Interim Accounts H1 2025
16/09/2025 07:00
RNS Number : 4216Z
Pollen Street Group Limited
16 September 2025
16 September 2025
Pollen Street Group Limited Interim Accounts H1 2025
Strong half-year performance with continued AuM and earnings growth
Pollen Street Group Limited ("Pollen Steet", together with its subsidiaries, the "Group") today issues its Interim Report for the six months ended 30 June 2025. The Group delivered significant earnings growth with further progress on fundraising and capital deployment. The Group is on track to achieve its growth objectives, underpinned by strong investor demand for our products and a robust investment pipeline.
Highlights for H1 2025
· Assets Under Management ("AUM") increased by 35%[1] to £6.1 billion (H1 2024: £4.5 billion)
· Fee-paying AUM up 37% to £4.7 billion (H1 2024: £3.4 billion)
· Private Equity Fund V final close at €1.5 billion, significantly exceeding target, with over €2 billion raised including co-investment vehicles
· Private Credit Fund IV commitments reached £0.6 billion at period end, with visibility on exceeding the initial £1 billion target during H2
· Active capital deployment with fee-paying AUM increased to £4.7bn (H1 2024: £3.4 billion) following £0.4 billion of deployment in Private Credit
· Full year guidance reaffirmed
· Interim dividend declared of 27.0 pence per share
· Strengthening commitment to Middle East with opening of Abu Dhabi office
Commenting on the H1 2025 performance, Lindsey McMurray, Chief Executive Officer, said
"Pollen Street delivered strong performance in the first half of 2025, supported by significant fundraising progress across both Private Equity and Private Credit. We have visibility of exceeding target in Private Credit Fund IV which, together with the out-performance on Private Equity Fund V, demonstrates the confidence our investors have in us and the appeal of our differentiated platform.
This, alongside good levels of deployment, has driven further growth in Fee-Paying AuM to £4.7 billion with management fees significantly up over the period.
Looking ahead, we are encouraged by growing demand for mid-market alternatives and asset-based lending in particular. With our sector expertise, and strong track record, we are well positioned to capitalise on these trends and remain confident in delivering our strategic objectives.
We are also pleased to welcome Lynn Fordham as Chair and James Gillies as Non-Executive Director, both bringing significant private capital experience."
Financial Performance
· Management fees up 79% YoY to £37.9m
· Fund Management income up 55% to £41.4 million (H1 2024: £26.8 million) including £8.4 million of catch-up fees[2]
· Fund Management EBITDA increased by 112% to £17.7 million (H1 2024: £8.4 million), with Fund Management EBITDA margin of 43% (H1 2024: 31%), reflecting operational leverage supported by catch-up fees
· Income on Net Investments Assets of £13.3 million (H1 2024: £15.8 million), reflecting equalisation[3] effects from strong fundraising, expected weighting of equity gains towards H2 and return of £70.6 million of capital to shareholders since January 2024
· Operating profit increased by 28% to £30.9 million (H1 2024: £24.1 million), and profit after tax rose by 18% to £27.9 million (H1 2024: £23.6 million)
· Earnings per share increased by 25% to 46.0 pence (H1 2024: 36.9 pence), benefitting from both higher earnings and the ongoing share buyback programme (£29.2 million of share buybacks since 1 January 2024)
Fundraising
· Private Equity Fund V: Final close in July 2025 at €1.5 billion, significantly exceeding €1 billion target; over €2 billion raised including co-investment vehicles; expanded, diversified and broadened investor base in North America and Middle East.
· Private Credit Fund IV: £0.6 billion in commitments as of 30 June 2025; expected to exceed £1 billion target by year-end
Deployment
· Continued active capital deployment across both strategies, supporting further growth in Fee-Paying AUM and strong fund performance
· Two new platform investments and seven bolt-on acquisitions in Private Equity
· 14 new deals completed and £0.4 billion deployed in the period in Private Credit
Strategic priorities for 2025
· Continue fundraising for Private Credit Fund IV
· Active deployment across both strategies
· Progressing the Private Equity realisation pipeline
· Strategic use of share buybacks within the capital allocation framework
Guidance Reaffirmed
H2 2025 Outlook
· Fee-paying AUM: rising with Credit IV deployment
· Management fees: Recurring management fees growing. No catch-up fees
· Performance fees: normalising towards lower end of long-term guidance
· Investment Company returns: Full year returns expected in line with FY24
Medium - long-term confidence remains
· AuM growth: £10bn in medium-term
· Management fees: long-term average fee rate of c.1.25%-1.50%
· Performance fees: long-term average 15%-25% of total Fund Management Income
· Fund Management EBITDA margin: >50% in medium-term
· Investment Company returns: Rising to low double digits in medium term
Dividend
· The Board has declared an interim dividend of 27.0 pence per share (H1 2024: 26.5 pence), amounting to £16.3 million, to be paid on 24 October 2025 to shareholders on the register at the record date 26 September 2025.
The Interim Accounts can be found on the website https://ir.pollenstreetgroup.com/investors/financial-information/
About Pollen Street Group Limited
Pollen Street is an alternative asset manager dedicated to investing within the financial and business services sectors across both Private Equity and Private Credit strategies. The business was founded in 2013 and has consistently delivered top tier returns alongside growing AuM.
Pollen Street benefits from a complementary set of asset management activities focused on managing third-party AuM (the "Asset Manager") together with on-balance sheet investments (the "Investment Company").
The Asset Manager raises capital from high quality investors and deploys it into its Private Equity and Private Credit strategies. The strong recurring revenues from this business enable delivery of scalable growth.
The Investment Company invests in the strategies of the group delivering attractive risk adjusted returns and accelerating growth in third-party AuM of the Asset Manager through investing in Pollen Street funds, taking advantage of attractive investment opportunities and aligning interest with our investors to grow AuM. Today the portfolio is largely invested in credit assets with the allocation to Private Equity expected to increase to 30 per cent in the long term. The portfolio consists of both direct investments and investments in funds managed by Pollen Street.
POLN is listed on the London Stock Exchange (ticker symbol: POLN) and is a member of the FTSE 250 index. Further details are available at www.pollenstreetgroup.com.
LEI: 894500LP94M98N8CY487
For investors:
A presentation and Q&A will be held for analysts at 9 AM on 16 September 2025.
The full presentation is available for on the website www.pollenstreetgroup.com.
Register for the webinar: https://pollencap.zoom.us/webinar/register/WN_cL18YhOTTjqJ_IATgBiY3Q
For further information about this announcement please contact:
Pollen Street - Corporate Development Director
Shweta Chugh
+44 (0)20 3965 5081
Barclays Bank plc - Joint Broker
Neal West / Stuart Muress
+44 (0)20 7623 2323
Investec Bank plc - Joint Broker
Ben Griffiths / Kamalini Hull
+44 (0)20 7597 4000
FGS Global
Chris Sibbald / Anna Tabor
PollenStreetCapital-LON@fgsglobal.com
MUFG Corporate Governance Limited - Company Secretary
POLNcosec@cm.mpms.mufg.com
1. CEO Report
Lindsey McMurray
Chief Executive Officer
The first half of 2025 saw Pollen Street make strong progress against our strategic goals, resulting in continued growth in both AuM and earnings. This performance reflects the strength of our platform and the ongoing demand for our investment strategies and underpins our confidence in delivering the Group's medium-term targets, including our £10 billion AuM target.
