Partners Group Holding Ag · SIX:PGHN
Partners — Investor Presentation (September 2026)
46 slides from Partners's investor presentation, September 2026
Slide 1: Update on Partners Group
Update on Partners Group September 2026 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 1 Overview 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2026 4 Financials as of H1 2026 5Sustainability 5 Sustainability
Slide 3: One of the leading global private markets firms with 30 years of experience
Overview - Partners Group 3 One of the leading global private markets firms with 30 years of experience Built differently to build differently ▪ Swiss-heritage: Established in 1996 in Switzerland ▪ Client-centric: Long-term stewardship across cycles ▪ Industrial DNA: Hands-on approach grounded in de
Slide 4: Continuous growth with $186bn in AuM and $270bn invested since inception
Overview - Partners Group 4 Continuous growth with $186bn in AuM and $270bn invested since inception Total assets under management1 (in USD billion) $186bn assets under management 186 $123bn in bespoke solutions 2 50 5 private markets asset classes 11 $270bn invested since foundation 2021 2006 2007
Slide 5: We are transformational investors, building businesses differently
Overview - Partners Group 5 We are transformational investors, building businesses differently Industry Expertise Entrepreneurial Ownership Transformational Investing ▪ Vertical depth with >90% high ▪ Active board leveraging a network of Platform Building conviction themes >200 operating directors ▪
Slide 6: Our investment platform is built differently to the advantage of our clients
Overview - Partners Group 6 Our investment platform is built differently to the advantage of our clients Industry Partners Group Siloed investment teams focused on individual funds Integrated investment platform focused on portfolio solutions Traditional GP Team Team Team Team Thematic & cross-secto
Slide 7: Clients access our investments via bespoke and traditional offerings
Overview - Partners Group 7 Clients access our investments via bespoke and traditional offerings AuM by asset class AuM by product type Royalties Real estate 1% 12% Bespoke Evergreens solutions 29% 66% Private credit 22% $186 43% Private equity $186 Mandates 37% billion billion 22% Traditional progr
Slide 8: We gained significant market share in the 'new normal' since 2023
Overview - Partners Group 8 We gained significant market share in the 'new normal' since 2023 Raised Invested Realized $26bn $27bn $26bn +107% +126% vs 2023 +44% vs 2023 vs 2023 +50% vs 2023 Industry2 $18bn $13bn +2% -15% $12bn vs 2023 vs 2023 Industry3 Industry1 (rebased 2023=100) (rebased 2023=100
Slide 9: Strategic expansion through consolidation and in-house developments
Overview - Partners Group 9 Strategic expansion through consolidation and in-house developments Consolidation In-house development Clients Investments Investments Strategic partnerships M&A De Novo launches Selective partnerships to Selective opportunities based on Expanding our investment strategie
Slide 10: Industry outlook: we cater to new investor needs with bespoke solutions
Overview - Partners Group 10 Industry outlook: we cater to new investor needs with bespoke solutions Demand for bespoke solutions will outpace traditional We are the leader in …and fulfil must-haves bespoke solutions… for growth in next cycle Illustrative overview of industry growth1 (AuM in USD tri
Slide 11: We are on track delivering the next cycle, growing our AuM to USD >450bn
Overview - Partners Group 11 We are on track delivering the next cycle, growing our AuM to USD >450bn Our base case scenario for assets under management over the next cycle1 ▪ 14% AuM growth in 20252 >450bn ▪ We ended 2025 ahead of 13% CAGR trajectory for USD 450bn ▪ We are confident in 185 152 achi
Slide 12: Table of contents
Table of contents 1Overview 1 Overview 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2026 4 Financials as of H1 2026 5Sustainability 5 Sustainability
Slide 13: We made USD 9 billion in new investments in H1
Investments 13 We made USD 9 billion in new investments in H1 Investments H1 20261 Equity Direct assets1 15% (Direct equity and direct lending investments) 36% ▪ Cautious activity due to geopolitical and macro uncertainty; Second & prim. PE bid-ask spread often high relative to potential outlook 40%
Slide 14: Accelerated investment activity across the platform with $5bn signed as of August
Investments 14 Accelerated investment activity across the platform with $5bn signed as of August Asset class Theme Investment description Beauty & ▪ One of the fastest-growing natural beauty and wellness brands in Europe with broad SKU portfolio of ~1,600 Private equity Natural beauty, wellness, Wel
Slide 15: Exit activity highlights benefits of diversified platform
Investments 15 Exit activity highlights benefits of diversified platform ▪ Developed GW-scale powered landbank and Pan-Nordic data center operator, expanded capacity across the Nordics Data center offering cost effective and high- >2.5x performance compute ▪ Commercialization success across enterpri
