Partners Group (OTC: PGPHF) Reports Lower H1 Profit and Announces Leadership Changes

• Partners Group (OTC: PGPHF) reported H1 2026 revenue of CHF 1.12 billion, down 7% year over year, as lower performance income offset higher management income.
• The firm’s profit declined 13% to CHF 502 million, while basic earnings per share fell to CHF 19.49.
• Partners Group confirmed its full-year fundraising outlook but reduced its near-term expectations for performance income and announced changes to its executive leadership.

Partners Group (OTC: PGPHF) is a Swiss private-markets investment firm managing assets across private equity, private credit, infrastructure, real estate, royalties, and special opportunities. On September 1, 2026, the company released its interim financial results for the six months ended June 30, 2026.

Partners Group reported total revenue of CHF 1.12 billion, down 7% from CHF 1.21 billion in the first half of 2025. Revenue declined by a more moderate 2% in constant-currency terms, reflecting the negative effect of foreign-exchange movements.

Management income increased 6% in Swiss francs and 12% in constant currency to CHF 905 million. This recurring income benefited from continued growth in assets under management and sustained demand for the firm’s investment programs and customized client mandates.

However, performance income declined 39% to CHF 216 million, compared with CHF 355 million in the prior-year period. Performance income represented 19% of total revenue, down from 29% a year earlier. The decline reflected the timing of investment exits, including several transactions completed earlier than originally expected during the second half of 2025.

The firm’s EBITDA decreased 9% to CHF 706 million, while its EBITDA margin remained relatively stable at 63%, compared with 64% in H1 2025. Operating profit declined 14% to CHF 622 million.

Partners Group reported a first-half profit of CHF 502 million, representing a 13% year-over-year decline from CHF 578 million. Profit was approximately unchanged in constant-currency terms. Basic earnings per share decreased to CHF 19.49 from CHF 22.24, while diluted earnings per share fell to CHF 19.48 from CHF 22.13.

Despite weaker reported earnings, the firm continued to expand its asset base. Partners Group received $16 billion in new client commitments during the first half, bringing total assets under management to $186 billion as of June 30, 2026.

For the full year, Partners Group maintained its expectation of attracting between $26 billion and $32 billion in gross new client assets. However, management now expects performance income to represent approximately 20–25% of total revenue in 2026, depending on the timing of several planned investment exits. The firm maintained its longer-term target of 25–40%.

Partners Group also announced significant leadership changes effective January 1, 2027. Chief Executive Officer David Layton will transition to the roles of Chief Investment Officer and Chairman of the Global Investment Committee. Roberto Cagnati and Juri Jenkner, both long-serving Partners Group executives, will become Co-Chief Executive Officers, subject to regulatory approval.

Overall, Partners Group’s first-half results reflected a resilient management-income business but weaker performance income and unfavorable currency effects. Future results will depend partly on the firm’s ability to complete planned exits, manage redemption pressures, and convert its strong fundraising activity into long-term earnings growth.