We are proud that our investors - established relationships and new partners - continue to place their trust in us, committing £0.7 billion in new capital during the first half of the year. We have further scaled our platform, increasing our AuM to £6.1 billion as at 30 June 2025 (31 December 2024: £5.4 billion). During the period we have deployed £0.6 billion on behalf of our investors, supporting Fee-Paying Assets under Management ("Fee-Paying AuM") growth of £0.7 billion. This translated into excellent management fee growth in the period and a Fund Manager EBITDA margin of 43 per cent, which included the benefit of catch-up fees from Private Equity Fund V.
We continue to build on the progress made in 2024, with strong fund performance and platform growth demonstrating the effectiveness of our strategic plan.
Strong Fundraising
Across both Private Equity Fund V and Private Credit Fund IV we delivered strong fundraising in a competitive environment.
In Private Equity we completed the successful final close of our flagship Fund V in July, securing commitments of €1.5 billion, exceeding our initial €1 billion target. Including associated co-investment vehicles, the Group has raised more than €2 billion in total equity capital for this flagship strategy. This fundraise attracted a range of new Limited Partners and broadened our investor base across North America and Europe, underscoring the deep and sustained confidence from a global base of institutional investors.
Private Credit IV also achieved strong AuM growth with £0.6bn in commitments closed at the end of June. We have a robust and advanced pipeline of investors which gives us visibility on achieving our initial £1 billion target during the course of the year. This success in fundraising is underpinned by the long-term relationships we build with our investors, something that we have supported through ongoing investment in our Investor Relations team.
Private Equity: Building Next Generation Leaders
We are continuing our mission of building the next generation of leaders across the European financial and business services landscape by making controlling-interest investments in middle-market companies across Europe. We are investing in businesses delivering revenue-led growth through high quality products serving end markets that are benefitting from structural growth aligned with industry megatrends. We support those businesses with Pollen Street's active ownership model.
So far during 2025 we have completed the acquisition of two additional platform investments - OrderYOYO, a provider of payment-enabled ecommerce solutions to restaurants; and Leonard Curtis, a UK-based corporate restructuring services operator. We have also completed seven bolt-on acquisitions to existing portfolio companies.
Private Credit: Controlled Risk
Our credit strategy provides asset-based lending facilities to non-bank lenders, leasing businesses, technology companies, and other firms with diverse portfolios generating contractual cash flows. Asset-based lending is the funding behind the everyday credit that powers our economy and society. Our experienced team invests in asset-backed facilities ranging from SME loans, mid-market residential family homes, government-backed receivables, and fleet financings, delivering superior returns with controlled risk and significant credit protection, achieved through both asset security and transaction structuring.
The high pace of deployment continued during the period with 14 new deals completed and £0.4 billion deployed and a strong pipeline for H2.
Investment Company: Delivering Returns and Growth
Our balance sheet is an important driver of income for Pollen Street. Our balance sheet delivers consistently strong performance with investments across our strategies but with a continued focus on our credit strategy. We have committed £196 million to Pollen Street managed funds, including a £70 million commitment to Private Credit Fund IV and £42 million to Private Equity Fund V. 70 per cent of these commitments were drawn as of 30 June 2025.
The Investment Company continues to perform in line with our expectations. Reported Net Investment Return for the first half was 8.4 per cent (H1 2024: 9.7 per cent), reflecting solid performance across our portfolio. Underlying Net Investment Return was 8.8 per cent (H1 2024: 9.7 per cent), with the reported figure impacted by temporary dilution effects from equalisation as a result of the strong AuM growth achieved in the period.
Sector Outlook: Appetite for Alternatives and the Mid-market
The strong fundraising in H1 2025 is testament to sustained investor interest in our strategies as well as growing demand for Private Equity and Private Credit more generally. The alternative asset management industry continues to expand, generating over half of global AuM revenue despite accounting for less than a quarter of total AuM.
Growth in private markets is supported by long-term outperformance and increasing investor familiarity. In the UK and Europe, mid-market alternatives are attracting heightened interest - supported by the Chancellor's Mansion House reforms, which aim to unlock pension capital access to private markets. With a strong track record and deep sector expertise, Pollen Street's strategy means that we are able to capitalise on these structural trends and continue delivering for our clients.
Looking Ahead: Momentum in Performance and Growth
As we look ahead, these trends and our positioning in the market gives us confidence in maintaining our momentum through the second half of the year and beyond. Notwithstanding uncertain macroeconomic and geopolitical conditions, our clear strategic direction and focus on performance continues to drive our delivery for our clients and shareholders.
Strategic Priorities:
· Continue fundraising for Private Credit Fund IV;
· Active deployment across both Private Equity and Private Credit strategies;
· Progressing the Private Equity realisation pipeline; and
· Strategic use of share buybacks within the capital allocation framework.
I am delighted to welcome Lynn Fordham as Chair of the Board and James Gillies as a Non-Executive Director. Both bring a wealth of experience across the private capital industry. Lynn succeeds Robert Sharpe and on behalf of the Board, I would like to thank Robert for his long-standing strategic direction and support over the past nine years.
I would like to thank our fund investors and shareholders for their support; our team for all their hard work in achieving this strong start to the year; and the Board for its guidance. As I look forward to the rest of 2025, I am confident in the momentum we have built for continued growth and consistent delivery for our investors and shareholders.
Lindsey McMurray
Chief Executive Officer
15 September 2025
2. CFO Report
Crispin Goldsmith
Chief Financial Officer
Continuing Growth
The Group's Interim Results reflect continued progress on fundraising and strong execution against our strategic objectives.
This has driven an increase in total AuM to £6.1 billion at the end of June 2025 (31 December 2024: £5.4 billion). Fee-Paying AuM increased by £0.7 billion, or 18 per cent[4], to £4.7bn in the period, equating to an annual increase of £1.3 billion (37 per cent) from June 2024. This has, in turn, generated significant growth in management fees to £37.9 million for the six months to 30 June 2025 (up 79 per cent versus H1 2024: £21.2 million) including £8.4 million of catch-up fees (H1 2024: £1.2 million).
We were pleased to announce the final close of Private Equity Fund V at €1.5 billion (together with a further €0.5bn of associated co-investment capital) in July 2025. As well as significantly exceeding the target fund size of €1 billion, it is particularly positive that a significant number of new Limited Partner investors have made commitments to the fund, marking significantly increased penetration with large investment programs in both the EU and North America.
