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Hardman & Co

Research from Hardman & Co

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Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

Neuberger Private Equity Partners / Equity Bottom-Up

Neuberger Private Equity Partners (NBPE LN)

<ul>
<li>NBPE’s end-June 2026 results saw an acceleration in i) investee companies’ EBITDA growth ‒ avg. 12% vs. 10% end-2025 ‒ we believe, the key driver to long-term value creation</li>
<li>ii) realisations – NBPE expects FY’26 to be at least 18% opening NAV vs. three-year average 13.5%, iii) investments – previous FY’26 guidance $100m+; to June, NBPE completed $104m, with a further $60m signed, iv) buybacks/dividends ‒ $144m returned YTD vs. $62m for same 2025 period.</li>
<li>NBPE’s exit-ready mature portfolio and multiple market dynamics are favourable to realisations. In our view, a major factor, potentially closing the discount.</li>
</ul>


NBPE’s end-June 2026 results saw an acceleration in i) investee companies’ EBITDA growth ‒ avg. 12% vs. 10% end-2025 ‒ we believe, the key driver to long-term value creation
ii) realisations – NBPE expects FY’26 to be at least 18% opening NAV vs. three-year average 13.5%, iii) investments – previous FY’26 guidance $100m+; to June, NBPE completed $104m, with a further $60m signed, iv) buybacks/dividends ‒ $144m returned YTD vs. $62m for same 2025 period.
NBPE’s exit-ready mature portfolio and multiple market dynamics are favourable to realisations. In our view, a major factor, potentially closing the discount.


Neuberger Private Equity Partners | 1H’26 results: foot on the accelerator

<ul><li>As expected, NBPE’s results to end-December 2025 i) confirmed the resilient operating performance of its investee companies (average EBITDA growth 9%) ‒ in our view, the key driver to long-term value creation, ii) saw NBPE NAV growth lag EBITDA growth, some rating compression in specific sectors (software ca.10% portfolio) and modest listed-holding share price falls.</li><li>Going forward, NBPE’s portfolio is mature, and multiple market dynamics are structurally favourable to realisations.</li><li>Potential quarterly noise around global uncertainties aside, medium-term realisations look good.</li></ul>

As expected, NBPE’s results to end-December 2025 i) confirmed the resilient operating performance of its investee companies (average EBITDA growth 9%) ‒ in our view, the key driver to long-term value creation, ii) saw NBPE NAV growth lag EBITDA growth, some rating compression in specific sectors (software ca.10% portfolio) and modest listed-holding share price falls.Going forward, NBPE’s portfolio is mature, and multiple market dynamics are structurally favourable to realisations.Potential quarterly noise around global uncertainties aside, medium-term realisations look good.

NB Private Equity Partners (NBPE): 2025 results - looking to future realisations

<ul><li>NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).</li></ul>

NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).

NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-risk PE model

<ul><li>In our view, NBPE’s 1H’25 results may be characterised as turning the corner.</li><li>There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong.</li><li>NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid.</li></ul>

In our view, NBPE’s 1H’25 results may be characterised as turning the corner.There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong.NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid.

NB Private Equity Partners (NBPE): 1H’25 results: turning the corner

Thematic (Sector/Industry)

<ul>
<li>Stormy times at present – a sunnier outlook?</li>
<li>Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs).</li>
<li>Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US.</li>
</ul>


Stormy times at present – a sunnier outlook?
Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs).
Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US.


United Kingdom

Neuberger Private Equity Partners (NBPE) is a London-listed investment company specializing in direct equity investments in private companies, diversifying across industry, vintage year, and underlying private equity manager. The company aims to generate attractive long-term returns by co-investing alongside leading private equity sponsors, primarily focusing on North American and European unquoted companies. NBPE was established in 2009 and is headquartered in Saint Peter Port, Guernsey.

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Neuberger Private Equity Partners (NBPE LN)

Neuberger Private Equity Partners | 1H’26 results: foot on the accelerator

NBPE’s exit-ready mature portfolio and multiple market dynamics are favourable to realisations. In our view, a major factor, potentially closing...

Hardman & Co

NB Private Equity Partners (NBPE): 2025 results - looking to future realisations

As expected, NBPE’s results to end-December 2025 i) confirmed the resilient operating performance of its investee companies (average EBITDA growth...

Hardman & Co

NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-risk PE model

NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among...

Hardman & Co

NB Private Equity Partners (NBPE): 1H’25 results: turning the corner

In our view, NBPE’s 1H’25 results may be characterised as turning the corner. There has been a modest improvement in financial performance, the...

Hardman & Co

The Monthly: February 2026

Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory...

Hardman & Co

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