Partners Group Holding AG Cash Flow Statement

Financials in millions CHF. Fiscal year is January - December.

Millions CHF. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,261	1,128	1,003	1,005	1,464
Depreciation & Amortization	49.3	31.9	25	22.1	22.4
Other Amortization	20	16.7	16.1	18.4	17.3
Loss (Gain) From Sale of Investments	-75.6	-112.5	-67.4	-13.6	-117
Loss (Gain) on Equity Investments	1	0.6	1	-0.3	-2.7
Stock-Based Compensation	63.2	55.9	58	57.9	55.5
Other Operating Activities	287.9	46.6	124.7	-62.2	184.4
Change in Accounts Receivable	-107.2	-335	-597.1	119.5	-1,003
Change in Accounts Payable	15.7	102	79.4	-83.2	81.3
Operating Cash Flow	1,515	933.9	643.1	1,064	701.8
Operating Cash Flow Growth	62.22%	45.22%	-39.53%	51.54%	-39.21%
Capital Expenditures	-8.5	-114.3	-102	-60.5	-34.3
Sale of Property, Plant & Equipment	-	-	-	-	0.2
Cash Acquisitions	-95.2	-13.9	-	-	-
Sale (Purchase) of Intangibles	-12.3	-26.8	-6.7	-28.2	-21.9
Investment in Securities	-279.7	-132.4	-347.1	14.6	31.4
Other Investing Activities	5.1	8.4	5	4	2.8
Investing Cash Flow	-390.6	-279	-450.8	-70.1	-21.8
Short-Term Debt Issued	9,546	2,020	1,504	1,220	-
Long-Term Debt Issued	4.3	499.3	330.4	-	-
Total Debt Issued	9,550	2,519	1,834	1,220	-
Short-Term Debt Repaid	-9,192	-1,545	-1,534	-950	-
Long-Term Debt Repaid	-27.9	-316.1	-15.8	-12.9	-11.7
Total Debt Repaid	-9,220	-1,861	-1,550	-962.9	-11.7
Net Debt Issued (Repaid)	330.2	658.2	284.6	257.1	-11.7
Issuance of Common Stock	76.2	236.5	78.5	25.2	153
Repurchase of Common Stock	-333.6	-499.3	-67	-569.4	-386
Common Dividends Paid	-1,092	-1,018	-959.2	-861	-724.6
Other Financing Activities	-49.7	-30.5	-13.6	-10	-8.7
Financing Cash Flow	-1,069	-653.1	-676.7	-1,158	-978
Foreign Exchange Rate Adjustments	-15.7	6.1	-14.1	33.5	-18.9
Net Cash Flow	39.9	7.9	-498.5	-131.2	-316.9
Free Cash Flow	1,507	819.6	541.1	1,003	667.5
Free Cash Flow Growth	83.81%	51.47%	-46.05%	50.26%	-41.22%
Free Cash Flow Margin	58.97%	38.63%	27.87%	53.77%	25.50%
Free Cash Flow Per Share	57.89	31.31	20.79	39.01	25.14
Cash Interest Paid	41.2	25.3	9	5.6	8.7
Cash Income Tax Paid	207.7	181.5	215.6	183.7	205.5
Levered Free Cash Flow	1,344	403.55	-46.89	739.88	382.24
Unlevered Free Cash Flow	1,372	421.05	-38.83	744.31	387.8
Change in Working Capital	-91.5	-233	-517.7	36.3	-921.7

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.