We are also pleased with the strong fundraising momentum for Private Credit Fund IV which drove £0.4 billion (17 per cent) growth in total Credit AuM to £2.3 billion in the period. We continue to benefit from a strong and advanced pipeline of investors as we capitalise on our leading position in the asset-backed credit market and have visibility of securing significant further commitments during the remainder of H2 to take us past the initial £1 billion target.
Deployment rates have been good across both parts of the business. In Private Equity, two new platform deals, and seven bolt-on transactions have been signed. In Private Credit, 14 new deals have been completed with £0.4 billion drawn by customers and an attractive origination pipeline for H2 giving visibility on continued growth in fee-paying AuM through the remainder of FY25.
Strong growth in third party AuM across both Private Equity and Private Credit had the effect of temporarily diluting the Investment Company's returns on its investments in these funds through equalisation with new investors. The equalisation process aims to treat all investors as having come into the fund at the first close. To do so, gains initially allocated to earlier investors in the fund are re-allocated to later investors pro rata to the increased fund size. In return, newer investors pay interest to the older investors to compensate them for their cost of capital on funds which have previously been drawn. During H1, the Investment Company has also seen some seasonality in the recognition of returns on its equity positions, in part reflecting the phasing of underlying portfolio company budgets which are typically targeted to their own December year-ends. This has reduced reported annualised Net Investment Return for H1 2025 to 8.4 per cent. However, underlying portfolio performance remains robust and consistent with our full year expectations to deliver Return on Net Investment Assets in-line with 2024 (Full Year 2024: Income on Net Investment Assets of £31.8 million reflecting a return of 9.6 per cent).
Substantial management fee growth, combined with the benefits of the Group's inherent operational gearing, delivered a year-on-year increase in Operating Profit for the Group of 28 per cent to £30.9 million which includes a net £(0.1) million of Central costs (H1 2024: £24.1 million including £(0.1) million Central costs). This reflects a 112 per cent increase in the Operating Profit of the Asset Manager segment to £17.7 million (H1 2024: £8.4 million), including the benefit of £8.4 million of catch-up fees relating to Private Equity Fund V. The Investment Company operating profit of £13.3 million was £2.5 million (16 per cent) below H1 2024 having returned £70.6 million of capital to shareholders since January 2024 through dividends (£41.4 million) and share buy-backs (£29.2 million).
Increasing Asset Manager Share of Earnings
As at 30 June 2025, Total AuM stood at £6.1 billion, up from £5.4 billion at 31 December 2024.
| Total AuM | H1 2025 (£ billion) | 31-Dec-24 (£ billion) | H1 2024 (£ billion) |
| Private Equity | 3.8 | 3.5 | 2.7 |
| Credit | 2.3 | 1.9 | 1.8 |
| Total | 6.1 | 5.4 | 4.5 |
| Fee-Paying AuM | H1 2025 (£ billion) | 31-Dec-24 (£ billion) | H1 2024 (£ billion) |
| Private Equity | 2.9 | 2.6 | 2.1 |
| Credit | 1.8 | 1.4 | 1.3 |
| Total | 4.7 | 4.0 | 3.4 |
| Asset Manager Profitability | H1 2025 (£ million) | H1 2024 (£ million) |
| Total Income | 41.4 | 26.8 |
| Administration Costs | (23.7) | (18.4) |
| Fund Management EBITDA | 17.7 | 8.4 |
| Fund Management EBITDA Margin | 43% | 31% |
| Asset Manager Financial Ratios | H1 2025 | H1 2024 |
| Management Fee Rate (% of Average Fee-Paying AuM) | 1.76% | 1.26% |
| Performance Fee Rate (% of Fund Management Income) | 8% | 21% |
| Fund Management EBITDA Margin (% of Fund Management Income) | 43% | 31% |
| Investment Company Segment | H1 2025 | H1 2024 |
| Investment Assets | £520 million | £430 million |
| Average Net Investment Assets | £319 million | £329 million |
| Income on Net Investment Assets | £13.3 million | £15.8 million |
| Reported Net Investment Return | 8.4 per cent | 9.7 per cent |
| H1 2025 (£ million) | H1 2024 (£ million) | |
| Operating profit of Asset Manager | 17.7 | 8.4 |
| Operating profit of Investment Company | 13.3 | 15.8 |
| Operating loss of Central segment | (0.1) | (0.1) |
| Operating profit of Group | 30.9 | 24.1 |
| Depreciation and amortisation | (1.3) | (0.9) |
| Profit before Tax | 29.6 | 23.2 |
| Corporation tax | (1.7) | 0.4 |
| Profit after Tax | 27.9 | 23.6 |
| For the period ended 30 June 2025 | For the period ended 30 June 2024 | ||
| Notes | £'000 | £'000 | |
| Management fee income | 3 | 35,180 | 18,773 |
| Carried interest and performance fee income | 3 | 1,955 | 3,814 |
| Interest income on Credit Assets held at amortised cost | 3, 7 | 16,970 | 24,223 |
| Gains on Investment Assets held at fair value net of equalisation | 3, 8 | 9,733 | 7,530 |
| Total income | 63,838 | 54,340 | |
| Expected credit loss release / (charge) | 3, 7 | 762 | (1,152) |
| Third-party servicing costs | 3 | (566) | (499) |
| Net operating income | 64,034 | 52,689 | |
| Administration costs | 3 | (24,882) | (19,579) |
| Finance costs | 3, 14 | (8,295) | (9,045) |
| Operating profit | 30,857 | 24,065 | |
| Depreciation | 3 | (921) | (555) |
| Amortisation | 3, 10 | (320) | (320) |
| Profit before tax | 29,616 | 23,190 | |
| Tax (charge) / credit | 5 | (1,689) | 381 |
| Profit after tax | 27,927 | 23,571 | |
| Other comprehensive income Foreign currency translation reserve | (425) | (32) | |
| Total comprehensive income | 27,502 | 23,539 | |
| Earnings per share (basic and diluted) | 6 | 46.0 pence | 36.9 pence |
| As at 30 June 2025 | As at 31 December 2024 | ||
| Notes | £'000 | £'000 | |
| Non-current assets | |||
| Credit Assets at amortised cost | 7 | 313,037 | 309,423 |
| Investment Assets held at fair value through profit or loss | 8 | 207,297 | 194,176 |
| Fixed assets | 1,089 | 1,149 | |
| Lease assets | 9 | 4,301 | 4,860 |
| Goodwill and intangible assets | 10 | 226,780 | 227,100 |
| Carried interest | 11 | 26,303 | 25,073 |
| Deferred tax asset | 5 | 2,190 | 3,256 |
| Total non-current assets | 780,997 | 765,037 | |
| Current assets | |||
| Trade and other receivables | 12 | 38,875 | 35,542 |
