Balance Sheet Partners Group Holding AG

Equities

PGHN

CH0024608827

Investment Management & Fund Operators

Market Closed - Swiss Exchange Other stock markets 16:30:02 10/03/2026 GMT			5-day change	1st Jan Change
818.00 ^CHF	+0.74%		-0.24%	-16.73%

03-10	Partners Group Holding AG Reports Earnings Results for the Full Year Ended December 31, 2025	CI
03-10	Partners Group Holding AG, 2025 Earnings Call, Mar 10, 2026

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Published financial data: PARTNERS GROUP HOLDING AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	2.59B	1.81B	1.86B	2.02B	2.46B
Interest And Invest. Income (Rev)	27.5M	51.3M	85M	104M	-
Other Revenues, Total	-	-	-100K	100K	102M
Total Revenues	2.62B	1.87B	1.94B	2.12B	2.56B
Cost of Goods Sold, Total	861M	596M	603M	658M	816M
Gross Profit	1.76B	1.27B	1.34B	1.46B	1.75B
Selling General & Admin Expenses, Total	-	-	-	-	-
Stock-Based Compensation (IS)	800K	800K	900K	700K	-
Depreciation & Amortization - (IS)	39.7M	40.5M	41.1M	48.6M	69.3M
Other Operating Expenses	59.9M	96.4M	104M	105M	137M
Other Operating Expenses, Total	100M	138M	146M	154M	206M
Operating Income	1.66B	1.13B	1.19B	1.31B	1.54B
Interest Expense, Total	-8.9M	-7.1M	-12.9M	-28M	-90.9M
Interest And Investment Income	2.8M	4M	5M	8.4M	-
Net Interest Expenses	-6.1M	-3.1M	-7.9M	-19.6M	-90.9M
Income (Loss) On Equity Invest.	2.7M	300K	-900K	-700K	-
Currency Exchange Gains (Loss)	-33.4M	-8.7M	-38M	-25.9M	-
Other Non Operating Income (Expenses)	113M	9.2M	62.8M	107M	80.7M
EBT, Excl. Unusual Items	1.73B	1.13B	1.21B	1.37B	1.53B
Merger & Related Restructuring Charges	-	-	-	-400K	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Other Unusual Items	-6M	-	-	-	-
EBT, Incl. Unusual Items	1.73B	1.13B	1.21B	1.37B	1.53B
Income Tax Expense	263M	124M	205M	242M	270M
Earnings From Continuing Operations	1.46B	1B	1B	1.13B	1.26B
Net Income to Company	1.46B	1B	1B	1.13B	1.26B
Net Income - (IS)	1.46B	1B	1B	1.13B	1.26B
Net Income to Common Incl Extra Items	1.46B	1B	1B	1.13B	1.26B
Net Income to Common Excl. Extra Items	1.46B	1B	1B	1.13B	1.26B
Per Share Items
Net EPS - Basic	56.19	39.34	38.7	43.4	48.63
Basic EPS - Continuing Operations	56.19	39.34	38.7	43.4	48.63
Basic Weighted Average Shares Outstanding	26.05M	25.54M	25.93M	25.98M	25.92M
Net EPS - Diluted	55.12	39.09	38.55	43.08	48.45
Diluted EPS - Continuing Operations	55.12	39.09	38.55	43.08	48.45
Diluted Weighted Average Shares Outstanding	26.55M	25.71M	26.03M	26.18M	26.02M
Normalized Basic EPS	41.56	27.63	29.13	32.96	36.91
Normalized Diluted EPS	40.77	27.46	29.02	32.72	36.78
Dividend Per Share	33	37	39	42	-
Payout Ratio	49.51	85.68	95.59	90.27	86.61
Supplemental Items
EBITDA	1.67B	1.14B	1.2B	1.32B	1.61B
EBITA	1.66B	1.13B	1.19B	1.31B	1.54B
EBIT	1.66B	1.13B	1.19B	1.31B	1.54B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	15.21	11.02	16.98	17.68	17.66
Total Current Taxes	285M	175M	185M	204M	-
Total Deferred Taxes	-22.5M	-50.1M	20.4M	38.4M	-
Normalized Net Income	1.08B	706M	755M	856M	957M
Interest on Long-Term Debt	13.3M	1.6M	3.9M	2.6M	-
Non-Cash Pension Expense	100K	100K	2.1M	-100K	-
