Kkr & Co. Inc. · NYSE:KKR
Kkr & — Investor Presentation (September 2026)
46 slides from Kkr &'s investor presentation, September 2026
Slide 1: KKR & Co. Inc. Overview
KKR & Co. Inc. Overview February 7,Presentation 2023 – 2Q’26 September 2026
Slide 2: 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 3: Key Highlights
Key Highlights Growth Drivers Recent Success Record results across all three headline financial 1 metrics—Fee Related Earnings, Total Operating We operate in markets with Earnings and Adjusted Net Income per share— long-term secular tailwinds on a quarterly and LTM basis 2 Key operating metrics hit
Slide 4: 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 $796 billion ~4,200 Multi-asset 36 global 50 Years in AUM employees(1) experience offices across Credit & ~2,700 Liquid Strategies Asset Management
Slide 5: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead Purpose-built business model with three growth engines to drive recurring earnings High-growth Leveraging our industry with core strengths leadership in Asset Strategic key markets Insurance ✓ Investing acumen Management Holdings ✓ Capital allocation ✓ Collabo
Slide 6: KKR's Culture And Values Drive Outcomes
KKR’s Culture And Values Drive Outcomes Work Together Earn Like & Trust Best-in-class talent One P&L and compensation pool Remember, People are Counting on Us One Collaboration Firm Business building & innovation Stay Curious, Allows us to maximize Be Creative the impact of our model Pursue Excellen
Slide 7: Evolution And Growth Of Our Business
Evolution And Growth Of Our Business ($ in billions, except per share data) Three Segments 2020 2Q’26 LTM Scaling of Strategic Existing Insurance Asset Holdings Management Asset Businesses Management Assets Under Initial acquisition in Strategic Insurance Management February 2021 Introduced as a Hol
Slide 8: Durable Model Evidenced In 2Q'26
Durable Model Evidenced In 2Q’26 ($ in millions) Financial Metrics 2Q’26 Actual 2Q’26 vs. 2Q’25 Management Fees $1,250 +26% Fee Related Earnings $1,214 +37% Fee Related Earnings Margin 70% +127bps Total Operating Earnings $1,539 +29% Adjusted Net Income $1,493 +40% ($ in billions) Operating Metrics
Slide 9: KKR Continues To See An Acceleration In Monetization Activity
KKR Continues To See An Acceleration In Monetization Activity Recent Transaction Activity Highlights(1) Robust Monetization Activity ($ in billions) Transactions Closed in 2Q'26(2) Realized Investment Income Kokusai (2017) Final sale 20.0x cost Asia PE Realized Performance Income(5) Fee Related Perf
Slide 10: Our Model
Our Model
Slide 11: Asset Management
Asset Management
Slide 12: Scaled And Diversified Assets Under Management
Scaled And Diversified Assets Under Management Assets Under Management ($ in billions) $796 $796 $38 Liquid Strategies $744 $150 Alternative Credit $638 $553 +18% $504 $143 Leveraged Credit CAGR $471 $84 Real Estate $127 Infrastructure & Energy $252 $218 $24 Growth Equity $195 $40 Core Private Equit
Slide 13: Infrastructure – A Case Study
Infrastructure – A Case Study Assets Under Management ($ in billions) $119 Helix Digital Helix Digital Infrastructure Infrastructure K-Series Infrastructure Climate K-Series Infrastructure $100 SMAs & Other Climate Core Infrastructure SMAs & Other Asia Pacific Infrastructure Global Infrastructure $8
Slide 14: Diversified & Fast-Growing Management Fee Profile
Diversified & Fast-Growing Management Fee Profile Other(1) +25% Core PE CAGR Growth Equity Real Estate Infrastructure Alternative Credit Leveraged Credit Traditional PE Distinct strategies in Americas, Europe and Asia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q
Slide 15: Differentiated Value Creation Toolkit
Differentiated Value Creation Toolkit CAPSTONE KKR ADVISORS KKR CAPITAL MARKETS GLOBAL MACRO KKR GLOBAL INSTITUTE ASSET ALLOCATION PUBLIC POLICY & GLOBAL CLIENT SUSTAINABILITY SOLUTIONS 15
Slide 16: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Equity Health Care Growth Technology Growth North America PE Middle Market PE Global Impact Core PE Europe PE Arctos Keystone Customized Portfolio Solutions Arctos Spo
