrowings
130,528
31,467
94,401
1,739,925
1,996,321
Lease liabilities
23,585
25,263
55,255
93,965
198,068
Total financial liabilities
481,478
356,300
516,492
1,846,190
3,200,460
All figures in \u20ac 000
As at 31 December 2024
Due within
1\u00a0year
Due between
1\u00a0and 2 years
Due within
2\u00a0and 5 years
Due more than
5 years
Total
Trade and other payables
300,038
6,719
24,157
4,548
335,462
Forward liability
\u2014
\u2014
1,245,216
\u2014
1,245,216
Borrowings
113,548
31,467
172,882
1,758,880
2,076,777
Lease liabilities
24,130
22,456
54,389
87,737
188,712
Total financial liabilities
437,716
60,642
1,496,644
1,851,165
3,846,167
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal, or in its absence, the
most advantageous market to which the Group has access to at that date. The fair value of a liability reflects
its non-performance risk.
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets
Investment in managed funds
When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market
prices in an active market for identical assets without any adjustments, the instruments are included within
Level 1 of the hierarchy. Investments quoted on an active market are valued at the price within the bid/ask
spread that is most representative of fair value on the measurement date.
In estimating fair value for an investment, the Group uses a valuation technique that is appropriate in light of
the nature, facts and circumstances of the investment and utilises reasonable market data and inputs. The
valuations of unquoted companies are generally obtained by 1) estimating the enterprise value; 2) deducting
from the enterprise value the value of all financial instruments ranking ahead of the shareholders, to derive
the attributable enterprise value; and 3) allocating the attributable enterprise value between ordinary shares,
preference shares (including rolled-up dividends) and loan stock (including rolled-up interest).
In measuring fair value, consideration is also given to any transactions in the interests of the funds. The
underlying assets in each fund consist of portfolios of investments in controlling or minority stakes, typically
in\u00a0private companies, and their debt. Due to the level of unobservable inputs involved in the valuation of
individual assets within each fund, and there being no observable price for each investment, such
investments are classified as Level 3 financial assets under IFRS 13.
Investment in private companies
The Group takes debt and equity stakes in private companies that are not quoted in an active market and
uses a market-based valuation technique for these positions.
The Group\u2019s investments in private companies are carried at fair value using the most appropriate valuation
technique based on the nature, facts and circumstances of the private company. The primary valuation
technique is the multiple technique. A number of earnings multiples are available, including enterprise value/
EBITDA, enterprise value/EBITA, and enterprise value/EBIT. Earnings used will generally be reported historical,
last 12 months or forecast (subject to confidence in the forecast).
To derive a comparative multiple to apply against the earnings the Group typically refers to a selection of
similar quoted companies and/or recent market transactions. The Group determines comparable private and
public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate
multiple for each comparable company identified. These comparable multiples should be adjusted to reflect
the points of difference between the comparable company and the company being valued.
Net asset value is another technique available. This valuation technique involves deriving the value of a
business by reference to the value of its net assets. This technique is likely to be appropriate for a business
whose value derives mainly from the underlying fair value of its assets rather than its earnings, such as asset
intensive companies and investment businesses.
Alternative valuation techniques may be used where there is a recent offer or a recent comparable market
transaction, which may provide an observable market price and an approximation to fair value of the private
company. These generally accepted industry standard techniques can also be used as primary or secondary
techniques or applied in situations that other techniques may be incapable of addressing, such as businesses
going through a period of great change or in their start-up phase. The Group classified these assets as
Level\u202f3. Further details of the approach to the valuation of investments are set out within note 3.
Investments in CLOs
Such investments are valued using market standard third party modelling software that considers the cash
flow structure of each transaction. This output is consolidated with discounted cash flow techniques to derive
the present value. Key inputs to these models/techniques are: discount factors, market reinvestment spreads,
forecasted defaults, and prepayment and recovery rates. CLO loan note interest accrued at the reporting
date, and due on the next payment date, is recorded within investment fair value at each balance sheet
date.
The following table provides the fair value measurement hierarchy of the Group\u2019s financial assets at fair value
through profit or loss.
All figures in \u20ac 000
Dec-25
Dec-24
Level 2
18,444
15,793
Level 3
1,650,642
1,874,739
Total financial assets at fair value through profit or loss
1,669,086
1,890,532
A reconciliation of Level 2 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 2 financial assets at fair value through profit or loss
Opening balance
15,793
\u2014
Acquisition of a subsidiary
\u2014
14,884
Disposals
(5,220)
(328)
Change in fair value
7,871
1,237
Closing balance
18,444
15,793
A reconciliation of Level 3 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 3 financial assets at fair value through profit or loss
Opening balance
1,874,739
935,674
Acquisition of a subsidiary
\u2014
586,078
Deconsolidation of subsidiaries
(455,011)
\u2014
Additions
599,978
479,445
Disposals
(486,217)
(327,407)
Change in fair value
126,378
198,631
Foreign exchange movements
(9,225)
2,318
Closing balance
1,650,642
1,874,739
On 30 April 2024, the Group acquired control of CVC Investment Strategic Opportunities II L.P. Prior to
the\u00a0acquisition, the Group recognised its investment in CVC Investment Strategic Opportunities II L.P. as
a\u00a0Level 3 financial asset at fair value through profit or loss as the inputs were not observable. Subsequent
to\u00a0the acquisition the entity is consolidated on a line-by-line basis by the Group. Certain of the investments
held by the entity are recorded as Level 2 financial assets at fair value through profit or loss.
Fair value sensitivities
The following table summarises the inputs and estimates used for items categorised in Level 2 and Level 3 of
the fair value hierarchy together with a quantitative sensitivity analysis. The sensitivity analysis in respect of
the private equity assets has been calculated by applying a 10% increase and a 10% decrease to the
unobservable inputs used in the valuation of each relevant portfolio company. The Group has determined
that this sensitivity is reasonably possible and would result in a material change to the fair value of the
portfolio of private equity assets held.
The sensitivity analysis in respect of the CLO investments can be categorised into two approaches, firstly for
the CLO rated notes and secondly for CLO equity tranches. For CLO rated notes with contractual cash flows
and redemption at par, model parameter sensitivity is less impactful on fair value. As a result, a price flexing
approach has been taken to demonstrate possible fair value sensitivities, applying an increase of 5% and a
decrease of 10% of the current fair value. An asymmetric sensitivity has been utilised as this is considered to
more appropriately represent the potential market pricing dynamics, of a performing fixed income security,
where markets are more sensitive to downside factors.
The sensitivity analysis in respect of CLO equity tranches utilises a model-based approach, flexing model
parameters to generate a possible upside and downside presentation of fair value. The Group determined
that\u00a0flexing the following model parameters would result in representative fair value scenarios; discount rate
applied to future cash flows; constant default rates; and liquidation price. The sensitivity outcomes have
been aggregated for all CLO investments, covering rated notes and equity tranches.
The sensitivity analysis in respect of investments in credit vehicles, infrastructure investments and secondaries
investments has been calculated by applying a 10% increase and a 10% decrease to the net asset value.
The\u00a0Group has determined that this sensitivity is reasonably possible.
Financial assets at fair value through profit or loss as at 31 December 2025:
Fair value as at 31
December 2025
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,292
Multiple based
valuation
Earnings multiple
7.1\u201335.2x
14.4x
10%
190
Revenue
1.6\u201311.8x
7.6x
(10%)
(190)
Book value
1.1\u20131.2x
1.1x
CLO investments
105
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
0.75-3%
2%
1%
7
Liquidation price
97.25%
\u2014
96.25% / (98.25%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(11)
Investment in credit
vehicles
154
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
90
Net asset value
n/a
n/a
n/a
10%
9
(10%)
(9)
Secondary investments
28
Net asset value
n/a
n/a
n/a
10%
3
(10%)
(3)
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets at fair value through profit or loss as at 31 December 2024:
Fair value as at 31
December 2024
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,585
Multiple based
valuation
Earnings multiple
7.2\u201325.5x
14.1x
10%
237
Revenue
1.7\u201314.5x
10.0x
(10%)
(237)
Book value
0.7\u20131.8x
1.1x
P/E
8.6\u20138.6x
8.6x
CLO investments
96
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
1-3%
2%
1%
6
Liquidation price
98.50%
\u2014
97.5% / (99.5%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(10)
Investment in credit
vehicles
152
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
51
Net asset value
n/a
n/a
n/a
10%
5
(10%)
(5)
Secondary investments
6
Net asset value
n/a
n/a
n/a
10%
1
(10%)
(1)
Not included in the above sensitivity is \u20ac5.4m related to CLO investments.
Forward liability
The forward liability is categorised as a Level 3 financial liability. The key assumptions made in the estimation of the forward liability are disclosed in note 3. The table below details the reasonable changes in assumptions
applied in the valuation model which could arise at each respective balance sheet date, and the aggregate impact these changes would have on the valuation. These changes have been modelled in combination, as
management have concluded that changes in the estimate would not be likely to happen in isolation. The forward liability will be settled through the issue of shares of CVC Capital Partners plc.
Assumption relevant for the valuation at 31 December 2025
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac321m
to
\u20ac879m
MFE multiple
70%/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
CVC trading history since IPO1
Discount rate
+/- 10% increase/decrease to the discount rate
Assumption relevant for the valuation at 31 December 2024
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac545m
to
\u20ac1,086m
MFE multiple
+/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
similar market transactions
Discount rate
+/- 10% increase/decrease to the discount rate
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
16.\u00a0 \u00a0 Trade and other receivables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Loans receivable
170,991
137,403
Non-financial receivables
37,314
5,165
Other receivables
4,197
4,737
Preference shares
17
14,954
21,729
Total non-current trade and other receivables
227,456
169,034
Current:
Loans receivable
9,669
12,172
Due from funds
17, 32
91,441
38,842
Non-financial receivables
47,205
33,270
Other receivables
49,448
68,286
Related party receivables
30
11,796
8,483
Management fees receivable
17
63,973
42,304
Total current trade and other receivables
273,532
203,357
There are no material differences between the above amounts for trade and other receivables and their
fair\u00a0value.
16.\u00a0 \u00a0 Trade and other receivables (continued)
No n-current and current loans receivable relate to amounts held at amortised cost which include
the\u00a0following:
All figures in \u20ac 000
Interest rate
Dec-25
Dec-24
Secured loans
2.00% \u2013 2.30% 1
19,416
25,379
Unsecured loans
1.30% \u2013 6.56% 1
69,147
44,392
KMP secured loan
2.00%
13,938
13,700
KMP unsecured loan
3.75%
2,500
2,500
Other related party loan
Interest free
\u2014
9,167
RCF extended by the Group
EURIBOR/SOFR + 0.1%
1,313
1,259
Promissory notes extended by the Group
1.30% \u2013 4.40%
74,346
53,178
Total loans receivable
180,660
149,575
1. Interest rates applicable to the secured and unsecured loans include EURIBOR linked rates.
Non-financial receivables include placement fees, prepaid subscriptions and insurance costs. \u20ac12.4m of
amortisation related to placement fees was recognised in the year ended 31\u00a0December 2025
(Dec-24:\u00a0\u20ac5.0m).
Preference shares relates to those purchased at the same time as the acquisition of 60% of CVC DIF on
1\u00a0July\u00a02024. The preference shares are due a fixed preferred dividend of 6% or 8% per annum, have no voting
rights, and redemption is solely within the power of the Group. As a result, the Group has classified these as
held at amortised cost. Additionally, the Group has granted the CVC DIF selling shareholders the irrevocable
right, but not the obligation, to require the Group to sell and transfer all or a fraction of preferences shares for
cash. During the year \u20ac6.4m of preference shares were sold to the CVC DIF selling shareholders.
Included within funding of loans receivable and proceeds from repayment of loans receivable in the
consolidated statement of cash flows are \u20ac145.8m relating to amounts advanced to an unconsolidated
structured entity, which were repaid during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
16.\u00a0 \u00a0 Trade and other receivables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Loans receivable
170,991
137,403
Non-financial receivables
37,314
5,165
Other receivables
4,197
4,737
Preference shares
17
14,954
21,729
Total non-current trade and other receivables
227,456
169,034
Current:
Loans receivable
9,669
12,172
Due from funds
17, 32
91,441
38,842
Non-financial receivables
47,205
33,270
Other receivables
49,448
68,286
Related party receivables
30
11,796
8,483
Management fees receivable
17
63,973
42,304
Total current trade and other receivables
273,532
203,357
There are no material differences between the above amounts for trade and other receivables and their
fair\u00a0value.
16.\u00a0 \u00a0 Trade and other receivables (continued)
No n-current and current loans receivable relate to amounts held at amortised cost which include
the\u00a0following:
All figures in \u20ac 000
Interest rate
Dec-25
Dec-24
Secured loans
2.00% \u2013 2.30% 1
19,416
25,379
Unsecured loans
1.30% \u2013 6.56% 1
69,147
44,392
KMP secured loan
2.00%
13,938
13,700
KMP unsecured loan
3.75%
2,500
2,500
Other related party loan
Interest free
\u2014
9,167
RCF extended by the Group
EURIBOR/SOFR + 0.1%
1,313
1,259
Promissory notes extended by the Group
1.30% \u2013 4.40%
74,346
53,178
Total loans receivable
180,660
149,575
1. Interest rates applicable to the secured and unsecured loans include EURIBOR linked rates.
Non-financial receivables include placement fees, prepaid subscriptions and insurance costs. \u20ac12.4m of
amortisation related to placement fees was recognised in the year ended 31\u00a0December 2025
(Dec-24:\u00a0\u20ac5.0m).
Preference shares relates to those purchased at the same time as the acquisition of 60% of CVC DIF on
1\u00a0July\u00a02024. The preference shares are due a fixed preferred dividend of 6% or 8% per annum, have no voting
rights, and redemption is solely within the power of the Group. As a result, the Group has classified these as
held at amortised cost. Additionally, the Group has granted the CVC DIF selling shareholders the irrevocable
right, but not the obligation, to require the Group to sell and transfer all or a fraction of preferences shares for
cash. During the year \u20ac6.4m of preference shares were sold to the CVC DIF selling shareholders.
Included within funding of loans receivable and proceeds from repayment of loans receivable in the
consolidated statement of cash flows are \u20ac145.8m relating to amounts advanced to an unconsolidated
structured entity, which were repaid during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
16.\u00a0 \u00a0 Trade and other receivables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Loans receivable
170,991
137,403
Non-financial receivables
37,314
5,165
Other receivables
4,197
4,737
Preference shares
17
14,954
21,729
Total non-current trade and other receivables
227,456
169,034
Current:
Loans receivable
9,669
12,172
Due from funds
17, 32
91,441
38,842
Non-financial receivables
47,205
33,270
Other receivables
49,448
68,286
Related party receivables
30
11,796
8,483
Management fees receivable
17
63,973
42,304
Total current trade and other receivables
273,532
203,357
There are no material differences between the above amounts for trade and other receivables and their
fair\u00a0value.
16.\u00a0 \u00a0 Trade and other receivables (continued)
No n-current and current loans receivable relate to amounts held at amortised cost which include
the\u00a0following:
All figures in \u20ac 000
Interest rate
Dec-25
Dec-24
Secured loans
2.00% \u2013 2.30% 1
19,416
25,379
Unsecured loans
1.30% \u2013 6.56% 1
69,147
44,392
KMP secured loan
2.00%
13,938
13,700
KMP unsecured loan
3.75%
2,500
2,500
Other related party loan
Interest free
\u2014
9,167
RCF extended by the Group
EURIBOR/SOFR + 0.1%
1,313
1,259
Promissory notes extended by the Group
1.30% \u2013 4.40%
74,346
53,178
Total loans receivable
180,660
149,575
1. Interest rates applicable to the secured and unsecured loans include EURIBOR linked rates.
Non-financial receivables include placement fees, prepaid subscriptions and insurance costs. \u20ac12.4m of
amortisation related to placement fees was recognised in the year ended 31\u00a0December 2025
(Dec-24:\u00a0\u20ac5.0m).
Preference shares relates to those purchased at the same time as the acquisition of 60% of CVC DIF on
1\u00a0July\u00a02024. The preference shares are due a fixed preferred dividend of 6% or 8% per annum, have no voting
rights, and redemption is solely within the power of the Group. As a result, the Group has classified these as
held at amortised cost. Additionally, the Group has granted the CVC DIF selling shareholders the irrevocable
right, but not the obligation, to require the Group to sell and transfer all or a fraction of preferences shares for
cash. During the year \u20ac6.4m of preference shares were sold to the CVC DIF selling shareholders.
Included within funding of loans receivable and proceeds from repayment of loans receivable in the
consolidated statement of cash flows are \u20ac145.8m relating to amounts advanced to an unconsolidated
structured entity, which were repaid during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
16.\u00a0 \u00a0 Trade and other receivables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Loans receivable
170,991
137,403
Non-financial receivables
37,314
5,165
Other receivables
4,197
4,737
Preference shares
17
14,954
21,729
Total non-current trade and other receivables
227,456
169,034
Current:
Loans receivable
9,669
12,172
Due from funds
17, 32
91,441
38,842
Non-financial receivables
47,205
33,270
Other receivables
49,448
68,286
Related party receivables
30
11,796
8,483
Management fees receivable
17
63,973
42,304
Total current trade and other receivables
273,532
203,357
There are no material differences between the above amounts for trade and other receivables and their
fair\u00a0value.
16.\u00a0 \u00a0 Trade and other receivables (continued)
No n-current and current loans receivable relate to amounts held at amortised cost which include
the\u00a0following:
All figures in \u20ac 000
Interest rate
Dec-25
Dec-24
Secured loans
2.00% \u2013 2.30% 1
19,416
25,379
Unsecured loans
1.30% \u2013 6.56% 1
69,147
44,392
KMP secured loan
2.00%
13,938
13,700
KMP unsecured loan
3.75%
2,500
2,500
Other related party loan
Interest free
\u2014
9,167
RCF extended by the Group
EURIBOR/SOFR + 0.1%
1,313
1,259
Promissory notes extended by the Group
1.30% \u2013 4.40%
74,346
53,178
Total loans receivable
180,660
149,575
1. Interest rates applicable to the secured and unsecured loans include EURIBOR linked rates.
Non-financial receivables include placement fees, prepaid subscriptions and insurance costs. \u20ac12.4m of
amortisation related to placement fees was recognised in the year ended 31\u00a0December 2025
(Dec-24:\u00a0\u20ac5.0m).
Preference shares relates to those purchased at the same time as the acquisition of 60% of CVC DIF on
1\u00a0July\u00a02024. The preference shares are due a fixed preferred dividend of 6% or 8% per annum, have no voting
rights, and redemption is solely within the power of the Group. As a result, the Group has classified these as
held at amortised cost. Additionally, the Group has granted the CVC DIF selling shareholders the irrevocable
right, but not the obligation, to require the Group to sell and transfer all or a fraction of preferences shares for
cash. During the year \u20ac6.4m of preference shares were sold to the CVC DIF selling shareholders.
Included within funding of loans receivable and proceeds from repayment of loans receivable in the
consolidated statement of cash flows are \u20ac145.8m relating to amounts advanced to an unconsolidated
structured entity, which were repaid during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
16.\u00a0 \u00a0 Trade and other receivables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Loans receivable
170,991
137,403
Non-financial receivables
37,314
5,165
Other receivables
4,197
4,737
Preference shares
17
14,954
21,729
Total non-current trade and other receivables
227,456
169,034
Current:
Loans receivable
9,669
12,172
Due from funds
17, 32
91,441
38,842
Non-financial receivables
47,205
33,270
Other receivables
49,448
68,286
Related party receivables
30
11,796
8,483
Management fees receivable
17
63,973
42,304
Total current trade and other receivables
273,532
203,357
There are no material differences between the above amounts for trade and other receivables and their
fair\u00a0value.
