KKR (KKR) investor relations material

Executive summary

• Record Q2 and trailing 12-month results in fee-related earnings, total operating earnings, and adjusted net income per share, with all headline metrics at historic highs.

• Strong capital raising and deployment, with $34 billion raised in Q2 and $133 billion in the last 12 months.

• Closed the strategic acquisition of Arctos Partners, expanding presence in professional sports franchise investments.

• Continued momentum in infrastructure, private equity, credit, and insurance, with significant AUM growth across all segments.

• Strategic focus on secular growth drivers: global CapEx cycle, AI/digital infrastructure, demographic shifts, and geographic expansion, especially in Asia.

Financial highlights

• Q2 fee-related earnings (FRE) per share: $1.32, up 34% year-over-year; FRE of $1.2 billion in the quarter, up 37% year-over-year.

• Total operating earnings per share: $1.68, up 27% year-over-year; TOE of $1.5 billion in the quarter, up 29% year-over-year.

• Adjusted net income per share: $1.63, up 38% year-over-year; ANI of $1.5 billion in the quarter, up 40% year-over-year.

• Assets Under Management (AUM) reached $796 billion, up 16% year-over-year; Fee Paying AUM at $638 billion, up 15%.

• Record monetization quarter with realized performance income of $848 million and realized investment income of $220 million.

Outlook and guidance

• Management expects continued strong management fee growth, driven by record levels of committed but not yet fee-earning capital and a robust fundraising pipeline.

• Insurance segment operating earnings guidance remains at ~$250 million per quarter, with potential for higher outcomes as the alternatives book matures.

• Strategic holdings operating earnings targeted at $350+ million for 2026, with a path to $1.1+ billion by 2030.

• Confident in achieving $100+ billion AUM in Solutions business over time, leveraging Arctos and other growth avenues.

• Management remains confident in long-term positioning and ability to deliver differentiated outcomes for clients and shareholders.