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., COGS (Total)	54.7M	57.1M	57.1M	55.2M	-
Stock-Based Comp., Other (Total)	800K	800K	900K	700K	-
Total Stock-Based Compensation	55.5M	57.9M	58M	55.9M	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	911M	780M	281M	289M	329M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	911M	780M	281M	289M	329M
Accounts Receivable, Total	618M	602M	752M	1.11B	1.14B
Other Receivables	24.9M	39.1M	66.8M	49.3M	-
Notes Receivable	1.49B	1.32B	1.62B	1.63B	1.66B
Total Receivables	2.13B	1.97B	2.44B	2.79B	2.79B
Prepaid Expenses	-	-	-	-	-
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	87.2M	110M	350M	540M	796M
Total Current Assets	3.13B	2.86B	3.07B	3.62B	3.92B
Gross Property Plant And Equipment	336M	422M	547M	662M	-
Accumulated Depreciation	-79.5M	-98.9M	-110M	-129M	-
Net Property Plant And Equipment	256M	324M	437M	533M	506M
Long-term Investments	740M	788M	836M	959M	1.15B
Goodwill	30.7M	30.3M	28M	44.7M	-
Other Intangibles, Total	5.6M	6.4M	5.1M	16.6M	365M
Accounts Receivable Long-Term	450M	420M	283M	384M	325M
Loans Receivable Long-Term	75.2M	4.4M	2.1M	10.4M	-
Deferred Tax Assets Long-Term	104M	110M	105M	63.9M	65.3M
Deferred Charges Long-Term	29.6M	37.9M	28M	38.4M	-
Other Long-Term Assets, Total	10.5M	-	12M	14.3M	64.5M
Total Assets	4.83B	4.58B	4.8B	5.68B	6.39B
Liabilities
Accounts Payable, Total	139M	97.5M	88.2M	156M	451M
Accrued Expenses, Total	288M	200M	185M	216M	390M
Short-term Borrowings	-	270M	240M	715M	1.06B
Current Portion of Long-Term Debt	-	-	300M	-	-
Current Portion of Leases	10.9M	14.9M	14.3M	14.6M	-
Current Income Taxes Payable	90.9M	115M	73.6M	85.4M	192M
Other Current Liabilities	200M	189M	191M	262M	259M
Total Current Liabilities	728M	886M	1.09B	1.45B	2.35B
Long-Term Debt	799M	799M	830M	1.33B	1.33B
Long-Term Leases	49.9M	62.6M	90.7M	84.8M	84.8M
Unearned Revenue Non Current	-	-	-	12.4M	-
Pension & Other Post Retirement Benefits	296M	335M	293M	287M	194M
Deferred Tax Liability Non Current	3.4M	6.7M	6.7M	9.5M	28.4M
Other Non Current Liabilities	57.6M	70.4M	65.2M	96.8M	217M
Total Liabilities	1.93B	2.16B	2.38B	3.27B	4.2B
Common Stock, Total	300K	300K	300K	300K	300K
Retained Earnings	3.5B	3.54B	3.62B	3.65B	200K
Treasury Stock	-378M	-848M	-767M	-894M	-1.01B
Comprehensive Income and Other	-226M	-275M	-424M	-343M	3.19B
Total Common Equity	2.9B	2.42B	2.43B	2.41B	2.19B
Total Equity	2.9B	2.42B	2.43B	2.41B	2.19B
Total Liabilities And Equity	4.83B	4.58B	4.8B	5.68B	6.39B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	26.37M	25.91M	25.98M	25.9M	25.85M
ECS Total Common Shares Outstanding	26.37M	25.91M	25.98M	25.9M	25.85M
Book Value / Share	109.92	93.26	93.41	93.19	84.6
Tangible Book Value	2.86B	2.38B	2.39B	2.35B	1.82B
Tangible Book Value Per Share	108.54	91.84	92.14	90.83	70.49
Total Debt	860M	1.15B	1.48B	2.14B	2.47B
Net Debt	-50.8M	367M	1.19B	1.86B	2.14B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-10.5M	-16.1M	-11.2M	-13.7M	-
Debt Equivalent Oper. Leases	-	-	-	-	-
Equity Method Investments, Total	18.3M	13.4M	9.9M	25.4M	22.2M
