NBPE - Ticker AI Digest

NBPE 13:37

NB Private Equity Partners Ltd

Results analysis from Kepler Trust Intelligence

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**Summary**

NB Private Equity Partners (NBPE) released its interim results for the six months ending June 30, 2025, reporting a net asset value (NAV) total return of 4% and a share price total return of -7.6%. The private investment portfolio demonstrated robust performance, with revenue and EBITDA growth of 8.8% and 9.8%, respectively. The top 10 investments, representing 31% of the portfolio, showed even stronger growth, with weighted average LTM revenue and EBITDA growth of 13.7% and 15.9%, respectively. The portfolio’s maturity (average age of 5.6 years) positions it well for potential exits as market conditions improve.

NBPE maintains a strong balance sheet, supported by its co-investment model and minimal unfunded commitments. The company remains financially flexible, enabling new investments, dividend payments, and increased share buybacks, with $5.8 million repurchased since June, in addition to $43 million returned to shareholders via dividends.

Kepler Trust Intelligence highlights NBPE’s unique proposition, noting its cost-effectiveness due to the absence of double-layer fees on most co-investments. Despite a 30% discount to NAV (in line with peers), Kepler views NBPE as well-positioned to navigate a slowdown in private equity activity and capitalize on improved exit conditions. The firm suggests the current discount could be an attractive entry point for long-term investors.

**Key Points**

NBPE’s interim results show NAV growth of 4% and share price decline of 7.6%.

Strong performance in top 10 investments (31% of portfolio) with 13.7% revenue and 15.9% EBITDA growth.

Mature portfolio with high-quality"exit-ready" companies.

Robust balance sheet and financial flexibility for investments, dividends, and buybacks.

Kepler views NBPE as cost-effective and well-positioned for market recovery, with the current discount to NAV as a potential opportunity for long-term investors.

Below is an HTML table comparing the key financial and debt-related metrics year-on-year based on the provided text. Since the text does not provide explicit year-on-year numerical data for debt, the table focuses on available financial metrics.

Metric	2024 (Previous Year)	2025 (Current Year)	Change
Net Asset Value (NAV) Total Return	Not Provided	4%	N/A
Share Price Total Return	Not Provided	-7.6%	N/A
Revenue Growth (Private Investment Portfolio)	Not Provided	8.8%	N/A
EBITDA Growth (Private Investment Portfolio)	Higher than 9.8%	9.8%	Slight Moderation
Weighted Average EV/EBITDA Valuation	Higher than 15.4x	15.4x	Modest Decline
Top 10 Investments - Revenue Growth (LTM)	Not Provided	13.7%	N/A
Top 10 Investments - EBITDA Growth (LTM)	Not Provided	15.9%	N/A
Share Buybacks	Not Provided	$5.8m (since June 2025)	N/A
Dividends Paid	Not Provided	$43m ($0.94 per share)	N/A
Discount to NAV	Not Provided	30%	N/A

### Notes: 1. **Debt Metrics**: The provided text does not include specific debt figures or year-on-year comparisons, so debt-related metrics are not included in the table. 2. **Year-on-Year Comparisons**: Where possible, changes are noted based on the information provided (e.g., "Slight Moderation" for EBITDA growth). 3. **Missing Data**: For metrics where previous year data is not available, "Not Provided" is used. This table can be embedded in an HTML document for display.

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NBPE 06:01

NB Private Equity Partners Ltd

NB Private Equity Partners Limited - Interim Results

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**Summary of NB Private Equity Partners Limited (NBPE) Interim Results for the Six Months to 30 June 2025**

NB Private Equity Partners Limited (NBPE), a $1.3 billion listed private equity investment company managed by Neuberger Berman, reported its interim results for the six months ending 30 June 2025. Key highlights include

### **Financial Performance**

**Net Assets and NAV**Net assets stood at $1,283 million, with a Net Asset Value (NAV) per share of $28.14 (£20.53), representing a 4.0% return over the six months.

**Performance Drivers**The return was driven by a 1.9% increase in private company valuations (excluding foreign exchange effects), positive contributions from quoted holdings, and favorable foreign exchange movements.

**Operating Performance**Portfolio companies demonstrated strong operating performance, with aggregate Last Twelve Months (LTM) revenue and EBITDA growth of 8.8% and 9.8%, respectively.

### **Realizations and Liquidity**

**Proceeds**NBPE received $68 million in proceeds during the period, with an additional $18 million received post-June. Further realizations are expected in the second half of 2025.

