Partners Group Holding Ag · SIX:PGHN
Partners — FY2024 Earnings Presentation
21 slides from Partners's earnings presentation, 2025
Slide 1: Annual Results 2024
PARTNERS GROUP Built Differently to Build Differently
Slide 2: Our platform delivered strong operational and financial results in 2024
2 Our platform delivered strong operational and financial results in 2024 CHF 1'625m Management fees ▪ Grew 3% YoY, in line with AuM; adversely impacted by FX ▪ Recurring in nature with margins stability; LT1 avg. 1.26% 1.25% mgmt. fee margin CHF 511m Performance fees ▪ Driven by Q4 exit activity an
Slide 3: Solid 2024 results in a gradually improving market
3 Solid 2024 results in a gradually improving market Partners Group: investments1 Partners Group: exits Partners Group: fundraising2 Portfolio Portfolio Traditional Assets Assets fund programs 41% 30% 22% $22 $18 $22 billion billion billion Directs Directs Bespoke 59% 70% 78% 2024 investment activit
Slide 4: Our recent exit activity of select transactions highlight strengthening markets
4 Our recent exit activity of select transactions highlight strengthening markets Global provider of digitally enabled EUR 6.7bn Undisclosed ▪ Implemented a customer journey-led operating model solutions in the building ecosystem enterprise value MOIC1 ▪ Expanded into new markets and sectors; digita
Slide 5: Performance fees up 38% year-on-year, driven by private equity and infrastructure
5 Performance fees up 38% year-on-year, driven by private equity and infrastructure Performance fees by asset class (12-month period ending 31 December 2024, in CHF) Private equity & infrastructure: accounted for Private equity 89% of total performance fees; asset classes 66% with most performance f
Slide 6: Our shift to direct investments has increased future performance fee potential
6 Our shift to direct investments has increased future performance fee potential… AuM $152bn $78 billion Direct investments $56 billion Direct investments Performance fee Direct1 vs. portfolio expectations investments $10 billion Direct investments ▪ 2025: 20-30% of total $3 billion 2020- revenues D
Slide 7: …and translates into a significant exit pipeline that is expected to drive performance fees
7 …and translates into a significant exit pipeline that is expected to drive performance fees in the years to come Partners Group near to mid-term exit pipeline1 (Net Asset Value, as of 31 December 2024) Maturing NAV: solid visibility on USD 19 billion NAV that is expected to be realized in next 2-3
Slide 8: We raised a total of USD 22 billion in 2024, up 18% year-on-year
8 We raised a total of USD 22 billion in 2024, up 18% year-on-year; a record 33% of new assets raised stem from North America, up 57% year-on-year Partners Group's North American AuM 37 (in USD billion) 17 Inflow 2024: 33% of total inflows stem from Institutional North America, half of which from ev
Slide 9: Our clients are globally diversified; 2025 fundraising guidance confirmed
9 Our clients are globally diversified; 2025 fundraising guidance confirmed Current AuM split by region (as of 31 December 2024) 2025 new client demand & tail-down guidance ▪ New client demand: USD 22 to 27 billion 56% full-year guidance 24% 7% ▪ Platform growth: USD 4 billion from 3% 3% acquired Em
Slide 10: Partners Group's Capital Markets Day 2025
10 Partners Group's Capital Markets Day 2025 Date: Wednesday, 12 March 2025 (in-person attendance only) Location: Partners Group Zug Office Time: 9:00am - 4:00pm CET (doors open 8:00am CET, presentation available for download at around 9:00am CET) Optional: Campus tour & dinner: 11 March 2025, 5:00p
Slide 11: 2024 financials
