Slide 1: Business update H1 2026 & outlook 2026
Business update H1 2026 & outlook 2026
Slide 2: AuM Update: Record fundraising; cautious investment approach; preparing realizations
2 1 AuM Update: Record fundraising; cautious investment approach; preparing realizations $16bn Raised ▪ Broad-based fundraising across offerings and asset classes ▪ Solid pipeline for H2 2026 $9bn Invested ▪ Selective direct deployment in volatile period ▪ Strong focus on value creation in portfolio
Slide 3: Business Update: >80% of our platform is delivering strong results
3 2 Business Update: >80% of our platform is delivering strong results… Clients Platform ▪ Record client demand based on broad platform, diversified client base, and strong track record ▪ Successful Infra fundraise enabled by differentiated next-generation platform-building strategy ▪ Accelerated ex
Slide 4: Table of contents
4 Table of contents 1AuM Update 1 AuM Update 2Business Update 2 Business Update 3Outlook 3 Outlook
Slide 5: We generated USD 16 billion in client demand in H1
5 We generated USD 16 billion in client demand in H1 Fundraising by strategy Fundraising by asset class Royalties Traditional programs 5% 48% Mandates1 Private Equity 26% 19% Private Credit 25% $16 $16 billion billion Real Estate Evergreens Infrastructure 26% 13% 38% Bespoke Equity solutions strateg
Slide 6: Record fundraising driven by diversified demand across strategies
6 Record fundraising driven by diversified demand across strategies H1 2026 continued the strong 2025 momentum… …supported by traction across all asset classes Fundraising 2023-2026 Fundraising by asset class (USD bn) (in USD bn) $26-32bn PE direct Infrastructure Next PE Flagship program programs di
Slide 7: Evergreen net flows only modestly positive in H1 impacted by higher redemptions
7 Evergreen net flows only modestly positive in H1 impacted by higher redemptions 80% of H1 inflows driven by broader platform… …with majority of redemptions from mature strategies Historical evergreen inflows Redemptions H1 2026 (in USD bn) (in USD bn) $9.4bn Broader evergreen $8.4bn platform 21% 3
Slide 8: We made USD 9 billion in new investments in H1
8 We made USD 9 billion in new investments in H1 Investments H1 20261 Equity Direct assets1 15% (Direct equity and direct lending investments) 36% ▪ Cautious activity due to geopolitical and macro uncertainty; Second & prim. PE bid-ask spread often high relative to potential outlook 40% $9 Direct cr
Slide 9: We generated USD 9 billion in realizations in H1
9 We generated USD 9 billion in realizations in H1 Portfolio realizations H1 2026 Portfolio assets 40% Second. ▪ Realizations driven by successful private equity and & prim. Equity $9 40% 42% infrastructure investments ▪ H1 realizations lower due to significant exits end of 2025 billion ▪ Broad dire
Slide 10: Exit activity highlights benefits of diversified platform
10 Exit activity highlights benefits of diversified platform ▪ Developed GW-scale powered landbank and Pan-Nordic data center operator, expanded capacity across the Nordics Data center offering cost effective and high- >2.5x performance compute ▪ Commercialization success across enterprise, TVPI1 In
Slide 11: AuM development in H1
11 AuM development in H1 H1 2026 AuM bridge (in USD bn) 16.0 -6.6 ▪ Tail-downs: mainly formula-based in -3.8 traditional programs and mandates -4.6 (pre-agreed with clients) 186.0 184.9 ▪ Others: AuM changes in programs mainly based on NAV development4 ▪ Foreign exchange rates: mainly EUR depreciati
Slide 12: Table of contents
12 Table of contents 1AuM Update 1 AuM Update 2Business Update 2 Business Update 3Outlook 3 Outlook
Slide 13: Diversified investment platform with ~85% at or above plan
13 Diversified investment platform with ~85% at or above plan… Overview of investment platform (in % of total NAV per Q1 2026) Private Credit Private Equity ~10% assets below plan assets below plan ($12bn) Assets below plan, reflected in H1 performance ~1% ($1bn) ▪ ~10%: Select 2018-2022 vintage inv
Slide 14: Higher concentration of challenging vintages in mature PE evergreens
14 Higher concentration of challenging vintages in mature PE evergreens… Industry-wide headwinds in 2019-2022 assets… …more concentrated in mature PE evergreens than in mandates Current multiples of PE Direct Funds Average annual deployment Exposure as a % of (in USD bn) Vintage split: PE evergreens
Slide 15: Strong performance across our broader evergreen platform
15 Strong performance across our broader evergreen platform… New funds well positioned to meet long-term return targets¹… …with some strategies among the leaders in the industry Overview of Partners Group evergreen strategies Partners Group infrastructure evergreen vs. peers (Net annual performance
Slide 16: Moderate mid-term evergreen growth with $20-30bn expected from broader platform and JVs
16 Moderate mid-term evergreen growth with $20-30bn expected from broader platform and JVs… Net outflows in mature evergreens… …compensated by future growth from more diversified platform Platform AuM breakdown Evergreen AuM (per H1 2026; $186bn) (in USD bn) Long-term outlook Evergreens 29% Traditio
Slide 17: Table of contents
17 Table of contents 1AuM Update 1 AuM Update 2Business Update 2 Business Update 3Outlook 3 Outlook
Slide 18: We confirm our 2026 fundraising guidance
18 We confirm our 2026 fundraising guidance Fundraising outlook 2026 expected new assets: USD 26-32 billion 2026 new client demand & tail-down guidance $26-32bn ▪ Expected new assets: USD +26 to +32 billion $26bn full-year guidance ▪ Tail-downs1: USD -10 to -13 billion due to tail- down of certain f
Slide 19: Mid-term performance income outlook of 25-40% confirmed
19 Mid-term performance income1 outlook of 25-40% confirmed Performance fees 2023-2025 Performance Income & Realizations Outlook (in CHF) By asset class By strategy 25-40% of revenues1 Other Expected 13% Realizations Evergreens 26% of revenues2 36% 2028 ~$30bn CHF 1.7bn 1'698 fees Performance 1.7 1.
Slide 20: Q&A
Q&A 20 PARTNERS GROUP Ell
Slide 21: Contacts
21 Contacts Dr. Adrien-Paul Lambillon Co-Head Corporate Development Unternehmer-Park 3 6340 Baar-Zug T +44 20 7575 2590 Switzerland adrien-paul.lambillon@partnersgroup.com T +41 41 784 60 00 shareholders@partnersgroup.com www.partnersgroup.com Danica Ruso Co-Head Corporate Development T +41 41 784 6
Slide 22: Disclaimer
22 Disclaimer This Presentation was created and delivered with the target audience of shareholders. This Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy any product of the Company in any jurisdiction or