Partners Group Holding Ag · SIX:PGHN
Partners — H1 2025 Earnings Presentation
52 slides from Partners's earnings presentation, Jul 15, 2025
Slide 1: Interim Report 2025
PARTNERS ROUP Interim Report 2025 Built Differently to Build Differently
Slide 2: Contents
Interim Report 2025 2 3 Key Figures 5 Message from the Chairman and the CEO Contents 10 8 H1 2025 at a glance Outlook 2025 11 H1 2025 financials 23 Key definitions and alternative performance metrics ("APM") 25 Condensed consolidated interim financial statements 51 Contacts
Slide 3: Key Figures
Interim Report 2025 3 Key Figures USD billion 174 Total AuM1 As our firm continues to grow, we remain committed to driving forward our strategy of delivering sustainable returns through a focus on transformational investing, 63% EBITDA margin1 bespoke client solutions, and positive stakeholder impac
Slide 4: Key performance indicators and corporate calendar
Key Figures Interim Report 2025 4 Key performance indicators H1 2025 H1 2024 Assets under management as of the end of the period (in USD bn)2 Revenue Margin2,3 174.4 1.69% 149.2 1.52% Corporate Calendar Revenues (in CHF m)4 1'168 977 EBITDA (in CHF m)2 733 627 EBITDA margin2 62.7% 64.2% Financial re
Slide 5: Message from the Chairman and the CEO
Interim Report 2025 5 Message from Dear clients, business Turning to infrastructure, one notable theme was US power demand. With our Middle River partners, shareholders, and Power transaction, we invested in a 1.9 GW colleagues, portfolio of natural gas-fired power plants in the Chairman California
Slide 6: Message from the Chairman and the CEO (continued)
Message from the Chairman and the CEO Interim Report 2025 6 …while solid fundraising was driven by our …leading to robust management fee Outlook: delivering alpha at scale in a creating significant returns potential for active leading solutions platform… growth and an upgraded outlook for changing i
Slide 7: Message from the Chairman and the CEO (continued)
Message from the Chairman and the CEO Interim Report 2025 7 These fundamental changes will also lead to a As ever, we thank our employees for their reconfiguration of the private markets industry dedication to building a leading private markets itself. Today, it is highly fragmented, with over platf
Slide 8: H1 2025 at a glance
H1 2025 at a glance Interim Report 2025 8 H1 2025 8 H1 2025 at a glance at a glance 10 Outlook 2025 11 H1 2025 financials Partners Group campus | Baar-Zug, Switzerland
Slide 9: Clients
H1 2025 at a glance Interim Report 2025 9 Clients AuM by program structure conversion rates for these programs improved markets, and reinforcing global supply chain — over the period. resilience. Traditional Overall client demand resulted in total new programs 32% Investments AuM by asset class comm
Slide 10: Outlook 2025
Outlook 2025 Interim Report 2025 10 Outlook 2025 evolving private markets client and to enter new — partnerships globally. We expect the growth trajectory for private Based on our conviction in the outlook for the markets, and more specifically Partners Group, industry, our strong investment perform
Slide 11: H1 2025 Financials
Interim Report 2025 11 H1 2025 Partners Group grew total AuM to USD 174 Total operating costs increased by 25% to CHF billion, representing a growth of 17% year-over- 435 million, primarily driven by higher variable year. AuM growth in USD was positively performance fee-related personnel expenses Fi
Slide 12: H1 2025 financials
H1 2025 financials Interim Report 2025 12 H1 2025 financials H1 2025 H1 2024 Growth AuM as of the end of the period (in USD bn)1 174.4 149.2 +17% AuM as of the end of the period (in CHF bn)1 138.9 134.0 +4% Average AuM as of 30 June (in CHF bn)1,2 138.5 128.8 +8% Revenue margin2,3 1.69% 1.52% Revenu
Slide 13: Management fees expected to grow in line with average AuM
H1 2025 financials Interim Report 2025 13 We expect Management fee growth in line with Revenues5 (in CHF million) average AuM growth — 1'168 +20% management Management fees increased by 5%, amounting 977 314 to CHF 854 million (H1 2024: CHF 815 million). (27%) 161 Other revenues & other operating in
Slide 14: Around 90 of 350+ programs contributed to performance fees
