Partners Group Holding Ag · SIX:PGHN
Partners — Investor Presentation (July 2025)
46 slides from Partners's investor presentation, July 2025
Slide 1: Update on Partners Group
Update on Partners Group July 2025 For Institutional Use Only – Not for Public Distribution For Institutional Use Only – Not for Public Distribution
Slide 2: Table of contents
2 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of 2024 4 Financials as of 2024 5Capital Markets Day 2025 5 Capital Markets Day 2025 6ESG 6 ESG
Slide 3: Partners Group is one of the largest firms in the private markets industry
Overview - Partners Group 3 Partners Group is one of the largest firms in the private markets industry Total assets under management1 (in USD billion) 174 $174bn assets under management $118bn in bespoke solutions 2 43 5 private markets asset classes 11 $243bn invested since foundation 2018 2006 200
Slide 4: With our heritage in Switzerland and primary presence in the Americas, we are built differently
Overview - Partners Group 4 With our heritage in Switzerland and our primary presence in the Americas in Colorado, we are built differently from the rest of the industry Americas Europe Asia-Pacific Thematic We focus our thematic research on growth sectors Toronto New York Denver Houston Miami Dubai
Slide 5: We apply our industrial mindset to build market-leading businesses and assets
Overview - Partners Group 5 We apply our industrial mindset to build market-leading businesses and assets that can capitalize on growth trends Across asset classes (invested since inception) Across geographies1 (invested since inception) Royalties Rest of world Real estate 0.2% 2% 13% Asia-Pacific 1
Slide 6: Our transformational investing approach delivers repeatable performance
Overview - Partners Group 6 Our transformational investing approach delivers repeatable performance Thematic sourcing Entrepreneurial ownership allows us to find winning businesses in high-growth sectors drives value creation tailored to each investment ✓ 3 giga themes and dozens of thematic sectors
Slide 7: Table of contents
7 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of 2024 4 Financials as of 2024 5Capital Markets Day 2025 5 Capital Markets Day 2025 6ESG 6 ESG
Slide 8: Our proprietary thematic investing approach starts with 3 giga themes
Investments 8 Our proprietary and systematic thematic investing approach starts with 3 giga themes 3 Giga Themes Digitization & Automation New Living Decarbonization & Sustainability Dozens of Transformational Trends Democratization of Institutionalization of Self-learning Increasing speed-to- Devel
Slide 9: We made USD 9 billion in new investments in H1
Investments 9 We made USD 9 billion in new investments in H1 Investments H1 20251 Direct assets Liquid loans (Direct equity and direct ▪ H1 activity driven by relative value investments; direct equity Portfolio 15% lending investments) impacted by tariff uncertainty increasing bid-ask spreads 52% as
Slide 10: We committed to leading companies and assets in resilient sectors
Investments 10 We committed to leading companies and assets in resilient sectors ▪ Building operations in new markets to accelerate global growth Market leading premium Humanization while reinforcing supply chain to ensure resilience cat food brand of pets ▪ Expanding to the underserved premium cat
Slide 11: Our transformational investing approach translates into strong returns
Investments 11 Our transformational investing approach translates into strong returns 2.5x nTVPI 2.1x nTVPI 1.2x nTVPI 1.4x nTVPI 1.1x nTVPI 21.6% nIRR 22.6% nIRR 6.9% nIRR 10.0% nIRR 11.5% nIRR Private equity1 Infrastructure2 Private credit3 Real estate4 Royalties5 1 Private equity directs investme
Slide 12: We generated USD 9 billion in realizations in H1
Investments 12 We generated USD 9 billion in realizations in H1 Portfolio realizations H1 2025 Portfolio assets 38% ▪ Resilience of infrastructure assets drove meaningful realizations over the period Second. Credit & prim. 24% ▪ Techem perf. fee reversal expected in H1, included in 38% guidance; res
Slide 13: Recent exit activity highlights the benefits of our diversified platform
Investments 13 Recent exit activity highlights the benefits of our diversified platform Diversified infrastructure portfolio Private equity direct Infra. direct Infra. secondaries ~68 million 2.7x EUR 1+ bn Not disclosed USD 1.5bn 2.4x customers annually nTVPI1,2 enterprise value nTVPI2 distribution
Slide 14: We have a full and promising exit pipeline for the next 2-3 years
Investments 14 We have a full and promising exit pipeline for the next 2-3 years 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 years; 83% of NAV is older than 5
Slide 15: Table of contents
15 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of 2024 4 Financials as of 2024 5Capital Markets Day 2025 5 Capital Markets Day 2025 6ESG 6 ESG
