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.