| Current tax receivable | - | 561 | |
| Derivative financial assets | 13 | 863 | - |
| Cash and cash equivalents | 6,724 | 11,195 | |
| Total current assets | 46,462 | 47,298 | |
| Total assets | 827,459 | 812,335 | |
| Current liabilities | |||
| Interest-bearing borrowings | 14 | 262 | 498 |
| Trade and other payables | 15 | 24,794 | 29,249 |
| Lease liabilities | 9 | 1,516 | 1,376 |
| Current tax payable | 2,116 | - | |
| Derivative financial liabilities | 13 | - | 1,467 |
| Total current liabilities | 28,688 | 32,590 | |
| Total assets less current liabilities | 798,771 | 779,745 | |
| Non-current liabilities | |||
| Interest-bearing borrowings | 14 | 206,022 | 187,767 |
| Lease liabilities | 9 | 3,098 | 3,756 |
| Deferred tax liability | 5 | 5,636 | 8,866 |
| Total non-current liabilities | 214,756 | 200,389 | |
| Net assets | 584,015 | 579,356 | |
| Shareholders' funds | |||
| Ordinary share capital | 16 | 602 | 610 |
| Share premium | 16 | 543,450 | 549,757 |
| Retained earnings | 16 | 40,595 | 29,196 |
| Other reserves | 16 | (632) | (207) |
| Total shareholders' funds | 584,015 | 579,356 |
| Ordinary Share Capital | Share Premium | Retained Earnings | Foreign Currency Translation Reserve | Total Equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Shareholders' funds as at 1 January 2025 | 610 | 549,757 | 29,196 | (207) | 579,356 |
| Profit after taxation | - | - | 27,927 | - | 27,927 |
| Dividends paid | - | - | (16,528) | - | (16,528) |
| Buybacks | (8) | (6,307) | - | - | (6,315) |
| Foreign currency translation reserve | - | - | - | (425) | (425) |
| Shareholders' funds as at 30 June 2025 | 602 | 543,450 | 40,595 | (632) | 584,015 |
| Ordinary Share Capital | Share Premium | Retained Earnings | Special Distributable Reserve | Merger Reserves | Foreign Currency Translation Reserve | Total Equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Shareholders' funds as at 1 January 2024 | 642 | - | 4,978 | 351,625 | 225,270 | (269) | 582,246 |
| Reallocation of reserves | - | 576,895 | - | (351,625) | (225,270) | - | - |
| Profit after taxation | - | - | 49,598 | - | - | - | 49,598 |
| Reclassification of transaction costs | - | 517 | (517) | - | - | - | - |
| Transaction costs in relation to the Reorganisation | - | (4,833) | - | - | - | - | (4,833) |
| Dividends paid | - | - | (24,863) | - | - | - | (24,863) |
| Buybacks | (32) | (22,822) | - | - | - | - | (22,854) |
| Foreign currency translation reserve | - | - | - | - | - | 62 | 62 |
| Shareholders' funds as at 31 December 2024 | 610 | 549,757 | 29,196 | - | - | (207) | 579,356 |
| For the period ended 30 June 2025 | For the period ended 30 June 2024 | ||
| Notes | £'000 | £'000 | |
| Cash flows from operating activities: | |||
| Cash generated from operations | 18 | 13,536 | 2,935 |
| Investment in Credit Assets at amortised cost | (63,073) | (35,559) | |
| Distributions received on Credit Assets at amortised cost | 64,667 | 131,266 | |
| Dividends received from Investment Assets | - | 368 | |
| Purchase of investments at fair value | 8 | (19,082) | (9,860) |
| Proceeds from disposal of investments at fair value | 8 | 14,657 | 8,189 |
| Tax paid | (1,050) | - | |
| Net cash inflow from operating activities | 9,655 | 97,339 | |
| Cash flows from investing activities: | |||
| Purchase of fixed assets | (296) | (49) | |
| Net cash outflow from investing activities | (296) | (49) | |
| Cash flows from financing activities: | |||
| Payment of lease liabilities | 9 | (811) | (782) |
| Drawdown of interest-bearing borrowings | 14 | 64,205 | 97,000 |
| Repayments of interest-bearing borrowings | 14 | (47,000) | (175,829) |
| Transaction costs for financing activities | 14 | 385 | (2,500) |
| Interest paid on financing activities | 14 | (7,766) | (8,588) |
| Share buybacks | (6,315) | (10,352) | |
| Dividends paid in the period | 17 | (16,528) | (8,347) |
| Net cash outflow from financing activities | (13,830) | (109,398) | |
| Net change in cash and cash equivalents | (4,471) | (12,108) | |
| Cash and cash equivalents at the beginning of the period | 11,195 | 23,303 | |
| Cash and cash equivalents at the end of the period | 6,724 | 11,195 |
| For the period ended 30 June 2025 | ||||
| Group | Asset Manager £'000 | Investment Company £'000 | Central £'000 | Group £'000 |
| Management fee income | 29,564 | - | (2,759) | 26,805 |
| Catch-up management fee income | 8,375 | - | - | 8,375 |
| Carried interest and performance fee income | 3,424 | - | (1,469) | 1,955 |
| Interest income on Credit Assets held at amortised cost | - | 16,970 | - | 16,970 |
| Gains on Investment Assets held at fair value[5] | - | 10,537 | - | 10,537 |
| Equalisation on Investment Assets held at fair value | - | (804) | - | (804) |
| Total income | 41,363 | 26,703 | (4,228) | 63,838 |
| Expected credit loss (charge) / release | - | 762 | - | 762 |
| Third-party servicing costs | - | (566) | - | (566) |
| Net operating income | 41,363 | 26,899 | (4,228) | 64,034 |
| Administration costs | (23,596) | (5,390) | 4,104 | (24,882) |
| Finance costs | (100) | (8,195) | - | (8,295) |
| Operating profit | 17,667 | 13,314 | (124) | 30,857 |
| Depreciation | (921) | - | - | (921) |
| Amortisation | - | - | (320) | (320) |
| Profit before tax | 16,746 | 13,314 | (444) | 29,616 |
| For the period ended 30 June 2024 | ||||
| Group | Asset Manager £'000 | Investment Company £'000 | Central £'000 | Group £'000 |
| Management fee income | 19,999 | - | (2,407) | 17,592 |
| Catch-up management fee income | 1,181 | - | - | 1,181 |
| Carried interest and performance fee income | 5,575 | - | (1,761) | 3,814 |
| Interest income on Credit Assets held at amortised cost | - | 24,223 | - | 24,223 |
| Gains on Investment Assets held at fair value[6] | - | 7,681 | - | 7,681 |
| Equalisation on Investment Assets held at fair value | - | (151) | - | (151) |
| Total income | 26,755 | 31,753 | (4,168) | 54,340 |
| Expected credit loss charge | - | (1,152) | - | (1,152) |
| Third-party servicing costs | - | (499) | - | (499) |
| Net operating income | 26,755 | 30,102 | (4,168) | 52,689 |
| Administration costs | (18,311) | (5,313) | 4,045 | (19,579) |
| Finance costs | (94) | (8,951) | - | (9,045) |
| Operating profit | 8,350 | 15,838 | (123) | 24,065 |
