Full Year 2025 Partners Group Holding AG Earnings Call Transcript
Key Points
- Partners Group Holding AG (PGPHF) reported a robust 2025 with CHF1.7 billion in management fees, reflecting a 12% growth on a constant currency basis.
- The company achieved a 19% year-over-year growth in EBITDA, reaching CHF1.6 billion, with a stable margin of 63%.
- Performance fees contributed significantly, accounting for 32% of revenues, driven by strong exit activity and value creation.
- The firm saw a 26% improvement in new investment activity, with 65% from direct investments, and a 47% increase in exit activity.
- Partners Group Holding AG (PGPHF) proposed a dividend of CHF46 per share, indicating a 10% increase, reflecting confidence in business strength and balance sheet solidity.
- The company faced a negative impact from foreign exchange rates, which affected the EBITDA margin by approximately 0.5 percentage points.
- There was a notable FX hedging and interest expense of CHF85 million, with a material negative drop from H1 to H2.
- Concerns were raised about potential redemptions in the private credit sector, although the company noted that the majority of its evergreen assets are equity in nature.
- The management fee margin was stable but showed slight variances due to timing and asset class mix, which could impact future stability.
- The firm acknowledged the complexity of the current market environment, which requires careful navigation to maintain transaction activity and exits.
Welcome everyone to our annual results presentation. My name is Dave Layton. I'm the CEO of Partners Group. I'm joined by Joris, our CFO. We'll start by giving a brief presentation. We'll then hold the Q&A on the financials-related questions. And then we'll move on to our Capital Markets Day, and we hope most of you can join us for that.
Starting on page 2, our platform had a very robust 2025. We generated CHF1.7 billion of -- What's that? We generated, CHF1.7 billion of management fees, quite a stable management fee margin at 1.24%. We had, 12% growth in management fees on a constant currency basis, and we had I think a very diversified group of assets that generated those management fees.
We also saw CHF819 million in performance fees. That's about 32% of revenues, and that was driven by strong exit activity and value creation. There's no change in performance fee guidance from what we had talked about on our last call in January.
We also generated
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