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	69.3	48.6	41.1	40.5	39.7
Stock-Based Compensation	63.2	55.9	58	57.9	55.3
Other Adjustments	307.5	119.3	303.9	160	14.2
Change in Receivables	-107.2	-335	-597.1	119.5	-1,003
Changes in Accounts Payable	15.7	102	79.4	-83.2	81.3
Changes in Income Taxes Payable	-207.7	-181.5	-215.6	-183.7	-205.5
Changes in Other Operating Activities	113.5	-3.1	-30	-52.4	256
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
Purchases of Intangible Assets	-12.3	-26.8	-6.7	-28.2	-21.9
Purchases of Investments	-591	-410.2	-429.2	-139.9	-139.7
Proceeds from Sale of Investments	311.3	277.8	82.1	154.5	171.1
Payments for Business Acquisitions	-95.2	-13.9	-	-	-
Other Investing Activities	5.1	8.4	5	4	2.8
Investing Cash Flow	-390.6	-279	-450.8	-70.1	-21.8
Long-Term Debt Issued	9,550	2,519	1,834	1,220	-
Long-Term Debt Repaid	-9,196	-1,845	-1,534	-950	-
Net Long-Term Debt Issued (Repaid)	353.8	674.3	300.4	270	-
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
Net Common Stock Issued (Repurchased)	-257.4	-262.8	11.5	-544.2	-233
Common Dividends Paid	-1,092	-1,018	-959.2	-861	-724.6
Other Financing Activities	-73.3	-46.6	-29.4	-22.9	-20.4
Financing Cash Flow	-1,069	-653.1	-676.7	-1,158	-978
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-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%
FCF Margin	58.78%	38.38%	27.83%	53.58%	25.39%
Free Cash Flow Per Share	57.89	31.31	20.79	39.01	25.14
Levered Free Cash Flow	1,597	1,654	1,077	935.6	1,601
Unlevered Free Cash Flow	1,251	929.1	763.02	667.65	1,537

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.