**Share Repurchases**Approximately 739,000 shares were repurchased at a 29% discount to NAV, resulting in a $0.09 per share NAV accretion.

**Dividend**A 1H 2025 dividend of $0.47 per share (~$22 million) was paid in February.

### **Portfolio and Investment Strategy**

**Portfolio Composition**Private companies constitute 94% of the portfolio, with quoted holdings making up the remaining 6%.

**Top Performers**The 10 largest investments, representing 31% of fair value, reported weighted average LTM revenue growth of 13.7% and LTM EBITDA growth of 15.9%.

**New Investment**NBPE invested $10 million in Infra Group, a leading infrastructure service provider, in September 2025.

### **Market and Share Price**

**Discount to NAV**Despite positive NAV returns, NBPE’s share price declined 7.6% in GBP over the period, trading at a 30.0% discount to NAV as of 24 September 2025.

**Sector Trends**Discounts across the listed private equity sector remain wide, reflecting broader sentiment and muted NAV performance.

### **Capital Allocation**

**Share Buybacks**Under the updated capital allocation framework, NBPE repurchased 1.0 million shares at a 29% discount, contributing $0.19 in accretion to NAV per share.

**Dividends**Over $400 million has been returned to shareholders via dividends since 2013.

### **Balance Sheet and Financial Position**

**Cash and Liquidity**NBPE maintains a strong balance sheet with $74 million in cash and liquid investments, plus $210 million available on its credit facility.

**Investment Level**The investment level was 101%, within the target range of 100–110%.

### **Management Commentary**

**Exit Environment**While the exit environment has shown signs of improvement, the timing and pace of a sustained rebound remain uncertain. NBPE is well-positioned with several ‘exit-ready’ companies in its portfolio.

**Outlook**The portfolio’s underlying companies continue to exhibit strong fundamentals, with resilient revenue and EBITDA growth. However, the Board and Manager are focused on addressing the share price discount and improving total shareholder returns.

### **Governance**

**Board Appointment**Caroline Chan was appointed as an independent non-executive director, effective 18 September 2025, as part of succession planning.

### **Conclusion**

NBPE delivered solid performance in a challenging market environment, driven by strong operating results from its portfolio companies and strategic capital allocation. Despite headwinds, the company remains well-positioned to capitalize on investment opportunities and enhance shareholder value through realizations, dividends, and share buybacks.

Here is a comparison of the financials and debt year on year for NB Private Equity Partners Limited, presented in an HTML table:

Metric	2025 (Six Months to June 30)	2024 (Full Year)	Change
Net Assets ($ million)	1,283	1,275	+0.6%
NAV per Share ($)	28.14	27.53	+2.2%
Total Return (NAV TR, USD)	4.0%	6.3%	-36.5%
Realised Gain on Investments ($ million)	27.7	19.8	+40.0%
Net Change in Unrealised Gain on Investments ($ million)	31.2	3.6	+766.7%
Total Debt (Credit Facility Loan, $ million)	90.0	90.0	0%
Weighted Average Leverage Multiple (x)	5.4	5.4	0%
Cash and Cash Equivalents ($ million)	16.8	72.8	-76.9%
Dividend per Share ($)	0.47	0.94	-50.0%
Share Repurchases ($ million)	14.5	5.4	+168.5%

**Key Observations:** 1. **Net Assets and NAV per Share**: Both increased slightly year-on-year, indicating modest growth in the company's underlying value. 2. **Total Return (NAV TR, USD)**: Decreased significantly from 6.3% in 2024 to 4.0% in 2025, reflecting lower performance in the first half of 2025. 3. **Realised and Unrealised Gains**: Realised gains increased by 40%, while unrealised gains saw a substantial increase of 766.7%, driven by positive contributions from private company valuations, quoted holdings, and foreign exchange. 4. **Debt and Leverage**: Total debt remained constant at $90 million, and the weighted average leverage multiple was unchanged at 5.4x, indicating stable debt levels relative to EBITDA. 5. **Cash and Cash Equivalents**: Decreased significantly from $72.8 million to $16.8 million, likely due to increased share repurchases and dividend payments. 6. **Dividends and Share Repurchases**: Dividends per share halved, while share repurchases increased significantly, reflecting a shift in capital allocation strategy. This table provides a concise comparison of key financial and debt metrics for NB Private Equity Partners Limited between 2024 and the first half of 2025.