16.\u00a0 \u00a0 Trade and other receivables (continued)
No n-current and current loans receivable relate to amounts held at amortised cost which include
the\u00a0following:
All figures in \u20ac 000
Interest rate
Dec-25
Dec-24
Secured loans
2.00% \u2013 2.30% 1
19,416
25,379
Unsecured loans
1.30% \u2013 6.56% 1
69,147
44,392
KMP secured loan
2.00%
13,938
13,700
KMP unsecured loan
3.75%
2,500
2,500
Other related party loan
Interest free
\u2014
9,167
RCF extended by the Group
EURIBOR/SOFR + 0.1%
1,313
1,259
Promissory notes extended by the Group
1.30% \u2013 4.40%
74,346
53,178
Total loans receivable
180,660
149,575
1. Interest rates applicable to the secured and unsecured loans include EURIBOR linked rates.
Non-financial receivables include placement fees, prepaid subscriptions and insurance costs. \u20ac12.4m of
amortisation related to placement fees was recognised in the year ended 31\u00a0December 2025
(Dec-24:\u00a0\u20ac5.0m).
Preference shares relates to those purchased at the same time as the acquisition of 60% of CVC DIF on
1\u00a0July\u00a02024. The preference shares are due a fixed preferred dividend of 6% or 8% per annum, have no voting
rights, and redemption is solely within the power of the Group. As a result, the Group has classified these as
held at amortised cost. Additionally, the Group has granted the CVC DIF selling shareholders the irrevocable
right, but not the obligation, to require the Group to sell and transfer all or a fraction of preferences shares for
cash. During the year \u20ac6.4m of preference shares were sold to the CVC DIF selling shareholders.
Included within funding of loans receivable and proceeds from repayment of loans receivable in the
consolidated statement of cash flows are \u20ac145.8m relating to amounts advanced to an unconsolidated
structured entity, which were repaid during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
18.\u00a0 \u00a0 Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents comprise of the following:
All figures in \u20ac 000
Dec-25
Dec-24
Cash at banks
680,565
585,674
Short term deposits
40,600
32,615
Cash and cash equivalents at the end of the period
721,165
618,289
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
19.\u00a0 \u00a0 Borrowings
(a) Borrowings
All figures in \u20ac 000
Dec-25
Dec-24
Non-current:
Borrowings held at amortised cost
1,530,084
1,593,160
Borrowings held at fair value through profit or loss
\u2014
1,088
Total non-current borrowings
1,530,084
1,594,248
Current:
Borrowings held at amortised cost
99,061
82,081
Total current borrowings
99,061
82,081
As at 31\u00a0December 2025 , the Group has \u20ac1.45bn of outstanding private placement notes (Dec-24 : \u20ac1.45bn).
The loan notes are measured at amortised cost and bear interest at a weighted average of 2.2% per annum.
The weighted average tenor as at 31\u00a0December 2025 is 10 years. Qualifying costs have been capitalised and
are amortised over the life of the notes.
The notes were partially swapped by the note holders into CAD, USD and GBP. The Group has an option to
prepay the private placement notes. The Group concluded that the economic risks of these prepayment
options are not closely related to the loan notes and therefore are recorded as separable embedded
derivatives measured at fair value. The fair value of the prepayment options are nil as at 31\u00a0December 2025
(Dec-24: nil).
On 16 January 2025, the Group extended its corporate revolving credit facility for an incremental amount
of\u00a0\u20ac200m. The Group now has access to \u20ac800m under this RCF, which is available until 24 August 2028. As
at 31\u00a0December 2025, the Group had nil (Dec-24: \u20ac72.5m) drawn down on this facility. Qualifying costs have
been capitalised and are amortised over the life of the facility. Amortised costs are included within finance
expense. Interest rates are determined at each drawdown based on the relevant currency\u2019s reference rate for
the relevant drawdown period plus 1.2%.
On 5 December 2025 the Group entered into a separate revolving credit facility agreement for an amount of
\u20ac400m, which is available until 5 December 2028. The facility was not drawn as at 31 December 2025.
The above private placement notes and RCFs are subject to two financial covenants: one requiring the
maintenance of minimum assets under management (AUM) of \u20ac20bn (plus 50% of the AUM of businesses
acquired) and a second setting a maximum total net leverage ratio of 4:1. The total net leverage ratio is
calculated on the basis of total debt for borrowed money less unrestricted cash compared to EBITDA,
adjusted for certain items as detailed within the agreements, for the most recent period of four consecutive
quarters. Both covenants are tested biannually as at 31 December and as at 30 June. As at 31\u00a0December
2025, the Group was fully compliant with the covenants.
The Group\u2019s consolidated structured entities have access to revolving credit facilities to cover funding of
investments over the short term, usually a 12-month period. The total amount available to these consolidated
structured entities at 31\u00a0December 2025 was \u20ac385.4m ( Dec-24: \u20ac495.3m). The total amount outstanding
at\u00a031\u00a0December 2025 was \u20ac90.8m (Dec-24: \u20ac73.4m). The balance outstanding as at 31\u00a0December 2025 was
repaid\u00a0post-period end through calls partly funded by commitments from non-controlling interests of the
consolidated structured entities. During the year, the Group transferred a portion of a fund investment
to\u00a0an\u00a0unconsolidated structured entity in exchange for a repayment of \u20ac16.6m (Dec-24: \u20ac2.3m) on a
revolving credit facility. The\u00a0transfer had no impact on the Group\u2019s cash.
19.\u00a0 \u00a0 Borrowings
Borrowings also include \u20ac97.1m (Dec-24: \u20ac84.7m) of CLO retention financing. CVC Credit entered into a
number of CLO repurchase agreements specific to each CLO, to finance a portion of risk retention holdings.
Generally, upon a counterparty default, the Group can terminate the CLO repurchase agreement and offset
amounts it owes against collateral, if any. During the term of a\u00a0transaction entered into under the CLO
repurchase agreement, the Group will deliver cash or additional securities acceptable to the counterparty
if\u00a0the securities sold are in default. The CLO repurchase agreement may be terminated at any time upon
certain defaults or circumstances agreed upon by the parties. The repurchase agreements may result in
credit exposure in the event the counterparty to the transaction is unable to fulfil its contractual obligations.
The Group minimises the credit risk associated with these activities by monitoring counterparty credit
exposure and collateral values. Other than margin requirements, the Group is not subject to additional terms
or contingencies which would expose the Group to additional obligations based upon the performance of the
securities pledged as collateral. The amount of investments pledged as collateral for these loans is \u20ac98.2m
(Dec-24: \u20ac91.8m).
(b) Guarantees
The Group is a guarantor on a \u20ac200m RCF provided to an entity outside of the Group. The RCF is available
until August 2028 and contains two financial covenants: one requiring the guarantors to maintain minimum
AUM of \u20ac20bn (plus 50% of the AUM of businesses acquired by the guarantors) and a second setting a
maximum total net leverage ratio of 4:1. The total net leverage ratio is calculated on the basis of total debt
for borrowed money less unrestricted cash compared to EBITDA, adjusted for certain items as detailed within
the credit agreement, for the most recent period of four consecutive quarters. As at 31\u00a0December 2025, the
Group was fully compliant with the covenants. As at 31\u00a0December 2025, the RCF had \u20ac133.5m drawn
(Dec-24: \u20ac143.3m).
Letters of credit have been issued, and guarantees provided, on behalf of the Group to landlords in respect
of\u00a0lease commitments for \u20ac2.3m (Dec-24: \u20ac5.5m). This amount represents the maximum exposure of
the\u00a0Group.
As discussed in note 2, included in management fees are fees earned by the Group acting as an underwriter or
placement agent in offerings or placements of debt and/or equity financing, and as a result at times has
outstanding commitments. As at 31\u00a0December 2025 the value of outstanding commitments was nil
(Dec-24:\u00a0nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
19.\u00a0 \u00a0 Borrowings
(a) Borrowings
All figures in \u20ac 000
Dec-25
Dec-24
Non-current:
Borrowings held at amortised cost
1,530,084
1,593,160
Borrowings held at fair value through profit or loss
\u2014
1,088
Total non-current borrowings
1,530,084
1,594,248
Current:
Borrowings held at amortised cost
99,061
82,081
Total current borrowings
99,061
82,081
As at 31\u00a0December 2025 , the Group has \u20ac1.45bn of outstanding private placement notes (Dec-24 : \u20ac1.45bn).
The loan notes are measured at amortised cost and bear interest at a weighted average of 2.2% per annum.
The weighted average tenor as at 31\u00a0December 2025 is 10 years. Qualifying costs have been capitalised and
are amortised over the life of the notes.
The notes were partially swapped by the note holders into CAD, USD and GBP. The Group has an option to
prepay the private placement notes. The Group concluded that the economic risks of these prepayment
options are not closely related to the loan notes and therefore are recorded as separable embedded
derivatives measured at fair value. The fair value of the prepayment options are nil as at 31\u00a0December 2025
(Dec-24: nil).
On 16 January 2025, the Group extended its corporate revolving credit facility for an incremental amount
of\u00a0\u20ac200m. The Group now has access to \u20ac800m under this RCF, which is available until 24 August 2028. As
at 31\u00a0December 2025, the Group had nil (Dec-24: \u20ac72.5m) drawn down on this facility. Qualifying costs have
been capitalised and are amortised over the life of the facility. Amortised costs are included within finance
expense. Interest rates are determined at each drawdown based on the relevant currency\u2019s reference rate for
the relevant drawdown period plus 1.2%.
On 5 December 2025 the Group entered into a separate revolving credit facility agreement for an amount of
\u20ac400m, which is available until 5 December 2028. The facility was not drawn as at 31 December 2025.
The above private placement notes and RCFs are subject to two financial covenants: one requiring the
maintenance of minimum assets under management (AUM) of \u20ac20bn (plus 50% of the AUM of businesses
acquired) and a second setting a maximum total net leverage ratio of 4:1. The total net leverage ratio is
calculated on the basis of total debt for borrowed money less unrestricted cash compared to EBITDA,
adjusted for certain items as detailed within the agreements, for the most recent period of four consecutive
quarters. Both covenants are tested biannually as at 31 December and as at 30 June. As at 31\u00a0December
2025, the Group was fully compliant with the covenants.
The Group\u2019s consolidated structured entities have access to revolving credit facilities to cover funding of
investments over the short term, usually a 12-month period. The total amount available to these consolidated
structured entities at 31\u00a0December 2025 was \u20ac385.4m ( Dec-24: \u20ac495.3m). The total amount outstanding
at\u00a031\u00a0December 2025 was \u20ac90.8m (Dec-24: \u20ac73.4m). The balance outstanding as at 31\u00a0December 2025 was
repaid\u00a0post-period end through calls partly funded by commitments from non-controlling interests of the
consolidated structured entities. During the year, the Group transferred a portion of a fund investment
to\u00a0an\u00a0unconsolidated structured entity in exchange for a repayment of \u20ac16.6m (Dec-24: \u20ac2.3m) on a
revolving credit facility. The\u00a0transfer had no impact on the Group\u2019s cash.
19.\u00a0 \u00a0 Borrowings
Borrowings also include \u20ac97.1m (Dec-24: \u20ac84.7m) of CLO retention financing. CVC Credit entered into a
number of CLO repurchase agreements specific to each CLO, to finance a portion of risk retention holdings.
Generally, upon a counterparty default, the Group can terminate the CLO repurchase agreement and offset
amounts it owes against collateral, if any. During the term of a\u00a0transaction entered into under the CLO
repurchase agreement, the Group will deliver cash or additional securities acceptable to the counterparty
if\u00a0the securities sold are in default. The CLO repurchase agreement may be terminated at any time upon
certain defaults or circumstances agreed upon by the parties. The repurchase agreements may result in
credit exposure in the event the counterparty to the transaction is unable to fulfil its contractual obligations.
The Group minimises the credit risk associated with these activities by monitoring counterparty credit
exposure and collateral values. Other than margin requirements, the Group is not subject to additional terms
or contingencies which would expose the Group to additional obligations based upon the performance of the
securities pledged as collateral. The amount of investments pledged as collateral for these loans is \u20ac98.2m
(Dec-24: \u20ac91.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
Borrowings also include \u20ac97.1m (Dec-24: \u20ac84.7m) of CLO retention financing. CVC Credit entered into a
number of CLO repurchase agreements specific to each CLO, to finance a portion of risk retention holdings.
Generally, upon a counterparty default, the Group can terminate the CLO repurchase agreement and offset
amounts it owes against collateral, if any. During the term of a\u00a0transaction entered into under the CLO
repurchase agreement, the Group will deliver cash or additional securities acceptable to the counterparty
if\u00a0the securities sold are in default. The CLO repurchase agreement may be terminated at any time upon
certain defaults or circumstances agreed upon by the parties. The repurchase agreements may result in
credit exposure in the event the counterparty to the transaction is unable to fulfil its contractual obligations.
The Group minimises the credit risk associated with these activities by monitoring counterparty credit
exposure and collateral values. Other than margin requirements, the Group is not subject to additional terms
or contingencies which would expose the Group to additional obligations based upon the performance of the
securities pledged as collateral. The amount of investments pledged as collateral for these loans is \u20ac98.2m
(Dec-24: \u20ac91.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Borrowings also include \u20ac97.1m (Dec-24: \u20ac84.7m) of CLO retention financing. CVC Credit entered into a
number of CLO repurchase agreements specific to each CLO, to finance a portion of risk retention holdings.
Generally, upon a counterparty default, the Group can terminate the CLO repurchase agreement and offset
amounts it owes against collateral, if any. During the term of a\u00a0transaction entered into under the CLO
repurchase agreement, the Group will deliver cash or additional securities acceptable to the counterparty
if\u00a0the securities sold are in default. The CLO repurchase agreement may be terminated at any time upon
certain defaults or circumstances agreed upon by the parties. The repurchase agreements may result in
credit exposure in the event the counterparty to the transaction is unable to fulfil its contractual obligations.
The Group minimises the credit risk associated with these activities by monitoring counterparty credit
exposure and collateral values. Other than margin requirements, the Group is not subject to additional terms
or contingencies which would expose the Group to additional obligations based upon the performance of the
securities pledged as collateral. The amount of investments pledged as collateral for these loans is \u20ac98.2m
(Dec-24: \u20ac91.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
20.\u00a0 \u00a0 Forward liability
Under the terms of the share purchase agreement between the Group and CVC DIF on 1 July 2024 the Group
agreed to acquire 60% of CVC DIF at the initial acquisition date and the\u00a0remaining 40% interest across two
later acquisition tranches. The Group has recognised a financial liability in respect of the obligation to acquire
the remaining 40% interest in CVC DIF.
The value of each liability was measured at their respective initial acquisition dates at the present value of the
future acquisition cost as determined in accordance with the share purchase agreement. The liability has
been recalculated at each subsequent balance sheet date and any changes in value have been recorded
through the consolidated statement of profit or loss.
During the prior period, a similar forward liability relating to the Group\u2019s obligation to acquire the remaining
40% interest in CVC Secondaries was settled as a result of the 10 May 2024 and 2 July 2024 acquisitions of
CVC Secondaries.
A reconciliation of the measurement of the forward liability is provided below.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
787,578
592,019
Settlement of liability
\u2014
(805,026)
Liability recognised on acquisition
\u2014
537,280
Change in valuation of forward liability
(334,380)
463,305
Closing balance
24
453,198
787,578
24.\u00a0 \u00a0 Financial liabilities
Classification of financial liabilities
The following table analyses the Group\u2019s liabilities in accordance with the categories of financial instruments in IFRS 9.
All figures in \u20ac 000
Notes
Fair value
through profit
or loss
Financial
liabilities at
amortised cost
Total
As at 31 December 2025
Borrowings
\u2014
1,629,145
1,629,145
Forward liability
20
453,198
\u2014
453,198
Lease liabilities
21
\u2014
154,816
154,816
Accrued expenses
\u2014
353,407
353,407
Other payables
23
\u2014
32,376
32,376
Total financial liabilities
453,198
2,169,744
2,622,942
All figures in \u20ac 000
Notes
Fair value
through profit
or loss
Financial
liabilities at
amortised cost
Total
As at 31 December 2024
Borrowings
1,088
1,675,241
1,676,329
Forward liability
20
787,578
\u2014
787,578
Lease liabilities
21
\u2014
140,743
140,743
Accrued expenses
\u2014
310,191
310,191
Other payables
23
\u2014
19,700
19,700
Total financial liabilities
788,666
2,145,875
2,934,541
24.\u00a0 \u00a0 Financial liabilities Changes in liabilities arising from financing activities
All figures in \u20ac 000
Notes
Dec-25
Dec-24
As at 1 January
1,817,072
1,451,184
Changes from financing cash flows:
Net proceeds from private placement note
\u2014
196,768
Drawings on credit facilities
366,932
668,191
Repayment of credit facilities
(422,150)
(757,949)
Interest paid
(46,523)
(39,404)
Lease payments
(12,042)
(16,542)
Total changes in cash flows arising on financing
activities from borrowing and leases
(113,783)
51,064
Leases acquired through business combinations
\u2014
84,368
Borrowings acquired through business combinations
\u2014
123,293
Non-cash movement of borrowings
2,750
(4,422)
New lease liabilities and lease modifications
36,647
56,436
Interest accrued
52,318
50,173
Foreign exchange movements
(11,043)
4,976
Total financial liabilities
1,783,961
1,817,072
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
21.\u00a0 \u00a0 Lease liability
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
140,743
11,880
Acquisition of subsidiary
\u2014
85,722
Additions
35,474
46,488
Impact of merger accounting
\u2014
(1,354)
Impact of lease modifications
1,173
9,948
Accretion of interest
9
7,003
4,003
Payments
(19,045)
(20,545)
Foreign exchange movement
(10,532)
4,601
Closing balance
154,816
140,743
Non-current
131,675
124,420
Current
23,141
16,323
Total leases
154,816
140,743
The lease liabilities relate primarily to rental payments in respect of the Group\u2019s offices. The weighted-
average remaining lease term at 31\u00a0December 2025 is 10.2 years (Dec-24: 9.7 years).
Lease contracts include either inflationary increases to the rent payable or periodic review of the rent
payable. The liability has been determined at each period end, based upon expected changes in the
contractual rent payable, as well as any planned exercise of any break/early exit clauses.
Extension options within leases have been incorporated into the lease liability when it is concluded the
extension option is likely to be exercised. The Group periodically reassesses the lease term and whether it will
exercise or not exercise the extension option. Should a change occur, the Group modifies the lease liability
and associated right-of-use asset to reflect the remaining expected cash flows.
All lease liabilities have been modelled to the end of their non-cancellable lease term, with no breaks
assumed. Therefore, the lease exposure stated is the maximum exposure. The lease liability excludes those
leases which have not yet commenced, but to which the Group is committed. Additions to lease liabilities in
the year primarily pertain to an office lease in the UK of \u20ac13.4m which the Group will have the right of use
until 2029, as well as office lease expansions in the US amounting to \u20ac20.5m.