H1 2025 financials Interim Report 2025 14 Performance fees supported by Of our 350+ programs, Management fees derived from our three Revenue margin development6 key private market solutions increased exit activity in H1 — around 90 contributed 2.41% Today, we manage over 350 diverse private Across o
Slide 15: Significant performance fee potential ahead
H1 2025 financials Interim Report 2025 15 Significant Performance fee development per asset class We follow a prudent approach in (in CHF million, year-over-year in %) 7 recognizing performance fees +73% — performance fee 207 In closed-ended investment programs, performance fees are typically charge
Slide 16: Investing in future growth at ~60% EBITDA margin
H1 2025 financials Interim Report 2025 16 EBITDA in line with revenues 8 We continue to invest in our our employees. As a result, these two elements move in tandem. In millions H1 H1 future growth at a ~60% of Swiss francs 2025 2024 operating margin EBITDA margin stands at 62.7% Revenues 1'168 +20%
Slide 17: Other operating expenses, FX effects and financial result
H1 2025 financials Interim Report 2025 17 Other operating expenses and Currency split of management fees 9 Foreign exchange effects Stable financial result in H1 2025 depreciation & amortization — — — In H1 2025, the appreciation of the CHF against The net financial result amounted to CHF Other oper
Slide 18: Taxes and Balance sheet
H1 2025 financials Interim Report 2025 18 Taxes Balance sheet As of 30 June 2025, the firm held a total of CHF by Swiss and international banks. The credit — — 274 million in cash & cash equivalents. The facility amounts to a total of CHF 2'80412 million The actual tax rate stood at 18.5% (H1 2024:
Slide 19: Investments alongside clients from balance sheet
H1 2025 financials Interim Report 2025 19 Outstanding corporate bonds Investments alongside clients from balance 2. Performance fees: we bring forward our sheet13 guidance for performance fees to account for Amount Coupon Issued Maturity ISIN 25-40% of total revenues to 2025 on the back In millions
Slide 20: Performance fee recognition
H1 2025 financials Interim Report 2025 20 The timing and amount of performance fee payments depend on several factors, including the pace of Performance fee recognition deployment, performance of investments, and pace of realizations (cash distributions). Partners Group — recognizes performance fees
Slide 21: Performance fee recognition (realized)
H1 2025 financials Interim Report 2025 21 Performance fee recognition (realized) 8 Scenario 2: Investment Y realized (hurdle rate met) Investment Y realized for 200 Investment Z increases to 800 Remaining NAV 800 • Step 1: as investment Y was realized for 200, we would be entitled to a performance f
Slide 22: Performance fee recognition in an open-ended program
H1 2025 financials Interim Report 2025 22 Description of performance fee recognition in an open-ended program Example: performance fee recognition over three quarters In an evergreen structure, the fee is calculated as a percentage of the program's profits in excess of the This illustrative example
Slide 23: Key definitions and Alternative performance metrics
Key definitions and alternative performance metrics Interim Report 2025 23 Key definitions Alternative performance metrics ("APM") Earnings before interest, tax, depreciation, Management fee EBIT: is calculated as EBIT — — and amortization ("EBITDA"): stands for the (see EBIT definition, left) less
Slide 24: Key definitions and alternative performance metrics
Key definitions and alternative performance metrics Interim Report 2025 24 Total net debt / (net cash): is calculated as Revenue margin: is calculated as (annualized) In millions of Swiss francs H1 2025 H1 2024 debt plus credit facilities drawn, minus cash and revenues from management services, net,
Slide 25: Condensed consolidated interim financial statements (unaudited)
Interim Report 2025 25 Condensed 26 27 Condensed consolidated interim statement of profit or loss Condensed consolidated interim statement of comprehensive consolidated 28 income Condensed consolidated interim statement of financial position interim financial 30 32 Condensed consolidated interim sta
Slide 26: Condensed consolidated interim statement of profit or loss
