Q3 2025 Partners Group Private Equity Ltd Earnings Call Transcript
Key Points
- Partners Group Private Equity Ltd (LSE:PEY) delivered solid results in Q3 with a NAV increase of 2.1% and a share price gain of 6%.
- The company announced a second interim dividend of EUR0.375 per share, bringing the full-year dividend yield above 7%.
- A share buyback program of up to EUR15 million was approved, signaling a commitment to managing the discount and creating shareholder value.
- The portfolio showed resilience with a 2.6% value accretion in Q3, despite FX headwinds.
- Liquidity remains robust with EUR2 million in cash and an undrawn credit facility of EUR111 million, recently renewed at better terms.
- Year-to-date NAV is slightly negative due to FX headwinds, particularly the weakening of the US dollar against major currencies.
- The macroeconomic environment remains challenging, with trade tensions and fiscal shifts impacting markets.
- The discount to NAV is around 25% to 26%, which is higher than the 10-year average of 19%.
- Some investors express concern that the company may not devote enough attention to a product that represents only 1% of AUM.
- The valuation uplift has decreased compared to previous years, raising questions about future NAV returns.
Good morning, and thank you for joining us today. I'm Andreea Mateescu, and I'm delighted to be here with my colleagues, Dr. Cyrill Wipfli and Federica Cazzaniga. Today, we will be sharing an update on the NAV development and portfolio highlights as of September 30. But before we get started, just a quick note on housekeeping.
If you have any questions during the webcast, please use the Q&A tool available on your screen. As usual, we'll address questions at the end of the presentation. And to ensure we cover as much as possible, we'll group similar questions and respond to them in one go. If we run out of time or you have additional questions afterwards, please feel free to reach out to us via e-mail or through the contact form on our website.
Let's get started. So let's have a look at the big picture. Despite the challenging macro backdrop, PGPE Limited delivered solid results during the third quarter. NAV was up 2.1%, and the share price gained 6%, continuing the positive momentum we saw in the second quarter
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