Pershing Square Holdings, Ltd. Public Class USD Accum.Shs · LSE:PSH
Pershing Square Holdings, Ltd. Public Class USD Accum.Shs — Pershing Square Holdings — Investor Presentation (February 2026)
85 slides from Pershing Square Holdings, Ltd. Public Class USD Accum.Shs's investor presentation, Feb 11, 2026
Slide 1: Annual Investor Presentation
Annual Investor Presentation February 11, 2026
Slide 2: Disclaimer
Disclaimer All information provided herein is for informational purposes only and should not be deemed a recommendation to buy or sell any security mentioned. Pershing Square Capital Management, L.P. (“Pershing Square”) believes this presentation contains a balanced presentation of the performance o
Slide 3: Agenda
Agenda Chairman’s Introduction Strategic Update 2025 PSH Performance Review Business & Organizational Update Market Developments Since COVID Equity Portfolio Update Q&A
Slide 4: Chairman's Introduction
Chairman’s Introduction
Slide 5: Board of Directors of PSH
Board of Directors of PSH Board Director Summary Experience ‾ Trustee and Chairman of investment advisory group, Comic Relief Rupert Morley ‾ Trustee, Kennedy Memorial Trust Independent Director ‾ Former Chairman of the Board, Bremont Watch Company Chairman of the Board ‾ Former CEO of Sterling Relo
Slide 6: PSH Board Process
PSH Board Process Quarterly meetings; additional meetings as needed Review and monitor Investment performance and portfolio Operational risk management Investor relations and global marketing Share price performance Expenses Compliance and regulatory matters Board Committees (membe
Slide 7: PSH Board Additional Matters Considered in 2025
PSH Board Additional Matters Considered in 2025 Share buybacks Dividend policy Debt strategy Fee-related amendments to the Investment Management Agreement Howard Hughes strategic transaction with Pershing Square Howard Hughes preferred stock investment Strategies for addressing discoun
Slide 8: Performance Overview
Performance Overview In 2025, PSH’s NAV grew 20.9% and total shareholder return (“TSR”) was 33.9%. In 2026 to-date, PSH NAV has declined (5.4)% and TSR has been (4.5)%(1) Annualized Returns Market Indices HFRX Indices PSH S&P FTSE 100 MSCI Equity (2) (2) Period NAV Share Price 500 $USD £GBP World Ac
Slide 9: Long-Term Debt Financing Strategy
Long-Term Debt Financing Strategy PSH’s ability to access low-cost, investment-grade, long-term debt is an important competitive advantage for PSH ✓ PSH has attractive credit characteristics Simple, transparent, and highly liquid investment portfolio Significant asset coverage: PSH debt is cover
Slide 10: Total Debt to Total Capital Ratio Over Time
Total Debt to Total Capital Ratio Over Time Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings Total Debt to Total Capital Ratio | 6/30/2015 to 12/31/2025: 10/1/21: Issued $700mm of 10/4/21: Redeemed 10/28/25: Issue
Slide 11: Strategies to Address the Discount
Strategies to Address the Discount Strong investment performance Compound annual NAV net returns of 22.6% for the last eight years (the “Permanent Capital Era”) (1) Corporate actions Gained premium listing on the London Stock Exchange in May 2017, when PSH ranked 139 th in the FTSE by market
Slide 12: Strategic Update
Strategic Update
Slide 13: PSUS IPO Update
PSUS IPO Update Made the decision to re-evaluate PSUS’s IPO structure to address investor feedback Received substantial interest from retail and institutional investors over PSUS’s initial two-month marketing phase in July 2024 However, investor considerations around potential aftermarket trad
Slide 14: HHH Strategic Transaction with Pershing Square
