Kkr & Co. Inc. · NYSE:KKR
Kkr & — Shareholder Meeting (April 2026)
39 slides from Kkr &'s shareholder meeting presentation, Apr 21, 2026
Slide 1: Special Meeting of Stockholders
KKR & Co. Inc. Special Meeting of Stockholders 11:30 A.M., Eastern Time Tuesday, April 21, 2026 Virtual Meeting Site: February 7, 2023 www.virtualshareholdermeeting.com/KKR2026SM
Slide 2: Table of Contents
Table of Contents Section Page 1 Executive Summary 4 2 Proposals for the Special Meeting 5 3 Overview of KKR 6 - 12 4 Earnings Framework 13 - 18 5 Performance 19 - 20 6 Corporate Governance 21 - 23 2
Slide 3: Legal Disclosures
Legal Disclosures This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, “KKR”), which includes The Global A
Slide 4: Executive Summary
Executive Summary KKR is pleased to invite you to the Special Meeting to be held on April 21, 2026, at 11:30 A.M., E.T. • By no later than December 31, 2026, the “Sunset Date”, shares of our common stock will have the right to elect the Company’s directors and exercise all other customary voting rig
Slide 5: Proposals For The Special Meeting
Proposals For The Special Meeting The KKR Board of Directors unanimously recommends that you vote FOR the following proposals relating to the Charter amendments. Please see Appendix for more information on each proposal We are seeking approval of at least 90% of the outstanding shares of our common
Slide 6: Overview of KKR
Overview of KKR
Slide 7: KKR Overview
KKR Overview Established in 1976, KKR is a global investment firm with industry-leading investment experience and a strong culture committed to teamwork $744 billion ~4,200 Multi-asset 36 global 50 Years in AUM employees experience offices across Credit & ~2,700 Liquid Strategies Asset Management ac
Slide 8: KKR's Culture And Values Drive Outcomes
KKR’s Culture And Values Drive Outcomes Work Together Earn Like & Trust Best-in-class talent One P&L and compensation pool Remember, People are Counting on Us One Collaboration Firm Business building & innovation Stay Curious, Allows us to maximize Be Creative the impact of our model Pursue Excellen
Slide 9: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead Purpose-built business model with three High-growth growth engines to drive recurring earnings industry with Leveraging our leadership in key core strengths Asset Strategic markets Management Insurance Holdings ✓ Growing alternatives ✓ Differentiated ✓ Leading
Slide 10: Assets Under Management – Scaled And Diversified
Assets Under Management – Scaled And Diversified Assets Under Management ($ in billions) $744 $744 $34 Liquid Strategies $638 $143 Alternative Credit $553 $504 $471 $145 Leveraged Credit +18% CAGR $86 Real Estate $252 $107 Infrastructure & Energy $218 $195 $21 Growth Equity $168 $41 Core Private Equ
Slide 11: Global Atlantic Overview
Global Atlantic Overview Leading insurance company with a 20-year track record of serving the retirement & life insurance needs of individuals & institutions • Founded at Goldman Sachs in 2004 and separated as an independent company in 2013 • In February 2021, Global Atlantic was initially acquired
Slide 12: Strategic Holdings Overview
Strategic Holdings Overview Strategic Holdings acquires and manages interests in operating companies that are owned by the firm. Today, those companies primarily consist of our participation in our core private equity strategy Key Characteristics of a Core Private Equity Business We Have Built An At
Slide 13: Our Earnings Framework
Our Earnings Framework
Slide 14: 2025 GAAP Results (Unaudited)
2025 GAAP Results (Unaudited) GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $2.3 billion for the full year 2025 ($ in thousands, except per share data) 4Q'24 4Q'25 FY'24 FY'25 Revenues Asset Management and Strategic Holdings $ 1,426,239 $ 2,210,425 $ 7,212,246 $ 7,835
Slide 15: Our Earnings Framework
Our Earnings Framework Strategic Expected Insurance Fee Related Holdings Total Operating to be More Operating Stable & Earnings Operating Earnings Recurring Earnings Earnings Net of Compensation and Operating Expenses Net Realized Net Realized Driven by Performance Investment Total Investing Monetiz
Slide 16: A Strong 2025 Across Key Metrics
Year-Over-Year Growth A Strong 2025 Across Key Metrics Strong Financial Results $ 744bn +17% • Management Fees → +18% in 2025 vs. 2024, both with and without AUM catch-up fees • Fee Related Earnings → +14% in 2025 vs. 2024 • Adjusted Net Income → +4% in 2025 vs. 2024; excluding the impact of the car
Slide 17: Our Earnings Framework – Compensation Ratios
Our Earnings Framework – Compensation Ratios • KKR’s compensation ratios are largely success-based, further increasing alignment of our employees with our key stakeholders Revenue Stream Current Compensation Ratios Fee Related Revenues 15-20% of fee revenues Realized Carried Interest 70-80% of reali
Slide 18: KKR Has The Lowest Compensation Ratio In The Industry
KKR Has The Lowest Compensation Ratio In The Industry And The Most Success-Based Compensation Approach • The composition of KKR's compensation is more heavily skewed to Realized Performance Revenues (which is success- based) and less skewed to Fee Related Revenues compared to our industry peers Fee
Slide 19: Our Performance
Our Performance
Slide 20: KKR Long-Term Performance Is Differentiated
KKR Long-Term Performance Is Differentiated KKR’s total return over 3 years, 5 years, and since NYSE listing (July 2010) remains differentiated relative to the S&P 500, S&P 500 Financials and Dow Jones US Asset Managers indices KKR Dow Jones US Asset Managers Index S&P 500 Financials S&P 500 2,072%
