Slide 1: Pershing Square Inc. Reports Second Quarter 2026 Results
Exhibit 99.1 Pershing Square Inc. Reports Second Quarter 2026 Results New York, August 12, 2026 Pershing Square Inc. (NYSE:PS) ("Pershing Square" or the "Company") today reported its second quarter 2026 results. A letter to shareholders from Pershing Square CEO Bill Ackman and CIO Ryan Israel, along
Slide 2: About Pershing Square Inc. and Forward-Looking Statements
About Pershing Square Inc. Pershing Square Inc. is an alternative asset management company that manages pools of permanent capital invested in long-term, high-return investment strategies. Our growth is principally driven by the long-term compounding of our assets under management and the opportunis
Slide 3: Second Quarter 2026 Earnings Presentation
SECOND QUARTER 2026 Earnings Presentation AUGUST 12, 2026
Slide 4: Second Quarter 2026 GAAP Income Statement
Second Quarter 2026 GAAP Income Statement (in thousands, except per share data) Year-to-Date Last Twelve Months Q2 2025 Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 LTM Q2 2026 LTM Revenue Management fees $50,758 $54,176 $102,960 $111,682 $206,745 $239,142 Performance fees 2,421 1 2,524 1 250,017 529,565
Slide 5: Fee-Related Earnings and Distributable Earnings
Fee-Related Earnings and Distributable Earnings (in thousands, except per share data) Year-to-Date Last Twelve Months Q2 2025 Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 LTM Q2 2026 LTM (1) Management fees $53,050 $68,029 $105,252 $129,194 $209,037 $263,974 Preferred performance fees 1,499 - 1,601 - 98,
Slide 6: Assets Under Management
Assets Under Management Total AUM Roll Forward (in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Twelve Months Ended June 30, 2026 AUM % Change AUM % Change AUM % Change Beginning Balance $26,602 $30,666 $29,599 Inflows 5,629 21.2% 5,482 17.9% 6,027 20.4% Change in Market
Slide 7: Summary Balance Sheet Highlights
Summary Balance Sheet Highlights Net Cash and Investments Market Capitalization (in millions, except per share data) (in millions, except per share data) June 30, 2026 Shares Share Price Value June 30, 2026 HHH shares 9.0 $71.49 $643 Shares outstanding 400.0 PSUS common shares 4.0 $37.38 150 Share p
Slide 8: Supplemental Details
Supplemental Details
Slide 9: Assets Under Management Roll Forward by Fund
Assets Under Management Roll Forward by Fund Three Months Ended June 30, 2026 (in millions) Private Funds PSH PSUS HHH (PSLP & PSINTL) Total Beginning Balance $16,108 - $8,882 $1,611 $26,602 Inflows - 4,929 681 19 5,629 Change in Market Value 529 (286) 490 96 829 Outflows (88) (1) - (485) (573) Endi
Slide 10: Fee-Paying Assets Under Management Roll Forward by Fund
Fee-Paying Assets Under Management Roll Forward by Fund Three Months Ended June 30, 2026 (in millions) Private Funds PSH PSUS HHH (PSLP & PSINTL) Total Beginning Balance $12,479 - $3,773 $718 $16,970 Inflows - 4,879 - - 4,879 Change in Market Value 529 (286) 490 52 785 Outflows (73) (1) - (302) (376
Slide 11: FRE and DE | Historical Quarterly Periods
FRE and DE | Historical Quarterly Periods (in thousands, except per share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 (1) Management fees $52,202 $53,050 $65,960 $68,820 $61,167 $68,029 Preferred performance fees 102 1,499 2,661 98,342 - - FRE revenue $52,304 $54,549 $68,621 $167,162 $61,1
Slide 12: Fee Revenue by Fund
Fee Revenue by Fund Fee Revenue by Fund (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 PSH $48,449 $46,643 $54,997 $57,906 $54,234 $45,694 PSUS - - - - - 16,536 HHH Base Management Fee - 2,349 3,750 3,750 3,786 3,786 HHH Variable Management Fee - 540 3,399 3,345 - 64 Private Funds (P
Slide 13: FRE and DE | Historical Annual Periods
FRE and DE | Historical Annual Periods (in thousands, except per share data) For the Year Ended December 31, CAGR(3) 2020 2021 2022 2023 2024 2025 2020 - 2025 (1) Management fees 117,286 162,443 163,515 170,801 206,067 240,032 15% Preferred performance fees - current year 46,332 75,555 33 87,087 98,
Slide 14: Appendix
Appendix
Slide 15: FRE and DE Reconciliation to GAAP