Slide 16: Robust value creation from operational execution across direct equity portfolio
Investments 16 Robust value creation from operational execution across direct equity portfolio Operational KPIs1 across direct equity portfolio Value creation initiatives across assets Driving growth through investment in operations, supply chains, and tech as well as selective M&A Vintage years Pri
Slide 17: We generated USD 9 billion in realizations in H1
Investments 17 We generated USD 9 billion in realizations in H1 Portfolio realizations H1 2026 Portfolio assets 40% Second. ▪ Realizations driven by successful private equity and & prim. Equity $9 40% 42% infrastructure investments ▪ H1 realizations lower due to significant exits end of 2025 billion
Slide 18: We have delivered consistent private equity performance to clients across cycles
Investments 18 We have delivered consistent private equity performance to clients across cycles Private equity direct track record1 Vintage 2009-2011 2012-2014 2015-2017 2018-2020 2021-2023 2024-2026 Pool Realized Realized In realization In realization In value creation In value creation On-track or
Slide 19: Our infrastructure platform continues to generate industry-leading returns
Investments 19 Our infrastructure platform continues to generate industry-leading returns Infrastructure direct track record1 Vintage 2009-2011 2012-2014 2015-2017 2018-2020 2021-2023 2024-2026 Pool Realized In realization In realization In realization In value creation In value creation On-track or
Slide 20: Table of contents
Table of contents 1Overview 1 Overview 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2026 4 Financials as of H1 2026 5Sustainability 5 Sustainability
Slide 21: We have been pioneering private markets program innovations
Clients 21 We have been pioneering private markets program innovations Private Markets program development … Over 350 active 1st open-ended PE SICAV 1st single line mandate 1st UK PM DC solution investment 1st major private markets programs 1st listed PE fund 1st PE 40 Act fund manager to IPO 1st US
Slide 22: We manage private markets allocations with institutional discipline and scale
Clients 22 We manage private markets allocations with institutional discipline and scale Access to scale and depth Customized portfolio Relative value and risk of platform management management Access to individual ✓ High level of control and efficient transactions (single lines) Typical asset alloc
Slide 23: We raised >$80 billion over the last fundraising cycle, with record fundraising in H1 2026
Clients 23 We raised >$80 billion over the last fundraising cycle, with record fundraising in H1 2026 While industry fundraising declines, we gained market share… …supported by strong flagship fundraising Latest fundraising of key strategies5 Fundraising 2023 – H1 2026 (USD bn) 1 Private equity3 $28
Slide 24: We generated USD 16 billion in client demand in H1
Clients 24 We generated USD 16 billion in client demand in H1 Fundraising by strategy Fundraising by asset class Royalties Traditional programs 5% 48% Mandates1 Private Equity 26% 19% Private Credit 25% $16 $16 billion billion Real Estate Evergreens Infrastructure 26% 13% 38% Bespoke Equity solution
Slide 25: Record fundraising driven by diversified demand across strategies
Clients 25 Record fundraising driven by diversified demand across strategies H1 2026 continued the strong 2025 momentum… …supported by traction across all asset classes Fundraising 2023-2026 Fundraising by asset class (USD bn) (in USD bn) $26-32bn PE direct Infrastructure Next PE Flagship program pr
Slide 26: AuM development in H1
Clients 26 AuM development in H1 H1 2026 AuM bridge (in USD bn) 16.0 -6.6 ▪ Tail-downs: mainly formula-based in -3.8 traditional programs and mandates -4.6 (pre-agreed with clients) 186.0 184.9 ▪ Others: AuM changes in programs mainly based on NAV development4 ▪ Foreign exchange rates: mainly EUR de
Slide 27: Fundraising supported by our diversified offering
Clients 27 Fundraising supported by our diversified offering Built Differently to Build Differently Growth increasingly comes from broad …supported by additional investment …offered through diverse solutions focus segments... strategies… tailored to demands Insurance 1 Specialized mandates PE total
Slide 28: We have an ambition to quadruple insurance AuM to $100bn
Clients 28 We have an ambition to quadruple insurance AuM to $100bn with our dedicated insurance team & structured solutions know-how Momentum accelerating across the insurance channel 1 Description PG solutions PE Infra Credit RE Roya Insurance JVs with life and annuity companies that Income evergr
Slide 29: We reconfirm our 2026 guidance
Clients 29 We reconfirm our 2026 guidance Illustrative global pipeline (indicative size of pipeline per region) 2026 new client demand & tail-down guidance ▪ Expected new assets: USD +26 to +32 billion full-year guidance 3% ▪ Tail-downs1: USD -10 to -13 billion due to tail-down of certain funds shif
