Partners Group Holding Ag · SIX:PGHN
Partners — FY2025 Earnings Presentation
24 slides from Partners's earnings presentation, Mar 10, 2026
Slide 1: Annual Results 2025
MPARTNERS GROUP Ei Annual Results 2025 Built Differently to Build Differently
Slide 2: Our platform generated strong results in 2025
2 Our platform generated strong results in 2025 CHF 1'744m Management fees ▪ +12% YoY growth at constant currency; +7% after FX impact ▪ Recurring in nature with stable margin 1.24% mgmt. fee margin CHF 819m Performance fees ▪ Driven by strong exit activity and value creation ▪ No change in performa
Slide 3: We have delivered on our 2025 objectives
3 We have delivered on our 2025 objectives Partners Group: investments1 Partners Group: realizations Partners Group: fundraising2 Portfolio Portfolio Traditional assets assets programs 35% 27% 28% $27 $26 $26 billion billion billion Bespoke Directs Directs 65% solutions 73% 72% Investment activity u
Slide 4: In a challenging environment, we gained significant market share
4 In a challenging environment, we gained significant market share Raised Invested Realized $26bn $26bn +137% vs 2019 +59% vs 2019 $27bn +61% vs 2019 $17bn $11bn $17bn -2% 100 100 vs 2019 +0% 100 vs 2019 Industry2 Industry3 -11% vs 2019 Industry1 (rebased 2019=100) (rebased 2019=100) (rebased 2019=1
Slide 5: Strong direct realization activity across the portfolio
5 Strong direct realization activity across the portfolio Outsourced pharmaceutical ▪ Grew platform from legacy packaging business to leading global CDMO specialized in high-complexity solutions supply chain leader ▪ Digitalized infrastructure and developed a proprietary platform, enabling data driv
Slide 6: Our performance fees are diversified across asset classes and strategies
6 Our performance fees are diversified across asset classes and strategies Performance fees by asset class Performance fees by strategy (in CHF)1 (in CHF)1 Real estate 1% Private credit 13% Private equity 59% Evergreens 25% Infrastructure 819 819 27% million million Mandates & traditional programs 7
Slide 7: Direct investments shift has increased future performance income potential
7 Direct investments shift has increased future performance income2 potential AuM $185bn $98 billion Direct investments $56 billion Direct investments Direct1 vs. portfolio Performance income2 investments $10 billion expectations Direct investments $3 billion 2020- ▪ 2026+: 25-40% of total Direct in
Slide 8: Record fundraising led by bespoke solutions, continuing a decade-long trend
8 Record fundraising led by bespoke solutions, continuing a decade-long trend Total AuM by strategy (USD bn) USD 185bn Bespoke solutions 60 Traditional programs ▪ 72% of 2025 inflows from bespoke solutions; USD 109bn record year for mandates and evergreens 39 69 Mandates ▪ Mandate flows diversified
Slide 9: We confirm 2026 fundraising guidance, supported by broad client base
9 We confirm 2026 fundraising guidance, supported by broad client base Current AuM split by region Current AuM split by client type (as of 31 December 2025) (as of 31 December 2025) Scandinavia South America 3% Middle East Insurance Southern Europe 2% 3% companies 4% North America 14% Asset managers
Slide 10: De minimis exposure to private wealth credit evergreen
10 De minimis exposure to private wealth credit evergreen (~$500m, 0.3% AuM) Private credit 2025 Total AuM 2025 Evergreen AuM1 evergreen client base Traditional Private Multi-asset Institutional 33% Equity 63% 19% 90% $185bn 30% $56bn Private $5.5bn 10% Credit 5% 4% Other1 10% Evergreen 37% Infrastr
Slide 11: Software exposure in direct lead equity and private credit both <2% of AuM
11 Software exposure in direct lead equity and private credit both <2% of AuM AuM by asset class Private Equity NAV Exposure1 % of Partners Group AuM 3.8% 1.8% Software Private Equity Direct lead2 direct lead 46% Private 86.3% Royalties All other 1% equity 9.9% 4.6% 1% sectors Software Private Equit
Slide 12: 2025 financials
