Kkr & Co. Inc. · NYSE:KKR
Kkr & — Investor Presentation (November 2025)
42 slides from Kkr &'s investor presentation, November 2025
Slide 1: KKR & Co. Inc. Overview Presentation
KKR & Co. Inc. Overview February 7,Presentation 2023 – 3Q’25 November 2025
Slide 2: Legal Disclosures
Legal Disclosures This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, “KKR”), which includes The Global A
Slide 3: KKR Overview
KKR Overview Established in 1976, KKR is a global investment firm with industry-leading investment experience and a strong culture committed to teamwork $723 billion ~3,000 KKR Multi-asset 28 KKR 49 Years in AUM employees experience offices across Credit & across across 4 continents Liquid Strategie
Slide 4: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead Purpose-built business model with three High-growth growth engines to drive recurring earnings industry with Leveraging our leadership in key core strengths Asset Strategic markets Management Insurance Holdings ✓ Growing alternatives ✓ Differentiated ✓ Leading
Slide 5: Evolution And Growth Of Our Business
Evolution And Growth Of Our Business ($ in billions, except per share data) Three Segments 2019 3Q’25 LTM Scaling of Strategic Existing Insurance Asset Holdings Management Asset Businesses Management Assets Under Initial acquisition in Strategic Insurance Management February 2021 Introduced as a Hol
Slide 6: A Strong 3Q'25 LTM Across Key Metrics
Year-Over-Year LTM Growth A Strong 3Q’25 LTM Across Key Metrics Strong Financial Results $ 723bn +16% • Management Fees → +16% LTM 3Q’25 vs. LTM 3Q’24 AUM • Fee Related Earnings → +16% LTM 3Q’25 vs. LTM 3Q’24 • Adjusted Net Income → +17% LTM 3Q’25 vs. LTM 3Q’24 Robust Fundraising Momentum Continues
Slide 7: Our Capital Allocation Toolkit
Our Capital Allocation Toolkit Core Private Equity Insurance Share Buybacks Strategic M&A Our objective for capital allocation is to generate recurring and durable, growth-oriented earnings per share Note: The statements above are forward-looking statements. These statements are estimated based on v
Slide 8: KKR's Culture And Values Drive Outcomes
KKR’s Culture And Values Drive Outcomes Teamwork Diversity Best-in-class talent Integrity One P&L and compensation pool Accountability One Collaboration Firm Business building & innovation Relationship-Driven Allows us to maximize the impact of our model Innovation Excellence 8
Slide 9: Our Model
Our Model
Slide 10: Our Model – Three Growth Engines
Our Model – Three Growth Engines Asset Strategic Insurance Management Holdings 10
Slide 11: Asset Management
Asset Management
Slide 12: Scaled And Diversified Assets Under Management
Scaled And Diversified Assets Under Management Assets Under Management ($ in billions) $723 $723 $33 Liquid Strategies $638 $139 Alternative Credit $553 $504 $471 $143 Leveraged Credit +18% CAGR $85 Real Estate $252 $102 Infrastructure & Energy(1) $218 $195 $168 $62 Growth Equity & Core PE $120 $130
Slide 13: Differentiated Value Creation Toolkit
Differentiated Value Creation Toolkit CAPSTONE KKR ADVISORS KKR CAPITAL MARKETS GLOBAL MACRO KKR GLOBAL INSTITUTE ASSET ALLOCATION PUBLIC POLICY & GLOBAL CLIENT SUSTAINABILITY SOLUTIONS 13
Slide 14: Diversified & Fast-Growing Management Fee Profile
Diversified & Fast-Growing Management Fee Profile Other(1) ~25% Core PE CAGR Growth Equity Real Estate Infrastructure Alternative Credit Leveraged Credit Traditional PE Distinct strategies in Americas, Europe and Asia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q'25 A
Slide 15: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Estate
Slide 16: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth 50%+ Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Es
Slide 17: Continued Fundraising Momentum
Continued Fundraising Momentum 30+ Strategies Targeted To Raise Capital New Capital Raised In The Next 12-18 Months ($ in billions) Including four major flagship strategies Private Equity Private Equity Real Assets • North America Private Equity • Customized Portfolio Solutions Credit & Liquid Strat
Slide 18: Private Wealth Approach Positions KKR To Win
Private Wealth Approach Positions KKR To Win Traditional Family Capital Drawdown Office & K-Series Group & Perpetual Ultra HNW Partnership Vehicles Growing K-Series AUM Partnership with: ($ in billions) $32 >2x $15 First Two Public-Private Fixed Income Investment Solutions Launched in April 2025 New
Slide 19: Insurance
Insurance
Slide 20: Overview Of Global Atlantic
Overview Of Global Atlantic Leading insurance company with a 20-year track record of serving the retirement & life insurance needs of individuals & institutions • Founded at Goldman Sachs in 2004 and separated as an independent company in 2013 • In February 2021, GA was initially acquired by KKR as
Slide 21: Two Complementary Channels
Two Complementary Channels Individual Markets Institutional Markets Block Fixed & Indexed Annuities Reinsurance for Annuity and Flow Life Insurance Products Insurance Companies Pension Risk Transfer (PRT) for Individuals Preneed Insurance Funding Agreements $13.5 $18.6 Leading Top 3 210+ 41% Top 3 L
Slide 22: Global Atlantic Has Multiple Ways To Grow
Global Atlantic Has Multiple Ways To Grow Global Atlantic has a clear path to doubling assets c Invest in Emerging Opportunities • International Life & Annuity Blocks Improve Positioning in • International Flow Reinsurance b • GA-KKR Wealth Product & Distribution Maturing Businesses • Retirement gro
Slide 23: Invest In Emerging Opportunities – Japan