Interim Report 2025 26 Six months ended 30 June In millions of Swiss francs Note 2025 2024 Management fees and other revenues, net 1.1. 806.3 746.7 Performance fees, net 1.1. 313.6 161.4 Condensed Revenues from management services, net 1'119.9 908.1 Other operating income 1.1. 48.1 68.4 consolidated
Slide 27: Condensed consolidated interim statement of comprehensive income
Interim Report 2025 27 Six months ended 30 June In millions of Swiss francs 2025 2024 Condensed Profit for the period 578.2 508.0 Other comprehensive income Exchange differences on translating foreign operations (255.7) 94.1 consolidated Total other comprehensive income that may be reclassified to t
Slide 28: Condensed consolidated interim statement of financial position
Interim Report 2025 28 In millions of Swiss francs as of Note 2025 2024 30 June 31 December Condensed Assets Cash and cash equivalents 273.6 288.9 Derivative assets 20.9 5.4 consolidated Trade and other receivables 3.1.1. 1'253.5 1'155.2 Short-term loans 1'425.5 1'634.2 Assets held for sale 3.1.3. 8
Slide 29: Statement of financial position: liabilities and equity
Condensed consolidated interim statement of financial position (unaudited) Interim Report 2025 29 In millions of Swiss francs as of Note 2025 2024 30 June 31 December Liabilities and equity Liabilities Trade and other payables 3.2.1. 405.1 405.9 Income tax liabilities 91.6 85.4 Provisions 1.0 0.5 Cr
Slide 30: Condensed consolidated interim statement of changes in equity
Interim Report 2025 30 In millions of Swiss francs Equity attributable to owners of the Company 2025 Condensed Other components of equity Cumulative Total other Share Treasury Legal Retained translation components Total capital shares reserves earnings adjustments of equity consolidated Balance as o
Slide 31: Statement of changes in equity 2024
Condensed consolidated interim statement of changes in equity (unaudited) Interim Report 2025 31 In millions of Swiss francs Equity attributable to owners of the Company 2024 Other components of equity Cumulative Total other Share Treasury Legal Retained translation components Total capital shares r
Slide 32: Condensed consolidated interim statement of cash flows
Interim Report 2025 32 Six months ended 30 June In millions of Swiss francs Note 2025 2024 Operating activities Profit for the period 578.2 508.0 Condensed Adjustments Share of results of associates and joint ventures 1.1. (0.0) 0.0 consolidated Net finance (income) and expense 3.3. (12.7) (13.1) In
Slide 33: Statement of cash flows: investing and financing activities
Condensed interim consolidated statement of cash flows (unaudited) Interim Report 2025 33 Six months ended 30 June Six months ended 30 June In millions of Swiss francs Note 2025 2024 In millions of Swiss francs Note 2025 2024 Investing activities Financing activities Purchase of property and equipme
Slide 34: Notes to the condensed consolidated interim financial statements
Interim Report 2025 34 • Structure of the notes to the condensed consolidated interim financial statements 35 General information 37 1. Performance Notes to the 37 37 39 1.1. Revenue and other operating income 1.2. Segment information 2. People condensed 39 39 39 2.1. Personnel expenses 2.2. Employe
Slide 35: General information
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 35 General information (c) Changes in accounting policies — (a) Reporting entity Standards, amendments, and interpretations effective for the first time — The accounting policies applied for the period o
Slide 36: New standards and currency exchange rates
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 36 Standards, amendments, and interpretations to existing standards that are not yet effective and might (d) Currency exchange rates applied be relevant to the Group, but have not been early adopted — Th
Slide 37: Performance: Revenue and segment information
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 37 1. Performance 1.1. Revenue and other operating income 1.2. Segment information The Group provides its clients with investment services in the private markets spectrum. These Six months ended 30 June
Slide 38: Operating segments
