RCS - NB Private Equity - Results analysis from Kepler Trust Intelligence

NB Private Equity PartnersAnnouncement

01/05/2026 13:30

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RNS Number : 8521C  NB Private Equity Partners Limited  01 May 2026

NB Private Equity Partners (NBPE)

01/05/2026

Results analysis from Kepler Trust Intelligence

For the 12 months to 31/12/2025, the NAV total return was 5%, whilst the share
price total return was 7.5% (in GBP, on a total return basis). The NAV
performance was driven by the private company portfolio operating performance
and realisation activity. NBPE's Top 10 companies, which represented 43% of
the portfolio, continue to deliver strong double digit operating performance,
generating weighted average LTM revenue and EBITDA growth of 13.3% and 14.1%,
respectively.

After a slow start to 2025, conditions began to normalise in the latter part
of the year, and by the fourth quarter, exit activity across the private
equity sector had rebounded meaningfully. Overall, 2025 finished as the second
highest year for exits behind 2021. NBPE's share price performed well in the
latter months of 2025 as the discount narrowed, reaching a 22% discount at
year end. However, at the time of writing NBPE's discount stands at 33%, which
the Board continues to believe is unjustified. Over the year $102m was
returned to shareholders through the dividend and buybacks, or 8% of opening
NAV. While the Board believes that refreshing the portfolio is an important
step to strengthening NAV growth, maintaining balance sheet strength remains a
core focus.

Since the year end, NBPE has maintained an increased level of share buybacks,
purchasing a further $21m of shares. NBPE has also committed $79m to a further
five investments in 2026. After allowing for cashflows in 2026, NBPE's
investment level is 110% at 24/04/2026, in line with NBPE's long-term target
level of ~110% of NAV.

Kepler View

According to the manager, there are signs that like the stock market, the
shocks of Q1 are being worked through in the private equity market and
activity is starting to pick up again after a slow Q1. With a mature
'exit-ready' portfolio, NBPE should be a beneficiary of renewed realisation
activity. At the same time, it has remaining firepower to continue to buy
shares back and pay the dividend. That said, given the board have returned 11%
of NAV since the start of 2025, unless realisation activity picks up, it is
hard to see the board maintaining this pace indefinitely.

Through its unique 100% co-investment model, NBPE's managers have full control
over investment decisions. The Board and manager has prioritised balance sheet
strength over recent years which has allowed the flexibility to continue to
return capital to shareholder through the dividend policy and the share
buyback program.  NBPE is therefore in a strong position to sit tight if
needed, and wait for market confidence to improve. Should realisations pick
up, if the experience of 2025 is anything to go by, the Board might continue
their aggressive pace of buybacks - especially if the discount to NAV remains
near today's c. 33%, given buybacks are so accretive at the current level. For
investors who share the board and manager's optimistic view on the portfolio's
underlying prospects, with gearing at 110% and a share price meaningfully
below the NAV, NBPE offers a compelling growth opportunity.

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