HHH Strategic Transaction with Pershing Square In May 2025, Pershing Square invested $900 million of primary capital as part of a plan to transform HHH into a diversified holding company The Pershing Square management company (Pershing Square HoldCo, L.P.) purchased 9 million newly issued HHH shar
Slide 15: Benefits to PSH from HHH Strategic Transaction
Benefits to PSH from HHH Strategic Transaction ✓ Reduction in PSH management fees PSH management fees will be reduced dollar for dollar by the proportionate share of fees paid to PSCM by HHH attributable to the HHH common stock held by PSH(1) ✓ Improved HHH should enhance the value of PSH’s stake
Slide 16: HHH's Acquisition of Vantage
HHH’s Acquisition of Vantage In December 2025, HHH signed a definitive agreement to acquire Vantage Group Holdings, Ltd., a leading specialty insurance and reinsurance company $2.1 billion in cash, including up to a $1 billion investment from PSH Purchase HHH to retain Vantage’s book value accre
Slide 17: Vantage Acquisition Strategic Rationale
Vantage Acquisition Strategic Rationale We believe the acquisition of Vantage is an ideal transaction to begin HHH’s transformation into a diversified holding company Well-diversified insurance platform across lines of business with both specialty insurance and reinsurance exposure Highly experi
Slide 18: PSH Preferred Investment Terms
PSH Preferred Investment Terms Investment from PSH will take the form of non-interest-bearing preferred stock issued by HHH(1) PSH Up to $1 billion, split into fourteen equally-sized tranches Investment PSH’s preferred stock will be exchangeable for the common stock of Vantage if not redeemed
Slide 19: PSH Preferred Investment Highlights
PSH Preferred Investment Highlights We believe PSH’s preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH Highly attractive return profile on a stand-alone basis Contractual exit liquidity mechanism at a pre-determined mu
Slide 20: 2025 Performance Review
2025 Performance Review
Slide 21: 2025 Performance Overview
2025 Performance Overview 1 2025 Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return Note: Reflects returns from 12/31/24 through 12/31/25, including dividend reinvestment for indices. Past performance is not necessarily indicative of future results. All investments involve the possi
Slide 22: Cumulative Net Returns Since Inception
Cumulative Net Returns Since Inception PSLP / PSH PSH Annual Investor Presentation Net Return 2,750% January 19, 2018 2,503% 2018: Return to Our Roots 2,500% Created a strong path forward that reminds us of our early roots 2,250% Growth from returns, not asset gathering 2,000% More efficient and imp
Slide 23: Commitment to Core Principles
Commitment to Core Principles Key Business Characteristics Simple, predictable, free-cash-flow-generative business Formidable barriers to entry Limited exposure to extrinsic factors that we cannot control Generally, strong financial profile Minimal capital markets dependency Typically, N
Slide 24: Permanent Capital Era Annualized Returns
Permanent Capital Era Annualized Returns 8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return 1 Note: Reflects returns from 12/31/17 through 12/31/25, including dividend reinvestment for indices. Pershing Square began its ‘‘permanent capital era’’ on 1/1/18 by f
Slide 25: PSLP / PSH Annual Net Returns
PSLP / PSH Annual Net Returns Annual Net Returns Year PSLP / PSH S&P 500 2004 42.6% 10.9% 2005 39.9% 4.9% 2006 22.5% 15.8% 2007 22.0% 5.6% PSLP 2008 1.5% Management fee, (13.0%) (37.0%) 20% Incentive fee, 2009 40.6% 26.4% Unlevered 2010 29.7% 15.1% 2011 (1.1%) 2.1% 2012 13.3% 16.0% 2013 9.6% 32.4% 2
Slide 26: PSLP / PSH Cumulative Net Returns
PSLP / PSH Cumulative Net Returns Net Returns vs. S&P 500 through December 31, 2025 PSH PSLP / PSH 2, % 3 % 507% 0% % 323% 29 % 92% 2 % % 93% 9 % ear 5 ear ear 0 ear Since PSH Since Firm Inception Inception ( 2 3 20 2) ( 200 ) PSLP PSH S P 500 Note: PSLP/PSH data represents returns an investor would
