Partners Group Private Equity (PEY) investor relations material

Executive summary

• NAV declined by 8.6% on a total return basis in H1 2026, mainly due to underperforming assets, with share price total return at -29.6% and partial offset from favorable currency movements.

• Portfolio remains diversified, with top 10 holdings representing 40% of NAV and new companies like Breitling and Version 1 entering the top 10.

• Strong liquidity generation with EUR 111 million in distributions (14% of NAV) and EUR 13 million selectively deployed into new investments.

• EUR 36 million returned to shareholders via dividends and buybacks, with a further EUR 5 million deployed post-period.

• Dual share class structure proposed to address liquidity and investment aspirations, with shareholder vote scheduled for October 2026.

Financial highlights

• NAV per share at €11.57 as of 30 June 2026, with NAV at EUR 776.1 million, down from EUR 891.5 million at year-end 2025.

• Portfolio performance was -8.3% over the last 12 months to June 2026, driven by four main detractors: USIC, Emeria, Pharmathen, and Ammega.

• EUR 111 million distributed, EUR 13 million invested, and EUR 22 million dividend paid in H1 2026; share buyback of EUR 13 million executed.

• Cash and cash equivalents at EUR 51 million, with a fully undrawn EUR 150 million credit facility.

• LTM dividend yield: 9.9%; 10-year NAV total return: 6.5% p.a.; 10-year share price total return: 5.6% p.a.

Outlook and guidance

• Expectation of continued high-teen percentage distributions of NAV over the next 6-12 months.

• Gradual recovery in transaction activity and exits anticipated, with selective deployment into high-quality opportunities and five new investments signed across thematic verticals.

• Portfolio positioned for long-term growth, supported by robust pipeline and improving private equity market conditions.