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NBPE 10:57

NB Private Equity Partners Ltd

NBPE - Holding(s) in Company

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TR1 Buy

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NBPE 13:37

NB Private Equity Partners Ltd

Results analysis from Kepler Trust Intelligence

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**Summary**

NB Private Equity Partners (NBPE) released its interim results for the six months ending June 30, 2025, reporting a net asset value (NAV) total return of 4% and a share price total return of -7.6%. The private investment portfolio demonstrated robust performance, with revenue and EBITDA growth of 8.8% and 9.8%, respectively. The top 10 investments, representing 31% of the portfolio, showed even stronger growth, with weighted average LTM revenue and EBITDA growth of 13.7% and 15.9%, respectively. The portfolio’s maturity (average age of 5.6 years) positions it well for potential exits as market conditions improve.

NBPE maintains a strong balance sheet, supported by its co-investment model and minimal unfunded commitments. The company remains financially flexible, enabling new investments, dividend payments, and increased share buybacks, with $5.8 million repurchased since June, in addition to $43 million returned to shareholders via dividends.

Kepler Trust Intelligence highlights NBPE’s unique proposition, noting its cost-effectiveness due to the absence of double-layer fees on most co-investments. Despite a 30% discount to NAV (in line with peers), Kepler views NBPE as well-positioned to navigate a slowdown in private equity activity and capitalize on improved exit conditions. The firm suggests the current discount could be an attractive entry point for long-term investors.

**Key Points**

NBPE’s interim results show NAV growth of 4% and share price decline of 7.6%.

Strong performance in top 10 investments (31% of portfolio) with 13.7% revenue and 15.9% EBITDA growth.

Mature portfolio with high-quality"exit-ready" companies.

Robust balance sheet and financial flexibility for investments, dividends, and buybacks.

Kepler views NBPE as cost-effective and well-positioned for market recovery, with the current discount to NAV as a potential opportunity for long-term investors.

Below is an HTML table comparing the key financial and debt-related metrics year-on-year based on the provided text. Since the text does not provide explicit year-on-year numerical data for debt, the table focuses on available financial metrics.

Metric	2024 (Previous Year)	2025 (Current Year)	Change
Net Asset Value (NAV) Total Return	Not Provided	4%	N/A
Share Price Total Return	Not Provided	-7.6%	N/A
Revenue Growth (Private Investment Portfolio)	Not Provided	8.8%	N/A
EBITDA Growth (Private Investment Portfolio)	Higher than 9.8%	9.8%	Slight Moderation
Weighted Average EV/EBITDA Valuation	Higher than 15.4x	15.4x	Modest Decline
Top 10 Investments - Revenue Growth (LTM)	Not Provided	13.7%	N/A
Top 10 Investments - EBITDA Growth (LTM)	Not Provided	15.9%	N/A
Share Buybacks	Not Provided	$5.8m (since June 2025)	N/A
Dividends Paid	Not Provided	$43m ($0.94 per share)	N/A
Discount to NAV	Not Provided	30%	N/A

### Notes: 1. **Debt Metrics**: The provided text does not include specific debt figures or year-on-year comparisons, so debt-related metrics are not included in the table. 2. **Year-on-Year Comparisons**: Where possible, changes are noted based on the information provided (e.g., "Slight Moderation" for EBITDA growth). 3. **Missing Data**: For metrics where previous year data is not available, "Not Provided" is used. This table can be embedded in an HTML document for display.

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NBPE 10:57

NB Private Equity Partners Ltd

NBPE - Holding(s) in Company

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TR1 Buy

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NBPE 06:01

NB Private Equity Partners Ltd

NB Private Equity Partners Limited - Interim Results

AI Expand: Explanation + Tables

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**Summary of NB Private Equity Partners Limited (NBPE) Interim Results for the Six Months to 30 June 2025**

NB Private Equity Partners Limited (NBPE), a $1.3 billion listed private equity investment company managed by Neuberger Berman, reported its interim results for the six months ending 30 June 2025. Key highlights include

### **Financial Performance**

**Net Assets and NAV**Net assets stood at $1,283 million, with a Net Asset Value (NAV) per share of $28.14 (£20.53), representing a 4.0% return over the six months.

**Performance Drivers**The return was driven by a 1.9% increase in private company valuations (excluding foreign exchange effects), positive contributions from quoted holdings, and favorable foreign exchange movements.

**Operating Performance**Portfolio companies demonstrated strong operating performance, with aggregate Last Twelve Months (LTM) revenue and EBITDA growth of 8.8% and 9.8%, respectively.

