The Carlyle Group (CG) Investor update summary

Strategic transformation and leadership

• Executed a multi-year transformation focused on diversification, operational discipline, and leadership renewal, including over a dozen senior leadership changes.

• Built a diversified business model across strategies, geographies, and channels, with a client-centric approach.

• Overhauled compensation and capital allocation to align with stakeholders and support scalable growth.

• Leadership emphasized transformation into a more diversified and higher performing platform, citing record financial results and confidence in sustained growth.

CEO perspectives and strategic focus

• Achieved record results in 2025, including all-time highs in FRE, FRE margin, AUM, and inflows, with industry-leading realization activity.

• Focused strategy and operational model drove 20% CAGR in FRE and 11% CAGR in DE/share from 2023 to 2025.

• Exceeded financial targets over the past two years, with inflows and FRE margin surpassing goals by significant margins.

Financial performance and targets

• Achieved record Fee Related Earnings (FRE) of $1.24B in 2025, up 50% from 2023, with a 47% FRE margin.

• Distributable Earnings reached $1.7B ($4+ per share), up 11%, and fee revenues hit $2.6B, reflecting 7% organic growth.

• Fee revenues grew 10% in 2025 to $2.6B, driven by Carlyle AlpInvest and Global Credit.

• Distributable earnings per share rose 24% since 2023, reaching $4.02 in 2025.

• Set 2028 targets: $1.9B+ FRE (15% CAGR), $2.8B+ management fees, 50%+ FRE margin, $200B+ cumulative inflows, and $6+ DE per share.