Partners Group (PGHN) H2 2025 earnings summary

Executive summary

• Achieved strong organic and double-digit financial growth in 2025, with revenue, EBITDA, and profit all rising year-over-year, outperforming industry fundraising and AUM targets.

• Outperformed industry peers in fundraising, investments, and realizations, gaining significant market share and delivering on 2025 objectives.

• Focused on bespoke client solutions, diversified asset classes, and expanding distribution partnerships over M&A, leveraging global platform and mandate technology.

• Continued investment in technology, AI, and operational integration across asset classes to drive value creation and maintain competitive differentiation.

• Record fundraising year, surpassing previous peaks, with several new strategic distribution partnerships announced.

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.

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

• Management fees grew 7% to CHF 1,744 million, with a stable margin of 1.24%.

• Realized CHF 13.4 billion in private equity exits and USD 26 billion for clients through direct exits.

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

Outlook and guidance

• 2026 fundraising guidance set at USD 26–32 billion, with growth expected across private wealth, mandates, and traditional funds.

• 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 of ~10% per year, with additional upside from strategic partnerships and selective M&A.

• Continued disciplined cost management and investment in future growth at a ~60% operating margin.

• Continued focus on expanding in underrepresented regions (Asia-Pacific, Middle East, North America) and scaling evergreen and mandate offerings.