Partners Group Holding Ag · SIX:PGHN
Partners — FY2025 Earnings Presentation
21 slides from Partners's earnings presentation, January 2026
Slide 1: Business update 2025 & outlook 2026
Business update 2025 & outlook 2026
Slide 2: We delivered on our 2025 objectives, growing overall AuM by 21%
2 We delivered on our 2025 objectives, growing overall AuM by 21% $30bn Upper end of $26-31bn Total new assets ▪ $26bn new client demand (+22% YoY) complemented by $4bn from M&A ▪ Record year for both mandate and evergreen fundraising; 72% from bespoke solutions 2025 guidance $27bn +26% YoY Invested
Slide 3: In a challenging environment, we gained significant market share
3 In a challenging environment, we gained significant market share Raised Invested Realized $26bn $26bn +137% vs 2019 +59% vs 2019 $27bn +61% vs 2019 $17bn $11bn $17bn -2% 100 100 vs 2019 +0% 100 vs 2019 Industry2 Industry3 -11% vs 2019 Industry1 (rebased 2019=100) (rebased 2019=100) (rebased 2019=1
Slide 4: We generated $26 billion in realizations, led by successful direct equity exits
4 We generated $26 billion in realizations, led by successful direct equity exits Portfolio realizations 20251 Portfolio assets 27% Second. & ▪ Direct asset realizations up 54% YoY signaling portfolio Primaries strength; successful realizations from pre-2022 vintages 27% $26 Direct equity 51% ▪ Dive
Slide 5: Case study: PCI Pharma Services highlights our value creation capabilities
5 Case study: PCI Pharma Services highlights our value creation capabilities… 4th 14% Largest CDMO in Revenue CAGR USA HEALTH & LIFE Western hemisphere during ownership Overview ▪ PCI Pharma Services is a leading global provider of outsourced pharmaceutical supply chain services 7 38 ▪ Offerings inc
Slide 6: …which led to a multi-year transformation of the business
6 …which led to a multi-year transformation of the business Transformation Journey 2016 2025 2016-2020 2020-2024 Leading global Pivoting into a Transforming into a specialist CDMO focused on Regional legacy full-scale CDMO pharmaceutical provider biologics and packaging business complex drug Reposit
Slide 7: Our investment activity was up 26% due to focused execution on pipeline
7 Our investment activity was up 26% due to focused execution on pipeline Investments 20251 Portfolio assets 35% Liquid Loans 9% ▪ Direct assets represent 65% of investments as pipeline successfully converted $27 Second. & Primaries Direct Equity 26% ▪ Growth supported by infrastructure, +46% year-o
Slide 8: We invested in attractive direct equity and royalty assets
8 We invested in attractive direct equity and royalty assets The Weeknd PE direct Infra. direct Royalties 50,000+ 120+ 897MW 4 #1 ~120m Customers Branches Mobile generation fleet Broad customer bases Global artist on Spotify Monthly listeners Provider of secured micro-loans Distributor of multi-fuel
Slide 9: We have built our investment platform on a strong realized track record
9 We have built our investment platform on a strong realized track record 2.4x nTVPI 2.1x nTVPI 1.2x nTVPI 1.3x nTVPI n.m. 20.5% nIRR 22.6% nIRR 6.9% nIRR 8.9% nIRR 11.6% nIRR Private equity1 Infrastructure2 Private credit3 Real estate4 Royalties5 1 Private equity directs investments including co-in
Slide 10: We raised $26 billion in 2025, driven by investor demand for customization
10 We raised $26 billion in 2025, driven by investor demand for customization Fundraising by asset class Fundraising by strategy Royalties Real estate 2% 8% Traditional programs 28% Private 31% equity Private credit 36% $26 $26 Mandates 36% billion billion 22% Evergreens Bespoke 36% solutions Infras
Slide 11: Record mandate demand as institutional clients chose tailored solutions
11 Record mandate demand as institutional clients chose tailored solutions Mandates continue to be a strong growth driver… …as we deliver solutions to complex needs Mandate AuM by strategy & asset class >6x growth in mandate AuM over the past 10 years (USD bn) Primaries Royalty 69 21% Private 1% Cre
Slide 12: Strongest year for private wealth fundraising; broader platform led inflows
12 Strongest year for private wealth fundraising; broader platform led inflows Evergreen inflows of largest 3 funds1 vs. broader evergreen platform (in USD bn) 9.4 ▪ Record inflows in 2025; +12% year-on-year Broader 59% Evergreen ▪ Highly diversified inflows with broader evergreen platform Platform
Slide 13: We continue to generate robust performance across cycles and vintages
13 We continue to generate robust performance across cycles and vintages In the mid-term, vintage year exposure is highly …while long-term performance depends on a strong influential in driving returns… investment platform & disciplined portfolio management Industry Partners Group Evergreen PE funds
Slide 14: Strategic joint ventures provide future fundraising opportunities
14 Strategic joint ventures provide future fundraising opportunities Select recent portfolio solutions partnerships Multi-asset Multi-asset portfolio Multi-asset Multi-asset model portfolios solutions evergreen ELTIF evergreen Royalties Credit secondaries Multi-asset Public-private evergreen strateg
Slide 15: 21.4% overall AuM uplift underpinned by 14.1% growth on guided metrics
15 21.4% overall AuM uplift underpinned by 14.1% growth on guided metrics 2025 AuM bridge (in USD bn) +21.4% +14.1% 184.9 4.0 7.6 7.9 9.5 94.7 25.5 26.2 3.7 173.8 ▪ $30.2bn total new assets in 2025 83.3 -8.7 -6 -6.0 152.3 62.3 ▪ 2033 ambition: 2025 AuM growth in line with USD 450bn ambition ▪ 11.5%
Slide 16: This year we will continue to build on the groundwork laid in 2025
16 This year we will continue to build on the groundwork laid in 2025 Key focus areas for 2026: Institutional 2026 new client demand & 1 Building out strategic relationships with institutions tail-down guidance 2 Scaling mandate offering across client base ▪ New client demand: USD +26 to +32 billion
Slide 17: Our Annual Results & Capital Markets Day 2026
17 Our Annual Results & Capital Markets Day 2026 Date: Tuesday, 10 March 2026 Location: Partners Group London Office Time: 08:30am - 01:30pm BST ▪ Financial Results: 08:30am – 09:30am (in person and virtual) ▪ Capital Markets Day: 10:00am – 01:30pm (in person and virtual) This event is solely intend
Slide 18: Q&A
Q&A MPARTNERS GROUP Ell 18
Slide 19: Appendix: AuM development by asset class in 2025
19 Appendix: AuM development by asset class in 2025 AuM Total new Tail-downs2 Perform./other, AuM 31 Dec 2024 assets1 redemptions, 31 Dec 2025 and FX3,4 USD bn Private equity 77.6 +8.2 -2.6 +2.6 85.8 Private credit 31.5 +9.6 -2.1 +1.2 40.2 Infrastructure 27.4 +5.6 -2.3 +4.9 35.7 Real estate 15.6 +6.
Slide 20: Contacts
20 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 21: Disclaimer
21 Disclaimer This presentation has been prepared by Partners Group Holding AG (the "Company") solely for information purposes and use at the presentation to the respective recipient ("Presentation"). All sources, which have not been otherwise credited, have been derived from Partners Group. The inf
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