Kkr & Co. Inc. · NYSE:KKR
Kkr & — Shareholder Meeting (March 2026)
39 slides from Kkr &'s shareholder meeting presentation, Mar 2, 2026
Slide 1: KKR & Co. Inc. Special Meeting of Stockholders
KKR & Co. Inc. Special Meeting of Stockholders 11:30 A.M., Eastern Time Tuesday, April 21, 2026 Virtual Meeting Site: www.virtualshareholdermeeting.com/KKR2026SM
Slide 2: Table of Contents
Table of Contents Section Page Executive Summary 4 Proposals for the Special Meeting 5 Overview of KKR 6 - 12 Earnings Frameworks 13 - 18 Performance 19 - 20 Corporate Governance 21 - 23 1 2 3 4 5 6 2
Slide 3: Legal Disclosures
Legal Disclosures 2 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
Slide 4: Executive Summary: Preparing for the One Share, One Vote Structure
KKR is pleased to invite you to the Special Meeting to be held on April 21, 2026, at 11:30 A.M., E.T. By no later than December 31, 2026, the “Sunset Date”, shares of our common stock will have the right to elect the Company’s directors and exercise all other customary voting rights on a one vote pe
Slide 5: Proposals for the Special Meeting
Voting Item Description S&P 500 Prevalence(1) Board Recommendation Proposal 1 – Supermajority Voting Amendment Eliminates legacy partnership 90% supermajority voting requirement to amend certain provisions of the Company’s Second Amended and Restated Certificate of Incorporation (the “Existing Chart
Slide 6: Overview of KKR
Overview of KKR
Slide 7: KKR Overview
KKR Overview Note: The employee and office metrics exclude approximately 800 additional employees who sit within a KKR subsidiary organization and who are located at other offices. See Appendix endnotes for additional information regarding employee count. 50 Years of investment experience $744 billi
Slide 8: KKR's Culture And Values Drive Outcomes
KKR’s Culture And Values Drive Outcomes One Firm 10 Work Together Stay Curious, Be Creative Pursue Excellence Earn Like & Trust Remember, People are Counting on Us Best-in-class talent One P&L and compensation pool Collaboration Business building & innovation Allows us to maximize the impact of our
Slide 9: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead High-growth industry with leadership in key markets Leveraging our core strengths Growing alternatives industry Insurance Asia Pacific / Japan Infrastructure / Climate Private Credit / ABF Private Wealth Investing acumen Capital allocation Collaborative cultur
Slide 10: Assets Under Management – Scaled And Diversified
Assets Under Management – Scaled And Diversified Assets Under Management ($ in billions) $167 $41 $62 $60 $83 $100 $107 $120 $130 $168 $195 $218 $252 $471 $504 $553 $638 $744 $21 $107 $86 $145 $143 $34 $744 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 +18% 10
Slide 11: Global Atlantic Overview
Global Atlantic Overview 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, Global Atlantic was initially acquired by K
Slide 12: Strategic Holdings Overview
Strategic Holdings Overview Strategic Holdings acquires and manages interests in operating companies that are owned by the firm. Today, those companies primarily consist of our participation in our core private equity strategy Key Characteristics of a Core Private Equity Business High-Quality Manage
Slide 13: Our Earnings Framework
Our Earnings Framework
Slide 14: 2025 GAAP Results (Unaudited)
2025 GAAP Results (Unaudited) GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $2.3 billion for the full year 2025 ($ in thousands, except per share data) 4Q'24 4Q'25 FY'24 FY'25 Revenues Asset Management and Strategic Holdings $ 1,426,239 $ 2,210,425 $ 7,212,246 $ 7,835
Slide 15: Our Earnings Framework
Our Earnings Framework Fee Related Earnings Insurance Operating Earnings Strategic Holdings Operating Earnings Net Realized Performance Income Interest Expense, Net & Other Income Taxes on Adj. Earnings Net Realized Investment Income Expected to be More Stable & Recurring Net of Compensation Net of
Slide 16: A Strong 2025 Across Key Metrics
A Strong 2025 Across Key Metrics Strong Financial Results Management Fees +18% in 2025 vs. 2024, both with and without catch-up fees Fee Related Earnings +14% in 2025 vs. 2024 Adjusted Net Income +4% in 2025 vs. 2024; excluding the impact of the carried interest repayment obligation realized i
Slide 17: Our Earnings Framework – Compensation Ratios
Our Earnings Framework – Compensation Ratios Current Compensation Ratios Revenue Stream Fee Related Revenues 15-20% of fee revenues Realized Carried Interest 70-80% of realized carried interest Realized Investment Income 10-20% of realized investment income KKR’s compensation ratios are largely succ
Slide 18: KKR Has The Lowest Compensation Ratio In The Industry
KKR Has The Lowest Compensation Ratio In The Industry And The Most Success-Based Compensation Approach Source: Note: (1) (2) (3) (4) Fee Related Compensation Ratios(1) Performance Related Compensation Ratios(2) 17.5% 26% 27% 34% 2025 KKR Peer 1 Peer 2 Peer 3 Peer 4 43% 62% 69% 34% 77% 57% 2025 KKR P
Slide 19: Our Performance
Our Performance
Slide 20: KKR Long-Term Performance Is Differentiated
2,072% 438% 513% 732% KKR Long-Term Performance Is Differentiated KKR’s total return over 3 years, 5 years, and since NYSE listing (July 2010) remains differentiated relative to the S&P 500, S&P 500 Financials and Dow Jones US Asset Managers indices Source: Bloomberg. Data as of December 31, 2025. 5