The Group acquired the Advisory Group on 1 January 2024, and as a result recognised certain lease liabilities
on acquisition. The Group then underwent a Pre-IPO Reorganisation which resulted in certain disposals which
were accounted for using the merger accounting method.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
22.\u00a0 \u00a0 Provisions
All figures in \u20ac 000
Dec-25
Dec-24
Carried interest provision
72,219
215,551
SAR provision
4,115
9,703
Dilapidation provision
3,978
3,158
Other provisions
118
864
Total
80,430
229,276
Carried interest provision:
The carried interest provision relates to the receipts of carried interest that do not yet meet the criteria to be
recognised under IFRS 15. As and when the Group is entitled to recognise carried interest, an amount will be
released from the carried interest provision. At the end of the life of each fund, amounts received by the
Group that have not met the recognition criteria under IFRS 15 will be repaid. Refer to note 14 and below for
further details.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
215,551
175,895
Net carried interest and performance fees received
74,498
143,724
Carried interest released to carried interest receivable
14
(195,621)
(115,824)
Foreign exchange movements
(22,209)
11,756
Closing balance
72,219
215,551
The participants in the carried interest sharing partnerships (each a CIS partnership), which includes the
Group, may in certain circumstances repay amounts distributed to them in excess of their entitlement (for
example, in a carry clawback situation) by way of a final and balancing contribution. In the event of a fund
carry clawback situation, for amounts that cannot be clawed back from the relevant CIS partnership (and,
therefore, by the CIS partnership from the participants in that CIS partnership), the SIF (as parent of the
Group at the time of the establishment of the funds) has provided a guarantee to the funds for unrecovered
amounts of clawback carry.
22.\u00a0 \u00a0 Provisions (continued)
SAR provision:
As part of the acquisition of CVC DIF , the Group became liable to a SAR provision which, per the share
purchase agreement, is reimbursable by the CVC DIF selling shareholders. The provision will be fully settled
at\u00a0the time of the final acquisition of CVC DIF in 2029.
Dilapidation provision:
The dilapidation provision relates to property leases currently occupied by the Group. The provision is an
estimate of costs to be incurred in restoring the leased properties to the condition required by lessor
immediately before the end of the term of the relevant leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
22.\u00a0 \u00a0 Provisions
All figures in \u20ac 000
Dec-25
Dec-24
Carried interest provision
72,219
215,551
SAR provision
4,115
9,703
Dilapidation provision
3,978
3,158
Other provisions
118
864
Total
80,430
229,276
Carried interest provision:
The carried interest provision relates to the receipts of carried interest that do not yet meet the criteria to be
recognised under IFRS 15. As and when the Group is entitled to recognise carried interest, an amount will be
released from the carried interest provision. At the end of the life of each fund, amounts received by the
Group that have not met the recognition criteria under IFRS 15 will be repaid. Refer to note 14 and below for
further details.
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Opening balance
215,551
175,895
Net carried interest and performance fees received
74,498
143,724
Carried interest released to carried interest receivable
14
(195,621)
(115,824)
Foreign exchange movements
(22,209)
11,756
Closing balance
72,219
215,551
The participants in the carried interest sharing partnerships (each a CIS partnership), which includes the
Group, may in certain circumstances repay amounts distributed to them in excess of their entitlement (for
example, in a carry clawback situation) by way of a final and balancing contribution. In the event of a fund
carry clawback situation, for amounts that cannot be clawed back from the relevant CIS partnership (and,
therefore, by the CIS partnership from the participants in that CIS partnership), the SIF (as parent of the
Group at the time of the establishment of the funds) has provided a guarantee to the funds for unrecovered
amounts of clawback carry.
22.\u00a0 \u00a0 Provisions (continued)
SAR provision:
As part of the acquisition of CVC DIF , the Group became liable to a SAR provision which, per the share
purchase agreement, is reimbursable by the CVC DIF selling shareholders. The provision will be fully settled
at\u00a0the time of the final acquisition of CVC DIF in 2029.
Dilapidation provision:
The dilapidation provision relates to property leases currently occupied by the Group. The provision is an
estimate of costs to be incurred in restoring the leased properties to the condition required by lessor
immediately before the end of the term of the relevant leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
23.\u00a0 \u00a0 Trade and other payables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Accrued expenses
65,184
35,424
\u00a0Total non-current trade and other payables
65,184
35,424
Current:
Accrued expenses
288,223
274,768
Deferred income
5
6,766
5,570
Other payables
32,376
19,700
\u00a0Total current trade and other payables
327,365
300,038
Accrued expenses primarily includes employee bonuses and related social security taxes. Deferred income is
contract liabilities related to management fees that have been received in relation to fund management
activity but have not yet been earned. Refer to note 5 (b) for further details. There are no material differences
between the above amounts for trade and other payables and their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
23.\u00a0 \u00a0 Trade and other payables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Accrued expenses
65,184
35,424
\u00a0Total non-current trade and other payables
65,184
35,424
Current:
Accrued expenses
288,223
274,768
Deferred income
5
6,766
5,570
Other payables
32,376
19,700
\u00a0Total current trade and other payables
327,365
300,038
Accrued expenses primarily includes employee bonuses and related social security taxes. Deferred income is
contract liabilities related to management fees that have been received in relation to fund management
activity but have not yet been earned. Refer to note 5 (b) for further details. There are no material differences
between the above amounts for trade and other payables and their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
23.\u00a0 \u00a0 Trade and other payables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Accrued expenses
65,184
35,424
\u00a0Total non-current trade and other payables
65,184
35,424
Current:
Accrued expenses
288,223
274,768
Deferred income
5
6,766
5,570
Other payables
32,376
19,700
\u00a0Total current trade and other payables
327,365
300,038
Accrued expenses primarily includes employee bonuses and related social security taxes. Deferred income is
contract liabilities related to management fees that have been received in relation to fund management
activity but have not yet been earned. Refer to note 5 (b) for further details. There are no material differences
between the above amounts for trade and other payables and their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
23.\u00a0 \u00a0 Trade and other payables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Accrued expenses
65,184
35,424
\u00a0Total non-current trade and other payables
65,184
35,424
Current:
Accrued expenses
288,223
274,768
Deferred income
5
6,766
5,570
Other payables
32,376
19,700
\u00a0Total current trade and other payables
327,365
300,038
Accrued expenses primarily includes employee bonuses and related social security taxes. Deferred income is
contract liabilities related to management fees that have been received in relation to fund management
activity but have not yet been earned. Refer to note 5 (b) for further details. There are no material differences
between the above amounts for trade and other payables and their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
23.\u00a0 \u00a0 Trade and other payables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Accrued expenses
65,184
35,424
\u00a0Total non-current trade and other payables
65,184
35,424
Current:
Accrued expenses
288,223
274,768
Deferred income
5
6,766
5,570
Other payables
32,376
19,700
\u00a0Total current trade and other payables
327,365
300,038
Accrued expenses primarily includes employee bonuses and related social security taxes. Deferred income is
contract liabilities related to management fees that have been received in relation to fund management
activity but have not yet been earned. Refer to note 5 (b) for further details. There are no material differences
between the above amounts for trade and other payables and their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
23.\u00a0 \u00a0 Trade and other payables
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Non-current:
Accrued expenses
65,184
35,424
\u00a0Total non-current trade and other payables
65,184
35,424
Current:
Accrued expenses
288,223
274,768
Deferred income
5
6,766
5,570
Other payables
32,376
19,700
\u00a0Total current trade and other payables
327,365
300,038
Accrued expenses primarily includes employee bonuses and related social security taxes. Deferred income is
contract liabilities related to management fees that have been received in relation to fund management
activity but have not yet been earned. Refer to note 5 (b) for further details. There are no material differences
between the above amounts for trade and other payables and their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "Changes in liabilities arising from financing activities
All figures in \u20ac 000
Notes
Dec-25
Dec-24
As at 1 January
1,817,072
1,451,184
Changes from financing cash flows:
Net proceeds from private placement note
\u2014
196,768
Drawings on credit facilities
366,932
668,191
Repayment of credit facilities
(422,150)
(757,949)
Interest paid
(46,523)
(39,404)
Lease payments
(12,042)
(16,542)
Total changes in cash flows arising on financing
activities from borrowing and leases
(113,783)
51,064
Leases acquired through business combinations
\u2014
84,368
Borrowings acquired through business combinations
\u2014
123,293
Non-cash movement of borrowings
2,750
(4,422)
New lease liabilities and lease modifications
36,647
56,436
Interest accrued
52,318
50,173
Foreign exchange movements
(11,043)
4,976
Total financial liabilities
1,783,961
1,817,072
.
28.\u00a0 \u00a0 Cash flow information
Cash generated from operations is as follows:
All figures in \u20ac 000
Notes
Dec-25
Dec-24
Profit before income tax
1,219,046
308,466
Adjustments to reconcile profit before tax to net cash
flows:
Depreciation and amortisation
183,719
125,033
Finance income
(20,796)
(12,878)
Finance expense
56,581
53,035
Carried interest and performance fees
(253,243)
(173,170)
Investment income
(134,249)
(199,868)
Change in valuation of forward liability
(334,380)
463,305
Share-based payment expense
20,057
3,324
Disposal of PPE
1,784
42
Foreign exchange (gains)/losses
(7,408)
3,188
Movements in working capital:
(487,935)
262,011
Increase in trade and other receivables
(79,848)
(75,049)
Increase in trade and other payables
45,383
100,284
Cash generated from operations
696,646
595,712
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
25.\u00a0 \u00a0 Financial risk management
In its activities, the Group is exposed to various financial risks: price/valuation risk, market risk (including
exposure to foreign currencies), credit risk, interest rate risk and liquidity risk arising from financial
instruments. The directors are responsible for the creation and control of an overall risk management policy
for the Group.
The Group\u2019s consolidated statement of financial position is made up predominantly of investments into
investment funds and credit vehicles. The assets of a private equity fund are controlling or minority stakes,
typically in private companies, and their debt. The financial risks relating to such investments are inherently
different, due to the nature of the investment as equity or debt and recovery and returns from capital invested
will depend upon the financial health and prospects of each underlying investee entity. Each investment fund
and credit vehicle is constructed as a portfolio of assets, diversified by the number of assets, their industry and
geography.
Risk management policies are established to identify and analyse the risks faced by the Group and to set
appropriate risk limits and controls. Risk management policies and systems are reviewed on a regular basis
to\u00a0reflect changes in the market conditions and the Group\u2019s activities. The Group, through its training and
management standards and procedures, aims to develop a disciplined and constructive control environment
in which all employees understand their roles and obligations.
Price/valuation risk
Price/valuation risk is the uncertainty about the difference between the reported value and the price that
could be obtained on exit or maturity. This principally relates to investments in portfolios companies and debt
investments, and investments held in CLOs.
This uncertainty arises due to the use of unobservable inputs, such as EBITDA, in the calculation of fair value,
the performance and financial health of portfolio companies, and ultimately, as it relates to investments in
private equity, what a third party may be willing to pay for the business. There is less uncertainty for
investments in debt as the upside is capped to the maximum of the principal and interest receipts, whereas
private equity investments have greater potential for larger changes in their valuation as the upside is not
capped.
The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and
maintains focus throughout the investment life of each company. All investments are formally reviewed
through dedicated portfolio monitoring committees. The review process involves a rigorous assessment of
the\u00a0company\u2019s financial performance, financial health (including covenant coverage) and exit prospects.
25.\u00a0 \u00a0 Financial risk management (continued)
The Group reviews valuations of all investments at least twice a year, with private equity investments valued
with reference to IPEV Guidelines. Investments in CLOs are valued using a market standard model, Intex, that
considers the cash flow structure of each transaction. This output is consolidated with discounted cash flow
techniques to achieve a present value. Each investment undergoes the same detailed valuation process, in
accordance with the Group\u2019s valuation policies. Valuations are presented and discussed at the relevant
committee for final evaluation and approval. Further detail about the valuation process is included within
note 3.
A reasonably possible change in the values of financial assets at fair value through profit or loss classified as
Level 3 is shown in note 25(f).
Foreign currency risk
Foreign currency risk is the risk of losses or other adverse effects resulting from a change in a foreign
exchange rate, or from other unfavourable changes in relation to foreign currency.
The Group is primarily exposed to two types of foreign currency risk:
\u2013 translation risk: The risk of changes in the rates at which assets, liabilities, income or costs in foreign
currencies are translated into the reporting currency; and
\u2013 transaction risk: The adverse effect that foreign exchange rate fluctuations can have on a completed
transaction prior to settlement. It is the exchange rate, or currency risk associated specifically with the
time\u00a0delay between entering into a trade or contract and then settling it.
The Group is exposed to translation and transaction risk as a result of it holding assets and liabilities
(including\u00a0financial assets at fair value through profit or loss, carried interest receivable, carried interest
provision, intangibles and goodwill), and having operating activities denominated in currencies other than
EUR (its reporting and presentational currency).
The Group\u2019s income and expenses are primarily denominated in EUR, USD or GBP. In most subsidiaries, the
income and expenses are denominated in the same currency as the functional currency of the Group and
therefore does not create any currency effects in the Group\u2019s consolidated statement of profit or loss.
However, when income and expenses arise in entities with a functional currency other than EUR, the Group\u2019s
operating profits will be affected by changes in exchange rates in the period between initial recognition of
revenue or expense and settlement.
The table to the right demonstrates the sensitivity of profit before income tax to a 10% change in the
exchange rate of foreign currencies compared to EUR in its financial assets at fair value through profit or loss,
carried interest receivable, carried interest provision, and foreign operations:
All figures in \u20ac 000
Dec-25
Dec-24
(+/-)
(+/-)
Foreign currency sensitivity:
10% effect on profit before income tax (USD)
44,456
48,634
10% effect on profit before income tax (Other)
32,569
42,088
Credit risk
Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full, when due.
Potential areas of credit risk consist of cash and cash equivalents, including deposits with banks and financial
institutions and short-term receivables. The Group has not experienced any significant defaults in prior
periods.
The Group limits its exposure in relation to cash balances by only dealing with well-established financial
institutions of high-quality credit standing. As at 31\u00a0December 2025 , the Group\u2019s material cash balances were
held with financial institutions that had the following S&P ratings:
Distribution of cash and cash equivalents by credit rating of counterparties:
Credit rating
Dec-25
Dec-24
AAA
3%
3%
AA-
4%
9%
A+
37%
63%
A
54%
22%
BBB+ or lower
2%
3%
Total cash and cash equivalents
100%
100%
Trade and other receivables are comprised primarily of loans receivable and amounts due from investment
vehicles. Loans receivable relates to amounts due from staff and shareholders; these have historically been
repaid when reaching expiration with no history of default. Amounts due from investment vehicles are
specifically management fees or amounts due from funds or portfolio companies. The funds are managed
by the Group on behalf of its clients, who have made commitments or subscriptions to the vehicles. These
trade and other receivables are repaid from commitments made by investors to the funds. These
commitments can be drawn at any time. The Group considers the probability of default to be remote and
therefore no expected credit loss has been recognised.
25.\u00a0 \u00a0 Financial risk management (continued)
Sundry debtors and rental deposits included within other receivables have had no history of default. The
Group considers the probability of default to be remote and therefore no expected credit loss has been
recognised.
Interest rate risk
The Group\u2019s interest rate risk related to fluctuations in market interest rates with potential impact on the
Group\u2019s finance expense is limited as the Group\u2019s main source of borrowings, the private placement notes,
are held at fixed interest rates.
While the Group does have exposure to changes in interest rates on certain monetary assets and liabilities,
including cash, cash equivalents and its revolving credit facility, such exposure is deemed immaterial.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Liquidity outlook is monitored and regularly reviewed by the directors.
The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing,
amount and profits from the Group\u2019s investments into and divestments from the funds are inherently less
predictable, however a reasonable period of notice is given to all clients, including the Group, ahead of
drawing of funds.
The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents and access to the RCF to
meet its commitments at a given date.
The tables below summarise the Group\u2019s undiscounted financial liabilities by the time frame they are
contractually due to be settled including interest payable. This analysis excludes liabilities which are not
financial liabilities (for example, deferred income). The forward liability represents the value of the Group\u2019s
obligation to acquire the remaining 40% interest in CVC DIF, and will be settled in shares of CVC Capital
Partners plc.
All figures in \u20ac 000
As at 31 December 2025
Due within
1\u00a0year
Due between
1\u00a0and 2 years
Due within
2\u00a0and 5 years
Due more than
5 years
Total
Trade and other payables
327,365
17,837
35,047
12,300
392,549
Forward liability
\u2014
281,733
331,789
\u2014
613,522
Borrowings
130,528
31,467
94,401
1,739,925
1,996,321
Lease liabilities
23,585
25,263
55,255
93,965
198,068
Total financial liabilities
481,478
356,300
516,492
1,846,190
3,200,460
All figures in \u20ac 000
As at 31 December 2024
Due within
1\u00a0year
Due between
1\u00a0and 2 years
Due within
2\u00a0and 5 years
Due more than
5 years
Total
Trade and other payables
300,038
6,719
24,157
4,548
335,462
Forward liability
\u2014
\u2014
1,245,216
\u2014
1,245,216
Borrowings
113,548
31,467
172,882
1,758,880
2,076,777
Lease liabilities
24,130
22,456
54,389
87,737
188,712
Total financial liabilities
437,716
60,642
1,496,644
1,851,165
3,846,167
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal, or in its absence, the
most advantageous market to which the Group has access to at that date. The fair value of a liability reflects
its non-performance risk.
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets
Investment in managed funds
When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market
prices in an active market for identical assets without any adjustments, the instruments are included within
Level 1 of the hierarchy. Investments quoted on an active market are valued at the price within the bid/ask
spread that is most representative of fair value on the measurement date.
In estimating fair value for an investment, the Group uses a valuation technique that is appropriate in light of
the nature, facts and circumstances of the investment and utilises reasonable market data and inputs. The
valuations of unquoted companies are generally obtained by 1) estimating the enterprise value; 2) deducting
from the enterprise value the value of all financial instruments ranking ahead of the shareholders, to derive
the attributable enterprise value; and 3) allocating the attributable enterprise value between ordinary shares,
preference shares (including rolled-up dividends) and loan stock (including rolled-up interest).
In measuring fair value, consideration is also given to any transactions in the interests of the funds. The
underlying assets in each fund consist of portfolios of investments in controlling or minority stakes, typically
in\u00a0private companies, and their debt. Due to the level of unobservable inputs involved in the valuation of
individual assets within each fund, and there being no observable price for each investment, such
investments are classified as Level 3 financial assets under IFRS 13.
Investment in private companies
The Group takes debt and equity stakes in private companies that are not quoted in an active market and
uses a market-based valuation technique for these positions.
The Group\u2019s investments in private companies are carried at fair value using the most appropriate valuation
technique based on the nature, facts and circumstances of the private company. The primary valuation
technique is the multiple technique. A number of earnings multiples are available, including enterprise value/
EBITDA, enterprise value/EBITA, and enterprise value/EBIT. Earnings used will generally be reported historical,
last 12 months or forecast (subject to confidence in the forecast).
To derive a comparative multiple to apply against the earnings the Group typically refers to a selection of
similar quoted companies and/or recent market transactions. The Group determines comparable private and
public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate
multiple for each comparable company identified. These comparable multiples should be adjusted to reflect
the points of difference between the comparable company and the company being valued.
Net asset value is another technique available. This valuation technique involves deriving the value of a
business by reference to the value of its net assets. This technique is likely to be appropriate for a business
whose value derives mainly from the underlying fair value of its assets rather than its earnings, such as asset
intensive companies and investment businesses.
Alternative valuation techniques may be used where there is a recent offer or a recent comparable market
transaction, which may provide an observable market price and an approximation to fair value of the private
company. These generally accepted industry standard techniques can also be used as primary or secondary
techniques or applied in situations that other techniques may be incapable of addressing, such as businesses
going through a period of great change or in their start-up phase. The Group classified these assets as
Level\u202f3. Further details of the approach to the valuation of investments are set out within note 3.
Investments in CLOs
Such investments are valued using market standard third party modelling software that considers the cash
flow structure of each transaction. This output is consolidated with discounted cash flow techniques to derive
the present value. Key inputs to these models/techniques are: discount factors, market reinvestment spreads,
forecasted defaults, and prepayment and recovery rates. CLO loan note interest accrued at the reporting
date, and due on the next payment date, is recorded within investment fair value at each balance sheet
date.
