Partners Group (PGHN) H1 2025 earnings summary

Executive summary

• Achieved 17% year-over-year AuM growth to USD 174.4 billion, with USD 12.2 billion in new assets raised in H1 2025 and 74% of inflows from bespoke solutions and mandates.

• Revenues rose 20% to CHF 1.17 billion, driven by a 94% increase in performance fees, which now represent 27% of total revenues.

• EBITDA increased 17% to CHF 733 million, maintaining a 62.7% margin despite FX headwinds and the Empira acquisition.

• Net profit reached CHF 578 million, up 14% year-over-year, with return on equity at 57%.

• Completed the acquisition of Empira Group, adding USD 4 billion to AuM and enhancing real estate capabilities.

Financial highlights

• Total revenues increased 20% to CHF 1,168 million, with management fees up 5% to CHF 854 million and performance fees up 94% to CHF 314 million.

• EBITDA margin was 62.7%, slightly down from 64.2% in H1 2024, mainly due to FX and Empira acquisition.

• Profit for the period was CHF 578 million, up 14% year-over-year.

• Return on equity stood at 57%, with CHF 2.9 billion available liquidity as of June 2025.

• Management fee margin remained at 1.23%, within the historical range.

Outlook and guidance

• Full-year 2025 fundraising guidance of USD 22–27 billion confirmed, with USD 4 billion from M&A and Empira acquisition.

• Performance fee guidance of 25–40% of revenues for 2025 pulled forward from 2026, reflecting strong exit activity.

• Management fees expected to grow in line with average AuM in CHF; tax rate anticipated to remain within 18–19%.

• Investment momentum expected to continue in H2 2025, with USD 8 billion signed as of August and a robust long-term pipeline.