Partners Group Holding AG (0QOQ) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome, everyone, to our annual results presentation. My name is Dave Layton. I'm the CEO of Partners Group. I'm joined by Joris, our CFO. We'll start by giving a brief presentation. We'll then hold a Q&A on the financials-related questions, and then we'll move on to our Capital Markets Day, and we hope most of you can join us for that. Starting on page two, our platform had a very robust 2025. We generated 1.7 billion Swiss francs of management fees, quite a stable management fee margin at 1.24%. We had 12% growth in management fees on a constant currency basis and we had I think a very diversified group of assets that generated those management fees. We also saw $819 million in performance fees. That's about 32% of revenues and that was driven by strong exit activity and value creation. There's no change in performance fee guidance from what we had talked about on our last call in January. We also generated 1.6 billion Swiss francs in EBITDA. That's 19% growth year over year and quite a stable margin at 63%. You saw a lot of continued discipline on the cost management side of things from our leadership team. We also generated 1.26 billion in profit. That's up 12% year over year. And we proposed a dividend of 46 Swiss francs per share. We've delivered on our 2025 objectives in terms of new investment activity. This has been an environment where you see many firms challenged to put new capital to work. But this is a year where we saw a 26% improvement in new investment activity. 65% of that was from direct investments. We also had an increase of 47% in exit activity and largely achieved what we wanted to achieve when we set out at the start of the year. And if you remember some of the objectives that we talked about in our capital markets today last year from an exi...