Kkr & Co. Inc. · NYSE:KKR
Kkr & — Investor Presentation (May 2025)
49 slides from Kkr &'s investor presentation, May 2025
Slide 1: KKR & Co. Inc. Overview
KKR & Co. Inc. Overview February 7,Presentation 2023 – 1Q’25 May 2025
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 $664 billion ~3,000 KKR Multi-asset 28 KKR 49 Years in AUM employees experience offices across Credit & across across 4 continents Liquid Strategie
Slide 4: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead Purpose-built business model with three High-growth growth engines to drive recurring earnings industry with Leveraging our leadership in key core strengths Asset Strategic markets Management Insurance Holdings ✓ Growing alternatives ✓ Differentiated ✓ Leading
Slide 5: Evolution And Growth Of Our Business
Evolution And Growth Of Our Business ($ in billions, except per share data) Three Segments 2019 1Q’25 LTM Scaling of Strategic Existing Insurance Asset Holdings Management Asset Businesses Management Assets Under Initial acquisition in Strategic Insurance Management February 2021 Introduced as a Hol
Slide 6: A Strong 1Q'25 LTM Across Key Metrics
Year-Over-Year LTM Growth A Strong 1Q’25 LTM Across Key Metrics Strong Financial Results $ 664bn +15% • Management Fees → +15% LTM 1Q’25 vs. LTM 1Q’24 AUM • Fee Related Earnings → +37% LTM 1Q’25 vs. LTM 1Q’24 • Adjusted Net Income → +37% LTM 1Q’25 vs. LTM 1Q’24 Robust Fundraising Momentum • Raised $
Slide 7: Our Capital Allocation Toolkit
Our Capital Allocation Toolkit Core Private Equity Insurance Share Buybacks Strategic M&A Our objective for capital allocation is to generate recurring and durable, growth-oriented earnings per share Note: The statements above are forward-looking statements. These statements are estimated based on v
Slide 8: 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 8
Slide 9: Our Model
Our Model
Slide 10: Our Model – Three Growth Engines
Our Model – Three Growth Engines Asset Strategic Insurance Management Holdings 10
Slide 11: Asset Management
Asset Management
Slide 12: Scaled And Diversified Assets Under Management
Scaled And Diversified Assets Under Management Assets Under Management ($ in billions) $664 $664 $638 $30 Liquid Strategies $553 $125 Alternative Credit $504 $471 $129 Leveraged Credit +18% CAGR $81 Real Estate $252 $90 Infrastructure & Energy(1) $218 $195 $168 $58 Growth Equity & Core PE $130 $120
Slide 13: Strong, Broad-Based Investment Performance
Strong, Broad-Based Investment Performance Fund Investment Performance Gross Unrealized Carried Interest ($ in billions) $8.7 Gross Return – 1Q’25 LTM +25% Traditional Private Equity Portfolio 11% $6.9 Infrastructure Portfolio 13% Opportunistic Real Estate Portfolio 5% Leveraged Credit Composite 7%
Slide 14: Differentiated Value Creation Toolkit
Differentiated Value Creation Toolkit CAPSTONE KKR ADVISORS KKR CAPITAL MARKETS GLOBAL MACRO KKR GLOBAL INSTITUTE ASSET ALLOCATION PUBLIC POLICY & GLOBAL CLIENT SUSTAINABILITY SOLUTIONS 14
Slide 15: Diversified & Fast-Growing Management Fee Profile
Diversified & Fast-Growing Management Fee Profile Other(1) +25% CAGR Core PE Growth Equity Real Estate Infrastructure Alternative Credit Leveraged Credit Traditional PE Distinct strategies in Americas, Europe and Asia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q'25 A
Slide 16: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Estate
Slide 17: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth 50%+ Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Es
Slide 18: Continued Fundraising Momentum
Continued Fundraising Momentum 30+ Strategies Targeted To Raise Capital New Capital Raised In The Next 12-18 Months ($ in billions) Including three major flagship strategies Private Equity Private Equity $114 Real Assets • North America Private Equity • Customized Portfolio Solutions Credit & Liquid
Slide 19: Private Wealth Approach Positions KKR To Win
Private Wealth Approach Positions KKR To Win Traditional Family Capital Drawdown Office & K-Series Group & Perpetual Ultra HNW Partnership Vehicles Growing K-Series AUM ($ in billions) $22 Partnership with: >2x $9 First Two Public-Private Fixed Income Investment Solutions Launched in April 2025 Apri
Slide 20: Insurance
Insurance
Slide 21: 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 22: 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 Top 6 210+ $14.9 billion 42% Top 3 30+ $17
Slide 23: 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 24: Invest In Emerging Opportunities – Japan
Invest In Emerging Opportunities – Japan Insurance Landscape – Parallels Between the U.S. and Japan United States Japan ~$4 trillion ~$3 trillion Addressable market Size of Addressable market L&A Reserves(1) Aging population Growing Demand for Already aged population (~17% of population age 65+) Ret
Slide 25: Multiplier Effect: Scaling GA And Asset Management In Tandem
Multiplier Effect: Scaling GA And Asset Management In Tandem …And GA Helps Scale KKR Helps Scale GA Originations… …And Third Party Insurance Capital KKR Existing Platforms… ($ in billions) ($ in billions) ($ in billions) KKR AUM of Asset Classes Average Annual Asset Originations(1) Third Party Insur
Slide 26: Strategic Holdings
Strategic Holdings
Slide 27: An Observation: The Asset Management Industry
An Observation: The Asset Management Industry Market Capitalization ($ in billions) $1,105 $1,048 Publicly Listed Asset Managers Globally Note: Market capitalization as of May 6, 2025. Asset Managers inclusive of 3i Group, Affiliated Managers Group, AllianceBernstein, Amundi, Apollo, Ares, BlackRock
Slide 28: What Is Core PE?