The following table provides the fair value measurement hierarchy of the Group\u2019s financial assets at fair value
through profit or loss.
All figures in \u20ac 000
Dec-25
Dec-24
Level 2
18,444
15,793
Level 3
1,650,642
1,874,739
Total financial assets at fair value through profit or loss
1,669,086
1,890,532
A reconciliation of Level 2 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 2 financial assets at fair value through profit or loss
Opening balance
15,793
\u2014
Acquisition of a subsidiary
\u2014
14,884
Disposals
(5,220)
(328)
Change in fair value
7,871
1,237
Closing balance
18,444
15,793
A reconciliation of Level 3 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 3 financial assets at fair value through profit or loss
Opening balance
1,874,739
935,674
Acquisition of a subsidiary
\u2014
586,078
Deconsolidation of subsidiaries
(455,011)
\u2014
Additions
599,978
479,445
Disposals
(486,217)
(327,407)
Change in fair value
126,378
198,631
Foreign exchange movements
(9,225)
2,318
Closing balance
1,650,642
1,874,739
On 30 April 2024, the Group acquired control of CVC Investment Strategic Opportunities II L.P. Prior to
the\u00a0acquisition, the Group recognised its investment in CVC Investment Strategic Opportunities II L.P. as
a\u00a0Level 3 financial asset at fair value through profit or loss as the inputs were not observable. Subsequent
to\u00a0the acquisition the entity is consolidated on a line-by-line basis by the Group. Certain of the investments
held by the entity are recorded as Level 2 financial assets at fair value through profit or loss.
Fair value sensitivities
The following table summarises the inputs and estimates used for items categorised in Level 2 and Level 3 of
the fair value hierarchy together with a quantitative sensitivity analysis. The sensitivity analysis in respect of
the private equity assets has been calculated by applying a 10% increase and a 10% decrease to the
unobservable inputs used in the valuation of each relevant portfolio company. The Group has determined
that this sensitivity is reasonably possible and would result in a material change to the fair value of the
portfolio of private equity assets held.
The sensitivity analysis in respect of the CLO investments can be categorised into two approaches, firstly for
the CLO rated notes and secondly for CLO equity tranches. For CLO rated notes with contractual cash flows
and redemption at par, model parameter sensitivity is less impactful on fair value. As a result, a price flexing
approach has been taken to demonstrate possible fair value sensitivities, applying an increase of 5% and a
decrease of 10% of the current fair value. An asymmetric sensitivity has been utilised as this is considered to
more appropriately represent the potential market pricing dynamics, of a performing fixed income security,
where markets are more sensitive to downside factors.
The sensitivity analysis in respect of CLO equity tranches utilises a model-based approach, flexing model
parameters to generate a possible upside and downside presentation of fair value. The Group determined
that\u00a0flexing the following model parameters would result in representative fair value scenarios; discount rate
applied to future cash flows; constant default rates; and liquidation price. The sensitivity outcomes have
been aggregated for all CLO investments, covering rated notes and equity tranches.
The sensitivity analysis in respect of investments in credit vehicles, infrastructure investments and secondaries
investments has been calculated by applying a 10% increase and a 10% decrease to the net asset value.
The\u00a0Group has determined that this sensitivity is reasonably possible.
Financial assets at fair value through profit or loss as at 31 December 2025:
Fair value as at 31
December 2025
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,292
Multiple based
valuation
Earnings multiple
7.1\u201335.2x
14.4x
10%
190
Revenue
1.6\u201311.8x
7.6x
(10%)
(190)
Book value
1.1\u20131.2x
1.1x
CLO investments
105
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
0.75-3%
2%
1%
7
Liquidation price
97.25%
\u2014
96.25% / (98.25%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(11)
Investment in credit
vehicles
154
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
90
Net asset value
n/a
n/a
n/a
10%
9
(10%)
(9)
Secondary investments
28
Net asset value
n/a
n/a
n/a
10%
3
(10%)
(3)
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets at fair value through profit or loss as at 31 December 2024:
Fair value as at 31
December 2024
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,585
Multiple based
valuation
Earnings multiple
7.2\u201325.5x
14.1x
10%
237
Revenue
1.7\u201314.5x
10.0x
(10%)
(237)
Book value
0.7\u20131.8x
1.1x
P/E
8.6\u20138.6x
8.6x
CLO investments
96
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
1-3%
2%
1%
6
Liquidation price
98.50%
\u2014
97.5% / (99.5%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(10)
Investment in credit
vehicles
152
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
51
Net asset value
n/a
n/a
n/a
10%
5
(10%)
(5)
Secondary investments
6
Net asset value
n/a
n/a
n/a
10%
1
(10%)
(1)
Not included in the above sensitivity is \u20ac5.4m related to CLO investments.
Forward liability
The forward liability is categorised as a Level 3 financial liability. The key assumptions made in the estimation of the forward liability are disclosed in note 3. The table below details the reasonable changes in assumptions
applied in the valuation model which could arise at each respective balance sheet date, and the aggregate impact these changes would have on the valuation. These changes have been modelled in combination, as
management have concluded that changes in the estimate would not be likely to happen in isolation. The forward liability will be settled through the issue of shares of CVC Capital Partners plc.
Assumption relevant for the valuation at 31 December 2025
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac321m
to
\u20ac879m
MFE multiple
70%/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
CVC trading history since IPO1
Discount rate
+/- 10% increase/decrease to the discount rate
Assumption relevant for the valuation at 31 December 2024
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac545m
to
\u20ac1,086m
MFE multiple
+/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
similar market transactions
Discount rate
+/- 10% increase/decrease to the discount rate
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "Price/valuation risk
Price/valuation risk is the uncertainty about the difference between the reported value and the price that
could be obtained on exit or maturity. This principally relates to investments in portfolios companies and debt
investments, and investments held in CLOs.
This uncertainty arises due to the use of unobservable inputs, such as EBITDA, in the calculation of fair value,
the performance and financial health of portfolio companies, and ultimately, as it relates to investments in
private equity, what a third party may be willing to pay for the business. There is less uncertainty for
investments in debt as the upside is capped to the maximum of the principal and interest receipts, whereas
private equity investments have greater potential for larger changes in their valuation as the upside is not
capped.
The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and
maintains focus throughout the investment life of each company. All investments are formally reviewed
through dedicated portfolio monitoring committees. The review process involves a rigorous assessment of
the\u00a0company\u2019s financial performance, financial health (including covenant coverage) and exit prospects.
25.\u00a0 \u00a0 Financial risk management (continued)
The Group reviews valuations of all investments at least twice a year, with private equity investments valued
with reference to IPEV Guidelines. Investments in CLOs are valued using a market standard model, Intex, that
considers the cash flow structure of each transaction. This output is consolidated with discounted cash flow
techniques to achieve a present value. Each investment undergoes the same detailed valuation process, in
accordance with the Group\u2019s valuation policies. Valuations are presented and discussed at the relevant
committee for final evaluation and approval. Further detail about the valuation process is included within
note 3.
A reasonably possible change in the values of financial assets at fair value through profit or loss classified as
Level 3 is shown in note 25(f).
Foreign currency risk
Foreign currency risk is the risk of losses or other adverse effects resulting from a change in a foreign
exchange rate, or from other unfavourable changes in relation to foreign currency.
The Group is primarily exposed to two types of foreign currency risk:
\u2013 translation risk: The risk of changes in the rates at which assets, liabilities, income or costs in foreign
currencies are translated into the reporting currency; and
\u2013 transaction risk: The adverse effect that foreign exchange rate fluctuations can have on a completed
transaction prior to settlement. It is the exchange rate, or currency risk associated specifically with the
time\u00a0delay between entering into a trade or contract and then settling it.
The Group is exposed to translation and transaction risk as a result of it holding assets and liabilities
(including\u00a0financial assets at fair value through profit or loss, carried interest receivable, carried interest
provision, intangibles and goodwill), and having operating activities denominated in currencies other than
EUR (its reporting and presentational currency).
The Group\u2019s income and expenses are primarily denominated in EUR, USD or GBP. In most subsidiaries, the
income and expenses are denominated in the same currency as the functional currency of the Group and
therefore does not create any currency effects in the Group\u2019s consolidated statement of profit or loss.
However, when income and expenses arise in entities with a functional currency other than EUR, the Group\u2019s
operating profits will be affected by changes in exchange rates in the period between initial recognition of
revenue or expense and settlement.
The table to the right demonstrates the sensitivity of profit before income tax to a 10% change in the
exchange rate of foreign currencies compared to EUR in its financial assets at fair value through profit or loss,
carried interest receivable, carried interest provision, and foreign operations:
All figures in \u20ac 000
Dec-25
Dec-24
(+/-)
(+/-)
Foreign currency sensitivity:
10% effect on profit before income tax (USD)
44,456
48,634
10% effect on profit before income tax (Other)
32,569
42,088
Interest rate risk
The Group\u2019s interest rate risk related to fluctuations in market interest rates with potential impact on the
Group\u2019s finance expense is limited as the Group\u2019s main source of borrowings, the private placement notes,
are held at fixed interest rates.
While the Group does have exposure to changes in interest rates on certain monetary assets and liabilities,
including cash, cash equivalents and its revolving credit facility, such exposure is deemed immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "Credit risk
Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full, when due.
Potential areas of credit risk consist of cash and cash equivalents, including deposits with banks and financial
institutions and short-term receivables. The Group has not experienced any significant defaults in prior
periods.
The Group limits its exposure in relation to cash balances by only dealing with well-established financial
institutions of high-quality credit standing. As at 31\u00a0December 2025 , the Group\u2019s material cash balances were
held with financial institutions that had the following S&P ratings:
Distribution of cash and cash equivalents by credit rating of counterparties:
Credit rating
Dec-25
Dec-24
AAA
3%
3%
AA-
4%
9%
A+
37%
63%
A
54%
22%
BBB+ or lower
2%
3%
Total cash and cash equivalents
100%
100%
Trade and other receivables are comprised primarily of loans receivable and amounts due from investment
vehicles. Loans receivable relates to amounts due from staff and shareholders; these have historically been
repaid when reaching expiration with no history of default. Amounts due from investment vehicles are
specifically management fees or amounts due from funds or portfolio companies. The funds are managed
by the Group on behalf of its clients, who have made commitments or subscriptions to the vehicles. These
trade and other receivables are repaid from commitments made by investors to the funds. These
commitments can be drawn at any time. The Group considers the probability of default to be remote and
therefore no expected credit loss has been recognised.
25.\u00a0 \u00a0 Financial risk management (continued)
Sundry debtors and rental deposits included within other receivables have had no history of default. The
Group considers the probability of default to be remote and therefore no expected credit loss has been
recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "Credit risk
Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full, when due.
Potential areas of credit risk consist of cash and cash equivalents, including deposits with banks and financial
institutions and short-term receivables. The Group has not experienced any significant defaults in prior
periods.
The Group limits its exposure in relation to cash balances by only dealing with well-established financial
institutions of high-quality credit standing. As at 31\u00a0December 2025 , the Group\u2019s material cash balances were
held with financial institutions that had the following S&P ratings:
Distribution of cash and cash equivalents by credit rating of counterparties:
Credit rating
Dec-25
Dec-24
AAA
3%
3%
AA-
4%
9%
A+
37%
63%
A
54%
22%
BBB+ or lower
2%
3%
Total cash and cash equivalents
100%
100%
Trade and other receivables are comprised primarily of loans receivable and amounts due from investment
vehicles. Loans receivable relates to amounts due from staff and shareholders; these have historically been
repaid when reaching expiration with no history of default. Amounts due from investment vehicles are
specifically management fees or amounts due from funds or portfolio companies. The funds are managed
by the Group on behalf of its clients, who have made commitments or subscriptions to the vehicles. These
trade and other receivables are repaid from commitments made by investors to the funds. These
commitments can be drawn at any time. The Group considers the probability of default to be remote and
therefore no expected credit loss has been recognised.
25.\u00a0 \u00a0 Financial risk management (continued)
Sundry debtors and rental deposits included within other receivables have had no history of default. The
Group considers the probability of default to be remote and therefore no expected credit loss has been
recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Liquidity outlook is monitored and regularly reviewed by the directors.
The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing,
amount and profits from the Group\u2019s investments into and divestments from the funds are inherently less
predictable, however a reasonable period of notice is given to all clients, including the Group, ahead of
drawing of funds.
The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents and access to the RCF to
meet its commitments at a given date.
The tables below summarise the Group\u2019s undiscounted financial liabilities by the time frame they are
contractually due to be settled including interest payable. This analysis excludes liabilities which are not
financial liabilities (for example, deferred income). The forward liability represents the value of the Group\u2019s
obligation to acquire the remaining 40% interest in CVC DIF, and will be settled in shares of CVC Capital
Partners plc.
All figures in \u20ac 000
As at 31 December 2025
Due within
1\u00a0year
Due between
1\u00a0and 2 years
Due within
2\u00a0and 5 years
Due more than
5 years
Total
Trade and other payables
327,365
17,837
35,047
12,300
392,549
Forward liability
\u2014
281,733
331,789
\u2014
613,522
Borrowings
130,528
31,467
94,401
1,739,925
1,996,321
Lease liabilities
23,585
25,263
55,255
93,965
198,068
Total financial liabilities
481,478
356,300
516,492
1,846,190
3,200,460
All figures in \u20ac 000
As at 31 December 2024
Due within
1\u00a0year
Due between
1\u00a0and 2 years
Due within
2\u00a0and 5 years
Due more than
5 years
Total
Trade and other payables
300,038
6,719
24,157
4,548
335,462
Forward liability
\u2014
\u2014
1,245,216
\u2014
1,245,216
Borrowings
113,548
31,467
172,882
1,758,880
2,076,777
Lease liabilities
24,130
22,456
54,389
87,737
188,712
Total financial liabilities
437,716
60,642
1,496,644
1,851,165
3,846,167
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal, or in its absence, the
most advantageous market to which the Group has access to at that date. The fair value of a liability reflects
its non-performance risk.
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets
Investment in managed funds
When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market
prices in an active market for identical assets without any adjustments, the instruments are included within
Level 1 of the hierarchy. Investments quoted on an active market are valued at the price within the bid/ask
spread that is most representative of fair value on the measurement date.
In estimating fair value for an investment, the Group uses a valuation technique that is appropriate in light of
the nature, facts and circumstances of the investment and utilises reasonable market data and inputs. The
valuations of unquoted companies are generally obtained by 1) estimating the enterprise value; 2) deducting
from the enterprise value the value of all financial instruments ranking ahead of the shareholders, to derive
the attributable enterprise value; and 3) allocating the attributable enterprise value between ordinary shares,
preference shares (including rolled-up dividends) and loan stock (including rolled-up interest).
In measuring fair value, consideration is also given to any transactions in the interests of the funds. The
underlying assets in each fund consist of portfolios of investments in controlling or minority stakes, typically
in\u00a0private companies, and their debt. Due to the level of unobservable inputs involved in the valuation of
individual assets within each fund, and there being no observable price for each investment, such
investments are classified as Level 3 financial assets under IFRS 13.
Investment in private companies
The Group takes debt and equity stakes in private companies that are not quoted in an active market and
uses a market-based valuation technique for these positions.
The Group\u2019s investments in private companies are carried at fair value using the most appropriate valuation
technique based on the nature, facts and circumstances of the private company. The primary valuation
technique is the multiple technique. A number of earnings multiples are available, including enterprise value/
EBITDA, enterprise value/EBITA, and enterprise value/EBIT. Earnings used will generally be reported historical,
last 12 months or forecast (subject to confidence in the forecast).
To derive a comparative multiple to apply against the earnings the Group typically refers to a selection of
similar quoted companies and/or recent market transactions. The Group determines comparable private and
public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate
multiple for each comparable company identified. These comparable multiples should be adjusted to reflect
the points of difference between the comparable company and the company being valued.
Net asset value is another technique available. This valuation technique involves deriving the value of a
business by reference to the value of its net assets. This technique is likely to be appropriate for a business
whose value derives mainly from the underlying fair value of its assets rather than its earnings, such as asset
intensive companies and investment businesses.
Alternative valuation techniques may be used where there is a recent offer or a recent comparable market
transaction, which may provide an observable market price and an approximation to fair value of the private
company. These generally accepted industry standard techniques can also be used as primary or secondary
techniques or applied in situations that other techniques may be incapable of addressing, such as businesses
going through a period of great change or in their start-up phase. The Group classified these assets as
Level\u202f3. Further details of the approach to the valuation of investments are set out within note 3.
Investments in CLOs
Such investments are valued using market standard third party modelling software that considers the cash
flow structure of each transaction. This output is consolidated with discounted cash flow techniques to derive
the present value. Key inputs to these models/techniques are: discount factors, market reinvestment spreads,
forecasted defaults, and prepayment and recovery rates. CLO loan note interest accrued at the reporting
date, and due on the next payment date, is recorded within investment fair value at each balance sheet
date.
The following table provides the fair value measurement hierarchy of the Group\u2019s financial assets at fair value
through profit or loss.
All figures in \u20ac 000
Dec-25
Dec-24
Level 2
18,444
15,793
Level 3
1,650,642
1,874,739
Total financial assets at fair value through profit or loss
1,669,086
1,890,532
A reconciliation of Level 2 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 2 financial assets at fair value through profit or loss
Opening balance
15,793
\u2014
Acquisition of a subsidiary
\u2014
14,884
Disposals
(5,220)
(328)
Change in fair value
7,871
1,237
Closing balance
18,444
15,793
A reconciliation of Level 3 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 3 financial assets at fair value through profit or loss
Opening balance
1,874,739
935,674
Acquisition of a subsidiary
\u2014
586,078
Deconsolidation of subsidiaries
(455,011)
\u2014
Additions
599,978
479,445
Disposals
(486,217)
(327,407)
Change in fair value
126,378
198,631
Foreign exchange movements
(9,225)
2,318
Closing balance
1,650,642
1,874,739
On 30 April 2024, the Group acquired control of CVC Investment Strategic Opportunities II L.P. Prior to
the\u00a0acquisition, the Group recognised its investment in CVC Investment Strategic Opportunities II L.P. as
a\u00a0Level 3 financial asset at fair value through profit or loss as the inputs were not observable. Subsequent
to\u00a0the acquisition the entity is consolidated on a line-by-line basis by the Group. Certain of the investments
held by the entity are recorded as Level 2 financial assets at fair value through profit or loss.
Fair value sensitivities
The following table summarises the inputs and estimates used for items categorised in Level 2 and Level 3 of
the fair value hierarchy together with a quantitative sensitivity analysis. The sensitivity analysis in respect of
the private equity assets has been calculated by applying a 10% increase and a 10% decrease to the
unobservable inputs used in the valuation of each relevant portfolio company. The Group has determined
that this sensitivity is reasonably possible and would result in a material change to the fair value of the
portfolio of private equity assets held.
The sensitivity analysis in respect of the CLO investments can be categorised into two approaches, firstly for
the CLO rated notes and secondly for CLO equity tranches. For CLO rated notes with contractual cash flows
and redemption at par, model parameter sensitivity is less impactful on fair value. As a result, a price flexing
approach has been taken to demonstrate possible fair value sensitivities, applying an increase of 5% and a
decrease of 10% of the current fair value. An asymmetric sensitivity has been utilised as this is considered to
more appropriately represent the potential market pricing dynamics, of a performing fixed income security,
where markets are more sensitive to downside factors.
The sensitivity analysis in respect of CLO equity tranches utilises a model-based approach, flexing model
parameters to generate a possible upside and downside presentation of fair value. The Group determined
that\u00a0flexing the following model parameters would result in representative fair value scenarios; discount rate
applied to future cash flows; constant default rates; and liquidation price. The sensitivity outcomes have
been aggregated for all CLO investments, covering rated notes and equity tranches.
