Partners Group Holding Ag · SIX:PGHN
Partners — H1 2026 Earnings Presentation
30 slides from Partners's earnings presentation, 2026
Slide 1: Interim Results 2026
TAL iM PARTNERS GROUP Built Differently to Build Differently
Slide 2: Table of contents
2 Table of contents 1Business Update 1 Business Update 2Financial Update 2 Financial Update 3View from the Board 3 View from the Board
Slide 3: Key business updates
3 Key business updates USD 16bn Fundraising ▪ Record client demand with successful final closings ▪ Full-year 2026 guidance of USD 26-32 billion confirmed +31% YoY CHF 905m Management income ▪ +12% YoY growth at constant currency; +6% in CHF ▪ Recurring in nature with stable margin 1.24% Mgmt. Incom
Slide 4: We raised >$80 billion over the last fundraising cycle, with record fundraising in H1 2026
4 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 $28bn >50% 2
Slide 5: Accelerated investment activity across the platform with $5bn signed as of August
5 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, Wellness ▪ Focus
Slide 6: Robust value creation from operational execution across direct equity portfolio
6 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 Private equity I
Slide 7: We have delivered consistent private equity performance to clients across cycles
7 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 above >2x nT
Slide 8: Our infrastructure platform continues to generate industry-leading returns
8 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 above >2x nT
Slide 9: We confirm our 2026 fundraising guidance supported by our diversified offering
9 We confirm our 2026 fundraising guidance 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 Specialize
Slide 10: We have an ambition to quadruple insurance AuM to $100bn
10 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 evergreens dis
Slide 11: Table of contents
11 Table of contents 1Business Update 1 Business Update 2Financial Update 2 Financial Update 3View from the Board 3 View from the Board
Slide 12: We report solid H1 2026 financials
12 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) 186 +7% 905 3
Slide 13: Revenues underpinned by management income growth
13 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 Management inco
Slide 14: Attractive management income margin remains within our historical bandwidth
14 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% 24% 14% 24%
Slide 15: We continue to grow our management income despite adverse FX effects
15 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 0.94 900 0.91
Slide 16: Mid-term performance income outlook of 25-40% confirmed
16 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 233 Realizati
Slide 17: Management income growth offset by lower performance income
17 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 income 216 -39
Slide 18: We continue to operate at an industry-leading margin
18 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% for newly
Slide 19: Solid financials, balance sheet, and liquidity; stable profit at constant currency
19 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 & amortization -37
Slide 20: Table of contents
20 Table of contents 1Business Update 1 Business Update 2Financial Update 2 Financial Update 3View from the Board 3 View from the Board
Slide 21: View from the Board
21 View from the Board Gaining speed for the next cycle H1 reflections Investment strategy Organization Source: Partners Group (2026).
Slide 22: Reflecting on H1 2026
22 Reflecting on H1 2026 Strong resilience despite continuing complex environment Substantial operational growth across portfolio - ultimately driving strong outcomes for clients Significant realizable investment pipeline - $5bn1 signed since July with more expected to come Solid 6–12-month exit pip
Slide 23: Investment strategy (I)
23 Investment strategy (I) We have anticipated a major economic transformation for several years Wave 1 Wave 2 Wave 3 Now Business Process Transformation Next Business Performance Transformation Future Business Model Transformation Co-pilots and intelligent systems streamline Automation of tasks & j
Slide 24: Investment strategy (II)
24 Investment strategy (II) Partners Group's immediate focus to leverage this next cycle ▪ Private Equity - transformational investing with >150 AI experts and significant bench of operators ▪ Infrastructure - building integrated power / data / infra services utility platforms using advanced technol
Slide 25: Organization: business continuity and leadership succession
25 Organization: business continuity and leadership succession David Layton Juri Jenkner Roberto Cagnati ▪ Joined PG: 2005 ▪ Joined PG: 2004 ▪ Joined PG: 2004 ▪ Executive Team: since 2017 ▪ Executive Team: since 2017 ▪ Executive Team: since 2021 ▪ Prior roles: Co-CEO since 2019, sole ▪ Prior roles:
Slide 26: Q&A
Q&A 26 MPARTNERS GROUP Ell
Slide 27: Appendix: Key financial metrics by currency
27 Appendix: Key financial metrics by currency % YoY change H1 2026 H1 2025 (in CHFm) (in CHFm) Constant- CHF USD currency Revenues 1'121 1'210 -7% -2% 1% Management income1 905 854 +6% +12% +16% Mgmt. income EBITDA 572 531 +8% +15% +18% EBITDA 706 774 -9% -3% -0% Profit 502 578 -13% -0% -5% 184.9 1
Slide 28: Appendix: Our revenues and costs were affected by FX movements against CHF
28 Appendix: Our revenues and costs were affected by FX movements against CHF Currency exposure H1 2026 Management Income1 Total costs2 Other AUD GBP 1% 5% 3% ▪ Appreciation of CHF against USD Other and EUR3 negatively impacted SGD 5% 7% revenue growth by approx. 6% GBP EUR CHF 9% ▪ FX impact on EBI
Slide 29: Contacts
29 Contacts Danica Ruso Co-Head 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 Co-Head Corporate Development T +44 20 7575 2590 adrie
Slide 30: Disclaimer
30 Disclaimer This presentation ("Presentation") has been prepared by Partners Group Holding AG (the "Company") solely for information purposes. All sources, which have not been otherwise credited, have been derived from Partners Group. By accessing this presentation (and the information contained h
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