Pershing Square Holdings (PSH) H1 2026 earnings summary

Executive summary

• Focus on long-term compounding from high-quality holdings, with strong NAV growth targeted even without new investments.

• Portfolio is concentrated in durable growth companies, with capital deployed during recent market volatility at attractive valuations; six new investments established: Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange, and Alcon.

• New fund launches, including Pershing Square Ventures and Pershing Square USA, Ltd. (PSUS), are planned and will be episodic and driven by opportunity, not necessity.

• Strategic transformation of Howard Hughes from a real estate company to an insurance-led conglomerate is underway, supported by a $1 billion investment in preferred stock for the Vantage Group Holdings acquisition.

• Share buyback program expanded by $100 million in May 2026, with 75.7 million shares repurchased since 2017 for $1.9 billion.

Financial highlights

• Fee-paying assets under management (AUM) stand at approximately $23 billion.

• Year-to-date performance is up 20%, with fee-paying assets growing by $4.6 billion.

• Net loss attributable to equity shareholders was $1.93 billion for H1 2026, compared to a profit of $1.92 billion in H1 2025.

• Net assets fell to $12.94 billion as of June 30, 2026, from $15.05 billion at year-end 2025.

• PSUS is trading at a significant discount to NAV (approx. $50 NAV vs. high $30s share price); NAV per share declined 12.6% in H1 2026, with share price down 23.9%.

Outlook and guidance

• Portfolio companies expected to grow EPS at an average annual rate of 20% over the next 3–5 years.

• Expectation of continued strong compounding from core holdings, with potential for further capital deployment as opportunities arise.

• Plans to add investment-grade leverage to PSUS, targeting 15%-20% debt to total assets, with rating agency discussions starting in September.

• Board and management focused on narrowing the NAV discount and enhancing shareholder value through marketing and engagement.

• Dividend policy is to return substantially all free cash flow to shareholders quarterly; buybacks considered if practical.