| Depreciation | (555) | - | - | (555) |
| Amortisation | - | - | (320) | (320) |
| Profit before tax | 7,795 | 15,838 | (443) | 23,190 |
| Group - Average number of staff | For the period ended 30 June 2025 | For the period ended 30 June 2024 |
| Directors | 6 | 7 |
| Professional staff | 91 | 84 |
| Total | 97 | 91 |
| Group - Staff costs | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Wages and salaries | 15,466 | 12,460 |
| Social security costs | 2,961 | 1,759 |
| Defined contribution pension cost | 105 | 115 |
| Total | 18,532 | 14,334 |
| Group | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Current tax expenses | ||
| UK corporation tax charge for the period | 3,622 | 1,503 |
| Prior year adjustment | 231 | (97) |
| Total current tax | 3,853 | 1,406 |
| Deferred tax expense | ||
| Origination and reversal of timing differences | (2,164) | 1,121 |
| Relief from losses previously unrecognised | - | 2,490 |
| Recognition of losses previously unrecognised | - | (5,496) |
| Prior year adjustment | - | 98 |
| Total deferred tax | (2,164) | (1,787) |
| Total tax charge / (credit) | 1,689 | (381) |
| Group | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Profit before taxation | 29,616 | 23,190 |
| Profit before taxation multiplied by the blended rate of UK Corporation tax (25.0%) (2024: 25.0%) | 7,404 | 5,798 |
| Effects of: | ||
| Dividends not chargeable to UK corporation tax | - | (92) |
| Non-taxable and non-deductible items | (3,292) | (484) |
| Origination and reversal of timing differences | (2,605) | (3,975) |
| Recognition of previously unrecognised losses | - | (1,521) |
| Group relief surrendered | - | 66 |
| Changes in tax rate for deferred tax | (49) | (76) |
| Prior year adjustment | 231 | (97) |
| Total tax charge / (credit) | 1,689 | (381) |
| For the period ended 30 June 2025 | For the year ended 31 December 2024 | |||||
| Group | Deferred tax asset £'000 | Deferred tax liability £'000 | Total £'000 | Deferred tax asset £'000 | Deferred tax liability £'000 | Total £'000 |
| Opening balance | 3,256 | (8,866) | (5,610) | - | (3,093) | (3,093) |
| (Charge) / credit to profit or loss | (1,066) | 3,230 | 2,164 | 3,256 | (5,531) | (2,275) |
| Prior year adjustment | - | - | - | - | (242) | (242) |
| Closing balance | 2,190 | (5,636) | (3,446) | 3,256 | (8,866) | (5,610) |
| Group | For the period ended 30 June 2025 | For the period ended 30 June 2024 |
| Profit after tax (£'000) | 27,927 | 23,571 |
| Average number of shares ('000) | 60,649 | 63,909 |
| Earnings per ordinary share | 46.0 pence | 36.9 pence |
| Group | As at 30 June 2025 | As at 31 December 2024 | ||||
| Gross Carrying Amount £'000 | Allowance for ECL £'000 | Net Carrying Amount £'000 | Gross Carrying Amount £'000 | Allowance for ECL £'000 | Net Carrying Amount £'000 | |
| Credit Assets at amortised cost | ||||||
| Stage 1 | 288,736 | (284) | 288,452 | 283,226 | (596) | 282,630 |
| Stage 2 | 13,767 | (322) | 13,445 | 15,785 | (368) | 15,417 |
| Stage 3 | 18,676 | (7,536) | 11,140 | 19,316 | (7,940) | 11,376 |
| Closing balance | 321,179 | (8,142) | 313,037 | 318,327 | (8,904) | 309,423 |
| For the period ended 30 June 2025 | ||||
| Group | Stage 1 £'000 | Stage 2 £'000 | Stage 3 £'000 | Total £'000 |
| As at 1 January 2025 | 596 | 368 | 7,940 | 8,904 |
| Movement from stage 1 to stage 2 | - | 69 | - | 69 |
| Movement from stage 1 to stage 3 | - | - | 25 | 25 |
| Movement from stage 2 to stage 1 | - | (30) | - | (30) |
| Movement from stage 2 to stage 3 | - | (106) | 179 | 73 |
| Movement from stage 3 to stage 1 | - | - | (70) | (70) |
| Movement from stage 3 to stage 2 | - | 22 | (76) | (54) |
| Movements within stage | (8) | 3 | (241) | (246) |
| Decreases due to repayments | (241) | (13) | (209) | (463) |
| Remeasurements due to modelling | (63) | 9 | (12) | (66) |
| Allowance for ECL as at 30 June 2025 | 284 | 322 | 7,536 | 8,142 |
| For the year ended 31 December 2024 | ||||
| Group | Stage 1 £'000 | Stage 2 £'000 | Stage 3 £'000 | Total £'000 |
| As at 1 January 2024 | 693 | 576 | 7,042 | 8,311 |
| Movement from stage 1 to stage 2 | (2) | 90 | - | 88 |
| Movement from stage 1 to stage 3 | (1) | - | 280 | 279 |
| Movement from stage 2 to stage 1 | - | (75) | - | (75) |
| Movement from stage 2 to stage 3 | - | (101) | 173 | 72 |
| Movement from stage 3 to stage 1 | - | - | (104) | (104) |
| Movement from stage 3 to stage 2 | - | 15 | (66) | (51) |
| Movements within stage | (12) | (3) | 752 | 737 |
| Decreases due to repayments | (241) | (38) | (234) | (513) |
| Remeasurements due to modelling | 159 | (96) | 97 | 160 |
| Allowance for ECL as at 31 December 2024 | 596 | 368 | 7,940 | 8,904 |
| Group | For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 |
| As at 1 January | 8,904 | 8,311 |
| Release for period - Stage 1 | (312) | (97) |
| Release for period - Stage 2 | (46) | (208) |
| (Release) / charge for period - Stage 3 | (404) | 898 |
| (Release) / charge for period - total[7] | (762) | 593 |
| Loans sold & write-offs | - | - |
| Allowance for ECL | 8,142 | 8,904 |
| For the period ended 30 June 2025 | |||
| Group | Equity Assets £'000 | Credit Assets £'000 | Total £'000 |
| Opening balance | 83,384 | 110,792 | 194,176 |
| Additions at cost | 3,614 | 15,468 | 19,082 |
| Realisations | - | (14,657) | (14,657) |
| Unrealised gains through profit or loss | 3,385 | (8,033) | (4,648) |
| Realised gains through profit or loss | - | 14,657 | 14,657 |
| Foreign exchange revaluation | - | (1,313) | (1,313) |
| Closing balance | 90,383 | 116,914 | 207,297 |
| Comprising: | |||
| Valued using net asset value | 50,915 | 89,514 | 140,429 |
| Valued using an earnings multiple | 15,385 | - | 15,385 |
| Valued using a discounted cash flow | 1,360 | 27,400 | 28,760 |
| Valued using a liquidity discount | 22,723 | - | 22,723 |
| Closing balance | 90,383 | 116,914 | 207,297 |
| For the year ended 31 December 2024 | |||
| Group | Equity Assets £'000 | Credit Assets £'000 | Total £'000 |
| Opening balance | 26,839 | 61,381 | 88,220 |
| Additions at cost | 45,172 | 49,812 | 94,984 |
| Realisations | (168) | (8,021) | (8,189) |
| Unrealised gains through profit or loss | 11,541 | 1,330 | 12,871 |
| Realised gains through profit or loss | - | 5,813 | 5,813 |
| Foreign exchange revaluation | - | 477 | 477 |