Invest In Emerging Opportunities – Japan Insurance Landscape – Parallels Between the U.S. and Japan United States Japan ~$4 trillion ~$3 trillion Addressable market Size of Addressable market L&A Reserves(1) Aging population Growing Demand for Already aged population (~17% of population age 65+) Ret
Slide 24: Multiplier Effect: Scaling GA And Asset Management In Tandem
Multiplier Effect: Scaling GA And Asset Management In Tandem …And GA Helps Scale KKR Helps Scale GA Originations… …And Third Party Insurance Capital KKR Existing Platforms… ($ in billions) ($ in billions) ($ in billions) KKR AUM of Asset Classes Average Annual Asset Originations(1) Third Party Insur
Slide 25: Total Insurance Economics
Total Insurance Economics Total Insurance Economics ($ in millions) Global Atlantic-related Capital Markets Fees(1) Ivy and Related Sidecar Fees(1) 100% ownership Insurance Operating Earnings in all periods does not Management Fees Paid by Insurance Segment(1) reflect mark-to-market appreciation of
Slide 26: Strategic Holdings
Strategic Holdings
Slide 27: An Observation: The Asset Management Industry
An Observation: The Asset Management Industry Market Capitalization ($ in billions) $1,267 $1,064 Publicly Listed Asset Managers Globally Note: Market capitalization as of November 6, 2025. Asset Managers inclusive of 3i Group, Aberdeen, Affiliated Managers Group, Allfunds, AllianceBernstein, Amundi
Slide 28: Strategic Holdings Overview
Strategic Holdings Overview Strategic Holdings currently consists of KKR’s direct interest in our Core Private Equity strategy Key Characteristics of a Core Private Equity Business We Have Built An Attractive, Diversified Strategy Lower Leverage Over Industry Diversification(1) Long Duration Hold Pe
Slide 29: Earnings From Strategic Holdings Segment Are Highly Visible
Earnings From Strategic Holdings Segment Are Highly Visible Projected Strategic Holdings Operating Earnings(1) ($ in millions) $1,100+ $700+ $350+ $126 3Q'25 LTM 2026E 2028E 2030E Note: Past performance is no guarantee of future results. Projected Strategic Holdings Operating Earnings (presented abo
Slide 30: Appendix I
Appendix I
Slide 31: Our Earnings Framework
Our Earnings Framework Strategic Expected Insurance Fee Related Holdings Total Operating to be More Operating Stable & Earnings Operating Earnings Recurring Earnings Earnings Net of Compensation and Operating Expenses Net Realized Net Realized Driven by Performance Investment Total Investing Monetiz
Slide 32: Third Quarter 2025 Segment Earnings
Third Quarter 2025 Segment Earnings Note: See Appendix for GAAP reconciliations and other important information. 32
Slide 33: Appendix II
Appendix II
Slide 34: Important Information – Endnotes
Important Information – Endnotes Notes to Page 3 – KKR Overview (1) Size of L&A Reserves: US: Represents total general account reserves of U.S. life insurers as of YE 2024, sourced via S&P Market Intelligence. Japan: Life and Annuities Market as of YE 2023, sourced • KKR offices excludes offices tha
Slide 35: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) FY'19 3Q'24 3Q'25 3Q'24 LTM 3Q'25 LTM Net Income (Loss) - KKR Common Stockholders $ 1,971,685 $ 600,550 $ 859,927 $ 2,991,119 $ 2,271,945 Preferred Stock Dividends 33,364 — 40,430 — 78,166 Net Income (Loss) Attributable to Nonc
Slide 36: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Insurance Operating Earnings $ 238,520 $ 304,653 $ 764,573 $ 841,357 Management Fees, Net Paid by Insurance Segment 119,580 140,465 317,210 408,703 Ivy and Related Sidecar Fees, Net 34,074 43,062
Slide 37: Reconciliation of GAAP to Non-GAAP Shares (Unaudited)
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Weighted Average GAAP Shares of Common Stock Outstanding - Basic 887,444,991 890,961,714 886,618,138 889,984,777 Adjustments: Weighted Average Exchangeable Securities 7,000,723 9,563,161 6,584,764 9,042,584 Weighte
Slide 38: Non-GAAP and Segment Definitions
Non-GAAP and Segment Definitions The key non-GAAP and other operating and performance measures that follow are used by management based compensation, which reduces Income Taxes on Adjusted Earnings during the period. If tax in making operational and resource deployment decisions as well as in assess
Slide 39: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) • Insurance Operating Earnings is the segment profitability measure used to make operating earnings from companies and businesses reported through its Strategic Holdings segment. decisions and to assess the performance of the Insurance segment. This measure
Slide 40: Important Information – Other Legal Disclosures
Important Information – Other Legal Disclosures Past Performance and Investment Returns compounding earnings over a long period of time from such segment, and the belief that such segment is an unconstrained business line); KKR’s ability to grow its AUM, to deploy capital, to realize unrealized Past
Slide 41: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) Forward-Looking Statements (cont’d) • risks related to our insurance activities, including risks involving: possibility of not achieving the intended benefit of the Global Atlantic acquisitions (including a failure to realize anticipated benef
Slide 42: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) Website From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other important information regarding KKR is routinely posted and accessible on the Investor Center for KKR & Co. In