11 2024 financials AuM Revenues1 Performance fees EBITDA Dividend2 (in USD bn) (in CHF m) (in CHF m) (in CHF m) (in CHF, per share) +4% +10% +38% +10% +8% 152 2'136 147 Avg. 1'945 Perf. 42.00 +4% 130 AuM in +3% fees 39.00 125 CHF 1'357 1'234 Mgmt. 511 fees EBITDA 63.4% 63.6% margin 369 24% in % of r
Slide 12: Revenues underpinned by stable contractually recurring management fees
12 Revenues underpinned by stable contractually recurring management fees Revenues1 (in CHF m) 2'136 Revenues Management fees 2024 1'945 511 Performance fees ▪ Recurring in nature; grew in line with avg. 369 AuM growth in CHF of +4% year-on-year Other revenues & 104 141 other operating income (+36%
Slide 13: Management fee margin at around long-term average
13 Management fee margin at around long-term average Revenue margin1 2.41% Performance fees Management fees2 1.89% 1.82% 46% 1.74% 1.71% 1.64% 30% 29% 1.51% 1.51% 1.56% Performance 1.36% 1.39% 19% 1.35% 1.36% 1.33% 1.39% 1.38% 24% 24% fees as % of 1.26% 1.25% 1.26% 1.23% 30% 19% 14% total revenues a
Slide 14: Performance fees driven by strong realizations and value creation in H2
14 Performance fees driven by strong realizations and value creation in H2, mainly across private equity and infrastructure Private equity Infrastructure Private credit Real estate (in CHF m) (in CHF m) (in CHF m) (in CHF m) +87% -26% +86% +187% 335 162 179 120 49 26 7 2 2023 2024 2023 2024 2023 202
Slide 15: Total operating costs driven by performance fee-funded expenses
15 Total operating costs driven by performance fee-funded expenses From revenues to EBIT (in CHF m) 2024 2023 Revenues1 2'136 +10% 1'945 We continue to invest into our future growth Management fees 1625 +3% 1575 at a ~60% operating margin5 Performance fees 511 38% 369 Total operating costs2, of ▪ To
Slide 16: Beginning in 2025, we will change our profitability measure to EBITDA margin
16 Beginning in 2025, we will change our profitability measure from EBIT margin to EBITDA margin in our external communication EBITDA and EBIT margin development ▪ Over the last three years, our EBITDA margin has been stable at around 63% 63% 65% 65% 63% 64% 63.2% ▪ Our approach to cost management 6
Slide 17: Revenues and costs affected by EUR or USD movements against the CHF
17 Revenues and costs affected by EUR or USD movements against the CHF Currency exposure 2024 AuM ≈ Management fees1 Total costs2 Foreign exchange movements Others affected our EBITDA margin in 2024 GBP 6% 5% ▪ Appreciation of CHF against USD EUR Other and EUR3 negatively impacted 5% revenue growth
Slide 18: Strong financials, balance sheet, and liquidity
18 Strong financials, balance sheet, and liquidity From EBITDA to profit Balance sheet (in CHF m) (as of 31 December 2024) 2024 2023 EBITDA Depreciation & amortization 1'357 -49 +10% +18% 1'234 -41 2.7 47% CHF billion return on EBIT 1'309 +10% 1'193 available liquidity1 equity2 Total financial resul
Slide 19: Board proposes CHF 42.00 dividend per share, up 8% year-on-year
19 Board proposes CHF 42.00 dividend per share, up 8% year-on-year; continuing strong track record of compounding dividends Dividend per share Strong dividend track record (in CHF) AuM $152 billion 1 42.00 39.00 33.00 37.00 17% 97% 27.50 dividend growth dividend payout p.a. since 2006 ratio 20243 25
Slide 20: Contacts
20 Contacts Unternehmer-Park 3 Philip Sauer Head Corporate Development T +41 41 784 66 60 6340 Baar-Zug philip.sauer@partnersgroup.com Switzerland T +41 41 784 60 00 shareholders@partnersgroup.com www.partnersgroup.com Danica Ruso Corporate Development T +41 41 784 67 67 danica.ruso@partnersgroup.co
Slide 21: Disclaimer
21 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
Partners Group Holding — FY2024 Earnings Presentation on 6ix