Partners Group reports H1 results: mgmt fees in line with AUM

Partners Group reports H1 results: mgmt fees in line with AUM

Partners Group Limited (PGPE) has released its H1 2025 results, highlighting a challenging yet resilient performance in a volatile market. The company's net asset value (NAV) closed the first half of the year at €13.79 per share, reflecting a total return decline of 5.7%, inclusive of the first interim dividend [1].

The primary driver of this decline was adverse currency movements, notably a 12% depreciation of the US dollar against the euro, leading to a 5.4% negative FX impact. Despite this, the company's underlying portfolio value creation showed resilience, with a total return of -1.2% in the second quarter and a strong performance of 3% in the second quarter and almost 1% for the half year [1].

Liquidity remains robust, with cash and cash equivalents of €8,300,000 and a EUR 120,000,000 undrawn credit facility as of June 30. The company distributed €26,000,000 as the first interim dividend, aligning with its objective of paying 5% of the previous year in semiannual payments [1].

Management fees were in line with the company's assets under management (AUM), demonstrating consistent fee income generation. The company's disciplined risk management framework and transformational investing approach continue to guide its strategy [1].

Looking ahead, Partners Group anticipates increased transaction activity over the remainder of 2025 as trade policy clarity emerges, reducing uncertainty. The company's balanced sector and regional diversification strategies will be crucial, with potentially stronger performance from service-oriented businesses and those with domestic supply chains [1].

The economic outlook remains uncertain, with geopolitical tensions and fiscal policy shifts impacting global markets. However, trade deal announcements and expected Fed rate cuts provide some clarity and support for growth in 2026 [1].

In summary, Partners Group's H1 2025 results reflect a challenging yet resilient performance, with management fees in line with AUM and a robust liquidity position. The company's strategic approach and disciplined risk management framework position it well for the remainder of 2025 and beyond.

References:
[1] https://finance.yahoo.com/quote/PEY.L/earnings/PEY.L-H1-2025-earnings_call-329689.html