Slide 27: PSLP / PSH Average Monthly Net Return vs. S&P 500
PSLP / PSH Average Monthly Net Return vs. S&P 500 PSLP / PSH Average Monthly Net Return vs. S&P 500 through December 31, 2025 Average onthly Average Return in Average Return in Return Up onths own onths .0% 3.0% 3. % 3.0% 2.0% . % 0.9% .0% 0.0% ( .0%) (2.0%) (2.0%) (3.0%) ( .0%) (3. %) PSLP PSH S P
Slide 28: PSH Average Monthly Net Return vs. S&P 500
PSH Average Monthly Net Return vs. S&P 500 PSH Average Monthly Net Return vs. S&P 500 through December 31, 2025 Average onthly Average Return in Average Return in Return Up onths own onths .0% 3.3% 2.9% 3.0% 2.0% .2% .2% .0% 0.0% ( .0%) (2.0%) (3.0%) (2. %) ( .0%) (3. %) PSH S P 500 Note: Data start
Slide 29: 2025 Contributors
2025 Contributors Contributors Gross Alphabet 10.3% Federal National Mortgage Association 5.8% Federal Home Loan Mortgage Corporation 5.0% Brookfield 3.5% Uber Technologies 2.7% Amazon 2.4% Hilton Worldwide Holdings 1.0% Universal Music Group 0.7% Meta Platforms 0.7% Restaurant Brands International
Slide 30: 2025 Detractors
2025 Detractors Detractors Gross Chipotle Mexican Grill (4.6%) Nike (2.5%) Total Detractors - Underlying Portfolio (7.1%) Bond Interest Expense (0.8%) Total Detractors - incl. Interest Expense (7.9%) Total PSH Returns Gross Return 26.5% Net Return 20.9% Note: Positions with contributions to performa
Slide 31: Total Assets Under Management
Total Assets Under Management AUM(1) Insider Capital (2) As of 2/9/2026 ($ in millions) Total Equity Total % of Equity Pershing Square Holdings ("PSH") $17,872 $14,202 $3,987 28.1% Pershing Square, L.P. ("PSLP") 1,484 1,484 718 48.4% Pershing Square International ("PSINTL") 392 392 158 40.5% Total C
Slide 32: Business & Organizational Update
Business & Organizational Update
Slide 33: Key Developments in the Last Twelve Months
Key Developments in the Last Twelve Months Strong portfolio gains and progress on strategic initiatives drove a PSH total shareholder return of 34% in 2025, 1.9x the return of the S&P 500(1) ✓ New investments in Hertz, Amazon, and Meta ✓ Exited investments in Chipotle, CPKC, and Nike in 2025, as wel
Slide 34: Portfolio Developments
Portfolio Developments During the last twelve months, we completed the acquisitions of three new investments and exited four investments Positions Acquired in Last Twelve Months Late 2024 Initiation 2025 Initiation Positions Exited in Last Twelve Months Position Year Initiated Year Exited 2025 Attri
Slide 35: Robust New Idea Generation
Robust New Idea Generation We completed the acquisitions of two core investments and one opportunistic investment over the last twelve months Largest cloud business by market share, with secular IT infrastructure and process tailwinds, and the dominant retail e-commerce operator (13% of capital)(1
Slide 36: Organizational Update
Organizational Update Pershing Square is a collaborative and investment-centric organization with a highly experienced and aligned team Team stability, tenure, and size relative to assets under management continue to differentiate Pershing Square from the industry Jordan Aguiar-Lucander joined t
Slide 37: PSCM Organization Chart
PSCM Organization Chart Name (PSCM Tenure in Years) 37
Slide 38: Pershing Square Investment Team
Pershing Square Investment Team Career PSCM Employee Education and Summary Prior Experience Experience Tenure (Years) (Years) Investment Advisory Committee on Financial Markets (Federal Reserve Bank of NY) Bill Ackman Gotham Partners, Co-Founder and Portfolio Manager (1992 - 2003) 34 22 CEO / Portfo
Slide 39: Market Developments Since COVID
Market Developments Since COVID