Slide 17: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Equity Health Care Growth Technology Growth North America PE Middle Market PE Global Impact Core PE Europe PE 50%+ Arctos Keystone Customized Portfolio Solutions Arcto
Slide 18: Continued Fundraising Momentum
Continued Fundraising Momentum ~30 Strategies Targeted To Raise Capital New Capital Raised In The Next 12-18 Months ($ in billions) Including three major flagship strategies Private Equity Private Equity Real Assets • Asia Private Equity • Customized Portfolio Solutions Credit & Liquid Strategies $1
Slide 19: Private Wealth Approach Positions KKR To Win
Private Wealth Approach Positions KKR To Win Traditional Family Capital Drawdown Office & K-Series Group & Perpetual Ultra HNW Partnership Vehicles Growing K-Series AUM ($ in billions) $42 Strategic Partnership Recent Developments: ~2x Private First Two Public-Private Fixed Income Investment $21 $25
Slide 20: Insurance
Insurance
Slide 21: Overview Of Global Atlantic
Overview Of Global Atlantic 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, GA was initially acquired by KKR as
Slide 22: Two Complementary Channels
Two Complementary Channels Individual Markets Institutional Markets Block Fixed & Indexed Annuities Reinsurance for Annuity and Flow Life Insurance Products Insurance Companies Pension Risk Transfer (PRT) for Individuals Preneed Insurance Funding Agreements $10.8 $16.6 Leading #1 250+ ~40% Top 3 Lea
Slide 23: Global Atlantic Has Multiple Ways To Grow
Global Atlantic Has Multiple Ways To Grow Global Atlantic has a clear path to doubling assets c Invest in Emerging Opportunities • International Life & Annuity Blocks Improve Positioning in • International Flow Reinsurance b • GA-KKR Wealth Product & Distribution Maturing Businesses • Retirement gro
Slide 24: Multiplier Effect: Scaling GA And Asset Management In Tandem
Multiplier Effect: Scaling GA And Asset Management In Tandem …And GA Helps Scale KKR Helps Scale GA Originations… …And Third Party Insurance Capital KKR Existing Platforms… ($ in billions) ($ in billions) ($ in billions) KKR AUM of Asset Classes Average Annual Asset Originations(1) Third Party Insur
Slide 25: Global Atlantic AUM And Total Insurance Economics
Global Atlantic AUM And Total Insurance Economics Global Atlantic AUM Total Insurance Economics(1) ($ in billions) ($ in billions) Insurance Operating Earnings Ivy and other sponsored reinsurance vehicles Global Atlantic-related Capital Markets Fees (Included in FRE) in all periods do not reflect Gl
Slide 26: How Global Atlantic Thinks About Affiliated Assets
How Global Atlantic Thinks About Affiliated Assets Statutory reporting uses a broad definition of affiliation, resulting in ~25% of GA’s statutory assets(1) being classified as affiliated, despite a majority having unaffiliated underlying risk of Global Atlantic’s statutory assets(1) ~5% have underl
Slide 27: How Global Atlantic Thinks About Affiliated Assets (cont'd)
How Global Atlantic Thinks About Affiliated Assets (cont’d) of Global Atlantic’s statutory assets(1) ~5% have underlying affiliate exposure 100% ofhasunderlying affiliate exposure third-party participation (2) $ in billions % of Assets(1) A Credit Exposure to KKR affiliates $6.1 3.2% Equity Exposure
Slide 28: Strategic Holdings
Strategic Holdings
Slide 29: Strategic Holdings – An Engine Of Growth For KKR
Strategic Holdings – An Engine Of Growth For KKR Strategic Holdings Segment Overview Looking Forward Strategic Holdings represents KKR’s direct ownership in companies that we believe are durable and less cyclical and • Strategic Holdings Operating Earnings well positioned to compound value over the
Slide 30: Sale Of USI Insurance Services – Transaction Highlights
Sale Of USI Insurance Services – Transaction Highlights • KKR and Aon plc announced a definitive agreement under which Aon will acquire USI Insurance Services from KKR and its co-investors for $17 billion in an all-cash transaction • The transaction is expected to close in the fourth quarter of 2026
Slide 31: KKR's Capital Allocation Framework
