StepStone Group Inc. · NASDAQ:STEP
StepStone — Q2 2027 Earnings Presentation
46 slides from StepStone's earnings presentation, Nov 5, 2026
Slide 1: StepStone Group Earnings Presentation
StepStone Group Earnings Presentation SECOND QUARTER FISCAL YEAR 2027 November 5, 2026 1
Slide 2: Disclaimers
Disclaimers Forward-looking statements Non-GAAP financial measures Some of the statements in this presentation may constitute “forward-looking statements” To supplement our consolidated financial statements, which are prepared and presented in within the meaning of Section 27A of the Securities Act
Slide 3: Today's presenters
Today’s presenters Scott Hart Jason Ment Mike McCabe David Park CEO President & Co-COO Head of Strategy CFO STEPSTONE GROUP 3
Slide 4: GAAP consolidated statements of loss
GAAP consolidated statements of loss Quarter Year-to-Date GAAP net income (loss) was $65.4 ($ in thousands, except per share amounts) Sep '25 Sep '26 % Fav / Unfav Sep '25 Sep '26 % Fav / Unfav Revenues million for the quarter and $(105.0) Management and advisory fees, net $ 215,489 $ 293,149 36% $
Slide 5: Non-GAAP financial results
Non-GAAP financial results1 ($ in thousands, unless otherwise mentioned) Quarter Year-to-Date Sep '25 Sep '26 % Fav / Unfav Sep '25 Sep '26 % Fav / Unfav Fee revenues $ 217,461 $ 297,604 37% $ 430,201 $ 568,538 32% Less: Adjusted cash-based compensation 100,331 121,439 -21% 196,299 238,603 -22% Adju
Slide 6: Fiscal Q2 2027 overview
Fiscal Q2 2027 overview FQ2’27 FQ2’26 vs. FQ2’26 FQ1’27 vs. FQ1’27 Assets under management (“AUM”) $261.0 B $209.1 B 25% $245.4 B 6% Fee-earning AUM (“FEAUM”) $158.2 B $132.8 B 19% $153.6 B 3% Undeployed fee-earning capital $42.4 B $29.8 B 42% $39.3 B 8% Key business drivers Gross accrued carry1 $2,
Slide 7: Overview
ee —_ ~ 1 Overview
Slide 8: Scale that delivers
Scale that delivers Assets under management $261 Opportunity BILLION The capital and relationships that unlock growth Assets under $697 Total capital Reach advisement responsibility True global presence, deep local knowledge $958 BILLION Annual private ~$75 Flexibility markets allocations BILLION BI
Slide 9: Growth drivers
Growth drivers AUM & AUA Separately Managed Accounts Focused Commingled Funds Advisory $148 billion $96 billion $697 billion 18% growth from the prior year 42% growth from the prior year ~$16 billion of AUA relates to advisory $24 billion of new capital additions during the $20 billion raised in foc
Slide 10: Evolution of fee-earning AUM
Evolution of fee-earning AUM 34% clients with exposure to more than one asset class Fee-earning AUM by commercial structure Fee-earning AUM by asset class FEAUM + undeployed fee-earning capital USD in billions USD in billions USD in billions CAGR: 18% CAGR: 18% CAGR: 19% Total AUM $134 $138 $157 $18
Slide 11: Trend in fee revenues
Trend in fee revenues Fee revenues1 FY’22 FY’23 FY’24 FY’25 FY’26 LTM FQ2’27 $ in millions $1,056 Blended management fee rates 79 Overall 0.52% 0.54% 0.59% 0.65% 0.64% 0.67% $920 By type: 75 SMAs 0.40% 0.40% 0.39% 0.39% 0.38% 0.37% $763 Commingled 0.85% 0.82% 0.93% 1.06% 1.01% 1.05% 67 By asset clas
Slide 12: Financial update
Ss es ~— Financial update a 5 i | _
Slide 13: Financial highlights
Financial highlights - Fee revenues increased 37% for the quarter and 32% year-to-date. Excluding retroactive fees, fee revenues grew 35% for the quarter, driven by FEAUM growth, particularly in our evergreen products, which earn a higher average fee rate than closed-end commingled funds. - Core FRE
Slide 14: Accrued carry and fund investments
Accrued carry and fund investments1 Net accrued carry2,3 Net unrealized carry by vintage and type as of FQ2’27 USD in millions 6% +23% 13% 29% 35% $1,037 $875 $936 $935 $842 8% 9% 81% 18% 1% 65% from 2021 or prior vintages FQ2'26 FQ3'26 FQ4'26 FQ1'27 FQ2'27 2017 & Prior 2018 2019 Private Equity Infr
Slide 15: Appendix
1 Appendix
Slide 16: Consolidated balance sheets
Consolidated balance sheets ($ in thousands) Sep '25 Mar '26 Sep '26 Assets Cash and cash equivalents $ 229,824 $ 213,065 $ 297,038 Restricted cash 531 579 1,227 Fees and accounts receivable 81,435 133,287 87,937 Due from affiliates 117,621 113,150 162,507 Investments: Investments in funds (1) 210,1
Slide 17: FEAUM overview
FEAUM overview Fav / Unfav Change ($B, unless noted) FQ2'27 FQ2'26 $ % Walk from AUM to FEAUM $B Total AUM as of 9/30/26 $ 261.0 SMAs Beginning balance $ 83.3 $ 76.7 $ 6.5 9% Less: Non-fee earning AUM 23.1 Contributions 1 4.6 2.6 2.0 79% Less: Market appreciation included in AUM 37.3 Distributions 2
Slide 18: Adjusted revenues
