Ridgepost Capital(DE:AC3)
€8.25+0.05 (+0.61%)
DE:AC3
Ridgepost Capital earnings date
€8.25
At close:+0.05 (+0.61%)
Ridgepost Capital (AC3) Q3 2026 Earnings Report
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DE:AC3 Q3 2026 EPS Results
- Actual EPS
- EUR 0.22
- Consensus EPS
- EUR 0.23
- Beat/Miss
- Missed by -EUR 0.01
- One Year Ago EPS
- EUR 0.21
DE:AC3 Q3 2026 Revenue Results
- Actual Revenue
- EUR 79.62M
- Expected Revenue
- EUR 87.16M
- Beat/Miss
- Missed by -EUR 7.55M
- YoY Revenue Growth
- +17.11%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
DE:AC3 Upcoming Earnings
Ridgepost Capital's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:AC3 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Ridgepost reported record year-to-date fundraising, double-digit AUM and revenue growth, strong investment performance, accelerating cross-selling, stable margins, and robust fundraising pipelines. The principal challenges were third-quarter seasonality, a one-basis-point decline in the core fee rate, a somewhat muted credit deployment backdrop, and ongoing deleveraging following the Stellus acquisition.
Company Guidance
Management expects approximately 103 basis points for the full year in 2026, implying a healthy step-up in the fourth quarter, direct and secondary catch-up fees of $6 million-$8 million in 2026, similar year-over-year trends for the FRE margin on the full year in 2026, net leverage to end the year in the mid-twos, cash tax rates in the high single-digit to low double-digit range for full year 2026 and in the mid-teens for full year 2027, and about 5%-7% for step-downs and expirations for the year, with no large step-downs or expirations in the fourth quarter. The company expects its core fee rate to remain at 103 going into next year, has about 15 funds in the market in the fourth quarter, anticipates tangible progress through the fourth quarter, and expects positive seasonality in the fourth quarter; it is also targeting $10 billion gross fundraising and deployment for 2026 and 2027 and $50 billion of 2029 year-end fee-paying AUM.
- Strong Third-Quarter EarningsAdjusted net income per share totaled $0.25, and fee-related earnings totaled $43 million, up 19% year-over-year. Fee-related revenue totaled $89 million, up 17% year-over-year, while the FRE margin was 48%.
- Fee-Paying AUM GrowthFee-paying AUM ended the quarter at $35.2 billion, up 2.4% sequentially and 21% year-over-year, or 11% year-over-year excluding the impact of Stellus.
- Broad-Based Fundraising and DeploymentThird-quarter gross fundraising and deployment totaled $1.3 billion, including $475 million in venture capital, $450 million in private equity, and $385 million in private credit. Activity was broad-based, with Ridgepost raising capital for more than 15 funds.
- Record Year-to-Date FundraisingGross fundraising and deployment totaled nearly $4.5 billion in fee-paying AUM during the first nine months of 2026, representing a year-to-date record for Ridgepost Capital. This included $2 billion from venture capital, $1.7 billion from private equity, and approximately $700 million from private credit.
- Strong Fundraising Pipeline and Long-Term TargetsManagement said capital-raising and deployment pipelines remain strong for Bonaccord, TrueBridge, Hark Capital, RCP, Qualitas, Stellus, and Enhanced. Ridgepost is well on its way to achieving its aggregate $10 billion gross fundraising and deployment target for 2026 and 2027, as well as its 2029 year-end fee-paying AUM target of $50 billion.
- Durable and Capital-Light Business ModelThe majority of fee-paying AUM is in traditional drawdown funds where management fees are earned on committed capital. The weighted average remaining duration of fee-paying AUM is approximately seven years, approximately 98% of third-quarter fee-related revenue came from management and advisory fees, and Ridgepost has no direct exposure to realizations. Through the first nine months, adjusted net income was $86 million and GAAP operating cash flow was $75 million, with modest ongoing CapEx needs.