The sensitivity analysis in respect of investments in credit vehicles, infrastructure investments and secondaries
investments has been calculated by applying a 10% increase and a 10% decrease to the net asset value.
The\u00a0Group has determined that this sensitivity is reasonably possible.
Financial assets at fair value through profit or loss as at 31 December 2025:
Fair value as at 31
December 2025
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,292
Multiple based
valuation
Earnings multiple
7.1\u201335.2x
14.4x
10%
190
Revenue
1.6\u201311.8x
7.6x
(10%)
(190)
Book value
1.1\u20131.2x
1.1x
CLO investments
105
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
0.75-3%
2%
1%
7
Liquidation price
97.25%
\u2014
96.25% / (98.25%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(11)
Investment in credit
vehicles
154
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
90
Net asset value
n/a
n/a
n/a
10%
9
(10%)
(9)
Secondary investments
28
Net asset value
n/a
n/a
n/a
10%
3
(10%)
(3)
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets at fair value through profit or loss as at 31 December 2024:
Fair value as at 31
December 2024
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,585
Multiple based
valuation
Earnings multiple
7.2\u201325.5x
14.1x
10%
237
Revenue
1.7\u201314.5x
10.0x
(10%)
(237)
Book value
0.7\u20131.8x
1.1x
P/E
8.6\u20138.6x
8.6x
CLO investments
96
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
1-3%
2%
1%
6
Liquidation price
98.50%
\u2014
97.5% / (99.5%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(10)
Investment in credit
vehicles
152
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
51
Net asset value
n/a
n/a
n/a
10%
5
(10%)
(5)
Secondary investments
6
Net asset value
n/a
n/a
n/a
10%
1
(10%)
(1)
Not included in the above sensitivity is \u20ac5.4m related to CLO investments.
Forward liability
The forward liability is categorised as a Level 3 financial liability. The key assumptions made in the estimation of the forward liability are disclosed in note 3. The table below details the reasonable changes in assumptions
applied in the valuation model which could arise at each respective balance sheet date, and the aggregate impact these changes would have on the valuation. These changes have been modelled in combination, as
management have concluded that changes in the estimate would not be likely to happen in isolation. The forward liability will be settled through the issue of shares of CVC Capital Partners plc.
Assumption relevant for the valuation at 31 December 2025
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac321m
to
\u20ac879m
MFE multiple
70%/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
CVC trading history since IPO1
Discount rate
+/- 10% increase/decrease to the discount rate
Assumption relevant for the valuation at 31 December 2024
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac545m
to
\u20ac1,086m
MFE multiple
+/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
similar market transactions
Discount rate
+/- 10% increase/decrease to the discount rate
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal, or in its absence, the
most advantageous market to which the Group has access to at that date. The fair value of a liability reflects
its non-performance risk.
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets
Investment in managed funds
When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market
prices in an active market for identical assets without any adjustments, the instruments are included within
Level 1 of the hierarchy. Investments quoted on an active market are valued at the price within the bid/ask
spread that is most representative of fair value on the measurement date.
In estimating fair value for an investment, the Group uses a valuation technique that is appropriate in light of
the nature, facts and circumstances of the investment and utilises reasonable market data and inputs. The
valuations of unquoted companies are generally obtained by 1) estimating the enterprise value; 2) deducting
from the enterprise value the value of all financial instruments ranking ahead of the shareholders, to derive
the attributable enterprise value; and 3) allocating the attributable enterprise value between ordinary shares,
preference shares (including rolled-up dividends) and loan stock (including rolled-up interest).
In measuring fair value, consideration is also given to any transactions in the interests of the funds. The
underlying assets in each fund consist of portfolios of investments in controlling or minority stakes, typically
in\u00a0private companies, and their debt. Due to the level of unobservable inputs involved in the valuation of
individual assets within each fund, and there being no observable price for each investment, such
investments are classified as Level 3 financial assets under IFRS 13.
Investment in private companies
The Group takes debt and equity stakes in private companies that are not quoted in an active market and
uses a market-based valuation technique for these positions.
The Group\u2019s investments in private companies are carried at fair value using the most appropriate valuation
technique based on the nature, facts and circumstances of the private company. The primary valuation
technique is the multiple technique. A number of earnings multiples are available, including enterprise value/
EBITDA, enterprise value/EBITA, and enterprise value/EBIT. Earnings used will generally be reported historical,
last 12 months or forecast (subject to confidence in the forecast).
To derive a comparative multiple to apply against the earnings the Group typically refers to a selection of
similar quoted companies and/or recent market transactions. The Group determines comparable private and
public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate
multiple for each comparable company identified. These comparable multiples should be adjusted to reflect
the points of difference between the comparable company and the company being valued.
Net asset value is another technique available. This valuation technique involves deriving the value of a
business by reference to the value of its net assets. This technique is likely to be appropriate for a business
whose value derives mainly from the underlying fair value of its assets rather than its earnings, such as asset
intensive companies and investment businesses.
Alternative valuation techniques may be used where there is a recent offer or a recent comparable market
transaction, which may provide an observable market price and an approximation to fair value of the private
company. These generally accepted industry standard techniques can also be used as primary or secondary
techniques or applied in situations that other techniques may be incapable of addressing, such as businesses
going through a period of great change or in their start-up phase. The Group classified these assets as
Level\u202f3. Further details of the approach to the valuation of investments are set out within note 3.
Investments in CLOs
Such investments are valued using market standard third party modelling software that considers the cash
flow structure of each transaction. This output is consolidated with discounted cash flow techniques to derive
the present value. Key inputs to these models/techniques are: discount factors, market reinvestment spreads,
forecasted defaults, and prepayment and recovery rates. CLO loan note interest accrued at the reporting
date, and due on the next payment date, is recorded within investment fair value at each balance sheet
date.
The following table provides the fair value measurement hierarchy of the Group\u2019s financial assets at fair value
through profit or loss.
All figures in \u20ac 000
Dec-25
Dec-24
Level 2
18,444
15,793
Level 3
1,650,642
1,874,739
Total financial assets at fair value through profit or loss
1,669,086
1,890,532
A reconciliation of Level 2 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 2 financial assets at fair value through profit or loss
Opening balance
15,793
\u2014
Acquisition of a subsidiary
\u2014
14,884
Disposals
(5,220)
(328)
Change in fair value
7,871
1,237
Closing balance
18,444
15,793
A reconciliation of Level 3 fair values for financial assets is set out in the table below:
All figures in \u20ac 000
Dec-25
Dec-24
Level 3 financial assets at fair value through profit or loss
Opening balance
1,874,739
935,674
Acquisition of a subsidiary
\u2014
586,078
Deconsolidation of subsidiaries
(455,011)
\u2014
Additions
599,978
479,445
Disposals
(486,217)
(327,407)
Change in fair value
126,378
198,631
Foreign exchange movements
(9,225)
2,318
Closing balance
1,650,642
1,874,739
On 30 April 2024, the Group acquired control of CVC Investment Strategic Opportunities II L.P. Prior to
the\u00a0acquisition, the Group recognised its investment in CVC Investment Strategic Opportunities II L.P. as
a\u00a0Level 3 financial asset at fair value through profit or loss as the inputs were not observable. Subsequent
to\u00a0the acquisition the entity is consolidated on a line-by-line basis by the Group. Certain of the investments
held by the entity are recorded as Level 2 financial assets at fair value through profit or loss.
Fair value sensitivities
The following table summarises the inputs and estimates used for items categorised in Level 2 and Level 3 of
the fair value hierarchy together with a quantitative sensitivity analysis. The sensitivity analysis in respect of
the private equity assets has been calculated by applying a 10% increase and a 10% decrease to the
unobservable inputs used in the valuation of each relevant portfolio company. The Group has determined
that this sensitivity is reasonably possible and would result in a material change to the fair value of the
portfolio of private equity assets held.
The sensitivity analysis in respect of the CLO investments can be categorised into two approaches, firstly for
the CLO rated notes and secondly for CLO equity tranches. For CLO rated notes with contractual cash flows
and redemption at par, model parameter sensitivity is less impactful on fair value. As a result, a price flexing
approach has been taken to demonstrate possible fair value sensitivities, applying an increase of 5% and a
decrease of 10% of the current fair value. An asymmetric sensitivity has been utilised as this is considered to
more appropriately represent the potential market pricing dynamics, of a performing fixed income security,
where markets are more sensitive to downside factors.
The sensitivity analysis in respect of CLO equity tranches utilises a model-based approach, flexing model
parameters to generate a possible upside and downside presentation of fair value. The Group determined
that\u00a0flexing the following model parameters would result in representative fair value scenarios; discount rate
applied to future cash flows; constant default rates; and liquidation price. The sensitivity outcomes have
been aggregated for all CLO investments, covering rated notes and equity tranches.
The sensitivity analysis in respect of investments in credit vehicles, infrastructure investments and secondaries
investments has been calculated by applying a 10% increase and a 10% decrease to the net asset value.
The\u00a0Group has determined that this sensitivity is reasonably possible.
Financial assets at fair value through profit or loss as at 31 December 2025:
Fair value as at 31
December 2025
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,292
Multiple based
valuation
Earnings multiple
7.1\u201335.2x
14.4x
10%
190
Revenue
1.6\u201311.8x
7.6x
(10%)
(190)
Book value
1.1\u20131.2x
1.1x
CLO investments
105
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
0.75-3%
2%
1%
7
Liquidation price
97.25%
\u2014
96.25% / (98.25%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(11)
Investment in credit
vehicles
154
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
90
Net asset value
n/a
n/a
n/a
10%
9
(10%)
(9)
Secondary investments
28
Net asset value
n/a
n/a
n/a
10%
3
(10%)
(3)
25.\u00a0 \u00a0 Financial risk management (continued)
Financial assets at fair value through profit or loss as at 31 December 2024:
Fair value as at 31
December 2024
\u20ac m
Primary valuation
technique
Key unobservable inputs
Range
Weighted average/Fair
value inputs
Sensitivity scenarios
Effect on fair value
\u20ac m
Private equity
1,585
Multiple based
valuation
Earnings multiple
7.2\u201325.5x
14.1x
10%
237
Revenue
1.7\u201314.5x
10.0x
(10%)
(237)
Book value
0.7\u20131.8x
1.1x
P/E
8.6\u20138.6x
8.6x
CLO investments
96
Discounted CF
Equity tranches
Discount rate
13-15%
14%
(1%)
Upside scenario fair value:
Constant default rate
1-3%
2%
1%
6
Liquidation price
98.50%
\u2014
97.5% / (99.5%)
Rated notes
+5% Valuation
Downside scenario fair value:
(10%) Valuation
(10)
Investment in credit
vehicles
152
Net asset value
n/a
n/a
n/a
10%
15
(10%)
(15)
Infrastructure investments
51
Net asset value
n/a
n/a
n/a
10%
5
(10%)
(5)
Secondary investments
6
Net asset value
n/a
n/a
n/a
10%
1
(10%)
(1)
Not included in the above sensitivity is \u20ac5.4m related to CLO investments.
Forward liability
The forward liability is categorised as a Level 3 financial liability. The key assumptions made in the estimation of the forward liability are disclosed in note 3. The table below details the reasonable changes in assumptions
applied in the valuation model which could arise at each respective balance sheet date, and the aggregate impact these changes would have on the valuation. These changes have been modelled in combination, as
management have concluded that changes in the estimate would not be likely to happen in isolation. The forward liability will be settled through the issue of shares of CVC Capital Partners plc.
Assumption relevant for the valuation at 31 December 2025
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac321m
to
\u20ac879m
MFE multiple
70%/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
CVC trading history since IPO1
Discount rate
+/- 10% increase/decrease to the discount rate
Assumption relevant for the valuation at 31 December 2024
\u20ac m
Change in assumption
Range of forward liability values
CVC DIF MFE
+/-10% fundraising target
\u20ac545m
to
\u20ac1,086m
MFE multiple
+/-20% MFE Multiple, reflecting a reasonably possible range of CVC MFE multiples based on an assessment of
similar market transactions
Discount rate
+/- 10% increase/decrease to the discount rate
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
26.\u00a0 \u00a0 Capital management
The primary objectives of the Group\u2019s capital management strategy are to effectively manage returns to
shareholders and ensure adequate capital is available in order to conduct the Group\u2019s principal activities. To
meet these objectives the Group manages its contracted management fees, which primarily generates cash on
a quarterly or half-yearly basis in advance (with the exception of Credit which is quarterly in arrears), against its
investment commitments. Any short-term funding requirements are managed by the Group through its RCF.
In\u00a0addition, the dividend policy is assessed when distributions are made to appropriately reflect any change.
Under Part 17 of the Companies (Jersey) Law 1991, distributions may be debited to any profit or capital
account of the Parent Company. The equity position of the Group remains strong with total equity
attributable to equity holders of the parent of \u20ac1,618.2m as at 31\u00a0December 2025 (Dec-24: \u20ac985.7m).
The private placement notes and RCF are subject to financial covenants in the form of a leverage ratio and a
minimum AUM amount, which is tested on a bi-annual basis. The Group, through certain subsidiaries, is also
subject to certain regulatory capital requirements. During the current and prior periods the Group was fully
compliant with regulatory capital requirements and banking covenants. Refer to note 19 for further details
on\u00a0covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
27.\u00a0 \u00a0 Equity
Stated capital
The Company\u2019s issued ordinary share capital as at 31\u00a0December 2025 comprised of a single class of fully paid
1,062,984,492 ordinary shares of no nominal value (\u2018Shares\u2019) listed on Euronext Amsterdam. The rights and
obligations attaching to the Shares are contained within the Company\u2019s Articles of Association. Under the
Articles of Association, all rights and obligations attaching to the Shares are held by Euroclear Nederland and
will, to the extent legally permissible, accrue to, be exercisable by and against, and be enforced by and
against, the relevant holder of an interest in the Shares traded and settled through Euroclear Nederland
(excluding, for the avoidance of doubt, Euroclear Nederland) (such holder, being an \u2018EI Holder\u2019).
Each Share confers its holder the right to cast one vote at the Company\u2019s general meeting of Shareholders.
There are no restrictions on voting rights. The Shares carry dividend rights. The Articles of Association provide
for pre-emption rights to be granted to Shareholders, subject to certain exceptions and unless such rights are
disapplied by a special resolution of Shareholders.
The Shares do not carry any rights in respect of capital to participate in a distribution (including on a winding-
up) other than those that exist as a matter of law or under the Articles of Association. The Shares will rank
pari passu in all respects. Holders of shares who the Company believes are or may be subject to relevant
sanctions are not permitted to dispose of their shares or any legal or beneficial interest in any of them
without the prior written consent of the Company. There are otherwise no restrictions on the transferability of
the shares in the Articles of Association or under Jersey law. There is no limit on the number of shares of any
class which the Company is authorised to issue.
During the year ended 31\u00a0December 2025 there were no changes to stated capital. In 31\u00a0December 2024
the\u00a0following transactions are reflected within the consolidated statement of changes in equity:
Ordinary shares
Ordinary shares
(No.)
Stated capital
(\u20ac\u00a0000)
As at 1 January 2024
2,500,000
2,500
Shares split
979,642,857
\u2014
Shares issued
17,857,143
250,000
Acquisitions
62,984,492
1,648,459
Capitalised share issuance costs
\u2014
(1,583)
Capital reduction
\u2014
(876,957)
As at 31 December 2024
1,062,984,492
1,022,419
Shares split
On 29 April 2024, 2,500,000 ordinary shares of no par value were subdivided into 979,642,857 ordinary
shares with no par value.
Shares issued
On 30 April 2024, as part of the Company\u2019s listing on Euronext Amsterdam, 17,857,143 fully paid new shares
of the Company were issued.
Acquisitions
The Group completed the following acquisitions in the year ended 31\u00a0December 2024:
\u2013 on 1 January 2024, the Group acquired the Advisory Group. As part of the acquisition, the Group
recognised a capital contribution of \u20ac110m, which reflects the acquisition-date fair value of the Company\u2019s
interest in the Advisory Group. On 29 April 2024, non-controlling interests of CVC Capital Partners Advisory
Holdings Limited, CVC Advisory Partners India Holdings Limited, CVC Capital Partners Advisory Holdings II
Limited, and CVC Advisory Partners India Holdings II Limited, as well as a loan note of \u20ac141.3m issued by
CVC Capital Partners Advisory Holdings Limited were cancelled and recognised as a capital contribution;
\u2013 on 15 April 2024, the Group acquired CVC Credit. As part of the acquisition, the Group recognised a capital
contribution of \u20ac392.4m, which reflects the acquisition-date fair value of the acquired interest in CVC
Credit;
\u2013 as part of the acquisition of Private Investment Asia V GP Limited, Private Investment Asia V Feeder GP
Limited, Private Investment Europe VIII GP Limited, Private Investment Europe VII GP Limited, Private
Investment Strategic Opportunities II GP Limited and Private Investment Growth II GP Limited on 29 April
2024, CVC Capital Partners Strategic Opportunities II Limited on 30 April 2024, and CVC Capital Partners
VII Limited on 6 June 2024, the Group recognised a capital contribution of \u20ac3.8m, which reflects the
acquisition-date fair value of the Company\u2019s interest in these entities;
27.\u00a0 \u00a0 Equity (continued)
\u2013 on 10 May 2024, under the terms of the share purchase agreement with respect to CVC Secondaries,
20%\u00a0of\u00a0the remaining 40% interest in CVC Secondaries was acquired by the Group for consideration of
\u20ac362.7m, settled in cash and shares. Of the total consideration, \u20ac357.5m was settled through the issue of
25,536,048 ordinary shares of the Group. On 2 July 2024 the Group acquired the final 20% interest in CVC
Secondaries for consideration of \u20ac442.3m, settled in cash and shares. Of the total consideration, \u20ac438.7m
was settled through the issue of a further 25,536,048 ordinary shares of the Group; and
\u2013 on 1 July 2024, the Group acquired 60% of CVC DIF for consideration of \u20ac590.1m. Included in the total
consideration was the issuance of 11,402,873 shares of the Group valued at \u20ac195.9m at the time of the
issuance. At the same time the Group acquired preference shares from the CVC DIF selling shareholders.
The\u00a0consideration for the preference shares was \u20ac25.7m which included 509,523 shares valued at \u20ac8.8m.
Capitalised share issuance costs
Capitalised share issuance costs comprise transaction costs of \u20ac1.2m attributable to the equity issuance
related to the Company\u2019s listing on Euronext Amsterdam, \u20ac0.4m attributable to the equity issuance related
to\u00a0the acquisition of the remaining 40% interest in CVC Secondaries, and \u20ac0.1m attributable to the equity
issuance related to the initial acquisition of DIF.
Capital reduction
On 8 May 2024, the Group reduced its stated capital to \u20ac20m by means of a capital reduction, as permitted
by Jersey Companies law. The capital reduction is reflected through a reduction in stated capital of \u20ac877m
with a commensurate increase in retained earnings.
Other
Shares of CVC Capital Partners plc held by management shareholders at the time of IPO are subject to
leaver provisions which have certain vesting conditions. These conditions require all or certain of such
unvested shares to be transferred if employment is terminated. As at 31\u00a0December 2025, \u20ac21.8m of shares
have been transferred and are held on account of the Company by a related party entity (Dec-24: \u20ac1.9m).
The shares held on account entitle the Group to dividends but have no voting rights.