Slide 40: Stock Market Performance Since COVID Has Been Strong
Stock Market Performance Since COVID Has Been Strong The S&P 500 has increased 112% cumulatively, or 13% per annum, from 2020 to 2025 S&P 500 Index: 7,500 , ,500 5,500 ,500 3,23 3,500 2,500 ,500 ec 9 ec 20 ec 2 ec 22 ec 23 ec 2 ec 25 Source: Bloomberg. Excludes dividends. 40
Slide 41: Stock Market Performance Particularly Strong Over Last Three Years
Stock Market Performance Has Been Particularly Strong Over the Last Three Years The S&P 500 index increased 24%, 23%, and 16% in 2023, 2024, and 2025, respectively Annual S&P 500 Index Price Change: 2 % 23% % 2023 202 2025 Many commentators think that these high rates of return suggest the market is
Slide 42: Earnings Growth Has Driven Market Return
Earnings Growth Has Driven Market Return The S&P 500 annualized return of 13% from 2020-2025 has been primarily driven by 10% EPS growth, while P/E multiple expansion has only been 3% Annual S&P 500 Index Price Change: 27% % 2 % 23% % 3 % 9% 7% 2% 23% 3% % 3% % (5%) (5%) (22%) ( 9%) 2020 202 2022 20
Slide 43: EPS Growth Elevated Relative to Pre-COVID Levels
EPS Growth Has Been Elevated Relative to Pre-COVID Levels EPS growth has averaged 10% over the past six years versus 7% over the pre-COVID period Annual S&P 500 Index NTM EPS Growth: Pre-COVID NTM EPS Growth Post-COVID NTM EPS Growth 3 % 7% % 2% 3% 10% 7% % % 3% 2% (0%) (5%) 20 5 20 20 7 20 20 9 202
Slide 44: Megacaps Power Higher Earnings Growth
Megacaps Power Higher Earnings Growth Most of the elevated earnings growth is driven by the top ten companies in the S&P 500, of which we own three Composition of S&P 500 Index Consensus EPS Growth: 25% 20% % % 2% % % 7% Top 0 Next 90 S P 500 S P 500 Equal Weight 202 E 2027E We believe most of the t
Slide 45: Growth Outlook Supports Current Market Multiple
Growth Outlook Supports Current Market Multiple If the S&P can maintain structurally higher earnings growth driven by the top ten companies, we believe the P/E multiple should also be structurally higher S&P 500 Index NTM EPS Growth and P/E Multiples: NTM Consensus EPS Growth NTM Consensus P/E Multi
Slide 46: Increased Exposure to High-Quality, Higher-Growth Megacaps
We Have Increased Our Exposure to High-Quality, Higher-Growth Megacaps We believe these companies offer structurally higher growth than most companies in the S&P 500 at only modestly higher average multiples NTM P/E Medium-Term Multiple EPS Growth S&P 500 Index 22x ~12% to 13% S&P 500 Equal-Weight 1
Slide 47: Changing Narratives Create Opportunity: GOOG
Changing Narratives Create Opportunity: GOOG Rapidly shifting investor narratives around AI enabled us to purchase shares in GOOG at ~16x earnings, a >40% discount to its current multiple NTM P/E Multiples – Last Five Years: Nov. 2025: Consensus forms that GOOG is an “AI winner,” with Gemini 3 viewe
Slide 48: Robust Earnings Growth Overwhelms Misguided Secular Concerns: UBER
Robust Earnings Growth Overwhelms Misguided Secular Concerns: UBER We are delighted to own UBER’s ~30% EPS growth at only 2 x while we believe the company disproves concerns around autonomous vehicles NTM P/E and EPS – Last Eighteen Months: NTM P/E At Inception (1/7/2025): 26.6x 2/9/26 Source: Bloom
Slide 49: Macro Volatility Dislocates Valuation: AMZN
Macro Volatility Dislocates Valuation: AMZN Market volatility following the April tariff announcement allowed us to buy A ZN, one of the world’s best businesses, at an all-time low valuation NTM P/E Multiples – Last Five Years: 4/2/25: “Liberation Day” tariffs announced NTM P/E At Inception (4/21/20
Slide 50: Potential Future Narrative Shift: META
