Partners Group Private Equity (PEY) investor relations material

Executive summary

• NAV declined by 3.3% year-to-date, mainly due to listed exposures and idiosyncratic challenges in select portfolio companies.

• Portfolio remains diversified with over 70 direct investments, with top 10 holdings representing about 40% of NAV and the largest single asset exposure at 7.3%.

• Younger vintages are performing well, supporting future growth, while mature assets are being realized at strong multiples.

• Distribution activity was strong, with EUR 78 million received in Q1, significantly exceeding EUR 13 million invested.

• Thematic, hands-on investment approach and operational engagement are driving value creation and recovery in challenged assets.

Financial highlights

• Year-to-date share price total return was -16.0%, with NAV per share at EUR 12.57 and share price at EUR 8.78 as of 31 March 2026.

• EUR 78 million in distributions received in Q1, with year-to-date distributions exceeding EUR 100 million.

• Weighted average realized PVPI close to 3x money multiple over the last 12 months ending March 2026.

• Dividend yield stands at 8.5%, with a semi-annual dividend of EUR 0.75 per share.

• EUR 7 million allocated to share buybacks in Q1 2026, with an ongoing buyback program.

Outlook and guidance

• Expectation for continued strong distribution levels in 2026, targeting 17%-20% of NAV.

• Transaction activity and exits expected to recover gradually, with selective deployment in a stable but slower growth environment.

• Focus remains on future-proof investments, especially in AI transformation and thematic sectors.