| Closing balance | 83,384 | 110,792 | 194,176 |
| Comprising: | |||
| Valued using net asset value | 43,916 | 85,115 | 129,031 |
| Valued using an earnings multiple | 15,385 | - | 15,385 |
| Valued using a discounted cash flow | 1,360 | 25,677 | 27,037 |
| Valued using a liquidity discount | 22,723 | - | 22,723 |
| Closing balance | 83,384 | 110,792 | 194,176 |
| Valuation technique | Sensitivity applied | As at 30 June 2025 £'000 Impact of sensitivity | As at 31 December 2024 £'000 Impact of sensitivity |
| Net asset value | NAV changed by 10% | 14,043 | 12,903 |
| Earnings multiple | Earnings multiple changed by 1x | 1,296 | 1,296 |
| Discounted cash flow | Cash flows changed by 10% | 2,876 | 2,704 |
| Liquidity discount | Discount changed by 10% | 2,840 | 2,840 |
| As Presented | Fair Value | ||||
| Group | £'000 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 |
| Assets | |||||
| Credit Assets at amortised cost | 313,037 | - | - | 347,045 | 347,045 |
| Carried interest receivable | 1,365 | - | - | 1,365 | 1,365 |
| Trade and other receivables | 38,875 | - | 38,875 | - | 38,875 |
| Cash and cash equivalents | 6,724 | 6,724 | - | - | 6,724 |
| Total assets | 360,001 | 6,724 | 38,875 | 348,410 | 394,009 |
| Liabilities | |||||
| Trade and other payables | (24,794) | - | (24,794) | - | (24,794) |
| Interest-bearing liabilities | (206,284) | - | (206,284) | - | (206,284) |
| Total liabilities | (231,078) | - | (231,078) | - | (231,078) |
| Carrying Value | Fair Value | ||||
| Group | £'000 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 |
| Assets | |||||
| Credit Assets at amortised cost | 309,423 | - | - | 317,629 | 317,629 |
| Carried interest receivable | 1,365 | - | - | 1,365 | 1,365 |
| Trade and other receivables | 35,542 | - | 35,542 | - | 35,542 |
| Cash and cash equivalents | 11,195 | 11,195 | - | - | 11,195 |
| Total assets | 357,525 | 11,195 | 35,542 | 318,994 | 365,731 |
| Liabilities | |||||
| Trade and other payables | (29,249) | - | (29,249) | - | (29,249) |
| Interest-bearing liabilities | (188,265) | - | (188,265) | - | (188,265) |
| Total liabilities | (217,514) | - | (217,514) | - | (217,514) |
| Group - Lease assets | For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 |
| Cost | ||
| Opening balance | 7,367 | 4,873 |
| Additions | 192 | - |
| Remeasurement due to lease modification | - | 2,494 |
| Closing balance | 7,559 | 7,367 |
| Accumulated depreciation | ||
| Opening balance | (2,507) | (1,056) |
| Depreciation expense | (751) | (1,451) |
| Closing balance | (3,258) | (2,507) |
| Net book value | 4,301 | 4,860 |
| Group - Lease liabilities | For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 |
| Opening balance | 5,132 | 4,152 |
| Remeasurement due to lease modification | - | 2,309 |
| Additions | 193 | - |
| Accretion of interest | 100 | 235 |
| Payments | (811) | (1,564) |
| Closing balance | 4,614 | 5,132 |
| Group - Lease liabilities | For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 |
| Current | 1,516 | 1,376 |
| Non-current | 3,098 | 3,756 |
| Closing balance | 4,614 | 5,132 |
| Group - Amounts recognised in profit or loss | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Depreciation expense | 751 | 422 |
| Finance costs - Lease liability interest | 100 | 95 |
| Total | 851 | 517 |
| Group | For the period ended 30 June 2025 | For the year ended 31 December 2024 | ||||
| Goodwill £'000 | Intangibles £'000 | Total £'000 | Goodwill £'000 | Intangibles £'000 | Total £'000 | |
| Cost | ||||||
| Opening balance | 224,540 | 4,000 | 228,540 | 224,540 | 4,000 | 228,540 |
| Closing balance | 224,540 | 4,000 | 228,540 | 224,540 | 4,000 | 228,540 |
| Amortisation | ||||||
| Opening balance | - | (1,440) | (1,440) | - | (800) | (800) |
| Amortisation | - | (320) | (320) | - | (640) | (640) |
| Closing balance | - | (1,760) | (1,760) | - | (1,440) | (1,440) |
| Net book value | 224,540 | 2,240 | 226,780 | 224,540 | 2,560 | 227,100 |
| Group | As at 30 June 2025 £'000 | As at 31 December 2024 £'000 |
| Carried interest at fair value | 24,938 | 23,708 |
| Carried interest receivable | 1,365 | 1,365 |
| Closing balance | 26,303 | 25,073 |
| Group | For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 |
| Opening balance | 23,708 | 15,967 |
| Net changes in fair value movement | 1,547 | 7,741 |
| Realised proceeds | (317) | - |
| Closing balance | 24,938 | 23,708 |
| As at 30 June 2025 | As at 31 December 2024 | ||||
| Valuation Parameter | Sensitivity applied | Increase £'000 | Decrease £'000 | Increase £'000 | Decrease £'000 |
| Fund NAV | +/- 10% | 5,116 | (3,679) | 5,874 | (4,886) |
| Liquidity discount | +/- 10% | (2,395) | 2,395 | - | - |
| Option volatility | +/- 10% | 2,357 | (2,235) | 1,696 | (504) |
| Option time to maturity | +/- 1 Year | 2,189 | (2,628) | 2,086 | (1,819) |
| Option risk free rate | +/- 1% | 510 | (501) | 829 | (384) |
| Group | As at 30 June 2025 £'000 | As at 31 December 2024 £'000 |
| Opening balance | 1,365 | 1,365 |
| Carried interest income recognised in the profit or loss | - | - |
| Closing balance | 1,365 | 1,365 |
| Group | As at 30 June 2025 £'000 | As at 31 December 2024 £'000 |
| Management and performance fees | 19,069 | 17,762 |
| Amounts due from debtors | 49 | 50 |
| Prepayments and other receivables | 19,757 | 17,730 |
| Closing balance | 38,875 | 35,542 |
| For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 | |||
| Group | EUR | USD | EUR | USD |
| Opening notional balance | 28,772 | 43,522 | 42,987 | 19,360 |
| Movement in notional value | 5,201 | 946 | (14,215) | 24,162 |
| Closing notional balance | 33,973 | 44,468 | 28,772 | 43,522 |
| For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 | ||||||
| Group | EUR | USD | Total | EUR | USD | Total | |
| Opening balance | 28 | (1,495) | (1,467) | (191) | 12 | (179) | |
| Fair value movement | (453) | 2,783 | 2,330 | 219 | (1,507) | (1,288) | |
| Closing balance | (425) | 1,288 | 863 | 28 | (1,495) | (1,467) | |
| Group | As at 30 June 2025 £'000 | As at 31 December 2024 £'000 |
| Current liabilities | ||
| Interest and commitment fees | 262 | 218 |
| Prepaid interest and commitment fees | - | 280 |
| Total current liabilities | 262 | 498 |
| Non-current liabilities | ||
| Credit facility | 208,090 | 190,500 |
| Prepaid interest and commitment fees | (2,068) | (2,733) |
