Partners Group Holding Ag · SIX:PGHN
Partners — Investor Presentation (September 2025)
45 slides from Partners's investor presentation, September 2025
Slide 1: Update on Partners Group
Update on Partners Group September 2025 For Institutional Use Only – Not for Public Distribution For Institutional Use Only – Not for Public Distribution
Slide 2: Table of contents
2 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2025 4 Financials as of H1 2025 5Capital Markets Day 2025 5 Capital Markets Day 2025 6Sustainability 6 Sustainability
Slide 3: One of the largest firms in the private markets industry
Overview - Partners Group 3 Partners Group is one of the largest firms in the private markets industry Total assets under management1 (in USD billion) 174 $174bn assets under management $118bn in bespoke solutions 2 43 5 private markets asset classes 11 $243bn invested since foundation 2018 2006 200
Slide 4: Swiss heritage, primary presence in the Americas, built differently
Overview - Partners Group 4 With our heritage in Switzerland and our primary presence in the Americas in Colorado, we are built differently from the rest of the industry Americas Europe Asia-Pacific Thematic We focus our thematic research on growth sectors Toronto Denver Houston New York Miami Dubai
Slide 5: Industrial mindset to build market-leading businesses and assets
Overview - Partners Group 5 We apply our industrial mindset to build market-leading businesses and assets that can capitalize on growth trends Across asset classes (invested since inception) Across geographies1 (invested since inception) Royalties Rest of world Real estate 0.2% 2% 13% Asia-Pacific 1
Slide 6: Transformational investing approach delivers repeatable performance
Overview - Partners Group 6 Our transformational investing approach delivers repeatable performance Thematic sourcing Entrepreneurial ownership allows us to find winning businesses in high-growth sectors drives value creation tailored to each investment ✓ 3 giga themes and dozens of thematic sectors
Slide 7: Table of contents
7 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2025 4 Financials as of H1 2025 5Capital Markets Day 2025 5 Capital Markets Day 2025 6Sustainability 6 Sustainability
Slide 8: Systematic thematic investing approach starts with 3 giga themes
Investments 8 Our proprietary and systematic thematic investing approach starts with 3 giga themes 3 Giga Themes Digitization & Automation New Living Decarbonization & Sustainability Dozens of Transformational Trends Democratization of Institutionalization of Self-learning Increasing speed-to- Devel
Slide 9: USD 9 billion in new investments in H1
Investments 9 We made USD 9 billion in new investments in H1 Investments H1 20251 Direct assets Liquid loans (Direct equity and direct ▪ H1 activity driven by relative value investments; direct equity Portfolio 15% lending investments) impacted by tariff uncertainty increasing bid-ask spreads 52% as
Slide 10: Committed to leading companies and assets in resilient sectors
Investments 10 We committed to leading companies and assets in resilient sectors ▪ Building operations in new markets to accelerate global growth Market leading premium Humanization while reinforcing supply chain to ensure resilience cat food brand of pets ▪ Expanding to the underserved premium cat
Slide 11: Transformational investing approach translates into strong returns
Investments 11 Our transformational investing approach translates into strong returns 2.5x nTVPI 2.1x nTVPI 1.2x nTVPI 1.4x nTVPI 1.1x nTVPI 21.6% nIRR 22.6% nIRR 6.9% nIRR 10.0% nIRR 11.5% nIRR Private equity1 Infrastructure2 Private credit3 Real estate4 Royalties5 1 Private equity directs investme
Slide 12: USD 9 billion in realizations in H1
Investments 12 We generated USD 9 billion in realizations in H1 Portfolio realizations H1 2025 Portfolio assets 38% ▪ Resilience of infrastructure assets drove meaningful realizations over the period Second. Credit & prim. 24% ▪ Techem perf. fee reversal counted in H1, included in 38% guidance; rest
Slide 13: H1 performance fees diversified and supported by value creation
Investments 13 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
Slide 14: Direct investments are an important driver of performance fees
Investments 14 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 billio
Slide 15: Table of contents
15 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2025 4 Financials as of H1 2025 5Capital Markets Day 2025 5 Capital Markets Day 2025 6Sustainability 6 Sustainability
Slide 16: USD 12 billion in client demand in H1
Clients 16 We generated USD 12 billion in client demand in H1 Fundraising by strategy Fundraising by asset class Royalties Traditional Real estate Private equity programs 1% 5% 26% 29% 20% Infrastructure $12 Mandates 39% $12 billion billion Evergreens Bespoke 35% 45% solutions 74% Private credit Man
Slide 17: Mandates attractive for clients requiring tailored one-stop solution
Clients 17 Our mandates continue to be attractive for clients who require a tailored one- stop solution Mandate AuM by strategy & asset class Mandate portfolio (example) Primaries 22% Private equity Private credit 48% 13% Asset allocation2 Asset allocation $66 Direct participation in (Private equity
Slide 18: Broad investment offering is key to evergreens business
Clients 18 We believe a broad investment offering is key to building a successful evergreens business... Evergreen AuM by strategy & asset class Real estate 2% Secondaries Private equity 15% 64% ▪ Our track record providing private wealth solutions remains key selling point for distribution partners
Slide 19: Sustainable growth in private wealth from repeatable performance
Clients 19 ...and sustainable growth in private wealth results from delivering long-term repeatable performance Our private equity LLC has delivered double digit returns with a 5x net investment multiple since inception $6'000 Monetary tightening in advanced economies to $1000 at inception1 5.7% Per
Slide 20: Strong performance in new evergreen launches
Clients 20 We saw strong performance across new evergreen launches, while our largest evergreens navigate short-term challenges Largest evergreens faced a temporary slowdown in …while new evergreen launches show strong early development… performance (since inception net performance ) 3 26% 21% 18% 1
