Kkr & Co. Inc. · NYSE:KKR
Kkr & — Investor Presentation (February 2026)
50 slides from Kkr &'s investor presentation, Feb 25, 2026
Slide 1: KKR & Co. Inc. Overview Presentation
KKR & Co. Inc. Overview February 7,Presentation 2023 – 4Q’25 February 2026
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 $744 billion ~4,200 Multi-asset 36 global 50 Years in AUM employees(1) experience offices across Credit & ~2,700 Liquid Strategies Asset Management
Slide 4: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead Purpose-built business model with three High-growth growth engines to drive recurring earnings industry with Leveraging our leadership in key core strengths Asset Strategic markets Management Insurance Holdings ✓ Growing alternatives ✓ Differentiated ✓ Leading
Slide 5: Evolution And Growth Of Our Business
Evolution And Growth Of Our Business ($ in billions, except per share data) Three Segments 2020 2025 Scaling of Strategic Existing Insurance Asset Holdings Management Asset Businesses Management Assets Under Initial acquisition in Strategic Insurance Management February 2021 Introduced as a Holdings
Slide 6: A Strong 2025 Across Key Metrics
Year-Over-Year Growth A Strong 2025 Across Key Metrics Strong Financial Results $ 744bn +17% • Management Fees → +18% in 2025 vs. 2024, both with and without AUM catch-up fees • Fee Related Earnings → +14% in 2025 vs. 2024 • Adjusted Net Income → +4% in 2025 vs. 2024; excluding the impact of the car
Slide 7: 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 7
Slide 8: Our Model
Our Model
Slide 9: Our Model – Three Growth Engines
Our Model – Three Growth Engines Asset Strategic Insurance Management Holdings 9
Slide 10: Asset Management
Asset Management
Slide 11: Scaled And Diversified Assets Under Management
Scaled And Diversified Assets Under Management Assets Under Management ($ in billions) $744 $744 $34 Liquid Strategies $638 $143 Alternative Credit $553 $504 $471 $145 Leveraged Credit +18% CAGR $86 Real Estate $107 Infrastructure & Energy $252 $218 $195 $21 Growth Equity $168 $41 Core Private Equit
Slide 12: Differentiated Value Creation Toolkit
Differentiated Value Creation Toolkit CAPSTONE KKR ADVISORS KKR CAPITAL MARKETS GLOBAL MACRO KKR GLOBAL INSTITUTE ASSET ALLOCATION PUBLIC POLICY & GLOBAL CLIENT SUSTAINABILITY SOLUTIONS 12
Slide 13: Diversified & Fast-Growing Management Fee Profile
Diversified & Fast-Growing Management Fee Profile Other(1) +23% CAGR Core PE Growth Equity Real Estate Infrastructure Alternative Credit Leveraged Credit Traditional PE Distinct strategies in Americas, Europe and Asia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 No
Slide 14: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Estate
Slide 15: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth 50%+ Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Es
Slide 16: Continued Fundraising Momentum
Continued Fundraising Momentum 30+ Strategies Targeted To Raise Capital New Capital Raised In The Next 12-18 Months ($ in billions) Including four major flagship strategies Private Equity Private Equity Real Assets • North America Private Equity • Customized Portfolio Solutions Credit & Liquid Strat
Slide 17: 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 ($ in billions) $35 Strategic Partnership Recent Developments: 2x First Two Public-Private Fixed Income Investment Solutions Launch
Slide 18: Insurance
Insurance
Slide 19: 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 20: 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 $21.0 Leading Top 3 200+ 41% Top 3 L
Slide 21: Global Atlantic Has Multiple Ways To Grow
Global Atlantic Has Multiple Ways To Grow Global Atlantic has a clear path to doubling assets c Invest in Emerging Opportunities • International Life & Annuity Blocks Improve Positioning in • International Flow Reinsurance b • GA-KKR Wealth Product & Distribution Maturing Businesses • Retirement gro
Slide 22: Multiplier Effect: Scaling GA And Asset Management In Tandem
Multiplier Effect: Scaling GA And Asset Management In Tandem …And GA Helps Scale KKR Helps Scale GA Originations… …And Third Party Insurance Capital KKR Existing Platforms… ($ in billions) ($ in billions) ($ in billions) KKR AUM of Asset Classes Average Annual Asset Originations(1) Third Party Insur
Slide 23: Global Atlantic AUM And Total Insurance Economics
Global Atlantic AUM And Total Insurance Economics Global Atlantic AUM Total Insurance Economics ($ in billions) ($ in millions) Insurance Operating Ivy and other sponsored reinsurance vehicles Global Atlantic-related Capital Markets Fees(1) Earnings in all periods do not Global Atlantic Ivy and Rela
Slide 24: Strategic Holdings
Strategic Holdings
Slide 25: An Observation: The Asset Management Industry
An Observation: The Asset Management Industry Market Capitalization ($ in billions) $1,153 $1,072 Publicly Listed Asset Managers Globally Note: Market capitalization as of February 19, 2026. Asset Managers inclusive of 3i Group, Aberdeen, Affiliated Managers Group, Allfunds, AllianceBernstein, Amund
Slide 26: Strategic Holdings Overview
Strategic Holdings Overview Strategic Holdings primarily 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 27: Acquisition of Arctos
Acquisition of Arctos
Slide 28: Arctos – A Unique And Compelling Strategic Acquisition
