Third Quarter 2026 Earnings Press Release

EXHIBIT 99.2

NOVEMBER 5, 2026

WASHINGTON, D.C. AND NEW YORK, NY - NOVEMBER 5, 2026 - The Carlyle Group

Inc. (NASDAQ: CG) today reported its unaudited results for the third quarter ended September 30, 2026.

U.S. GAAP results for Q3 2026 included loss before provision for income taxes of

$77 million and a margin on loss before provision for income taxes of 23.0%.

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 November 16, 2026, payable on November 23, 2026.

Carlyle will host a conference call at 8:30 a.m. EST on Thursday, November 5, 2026, to discuss its third 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.

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 $479 billion of assets under management as of September 30, 2026, Carlyle's purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,600 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 third quarter results reflect the strength of Carlyle's diversified global platform and the significant momentum we continue to build across the firm. We delivered one of our strongest quarters of Distributable Earnings per share on record, while distinguishing ourselves as an outlier in returning capital to our investors, approaching $100 billion in distributions since the beginning of 2024. With near-record levels of Pending Fee-earning AUM and the early stages of a powerful fundraising super-cycle, we are exceptionally well positioned to accelerate growth in the years ahead."

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CHIEF EXECUTIVE OFFICER

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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

daniel.harris@carlyle.com

MEDIA

Brittany Bensaull

Phone: +1 (212) 813-4839

brittany.bensaull@carlyle.com

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Net loss attributable to The Carlyle Group Inc. was $8 million for Q3 2026, or $0.02 per share on a diluted basis

(Dollars in millions, except per share amounts)

REVENUES

Fund management fees

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 taxes2

Effective tax rate

Diluted

Net income (loss) attributable to The Carlyle Group Inc.

Income (loss) before provision (benefit) for income taxes1

Total Expenses

Net performance revenues3

• Fund management fees decreased in 3Q'26 compared to 3Q'25, driven by a $17 million decrease in catch-up fund management fees, from $31 million in Q3'25 (Carlyle AlpInvest) to $14 million in 3Q'26 (Global Credit), and the impacts of net investment realization activity in certain funds in our Global Private Equity segment. These decreases were partially offset by higher management fees from our most recent vintage secondaries & portfolio finance funds in our Carlyle AlpInvest segment.

• Investment income, including performance allocations, in 3Q'26 primarily reflected the reversal of unrealized performance allocations in our seventh U.S. buyout fund, driven in part by market price decreases of certain public investments, and in our secondaries & portfolio finance strategy in our Carlyle AlpInvest segment, partially offset by unrealized performance allocations in our opportunistic credit and aviation strategies in Global Credit, and our international energy strategy in Global Private Equity.

• Net investment loss of Consolidated Funds in YTD 3Q'26 included unrealized investment losses of approximately $82 million related to an investment in a consolidated infrastructure fund in Global Private Equity. Through September 30, 2026, the cumulative unrealized investment loss recognized with respect to this investment attributable to the Company was approximately $222 million, which will be realized upon the disposition of the fund's investment, which the Company currently expects will occur in the fourth quarter of 2026.

  Carlyle Third Quarter 2026 Highlights

  • Distributable Earnings ("DE") of $433 million for Q3 2026 on a pre-tax basis, or $1.12 per common share on a post-tax basis, and $1.2 billion, or $3.08 per common share, YTD

  • Fee Related Earnings ("FRE") of $293 million for Q3 2026 and $950 million YTD

  • Realized Net Performance Revenues of $100 million for Q3 2026 and $235 million YTD

  • Net Accrued Performance Revenues of $2.1 billion as of September 30, 2026

See notes at end of presentation.

SEGMENT REVENUES

Transaction and portfolio advisory fees, net and other Fee related performance revenues1

Total segment fee revenues Realized performance revenues Realized principal investment income

Interest income

Compensation and benefits

Cash-based compensation and benefits

Realized performance revenues related compensation Total compensation and benefits

General, administrative and other expenses Depreciation and amortization expense Interest expense

Total Segment Revenues Total Segment Expenses

(-) Realized Net Performance Revenues (-) Realized Principal Investment Income (+) Net Interest

(=) Fee Related Earnings

(=) Distributable Earnings

Total Segment Expenses

(Dollars in millions, except per share amounts) Fund management fees

After-tax Distributable Earnings per common share Dividend per common share

See notes at end of presentation.

• Distributable Earnings were $433 million in Q3 2026 and $1.2 billion YTD

• Realized Net Performance Revenues were $100 million in Q3 2026 and $235 million YTD

• Realized Principal Investment Income was $64 million in Q3 2026 and $115 million YTD

  QUARTERLY DISTRIBUTABLE EARNINGS

  in millions, except per share amounts

  DISTRIBUTABLE EARNINGS

  in millions, except per share amounts

  $472

  $1,105

$436

$433

$368

$327

$293

$290

$1,526

$1,691

$1,232

3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 2024 2025 YTD 3Q'26

DE per Share

$0.96

$1.01

$0.89

$1.07

$1.12

$3.66

$4.02

$3.08

l Fee Related Earnings l Realized Net Performance Revenues, Realized Principal Investment Income, and Net Interest

• Fee Related Earnings of $293 million in Q3 2026 decreased 6% compared to $312 million in Q3 2025. Fee Related Earnings of $950 million YTD were relatively flat compared to $946 million in the prior YTD period

• FRE margin2 of 47% in Q3 2026 decreased from 48% in Q3 2025. FRE margin was 47% YTD

  QUARTERLY FRE AND FRE MARGIN

  dollars in millions

  FRE AND FRE MARGIN

  dollars in millions

  $1,236

  $1,105

  $950

  47%

  46%

  47%

  $358

  $312

  $290

  $300

  $293

  47%

  43%

  47%

  48%

  47%

  3Q'25 4Q'25 1Q'26 2Q'26 3Q'26

  See notes at end of presentation.

