Pershing Square Holdings (PSH) H1 2025 earnings summary

Executive summary

• NAV per share increased 15.5% in H1 2025, outperforming the S&P 500's 6.2% return; share price rose 9.9% in the same period.

• Five-year compound annual NAV return reached 19.6%, with a 16.4% annualized net return since 2004 inception.

• Portfolio repositioning included new investments in Amazon and Hertz, and exit from Canadian Pacific.

• Significant $900M investment in Howard Hughes Holdings (HHH) to support its transformation into a diversified holding company.

• Share buyback program of $200M authorized in June 2025.

Financial highlights

• Net assets attributable to shareholders as of June 30, 2025: $14.7B, up from $13.0B at year-end 2024.

• Profit attributable to equity shareholders for H1 2025: $1.92B, up from $650M in H1 2024.

• Earnings per share (basic & diluted) for Public Shares: $10.60 (H1 2025) vs $3.53 (H1 2024).

• Dividend distribution for H1 2025: $59.5M, increased from $53.6M in H1 2024.

• Share buybacks totaled $154.7M in H1 2025.

Outlook and guidance

• Management remains optimistic for the remainder of 2025, citing potential resolution of geopolitical conflicts and moderated inflation.

• Focus on deploying capital into high-quality businesses during market volatility.

• HHH expected to pursue acquisition of a property and casualty insurance company as part of its diversification strategy.