Potential Future Narrative Shift: META We believe concerns around ETA’s AI-related spending initiatives are underestimating the company’s long-term upside potential from AI NTM P/E Multiples – Last Five Years: NTM P/E At Inception (11/24/2025): 21.1x Source: Bloomberg consensus estimates. Pershing S
Slide 51: Equity Portfolio Update
Equity Portfolio Update
Slide 52: Brookfield Corporation (BN)
Brookfield Corporation (“BN”) Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value Leading asset-rich alternative asset manager with deep domain expertise Owns 73% of $84bn publicly-listed asset manager (Brookfield
Slide 53: BN Share Price Performance Since Inception
BN Share Price Performance Since Inception BN’s share price including dividend reinvestment increased 2 % in 2025 and has increased 2% year-to-date in 2026(1) BN Share Price Performance from 4/11/2024 to 2/9/2026: 50 9/10/2025: BN hosts 2025 Investor Day; establishes ~$7 DE per share target in 2030
Slide 54: Uber Technologies (UBER)
Uber Technologies (“UBER”) High-quality business positioned for continued rapid earnings growth trading at a compelling valuation on misplaced industry concerns Near term results are exceptionally strong and accelerating Bookings increased 19% in 2025 with accelerating momentum; new all-time highs
Slide 55: UBER Share Price Performance Since Inception
UBER Share Price Performance Since Inception Since inception of the position, UBER’s share price increased 23% in 2025 and has declined (10)% year-to-date in 2026(1) UBER Share Price Performance from 1/7/2025 to 2/9/2026: 12/9/2025: Waymo blog 05 post regarding pace of 6/24/2025: UBER x expansion ca
Slide 56: Fannie Mae (FNMA) and Freddie Mac (FMCC)
Fannie Mae (“FNMA”) and Freddie Mac (“FMCC”) Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization The administration has repeatedly emphasized three key objectives Enhance home affordability by compressing the spread
Slide 57: FNMA and FMCC Share Price Performance Since Inception
FNMA and FMCC Share Price Performance Since Inception FNMA and FMCC share prices increased 227% and 211%, respectively, in 2025 and have declined (23)% and (29)% year-to-date in 2026(1) 8/9/25: Pres. Trump posts FNMA and FMCC Share Price Performance from 10/7/2013 to 2/9/2026: image on Truth Social
Slide 58: Amazon (AMZN)
Amazon (“AMZN”) Amidst broader market volatility in April 2025, we were able to opportunistically initiate a position in Amazon at a highly attractive valuation Amazon operates two of the world’s great, category-defining franchises AWS is the leading cloud hyperscaler in a highly concentrated mark
Slide 59: AMZN Share Price Performance Since Inception
AMZN Share Price Performance Since Inception Since inception of the position, A ZN’s share price increased 3 % in 2025 and has declined (10)% year-to-date in 2026(1) AMZN Share Price Performance from 4/21/2025 to 2/9/2026: 2/5/26: Amazon reported Q4 earnings; continued revenue growth acceleration 2
Slide 60: Universal Music Group (UMG)
Universal Music Group (“UMG”) UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption Growth set to accelerate this year “Streaming 2.0” deals, which incorporate wholesale price increases, should lead to higher subscription revenue growth New partners and produ
Slide 61: UMG Share Price Performance Since IPO
UMG Share Price Performance Since IPO U G’s share price including dividend reinvestment declined ( )% in 2025 and has declined (11)% year-to-date in 2026(1) UMG Share Price Performance from 9/21/2021 to 2/9/2026 (€EUR): 1/2/25: Pershing Square 3/13/25: Pershing Square 9/21/21: UMG completes 9/17/24:
Slide 62: Alphabet (GOOG)
Alphabet (“GOOG”) Alphabet is leveraging its core strengths in data, distribution, infrastructure, and research expertise to successfully execute on its vast AI potential AI is having a transformative impact on Search & YouTube AI Overviews & AI Mode demonstrate rapidly improving product velocity