Slide 21: AuM growth led by bespoke solutions
Clients 21 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
Slide 22: Most AuM growth in next cycle from new sources
Clients 22 Most AuM growth in the next private markets cycle will originate from new sources; we are well-positioned to access these channels Private markets AuM by client segment (USD tn)1 Institutions 5.8 25.1 1.3x 4.0 increase 15.3 Private wealth Private wealth 2.7x 2024 Institutions Private weal
Slide 23: We reconfirm our 2025 guidance
Clients 23 We reconfirm our 2025 guidance Illustrative global pipeline (indicative size of pipeline per region) 2025 new client demand & tail-down guidance ▪ Expected new assets: USD 26 to 31 billion, including USD 22 to 27 billion in 3% new client demand ▪ Tail-downs1: USD -9 to -10 billion based o
Slide 24: Table of contents
24 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2025 4 Financials as of H1 2025 5Capital Markets Day 2025 5 Capital Markets Day 2025 6Sustainability 6 Sustainability
Slide 25: Solid H1 2025 financials, strong revenue growth led by performance fees
Financials as of H1 2025 25 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
Slide 26: Revenues underpinned by stable, recurring management fees
Financials as of H1 2025 26 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
Slide 27: Management fee margin within historical bandwidth
Financials as of H1 2025 27 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
Slide 28: Increased performance fee outlook for 2025; 2026+ confirmed
Financials as of H1 2025 28 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%
Slide 29: Operating costs driven by performance fee-funded expenses
Financials as of H1 2025 29 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
Slide 30: Revenues and costs affected by FX movements against CHF
Financials as of H1 2025 30 Our revenues and costs were affected by FX movements against CHF Currency exposure H1 2025 Management fees1 Total costs2 (AuM roughly equivalent) ▪ Appreciation of CHF against the Other USD and EUR3 negatively GBP 6% impacted revenues by 5% approximately 3% Other SGD 5% E
Slide 31: Strong financials, balance sheet, and liquidity
Financials as of H1 2025 31 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 f
Slide 32: 16-year track record of dividend growth
Financials as of H1 2025 32 16-year track record of dividend growth Dividend per share Strong dividend track record (in CHF) AuM $174 billion1 42.00 39.00 33.00 37.00 17% 97% 27.50 dividend growth dividend payout p.a. since 20062 ratio 20244 25.50 22.00 19.00 15.00 5.1x 3% AuM 10.50 $11 billion 8.50
Slide 33: Table of contents
33 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2025 4 Financials as of H1 2025 5Capital Markets Day 2025 5 Capital Markets Day 2025 6Sustainability 6 Sustainability
Slide 34: Partners Group's Capital Markets Day 2025
Capital Markets Day 2025 34 Partners Group's Capital Markets Day 2025 For more information on our vision, strategy, and positioning we invite you to view our Capital Markets Day presentation available for download here
Slide 35: Table of contents
35 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2025 4 Financials as of H1 2025 5Capital Markets Day 2025 5 Capital Markets Day 2025 6Sustainability 6 Sustainability
Slide 36: Committed to sustainability for nearly two decades
Sustainability 36 Partners Group has been committed to sustainability for nearly two decades Integration of Sustainability Strategy Signature of UN-backed Launch of the into our business systems Principles for Responsible LIFE Strategy Investment (UN PRI) Publication of Partners Double materiality F
Slide 37: Key figures at a glance
Sustainability 37 Key figures at a glance 1 Stakeholder Engagement 2 Sustainability Disclosure 3 Our Value Chain 4 Investment Engagement >120 4 >580k 20 Stakeholders internally Industry standards Employees in our value Case studies featured and externally disclosed on chain 5 Sustainability Data Col
Slide 38: Driving sustainability at scale
Sustainability 38 Driving sustainability at scale Board of Directors Board of Directors Investments Clients Strategic Governance and Risk Management Performance Business Management Nomination & Operations Investment Client Risk & Audit Committee Compensation Committee Oversight Committee Oversight C
Slide 39: Sustainability spans across our full AuM
Sustainability 39 Sustainability spans across our full AuM Private equity Infrastructure Private credit Real estate Royalties What does good governance Asset classes look like? USD 83.3bn USD 30.6bn USD 37.8bn USD 22.4bn USD 0.3bn ▪ At Partners Group, good governance is driven by our business system
Slide 40: Sustainability throughout the investment process
Sustainability 40 Sustainability throughout the investment process Sustainability is a key consideration throughout our investment cycle, from onboarding to exit, posing an incremental lever to value creation. Integrate Engage and transform Sourcing Due diligence Ownership Exit Non-financial factors
Slide 41: Building better by building differently
Sustainability 41 Building better by building differently ▪ Source thematically (e.g. decarbonization to steer capital) ▪ Integrate sustainability in due diligence based on SASB materiality Integrate ▪ Analysis of key sustainability topics relating to the port. company's value creation plan ▪ Invest
Slide 42: Priority topics - Portfolio
Sustainability 42 Partners Group's priority topics - Portfolio Governance Human Rights Data & Cyber ▪ Implement human rights and health & safety ▪ Perform regular cyber & data security risk ▪ Appoint a board responsible for standards in accordance with local regulations assessments sustainability an
Slide 43: Priority topics - Corporate
Sustainability 43 Partners Group's priority topics - Corporate Governance Human Rights Data & Cyber ▪ Report to the Risk and Audit Committee on a bi- ▪ Implement human rights and health & safety ▪ Perform regular cyber & data security risk annual basis standards in accordance with local assessments
Slide 44: Contacts
44 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 45: Disclaimer
45 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
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