Partners Group Private Equity Limited

Good day and thank you for standing by. Welcome to the PGPE Limited Third Quarter 2025 Results Webcast. At this time, all participants are in listen-only mode. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link at any time during the live event. Please be advised that this conference is being recorded. I would now like to hand the conference over to our first speaker today, Andrea Matescu. Please go ahead.

Good morning, and thank you for joining us today.

I'm Andrea Matteiescu, and I'm delighted to be here with my colleagues, Dr. Cyril Visli and Federica Cataniga. Today, we will be sharing an update on the NAV development and portfolio highlights as of 30th of September. But before we get started, just a quick note on housekeeping. If you have any questions during the webcast, please use the Q&A tool available on your screen. As usual, we'll address questions at the end of the presentation. And to ensure we cover as much as possible, we'll group similar questions and respond to them in one go. If we run out of time or you have additional questions afterwards, please feel free to reach out to us via email or through the contact form on our website. Let's get started. So let's have a look at the big picture. Despite the challenging macro backdrop, PGP Limited delivered solid results during the third quarter. NAV was up 2.1%, and the share price gained 6%, continuing the positive momentum we saw in the second quarter. Now, year-to-date, NAV is still slightly negative, and that's mainly due to ethics headwinds. The US dollar weakened against major currencies like the Swiss francs, euro, and pounds, driven by fiscal deficits and policy uncertainty. But the good news is, at the portfolio level, we saw 2.6% value creation in the third quarter, which shows the resilience of our portfolio. Moving on to the shareholder returns. We recently announced the second interim dividend of 37.5 euro cents per share, which is payable on 19th of December. That brings the full year dividend yield well above 7% at current share price and over 50 million euro returned to shareholders as dividends for the full year. And importantly, the board also approved up to 15 million euro for the share buyback program which started in October upon receipt of proceeds from PCI Pharma Services. And this is a strong signal of our commitment to managing the discount and creating value for shareholders. In terms of portfolio activity, and more on this with the next slide, we have invested about 42 million euro a year today, received 65 million euro in distributions by the end of September, and paid almost 26 million euro with the first interim dividend. What is also important to note is that we have made a number of announcements regarding exits at our portfolio level, with proceeds anticipated to be received within the next three to nine months. Equity remains robust, with €2 million in cash and cash equivalents and an undrawn credit facility of €111 million, which has recently been renewed at better terms, as you may have seen in the announcement we made on 13th of November. Looking ahead, I would like to convey the following key messages. First, the progress on trade deals bring more clarity to an uncertain environment. Second, diversification across sectors and regions remains a cornerstone of our resilience. Our exposure spans healthcare, industrials, consumer discretionary and technology across Europe, North America, and Asia Pacific. Third, M&A markets are normalizing, which means we can realize mature vintages and redeploy capital into high-conviction opportunities And finally, structural headwinds are easing, paving the way for sustained performance momentum. Now, zooming into the transaction activity. The first half of 2025, PTP Limited received almost 40 million in distributions, driven by the gradual sell-down of listed holdings like Vishal and Galderma. During the same period, on the investment side, We deployed 18 million euros and five smaller investments were added to the portfolio. Now Q3 really built on the momentum we've seen in the previous quarter. We invested over 21 million euros into six new opportunities, which is more than the entire first half of the year. Two notable examples are NPM products and Resource 3D. NPM is a UK-based global pet food company. known for its premium wet cat food brands like Aplos, Redeal, and Encore, which are sold in over 50 countries through both e-commerce and retail channels. Barnard Group will partner with NTM's management team to accelerate growth and transform the company into a global leader in premium wet cat food. The business plan focuses on expanding sales in core markets, entering new geographies, strengthening the brand development and building e-commerce capabilities, enhancing supply chain resilience. The second example, Restore3D, which is a technology-driven orthopedic solution specialist in the US, which was founded in 2017, this company offers a full portfolio of implants across shoulder, hip, knee, foot, and ankle. It also combines proprietary AI-driven design software vertically integrated manufacturing and rated surgical planning. This is a company which in 2024 partnered with more than 520 surgeons across 740 hospitals nationwide. On the distribution front in Q3, it was driven by the continued sell-down of Calderma and the exit from Global Blue. And even if not yet reflected in the distributions as of September, within the quarter, we have made several announcements regarding exits from our portfolio companies, on which we will touch base on the next slide. So, let me give you a quick snapshot of realizations over the past 12 months. We've partially or fully exited several investments, and on screen, you'll see some examples. For example, partial realizations to gradual sell-downs and dividend recaps by Rosen, and also that we've completed full exits from Tools, Avast, and Global Blue. What's even more encouraging is the momentum in the second half of 2025. The announced exit of PCI Pharma Services and Tekem are clear evidence of our portfolio ability to generate liquidity and reinforce this positive trend. I'll leave this detailed discussion to Federica, who will address this later in the session. And with that, I'll hand over to Cyril to take you through the next section.