Slide 21: Our Corporate Governance
Our Corporate Governance
Slide 22: KKR's Evolution As A Public Company
KKR’s Evolution As A Public Company We have strengthened our governance throughout our history as a public company KKR converts from publicly Reorganization traded agreement Added three Majority partnership to commits to One independent Share, One Vote KKR’s 50th Independent corporation directors in
Slide 23: Corporate Governance Practices
Corporate Governance Practices The following table summarizes our key corporate governance practices, which we believe exemplify our commitment to sound governance: . Existing Governance Best Practices Expected Post-Sunset Date Additions ✓ Majority Independent Board ✓ Common stockholders entitled to
Slide 24: Appendix I: Additional Proposal Details
Appendix I: Additional Proposal Details
Slide 25: Stockholder Proposal 1: Supermajority Voting Amendment
Proxy Statement - Stockholder Proposal 1: Supermajority Voting Amendment S&P 500 Proposed Board Voting Item Description Prevalence Recommendation Proposal 1 – Supermajority • Eliminates legacy partnership 90% supermajority voting Voting requirement to amend certain Existing Charter provisions Over 7
Slide 26: Stockholder Proposal 2: Stockholder Action Amendment
Proxy Statement - Stockholder Proposal 2: Stockholder Action Amendment S&P 500 Proposed Board Voting Item Description Prevalence Recommendation • Provides that all actions on which holders of common stock Proposal 2 – are required or permitted to vote must be taken at an Stockholder annual or specia
Slide 27: Stockholder Proposal 3: Vacancy Amendment
Proxy Statement - Stockholder Proposal 3: Vacancy Amendment S&P 500 Proposed Board Voting Item Description Prevalence Recommendation • Grants the Board the sole authority to temporarily fill Proposal 3 – director vacancies until all stockholders have the Vacancy opportunity to vote on the election o
Slide 28: Stockholder Proposal 4: Technical and Clarifying Amendments
Proxy Statement - Stockholder Proposal 4: Technical and Clarifying Amendments S&P 500 Proposed Board Voting Item Description Prevalence Recommendation Proposal 4 – • Permits the Board to fix the size of the board of directors Technical and and to streamline the Existing Charter by removing certain ~
Slide 29: Stockholder Proposal 5: Adjournment of Special Meeting
Proxy Statement - Stockholder Proposal 5: Adjournment of Special Meeting S&P 500 Proposed Board Voting Item Description Prevalence Recommendation • Authorizes adjournment for up to 30 days, from time to Proposal 5 – time, if votes are insufficient to adopt all these proposals. Adjournment of N/A FOR
Slide 30: Appendix II: Reconciliations and Endnotes
Appendix II: Reconciliations and Endnotes
Slide 31: Important Information – Endnotes
Important Information – Endnotes Note to Page 4 – Executive Summary • The “Sunset Date” will be the earlier of (i) December 31, 2026 and (ii) the six-month anniversary of the first date on which the death or permanent disability of both Mr. Henry Kravis and Mr. George Roberts has occurred (or any ea
Slide 32: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) FY'20 4Q'24 4Q'25 FY'24 FY'25 Net Income (Loss) - KKR Common Stockholders $ 1,945,954 $ 1,125,555 $ 1,105,477 $ 3,076,245 $ 2,251,867 Preferred Stock Dividends 56,555 — 40,430 — 118,596 Net Income (Loss) Attributable to Noncont
Slide 33: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 4Q'24 4Q'25 FY'24 FY'25 Total Operating Earnings $ 1,100,769 $ 1,283,884 $ 4,358,553 $ 4,985,804 Total Investing Earnings 399,375 84,771 1,150,951 904,532 Depreciation and Amortization 11,946 20,821 50,011 67,854 Adjusted EBITD
Slide 34: Non-GAAP and Segment Definitions
Non-GAAP and Segment Definitions Non-GAAP and Segment Measures have actually been paid or payable during the period. KKR separately discloses the amount of tax deduction from equity-based compensation for the period reported and the effect of its inclusion The key non-GAAP and other operating and pe
Slide 35: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) Non-GAAP and Segment Measures (cont’d) • Other Operating Expenses represents the sum of (i) occupancy and related charges and (ii) other operating expenses. • Insurance Operating Earnings is the segment profitability measure used to make operating decisions
Slide 36: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) Other Operating and Capital Metrics (cont’d) • Assets Under Management (“AUM”) represent the assets managed (including core private equity), advised or sponsored by KKR from which KKR is entitled to receive management fees or performance income (currently or
Slide 37: Important Information – Other Legal Disclosures
Important Information – Other Legal Disclosures Past Performance and Investment Returns its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the investments in and operations of acquired companies Pas
Slide 38: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) Forward-Looking Statements (cont’d) party investors failing to fund their capital calls; These statements are subject to numerous risks, uncertainties and assumptions, including those listed • risks related to our insurance activities, includi
Slide 39: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) Website From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other important information regarding KKR is routinely posted and accessible on the Investor Center for KKR & Co. In