- Accelerating Cross-Sell ActivityAggregate firmwide cross-sells since June 2024 totaled approximately $1.7 billion, or roughly 15% of firmwide fundraising, compared with less than 5% of LPs investing across multiple strategies at the September 2024 Investor Day. Ridgepost has also improved its client data integration and cross-marketing capabilities across more than 5,000 clients.
- Strong TrueBridge Investment PerformanceTrueBridge primary funds more than five years old generated an average net IRR of 19.8%, while Secondaries I and Direct Fund III generated net IRRs of 43% and 23%, respectively.
- TrueBridge AUM and Fundraising MomentumTrueBridge fee-paying AUM has organically increased 17% annually since the third quarter of 2020 and ended the third quarter at $8.7 billion, up 32% year-over-year. Secondaries II raised more than $500 million, more than double the size of Secondaries I, in roughly one year. The latest flagship primary vintage had raised $851 million through the end of September, with continued momentum into year-end.
- Increasing Successor Fund SizesTrueBridge flagship successor funds increased in size by more than 20% on average from vintage to vintage between Fund IV, a 2015 vintage, and Fund VIII, a 2023 vintage.
- Stable Year-to-Date FRE MarginThe FRE margin was 47% for the first nine months of 2026, in line with the first nine months of 2025. Management said this was the first time in a few years that the year-to-date FRE margin had been stable year-over-year and expected similar year-over-year trends for the full year.
- Full-Year Fee Rate and Catch-Up Fee OutlookDespite third-quarter seasonality, management continued to expect a full-year 2026 core fee rate of approximately 103 basis points, implying a healthy step-up in the fourth quarter. Direct and secondary catch-up fees are expected to total $6 million-$8 million in 2026.
- Capital Returns and Deleveraging ProgressRidgepost maintained its $0.04 quarterly dividend and repurchased nearly 1.8 million shares during the third quarter at an average cost of $8.36 per share, totaling approximately $15 million. The board approved an additional $30 million of repurchase authorization, and management expects net leverage to end the year in the mid-twos.
- Positive Fourth-Quarter and Stellus OutlookManagement said the fourth-quarter fundraising pipeline remains very strong, with approximately 15 funds in market and expected positive year-end seasonality. No delays or disruptions related to the Stellus acquisition were observed, and management expects to return to market with Stellus's fifth family of funds and related separate accounts in 2027.
- Improving Credit Deployment EnvironmentAlthough third-quarter credit deployment occurred against a fine but somewhat muted macro backdrop, management said it was seeing signs of improvement heading into the fourth quarter and expected transactions to accelerate and close before year-end.
- Venture Debt Deployment OpportunitiesWTI is currently focused on deploying its existing fund and is seeing interesting opportunities in the venture debt ecosystem. Management said it is excited about the WTI franchise and its broader opportunities.
- Five-Year IPO MilestoneRidgepost celebrated the fifth anniversary of its IPO and highlighted progress in deepening its capabilities across private equity, private credit, and venture capital.
DE:AC3 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | 0.26- | 0.23 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.230.22 | 0.21 | 5.49% (+0.01) | |
| Aug 05, 2026 | 2026 (Q2) | 0.200.21 | 0.21 | 4.35% (+0.01) | |
| May 07, 2026 | 2026 (Q1) | 0.190.20 | 0.18 | 10.00% (+0.02) | |
| Feb 12, 2026 | 2025 (Q4) | 0.220.23 | 0.27 | -13.33% (-0.04) | |
| Nov 06, 2025 | 2025 (Q3) | 0.210.21 | 0.23 | -8.14% (-0.02) | |
| Aug 07, 2025 | 2025 (Q2) | 0.180.21 | 0.21 | -4.17% (-0.01) | |
| May 08, 2025 | 2025 (Q1) | 0.190.18 | 0.19 | -4.76% (-0.01) | |
| Feb 12, 2025 | 2024 (Q4) | 0.230.27 | 0.19 | 42.86% (+0.08) | |
| Nov 07, 2024 | 2024 (Q3) | 0.180.23 | 0.19 | 23.44% (+0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