Slide 21: Our Corporate Governance
Our Corporate Governance
Slide 22: KKR's Evolution As A Public Company
Majority Independent Board NYSE listing in July Scott Nuttall and Joe Bae named Co-Presidents and Co-COOs in July KKR converts from publicly traded partnership to corporation in July Transition of Co-Founders to Current Co-CEO Structure in October Reorganization agreement commits to One Share, One V
Slide 23: Governance Best Practices and Post-Sunset Date Additions
Expected Post-Sunset Date Additions 22 Existing Governance Best Practices Majority Independent Board No classified Board 100% independent Audit Committee 100% independent Risk Committee Regular executive sessions of Independent Directors at Board meetings Annual Board self-evaluations Ability of sto
Slide 24: Appendix I: Additional Proposal Details
Appendix I: Additional Proposal Details
Slide 25: Proposal 1: Supermajority Voting Amendment
Proxy Statement - Stockholder Proposal 1: Supermajority Voting Amendment 25 Voting Item Description S&P 500 Prevalence Proposed Board Recommendation Proposal 1 – Supermajority Voting Amendment Eliminates legacy partnership 90% supermajority voting requirement to amend certain Existing Charter provis
Slide 26: Proposal 2: Stockholder Action Amendment
Proxy Statement - Stockholder Proposal 2: Stockholder Action Amendment 25 Voting Item Description S&P 500 Prevalence Proposed Board Recommendation Proposal 2 – Stockholder Action Amendment Provides that all actions on which holders of common stock are required or permitted to vote must be taken at a
Slide 27: Proposal 3: Vacancy Amendment
Proxy Statement - Stockholder Proposal 3: Vacancy Amendment 25 Voting Item Description S&P 500 Prevalence Proposed Board Recommendation Proposal 3 – Vacancy Amendment Grants the Board the sole authority to temporarily fill director vacancies until all stockholders have the opportunity to vote on the
Slide 28: Proposal 4: Technical and Clarifying Amendments
Proxy Statement - Stockholder Proposal 4: Technical and Clarifying Amendments 25 Voting Item Description S&P 500 Prevalence Proposed Board Recommendation Proposal 4 – Technical and Clarifying Amendments Permits the Board to fix the size of the board of directors and to streamline the Existing Charte
Slide 29: Proposal 5: Adjournment of Special Meeting
Proxy Statement - Stockholder Proposal 5: Adjournment of Special Meeting 25 Voting Item Description S&P 500 Prevalence Proposed Board Recommendation Proposal 5 – Adjournment of Special Meeting Authorizes adjournment for up to 30 days, from time to time, if votes are insufficient to adopt all these p
Slide 30: Appendix II: Reconciliations and Endnotes
Appendix II: Reconciliations and Endnotes
Slide 31: Important Information – Endnotes
Important Information – Endnotes 31 Note to Page 4 – Executive Summary The “Sunset Date” will be the earlier of (i) December 31, 2026 and (ii) the six-month anniversary of the first date on which the death or permanent disability of both Mr. Henry Kravis and Mr. George Roberts has occurred (or any e
Slide 32: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) Note: For the three months ended December 31, 2025, Transaction-related and Nonoperating items includes (i) $35 million related to transaction-related costs and other corporate actions, and (ii) $12 million of costs associated with certain inte
Slide 33: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 4Q'24 4Q'25 FY'24 FY'25 Insurance Operating Earnings $ 249,973 $ 268,038 $ 1,014,546 $ 1,109,395 Management Fees, Net Paid by Insurance Segment 126,010 147,266 443,220 555,969 Ivy and Related Sidecar Fees, Net 37,787 46,336 138
Slide 34: Non-GAAP and Segment Definitions
Non-GAAP and Segment Definitions 31 The key non-GAAP and other operating and performance measures that follow are used by management in making operational and resource deployment decisions as well as in assessing the performance of KKR's business. They include certain financial measures that are cal
Slide 35: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) 31 Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) N
Slide 36: Important Information – Other Legal Disclosures
Important Information – Other Legal Disclosures 31 Past Performance and Investment Returns Past performance is not a guarantee of future results. Information about any fund or strategy and investments made by such fund or strategy, including past performance of such fund, strategy or investment, is
Slide 37: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) 31 Forward-Looking Statements (cont’d) These statements are subject to numerous risks, uncertainties and assumptions, including those listed here in the above and below paragraphs and described under the section entitled “Risk Factors” in KKR
Slide 38: Forward-Looking Statements (cont'd)
Forward-Looking Statements (cont’d) These statements are subject to numerous risks, uncertainties and assumptions, including those listed here in the above and below paragraphs and described under the section entitled “Risk Factors” in KKR & Co. Inc.’s Annual Report on Form 10 ‐ K for the year ended
Slide 39: Website and KKR Entities
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. Inc. at https://ir.kkr.com/. Information on these websites