What Is Core PE? Strategic Holdings currently consists of KKR’s direct interest in our Core Private Equity strategy Key Characteristics of a Core Private Equity Business Long Duration Lower Leverage Over Hold Period High-Quality Management More Limited External Exposures Cash Generative More Limited
Slide 29: We Have Built An Attractive, Diversified Strategy
We Have Built An Attractive, Diversified Strategy Industry Diversification(1) Infrastructure 9% Business Services Health Care 36% 13% TMT 13% Consumer 29% (3) ~16% Annualized Like-for-Like Revenue Growth Since 2018(2) ~18% Annualized Like-for-Like EBITDA Growth Since 2018(2) Note: See Appendix for e
Slide 30: KKR Capital Markets
KKR Capital Markets
Slide 31: KKR Capital Markets Overview
KKR Capital Markets Overview Highlights Business Lines Full service capabilities for both KKR companies and Debt Capital Markets Equity Capital Markets third party clients(1) Deep expertise and specialization across products, asset Structured Capital Markets Co-Invest & Partnerships classes and mark
Slide 32: Business Evolution
Business Evolution Platform Formation (2007 – 2015) Scaling and Diversifying (2016 – 2025) Traditional private equity orientation Expanded with infrastructure, real estate, ABF, Launched third party business core and growth strategies 25-100 deals per year Scaled third party business; scaling GA-rel
Slide 33: Differentiated Business Model With KKR Credit
Differentiated Business Model With KKR Credit Credit & Markets Model Our Approach Not many can deliver breadth of solutions Integrated our credit and capital markets capabilities to in as integrated and scaled way deliver comprehensive capital solutions Credit KCM KKR Combined origination into one t
Slide 34: Scaled And Diversified Revenue Base
Scaled And Diversified Revenue Base Expanded Revenue Sources Create Growth and Resiliency ($ in millions) Cumulative Transaction Fees by Source Over Period Annual Transaction Fee Revenue 2012 – 2015 2020 – 2024 Record Year in a $170 million Avg. Revenue Per Year $701 million Avg. Revenue Per Year Re
Slide 35: We Have A Growth Orientation
We Have A Growth Orientation Embedded Growth: We Grow as the Firm Grows Third Party Opportunity: +$1 billion of Fees So Far ($ in millions) $1,149 $1,002 $1, 000.00 950 $975 Crossed $1.0 billion $80 0.00 750 of third party fees in 1Q’24 $626 $60 0.00 $638 550 $541 $415 $40 0.00 $445 350 $20 0.00 $17
Slide 36: Global Atlantic And Structured Products Opportunity
Global Atlantic And Structured Products Opportunity Bank retrenchment has created new opportunities to invest across an increasingly broader range of asset types. This opportunity corresponds with the scaling of our Infrastructure, Asset-Based Finance and Real Estate businesses and 100% ownership of
Slide 37: Appendix I
Appendix I
Slide 38: Our Earnings Framework
Our Earnings Framework Strategic Expected Insurance Fee Related Holdings Total Operating to be More Operating Stable & Earnings Operating Earnings Recurring Earnings Earnings Net of Compensation and Operating Expenses Net Realized Net Realized Driven by Performance Investment Total Investing Monetiz
Slide 39: First Quarter 2025 Segment Earnings
First Quarter 2025 Segment Earnings ($ in thousands, except per share data) 1Q'24 1Q'25 1Q'24 LTM 1Q'25 LTM Management Fees $ 815,327 $ 917,334 $ 3,107,496 $ 3,563,388 Transaction and Monitoring Fees, Net 152,084 261,509 730,559 1,275,309 Fee Related Performance Revenues 19,101 21,277 91,787 140,168
Slide 40: Appendix II
Appendix II
Slide 41: Important Information – Endnotes
Important Information – Endnotes Notes to Page 3 – KKR Overview December 31, 2024. Global Atlantic estimates that it was ranked as a Top 3 Block reinsurer, based on publicly available data and company announcements as of December 31, 2024. Global Atlantic was a • KKR offices excludes offices that ar
Slide 42: Important Information – Endnotes (cont'd)
Important Information – Endnotes (cont’d) Notes to Page 29 – We Have Built An Attractive, Diversified Strategy (1) Data represented calculated by 4Q’24 LTM adjusted EBITDA (KKR’s Share) as of March 31, 2025. (2) Like-for-like calculation reflects the underlying revenue / EBITDA growth of investments
Slide 43: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) FY'19 1Q'24 1Q'25 1Q'24 LTM 1Q'25 LTM Net Income (Loss) - KKR Common Stockholders $ 1,971,685 $ 682,214 $ (185,924) $ 4,039,984 $ 2,208,107 Preferred Stock Dividends 33,364 — — 34,497 — Net Income (Loss) Attributable to Noncont
Slide 44: Reconciliation of GAAP to Non-GAAP Shares (Unaudited)
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 1Q'24 1Q'25 1Q'24 LTM 1Q'25 LTM Weighted Average GAAP Shares of Common Stock Outstanding - Basic 885,005,824 888,246,698 873,421,040 887,826,075 Adjustments: Weighted Average Exchangeable Securities 5,739,616 7,977,355 16,777,674 7,382,850 Weight
Slide 45: 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 based compensation, which reduces Income Taxes on Adjusted Earnings during the period. If tax in making operational and resource deployment decisions as well as in assess
Slide 46: 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 47: 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 48: 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 49: 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