Account Code - Inventory Valuation	3	3	3	3	-
Land - (BS)	63.1M	63.2M	62.6M	63M	-
Buildings, Total	92.4M	93.9M	87.1M	286M	-
Machinery, Total	54.5M	60.4M	67.5M	153M	-
Full Time Employees	1.57K	1.84K	1.93K	1.78K	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.46B	1B	1B	1.13B	1.26B
Depreciation & Amortization - CF	21.6M	21.5M	24.4M	30.9M	69.3M
Amortization of Goodwill and Intangible Assets - (CF)	800K	600K	600K	1M	-
Depreciation & Amortization, Total	22.4M	22.1M	25M	31.9M	69.3M
Amortization of Deferred Charges, Total - (CF)	17.3M	18.4M	16.1M	16.7M	-
(Gain) Loss on Sale of Investments - (CF)	-117M	-13.6M	-67.4M	-112M	-
(Income) Loss On Equity Investments - (CF)	-2.7M	-300K	1M	600K	-
Stock-Based Compensation (CF)	55.5M	57.9M	58M	55.9M	63.2M
Other Operating Activities, Total	184M	-66.6M	125M	46.6M	213M
Change In Accounts Receivable	-1B	120M	-597M	-335M	-107M
Change In Accounts Payable	81.3M	-83.2M	79.4M	102M	15.7M
Cash from Operations	702M	1.06B	643M	934M	1.52B
Capital Expenditure	-34.3M	-60.5M	-102M	-114M	-8.5M
Sale of Property, Plant, and Equipment	200K	-	-	-	-
Cash Acquisitions	-	-	-	-13.9M	-95.2M
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-21.9M	-28.2M	-6.7M	-26.8M	-12.3M
Investment in Marketable and Equity Securities, Total	31.4M	14.6M	-347M	-132M	-280M
Other Investing Activities, Total	2.8M	4M	5M	8.4M	5.1M
Cash from Investing	-21.8M	-70.1M	-451M	-279M	-391M
Short Term Debt Issued, Total	375M	1.22B	1.5B	2.02B	9.55B
Long-Term Debt Issued, Total	-	-	330M	499M	4.3M
Total Debt Issued	375M	1.22B	1.83B	2.52B	9.55B
Short Term Debt Repaid, Total	-375M	-950M	-1.53B	-1.54B	-9.19B
Long-Term Debt Repaid, Total	-11.7M	-12.9M	-15.8M	-316M	-27.9M
Total Debt Repaid	-387M	-963M	-1.55B	-1.86B	-9.22B
Issuance of Common Stock	153M	25.2M	78.5M	236M	76.2M
Repurchase of Common Stock	-386M	-569M	-67M	-499M	-334M
Common Dividends Paid	-725M	-861M	-959M	-1.02B	-1.09B
Common & Preferred Stock Dividends Paid	-725M	-861M	-959M	-1.02B	-1.09B
Other Financing Activities, Total	-8.7M	-5.6M	-13.6M	-30.5M	-49.7M
Cash from Financing	-978M	-1.15B	-677M	-653M	-1.07B
Foreign Exchange Rate Adjustments	-18.9M	33.5M	-14.1M	6.1M	-15.7M
Net Change in Cash	-317M	-131M	-498M	7.9M	39.9M
Supplemental Items
Cash Interest Paid	8.7M	5.6M	9M	25.3M	-
Cash Income Tax Paid (Refund)	206M	184M	216M	182M	-
Levered Free Cash Flow	386M	740M	-46.89M	404M	1.27B
Unlevered Free Cash Flow	392M	744M	-38.82M	421M	1.32B
Change In Net Working Capital	683M	-27.3M	775M	361M	-313M
Net Debt Issued / Repaid	-11.7M	257M	285M	658M	330M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	23.36	15.03	15.89	15.6	15.96
Return on Total Capital	30.01	19.32	19.97	19.34	20.91
Return On Equity %	56.58	37.82	41.44	46.59	54.8
Return on Common Equity	56.58	37.82	41.44	46.59	54.8
Margin Analysis
Gross Profit Margin %	67.12	68.06	68.93	68.97	68.18
SG&A Margin	-	-	-	-	-
EBITDA Margin %	63.67	61.15	61.88	62.31	62.84
EBITA Margin %	63.31	60.71	61.46	61.75	60.13
EBIT Margin %	63.28	60.67	61.43	61.7	60.13
Income From Continuing Operations Margin %	55.92	53.88	51.68	53.15	49.19
Net Income Margin %	55.92	53.88	51.68	53.15	49.19
