Partners Group (PGHN) H1 2026 earnings summary

Executive summary

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

• Management income grew 12% in constant currency (6% reported) to CHF 905 million, while EBITDA margin remained stable at 63%.

• Profit for H1 2026 was CHF 502 million, flat year-on-year at constant currency but down 13% as reported, impacted by lower performance income.

• Portfolio performance is robust, especially in recent vintages, with double-digit growth in direct equity and strong infrastructure and real estate KPIs.

• Announced leadership transition effective January 2027: CEO to become CIO/Chair of Investment Committee, 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 down 39% year-on-year to CHF 216 million due to exit timing and lower investment income.

• EBITDA was CHF 706 million, down 9% year-on-year, with a margin of 63%.

• 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.

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%.

• 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.

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