Bridgepoint Group (LON: BPT), the private equity and private credit manager, has upgraded 2026 EBITDA guidance to “materially in excess of current consensus”. The trading update came at 7am today; EBITDA is profit before interest, tax, depreciation and amortisation.
The shares were quoted at 384p at 8.23am, up 10.7% from yesterday’s close of 346.8p. The quote is delayed and the price is still moving. They opened at 380p and have ranged from 376.2p to 397.1p, against 231.4p six months ago.
The driver is ECP V, a fund run by Energy Capital Partners, Bridgepoint’s energy-transition platform. Its money multiple, meaning fund value relative to money invested, was over 3x at the end of June and is expected to top 4x at 30 September, including a higher valuation for portfolio company ProEnergy. Bridgepoint takes 13% of the carry, the manager’s share of fund profits.
Chief Executive Raoul Hughes said the upgrade would last:
That outcome, when combined with the strong performance of our entire product suite, means that this level of performance isn’t a one off and will continue such that we are also able to sustain upgraded guidance for EBITDA into the medium-term.
Raoul Hughes, Chief Executive, Bridgepoint Group
Medium-term carry-based earnings guidance rises to 25-30% of total income from 20-25% at the July interims, and the 2027 EBITDA margin target to around 60% from 55-60%. The €28bn fundraising target for the cycle was met a quarter early.
Cash is the payoff. Bridgepoint expects £2.4bn of cash receipts over the next five years, against about £500m in the last five. The FY2026 dividend is rebased to 15p from about 10p, and from FY2027 it targets returning 40-60% of Cash from Profits, its new measure of cash from fees, carry and co-investment after costs and tax.
The 2026 uplift is an unrealised valuation, not cash. The company says the ProEnergy mark carries a substantial discount for execution risk and uncertain timing of any sale, and 2026 carry is expected at 37-39% of total income, so one fund’s valuation does much of the work.
Guidance excludes Kayne Anderson Real Estate, the manager Bridgepoint is buying, with completion expected on the 4th of January 2027. The 5.0p second interim dividend goes ex-dividend on the 22nd of October.