Other reserves
With respect to CVC DIF, under the terms of the share purchase agreement, the Group acquired 60% of CVC
DIF at the initial acquisition (completed 1 July 2024) and agreed to acquire the remaining 40% interest across
two later acquisition tranches. The Group recorded a financial liability in respect of the obligation to acquire
the remaining 40% interest. The obligation was valued at \u20ac537.3m at the initial acquisition date and was
recorded as a reduction in other reserves on the grounds that the interest would be settled by the issuance of
shares of the Group. At the same time the Group created the CVC DIF ESOP which is an equity-settled share-
based payment plan. For the year ended 31\u00a0December 2025, \u20ac3.5m (Dec-24: \u20ac1.2m) was recognised in
personnel expenses together with a corresponding increase in other reserves, relating to employee services
received during the year. Refer to notes 6 and 20 for further details.
With respect to CVC Secondaries, under the terms of the share purchase agreement, the Group acquired
60% of CVC Secondaries at the initial acquisition (completed 11 January 2022) and agreed to acquire the
remaining 40% interest across two later acquisition tranches. Under IFRS, the Group is required to record a
financial liability in respect of the obligation to acquire the remaining 40% interest. The obligation was valued
at \u20ac314.3m at the initial acquisition date and was recorded as a reduction in other reserves on the grounds
that the remaining interest would be settled by the issuance of shares of the Group. On 10 May 2024, the
Group acquired 20% of the remaining 40% interest in CVC Secondaries, increasing its ownership interest to
80%. On\u00a02\u00a0July 2024, the Group acquired the remaining 20% interest in CVC Secondaries, increasing its
ownership interest to 100%. As a result of these acquisitions, the initial amount of \u20ac314.3m in other reserves
was reversed. Refer to note 20 for further details.
Under the Group\u2019s LTIP, options were granted to senior executives of the Company on December 2024 and
March 2025, including members of key management personnel. The Group accounts for the LTIP as an
equity-settled plan in line with IFRS 2 and, for the year ended 31\u00a0December 2025, \u20ac5.9m (Dec-24: \u20ac2.1m) was
recognised in personnel expenses together with a corresponding increase in other reserves, relating to
employee services received during the year. Additionally, 785,133 shares have been reserved for issue under
the Group\u2019s LTIP as at 31\u00a0December 2025 (Dec-24: 687,442). Refer to note 6 for further information.
In October 2025, the Group granted various share options to employees. The Group accounts for these share
option plans as equity-settled plans in line with IFRS 2 and, for the year ended 31\u00a0December 2025, \u20ac10.7m
(Dec-24: nil) was recognised in personnel expenses with a corresponding increase in other reserves, relating
to\u00a0employee services received during the year. Refer to note 6 for further information.
During 2024, other reserves also included an amount of \u20ac80.8m arising from the Pre-IPO Reorganisation.
This amount is the difference between the consideration transferred and the net assets acquired.
Accumulated losses
As a result of the divestment of interest in subsidiaries, the Group recognised an increase of \u20ac1.7m to
accumulated losses, representing the difference between the proceeds from divestment of interest in
subsidiaries and carrying value of divested interests.
Other contributions
During the year ended 31\u00a0December 2025 , other contributions of \u20ac61.4m\u00a0 (Dec-24: \u20ac53.9m)were received
from non-controlling interests.
During the year ended 31\u00a0December 2024, the following other contributions were received:
\u2013 the Group, through its subsidiary MHII and its controlled undertakings, received \u20ac280m from carried
interest entities. Of the amount received, \u20ac140m has been treated as a contribution from MHL, the parent
and a related party of MHII at the time;
\u2013 the Group received contributions of \u20ac7.7m from the SIF, related to the acquisition of CVC DIF ;
\u2013 as part of the acquisition of CVC DIF the Group became liable to a SAR provision which, per the share
purchase agreement, is refundable by the CVC DIF selling shareholders. During the year ended
31\u00a0December 2024 \u20ac5.3m was receivable from the CVC DIF selling shareholders, of which \u20ac3.2m was
recorded as an other contribution and \u20ac2.1m was reflected in non-controlling interests. This contribution
has no impact on the Group\u2019s cash; and
\u2013 other contributions of \u20ac51.9m were received from non-controlling interests.
As these contributions were not made by the equity shareholders of the Company, they have been recorded
as other contributions within the consolidated statement of changes in equity. Please refer to note 1 for
further information on the Group reorganisation.
Divestment of interests in subsidiaries
During the year ended 31\u00a0December 2025 the Group partially sold down its commitments in CVC Capital
Partners Investment Europe VII L.P., CVC Capital Partners Investment Europe VIII L.P., CVC Capital Partners
IX (A) L.P., CVC Capital Partners IX AIV (Jersey) L.P., CVC Capital Partners Investment Asia IV L.P., and CVC
Investment Strategic Opportunities II L.P. to CVC-PE, the Group\u2019s Private Wealth Private Equity focused
evergreen product (an unconsolidated structured entity). Refer to note 32 for details on the Group\u2019s
unconsolidated structured entities. The Group also transferred commitments in CVC Capital Partners
Investment Europe IX L.P., and CVC Capital Partners Investment Asia VI L.P. which had been warehoused
for\u00a0staff plan partnerships.
All figures in \u20ac 000
Dec-25
Proceeds from divestment of interests in subsidiaries
154,154
Carrying value of divested interests
(155,875)
Difference recognised in accumulated losses
(1,721)
Following these transactions the Group continues to consolidate these private equity funds and recognises
additional non-controlling interests, with the exception of CVC Capital Partners Investment Europe VII L.P.
The\u00a0reduction in the Group\u2019s commitments in CVC Capital Partners Investment Europe VII L.P. resulted in the
Group no longer controlling this entity, and deconsolidation during the year ended 31\u00a0December 2025.
In August 2025, the Group cancelled US$60.0m of its total commitments of US$70.0m in CVC SOF VI
Associates (Feeder), SCSp. This transaction resulted in the Group no longer controlling this entity, and
deconsolidation during the year ended 31\u00a0December 2025. The cancellation formed part of a restructuring
under which the Group reinvested the cancelled commitments into an unconsolidated structured entity.
Refer to note 32 for details on the Group\u2019s exposure to unconsolidated structured entities.
The table below sets out the net assets of the deconsolidated entities prior to deconsolidation:
All figures in \u20ac 000
CVC Capital
Partners Investment
Europe VII
CVC SOF VI
Associates
(Feeder), SCSp
Cash and cash equivalents
1,449
\u2014
Financial assets at fair value through profit or loss disposed
439,665
15,346
Fair value lost on disposal
\u2014
2,052
Fair value of Group\u2019s holding immediately after change of control
63,566
773
Trade and other (payables)/receivables
(390)
5
Fair value of identifiable net assets
504,290
18,176
Below is a schedule of the impact of the deconsolidation of CVC Capital Partners Investment Europe VII L.P.
and CVC SOF VI Associates (Feeder), SCSp:
All figures in \u20ac 000
CVC Capital
Partners Investment
Europe VII
CVC SOF VI
Associates
(Feeder), SCSp
Fair value of identifiable net assets
504,290
18,176
Less: non-controlling interests as proportionate share of disposed net assets
(347,368)
(12,765)
Less: carrying value of interest sold
(93,356)
(4,638)
Fair value of Group\u2019s holding immediately after change of control
63,566
773
The consideration of \u20ac93.4m transferred in connection with the deconsolidation of CVC Capital Partners
Investment Europe VII L.P., following the partial sell-down of the Group\u2019s commitments, net of \u20ac1.4m cash
held, and the consideration of \u20ac2.6m received in respect of the deconsolidation of CVC SOF VI Associates
(Feeder), SCSp, following the cancellation of commitments, are recognised within investing activities in the
consolidated statement of cash flows. The cash balance held by CVC SOF VI Associates (Feeder), SCSp at the
date of deconsolidation was nil.
The table below sets out the impact on non-controlling interest from the transactions above:
All figures in \u20ac 000
Dec-25
Increase from carrying value of divested interests
155,875
Decrease from deconsolidation of entities
(360,133)
Impact on non-controlling interest
(204,258)
Refer to note 27 (f) for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "Stated capital
The Company\u2019s issued ordinary share capital as at 31\u00a0December 2025 comprised of a single class of fully paid
1,062,984,492 ordinary shares of no nominal value (\u2018Shares\u2019) listed on Euronext Amsterdam. The rights and
obligations attaching to the Shares are contained within the Company\u2019s Articles of Association. Under the
Articles of Association, all rights and obligations attaching to the Shares are held by Euroclear Nederland and
will, to the extent legally permissible, accrue to, be exercisable by and against, and be enforced by and
against, the relevant holder of an interest in the Shares traded and settled through Euroclear Nederland
(excluding, for the avoidance of doubt, Euroclear Nederland) (such holder, being an \u2018EI Holder\u2019).
Each Share confers its holder the right to cast one vote at the Company\u2019s general meeting of Shareholders.
There are no restrictions on voting rights. The Shares carry dividend rights. The Articles of Association provide
for pre-emption rights to be granted to Shareholders, subject to certain exceptions and unless such rights are
disapplied by a special resolution of Shareholders.
The Shares do not carry any rights in respect of capital to participate in a distribution (including on a winding-
up) other than those that exist as a matter of law or under the Articles of Association. The Shares will rank
pari passu in all respects. Holders of shares who the Company believes are or may be subject to relevant
sanctions are not permitted to dispose of their shares or any legal or beneficial interest in any of them
without the prior written consent of the Company. There are otherwise no restrictions on the transferability of
the shares in the Articles of Association or under Jersey law. There is no limit on the number of shares of any
class which the Company is authorised to issue.
During the year ended 31\u00a0December 2025 there were no changes to stated capital. In 31\u00a0December 2024
the\u00a0following transactions are reflected within the consolidated statement of changes in equity:
Ordinary shares
Ordinary shares
(No.)
Stated capital
(\u20ac\u00a0000)
As at 1 January 2024
2,500,000
2,500
Shares split
979,642,857
\u2014
Shares issued
17,857,143
250,000
Acquisitions
62,984,492
1,648,459
Capitalised share issuance costs
\u2014
(1,583)
Capital reduction
\u2014
(876,957)
As at 31 December 2024
1,062,984,492
1,022,419
Shares split
On 29 April 2024, 2,500,000 ordinary shares of no par value were subdivided into 979,642,857 ordinary
shares with no par value.
Shares issued
On 30 April 2024, as part of the Company\u2019s listing on Euronext Amsterdam, 17,857,143 fully paid new shares
of the Company were issued.
Acquisitions
The Group completed the following acquisitions in the year ended 31\u00a0December 2024:
\u2013 on 1 January 2024, the Group acquired the Advisory Group. As part of the acquisition, the Group
recognised a capital contribution of \u20ac110m, which reflects the acquisition-date fair value of the Company\u2019s
interest in the Advisory Group. On 29 April 2024, non-controlling interests of CVC Capital Partners Advisory
Holdings Limited, CVC Advisory Partners India Holdings Limited, CVC Capital Partners Advisory Holdings II
Limited, and CVC Advisory Partners India Holdings II Limited, as well as a loan note of \u20ac141.3m issued by
CVC Capital Partners Advisory Holdings Limited were cancelled and recognised as a capital contribution;
\u2013 on 15 April 2024, the Group acquired CVC Credit. As part of the acquisition, the Group recognised a capital
contribution of \u20ac392.4m, which reflects the acquisition-date fair value of the acquired interest in CVC
Credit;
\u2013 as part of the acquisition of Private Investment Asia V GP Limited, Private Investment Asia V Feeder GP
Limited, Private Investment Europe VIII GP Limited, Private Investment Europe VII GP Limited, Private
Investment Strategic Opportunities II GP Limited and Private Investment Growth II GP Limited on 29 April
2024, CVC Capital Partners Strategic Opportunities II Limited on 30 April 2024, and CVC Capital Partners
VII Limited on 6 June 2024, the Group recognised a capital contribution of \u20ac3.8m, which reflects the
acquisition-date fair value of the Company\u2019s interest in these entities;
27.\u00a0 \u00a0 Equity (continued)
\u2013 on 10 May 2024, under the terms of the share purchase agreement with respect to CVC Secondaries,
20%\u00a0of\u00a0the remaining 40% interest in CVC Secondaries was acquired by the Group for consideration of
\u20ac362.7m, settled in cash and shares. Of the total consideration, \u20ac357.5m was settled through the issue of
25,536,048 ordinary shares of the Group. On 2 July 2024 the Group acquired the final 20% interest in CVC
Secondaries for consideration of \u20ac442.3m, settled in cash and shares. Of the total consideration, \u20ac438.7m
was settled through the issue of a further 25,536,048 ordinary shares of the Group; and
\u2013 on 1 July 2024, the Group acquired 60% of CVC DIF for consideration of \u20ac590.1m. Included in the total
consideration was the issuance of 11,402,873 shares of the Group valued at \u20ac195.9m at the time of the
issuance. At the same time the Group acquired preference shares from the CVC DIF selling shareholders.
The\u00a0consideration for the preference shares was \u20ac25.7m which included 509,523 shares valued at \u20ac8.8m.
Capitalised share issuance costs
Capitalised share issuance costs comprise transaction costs of \u20ac1.2m attributable to the equity issuance
related to the Company\u2019s listing on Euronext Amsterdam, \u20ac0.4m attributable to the equity issuance related
to\u00a0the acquisition of the remaining 40% interest in CVC Secondaries, and \u20ac0.1m attributable to the equity
issuance related to the initial acquisition of DIF.
Capital reduction
On 8 May 2024, the Group reduced its stated capital to \u20ac20m by means of a capital reduction, as permitted
by Jersey Companies law. The capital reduction is reflected through a reduction in stated capital of \u20ac877m
with a commensurate increase in retained earnings.
Other
Shares of CVC Capital Partners plc held by management shareholders at the time of IPO are subject to
leaver provisions which have certain vesting conditions. These conditions require all or certain of such
unvested shares to be transferred if employment is terminated. As at 31\u00a0December 2025, \u20ac21.8m of shares
have been transferred and are held on account of the Company by a related party entity (Dec-24: \u20ac1.9m).
The shares held on account entitle the Group to dividends but have no voting rights.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "Other reserves
With respect to CVC DIF, under the terms of the share purchase agreement, the Group acquired 60% of CVC
DIF at the initial acquisition (completed 1 July 2024) and agreed to acquire the remaining 40% interest across
two later acquisition tranches. The Group recorded a financial liability in respect of the obligation to acquire
the remaining 40% interest. The obligation was valued at \u20ac537.3m at the initial acquisition date and was
recorded as a reduction in other reserves on the grounds that the interest would be settled by the issuance of
shares of the Group. At the same time the Group created the CVC DIF ESOP which is an equity-settled share-
based payment plan. For the year ended 31\u00a0December 2025, \u20ac3.5m (Dec-24: \u20ac1.2m) was recognised in
personnel expenses together with a corresponding increase in other reserves, relating to employee services
received during the year. Refer to notes 6 and 20 for further details.
With respect to CVC Secondaries, under the terms of the share purchase agreement, the Group acquired
60% of CVC Secondaries at the initial acquisition (completed 11 January 2022) and agreed to acquire the
remaining 40% interest across two later acquisition tranches. Under IFRS, the Group is required to record a
financial liability in respect of the obligation to acquire the remaining 40% interest. The obligation was valued
at \u20ac314.3m at the initial acquisition date and was recorded as a reduction in other reserves on the grounds
that the remaining interest would be settled by the issuance of shares of the Group. On 10 May 2024, the
Group acquired 20% of the remaining 40% interest in CVC Secondaries, increasing its ownership interest to
80%. On\u00a02\u00a0July 2024, the Group acquired the remaining 20% interest in CVC Secondaries, increasing its
ownership interest to 100%. As a result of these acquisitions, the initial amount of \u20ac314.3m in other reserves
was reversed. Refer to note 20 for further details.
Under the Group\u2019s LTIP, options were granted to senior executives of the Company on December 2024 and
March 2025, including members of key management personnel. The Group accounts for the LTIP as an
equity-settled plan in line with IFRS 2 and, for the year ended 31\u00a0December 2025, \u20ac5.9m (Dec-24: \u20ac2.1m) was
recognised in personnel expenses together with a corresponding increase in other reserves, relating to
employee services received during the year. Additionally, 785,133 shares have been reserved for issue under
the Group\u2019s LTIP as at 31\u00a0December 2025 (Dec-24: 687,442). Refer to note 6 for further information.
In October 2025, the Group granted various share options to employees. The Group accounts for these share
option plans as equity-settled plans in line with IFRS 2 and, for the year ended 31\u00a0December 2025, \u20ac10.7m
(Dec-24: nil) was recognised in personnel expenses with a corresponding increase in other reserves, relating
to\u00a0employee services received during the year. Refer to note 6 for further information.
During 2024, other reserves also included an amount of \u20ac80.8m arising from the Pre-IPO Reorganisation.
This amount is the difference between the consideration transferred and the net assets acquired.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "Dividends and other distributions
Dividends of \u20ac475m were paid in the year ended 31\u00a0December 2025 (Dec-24: nil). The Board paid a final
dividend in respect of 2024 of \u20ac225m to shareholders on the register as at 23 May 2025 (representing
approximately \u20ac0.212 per share) on 18 June 2025. In addition, the Board paid an interim dividend in respect
of 2025 of \u20ac250m to shareholders on the register as at 12 September 2025 (representing approximately
\u20ac0.235 per share) on 6 October 2025.
During the year ended 31\u00a0December 2025, the following other distributions were made:
\u2013 as part of the acquisition of CVC DIF the Group became liable to a SAR provision which, per the share
purchase agreement, is reimbursed by the CVC DIF selling shareholders. During the year, the Group
recognised a \u20ac5.6m (Dec-24: nil) decrease to the SAR provision, of which \u20ac3.3m (Dec-24: nil) has been
recorded as a reduction in the expected capital contribution to the parent and \u20ac2.3m (Dec-24: nil) to non-
controlling interests. This had no impact on the Group\u2019s cash; and
\u2013 \u20ac80.2m (Dec-24: \u20ac126.9m) was paid to non-controlling interests of the Group relating to the consolidated
fund vehicles. Within the consolidated statement of cash flows, distributions paid to non-controlling
interests excludes the \u20ac2.3m movement in the SAR provision.
In addition, \u20ac0.9m (Dec-24: \u20ac1.3m) was paid to non-controlling interests held in CVC Advisers Latam
Representa\u00e7\u00e3o e Consultoria. This non-controlling interest is owned by several employees of CVC Advisers
Latam Representa\u00e7\u00e3o e Consultoria who are entitled to a profit share awarded to them by distributions. The
distributions, which can be non-pro rata, are principally funded by the Group, and are agreed by the Group
prior to any distribution. These are recorded as a transfer between shareholders in the consolidated
statement of changes in equity.
Included in other distributions of \u20ac299.0m for the year ended 31\u00a0December 2024 are \u20ac297.1m of distributions
which MHII declared and paid to MHL, its parent and a related party at the time of the distribution.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "225000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-486": { "value": "0.212", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-487": { "value": "Non-controlling interests
Non-controlling interest percentage
Accumulated balances of non-
controlling interests (\u20ac 000)
Profit/(loss) allocated to non-
controlling interests (\u20ac 000)
All figures in \u20ac 000
Dec-25
Dec-24
Dec-25
Dec-24
Dec-25
Dec-24
CVC DIF
40%
40%
189,445
212,677
(2,856)
(2,118)
CVC Capital Partners Investment Europe VII L.P.
\u2014
69%
\u2014
347,368
\u2014
47,076
CVC Capital Partners Investment Europe VIII L.P.
43%
40%
183,761
164,392
9,018
16,493
CVC Investment Strategic Opportunities II L.P.
71%
30%
125,967
52,014
14,349
5,810
CVC Capital Partners Investment Asia VI L.P.
36%
\u2014
13,611
\u2014
2,229
\u2014
CVC Capital Partners Investment Europe IX L.P.
