London · Delayed Price · Currency is GBP · Price in EUR Partners Group Private Equity Earnings Call Transcripts
Fiscal Year 2026
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NAV declined 8.6% in H1 2026, mainly due to four underperforming assets, but strong liquidity and robust distributions (14% of NAV) were achieved. Newer investments show strong growth, and AI initiatives are driving operational improvements. Portfolio remains well-diversified and positioned for recovery.
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NAV declined 3.3% in Q1 2026 due to listed asset volatility and select company challenges, but strong distributions and robust performance from younger vintages support future growth. Capital allocation remains disciplined, with a 5% NAV dividend policy and expanded buyback program.
Fiscal Year 2025
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NAV per share fell to EUR 13 with a -8.7% total return in 2025, mainly due to currency headwinds, but record realizations and strong portfolio repositioning support future growth. Portfolio is diversified, with younger assets showing robust early performance and AI initiatives driving efficiency.
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NAV rose 2.1% in Q3 2025, with strong portfolio value creation and robust liquidity. Four major exits are set to drive significant distributions, and guidance targets EUR 200 million in annual distributions with double-digit long-term returns.
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H1 2025 saw a 5.7% NAV decline due to FX headwinds, but portfolio value creation was positive and momentum improved in Q2. Dividend yield reached 7.5%, with major exits and new investments set to drive liquidity and growth in H2.
Fiscal Year 2024
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Reported 11.4% NAV total return for 2024, with strong liquidity, robust distributions, and a 99% direct private equity portfolio. New fee structure reduces costs, while the outlook anticipates increased investment and distribution activity in 2025.
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NAV total return reached 3.1% YTD, with a 5.9% share price return and a dividend yield just below 7%. Major exits, including Galderma, Techem, and KinderCare, drove value creation, while the portfolio remains diversified and resilient amid higher rates and FX volatility.
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NAV per share rose to €14.38 with a 4.1% total return and a 6.3% dividend yield for H1 2024. Major exits, including SRS Distribution, drove €103.7 million in distributions, while the portfolio remains diversified and focused on value creation.