Pershing Square Holdings (PSH) Q1 2025 Investor Call earnings summary

Executive summary

• Achieved 800-1,000 basis points of outperformance versus the S&P 500 in Q1 2025, driven by a differentiated portfolio insulated from tariffs and macroeconomic shocks.

• Actively reallocated capital, trimming five positions, selling one, adding to two, and initiating three new positions, including Amazon and Uber.

• Maintained a focus on high-quality, resilient businesses with strong cash generation and limited exposure to tariffs or global trade volatility.

Financial highlights

• Uber reported high-teens organic revenue growth, 35% EBITDA growth, and 80% earnings growth in Q1.

• Universal Music Group delivered double-digit organic growth and profitability, with share price up in the low teens year-to-date.

• Brookfield's distributable earnings rose 26% in Q1, with the stock trading at a low 14x earnings multiple.

• Restaurant Brands' operating profit is expected to grow over 8% in 2025, with share price up high single digits.

• Chipotle and Nike shares declined 16% and 19% YTD, respectively, due to operational and macro headwinds.

Outlook and guidance

• Optimistic about reduced uncertainty in tariffs and geopolitics by year-end, with potential Fed easing.

• Expect continued strong earnings growth for Uber (50%+ in 2025) and Brookfield, and a return to mid-single-digit same-store sales growth for Chipotle in H2 2025.

• Anticipate meaningful re-rating for Howard Hughes as it transforms into a diversified holding company.