Sherwood Parentco Ltd. Financial Performance Report

This report provides a detailed analysis of Sherwood Parentco Ltd.'s financial performance as of January 15, 2026. It outlines key financial metrics, including the company's credit highlights and risks, as well as its growth trajectory in the integrated fund management sector. The report documents solid growth in discretionary funds under management, which increased to €9.0 billion by September 30, 2025. However, it also notes a decline in cash revenue and adjusted EBITDA for the first nine months of 2025, attributed to lower asset realizations and increased debt. The report discusses Sherwood's financial leverage, which has risen significantly, and the potential challenges in deleveraging over the next two years. It includes projections for future realizations and revenue growth, while also addressing the company's liquidity position and refinancing risks. The outlook remains negative due to uncertainties in the realization timeline and the company's appetite for growth, which may impact its financial metrics.