  2024 2025 YTD 3Q'26

  Performance Revenues

• Net Accrued Performance Revenues3 were $2.1 billion as of Q3 2026, down 12% from the prior quarter, primarily driven by carry realizations during the quarter and lower net accrued carry in our seventh U.S. buyout fund and our secondaries & portfolio finance strategy in the Carlyle AlpInvest segment, partially offset by the impact of appreciation in our opportunistic credit and aviation strategies in Global Credit, and our international energy strategy in Global Private Equity

• Realized Net Performance Revenues were $100 million in Q3 2026, driven by our second U.S. equity opportunities fund, our fourth Japan buyout fund, NGP's eleventh energy fund*, and our first international energy fund

dollars in millions

$2,859

4Q'25 Realized Net Performance

Revenues

Net Performance Revenues &

Other 4

3Q'26

* Our investments in NGP (as defined herein) include equity interests in NGP Management, the general partners of certain carry funds advised by NGP, and principal investments in certain NGP funds. We do not control or advise the NGP funds.

See notes at end of presentation. Totals may not sum due to rounding.

Total Assets Under Management1 of $479 billion at September 30, 2026 decreased 1% from the prior quarter as Global Credit AUM decreased 2%, Global Private Equity AUM decreased 1%, and Carlyle AlpInvest AUM decreased 1%. Total Assets Under Management was up 1% from one year ago, driven by an 8% increase in Carlyle AlpInvest AUM, offset by a 2% decrease in Global Private Equity AUM and a 1% decrease in Global Credit AUM

in billions

$474 $479

YoY Change

1%

$92

$81

$479BN

Total AUM

$305

in billions

l

Global Private Equity

Global Credit

Carlyle AlpInvest

l Carry Funds l Insurance Solutions l Credit & Other (non-carry

l

l

funds)3

See notes at end of presentation. Totals may not sum due to rounding.

Performance Fee Eligible Assets Under Management

Performance Fee Eligible AUM4 of $237 billion was flat compared to the prior quarter as outflows offset inflows and appreciation during the period. Performance Fee Eligible AUM decreased slightly from $238 billion one year ago

in billions

in billions

$32

$135

$237BN

Performance Fee Eligible AUM

$71

In-Carry Ratio5

67%

down from 79% one year ago

$167

$97

$50

$19

Global Private Equity

Global Credit

Carlyle AlpInvest

Total

l

Global Private Equity

Global Credit

Carlyle AlpInvest

l Performance Fee-Generating Fair Value

l Eligible Fair Value not yet Generating Performance Fees

l

l

See notes at end of presentation. Totals may not sum due to rounding.

Fee-earning Assets Under Management6 of $330 billion at September 30, 2026 decreased 1% from the prior quarter, as Global Credit decreased 2%, Global Private Equity decreased 1%, and Carlyle AlpInvest remained relatively flat. Fee-earning Assets Under Management were down 1% from one year ago. Pending FEAUM of $28 billion was flat to the prior quarter

in billions

(5)%

$96

$101

$332 $330

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3Q'25 3Q'26

YoY Change

(1)%

10%

l

(2)%

$75

$110BN

$2 billion increase year-over-year

$8

$7

$19

in billions, 33% of Total FEAUM

Pending FEAUM7

$19 billion

$28 billion

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l

Global Private Equity

Global Credit

Carlyle AlpInvest

Insurance Solutions

l Real Estate l Direct Lending l Other

• Inflows1 were $10.8 billion in Q3 2026, driven by our Global Credit segment, including the first close in our latest opportunistic credit fund (CCOF IV), capital raised in our aviation business, reinsurance activity, the closing of two new-issue CLOs, and the final close in our latest infrastructure credit fund (CICF II). Inflows of $49.8 billion for the LTM decreased 15% compared to the prior LTM period

• Deployment2 was $11.0 billion in Q3 2026, led by activity across our Global Credit segment, notably in our liquid credit, aviation, and opportunistic credit strategies, and our Global Private Equity segment, driven by transactions in our U.S. growth funds, Asia buyout funds, and the energy platform. Deployment of $52.2 billion for the LTM decreased 5% compared to the prior LTM period

• Realized Proceeds from carry funds were $8.8 billion in Q3 2026, driven by realizations in our Global Private Equity segment, notably in our

  U.S. growth, Japan buyout, and Europe technology funds, as well as the energy platform. Realized Proceeds of $39.6 billion for the LTM increased 23% compared to the prior LTM period

• Carry Fund Appreciation was 1% in Q3 2026 and 7% for the LTM

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