Carlyle : First Quarter 2026 Earnings Press Release

About this update from The Carlyle Group Inc.

Carlyle Reports First Quarter 2026 Financial Results EXHIBIT 99.2 MAY 7, 2026 Carlyle Reports First Quarter 2026 Financial Results WASHINGTON, D.C. AND NEW YORK, NY - MAY 7, 2026 - The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the first quarter ended March 31, 2026. U . S . G A A P R E S U L T S U.S. GAAP results for Q1 2026 included loss before provision (benefit) for income taxes of $179 million and a margin on loss before provision (benefit) for income taxes of 70.5%. D I V I D E N D The Board of Directors has declared a quarterly dividend of $0.35 per common share to holders of record at the close of business on May 18, 2026, payable on May 28, 2026. C O N F E R E N C E C A L L Carlyle will host a conference call at 8:30 a.m. EDT on Thursday, May 7, 2026, to discuss its first quarter financial results. The call will be available via public webcast from the Shareholders section of Carlyle's website at https://www.carlyle.com and a replay will be available on our website soon after the call's completion. A B O U T C A R L Y L E Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at https://www.carlyle.com . Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group. Our first quarter results reflect continued momentum executing against our strategic plan. Carlyle AlpInvest delivered another quarter of exceptional growth, fundraising for both institutional and wealth clients had a strong start to the year, and we had a record quarter for U.S. Buyout realizations -each reinforcing our confidence in the path to achieving the 2028 targets we laid out at our February Shareholder Update. We remain disciplined and focused, and our conviction in Carlyle's long-term earnings trajectory has never been stronger." " HARVEY M. SCHWARTZ 2 CHIEF EXECUTIVE OFFICER 2 Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, and our dividend policy. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described in this presentation and under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on February 27, 2026, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at https://www.sec.gov . These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our other periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law. This presentation does not constitute an offer for any Carlyle fund. Contacts INVESTOR RELATIONS Daniel Harris Phone: +1 (212) 813-4527 [email protected] MEDIA Brittany Bensaull Phone: +1 (212) 813-4839 [email protected] 3 01 First Quarter 2026 Financial Results 4 Carlyle First Quarter 2026 U.S. GAAP Results 1Q'25 1Q'26 $ 586.1 $ 584.0 43.2 51.7 159.8 (616.7) 133.4 179.7 50.6 55.3 973.1 254.0 218.4 227.1 103.5 119.8 171.4 (367.9) 173.6 184.6 113.5 166.4 27.8 38.6 808.2 368.6 6.1 (64.4) 171.0 (179.0) 12.4 (37.1) 158.6 (141.9) 28.6 (9.7) $ 130.0 $ (132.2) $ 0.36 $ (0.37) $ 0.35 $ (0.37) 17.6% (70.5%) 7.3% 20.7% $ 51.5 $ (313.2) LTM 1Q'25 LTM 1Q'26 $ 2,250.6 $ 2,394.5 150.5 199.0 2,498.1 565.2 600.1 681.6 211.2 220.4 5,710.5 4,060.7 872.0 903.9 463.1 391.0 1,605.7 397.0 691.5 795.3 553.8 677.2 117.5 134.5 4,303.6 3,298.9 37.1 47.4 1,444.0 809.2 293.1 165.0 1,150.9 644.2 66.1 97.7 $ 1,084.8 $ 546.5 $ 3.03 $ 1.52 $ 2.95 $ 1.46 25.3% 19.9% 20.3% 20.4% $ 789.9 $ (78.5) Net loss attributable to The Carlyle Group Inc. common stockholders was $132.2 million for Q1 2026, or $0.37 per share on a diluted basis (Dollars in millions, except per share amounts) REVENUES Fund management fees Total Revenues EXPENSES Incentive fees Investment income (loss), including performance allocations Revenue from Consolidated Funds All other revenues Cash-based compensation and benefits Equity-based compensation Performance allocations and incentive fee related compensation General, administrative and other expenses Expenses from Consolidated Funds Interest and other non-operating expenses Net investment income (loss) of Consolidated Funds Provision (benefit) for income taxes Net income (loss) Net income (loss) attributable to non-controlling interests Net income (loss) attributable to The Carlyle Group Inc. per common share: Basic Margin on income (loss) before provision (benefit) for income taxes 2 Effective tax rate Diluted Net income (loss) attributable to The Carlyle Group Inc. Common Stocfiholders Income (loss) before provision (benefit) for income taxes 1 Total Expenses Net performance revenues 3 Fund management fees remained relatively flat in 1Q'26 compared to 1Q'25, as an increase in fund management fees from Carlyle AlpInvest was offset by a decrease in transaction and portfolio advisory fees, as well as a decrease in catch-up management fees of $13 million as fundraising in our most recent vintage secondaries G portfolio finance funds concluded in 3Q'25. Investment loss, including performance allocations, in 1Q'26 primarily reflected the reversal of unrealized performance allocations, primarily attributable to depreciation in our seventh U.S. buyout fund, which was driven primarily by market price decreases of certain public investments, partially offset by the impact of appreciation in our international energy funds. Equity-based compensation increased in 1Q'26 compared to 1Q'25, primarily driven by stock awards granted in December 2025 and February 2026 to further align leadership with company performance. Net investment income (loss) of Consolidated Funds in 1Q'26 included unrealized investment losses of approximately $35 million related to our consolidated CLOs with the remaining activity primarily attributable to unrealized losses on an investment in a consolidated infrastructure fund in Global Private Equity. Through March 31, 2026, the cumulative unrealized investment loss recognized with respect to this investment attributable to the Company was approximately $175 million, which will be realized upon the disposition of the fund's investment, which the Company currently expects will occur in 2026. See notes at end of document. 5

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