Slide 16: We generated USD 12 billion in client demand in H1
Clients 16 We generated USD 12 billion in client demand in H1 Fundraising by strategy Fundraising by asset class Royalties Traditional Real estate Private equity programs 1% 5% 26% 29% 20% Infrastructure $12 Mandates 39% $12 billion billion Evergreens Bespoke 35% 45% solutions 74% Private credit Man
Slide 17: Our mandates continue to be attractive for clients
Clients 17 Our mandates continue to be attractive for clients who require a tailored one- stop solution Mandate AuM by strategy & asset class Mandate portfolio (example) Primaries 22% Private equity Private credit 48% 13% Asset allocation2 Asset allocation Direct participation in Real estate 19% $66
Slide 18: A broad investment offering is key to building a successful evergreens business
Clients 18 We believe a broad investment offering is key to building a successful evergreens business... Evergreen AuM by strategy & asset class Real estate 2% Secondaries Private equity 64% 15% ▪ Our track record providing private wealth solutions remains key selling point for distribution partners
Slide 19: Sustainable growth in private wealth results from long-term repeatable performance
Clients 19 ...and sustainable growth in private wealth results from delivering long-term repeatable performance Our private equity LLC has delivered double digit returns with a 5x net investment multiple since inception $6’000 Monetary tightening to $1000 at inception1 in advanced economies Performa
Slide 20: Strong performance across new evergreen launches
Clients 20 We saw strong performance across new evergreen launches, while our largest evergreens navigate short-term challenges Largest evergreens faced a temporary slowdown in …while new evergreen launches show strong early development… performance (since inception net performance ) 3 26% 21% 18% 1
Slide 21: Most AuM growth in the next cycle will originate from new sources
Clients 21 Most AuM growth in the next private markets cycle will originate from new sources; we are well-positioned to access these channels Private markets AuM by client segment (USD tn)1 Institutions 5.8 25.1 1.3x 4.0 increase 15.3 Private wealth Private wealth 2.7x 2024 Institutions Private weal
Slide 22: We reconfirm our 2025 guidance
Clients 22 We reconfirm our 2025 guidance Illustrative global pipeline (indicative size of pipeline per region) 2025 new client demand & tail-down guidance ▪ Expected new assets: USD 26 to 31 billion, including USD 22 to 27 billion in 3% new client demand ▪ Tail-downs1: USD -9 to -10 billion based o
Slide 23: Table of contents
23 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of 2024 4 Financials as of 2024 5Capital Markets Day 2025 5 Capital Markets Day 2025 6ESG 6 ESG
Slide 24: 2024 financials
Financials as of 2024 24 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% ma
Slide 25: Revenues underpinned by stable contractually recurring management fees
Financials as of 2024 25 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 o
Slide 26: Management fee margin at around long-term average
Financials as of 2024 26 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
Slide 27: Our shift to direct investments has increased future performance fee potential
Financials as of 2024 27 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 bi
Slide 28: Performance fees driven by strong realizations and value creation in H2
Financials as of 2024 28 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 2
Slide 29: Total operating costs driven by performance fee-funded expenses
Financials as of 2024 29 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 ope
Slide 30: Revenues and costs affected by EUR or USD movements against the CHF
Financials as of 2024 30 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 impac
Slide 31: Change of profitability measure from EBIT margin to EBITDA margin
Financials as of 2024 31 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 approac
Slide 32: Strong financials, balance sheet, and liquidity
Financials as of 2024 32 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
Slide 33: Board proposes CHF 42.00 dividend per share, up 8%
Financials as of 2024 33 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. sin
Slide 34: Table of contents
34 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of 2024 4 Financials as of 2024 5Capital Markets Day 2025 5 Capital Markets Day 2025 6ESG 6 ESG
Slide 35: Partners Group's Capital Markets Day 2025
Capital Markets Day 2025 35 Partners Group's Capital Markets Day 2025 For more information on our vision, strategy, and positioning we invite you to view our Capital Markets Day presentation available for download here Source: Partners Group (2025).
