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Pershing Square Holdings (PSH) investor relations material

Pershing Square Holdings H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary20 Aug, 2025

Executive summary

  • NAV per share increased 15.5% in H1 2025, outperforming the S&P 500's 6.2% return; share price rose 9.9% in the same period.

  • Five-year compound annual NAV return reached 19.6%, with a 16.4% annualized net return since 2004 inception.

  • Portfolio repositioning included new investments in Amazon and Hertz, and exit from Canadian Pacific.

  • Significant $900M investment in Howard Hughes Holdings (HHH) to support its transformation into a diversified holding company.

  • Share buyback program of $200M authorized in June 2025.

Financial highlights

  • Net assets attributable to shareholders as of June 30, 2025: $14.7B, up from $13.0B at year-end 2024.

  • Profit attributable to equity shareholders for H1 2025: $1.92B, up from $650M in H1 2024.

  • Earnings per share (basic & diluted) for Public Shares: $10.60 (H1 2025) vs $3.53 (H1 2024).

  • Dividend distribution for H1 2025: $59.5M, increased from $53.6M in H1 2024.

  • Share buybacks totaled $154.7M in H1 2025.

Outlook and guidance

  • Management remains optimistic for the remainder of 2025, citing potential resolution of geopolitical conflicts and moderated inflation.

  • Focus on deploying capital into high-quality businesses during market volatility.

  • HHH expected to pursue acquisition of a property and casualty insurance company as part of its diversification strategy.

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Frequently asked questions

Pershing Square Holdings, Ltd. is a British investment trust dedicated to delivering long-term value. Founded in 2012, Pershing Square Holdings is a constituent of the FTSE 100 Index. A closed-ended fund, it is managed by Bill Ackman of Pershing Square Capital Management.

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