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 38 Six months ended 30 June In millions of Swiss francs5 2025 2024 Operating segments Operating segments Total Total Private Private Infra- Private Private Infra- Real estate Royalties reportable Unalloc
Slide 39: People: Personnel expenses
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 39 2. People In millions of Swiss francs as of 2025 2024 30 June 31 December 2.1. Personnel expenses Current liabilities (145.1) (215.9) Non-current liabilities (297.1) (286.8) Six months ended 30 June E
Slide 40: Financial instruments and financial assets
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 40 3. Financial instruments and financial risk management 3.1. Financial assets 3.1.1. Trade and other receivables and accrued revenue As per reporting date, the Group’s financial assets were classified
Slide 41: Financial liabilities
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 41 Movements in the Group's financial investments over the period were as follows: In millions of Swiss francs as of 2025 2024 30 June 31 December In millions of Swiss francs as of 2025 2024 Assets held
Slide 42: Debt and trade and other payables
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 42 2025 2024 3.2.2. Debt In millions of Swiss francs as of Note 30 June 31 December Financial liabilities at fair value through profit or loss In millions of Swiss francs as of 2025 2024 30 June 31 Decem
Slide 43: Finance income and expenses; Fair value measurement
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 43 3.2.3. Other long-term liabilities Six months ended 30 June In millions of Swiss francs Note 2025 2024 Six months ended 30 June Interest expense calculated using the effective interest In millions of
Slide 44: Fair value hierarchy
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 44 The Group measures fair values using the following fair value hierarchy, which is classified by the observability of inputs used in making the measurements: In millions of Swiss francs as of 31 Decemb
Slide 45: Valuation techniques for financial investments
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 45 Financial investments held by the Group consist of underlying assets and liabilities within investment programs. In turn, these investment programs are invested in direct and indirect equity and debt
Slide 46: Partners Group and related parties
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 46 4. Partners Group and related parties 4.1. Changes in scope of consolidation The Group added the following entities to its scope of consolidation during the financial year 2024: Name Date Principal ac
Slide 47: Equity and investments in associates
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 47 The share of profit from ES Assekuranzmakler GmbH & Co. KG and Pangaea Life Capital Partners AG is 2025 2024 recorded as other operating income as the Group assesses their operations comparable to Pri
Slide 48: Dividends
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 48 (b) Dividends 2024 — In effective number of shares The Company pays an annual dividend following the approval of the appropriation of available earnings Shares Treasury Shares by the owners of the Com
Slide 49: Acquisitions
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 49 4.4. Acquisitions The details of the business combination are outlined in the following table: In millions of Swiss francs 2025 (a) Empira Group — Cash and cash equivalents 16.4 The Group closed the a
Slide 50: Other disclosures
Notes to the condensed consolidated interim financial statements (unaudited) Interim Report 2025 50 5. Other disclosures Partners Group is in scope of the OECD base erosion and profit shifting ("BEPS") Pillar Two. The related Pillar Two income tax mainly relates to the Group's operations in Switzerl
Slide 51: Contacts
Interim Report 2025 51 Zug Miami Munich Shanghai Unternehmer-Park 3 200 S Biscayne Blvd. Lenbachpalais Unit 1904-1906A, Level 19 6340 Baar-Zug Suite 4650 Lenbachplatz 3 Tower I, Jing An Kerry Center Switzerland Miami, Florida 33131 80333 Munich No. 1515 West Nanjing Road T +41 41 784 60 00 USA Germa
Slide 52: Built Differently to Build Differently
MPARTNERS GROUP Ell Built Differently to Build Differently
Partners Group Holding — H1 2025 Earnings Presentation on 6ix