EarningsQ2 2026 Earnings Report
PGPHF Q2 2026 EPS Results
Actual EPS$23.29
Consensus EPS$25.98
Beat/MissMissed by -$2.69
One Year Ago EPS$26.46
PGPHF Q2 2026 Revenue Results
Actual Revenue$1.52B
Expected Revenue$1.36B
Beat/MissBeat by +$164.20M
YoY Revenue Growth-0.92%
Earnings Announcement Details
QuarterQ2 2026
Date09/01/2026
TimeBefore Open
Conference CallTuesday, September 1, 2026
PGPHF Upcoming Earnings
Partners Group Holding AG's next earnings date is estimated for March 16, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive, highlighting record fundraising, market-share gains, resilient recurring earnings, robust margins, strong recent-vintage portfolio growth, a sizable exit pipeline and confidence in the medium- and long-term strategy. The company also acknowledged softer near-term growth, exit-timing uncertainty, mature-evergreen liquidity limitations, FX effects, portfolio-specific issues and a cautious approach to M&A. The number and significance of the stated achievements materially outweighed the challenges.Company Guidance
Record First-Half Fundraising
The company raised $16 billion of new assets in H1 2026, up 31% year-on-year, making it the best first half for fundraising in the firm's history. Management reconfirmed its full-year fundraising guidance of $26 billion to $32 billion.
Significant Market Share Gains
Since 2023, Partners Group has raised $80 billion, while overall industry fundraising declined about 15%; the company said its fundraising was up roughly 50% over the same period. The gains were diversified across asset classes, clients and investment strategies.
Strong Management Income and Profitability
Management income was CHF 905 million, growing 12% year-on-year at constant currency and 6% as reported. Management income EBITDA grew 15% year-on-year at constant currency, while the overall EBITDA margin was 63% and EBITDA was CHF 706 million.
Resilient Recurring Revenue Profile
Management income represented 81% of H1 2026 revenue and grew 12% at constant currency, in line with average AUM growth. The management income margin was 1.24%, within the historical 1.18% to 1.33% bandwidth.
Strong Performance Fee Contribution
The company generated CHF 233 million in performance fees in H1 2026. Performance income represented 19% of total revenue, with private equity contributing 48% and infrastructure contributing 40%; fees were mainly driven by direct exits.
Robust Liquidity and Return on Equity
H1 2026 net profit was CHF 502 million, translating into a 55% return on equity. Strong operating cash flow contributed to total liquidity of CHF 2.9 billion, and management remained confident in its ability to pay dividends that are stable or growing year-by-year.
Accelerating Investment Deployment
After a highly selective H1 investment period, deployment accelerated into the second half, with $5 billion of additional investments signed during July and August. The private equity team screened over 2,000 assets last year and transacted on about 1% of them.
Positive Portfolio Operating Momentum
The operational performance of the direct equity portfolio from 2023 onwards returned to double-digit growth, while recent infrastructure and real estate KPIs were described as solid.
Attractive Private Equity and Infrastructure Vintage Performance
Management said it was on track to achieve net TVPI of over 2x in 5 of the last 6 vintage pools. Infrastructure showed top-quartile performance across several key vintage years, with net DPI ahead of the market particularly for the 2018 to 2020 vintage pool.
Record Direct Infrastructure Fund Closing
The direct infrastructure fund achieved a record closing of approximately 50% above its predecessor. The closing supported the launch of the firm's largest-ever direct infrastructure strategy.
Broader and More Diversified Client Base
Management said fundraising is more diversified across client segments and strategies than ever before. Consultant relationships have strengthened, with one recent flagship fundraise seeing a 3x increase in the number of consultants advising clients to invest.
Growth in Asia, the Middle East and Insurance
The company closed more than 5 Asian mandates over the last 2 periods and reported increased activity in Asia and the Middle East. It also outlined an ambition to quadruple insurance AUM to $100 billion by 2033, an incremental $75 billion, supporting its $450 billion AUM target.
Expansion of Insurance Solutions
Partners Group has lowered mandate minimums, broadened the number of professionals able to establish mandates, and expanded its U.S. rated-fund offering. Several rated vehicles were closed to support insurers' capital-efficiency needs.
Large Exit Pipeline
The company is actively working on an exit pipeline of roughly USD 75 billion and is confident of generating performance income equal to 25% to 40% of revenue over the next 3 years and beyond. Management said the pipeline includes IPOs, strategic buyers and financial buyers.
AI and Transformation Capabilities
The firm has built a team of about 150 AI experts internally and externally, alongside a similarly sized group of operators. It is developing the PGAI fab, which is expected to be close to a final product by the end of 2026 and will use the firm's historical investment data to support due diligence and value-creation planning.
Expansion Across Investment Engines
Partners Group is expanding its next-generation infrastructure capabilities across power, data, mobility and logistics, is in the process of buying 2 or 3 additional platforms within the next 6 months, is building out extended middle-market private credit in the U.S. and Asia, and is expanding its royalties-financing platform.
Successful Empira Integration and Real Estate Expansion
Management described the acquisition of Empira as a successful first larger M&A transaction and said its technology platform is now bearing fruit. The company is leveraging the platform to expand its real estate business and has a similar effort underway in industrial-sector platforms.
Leadership Succession with Internal Talent
David Layton will transition to CIO and Chair of the Investment Committee from January 2027. Juri and Roberto will become co-CEOs, while current investment leaders Stephan Schali and Rene Biner will remain in important investment roles. Management described the incoming co-CEOs as experienced leaders who carry the firm's DNA.
Partnership and JV Growth
Partnerships contributed about $1 billion last year. Management expects strong growth in the partnership and JV business this year, although it said growth is unlikely to reach the previously discussed potential of 100%.
PGPHF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed