The Carlyle Group Inc. · NASDAQ:CG

The Carlyle — Carlyle Group — Q3 2025 Earnings Presentation

39 slides from The Carlyle's earnings presentation, Oct 31, 2025

  1. Slide 1: Carlyle Reports Third Quarter 2025 Financial Results

    CARLYLE Carlyle Reports Third Quarter 2025 Financial Results OCTOBER 31, 2025

  2. Slide 2: Third quarter 2025 results announcement and CEO comment

    WASHINGTON, D.C. AND NEW YORK ~ October 31, 2025 - The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the third quarter ended September 30, 2025. US. GAAP results for Q3 2025 included income before provision for income taxes of $86 million and a margin on income before prov

  3. Slide 3: Forward-looking statements and contacts

    This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2IE of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations, estimate

  4. Slide 4: Slide 4

  5. Slide 5: Carlyle Third Quarter 2025 U.S. GAAP Results

    Carlyle Third Quarter 2025 U.S. GAAP Results Net income attributable to The Carlyle Group Inc. common stockholders was $0.9 million for Q3 2025, or $0.00 per share on a diluted basis Fund management fees Incentive fees Investment income (loss), including performance allocations Revenue from consolid

  6. Slide 6: Carlyle Third Quarter 2025 Highlights

    Carlyle Third Quarter 2025 Highlights Financial Measures Assets Under Management Key Metrics Capital Management Distributable Earnings (“DE”) of $368 million for Q3 2025 on a pre-tax basis, or $0.96 per common share on a post-tax basis, and $1.3 billion, or $3.01 per common share YTD Fee Related Ear

  7. Slide 7: Third Quarter 2025 Total Segment Operating Results

    Carlyle Third Quarter 2025 Total Segment Operating Results Fund management fees $ 1,689.0 Transaction and portfolio advisory fees, net and other 158.1 Fee related performance revenues! 125.7 Total segment fee revenues 1972.8 Realized performance revenues 676.6 Realized principal investment income 11

  8. Slide 8: Distributable Earnings

    Distributable Earnings + Distributable Earnings were $368 million in Q3 2025 and $1.3 billion YTD + Realized Net Performance Revenues were $19 million in Q3 2025 and $234 million YTD + Realized Principal Investment Income was $50 million in Q3 2025 and $113 million YTD Quarterly Distributable Earnin

  9. Slide 9: Fee Related Earnings

    Fee Related Earnings - Fee Related Earnings of $312 million in Q3 2025 increased |2% compared to $278 million in Q3 2024. Fee Related Earnings of $946 million YTD increased by 16% from $817 million in the prior YTD period + FRE margin! of 48% in Q3 2025 increased from 47% in Q3 2024. FRE margin was

  10. Slide 10: Performance Revenues

    Performance Revenues + Net Accrued Performance Revenues! were $2.6 billion as of Q3 2025, down 8% from the prior quarter and down 4% from Q4 2024. The decrease from Q2 2025 primarily reflects the impact of market price decreases of certain public investments in our seventh U.S. buyout fund and fifth

  11. Slide 11: Total Assets Under Management

    Total Assets Under Management Total Assets Under Management of $474 billion at September 30, 2025 increased 2% from the prior quarter. The increase in Q3 2025 was driven by a 6% increase in Carlyle AlpInvest AUM and a 3% increase in Global Credit AUM. Total Assets Under Management was up 6% from one

  12. Slide 12: Performance Fee Eligible Assets Under Management

    Performance Fee Eligible Assets Under Management Performance Fee Eligible AUM4 of $238 billion was up 1% quarter-over-quarter, primarily driven by inflows in our Carlyle AlpInvest funds and 2% appreciation across the carry fund portfolio, partially offset by realizations in our U.S. buyout funds. Pe

  13. Slide 13: Fee-earning Assets Under Management

    Fee-earning Assets Under Management Fee-earning Assets Under Management of $332 billion at September 30, 2025 were up 2% from the prior quarter, driven by a 7% increase in Carlyle AlpInvest and a 3% increase in Global Credit. Fee-earning Assets Under Management were up 6% from one year ago. Pending

  14. Slide 14: Key Metrics Activity

    Key Metrics Activity + Inflows! were $16.9 billion in Q3 2025, driven by our insurance solutions, U.S. and Europe structured credit, and asset-backed finance strategies in Global Credit, as well as our secondaries & portfolio finance, CAPS, and CAPM funds in Carlyle Alpinvest. Inflows of $58.7 billi

  15. Slide 15: Segment Highlights

    Segment Highlights

  16. Slide 16: Global Private Equity

    Global Private Equity + Total AUM was $163 billion as of September 30, 2025, down |% from the prior quarter, as realizations in Q3 2025 more than offset Inflows of $0.6 billion and portfolio appreciation. Inflows in Q3 2025 $124BN were led by fundraising in our U.S. real estate funds. Total AUM Fair

  17. Slide 17: Global Credit

    Global Credit + Total AUM was $208 billion as of September 30, 2025, up 3% from the prior quarter, as Inflows of $9.9 billion and market activity more than offset outflows. Inflows in Q3 2025 were driven by our insurance solutions, U.S. and Europe structured credit, and asset-backed finance SI90BN s

  18. Slide 18: Carlyle AlpInvest

    Carlyle AlpInvest Total AUM was $102 billion as of September 30, 2025, a 6% increase from the prior quarter, as Inflows of $6.3 billion in Q3 2025 and 2% segment appreciation exceeded outflows for the period. Inflows in Q3 2025 reflected fundraising across the segment, notably in our secondaries & p

  19. Slide 19: Supplemental Details

    Supplemental Details

  20. Slide 20: Third Quarter 2025 Total Segment Results

    Carlyle Third Quarter 2025 Total Segment Results "24 YTD3Q25 SEGMENT REVENUES Fund management fees $ 526.5 $ 539.9 $ 525.5 $ 589.6 |$ 573.9 $ 1,567.6]$ 1,689.0 Transaction and portfolio advisory fees, net and other 274 80.6 79 479 323 83.0 158.1 Fee related performance revenues 363 342 395 387 475 9

  21. Slide 21: Total Segment Balance Sheet Highlights

    Total Segment Balance Sheet Highlights + Balance sheet assets attributable to Carlyle shareholders, including cash and equivalents, net accrued performance revenue and investments, net of debt obligations, totaled $5.4 billion at September 30, 2025 + Balance sheet cash totaled $2.2 billion as of Sep

  22. Slide 22: AUM and Fee-earning AUM Roll Forward

    AUM and Fee-earning AUM Roll Forward Total AUM Roll Forward in millions Three Months Ended September 30, 2025, Twelve Months Ended September 30, 2025 Global Private Global Carlyle Global P Global Carlyle Equity Credi Alpinvest Total Equity Credit Alpinvest Total Balance, Beginning of Period 165,057

  23. Slide 23: Global Private Equity Fund Performance

    Global Private Equity Fund Performance TOTAL INVESTMENTS REALIZED/PARTIALLY REALIZED As of September 30, 2025 INVESTMENTS(5) ‘As of September 30,2025 Cumulative Remaining ‘Net Accrued Committed Invested Percent ©——Realized Fal MOIC —GrossIRR_—_Net IRR Carry/ Total MOIC ——GrossiRR Fund (Fee ntiation

  24. Slide 24: Global Private Equity Fund Performance, continued

    Global Private Equity Fund Performance, continued TOTAL INVESTMENTS REALIZED/PARTIALLY REALIZED As of September 30, 2025 INVESTMENTS(5) As of September 30,2025, ‘Cumulative Remaining ‘Net Accrued Committed Invested Percent «= Realized «Fal MOIC —GrossIRR_—_Net IRR Carry/ Total MoIC ——GrossiRR Fund (

  25. Slide 25: Global Credit Fund Performance

    Global Credit Fund Performance CARRY FUNDS TOTAL INVESTMENTS Committed “invented” Percent —=—Realzed_—‘Remaningair—«MOIC——GrossinR—_ Net Net Accrued Fund (ee Iitation Date /Stepdown Date)27) Capita2s) ——capitale)——tnvested—=—=Value(@) value) @ (02) OMG) carryGvebnek.0 CCOF -Levered(Feb2023/ 0:1 2028

  26. Slide 26: Carlyle AlpInvest Fund Performance

    Carlyle AlpInvest Fund Performance TOTAL INVESTMENTS: ‘As of September 30,2025 ‘Cumulative Vintage Invested Capital Realized Value Remaining _—‘Total Value Gross IRR NetIRR Net Accrued Carry/ Carlyle Alplnvest (2125) Year Fund Size (ea) @2) FairValue(22)_(9)(22) Moicc) ——(12)(23) (12)@8)_(Giveback)

  27. Slide 27: Reconciliations & Disclosures

    z| ‘econciliations & Disclosures

  28. Slide 28: Reconciliation for Distributable Earnings Per Share

    Reconciliation for Distributable Earnings Per Share (Unaudited) Our estimated DE effective tax rate was 6.0% for Q3 2025 and 13.1% YTD. Our YTD rate reflects the impact of tax deductions resulting from the vesting of restricted stock units and the amortization of intangible assets, partially offset

  29. Slide 29: Reconciliation of GAAP to Total Segment Information

    Reconciliation of GAAP to Total Segment Information INCOME (LOSS) BEFORE PROVISION FORINCOMETAXES $ 7888 $ 2654 $ 1710$ 4406/s 858] $ 1,1283/$ 697.4] $ (6009) $ 1,393.7 Adjustments: Nes un eataeel pot formonce ort fee related (564.4) (103) 900 (124.3) 244.6 e64} 210.3 16592 (396.7) performance reven

  30. Slide 30: Reconciliation of GAAP to Total Segment Information, continued

    Reconciliation of GAAP to Total Segment Information, continued Total Reportable | Consolidated | Reconciling (Dollars in millions) Segments Funds Items Three Months Ended September 30, 2024 Revenues $ 895.0 $ 180.1 $ 1,560.1 $ Expenses, $ 527.9 $ 160.6 $ 1,160.4 $ Other income (loss) $ -$ 25 $ -$ Di

  31. Slide 31: Reconciliation of GAAP to Total Segment Information, continued

    Reconciliation of GAAP to Total Segment Information, continued (Dollars in ions) Performance revenues Performance revenues related compensation expense Net performance revenues Principal investment income (loss) Performance revenues Performance revenues related compensation expense Net performance r

  32. Slide 32: Reconciliation of GAAP to Total Segment Information, continued

    Reconciliation of GAAP to Total Segment Information, continued YTD 3Q'24 YTD3i REVENUE RECONCILING ITEMS Unrealized performance and fee related performancerevenues $ 1,495.1 $ 11.0 $ (1973) $ 331.0|$ (632.0) $ 1,0209]$ (498.3) $ (1,046.6) $ 1,031.9 Unrealized principal investment income (loss) 18 (2

  33. Slide 33: Reconciliation for Total Segment Information, continued

    Reconciliation for Total Segment Information, continued RECONCILIATION OF TOTAL INVESTMENTS ATTRIBUTABLE TO THE CARLYLE GROUP INC. 09/3 RECONCILIATION OF ACCRUED PERFORMANCE ALLOCATIONS ACCRUED PERFORMANCE ALLOCATIONS, NET OF INVESTMENTS, EXCLUDING PERFORMANCE ALLOCATIONS $ 3,559.1. ACCRUED GIVEBACK

  34. Slide 34: GAAP Statement of Operations (Unaudited)

    GAAP Statement of Operations (Unaudited) YTD 3Q'24 YTD 31 FY'23, FY'24 Fund management fees $ 5327 $ 5974 $ 586.1 $ 6204 |$ 5833 $1,590.7 |$1,789.8 $2,043.2 $2,188.1 Incentive fees 387 373 43.2 40.5 514 962 | 135.1 9371335 Investment income (loss) Performance allocations 1,785.5 189.0 222.9 638.8 (6

  35. Slide 35: GAAP Balance Sheet (Unaudited)

    GAAP Balance Sheet (Unaudited) (Dollars in millions ASSETS Cash and cash equivalents $ 22217 $ -$ -$ 2,221.7 Cash and cash equivalents of Consolidated Funds = 1,037.3 = 1,037.3 Investments, including performance allocations of $6.956.3, 1,436.1 - (920.7) 10,5154 Investments of Consolidated Funds - 1

  36. Slide 36: Notes

    Notes Dividend Policy Our dividend policy for our common stock is an annual rate of $1.40 per share ($0.35 per common share on a quarterly basis). The declaration and payment of any dividends to holders of our common stock are subject to the discretion of our Board of Directors, which may change our

  37. Slide 37: Notes, continued

    Notes, continued Notes on Assets Under Management (Pages II-I5) (continued) (7) Pending Fee-earning Assets Under Management refers to commitments that have been raised and will become Fee-earning Assets Under Management upon the activation of recurring fund management fees on the commitments, or as

  38. Slide 38: Notes, continued

    Notes, continued Notes on Fund Performance Tables (Pages 23-26) (continued) (8) Represents remaining fair value, before management fees, expenses and carried interest, and may include remaining escrow values for realized investments. (4) Multiple of invested capital (MOIC’) represents total fair val

  39. Slide 39: Notes, continued

    Notes, continued Notes on Fund Performance Tables (Pages 23-26) (continued) (2!) Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments originated by Alpinvest. Excluded from the performance information shown are: (a) investments that were not o

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