FRE and DE Reconciliation to GAAP (in thousands, except per share data) Year-to-Date Last Twelve Months Q2 2025 Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 LTM Q2 2026 LTM Net income (loss) attributable to Pershing Square Inc. $23,670 ($42,695) $43,400 ($190,285) ($3,915) $16,091 Net (income) loss attri
Slide 16: FRE and DE Reconciliation to GAAP (Cont'd)
FRE and DE Reconciliation to GAAP (Cont’d) (in thousands) Year-to-Date Last Twelve Months Q2 2025 Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 LTM Q2 2026 LTM Management fees GAAP Management fees $50,758 $54,176 $102,960 $111,682 $206,745 $239,142 (1) Management fees - contra-revenue 2,292 13,852 2,292 1
Slide 17: FRE and DE Reconciliation to GAAP | Historical Quarterly Periods
FRE and DE Reconciliation to GAAP | Historical Quarterly Periods (in thousands, except per share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net income (loss) attributable to Pershing Square Inc. $19,731 $23,670 $155,462 $50,914 ($147,590) ($42,695) Net (income) loss attributable to non-co
Slide 18: FRE and DE Reconciliation to GAAP | Historical Quarterly Periods (Cont'd)
FRE and DE Reconciliation to GAAP | Historical Quarterly Periods (Cont’d) (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Management fees GAAP Management fees $52,202 $50,758 $62,300 $65,160 $57,507 $54,176 (1) Management fees - contra-revenue - 2,292 3,660 3,660 3,660 13,852 Non-GAAP
Slide 19: Reconciliation to GAAP - Notes
FRE and DE Reconciliation to GAAP - Notes 1. PS Inc. recognizes contra-revenue from the non-cash amortization of its two intangible assets: (i) the Deferred Asset - PS Inc. IPO Shares, which represents the relative fair value of the shares of the Company’s common stock delivered, for no additional c
Slide 20: FRE and DE Reconciliation to GAAP | Historical Annual Periods
FRE and DE Reconciliation to GAAP | Historical Annual Periods (in thousands, except per share data) For the Year Ended December 31, 2020 2021 2022 2023 2024 2025 Net income (loss) attributable to PS Holdco $481,852 $300,064 $51,839 $209,460 ($14,151) $249,777 Net (income) loss attributable to non-co
Slide 21: FRE and DE Reconciliation to GAAP | Historical Annual Periods (Cont'd)
FRE and DE Reconciliation to GAAP | Historical Annual Periods (Cont’d) (in thousands) For the Year Ended December 31, 2020 2021 2022 2023 2024 2025 Management fees GAAP Management fees $117,286 $162,443 $163,515 $170,801 $206,067 $230,420 (1) - - - - - 9,612 Management fees - contra-revenue Non-GAAP
Slide 22: Reconciliation to GAAP | Historical Annual Periods - Notes
FRE and DE Reconciliation to GAAP | Historical Annual Periods - Notes 1. PSCM pays the Subordinated Performance Fee to CompCo, an entity that compensates its members (including our investment professionals and certain other employees). As such, the Subordinated Performance Fee is not available for d
Slide 23: Certain Definitions
Certain Definitions Assets Under Management (AUM) - Refers to (i) with respect to our Core Funds, the net assets of our Core Funds as calculated in accordance with GAAP or IFRS, as applicable, while adding back accrued performance fees and the principal value of PSH’s outstanding bonds, and (ii) wit
Slide 24: Certain Definitions (Cont'd)
Certain Definitions (Cont’d) Performance Fees - Fees and allocations earned by PSCM based on NAV appreciation of funds above a high-water mark. PSH pays a 16% performance fee; PSINTL pays 20%. Performance fees from PSH are recognized on a “net” basis after giving effect to the fee offset arrangement
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report certain financial measures that are not required by, or presented in accordance with, GAAP. Management uses these non-GAAP financial measures to assess the performance of our business across reporting periods and believes this information is useful to investors
Slide 26: Important Legal Information
Important Legal Information The information in this presentation should be read in conjunction with our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, our prospectus (the "IPO Prospectus") filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2026 pursuant to