Partners Group (PGHN) investor relations material

Executive summary

• Achieved record H1 2026 fundraising of USD 16 billion, up 31% year-on-year, with total AuM rising to USD 186 billion, a 7% increase, and strong client demand despite industry-wide fundraising decline.

• Management income grew 12% in constant currency (6% reported) to CHF 905 million, with a stable margin of 1.24%.

• EBITDA margin remained robust at 63%, with EBITDA at CHF 706 million, consistent with the five-year average.

• Profit for H1 2026 was CHF 502 million, down 13% year-over-year on a reported basis but flat in constant currency.

• Leadership transition announced: CEO to become CIO/Chair of Investment Committee in 2027, with two long-tenured executives stepping in as Co-CEOs.

Financial highlights

• Management income accounted for 81% of total revenues, performance income 19%, with performance income at CHF 216–233 million, down 39% year-over-year due to exit timing.

• Net profit for H1 2026 was CHF 502 million, with return on equity at 55%.

• Operating costs decreased by 5% to CHF 414 million, with personnel expenses representing 85% of total operating costs.

• Available liquidity stood at CHF 2.9 billion after a dividend payment of CHF 1,185 million.

• Assets under management (AuM) reached USD 186 billion, up 7% year-over-year.

Outlook and guidance

• Full-year 2026 fundraising guidance reaffirmed at USD 26–32 billion, with tail-down effects of USD 10–13 billion.

• Performance income for 2026 expected at 20–25% of revenues, with mid-term guidance of 25–40%.

• Ambition to quadruple insurance AuM to USD 100 billion by 2033.

• Management income in CHF projected to grow in line with average AuM in CHF.

• Effective tax rate expected to stabilize at 18–19% due to new Pillar Two legislation.