Adjusted revenues ($M, except per share amounts) Fee revenues Management fees increased 34% YTD driven by +32% $569 $1,070 growth in FEAUM $430 $380 Advisory fees increased 12% YTD Sep-25 Sep-26 Mar-22 LTM Sep-26 YTD Long-Term Growth Gross realized Gross realized performance fees increased $5 millio
Slide 19: Profitability
Profitability ($M, except per share amounts) Fee-related earnings Fee-related earnings growth driven primarily by $426 growth in fee revenues FRE margin was 41% YTD as compared with 37% in +45% $232 the prior year and 32% five fiscal years ago $160 $122 Core FRE margin (FRE excluding the impact of S
Slide 20: StepStone occupies an important position within the GP & LP ecosystem
StepStone occupies an important position within the GP & LP ecosystem A strategic partner to our clients and fund managers, we listen deeply, share generously, and search diligently for new ways to address each challenge CLIENTS Corporations A self-reinforcing STEPSTONE growth cycle of Endowments an
Slide 21: Our global reach powers possibility
Our global reach powers possibility Our presence powers possibility. Local teams with valuable regional insights collaborate across 31 cities, 19 countries and 5 continents. London Dublin Amsterdam ASIA PACIFIC Luxembourg Frankfurt Zurich $126 Milan Chicago Toronto Rome Cleveland New York Madrid Bei
Slide 22: Comprehensive private markets solutions
Comprehensive private markets solutions StepStone’s flexible business model helps clients access opportunities across all asset classes: ASSET MANAGEMENT ADVISORY RESEARCH Separately managed accounts Focused commingled funds Advisory & data services Portfolio analytics & reporting – Owned by one cli
Slide 23: Offering a full-service model to clients seeking a customized solution
Offering a full-service model to clients seeking a 428 bespoke SMAs + focused commingled funds customized solution to private markets investing 32% of advisory clients with an AUM relationship Industry-transforming technology capabilities create a virtuous cycle of client engagement and provide a si
Slide 24: One platform, total insight (SPI)
One platform, total insight SPI BY STEPSTONE Our view is both panoramic and precise, framed by a powerful combination of proprietary data and technology that empowers clients to act with uncommon clarity and conviction. SPI Research SPI Reporting A consolidated due diligence library Portfolio tracki
Slide 25: Investment expertise across all private markets asset classes
Investment expertise across all private markets asset classes AUM/AUA As of September 30, 2026 49% / $468B By AUM By AUA combined AUM/AUA in Private Debt RE / INFRA / PD $31B / 4% Private Debt $52B / 20% Infrastructure $113B / 16% Infrastructure $261 Private Equity $697 Private Equity $51B / 20% Bil
Slide 26: Performance fee-related earnings (quarterly)
Performance fee-related earnings1 QTD net realized carry QTD net incentive fees QTD performance fee-related earnings USD in millions USD in millions USD in millions $131 $108 $40 $42 $32 $32 $34 $32 $27 $29 $29 $28 $27 $21 $23 $22 $16$15 $18 $18 $18$16 $10 $12 $13 $10 $14 $8 $12 $14 $13 $8 $9 $9 $8
Slide 27: Performance fee-related earnings (LTM)
Performance fee-related earnings1 LTM net realized carry LTM net incentive fees LTM performance fee-related earnings USD in millions USD in millions USD in millions $220 $199 $196 $197 $122 $115 $123 $117 $115 $115$114 $110 $115 $110 $104 $101 $105 $94 $85 $96 $82 $83 $81 $83 $75 $74 $74 $65 $66 $54
Slide 28: Fee revenues
Fee revenues LTM Sep 2025 LTM Sep 2026 9% 1% 7% 1% Focused commingled funds Focused commingled funds SMAs 29% SMAs 33% 57% Advisory and other services Advisory and other services 63% Fund reimbursement revenues Fund reimbursement revenues ($ in thousands) Quarter Year-to-Date Last Twelve Months Sep
Slide 29: Blue-chip, sophisticated, global clientele
Blue-chip, sophisticated, global clientele As of September 30, 2026 By type By geography LTM management and advisory fees (%) LTM management and advisory fees (%) Private Wealth/Defined Contribution Plans 3% 2% North America 5%4% 7% Pension Funds 12% Europe 32% 8% Insurance Companies Asia/Australia
Slide 30: Our diversified platform spans private markets solutions
Our diversified platform spans private markets solutions Private Equity Buyout Venture Capital & Real Estate Infrastructure Private Debt Growth Equity - Total AUM: $84B - Total AUM: $53B - Total AUM: $21B - Total AUM: $51B - Total AUM: $52B • SMA AUM: $53B • SMA AUM: $11B • SMA AUM: $9B • SMA AUM: $
Slide 31: Notable StepStone focused commingled funds
Notable StepStone focused commingled funds Current drawdown funds in market include: Vintage Fund Size Fund Name Description Year ($M) - Private equity co-investment fund PRIVATE EQUITY StepStone Capital Partners V Private equity co-investments 2021 $ 2,364 - Private equity secondaries StepStone Sec
