Partners Group (PGHN) H2 2025 earnings summary

Executive summary

• Achieved strong organic and double-digit financial growth in 2025, with revenue up 20%, EBITDA up 19% to CHF 1.61 billion, and profit up 12%, outperforming industry fundraising and maintaining a differentiated, client-centric platform focused on bespoke solutions and multi-asset capabilities.

• Outperformed industry peers in fundraising, investments, and realizations, gaining significant market share and delivering on 2025 objectives with increased investment activity and successful exits from pre-2022 vintages.

• Strategic focus on expanding distribution partnerships and joint ventures, with a ramp-up in evergreen vehicles and innovation in asset classes such as royalties, infrastructure, and vertically integrated real estate.

• Record fundraising year, surpassing previous peaks, with several new strategic distribution partnerships and direct asset realizations up 54% year-over-year.

Financial highlights

• Revenues rose 20% to CHF 2,563 million; EBITDA up 19% to CHF 1,611 million; profit increased 12% to CHF 1,261 million compared to 2024.

• Realized CHF 13.4 billion in private equity exits and CHF 11.2 billion in new private equity investments in 2025, with 44% and 46% upticks respectively year-over-year.

• Infrastructure investments totaled $7 billion, with $6 billion realized, outperforming industry deployment and realization rates.

• Performance fees surged 60% to CHF 819 million, representing 32% of total revenues.

• Dividend proposal of CHF 46.00 per share, up 10% year-over-year, with return on equity at 55% and available liquidity at CHF 3.7 billion.

Outlook and guidance

• Fundraising guidance for 2026 is USD 26–32 billion, with growth expected across private wealth, mandates, and traditional funds, supported by a broad and diversified client base.

• Performance income expected to represent 25–40% of total revenues from 2026 onward, with the lower end anticipated for 2026 due to 2025 pull-forward.

• Organic growth target is 10%+ annually, with additional upside from strategic partnerships and selective M&A.

• Royalties, infrastructure, and evergreen vehicles are expected to be key growth drivers, with royalties AUM projected to reach $30 billion before 2033 and AuM target of USD 450 billion by 2033 reaffirmed.

• Anticipate continued market share gains, especially as industry fundraising remains below 2021 levels.