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

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WEBVTT 00:00:00.637 -- 00:00:05.819 Welcome, everyone, to our annual results presentation. 00:00:05.819 -- 00:00:07.940 My name is Dave Layton. I'm the CEO of Partners Group. 00:00:07.940 -- 00:00:12.221 I'm joined by Joris, our CFO. 00:00:12.923 -- 00:00:14.824 We'll start 00:00:14.824 -- 00:00:20.426 by giving a brief presentation. We'll then hold a Q&A on the financials-related 00:00:20.426 -- 00:00:25.609 questions, and then we'll move on to our Capital Markets Day, 00:00:25.609 -- 00:00:29.504 and we hope most of you can join us for that. 00:00:29.504 -- 00:00:35.147 Starting on page two, our platform had a very robust 2025. 00:00:35.147 -- 00:00:39.709 We generated 1.7 billion Swiss francs 00:00:39.709 -- 00:00:41.890 of management 00:00:42.711 -- 00:00:44.572 fees, quite a 00:00:44.572 -- 00:00:48.133 stable management fee margin at 1.24%. 00:00:56.507 -- 00:01:02.071 We had 12% growth in management fees on a constant currency basis 00:01:02.071 -- 00:01:04.391 and we had 00:01:05.133 -- 00:01:07.734 I think a very diversified 00:01:08.175 -- 00:01:10.017 group of 00:01:10.017 -- 00:01:12.518 assets that generated those management fees. 00:01:12.518 -- 00:01:14.680 We also saw $819 00:01:14.680 -- 00:01:20.704 million in performance fees. That's about 32% of revenues 00:01:20.704 -- 00:01:25.237 and that was driven by strong exit activity and value creation. 00:01:25.237 -- 00:01:29.400 There's no change in performance fee guidance from what we had talked about on our last 00:01:29.400 -- 00:01:34.504 call in January. We also generated 1.6 billion Swiss francs in 00:01:34.504 -- 00:01:39.548 EBITDA. That's 19% growth year over year and quite 00:01:39.548 -- 00:01:42.330 a stable margin at 63%. 00:01:42.330 -- 00:01:46.733 You saw a lot of continued discipline ...