Slide 36: Table of contents
36 Table of contents 1Overview - Partners Group 1 Overview - Partners Group 2Investments 2 Investments 3Clients 3 Clients 4Financials as of 2024 4 Financials as of 2024 5Capital Markets Day 2025 5 Capital Markets Day 2025 6ESG 6 ESG
Slide 37: Committed to sustainability for nearly two decades
ESG 37 Partners Group has been committed to sustainability for nearly two decades Integration of Sustainability Strategy Signature of UN-backed Launch of the into our business systems Principles for Responsible LIFE Strategy Investment (UN PRI) Publication of Partners Double materiality Founding sig
Slide 38: Key figures at a glance
ESG 38 Key figures at a glance 1 Stakeholder Engagement 2 Sustainability Disclosure 3 Our Value Chain 4 Investment Engagement >120 4 >580k 20 Stakeholders internally Industry standards Employees in our value Case studies featured and externally disclosed on chain 5 Sustainability Data Collection 6 O
Slide 39: Driving sustainability at scale
ESG 39 Driving sustainability at scale Board of Directors Board of Directors Investments Clients Strategic Governance and Risk Management Performance Business Management Nomination & Operations Investment Client Risk & Audit Committee Compensation Committee Oversight Committee Oversight Committee Ov
Slide 40: Sustainability spans across our full AuM
ESG 40 Sustainability spans across our full AuM Private equity Infrastructure Private credit Real estate Royalties What does good governance Asset classes look like? USD 83.3bn USD 30.6bn USD 37.8bn USD 22.4bn USD 0.3bn ▪ At Partners Group, good governance is driven by our business system ▪ We manag
Slide 41: Sustainability throughout the investment process
ESG 41 Sustainability throughout the investment process Sustainability is a key consideration throughout our investment cycle, from onboarding to exit, posing an incremental lever to value creation. Integrate Engage and transform Sourcing Due diligence Ownership Exit Non-financial factors ▪ Thematic
Slide 42: Building better by building differently
ESG 42 Building better by building differently ▪ Source thematically (e.g. decarbonization to steer capital) ▪ Integrate sustainability in due diligence based on SASB materiality Integrate ▪ Analysis of key sustainability topics relating to the port. company's value creation plan ▪ Invest and consci
Slide 43: Priority topics - Portfolio
ESG 43 Partners Group's priority topics - Portfolio Governance Human Rights Data & Cyber ▪ Implement human rights and health & safety ▪ Perform regular cyber & data security risk ▪ Appoint a board responsible for standards in accordance with local regulations assessments sustainability and laws ▪ De
Slide 44: Priority topic - Corporate
ESG 44 Partners Group's priority topic - Corporate Governance Human Rights Data & Cyber ▪ Report to the Risk and Audit Committee on a bi- ▪ Implement human rights and health & safety ▪ Perform regular cyber & data security risk annual basis standards in accordance with local assessments ▪ Refine our
Slide 45: Contacts
45 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 46: Disclaimer
ESG 46 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 jurisdictio
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