12 2025 financials AuM Revenues1 Performance fees EBITDA Dividend2 (in USD bn) (in CHF m) (in CHF m) (in CHF m) (in CHF, per share) +21% +20% +60% +19% +10% 152 185 2'563 819 2'136 Avg. +60% Perf. 46.00 +8% 140 AuM in fees 1'611 42.00 130 CHF 1'357 511 +7% Mgmt. 32% in % of EBITDA fees revenues 63.6
Slide 13: Revenues underpinned by contractually recurring management fees
13 Revenues underpinned by contractually recurring management fees Revenues1 (in CHF m) 2'563 Revenues Management fees 2025 2'136 819 Performance fees ▪ +12% year-on-year growth at constant 511 Other revenues & other operating income currency 143 (+2% year-on-year) 141 ▪ +7% year-on-year growth on a
Slide 14: Management fee margin remains within our historical bandwidth
14 Management fee margin remains within our historical bandwidth Revenue margin1 2.41% Performance fees Management fees2 1.89% 1.82% 46% 1.83% 1.74% 1.71% 1.64% Performance 32% fees as % of 30% 29% 1.51% 1.51% 1.56% total revenues 1.36% 1.39% 19% 1.35% 1.36% 1.33% 1.39% 1.38% 24% 14% 24% 1.18-1.33%
Slide 15: Performance fees driven by consistent realizations and value creation
15 Performance fees driven by consistent realizations and value creation Private equity Infrastructure Private credit Real estate (in CHF m) (in CHF m) (in CHF m) (in CHF m) +45% +82% +112% +73% 484 219 335 104 120 49 11 7 2024 2025 2024 2025 2024 2025 2024 2025 Largest contributor; Maturing portfol
Slide 16: We confirm our performance income outlook for 2026+
16 We confirm our performance income1 outlook for 2026+ Performance fees 2023-2025 Outlook (in CHF) (in CHF) By asset class By strategy 25-40% of revenues1 Other 13% Evergreens 36% 26% of revenues2 2028 1'698 1.7 1.7 1.7bn billion billion 2025 2027 Infrastructure 29% Private equity 2024 59% Mandates
Slide 17: Total operating costs driven by performance fee-funded expenses
17 Total operating costs driven by performance fee-funded expenses From revenues to EBITDA (in CHF m) 2025 2024 We continue to invest into our future growth Revenues1 2'563 +20% 2'136 at a ~60% operating margin4 Management fees 1'744 +7% 1'625 ▪ Total operating costs: mainly driven by higher Perform
Slide 18: We continue to grow our firm at an industry-leading margin
18 We continue to grow our firm at an industry-leading margin EBITDA margin development 65% 65% 64% 63% 63% 63% 64% 63% average EBITDA ▪ Over the last five years, our EBITDA margin margin has been stable at 63% ▪ We invest into our future growth at an operating margin of ~60% for newly generated mgm
Slide 19: Revenues and costs affected by EUR and USD movements against the CHF
19 Revenues and costs affected by EUR and USD movements against the CHF Currency exposure 2025 AuM ≈ Management fees1 Total costs2 FX movements affected our GBP EBITDA margin in 2025 Others 4% 6% ▪ Appreciation of CHF against USD SGD Others and EUR3 negatively impacted 5% revenue growth 7% GBP CHF E
Slide 20: Solid financials, balance sheet and liquidity
20 Solid financials, balance sheet and liquidity From EBITDA to profit Balance sheet (in CHF m) (as of 31 December 2025) 2025 2024 EBITDA Depreciation & amortization 1'611 -69 +19% +43% 1'357 -49 3.7 55% CHF billion return on EBIT 1'541 +18% 1'309 available liquidity1 equity2 Total financial result,
Slide 21: Board proposes CHF 46.00 dividend per share
21 Board proposes CHF 46.00 dividend per share, up 10% year-on-year Continuing strong track record of compounding dividends Strong dividend track record (in CHF) AuM $185 billion 1 46.00 42.00 39.00 37.00 16% 95% 33.00 dividend growth dividend payout 27.50 p.a. since 2006 ratio 20253 25.50 22.00 19.
Slide 22: Q&A session
Q&A session PARTNERS GROUP Ell
Slide 23: Contacts
23 Contacts Dr. Adrien-Paul Lambillon Corporate Development Unternehmer-Park 3 T +44 20 7575 2590 6340 Baar-Zug adrien-paul.lambillon@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
Slide 24: Disclaimer
24 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 jurisdiction or
Partners Group Holding — FY2025 Earnings Presentation on 6ix