| Total non-current liabilities | 206,022 | 187,767 |
| Total interest-bearing borrowings | 206,284 | 188,265 |
| Group | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Interest and commitment fees | 8,195 | 8,951 |
| Other finance charges | 100 | 94 |
| Total finance costs | 8,295 | 9,045 |
| Group | For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 |
| Opening balance | 188,265 | 210,764 |
| Drawdowns of interest-bearing borrowings | 64,205 | 240,500 |
| Repayments of interest-bearing borrowing | (47,000) | (260,519) |
| Origination and legal fees | 385 | (2,880) |
| Finance costs | 8,195 | 16,351 |
| Interest paid on financing activities | (7,766) | (15,951) |
| Closing balance | 206,284 | 188,265 |
| As at 30 June 2025 | ||||
| Group | <1 year £'000 | 1 - 5 years £'000 | More than 5 years £'000 | Total £'000 |
| Credit facility | - | 206,022 | - | 206,022 |
| Interest and commitment fees payable | 262 | - | - | 262 |
| Total exposure | 262 | 206,022 | - | 206,284 |
| As at 31 December 2024 | ||||
| Group | <1 year £'000 | 1 - 5 years £'000 | More than 5 years £'000 | Total £'000 |
| Credit facility | - | 187,767 | - | 187,767 |
| Interest and commitment fees payable | 498 | - | - | 498 |
| Total exposure | 498 | 187,767 | - | 188,265 |
| Group | As at 30 June 2025 £'000 | As at 31 December 2024 £'000 |
| Staff salaries and bonuses | 10,344 | 16,282 |
| Audit fee accruals | 477 | 953 |
| Deferred income and other payables | 13,973 | 12,014 |
| Closing balance | 24,794 | 29,249 |
| For the period ended 30 June 2025 | For the year ended 31 December 2024 | |||
| No. Issued, allocated and fully paid ordinary shares of £0.01 each | Ordinary shares | Treasury shares | Ordinary shares | Treasury shares |
| Opening number of shares | 60,987,340 | 3,222,257 | 64,209,597 | - |
| Number of shares bought back | (798,844) | 798,844 | (3,222,257) | 3,222,257 |
| Closing number of shares | 60,188,496 | 4,021,101 | 60,987,340 | 3,222,257 |
| Payment Date | Amount per Share (pence) | Total £'000 | |
| Interim dividend for the period to 31 December 2023 | 1 March 2024 | 13.0p | 8,347 |
| Interim dividend for the period to 30 June 2024 | 11 October 2024 | 26.5p | 16,522 |
| Second interim dividend for the period to 31 December 2024 | 2 May 2025 | 27.1p | 16,528 |
| Interim dividend for the period to 30 June 2025 | 24 October 2025 | 27.0p | 16,251 |
| For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 | |
| Total dividend paid in period | 16,528 | 8,347 |
| Total dividend in relation to period | 16,251 | 16,522 |
| Group | For the period ended 30 June 2025 | For the period ended 30 June 2024 | |
| Notes | £'000 | £'000 | |
| Profit before taxation | 29,616 | 23,190 | |
| Adjustments for: | |||
| (Release) / charge in expected credit loss | 7 | (762) | 1,152 |
| Gains on Investment Assets held at fair value | 8 | (10,009) | (7,502) |
| Net interest from Credit Assets at amortised cost | (1,622) | (2,147) | |
| Finance costs | 14 | 8,295 | 9,045 |
| Foreign exchange revaluation | (1,558) | 649 | |
| Gains in carried interest | 11 | (1,546) | (3,791) |
| Depreciation of fixed assets | 169 | 133 | |
| Depreciation of lease assets | 9 | 751 | 422 |
| Amortisation of intangible assets | 10 | 320 | 320 |
| Increase in receivables | 12 | (3,333) | (5,186) |
| Decrease in payables | 15 | (4,455) | (13,106) |
| Decrease in derivatives | 13 | (2,330) | (244) |
| Cash generated from operations | 13,536 | 2,935 |
| Directors | Financial Advisers and Brokers |
| Lindsey McMurray | Barclays Bank plc |
| Lynn Fordham | 1 Churchill Place |
| Jim Coyle | Canary Wharf |
| Gustavo Cardenas | London E14 5H |
| James Gillies | England |
| Joanne Lake | |
| Richard Rowney | Investec Bank plc |
| all at the registered office below | 30 Gresham Street |
| London EC2V 7QP | |
| Registered Office | England |
| Mont Crevelt House | |
| Bulwer Avenue | Registrar |
| St Sampson | Computershare Investor Services PLC |
| Guernsey GY2 4LH | The Pavilions, Bridgewater Road |
| England | |
| Company Secretary | |
| MUFG Corporate Governance Limited | Website |
| 19th Floor | http://www.pollenstreetgroup.com/ |
| 51 Lime Street | |
| London | Share Identifiers |
| EC3M 7DQ | ISIN: GG00BMHG0H12 |
| Sedol: BMHG0H1 | |
| Independent Auditors | Ticker: POLN |
| PricewaterhouseCoopers LLP | |
| 7 More London Riverside | |
| London SE1 2RT |
| Asset-Based Lending | Collateralised financing where loans are secured by a company's assets with credit limits determined by the assets' liquidation value. |
| Asset Manager | The business segment of the Group that is responsible for managing third-party AuM and the Investment Company's assets. All activities of this segment reside in Pollen Street Capital Holdings Limited and its subsidiaries. |
| AuM | The assets under management of the Group, defined as: · investor commitments for active Private Equity funds; · invested cost for other Private Equity funds; · the total assets for the Investment Company; and investor commitments for Private Credit funds. |
| Average Fee-Paying AuM | The fee-paying asset under management of the Group, defined as: · investor commitments for active fee-paying Private Equity funds; · invested cost for other fee-paying Private Equity funds; · the total assets for the Investment Company; and · net invested amount for fee-paying Private Credit funds. The average is calculated using the opening and closing balances for the period. |
| Average Number of Shares | Average number of closing daily ordinary shares, excluding treasury shares. |
| Co-investment | A direct investment made alongside or in a Fund taking a pro-rata share of all instruments. |
| Combination | The acquisition of 100 per cent of the share capital of Pollen Street Capital Holdings Limited by Pollen Street Limited (formerly Honeycomb Investment Trust Plc) with newly issued shares in Pollen Street Limited as the consideration that completed on 30 September 2022. |
| Credit Assets | Loans made by the Group to counterparties, together with investments in Private Credit funds managed or advised by the Group. |
| Equity Assets | Instruments that have equity-like returns; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer's net assets. Examples include ordinary shares or investments in Private Equity funds managed or advised by the Group. Carried interest receivable by the Group is not classified as an Equity Asset. |
