Partners Group Holding Ag · SIX:PGHN
Partners — H1 2025 Earnings Presentation
19 slides from Partners's earnings presentation, 2025
Slide 1: Interim Results 2025
PARTNERS GROUP Interim Results 2025 Built Differently to Build Differently
Slide 2: Our platform delivered solid results in the first half of the year
2 Our platform delivered solid results in the first half of the year USD 12bn Fundraising ▪ Steady client demand led by bespoke solutions ▪ Full-year 2025 guidance of USD 22-27 billion confirmed +10% YoY CHF 854m Management fees ▪ Development broadly in line with avg. AuM in CHF ▪ Management fee mar
Slide 3: Our AuM growth was led by bespoke solutions, continuing a decade-long trend
3 Our AuM growth was led by bespoke solutions, continuing a decade-long trend Total AuM by strategy (USD bn) USD 174bn Bespoke solutions Traditional ▪ Fundraising growth spread across strategies; 56 programs 74% of H1 inflows from bespoke solutions USD 109bn 39 ▪ Mandate flows supported by need for
Slide 4: We continue to drive the tailorization and democratization of private markets
4 We continue to drive the tailorization and democratization of private markets across new client segments and regions Tailorization Democratization Mandate AuM split by size USD 66bn Evergreen AuM (USD bn) (USD bn) USD 52bn 47% Mandates >$500m USD 42bn 54% USD 28bn 53% Mandates <$500m 46% 2020 H1 2
Slide 5: We are increasingly recognized as a partner of choice by leading global financial services firms
5 We are increasingly recognized as a partner of choice by leading global financial services firms seeking private markets capabilities Our comprehensive platform and superior portfolio management capabilities enable innovation 5 asset classes Single lines ~20% ~USD 30bn Relative value access to ent
Slide 6: We confirm our 2025 fundraising guidance, supported by our highly diversified client base
6 We confirm our 2025 fundraising guidance, supported by our highly diversified client base Current AuM split by region Current AuM split by client type (as of 30 June 2025) (as of 30 June 2025) Middle East 3% Private wealth & Public pension Australia Switzerland 7% wealth distribution funds & SWFs
Slide 7: We expect to continue building investment momentum in H2
7 We expect to continue building investment momentum in H2 We are executing on our strong thematic investment pipeline as well as our growth and royalties strategies ▪ Growing operations in new markets to accelerate global growth Humanization while reinforcing supply chain to ensure resilience Buyou
Slide 8: Our H1 performance fees are diversified and supported by strong value creation
8 Our H1 performance fees are diversified and are supported by strong value creation Performance fees by strategy in H1 2025 Realizations stemmed from direct and portfolio assets Private equity direct One of the leading casual dining brands Mandates & in China traditional Evergreens ~68 million 2.7x
Slide 9: Direct investments made over the past decade are an important driver of performance fees
9 Direct investments made over the past decade are an important driver of performance fees in 2025 and beyond USD 84 billion Direct investments USD 56 billion Direct investments Direct1 vs. portfolio Performance fee investments USD 10 billion expectations Direct investments USD 3 billion 2020- ▪ 202
Slide 10: We report solid H1 2025 financials, with strong revenue growth led by performance fees
10 We report solid H1 2025 financials, with strong revenue growth led by performance fees AuM1 Revenues2 Management fees3 Performance fees EBITDA (in USD bn) (in CHF m) (in CHF m) (in CHF m) (in CHF m) +17% +20% +5% +94% +17% 174 1'168 149 977 139 Avg. 854 733 +8% 129 AuM in 815 CHF 627 314 EBITDA 6
Slide 11: Our revenues are underpinned by stable, recurring management fees
11 Our revenues are underpinned by stable, recurring management fees Revenues1 (in CHF m) ▪ Revenues: growth largely driven by Revenues 1'168 performance fees; FX adversely affected Performance fees revenue growth by approximately 3% 977 314 161 Other revenues & ▪ Management fees: developed broadly
Slide 12: Management fee margin remains within our historical bandwidth
12 Management fee margin remains within our historical bandwidth Revenue margin1 2.41% Performance fees Management fees2 1.89% 1.82% 46% 1.74% 1.71% 1.69% Performance 1.64% fees as % of 30% 29% 1.51% 1.51% 1.56% total revenues 1.36% 1.39% 19% 27% 1.35% 1.36% 1.33% 1.39% 1.38% 24% 14% 24% 1.18-1.33%
Slide 13: We increase our performance fee outlook for 2025; outlook for 2026+ is confirmed
13 We increase our performance fee outlook for 2025; outlook for 2026+ is confirmed Performance fees as % of total revenues 25-40% ▪ H1 2025: direct private equity and Performance fees infrastructure drove performance fees 27% CHF 314 ▪ 2025: 2026+ perf. fee range of 25-40% 27% million brought forwa
Slide 14: Our total operating costs were driven by performance fee-funded expenses
14 Our total operating costs were driven by performance fee-funded expenses From revenues to EBITDA (in CHF m) We continue to invest into our future growth at a ~60% operating margin5 H1 2025 H1 2024 ▪ Total operating costs: 25% increase in line with Revenues1 1'168 +20% 977 revenue growth, driven b
Slide 15: Our revenues and costs were affected by FX movements against CHF
15 Our revenues and costs were affected by FX movements against CHF Currency exposure H1 2025 Management fees1 Total costs2 (AuM roughly equivalent) Other ▪ Appreciation of CHF against the GBP 6% 5% USD and EUR3 negatively Other impacted revenues by SGD 5% EUR 7% approximately 3% 48% GBP CHF 11% 39%
Slide 16: Strong financials, balance sheet, and liquidity
16 Strong financials, balance sheet, and liquidity From EBITDA to profit Balance sheet (in CHF m) (as of 30 June 2025) H1 2025 H1 2024 EBITDA Depreciation & amortization 733 -36 +17% 627 -22 2.9 57% CHF billion return on EBIT 697 +15% 605 available liquidity1 equity2 Total financial result, of which
Slide 17: Q&A
Q&A PARTNERS GROUP Ell 17
Slide 18: Contacts
18 Contacts Danica Ruso Corporate Development Unternehmer-Park 3 T +41 41 784 67 67 6340 Baar-Zug danica.ruso@partnersgroup.com Switzerland T +41 41 784 60 00 shareholders@partnersgroup.com www.partnersgroup.com Dr. Adrien-Paul Lambillon Corporate Development T +44 20 7575 2590 adrien-paul.lambillon
Slide 19: Disclaimer
19 Disclaimer This presentation has been prepared by Partners Group Holding AG (the "Company") solely for information purposes and use at the presentation to the respective recipient ("Presentation"). All sources, which have not been otherwise credited, have been derived from Partners Group. The inf
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