Partners Group Holding AG (0QOQ) Q4 2024 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.055 to our annual results presentation. 00:00:03.055 -- 00:00:09.184 I'm Dave, CEO of Partners Group. I'm joined on the call today by Joris, our CFO, 00:00:09.184 -- 00:00:13.910 and Philip, our head of corporate development, and Roberto, our head of portfolio solutions, 00:00:13.910 -- 00:00:16.554 will join us for the Q&A. 00:00:16.554 -- 00:00:22.021 On slide two, a few key data points from our annual results to kick things off. 00:00:22.021 -- 00:00:27.723 In 2024, we achieved 1.6 billion Swiss francs of management fees. 00:00:27.723 -- 00:00:33.310 Management fees grew in line with AUM with some FX considerations. 00:00:33.310 -- 00:00:37.455 Our management fees are sticky, they're recurring in nature, and they've demonstrated 00:00:37.455 -- 00:00:40.199 a lot of stability over time. 00:00:40.199 -- 00:00:43.861 Our management fee margin was 1.25%, 00:00:43.964 -- 00:00:46.785 which is in line with expectations. 00:00:46.847 -- 00:00:51.972 Performance fees ultimately came in at 24% of revenues for the year. 00:00:51.972 -- 00:00:56.057 Performance fees reached 511 million Swiss francs during the period. 00:00:56.057 -- 00:01:01.404 That's up 38% from the prior year, and we confirmed the prior guidance we provided 00:01:01.404 -- 00:01:06.470 regarding how these are expected to further increase in future years. 00:01:06.470 -- 00:01:11.877 We have a continued disciplined approach to cost management, and our EBITDA 00:01:11.877 -- 00:01:17.161 margin was stable with the prior few years at around 63%. 00:01:17.404 -- 00:01:21.807 Our profit came in at 1.1 billion Swiss francs of 12%, 00:01:21.807 -- 00:01:27.515 and we have proposed an increase of the dividend to 42 francs per share 00:01:27.515 -- 00:01:32.802 based on the firm's ...