Slide 63: GOOG Share Price Performance Since Inception
GOOG Share Price Performance Since Inception GOOG’s share price including dividend reinvestment increased 5% in 2025 and has increased 3% year-to-date in 2026(1) GOOG Share Price Performance from 3/2/2023 to 2/9/2026: 11/18/25: Launch of Gemini 3, Google’s most advanced foundational AI model. As 0 a
Slide 64: Meta (META)
Meta (“META”) Dominant leader in the secularly fast-growing digital advertising space Entrenched global user base of more than 3.5 billion daily active users Ticker: Daily active user base has continued to grow at a 7% rate in Q4 2025 META $200 billion in 2025 revenue, reflecting a 22% annua
Slide 65: META Investment Thesis
META Investment Thesis High-quality advertising business model with increasing returns to scale Scaling engagement across eta’s vast user base improves utility for both users and advertisers Granular visibility into consumer behavior and interests enables highly precise ad targeting, making Meta
Slide 66: META Share Price Performance Since Inception
META Share Price Performance Since Inception Since inception of the position, ETA’s share price increased % in 2025 and has increased 3% year-to-date in 2026(1) META Share Price Performance from 11/24/2025 to 2/9/2026: 50 1/28/26: META reports strong Q4 results 0 and provides better-than-expected 20
Slide 67: Restaurant Brands International (QSR)
Restaurant Brands International (“QSR”) QSR is a high-quality business with significant long-term growth potential that we believe trades at a highly discounted valuation Largest businesses outperforming peers Tim Hortons comparable sales of 3% are outperforming the broader QSR industry in Canada
Slide 68: QSR Share Price Performance Since Inception
QSR Share Price Performance Since Inception QSR’s share price including dividend reinvestment increased 9% in 2025 and has increased 4% year-to-date in 2026(1) QSR Share Price Performance from 6/19/2012 to 2/9/2026: 2/14/23: QSR 1/16/24: QSR appoints Josh announces 0 Kobza as CEO 11/15/21: QSR acqui
Slide 69: Howard Hughes Holdings (HHH)
Howard Hughes Holdings (“HHH”) 2025 marked a pivotal year for HHH as it began its transformation into a leading diversified holding company Strong results across real estate subsidiary’s high-quality portfolio of MPCs ✓ 2025 MPC EBT guidance of $450 million reflects record-high land sale profitabili
Slide 70: HHH Share Price Performance Since Inception
HHH Share Price Performance Since Inception HHH’s share price increased % in 2025 and has increased % year-to-date in 2026(1) HHH Share Price Performance from 11/9/2010 to 2/9/2026: 5/5/25: HHH announces $900 million primary investment by Pershing Square HoldCo, at $100 0 8/6/24: Pershing Square per
Slide 71: HHH Share Price Since Strategic Transaction with Pershing Square
HHH Share Price Performance Since Strategic Transaction with Pershing Square HHH’s share price has increased 2 % since HHH announced the strategic transaction with Pershing Square in May 2025(1) HHH Share Price Performance from 5/5/2025 to 2/9/2026: 0 5 5/5/25: HHH announces $900 $84 million primary
Slide 72: Hertz (HTZ)
Hertz (“HTZ”) HTZ is a leading vehicle rental provider in the early stages of a turnaround with asymmetric upside Turnaround already leading to stronger results Fleet refresh now complete, with depreciation well below targets and strong fleet economics Vehicle utilization is now 84%, best-in-cla
Slide 73: HTZ Share Price Performance Since Inception
HTZ Share Price Performance Since Inception HTZ’s share price increased 0% in 2025 and has increased 3% year-to- date in 2026(1) HTZ Share Price Performance from 11/11/2024 to 2/9/2026: 9/29/25: HTZ completes convertible note offering 11/4/25: HTZ announces strong Q3 results, its first profitable qu