49%
\u2014
83,498
\u2014
11,845
\u2014
CVC SOF VI Associates (Feeder), SCSp
\u2014
70%
\u2014
4,657
4,588
1,475
Other non-material non-controlling interests:
Total other non-material non-controlling interests
34,518
36,876
3
14,085
Total non-controlling interests
630,800
817,984
39,176
82,821
The summarised financial information of these subsidiaries is provided below. This information is based on amounts before inter-company eliminations. Immaterial non-controlling interests have been aggregated:
Summarised statement of profit or loss and comprehensive income for the year ended 31 December 2025:
All figures in \u20ac 000
CVC DIF
CVC Capital
Partners
Investment
Europe VIII L.P.
CVC Investment
Strategic
Opportunities II
LP
CVC Capital
Partners
Investment Asia
VI L.P.
CVC Capital
Partners
Investment
Europe IX L.P.
CVC SOF VI
Associates
(Feeder), SCSp
Other non-
material non-
controlling
interests
Total
Management fees
168,160
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
168,160
Investment income
\u2014
21,666
21,653
7,622
26,999
5,672
(1,390)
82,222
Other operating income
394
\u2014
\u2014
\u2014
\u2014
\u2014
358
752
Total revenue
168,554
21,666
21,653
7,622
26,999
5,672
(1,032)
251,134
Personnel expenses
(77,449)
\u2014
\u2014
\u2014
\u2014
\u2014
(1,437)
(78,886)
General and administrative expenses
(21,360)
(350)
(19)
(52)
(1,146)
\u2014
(755)
(23,682)
Foreign exchange gains/(losses)
333
\u2014
\u2014
\u2014
\u2014
\u2014
(23)
310
Expenses with respect to investment vehicles
\u2014
(263)
(156)
(501)
(93)
(64)
(335)
(1,412)
EBITDA
70,078
21,053
21,478
7,069
25,760
5,608
(3,582)
147,464
Depreciation and amortisation
(82,754)
\u2014
\u2014
\u2014
\u2014
\u2014
(22)
(82,776)
Total operating (loss)/profit
(12,676)
21,053
21,478
7,069
25,760
5,608
(3,604)
64,688
Finance income
1,888
14
23
39
356
1
223
2,544
Finance expense
(594)
(256)
(482)
(975)
(1,953)
\u2014
(26)
(4,286)
(Loss)/profit before tax
(11,382)
20,811
21,019
6,133
24,163
5,609
(3,407)
62,946
Income tax
4,244
\u2014
\u2014
\u2014
\u2014
\u2014
(492)
3,752
(Loss)/profit for the year
(7,138)
20,811
21,019
6,133
24,163
5,609
(3,899)
66,698
Exchange differences on translation of foreign operations
\u2014
\u2014
\u2014
(3,430)
\u2014
(1,226)
\u2014
(4,656)
Total comprehensive (loss)/income
(7,138)
20,811
21,019
2,703
24,163
4,383
(3,899)
62,042
Total (loss)/profit attributable to non-controlling interests
(2,856)
9,018
14,349
2,229
11,845
4,588
3
39,176
Summarised statement of profit or loss and comprehensive income for the year ended 31 December 2024
All figures in \u20ac 000
CVC Secondaries
CVC DIF
CVC Capital
Partners
Investment
Europe VII L.P.
CVC Capital
Partners
Investment
Europe VIII L.P.
Advisory
Foundation
Other non-
material non-
controlling
interests
Total
Management fees
94,994
89,561
\u2014
\u2014
352
\u2014
184,907
Investment income
\u2014
\u2014
68,875
44,241
\u2014
33,435
146,551
Advisory fee income
\u2014
\u2014
\u2014
\u2014
428,000
\u2014
428,000
Other operating income
224
(16)
\u2014
\u2014
11,008
153
11,369
Total revenue
95,218
89,545
68,875
44,241
439,360
33,588
770,827
Personnel expenses
(36,132)
(41,048)
\u2014
\u2014
(255,113)
\u2014
(332,293)
General and administrative expenses
(9,315)
(10,916)
\u2014
\u2014
(85,696)
8
(105,919)
Foreign exchange gains/(losses)
(298)
(340)
\u2014
\u2014
2,637
3
2,002
Expenses with respect to investment vehicles
\u2014
\u2014
(165)
(1,413)
\u2014
(1,146)
(2,724)
EBITDA
49,473
37,241
68,710
42,828
101,188
32,453
331,893
Depreciation and amortisation
(26,230)
(41,501)
\u2014
\u2014
(28,436)
\u2014
(96,167)
Total operating profit/(loss)
23,243
(4,260)
68,710
42,828
72,752
32,453
235,726
Finance income
884
713
70
45
5,123
37
6,872
Finance expense
(293)
(839)
(437)
(1,641)
(6,036)
(647)
(9,893)
Profit/(loss) before tax
23,834
(4,386)
68,343
41,232
71,839
31,843
232,705
Income tax
1,342
(911)
\u2014
\u2014
(10,519)
\u2014
(10,088)
Profit/(loss) for the year
25,176
(5,297)
68,343
41,232
61,320
31,843
222,617
Exchange differences on translation of foreign operations
17,320
65
\u2014
\u2014
3,135
1,103
21,623
Total comprehensive income/(loss)
42,496
(5,232)
68,343
41,232
64,455
32,946
244,240
Total comprehensive profit/(loss) attributable to non-controlling interests
2,420
(2,118)
47,076
16,493
3,560
15,390
82,821
Summarised statement of accumulated balances as at 31 December 2025
All figures in \u20ac 000
CVC DIF
CVC Capital
Partners
Investment
Europe VII L.P.
CVC Capital
Partners
Investment
Europe VIII L.P.
CVC Investment
Strategic
Opportunities II
LP
CVC Capital
Partners
Investment Asia
VI L.P.
CVC Capital
Partners
Investment
Europe IX L.P.
CVC SOF VI
Associates
(Feeder), SCSp
Other non-
material non-
controlling
interests
Total
As at 1 January 2025
212,677
347,368
164,392
52,014
\u2014
\u2014
4,657
36,876
817,984
Profit/(loss) for the year
(2,856)
\u2014
9,018
14,349
2,229
11,845
4,588
3
39,176
Movement in currency reserve
(154)
\u2014
\u2014
\u2014
(1,248)
\u2014
(844)
(1,891)
(4,137)
Total comprehensive income/(loss)
(3,010)
\u2014
9,018
14,349
981
11,845
3,744
(1,888)
35,039
Divestment of interests in subsidiaries
\u2014
(347,368)
13,699
73,147
9,094
59,935
(12,765)
\u2014
(204,258)
Other distributions
(20,222)
\u2014
(4,691)
(19,523)
(3,669)
(22,602)
\u2014
(9,526)
(80,233)
Other contributions
\u2014
\u2014
1,343
5,980
7,205
34,320
4,364
8,146
61,358
Transfers between shareholders
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
910
910
As at 31 December 2025
189,445
\u2014
183,761
125,967
13,611
83,498
\u2014
34,518
630,800
Summarised statement of accumulated balances as at 31 December 2024
All figures in \u20ac 000
CVC Secondaries
CVC DIF
CVC Capital
Partners
Investment
Europe VII L.P.
CVC Capital
Partners
Investment
Europe VIII L.P.
Advisory
Foundation
Other non-
material non-
controlling
interests
Total
As at 1 January 2024
91,521
\u2014
\u2014
117,346
\u2014
9,524
218,391
Profit/(loss) for the year
2,420
(2,118)
47,076
16,493
3,560
15,390
82,821
Movement in currency reserve
1,773
132
\u2014
\u2014
461
1,015
3,381
Total comprehensive income/(loss)
4,193
(1,986)
47,076
16,493
4,021
16,405
86,202
Acquisitions
(88,949)
216,590
385,029
\u2014
(3,929)
76,323
585,064
Other distributions
(7,534)
(4,000)
(95,827)
(1,401)
(1,309)
(16,804)
(126,875)
Other contributions
769
2,073
11,090
31,954
\u2014
8,055
53,941
Transfers between shareholders
\u2014
\u2014
\u2014
\u2014
1,261
\u2014
1,261
As at 31 December 2024
\u2014
212,677
347,368
164,392
44
93,503
817,984
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
29.\u00a0 \u00a0 Commitments
The Group\u2019s undrawn capital commitments to investment funds and credit vehicles are shown in the table
below.
Capital commitments to investment funds include commitments of consolidated structured entities which
are partially committed by non-controlling interests in the consolidated structured entities. Capital
commitments are called over time, typically between one to five years following the subscription of the
commitment.
Capital commitments to credit vehicles are called over time, typically up to five years following the
subscription of the commitment.
The Group does not have an obligation to pay cash until the capital is called. The Group is able to meet these
undrawn commitments through a combination of available resources and undrawn commitments from non-
controlling interest holders. A reconciliation of the Group\u2019s undrawn capital commitments is provided below:
Dec-25
All figures in \u20ac 000
Private Equity
Secondaries
Credit
Infrastructure
Total
Total Group commitments
695,438
140,437
392,181
64,757
1,292,813
Co-investment
commitments from NCI
(254,891)
(48,811)
\u2014
\u2014
(303,702)
Net Group commitments
440,547
91,626
392,181
64,757
989,111
Dec-24
All figures in \u20ac 000
Private Equity
Secondaries
Credit
Infrastructure
Total
Total Group commitments
1,169,762
218,930
334,517
52,272
1,775,481
Co-investment
commitments from NCI
(66,747)
(152,681)
\u2014
\u2014
(219,428)
Net Group commitments
1,103,015
66,249
334,517
52,272
1,556,053
At 31\u00a0December 2025, the Group also had undrawn loan commitments of \u20ac155.3m (Dec-24: nil) warehoused
for its Credit evergreen vehicle.
The Group acts as an underwriter or placement agent in offerings or placements of debt and/or equity financing.
As a result of these activities the Group, at times, has outstanding commitments. As at 31\u00a0December 2025 the
value of outstanding commitments was nil (Dec-24: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
29.\u00a0 \u00a0 Commitments
The Group\u2019s undrawn capital commitments to investment funds and credit vehicles are shown in the table
below.
Capital commitments to investment funds include commitments of consolidated structured entities which
are partially committed by non-controlling interests in the consolidated structured entities. Capital
commitments are called over time, typically between one to five years following the subscription of the
commitment.
Capital commitments to credit vehicles are called over time, typically up to five years following the
subscription of the commitment.
The Group does not have an obligation to pay cash until the capital is called. The Group is able to meet these
undrawn commitments through a combination of available resources and undrawn commitments from non-
controlling interest holders. A reconciliation of the Group\u2019s undrawn capital commitments is provided below:
Dec-25
All figures in \u20ac 000
Private Equity
Secondaries
Credit
Infrastructure
Total
Total Group commitments
695,438
140,437
392,181
64,757
1,292,813
Co-investment
commitments from NCI
(254,891)
(48,811)
\u2014
\u2014
(303,702)
Net Group commitments
440,547
91,626
392,181
64,757
989,111
Dec-24
All figures in \u20ac 000
Private Equity
Secondaries
Credit
Infrastructure
Total
Total Group commitments
1,169,762
218,930
334,517
52,272
1,775,481
Co-investment
commitments from NCI
(66,747)
(152,681)
\u2014
\u2014
(219,428)
Net Group commitments
1,103,015
66,249
334,517
52,272
1,556,053
At 31\u00a0December 2025, the Group also had undrawn loan commitments of \u20ac155.3m (Dec-24: nil) warehoused
for its Credit evergreen vehicle.
The Group acts as an underwriter or placement agent in offerings or placements of debt and/or equity financing.
As a result of these activities the Group, at times, has outstanding commitments. As at 31\u00a0December 2025 the
value of outstanding commitments was nil (Dec-24: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
30.\u00a0 \u00a0 Related party transactions
Key management compensation
The KMP of the Group after 30 April 2024 are considered to be the directors of the Company and executive
management. For the period ended 30 April 2024, the KMP of the Group were considered to be the directors
of\u00a0MHII and of MHII\u2019s ultimate parent, the SIF. The compensation paid or payable to KMP is as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Salaries, bonuses, and other short-term benefits
16,185
16,499
Post-employment benefits
1,397
1,737
Share-based payments
5,908
2,097
Total key management compensation
23,490
20,333
Transactions with KMP
As at 31\u00a0December 2025 the Group has two loans receivable from KMP totalling \u20ac16.4m (Dec-24: \u20ac16.2m)
included in trade and other receivables as shown below:
Secured / Unsecured
Repayment
Interest
Dec-25
\u20ac
Dec-24
\u20ac
Unsecured
Following the dissolution of the
relevant partnerships
3.75%
2.5m
2.5m
Secured
Repayable in 2031
2.00%
13.9m
13.7m
Total
16.4m
16.2m
During the year, the Group acquired an interest in an unconsolidated structured entity from a member of key
management. The interest was acquired for \u20ac6.3m, which was its fair market value on the date of
acquisition. The Group also entered into a multi-party agreement including the SIF and a member of key
management. The agreement involved a transfer of interest in carry in exchange for giving up the right to
future profit share for an intrinsic value of approximately $3m.
During the year ended 31 December 2024 the Group received proceeds of \u20ac1.1m from key management
personnel for the purchase of shares of CVC Capital Partners plc.
Transactions with entities controlled or jointly controlled by KMP
During the year ended 31 December 2025 the Group incurred general and administrative expenses of \u20ac0.4m
(Dec-24: \u20ac0.02m) related to services received from entities controlled or jointly controlled by KMP. The Group
also accrued and paid management fee rebates of \u20ac0.3m (Dec-24: nil) related to an entity controlled or
jointly controlled by KMP.
Transactions with the SIF
Transactions which were entered into, and trading balances outstanding with entities which have significant
influence over the Group, or are a member of a group which has significant influence are as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Fees received
38,687
122,320
Fees paid
(14,631)
(8,995)
All figures in \u20ac 000
Dec-25
Dec-24
Amounts receivable
11,796
17,650
Amounts payable
(5,731)
(12,929)
Fees received primarily include management fees received from Retained GPs, as well as amounts earned by
the Group for the provision of certain support services, including payroll and IT related services. Amounts
receivable primarily include management fees receivable.
Fees paid include \u20ac10.3m (Dec-24: \u20ac9.8m) related to advisory fees paid to CVC Advisers (Benelux) SA/NV for
the provision of advice on investment opportunities.
The Group has \u20ac21.8m of shares held on account of the Company by the SIF as at 31\u00a0December 2025
(Dec-24: \u20ac1.9m).
The Group provides the use of its payroll functionality to facilitate the payments on behalf of the SIF. All
amounts are recharged back to the SIF, resulting in no impact on the Group\u2019s consolidated statement of
profit or loss.
Transactions with unconsolidated structured entities
Unconsolidated structured entities are primarily investment vehicles managed by the Group. Refer to note
27(g) and 32 for details on the Group\u2019s exposure to unconsolidated structured entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
30.\u00a0 \u00a0 Related party transactions
Key management compensation
The KMP of the Group after 30 April 2024 are considered to be the directors of the Company and executive
management. For the period ended 30 April 2024, the KMP of the Group were considered to be the directors
of\u00a0MHII and of MHII\u2019s ultimate parent, the SIF. The compensation paid or payable to KMP is as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Salaries, bonuses, and other short-term benefits
16,185
16,499
Post-employment benefits
1,397
1,737
Share-based payments
5,908
2,097
Total key management compensation
23,490
20,333
Transactions with KMP
As at 31\u00a0December 2025 the Group has two loans receivable from KMP totalling \u20ac16.4m (Dec-24: \u20ac16.2m)
included in trade and other receivables as shown below:
Secured / Unsecured
Repayment
Interest
Dec-25
\u20ac
Dec-24
\u20ac
Unsecured
Following the dissolution of the
relevant partnerships
3.75%
2.5m
2.5m
Secured
Repayable in 2031
2.00%
13.9m
13.7m
Total
16.4m
16.2m
During the year, the Group acquired an interest in an unconsolidated structured entity from a member of key
management. The interest was acquired for \u20ac6.3m, which was its fair market value on the date of
acquisition. The Group also entered into a multi-party agreement including the SIF and a member of key
management. The agreement involved a transfer of interest in carry in exchange for giving up the right to
future profit share for an intrinsic value of approximately $3m.
During the year ended 31 December 2024 the Group received proceeds of \u20ac1.1m from key management
personnel for the purchase of shares of CVC Capital Partners plc.
Transactions with entities controlled or jointly controlled by KMP
During the year ended 31 December 2025 the Group incurred general and administrative expenses of \u20ac0.4m
(Dec-24: \u20ac0.02m) related to services received from entities controlled or jointly controlled by KMP. The Group
also accrued and paid management fee rebates of \u20ac0.3m (Dec-24: nil) related to an entity controlled or
jointly controlled by KMP.
Transactions with the SIF
Transactions which were entered into, and trading balances outstanding with entities which have significant
influence over the Group, or are a member of a group which has significant influence are as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Fees received
38,687
122,320
Fees paid
(14,631)
(8,995)
All figures in \u20ac 000
Dec-25
Dec-24
Amounts receivable
11,796
17,650
Amounts payable
(5,731)
(12,929)
Fees received primarily include management fees received from Retained GPs, as well as amounts earned by
the Group for the provision of certain support services, including payroll and IT related services. Amounts
receivable primarily include management fees receivable.
Fees paid include \u20ac10.3m (Dec-24: \u20ac9.8m) related to advisory fees paid to CVC Advisers (Benelux) SA/NV for
the provision of advice on investment opportunities.
The Group has \u20ac21.8m of shares held on account of the Company by the SIF as at 31\u00a0December 2025
(Dec-24: \u20ac1.9m).
The Group provides the use of its payroll functionality to facilitate the payments on behalf of the SIF. All
amounts are recharged back to the SIF, resulting in no impact on the Group\u2019s consolidated statement of
profit or loss.
Transactions with unconsolidated structured entities
Unconsolidated structured entities are primarily investment vehicles managed by the Group. Refer to note
27(g) and 32 for details on the Group\u2019s exposure to unconsolidated structured entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "Key management compensation
The KMP of the Group after 30 April 2024 are considered to be the directors of the Company and executive
management. For the period ended 30 April 2024, the KMP of the Group were considered to be the directors
of\u00a0MHII and of MHII\u2019s ultimate parent, the SIF. The compensation paid or payable to KMP is as follows:
All figures in \u20ac 000
Dec-25
Dec-24
Salaries, bonuses, and other short-term benefits
16,185
16,499
Post-employment benefits
1,397
1,737
Share-based payments
5,908
2,097
Total key management compensation
23,490
20,333
Transactions with KMP
As at 31\u00a0December 2025 the Group has two loans receivable from KMP totalling \u20ac16.4m (Dec-24: \u20ac16.2m)
included in trade and other receivables as shown below:
Secured / Unsecured
Repayment
Interest
Dec-25
\u20ac
Dec-24
\u20ac
Unsecured
Following the dissolution of the
relevant partnerships
3.75%
2.5m
2.5m
Secured
Repayable in 2031
2.00%
13.9m
13.7m
Total
16.4m
16.2m
During the year, the Group acquired an interest in an unconsolidated structured entity from a member of key
management. The interest was acquired for \u20ac6.3m, which was its fair market value on the date of
acquisition. The Group also entered into a multi-party agreement including the SIF and a member of key
management. The agreement involved a transfer of interest in carry in exchange for giving up the right to
future profit share for an intrinsic value of approximately $3m.
During the year ended 31 December 2024 the Group received proceeds of \u20ac1.1m from key management
personnel for the purchase of shares of CVC Capital Partners plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
31.\u00a0 \u00a0 Group information
Until 30 April 2024 the Group\u2019s ultimate parent and controlling party was the SIF. As a result of the Group\u2019s listing on Euronext Amsterdam, the Group has no ultimate controlling parent.