Slide 32: Reconciliation of GAAP income (loss) before income tax to ANI and FRE
Reconciliation of GAAP income (loss) before income tax to ANI and FRE ($ in thousands) Quarter Year-to-Date Full Year Last Twelve Months Sep '25 Sep '26 Sep '25 Sep '26 Mar '22 Sep '26 Income (loss) before income tax $ (675,826) $ 48,028 $ (696,176) $ (152,222) $ 512,581 $ (347,215) (1) Net income a
Slide 33: Reconciliation of GAAP measures to adjusted measures
Reconciliation of GAAP measures to adjusted measures ($ in thousands) Quarter Year-to-Date Full Year Last Twelve Months Sep '25 Sep '26 Sep '25 Sep '26 Mar '22 Sep '26 Total revenues $ 454,225 $ 773,144 $ 818,512 $ 1,152,033 $ 1,365,525 $ 2,327,124 Unrealized carried interest allocations (147,813) (
Slide 34: Calculation and reconciliation of adjusted net income per share
Calculation and reconciliation of adjusted net income per share ($ in thousands, except share and per share amounts) Quarter Year-to-Date Full Year Last Twelve Months Sep '25 Sep '26 Sep '25 Sep '26 Mar '22 Sep '26 ANI $ 66,709 $ 82,944 $ 115,243 $ 143,239 $ 172,943 $ 292,556 Weighted-average shares
Slide 35: Reconciliation of total performance fees to gross realized performance fees and PRE
Reconciliation of total performance fees to gross realized performance fees and PRE ($ in millions) Quarter FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 FQ4'26 FQ1'27 FQ2'27 Incentive fees $ 5.6 $ - $ 5.4 $ 3.0 $ 1.3 $ 0.0 $ 4.9 $ 17
Slide 36: Definitions
Definitions Adjusted incentive fees are a non-GAAP measure that represents GAAP incentive fees and the ANI per share measures our per-share earnings assuming all Class B units, Class C units and add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in Class D unit
Slide 37: Definitions (continued)
Definitions (continued) Assets under management, or “AUM,” primarily reflects the assets associated with our separately Core fee-related earnings margin, or “core FRE margin,” refers to fee-related earnings (see managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we
Slide 38: Definitions (continued)
Definitions (continued) Fund size refers to total capital commitments to a StepStone Fund, including commitments Performance fee-related earnings represent gross realized performance fees, less realized from the Company as the general partner. performance fee-related compensation. We believe perform
Slide 39: Footnotes
Footnotes GAAP consolidated statements of loss (slide 4) 1 Reflects amounts attributable to consolidated VIEs for which we did not acquire any direct economic interests. Such amounts are attributable to employees and therefore have been reflected as legacy Greenspring performance fee-related compens
Slide 40: Footnotes (continued)
Footnotes (continued) Financial highlights (slide 13) 1 Reflects a 22.6% blended statutory rate applied to pre-tax adjusted net income and 125.5 million and 125.7 million adjusted weighted-average shares outstanding for FQ2’27 and FQ2’27 YTD. Reflects a 22.3% blended statutory rate applied to pre-ta
Slide 41: Footnotes (continued)
Footnotes (continued) FEAUM overview (slide 17) 1 Contributions consist of new capital commitments that earn fees on committed capital and capital contributions to funds and accounts that earn fees on net invested capital or NAV. 2 Distributions consist of returns of capital from funds and accounts
Slide 42: Footnotes (continued)
Footnotes (continued) Our diversified platform spans private markets solutions (slide 30) 1 Investment returns reflect NAV data for underlying investments as of June 30, 2026, as reported by underlying managers up to the business day occurring on or after 100 days following June 30, 2026. For invest
Slide 43: Footnotes (continued)
Footnotes (continued) Our diversified platform spans private markets solutions (continued) (slide 30) 3 Investment returns of clients’ portfolios are included in the performance summary past the client’s termination date until such time as StepStone stops receiving current investment data (quarterly
Slide 44: Footnotes (continued)
Footnotes (continued) Notable StepStone focused commingled funds (slide 31) 1 Reflects fair value of the fund’s portfolio as of September 30, 2026. Reconciliation of GAAP income (loss) before income tax to ANI and FRE (slide 32) 1 Reflects the portion of pre-tax ANI attributable to non-controlling i
Slide 45: Footnotes (continued)
Footnotes (continued) Reconciliation of GAAP measures to adjusted measures (slide 33) 1 Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation. 2 Reflects the add-back of incentive fee revenues for the Consolidated Funds,
Slide 46: stepstonegroup.com
C) STEPSTONE stepstonegroup.com