### **Realizations and Liquidity**

**Proceeds**NBPE received $68 million in proceeds during the period, with an additional $18 million received post-June. Further realizations are expected in the second half of 2025.

**Share Repurchases**Approximately 739,000 shares were repurchased at a 29% discount to NAV, resulting in a $0.09 per share NAV accretion.

**Dividend**A 1H 2025 dividend of $0.47 per share (~$22 million) was paid in February.

### **Portfolio and Investment Strategy**

**Portfolio Composition**Private companies constitute 94% of the portfolio, with quoted holdings making up the remaining 6%.

**Top Performers**The 10 largest investments, representing 31% of fair value, reported weighted average LTM revenue growth of 13.7% and LTM EBITDA growth of 15.9%.

**New Investment**NBPE invested $10 million in Infra Group, a leading infrastructure service provider, in September 2025.

### **Market and Share Price**

**Discount to NAV**Despite positive NAV returns, NBPE’s share price declined 7.6% in GBP over the period, trading at a 30.0% discount to NAV as of 24 September 2025.

**Sector Trends**Discounts across the listed private equity sector remain wide, reflecting broader sentiment and muted NAV performance.

### **Capital Allocation**

**Share Buybacks**Under the updated capital allocation framework, NBPE repurchased 1.0 million shares at a 29% discount, contributing $0.19 in accretion to NAV per share.

**Dividends**Over $400 million has been returned to shareholders via dividends since 2013.

### **Balance Sheet and Financial Position**

**Cash and Liquidity**NBPE maintains a strong balance sheet with $74 million in cash and liquid investments, plus $210 million available on its credit facility.

**Investment Level**The investment level was 101%, within the target range of 100–110%.

### **Management Commentary**

**Exit Environment**While the exit environment has shown signs of improvement, the timing and pace of a sustained rebound remain uncertain. NBPE is well-positioned with several ‘exit-ready’ companies in its portfolio.

**Outlook**The portfolio’s underlying companies continue to exhibit strong fundamentals, with resilient revenue and EBITDA growth. However, the Board and Manager are focused on addressing the share price discount and improving total shareholder returns.

### **Governance**

**Board Appointment**Caroline Chan was appointed as an independent non-executive director, effective 18 September 2025, as part of succession planning.

### **Conclusion**

NBPE delivered solid performance in a challenging market environment, driven by strong operating results from its portfolio companies and strategic capital allocation. Despite headwinds, the company remains well-positioned to capitalize on investment opportunities and enhance shareholder value through realizations, dividends, and share buybacks.

Here is a comparison of the financials and debt year on year for NB Private Equity Partners Limited, presented in an HTML table:

Metric	2025 (Six Months to June 30)	2024 (Full Year)	Change
Net Assets ($ million)	1,283	1,275	+0.6%
NAV per Share ($)	28.14	27.53	+2.2%
Total Return (NAV TR, USD)	4.0%	6.3%	-36.5%
Realised Gain on Investments ($ million)	27.7	19.8	+40.0%
Net Change in Unrealised Gain on Investments ($ million)	31.2	3.6	+766.7%
Total Debt (Credit Facility Loan, $ million)	90.0	90.0	0%
Weighted Average Leverage Multiple (x)	5.4	5.4	0%
Cash and Cash Equivalents ($ million)	16.8	72.8	-76.9%
Dividend per Share ($)	0.47	0.94	-50.0%
Share Repurchases ($ million)	14.5	5.4	+168.5%

**Key Observations:** 1. **Net Assets and NAV per Share**: Both increased slightly year-on-year, indicating modest growth in the company's underlying value. 2. **Total Return (NAV TR, USD)**: Decreased significantly from 6.3% in 2024 to 4.0% in 2025, reflecting lower performance in the first half of 2025. 3. **Realised and Unrealised Gains**: Realised gains increased by 40%, while unrealised gains saw a substantial increase of 766.7%, driven by positive contributions from private company valuations, quoted holdings, and foreign exchange. 4. **Debt and Leverage**: Total debt remained constant at $90 million, and the weighted average leverage multiple was unchanged at 5.4x, indicating stable debt levels relative to EBITDA. 5. **Cash and Cash Equivalents**: Decreased significantly from $72.8 million to $16.8 million, likely due to increased share repurchases and dividend payments. 6. **Dividends and Share Repurchases**: Dividends per share halved, while share repurchases increased significantly, reflecting a shift in capital allocation strategy. This table provides a concise comparison of key financial and debt metrics for NB Private Equity Partners Limited between 2024 and the first half of 2025.

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