Slide 30: Table of contents
Table of contents 1Overview 1 Overview 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2026 4 Financials as of H1 2026 5Sustainability 5 Sustainability
Slide 31: We report solid H1 2026 financials
Financials 31 We report solid H1 2026 financials +7% +12% +15% -36% -3% (in USD) (in constant currency) (in constant currency) (in constant currency) (in constant currency) AuM Management income2 Mgmt. income EBITDA Performance income EBITDA (in USD bn) (in CHF m) (in CHF m) (in CHF m) (in CHF m) 18
Slide 32: Revenues underpinned by management income growth
Financials 32 Revenues underpinned by management income growth Revenues1 (in CHF m) 1'210 ▪ Revenues -2% YoY at constant currency3 due 1'121 Revenues to lower performance income (-7% YoY on reported basis) 355 216 Performance income 106 Other revenues & ▪ Management income +12% YoY growth in 54 Mana
Slide 33: Attractive management income margin remains within our historical bandwidth
Financials 33 Attractive management income margin remains within our historical bandwidth Revenue margin1 2.41% Performance income2 Management income3 1.89% 1.82% 46% 1.83% 1.74% 1.71% 1.64% 32% 1.54% 30% 29% 1.51% 1.51% 1.56% Performance income as % of 1.39% 1.38% 19% 1.35% 1.36% 1.36% 1.39% 1.33%
Slide 34: We continue to grow our management income despite adverse FX effects
Financials 34 We continue to grow our management income despite adverse FX effects Management income1 development by currency (in constant currency and CHF m) Management income in constant currency Management income in CHF 1'100 1.00 CHF/USD FX 2020-2025 H1 2026 1'000 0.97 0.95 CAGR YoY 0.94 0.94 0.
Slide 35: Mid-term performance income outlook of 25-40% confirmed
Financials 35 Mid-term performance income1 outlook of 25-40% confirmed Performance fees H1 2026 Performance income & realizations outlook (in CHF) Real estate 25-40% of revenues1 1% Royalties Private credit 1% Expected 11% Realizations 26% of revenues2 2028 ~$30bn CHF 1.7bn 1'698 fees Performance 23
Slide 36: Management income growth offset by lower performance income
Financials 36 Management income growth offset by lower performance income From revenues to EBITDA (in CHF m) H1 2026 in CHF Const. currency H1 2025 Revenues 1'121 -7% -2% 1'210 We continue to invest into our future growth Management income 905 +6% +12% 854 at a ~60% operating margin3 Performance inc
Slide 37: We continue to operate at an industry-leading margin
Financials 37 We continue to operate at an industry-leading margin EBITDA margin development1 65% 65% 64% 63% 63% 63% 64% 63% 63% average EBITDA ▪ Over the last five years, our EBITDA margin margin has been stable at an average of 63% ▪ We invest into our future growth at an operating margin of ~60%
Slide 38: Solid financials, balance sheet, and liquidity; stable profit at constant currency
Financials 38 Solid financials, balance sheet, and liquidity; stable profit at constant currency From EBITDA to profit (in CHF m) Balance sheet (as of 30 June 2026) Const. H1 2026 in CHF currency H1 2025 EBITDA 706 -9% -3% 774 Operating treasury result -48 +253% -66% -14 2.9 55% Depreciation & amort
Slide 39: Board proposes CHF 46.00 dividend per share, up 10% year-on-year
Financials 39 Board proposes CHF 46.00 dividend per share, up 10% year-on-year Continuing strong track record of compounding dividends Strong dividend track record (in CHF) AuM $185 billion 1 46.00 42.00 39.00 37.00 16% 95% 33.00 dividend growth dividend payout 27.50 p.a. since 2006 ratio 20253 25.5
Slide 40: Table of contents
40 Table of contents 1Overview 1 Overview 2Investments 2 Investments 3Clients 3 Clients 4Financials as of H1 2026 4 Financials as of H1 2026 5Sustainability 5 Sustainability
Slide 41: Partners Group has been committed to sustainability for nearly two decades
Sustainability 41 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 42: Sustainability spans across our full AuM
Sustainability 42 Sustainability spans across our full AuM Private equity Infrastructure Private credit Real estate Royalties What does good governance Asset classes look like? USD 85.8bn USD 35.7bn USD 40.2bn USD 22.2bn USD 1.0bn ▪ At Partners Group, good governance is driven by our business system
Slide 43: Sustainability throughout the investment process
Sustainability 43 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 44: Partners Group's priority topics - Portfolio
Sustainability 44 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 45: Partners Group's priority topics - Corporate
Sustainability 45 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 46: Contacts
46 Contacts Dr. Adrien-Paul Lambillon Corporate Development Unternehmer-Park 3 T +44 20 7575 2590 6340 Baar-Zug adrien-paul.lambillon@partnersgroup.com Switzerland T +41 41 784 60 00 shareholders@partnersgroup.com Danica Ruso Corporate Development www.partnersgroup.com T +41 41 784 67 67 danica.ruso
Partners Group Holding — Investor Presentation (September 2026) on 6ix