Slide 74: Exited Positions
Exited Positions
Slide 75: Chipotle Mexican Grill (CMG)
Chipotle Mexican Grill (“CMG”) Chipotle’s turnaround created exceptional value for all stakeholders Recruited a world-class CEO who led an incredible business transformation Filed 13D with 9.9% ownership in September 2016; board refresh accomplished three months later including two directors from
Slide 76: CMG Share Price Performance Since Inception
CMG Share Price Performance Since Inception C G’s share price increased 2 9% (3.9x) from the inception of our investment to our final exit date in November 2025 CMG Share Price Performance from 8/4/2016 to 11/12/2025: 7/23/25: CMG reports Q2 earnings miss and 0 lowers full-year SSS 8/13/24: CMG anno
Slide 77: Hilton Worldwide (HLT)
Hilton Worldwide (“HLT”) Hilton was a highly successful investment for Pershing Square Earnings-per-share increased 2.5x (150%) over our ownership period Fee revenues increased 70%, primarily supported by a 50% increase in the size of Hilton’s global system (“NUG”) Compounded mid-to-high-teens g
Slide 78: HLT Share Price Performance Since Inception
HLT Share Price Performance Since Inception HLT’s share price including dividend reinvestment increased 3 7% ( .2x) from the inception of our investment to our final exit date in February 2026 HLT Share Price Performance from 10/8/2018 to 2/2/2026: 4/3/24: HLT acquires NoMad Hotels brand 3/19/24: HL
Slide 79: Other Exited Positions
Other Exited Positions Operational progress offset by negative merger process and macro developments CP-KC merger was delayed by nearly a year due to regulatory review Synergies offset by weaker than expected grain harvest and slowdown in industrial and consumer goods While EPS grew reasonab
Slide 80: CPKC Share Price Performance Since Inception
CPKC Share Price Performance Since Inception CPKC’s share price including dividends and FX hedging increased % ( . x) from the inception of our investment to our final exit date in May 2025 CPKC Share Price Performance from 10/11/2021 to 5/14/2025 ($US): 11/5/24: Donald Trump wins presidential elect
Slide 81: NKE Share Price Performance Since Inception
NKE Share Price Performance Since Inception NKE’s share price including dividend reinvestment declined (30)% from the inception of our investment to November 2025 NKE Share Price Performance from 5/15/2024 to 11/11/2025: 00 Average Cost at Announcement: $91* 0 10/1/24: NKE reports 4/2/25: “Liberatio
Slide 82: Q&A
Q&A
Slide 83: Additional Disclaimers and Notes to Performance Results
Additional Disclaimers and Notes to Performance Results PSH NAV appreciation is calculated with respect to PSH’s Public Shares. Results are presented on a net-of-fees basis. Net returns include the reinvestment of all dividends, interest, and capital gains from underlying portfolio companies and ass
Slide 84: Additional Disclaimers and Notes to Performance Results
Additional Disclaimers and Notes to Performance Results Share price performance data for a portfolio company reflects the reinvestment of the issuer’s dividends, if any. Share price performance data is provided for illustrative purposes only and is not an indication of actual returns of PSH over the
Slide 85: Additional Disclaimers and Notes to Performance Results
Additional Disclaimers and Notes to Performance Results An investment in PSH will entail substantial risks, including, but not limited to, those listed below, and a prospective investor should carefully consider the following summary of certain risk factors below: Speculative Investment and High Deg
Pershing Square Holdings — Investor Presentation (February 2026) on 6ix