| Fair Value | The amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. |
| Fee-Paying AuM | The fee-paying asset under management of the Group, defined as: · investor commitments for active fee-paying Private Equity funds; · invested cost for other fee-paying Private Equity funds; · the total assets for the Investment Company; and · net invested amount for fee-paying Private Credit funds. |
| Fund Management EBITDA | Fund Management Income less Fund Management Administration Costs. |
| Fund Management Income | The income of the Group's Asset Manager according to IFRS reporting standards. |
| Fund Management EBITDA Margin | The ratio of the Fund Management Adjusted EBITDA and the Fund Management Income, expressed as a percentage. |
| Group | Pollen Street Group Limited and its subsidiaries. |
| IFRS | International Financial Reporting Standards as adopted by the United Kingdom. |
| Internal Rate of Return | The discount rate that makes the net present value of all cash flows from a particular investment equal to zero, effectively indicating the annualised rate of return that the investment is expected to generate. |
| Investment Asset | The Group's portfolio of Equity Assets and Credit Assets. |
| Investment Company | The business segment of the Group that holds the Investment Asset portfolio and the debt facilities. The activities of this segment predominately reside within Pollen Street Limited, Pollen Street Investments Limited, Sting Funding Limited and Bud Funding Limited. |
| Management Fee Rate | The ratio of the Fund Management Income attributable to management fees and the Average Fee-Paying AuM, annualised and expressed as a percentage. |
| Multiple on Invested Capital | The return on an investment by comparing the total value realised to the initial capital invested, indicating how many times the original investment has been multiplied. |
| Net Investment Assets | The Investment Assets plus surplus cash, net of debt. |
| Performance Fees | Share of profits that the Asset Manager is due once it has returned the cost of investment and agreed preferred return to investors. |
| Performance Fee Rate | The ratio of the Fund Management Income attributable to carried interest and performance fees and the total Fund Management Income, expressed as a percentage. |
| Private Credit | The Group's strategy for managing Credit Assets within its private funds. |
| Private Equity | The Group's strategy for managing Equity Assets within its private funds. |
| Registrar | An entity that manages the Company's shareholder register. The Company's registrar is Computershare Investor Services PLC. |
| Reorganisation | The reorganisation that was affected on 14 February 2024, to distribute the entire issued share capital of Pollen Street Capital Holdings Limited from Pollen Street Limited to the Company referred to as the Distribution. The Scheme and the Distribution are together referred to as the "Reorganisation". |
| Reported Net Investment Return | The ratio of the income from Investment Company to the Net Investment Assets, expressed as an annualised ratio. |
| The Scheme | The scheme of arrangement that was affected on 24 January 2024, to change the listing category of Pollen Street Limited's shares to that of a commercial company from an investment company and to introduce the Company as a Guernsey incorporated holding company as the new parent of the Group. |
| SMA | Separately Managed Accounts |
| Sterling Overnight Interbank Average Rate ("SONIA") | The effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. |
| Structured Loan | Credit Asset whereby the Group typically has senior secured loans to speciality finance companies, with security on the assets originated by the speciality finance company and first loss protection deriving from the speciality finance company's equity. Corporate guarantees are also typically taken. |
| Underlying Net Investment Return | The annualised ratio of gross income on Investment Assets, adjusted to exclude equalisation effects and other non-recurring items, to Net Investment Assets. |
| Group | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Management fee income for the Asset Manager | 37,939 | 21,180 |
| Average Fee-Paying AuM | 4,312,085 | 3,369,152 |
| Management fee rate | 1.76% | 1.26% |
| Group | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Carried interest & performance fee income for the Asset Manager | 3,424 | 5,575 |
| Fund Management Income for the Asset Manager | 41,363 | 26,755 |
| Performance fee rate | 8% | 21% |
| Group | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Operating profit of the Asset Manager | 17,667 | 8,350 |
| Fund Management EBITDA[8] | 17,667 | 8,350 |
| Fund Management Income for the Asset Manager | 41,363 | 26,755 |
| Fund Management EBITDA Margin | 43% | 31% |
| Group | For the period ended 30 June 2025 £'000 | For the period ended 30 June 2024 £'000 |
| Operating profit of the Asset Manager | 17,667 | 8,350 |
| Operating Profit of the Investment Company | 13,314 | 15,838 |
| EBITDA | 30,981 | 24,188 |
| Group | For the period ended 30 June 2025 £ pence | For the period ended 30 June 2024 £ pence |
| Interim dividend | 27.0 | 26.5 |
| Dividend per share (pence) | 27.0 | 26.5 |
| Group | For the period ended 30 June 2025 | For the period ended 30 June 2024 |
| Investment Assets (£'m) | 520 | 430 |
| Average Net Investment Assets (£'m) | 319 | 329 |
| Income on Net Investment Assets (£'m) | 13.3 | 15.8 |
| Reported Net Investment Return (%) | 8.4% | 9.7% |
| Add back: Equalisation Impact (£'m) | 0.8 | 0.2 |
| Underlying Income on Net Investment Assets (£'m) | 14.1 | 16.0 |
| Underlying Net Investment Return (%) | 8.8% | 9.7% |
| Group | For the period ended 30 June 2025 £'000 | For the year ended 31 December 2024 £'000 |
| Net asset value | 584,015 | 579,356 |
| Goodwill & intangible assets | (226,780) | (227,100) |
| Tangible net asset value | 357,235 | 352,256 |
| Interest-bearing borrowings | 206,284 | 188,265 |
| Debt-to-tangible equity ratio | 57.7% | 53.4% |
| Cash and cash equivalents | 6,724 | 11,195 |
| Net debt-to-tangible equity ratio | 55.9% | 50.3% |