Net Avail. For Common Margin %	55.92	53.88	51.68	53.15	49.19
Normalized Net Income Margin	41.36	37.84	38.91	40.36	37.34
Levered Free Cash Flow Margin	14.75	39.67	-2.42	19.02	49.46
Unlevered Free Cash Flow Margin	14.96	39.91	-2	19.84	51.67
Asset Turnover
Asset Turnover	0.59	0.4	0.41	0.4	0.42
Fixed Assets Turnover	10.63	6.43	5.11	4.38	4.94
Receivables Turnover (Average Receivables)	4.87	2.97	2.74	2.17	2.2
Short Term Liquidity
Current Ratio	4.3	3.22	2.81	2.5	1.67
Quick Ratio	2.13	1.6	1.01	1	0.62
Operating Cash Flow to Current Liabilities	0.96	1.2	0.59	0.64	0.65
Days Sales Outstanding (Average Receivables)	75.02	122.76	133.13	168.47	166.19
Average Days Payable Outstanding	46.63	72.32	56.17	67.87	135.76
Long Term Solvency
Total Debt/Equity	29.67	47.47	60.78	88.81	112.95
Total Debt / Total Capital	22.88	32.19	37.8	47.04	53.04
LT Debt/Equity	29.29	35.67	37.94	58.59	64.67
Long-Term Debt / Total Capital	22.59	24.19	23.6	31.03	30.37
Total Liabilities / Total Assets	40.02	47.2	49.49	57.52	65.76
EBIT / Interest Expense	186.11	159.39	92.45	46.76	16.96
EBITDA / Interest Expense	188.63	162.51	94.39	47.9	17.72
(EBITDA - Capex) / Interest Expense	184.78	153.99	86.48	43.81	17.62
Total Debt / EBITDA	0.51	0.99	1.21	1.6	1.53
Net Debt / EBITDA	-0.03	0.32	0.98	1.38	1.33
Total Debt / (EBITDA - Capex)	0.52	1.05	1.32	1.75	1.54
Net Debt / (EBITDA - Capex)	-0.03	0.34	1.07	1.51	1.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	85.97	-28.74	4.09	9.29	20.79
Gross Profit, 1 Yr. Growth %	79.74	-27.74	5.42	9.36	19.4
EBITDA, 1 Yr. Growth %	86.17	-31.31	5.34	10.05	21.81
EBITA, 1 Yr. Growth %	86.98	-31.43	5.38	9.81	17.64
EBIT, 1 Yr. Growth %	87.08	-31.43	5.38	9.78	17.73
Earnings From Cont. Operations, 1 Yr. Growth %	81.86	-31.34	-0.15	12.39	11.79
Net Income, 1 Yr. Growth %	81.86	-31.34	-0.15	12.39	11.79
Normalized Net Income, 1 Yr. Growth %	84.55	-34.57	7.01	13.38	11.73
Diluted EPS Before Extra, 1 Yr. Growth %	81.55	-29.08	-1.38	11.75	12.47
Accounts Receivable, 1 Yr. Growth %	38.33	-2.54	24.91	47.02	2.66
Net Property, Plant and Equip., 1 Yr. Growth %	8.55	26.21	35.01	22.02	-5.16
Total Assets, 1 Yr. Growth %	19.86	-5.31	4.99	18.29	12.4
Tangible Book Value, 1 Yr. Growth %	28.1	-16.86	0.6	-1.71	-22.55
Common Equity, 1 Yr. Growth %	27.43	-16.64	0.44	-0.53	-9.4
Cash From Operations, 1 Yr. Growth %	-39.21	50.91	-39.53	45.22	62.22
Capital Expenditures, 1 Yr. Growth %	81.48	76.38	68.6	12.06	-92.56
Levered Free Cash Flow, 1 Yr. Growth %	-61.08	93.56	-106.34	-960.68	214.11
Unlevered Free Cash Flow, 1 Yr. Growth %	-60.73	91.93	-105.22	-1.18K	214.55
Dividend Per Share, 1 Yr. Growth %	20	12.12	5.41	7.69	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	27.61	15.12	-13.87	6.66	14.9
Gross Profit, 2 Yr. CAGR %	25.42	13.96	-12.72	7.37	14.27
EBITDA, 2 Yr. CAGR %	28.12	12.88	-14.94	7.67	15.78
EBITA, 2 Yr. CAGR %	28.2	13.03	-14.99	7.57	13.65
EBIT, 2 Yr. CAGR %	28.21	13.06	-14.99	7.56	13.68
Earnings From Cont. Operations, 2 Yr. CAGR %	27.53	11.74	-17.2	5.93	12.09
Net Income, 2 Yr. CAGR %	27.53	11.74	-17.2	5.93	12.09
