Partners Group's operating profit (EBITDA) increases 19% to CHF 1.61 billion, also supported by stronger performance fees; proposed dividend of CHF 46.00 per share

David Layton, Partner and Chief Executive Officer, says: "In 2025 we took an outsized share of our industry's growth. Through our transformational investing approach, we have built a pipeline of highly compelling businesses that are attracting buyers despite a more difficult transaction environment; driven by direct exits, we realized USD 26 billion for our clients during the period. We had a record fundraising year, surpassing the 2021 peak, and announced several strategic program distribution partnerships, laying the groundwork to increase our distribution capabilities in the years to come."

2025 financials

Total revenues increased by 20% to CHF 2’563 million (2024: CHF 2’136 million) at a revenue margin^[7] of 1.83% (2024: 1.64%).

• Management fees increased by 12% on a constant-currency basis and 7% on a reported basis, amounting to CHF 1’744 million (2024: CHF 1’625 million) and developing in line with average assets under management^[8] (AuM) in CHF. Foreign exchange effects, in particular the strengthening of the CHF against the USD and the EUR, negatively impacted management fee growth.
• Performance fees increased by 60% to CHF 819 million (2024: CHF 511 million), representing 32% of total revenues (2024: 24%). The marked increase resulted in strong performance across the portfolio as well as several successful exits that were pulled forward into 2025.

Joris Gröflin, Partner and Chief Financial Officer, adds: "As the exit environment continued to improve, we pulled forward large transactions from our pipeline of mature assets, resulting in a substantial increase in realizations and subsequent performance fees. On the back of the size of our exit pipeline, we guide for performance income to account for 25-40% of revenues in the coming years. Given the pull-forward effect from 2025, we expect performance income to be in the lower part of the range in 2026."

Total operating costs^[9] increased by 22% to CHF 953 million (2024: CHF 778 million), mainly driven by higher variable performance fee-related personnel expenses.

• Total personnel expenses (86% of total operating costs) increased by 24% to CHF 816 million (2024: CHF 658 million), in line with revenues. Management fee-funded personnel expenses increased by 10% to CHF 517 million (2024: CHF 472 million), in line with the increase in the average number of FTEs (up 10%). The increase was mainly driven by additional personnel costs resulting from the integration of Empira Group. Performance fee-related personnel expenses increased by 60% to CHF 298 million (2024: CHF 186 million), in line with the increase in performance fees. Partners Group allocates up to 40% of all performance fees to its employees and therefore these two components typically move in tandem.
• Other operating expenses increased by 14% to CHF 137 million (2024: CHF 120 million).

EBITDA increased by 19% to CHF 1’611 million (2024: CHF 1’357 million) at an EBITDA margin of 62.8% (2024: 63.6%). Depreciation and amortization increased 43% to CHF 69 million (2024: CHF 49 million).

Net finance income and expenses amounted to CHF -10 million (2024: CHF 61 million). The firm’s transformational investing approach translated into positive underlying asset and portfolio performance, resulting in a contribution of CHF 75 million (2024: CHF 112 million) from Partners Group’s investments alongside its clients. At the same time, negative foreign exchange effects, hedging, and interest expenses resulted in a negative contribution of CHF -85 million (2024: CHF -51 million). Income taxes totaled CHF 270 million (2024: CHF 242 million) at a tax rate of 18% (2024: 18%).

In summary, the firm’s profit increased to CHF 1’261 million (2024: CHF 1’128 million). Partners Group’s Board of Directors proposes a dividend of CHF 46.00 per share (previous year: CHF 42.00 per share) based on the solid development of the business and its confidence in the sustainability of the firm’s growth. The proposal represents an increase of 10% year-over-year.

Outlook

For the full year 2026, Partners Group expects gross new client demand of between USD 26 to 32 billion. The firm bases its guidance on the large and visible pipeline of fundraising opportunities across its three principal offerings: mandates, evergreens, and traditional closed-ended private markets programs. Full-year estimates for tail-down effects from more mature closed-ended investment programs are USD -10 to -13 billion. 

Partners Group guides for performance income^[10] to account for 25-40% of revenues. Given the previously communicated pull-forward of certain transactions from 2026 into 2025, the firm's expectation for 2026 is that performance income will be within the lower part of the communicated range.

Today Partners Group is holding a follow-on Capital Markets Day, providing an update to the 2025 Capital Markets Day. The firm reiterates its target to increase its AuM to USD 450 billion by 2033 and confirms that its 2025 developments are in line with the expectations to achieve this goal. Partners Group additionally provides an update on the firm's strategic expansion, which follow three primary pillars: expanding the investment platform through new investment strategies, engaging in strategic partnerships to widen the firm's distribution reach, and selectively pursuing acquisitions to add complementary investment engines to its platform.

Conference call today & publication of 2025 Annual Report

Partners Group’s senior management will hold a conference call today at 9:30am CET. To register for the call, please click here or use the contact details at the end of this press release.

The Annual Report as of 31 December 2025 is available for download at www.partnersgroup.com/financialreports.

Upcoming key dates