KKR’s Capital Allocation Framework: $3.3bn Of After-tax Proceeds Leverage the KKR ecosystem to maximize Our Objective is Clear recurring and durable earnings per share Our Capital Allocation Toolkit KKR Approach Strategic M&A 6 acquisitions completed since 2015 at ~8.5x LTM Adjusted Net Income Marsh
Slide 32: Appendix I
Appendix I
Slide 33: Our Earnings Framework
Our Earnings Framework Strategic Expected Insurance Fee Related Holdings Total Operating to be More Operating Stable & Earnings Operating Earnings Recurring Earnings Earnings Net of Compensation and Operating Expenses Net Realized Net Realized Driven by Performance Investment Total Investing Monetiz
Slide 34: Second Quarter 2026 Segment Earnings
Second Quarter 2026 Segment Earnings ($ in thousands, except per share data) 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Management Fees $ 995,763 $ 1,249,964 $ 1,913,097 $ 2,442,468 Transaction and Monitoring Fees, Net 234,249 221,269 495,758 473,978 Fee Related Performance Revenues 53,737 254,699 75,014 278,4
Slide 35: Appendix II
Appendix II
Slide 36: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) FY'20 2Q'25 2Q'26 2Q'25 LTM 2Q'26 LTM Net Income (Loss) - KKR Common Stockholders $ 1,945,954 $ 472,387 $ 660,053 $ 2,012,568 $ 2,990,256 Preferred Stock Dividends 56,555 37,736 40,429 37,736 161,719 Net Income (Loss) Attributa
Slide 37: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Insurance Operating Earnings $ 277,932 $ 288,220 $ 536,704 $ 548,550 Management Fees, Net Paid by Insurance Segment 136,525 144,401 268,239 289,460 Ivy and Related Sidecar Fees, Net 40,868 66,480
Slide 38: Reconciliation of GAAP to Non-GAAP Shares (Unaudited)
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Weighted Average GAAP Shares of Common Stock Outstanding - Basic 890,716,083 895,585,447 889,488,212 893,377,678 Adjustments: Weighted Average Exchangeable Securities 9,569,812 21,137,375 8,777,982 15,756,863 Weigh
Slide 39: Important Information – Endnotes
Important Information – Endnotes Note to Page 4 – KKR Overview Note to Page 23 – Global Atlantic Has Multiple Ways To Grow • 800 additional employees includes employees from certain of our majority owned and controlled (1) Represents 1Q’20 Global Atlantic Adjusted Invested Assets. subsidiaries such
Slide 40: Important Information – Endnotes (cont'd)
Important Information – Endnotes (cont’d) Notes to Page 27 – How Global Atlantic Thinks About Affiliated Assets (cont’d) • 15% of KKR’s free float is based on Adjusted shares outstanding as of December 31, 2025, excluding shares owned by KKR employees. (1) Assets represent statutory net admitted ass
Slide 41: Non-GAAP and Segment Definitions
Non-GAAP and Segment Definitions Non-GAAP and Segment Measures Adjusted Earnings during the period. If tax deductions from equity-based compensation were to be excluded from Income Taxes on Adjusted Earnings, KKR’s ANI would be lower and KKR’s The key non-GAAP and other operating and performance mea
Slide 42: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) Non-GAAP and Segment Measures (cont’d) • Strategic Holdings Operating Earnings is a performance measure used to assess the firm’s earnings from companies and businesses reported through its Strategic Holdings segment. • Insurance Operating Earnings is the se
Slide 43: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) Other Operating and Capital Metrics (cont’d) management fee) and (ii) certain assets, primarily in its private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not • Assets Under Manageme
Slide 44: Important Information – Other Legal Disclosures
Important Information – Other Legal Disclosures Past Performance and Investment Returns “outlook,” “believe,” “think,” “expect,” “feel,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” “visibility,” “positioned,” Past
Slide 45: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) Forward-Looking Statements (cont’d) rapidly developing and changing global privacy laws; expansion into new investment strategies, geographic markets, businesses and types of investors; failure to manage existing balance sheet These forward-lo
Slide 46: 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