Normalized Net Income, 2 Yr. CAGR %	29.23	9.69	-16.32	10.15	12.55
Diluted EPS Before Extra, 2 Yr. CAGR %	27.97	13.47	-16.37	4.98	12.11
Accounts Receivable, 2 Yr. CAGR %	-1.26	16.11	10.33	35.52	22.85
Net Property, Plant and Equip., 2 Yr. CAGR %	3.97	17.05	30.54	28.35	7.58
Total Assets, 2 Yr. CAGR %	10.62	6.54	-0.29	11.44	15.31
Tangible Book Value, 2 Yr. CAGR %	12.86	3.2	-8.55	-0.56	-12.75
Common Equity, 2 Yr. CAGR %	12.55	3.07	-8.5	-0.05	-5.07
Cash From Operations, 2 Yr. CAGR %	-14.53	-4.22	-4.27	-6.29	53.49
Capital Expenditures, 2 Yr. CAGR %	-45.08	78.92	72.45	37.45	-71.13
Levered Free Cash Flow, 2 Yr. CAGR %	-11.92	-13.63	-64.98	-26.15	419.95
Unlevered Free Cash Flow, 2 Yr. CAGR %	-11.56	-13.6	-68.36	-24.79	484.06
Dividend Per Share, 2 Yr. CAGR %	13.76	15.99	8.71	6.54	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	25.56	5.09	11.32	-6.76	11.18
Gross Profit, 3 Yr. CAGR %	22.93	4.36	11.04	-5.91	11.24
EBITDA, 3 Yr. CAGR %	24.18	3.96	10.31	-7.31	12.19
EBITA, 3 Yr. CAGR %	24.17	3.94	10.42	-7.42	10.83
EBIT, 3 Yr. CAGR %	24.19	3.95	10.44	-7.43	10.85
Earnings From Cont. Operations, 3 Yr. CAGR %	23.91	3.75	7.63	-8.32	7.85
Net Income, 3 Yr. CAGR %	23.91	3.75	7.63	-8.32	7.85
Normalized Net Income, 3 Yr. CAGR %	24.97	2.88	8.79	-7.41	10.68
Diluted EPS Before Extra, 3 Yr. CAGR %	24.37	5.11	8.29	-7.89	7.42
Accounts Receivable, 3 Yr. CAGR %	19.7	-1.69	18.97	21.41	23.54
Net Property, Plant and Equip., 3 Yr. CAGR %	55.95	10.91	22.75	27.63	16.04
Total Assets, 3 Yr. CAGR %	17.9	5.03	6.02	5.55	11.76
Tangible Book Value, 3 Yr. CAGR %	14.06	1.93	2.33	-6.32	-8.51
Common Equity, 3 Yr. CAGR %	13.78	1.83	2.18	-5.91	-3.27
Cash From Operations, 3 Yr. CAGR %	35.24	3.3	-17.72	9.99	12.52
Capital Expenditures, 3 Yr. CAGR %	-7.9	-18.97	75.41	49.37	-48.01
Levered Free Cash Flow, 3 Yr. CAGR %	18.49	14.15	-63.84	1.83	19.66
Unlevered Free Cash Flow, 3 Yr. CAGR %	18.6	14.14	-66.1	2.78	21.18
Dividend Per Share, 3 Yr. CAGR %	14.47	13.21	12.35	8.37	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	21.89	8.48	7.99	5.71	12.74
Gross Profit, 5 Yr. CAGR %	21.8	7.55	7.19	5.55	12.32
EBITDA, 5 Yr. CAGR %	22.88	6.9	6.66	5.43	12.47
EBITA, 5 Yr. CAGR %	22.92	6.86	6.63	5.38	11.7
EBIT, 5 Yr. CAGR %	22.97	6.88	6.64	5.38	11.72
Earnings From Cont. Operations, 5 Yr. CAGR %	21.26	5.96	5.46	4.62	9.39
Net Income, 5 Yr. CAGR %	21.26	5.96	5.46	4.62	9.39
Normalized Net Income, 5 Yr. CAGR %	24.1	7.02	6.37	5.73	10.28
Diluted EPS Before Extra, 5 Yr. CAGR %	21.38	6.83	6.12	5.06	9.8
Accounts Receivable, 5 Yr. CAGR %	31	15.6	15.86	11.78	20.51
Net Property, Plant and Equip., 5 Yr. CAGR %	63.17	63.14	45.24	17.58	16.44
Total Assets, 5 Yr. CAGR %	20.17	9.31	10.25	7.55	9.64
Tangible Book Value, 5 Yr. CAGR %	13.76	4.43	4.41	0.92	-3.99
Common Equity, 5 Yr. CAGR %	13.47	4.32	4.28	1.08	-0.78
Cash From Operations, 5 Yr. CAGR %	10.88	6.28	17.78	-0.57	5.59
Capital Expenditures, 5 Yr. CAGR %	55.64	42.21	18.37	0.11	-14.77
Levered Free Cash Flow, 5 Yr. CAGR %	13.7	7.39	-27.37	-4.1	6.29
Unlevered Free Cash Flow, 5 Yr. CAGR %	13.96	7.47	-30.22	-3.4	7.1
Dividend Per Share, 5 Yr. CAGR %	17.08	14.26	12.13	10.49	-