Subsidiaries
The following entities are material subsidiaries of the Company as at 31\u00a0December 2025 and are consolidated within the consolidated financial statements:
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC 2020 Investments Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC 2020 Investments Limited
100%
Jersey
Ordinary
Operational Company
CVC Advisers (Deutschland) GmbH
100%
Germany
Ordinary
Investment advisory
CVC Advisers (France) SA
100%
France
Ordinary
Investment advisory
CVC Advisers (India) Private Limited
100%
India
Ordinary
Investment advisory
CVC Advisers (Italia) S.r.l.
100%
Italy
Ordinary
Investment advisory
CVC Advisers (Luxembourg) S\u00e0rl
100%
Luxembourg
Ordinary
Investment advisory
CVC Advisers (Middle East) Limited
100%
Dubai
Ordinary
Investment advisory
CVC Advisers (Polska) sp. z o.o.
100%
Poland
Ordinary
Investment advisory
CVC Advisers (U.S.) Inc.
100%
United States
Ordinary
Investment advisory
CVC Advisers Company (Luxembourg) S\u00e0rl
100%
Luxembourg
Ordinary
Administration services
CVC Advisers Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Advisers Jersey Limited
100%
Jersey
Ordinary
Investment advisory
CVC Advisers Latam Representa\u00e7\u00e3o e Consultoria Ltda
96%
Brazil
Ordinary
Investment advisory
CVC Advisers Limited
100%
United Kingdom
Ordinary
Investment advisory
CVC Advisers Private Equity Limited
100%
Jersey
Ordinary
Investment advisory
CVC Advisers Services S\u00e0rl
100%
Luxembourg
Ordinary
Investment advisory
CVC Advisory Partners India Holdings II Limited
100%
Jersey
Ordinary
Holding Company
CVC Advisory Partners India Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Asia Pacific (Australia) Pty Ltd
100%
Australia
Ordinary
Investment advisory
CVC Asia Pacific (Japan) Kabushiki Kaisha
100%
Japan
Ordinary
Investment advisory
CVC Asia Pacific (Singapore) Pte. Ltd.
100%
Singapore
Ordinary
Investment advisory
CVC Asia Pacific Limited
100%
Hong Kong
Ordinary
Investment advisory
CVC Capital Markets Holdings (Jersey) Limited
100%
Jersey
Ordinary
Holding Company
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC Capital Markets S\u00e0rl (Luxembourg)
100%
Luxembourg
Ordinary
Broker / Dealer
CVC Capital Partners Advisory Group Holding Foundation
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Advisory Holdings II Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Advisory Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Asia III Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Asia VI Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Credit Partners Holdings III Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Credit Partners Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Fund Holdings II Limited
100%
Jersey
Ordinary
Operational Company
CVC Capital Partners Group Services Limited
100%
Jersey
Ordinary
Operational Company
CVC Capital Partners VII Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners VIII Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners IX Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners IX S\u00e0rl
100%
Luxembourg
Ordinary
General Partner
CVC Capital Partners Pachelbel Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Strategic Opportunities GP A Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Strategic Opportunities II Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Strategic Opportunities III Limited
100%
Jersey
Ordinary
General Partner
CVC Corporate Lending S\u00e0rl (Luxembourg)
100%
Luxembourg
Ordinary
General Partner
CVC Credit Investments Limited
100%
Jersey
Ordinary
Director services
CVC Credit Partners General Partner Limited
100%
Jersey
Ordinary
General Partner
CVC Credit Partners Group Holding Foundation
100%
Jersey
Ordinary
Holding Company
CVC Credit Partners Group Limited
100%
Jersey
Ordinary
Investment manager
CVC Credit Partners Investment Holdings II Limited
52%
Jersey
Ordinary
Holding Company
CVC Credit Partners Investment Holdings Limited
49%
Jersey
Ordinary
Holding Company
CVC Credit Partners Investment Management Limited
100%
United Kingdom
Ordinary
Investment manager
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC Credit Partners L.P.
100%
Cayman
Ordinary
Holding Company
CVC Credit Partners LLC
100%
United States
Ordinary
Investment manager
CVC Europe Fund Management S\u00e0rl
100%
Luxembourg
Ordinary
Fund management
CVC European Equity V Limited
100%
Jersey
Ordinary
General Partner
CVC Funding LLC
100%
United States
Membership interests
Broker / Dealer
CVC Green Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Growth Partners GP Limited
100%
Jersey
Ordinary
General Partner
CVC Growth Partners II GP Limited
100%
Jersey
Ordinary
General Partner
CVC Growth Partners III GP Limited
100%
Jersey
Ordinary
General Partner
CVC Investment Advisory Services S.L.
100%
Spain
Ordinary
Investment advisory
CVC Italy S.r.l.
100%
Italy
Ordinary
Investment manager
CVC Management Holdings II Limited
100%
Jersey
Ordinary
Operational Company
CVC Private Credit Fund (WH) S.a.r.l
100%
Luxembourg
Ordinary
Holding Company
CVC Secondary Partners, LLP (formerly known as Glendower Capital LLP)
100%
United Kingdom
Ordinary
Fund management
DIF Management B.V.
60%
Netherlands
Ordinary
Investment advisory
DIF Management Canada ULC
60%
Canada
Ordinary
Investment advisory
DIF Management Holding B.V.
60%
Netherlands
Ordinary
Investment advisory
DIF Management UK Limited
60%
United Kingdom
Ordinary
Investment advisory
Glendower Capital (U.S.), LP
100%
Cayman
Ordinary
Holding Company
Glendower Capital US LLC
100%
United States
Ordinary
Fund management
MS Co-Investment Platform GP Limited
100%
Jersey
Ordinary
General Partner
The following material companies were incorporated during the year ended 31\u00a0December 2025:
Company Name
Date of incorporation
Percentage ownership
Country of incorporation
Holding
Principal activity
CVC Capital Partners Locron Limited
27 June 2025
100%
Jersey
Ordinary
General Partner
CVC 2020 Investments II Limited
26 September 2025
100%
Jersey
Ordinary
Holding Company
CVC Secondaries Investments Limited
12 August 2025
100%
Jersey
Ordinary
Holding Company
Consolidated structured entities
The table below shows details of structured entities that the Group controls and are consolidated within the consolidated financial statements.
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC Capital Partners Investment Asia VI L.P.
64%
Jersey
N/A
Limited Partner
CVC Capital Partners Investment Europe VIII L.P.
57%
Jersey
N/A
Limited Partner
CVC Capital Partners Investment Europe IX L.P.
51%
Jersey
N/A
Limited Partner
CVC Capital Partners Investment Growth II L.P.
24%
Jersey
N/A
Limited Partner
CVC Investment Strategic Opportunities II L.P.
29%
Jersey
N/A
Limited Partner
CVC Investment Strategic Opportunities III L.P.
100%
Jersey
N/A
Limited Partner
CVC Private Credit (Holdings) SCSp
100%
Luxembourg
N/A
Limited Partner
CVC Structured Solutions 2 (Feeder), SCSp
20%
Luxembourg
N/A
Limited Partner
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
31.\u00a0 \u00a0 Group information
Until 30 April 2024 the Group\u2019s ultimate parent and controlling party was the SIF. As a result of the Group\u2019s listing on Euronext Amsterdam, the Group has no ultimate controlling parent.
Subsidiaries
The following entities are material subsidiaries of the Company as at 31\u00a0December 2025 and are consolidated within the consolidated financial statements:
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC 2020 Investments Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC 2020 Investments Limited
100%
Jersey
Ordinary
Operational Company
CVC Advisers (Deutschland) GmbH
100%
Germany
Ordinary
Investment advisory
CVC Advisers (France) SA
100%
France
Ordinary
Investment advisory
CVC Advisers (India) Private Limited
100%
India
Ordinary
Investment advisory
CVC Advisers (Italia) S.r.l.
100%
Italy
Ordinary
Investment advisory
CVC Advisers (Luxembourg) S\u00e0rl
100%
Luxembourg
Ordinary
Investment advisory
CVC Advisers (Middle East) Limited
100%
Dubai
Ordinary
Investment advisory
CVC Advisers (Polska) sp. z o.o.
100%
Poland
Ordinary
Investment advisory
CVC Advisers (U.S.) Inc.
100%
United States
Ordinary
Investment advisory
CVC Advisers Company (Luxembourg) S\u00e0rl
100%
Luxembourg
Ordinary
Administration services
CVC Advisers Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Advisers Jersey Limited
100%
Jersey
Ordinary
Investment advisory
CVC Advisers Latam Representa\u00e7\u00e3o e Consultoria Ltda
96%
Brazil
Ordinary
Investment advisory
CVC Advisers Limited
100%
United Kingdom
Ordinary
Investment advisory
CVC Advisers Private Equity Limited
100%
Jersey
Ordinary
Investment advisory
CVC Advisers Services S\u00e0rl
100%
Luxembourg
Ordinary
Investment advisory
CVC Advisory Partners India Holdings II Limited
100%
Jersey
Ordinary
Holding Company
CVC Advisory Partners India Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Asia Pacific (Australia) Pty Ltd
100%
Australia
Ordinary
Investment advisory
CVC Asia Pacific (Japan) Kabushiki Kaisha
100%
Japan
Ordinary
Investment advisory
CVC Asia Pacific (Singapore) Pte. Ltd.
100%
Singapore
Ordinary
Investment advisory
CVC Asia Pacific Limited
100%
Hong Kong
Ordinary
Investment advisory
CVC Capital Markets Holdings (Jersey) Limited
100%
Jersey
Ordinary
Holding Company
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC Capital Markets S\u00e0rl (Luxembourg)
100%
Luxembourg
Ordinary
Broker / Dealer
CVC Capital Partners Advisory Group Holding Foundation
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Advisory Holdings II Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Advisory Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Asia III Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Asia VI Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Credit Partners Holdings III Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Credit Partners Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Capital Partners Fund Holdings II Limited
100%
Jersey
Ordinary
Operational Company
CVC Capital Partners Group Services Limited
100%
Jersey
Ordinary
Operational Company
CVC Capital Partners VII Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners VIII Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners IX Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners IX S\u00e0rl
100%
Luxembourg
Ordinary
General Partner
CVC Capital Partners Pachelbel Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Strategic Opportunities GP A Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Strategic Opportunities II Limited
100%
Jersey
Ordinary
General Partner
CVC Capital Partners Strategic Opportunities III Limited
100%
Jersey
Ordinary
General Partner
CVC Corporate Lending S\u00e0rl (Luxembourg)
100%
Luxembourg
Ordinary
General Partner
CVC Credit Investments Limited
100%
Jersey
Ordinary
Director services
CVC Credit Partners General Partner Limited
100%
Jersey
Ordinary
General Partner
CVC Credit Partners Group Holding Foundation
100%
Jersey
Ordinary
Holding Company
CVC Credit Partners Group Limited
100%
Jersey
Ordinary
Investment manager
CVC Credit Partners Investment Holdings II Limited
52%
Jersey
Ordinary
Holding Company
CVC Credit Partners Investment Holdings Limited
49%
Jersey
Ordinary
Holding Company
CVC Credit Partners Investment Management Limited
100%
United Kingdom
Ordinary
Investment manager
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC Credit Partners L.P.
100%
Cayman
Ordinary
Holding Company
CVC Credit Partners LLC
100%
United States
Ordinary
Investment manager
CVC Europe Fund Management S\u00e0rl
100%
Luxembourg
Ordinary
Fund management
CVC European Equity V Limited
100%
Jersey
Ordinary
General Partner
CVC Funding LLC
100%
United States
Membership interests
Broker / Dealer
CVC Green Holdings Limited
100%
Jersey
Ordinary
Holding Company
CVC Growth Partners GP Limited
100%
Jersey
Ordinary
General Partner
CVC Growth Partners II GP Limited
100%
Jersey
Ordinary
General Partner
CVC Growth Partners III GP Limited
100%
Jersey
Ordinary
General Partner
CVC Investment Advisory Services S.L.
100%
Spain
Ordinary
Investment advisory
CVC Italy S.r.l.
100%
Italy
Ordinary
Investment manager
CVC Management Holdings II Limited
100%
Jersey
Ordinary
Operational Company
CVC Private Credit Fund (WH) S.a.r.l
100%
Luxembourg
Ordinary
Holding Company
CVC Secondary Partners, LLP (formerly known as Glendower Capital LLP)
100%
United Kingdom
Ordinary
Fund management
DIF Management B.V.
60%
Netherlands
Ordinary
Investment advisory
DIF Management Canada ULC
60%
Canada
Ordinary
Investment advisory
DIF Management Holding B.V.
60%
Netherlands
Ordinary
Investment advisory
DIF Management UK Limited
60%
United Kingdom
Ordinary
Investment advisory
Glendower Capital (U.S.), LP
100%
Cayman
Ordinary
Holding Company
Glendower Capital US LLC
100%
United States
Ordinary
Fund management
MS Co-Investment Platform GP Limited
100%
Jersey
Ordinary
General Partner
The following material companies were incorporated during the year ended 31\u00a0December 2025:
Company Name
Date of incorporation
Percentage ownership
Country of incorporation
Holding
Principal activity
CVC Capital Partners Locron Limited
27 June 2025
100%
Jersey
Ordinary
General Partner
CVC 2020 Investments II Limited
26 September 2025
100%
Jersey
Ordinary
Holding Company
CVC Secondaries Investments Limited
12 August 2025
100%
Jersey
Ordinary
Holding Company
Consolidated structured entities
The table below shows details of structured entities that the Group controls and are consolidated within the consolidated financial statements.
Company Name
Percentage
Country of incorporation
Holding
Principal activity
CVC Capital Partners Investment Asia VI L.P.
64%
Jersey
N/A
Limited Partner
CVC Capital Partners Investment Europe VIII L.P.
57%
Jersey
N/A
Limited Partner
CVC Capital Partners Investment Europe IX L.P.
51%
Jersey
N/A
Limited Partner
CVC Capital Partners Investment Growth II L.P.
24%
Jersey
N/A
Limited Partner
CVC Investment Strategic Opportunities II L.P.
29%
Jersey
N/A
Limited Partner
CVC Investment Strategic Opportunities III L.P.
100%
Jersey
N/A
Limited Partner
CVC Private Credit (Holdings) SCSp
100%
Luxembourg
N/A
Limited Partner
CVC Structured Solutions 2 (Feeder), SCSp
20%
Luxembourg
N/A
Limited Partner
32.\u00a0 \u00a0 Unconsolidated structured entities
The Group\u2019s interest in and exposure to unconsolidated structured entities is detailed in the table below.
FPAUM 1
Typical Group
commitment to
the fund as
Typical
management fee
range
Carried interest
rate
Group share of
carried interest 2
Management
fees receivable
Due from funds
Carried interest /
performance fees
receivable
Value of the
Group\u2019s co-
investments at
period-end
Group maximum
exposure to loss
at period-end
\u20ac m
%
%
%
%
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
31 December 2025
Private Equity funds
71,634
2.30%
0.75\u20131.4%
Up to 20%
30%
29,234
65,150
260,493
798,820
1,153,697
Infrastructure funds
17,440
1.00%
1.2\u20131.5%
Up to 17.5%
20%
1,043
4,767
22
89,630
95,462
Secondaries funds
14,549
1.00%
0.5\u20131.0%
Up to 20%
30%
10,077
3,555
\u2014
18,539
32,171
CLOs
28,355
4\u20135%
0.375\u20130.45%
Up to 20%
50%
15,294
7,814
\u2014
103,762
126,870
Credit vehicles
16,292
0\u20132%
0.35\u20131.50%
Up to 20%
50%
8,325
10,155
52,275
139,669
210,424
148,270
63,973
91,441
312,790
1,150,420
1,618,624
31 December 2024
Private Equity funds
78,957
2.30%
0.75\u20131.4%
Up to 20%
30%
8,589
25,893
246,046
947,086
1,227,614
Infrastructure funds
14,130
1.00%
1.2\u20131.5%
Up to 17.5%
20%
6,242
871
\u2014
43,969
51,082
Secondaries funds
13,587
1.00%
0.5\u20131.0%
Up to 20%
30%
2,113
895
\u2014
2,067
5,075
CLOs
27,977
4\u20135%
0.375\u20130.45%
Up to 20%
50%
19,623
\u2014
\u2014
96,160
115,783
Credit vehicles
12,671
0\u20132%
0.35\u20131.50%
Up to 20%
50%
5,737
11,183
8,880
128,459
154,259
147,322
42,304
38,842
254,926
1,217,741
1,553,813
1. Fee paying assets under management (FPAUM) represents the total committed capital or invested capital upon which total management fees are earned. FPAUM for Growth funds and credit vehicles includes the committed capital or invested capital of co-invest sidecar.
2. The Group's share of carried interest is as disclosed above except for Fund VI (0%), Fund VII (15%), SOF II-V (0%) and DIF V-VII / VA I-III (0%).
3. During the year, the Group undertook other transactions with certain unconsolidated structured entities. Refer\u00a0to\u00a0note\u00a027(g).
Fee-related
revenues1
Carried interest
and performance
fees
\u20ac 000
\u20ac 000
31 December 2025
Private Equity funds
919,522
196,909
Infrastructure funds
168,160
\u2014
Secondaries funds
159,249
\u2014
CLOs
98,613
9,445
Credit vehicles
110,301
46,889
1,455,845
253,243
31 December 2024
Private Equity funds
860,058
166,910
Infrastructure funds
89,561
\u2014
Secondaries funds
95,074
\u2014
CLOs
64,452
\u2014
Credit vehicles
63,675
6,260
1,172,820
173,170
1. Fee-related revenues exclude \u20ac8.1m (Dec-24: \u20ac8.4m) of fees earned from the Group acting as an underwriter or placement agent in offerings
or placements of debt and/or equity financing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
33.\u00a0 \u00a0 Subsequent events
On 19 January 2026, CVC and AIG announced a strategic partnership. CVC will manage a Separately
Managed Account (SMA) of $2bn to be deployed across our Credit strategies. AIG has committed to
contribute a $1.5bn Private Equity portfolio to CVC-PESEC, our Private Equity Secondaries evergreen
platform, acting as a cornerstone investor.
On 26 January 2026, CVC agreed to acquire 100% of Marathon Asset Management in a cash and equity
transaction with a base consideration valued at up to $1.2bn, of which $200m is contingent upon a minimum
threshold Gross Contribution being achieved in 2027. The $1.2bn closing consideration comprises $400m in
cash and $800m in CVC equity. An additional $400m earn-out consideration is payable ($200m cash and
$200m CVC equity) subject to Marathon Asset Management\u2019s future financial performance over the period
from 2027 to 2029. The transaction is expected to close in Q3 2026. The timing is subject to regulatory
change of control approval, and a corporate reorganisation of the Marathon Asset Management group prior
to closing.
CVC has entered into a non-discretionary agreement with J.P. Morgan Securities plc to conduct the first
tranche of an on-market share buyback programme to repurchase CVC shares for up to a maximum
aggregate consideration of \u20ac350 million on CVC\u2019s behalf. This will commence on 11 March 2026 and end no
later than 12 May 2027, will be conducted over several on-market tranches and, subject to market liquidity,
may include the off-market purchase of up to 10 million shares.
In relation to this off-market purchase, CVC may enter into a conditional agreement to purchase up to
10\u00a0million shares from an indirect subsidiary of the SIF, a related party. The purchase will be conditional on
the approval by CVC shareholders at the AGM on 12 May 2026, notification by the indirect subsidiary of
the\u00a0SIF to CVC of their intention to sell shares, and acceptance of such notification by CVC.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800E8UQS1KA32YD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }