Full Year 2025 CT Private Equity Trust PLC Earnings Call Transcript
Key Points
- CT Private Equity Trust PLC (LSE:CTPE) achieved a NAV total return of 4.7% for 2025, consistent with the previous year.
- The company realized GBP 80 million in 2025, maintaining a respectable level despite external challenges.
- A quarterly dividend of 7.10p was announced, marking an increase from the previous 7.01p, reflecting a commitment to shareholder returns.
- The trust's portfolio saw 49 exits with an average return of 3.3 times cost, showcasing effective investment strategies.
- The portfolio's revenue growth was 17% and EBITDA growth was 24% in 2025, indicating strong underlying performance.
- The NAV total return of 4.7% was below expectations, with external shocks impacting performance.
- Realizations in 2025 were down compared to 2024, indicating potential challenges in achieving higher returns.
- The share price experienced volatility, with a significant discount of 35% at the time of the call.
- The UK market, which constitutes 41% of the portfolio, faced challenges, particularly in the healthcare sector.
- The trust's debt level was just under GBP 100 million, with a need to manage revolving credit facilities effectively.
Good morning, ladies and gentlemen. Welcome to the CT Private Equity Trust annual results presentation. Throughout today's recorded meeting, attendees will be in listen-only mode. (Operator Instructions)
I'd now like to hand over to Andrew, Hamish. Good morning to you both.
Good morning, everybody. Thanks for joining this results presentation covering the period to the end of December 2025. I'm Hamish Mair. I have with me Andrew Carnwath. As I think most of I'm stepping down as manager, retiring at the end of May. So this is actually going to be the last investor meat company presentation of this format. We do have an AGM in May, which I'll also be at, but this will be the last of this one.
So we're going to basically divide this between myself and Andrew, because you'll have to get used to listening to him speaking in future instead of me. So I'm just going to take you through the highlights of the annual results. And this is just a reminder of how
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