Investment research on quoted companies and funds

Hardman & Co

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.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

Neuberger Private Equity Partners / Equity Bottom-Up

Neuberger Private Equity Partners (NBPE LN)

<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