Arctos – A Unique And Compelling Strategic Acquisition KKR has agreed to acquire 100% of Arctos for $1.4 billion in initial consideration subject to vesting plus additional future equity tied to both KKR share price and business-specific performance targets • Initial consideration includes: i) $900
Slide 29: Arctos Acquisition – Consistent With Our M&A Strategy
Arctos Acquisition – Consistent With Our M&A Strategy Consideration Transaction Benefits Large Addressable • Large addressable markets across sports, GP solutions and secondaries Market With Right To Win • Leading franchise with deep expertise and proven track-record • Immediately establishes meanin
Slide 30: KKR Is Creating A New Investing Business With Multiple Ways To Win
KKR Is Creating A New Investing Business With Multiple Ways To Win KKR Solutions 1 Sports 2 Keystone (GP Solutions) 3 New Secondaries Strategies Arctos already a leader Senior Arctos team members have been leaders in the secondaries space throughout their careers Originating and Sourcing Across the
Slide 31: KKR's Differentiated Asia Platform
KKR’s Differentiated Asia Platform
Slide 32: Asia Is The Driver Of Global Growth
Asia Is The Driver Of Global Growth The Asia Pacific Growth Outlook is Massive Significant Runway for Alternatives in Asia Pacific 2025E to 2030E ($ in billions) Contribution to Global Real GDP Growth (%)(1) Alternatives AUM as a % of GDP(2) Asia US expected to 9% drive ~60% 24% of total Europe glob
Slide 33: Massive Opportunity In Japan
Massive Opportunity In Japan Japanese Conglomerates Still Have a We See Opportunities to Unlock Value by Large Number of Subsidiaries Creating Simplicity out of Complexity # of Subsidiaries and Affiliates Under Major Japanese Conglomerates(1) Price to Book Multiple of Tokyo Stock Exchange-Listed Com
Slide 34: Insurance – Invest In Emerging Opportunities – Japan
Insurance – Invest In Emerging Opportunities – Japan Insurance Landscape – Parallels Between the U.S. and Japan United States Japan ~$4 trillion ~$3 trillion Addressable market Size of Addressable market L&A Reserves(1) Aging population Growing Demand for Already aged population (~18% of population
Slide 35: KKR Is The Leading Franchise In Asia Pacific
KKR Is The Leading Franchise In Asia Pacific Diversification Across Asset Classes Best-In-Class Performance Recognized by the Market ($ in billions) Assets Under Management 2024 Asia Pacific Awards Across Asset Classes $80+ Asia Credit • AVCJ Exit of the Year – IPO Asia Infrastructure • PEI Exit of
Slide 36: Local 'Boots On The Ground' Approach
Local ‘Boots On The Ground’ Approach Key: Country: # of Employees ~900 employees across Asia Pacific GREATER CHINA: 47 KOREA: 33 • 40+ investments since inception • 20+ investments since inception JAPAN: 65 + 157 KJRM specialists • 20+ investments since inception INDIA: 363 • 30+ investments since i
Slide 37: Appendix I
Appendix I
Slide 38: Our Earnings Framework
Our Earnings Framework Strategic Expected Insurance Fee Related Holdings Total Operating to be More Operating Stable & Earnings Operating Earnings Recurring Earnings Earnings Net of Compensation and Operating Expenses Net Realized Net Realized Driven by Performance Investment Total Investing Monetiz
Slide 39: Fourth Quarter 2025 Segment Earnings
Fourth Quarter 2025 Segment Earnings ($ in thousands, except per share data) 4Q'24 4Q'25 FY'24 FY'25 Management Fees $ 906,118 $ 1,124,191 $ 3,461,381 $ 4,100,841 Transaction and Monitoring Fees, Net 323,797 268,695 1,165,884 1,092,577 Fee Related Performance Revenues 25,091 33,593 137,992 181,784 F
Slide 40: Appendix II
Appendix II
Slide 41: Important Information – Endnotes
Important Information – Endnotes Note to Page 3 – KKR Overview Notes to Page 23 – Global Atlantic AUM And Total Insurance Economics • 800 additional employees includes employees from certain of our majority owned and controlled • Total insurance economics is an alternative performance measure of KKR
Slide 42: Important Information – Endnotes
Important Information – Endnotes Notes to Page 34 – Insurance – Invest In Emerging Opportunities – Japan (1) Size of L&A Reserves: US: Represents total statutory general account reserves of U.S. life insurers as of 3Q 2025, sourced via S&P Market Intelligence. Japan: Life and Annuities Market as of
Slide 43: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) FY'20 4Q'24 4Q'25 FY'24 FY'25 Net Income (Loss) - KKR Common Stockholders $ 1,945,954 $ 1,125,555 $ 1,105,477 $ 3,076,245 $ 2,251,867 Preferred Stock Dividends 56,555 — 40,430 — 118,596 Net Income (Loss) Attributable to Noncont
Slide 44: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
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 45: Reconciliation of GAAP to Non-GAAP Shares (Unaudited)
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 4Q'24 4Q'25 FY'24 FY'25 Weighted Average GAAP Shares of Common Stock Outstanding - Basic 888,222,552 891,402,259 887,021,433 890,342,060 Adjustments: Weighted Average Exchangeable Securities 7,552,802 9,667,137 6,828,095 9,200,005 Weighted Averag
Slide 46: 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 be excluded from Income Taxes on Adjusted Earnings, KKR’s ANI would be lower and KKR’s in making operational and resource deployment decisions as well as in assessing the
Slide 47: 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 48: 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 49: 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 50: 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