Partners Group Holding AG (PGPHF) Q4 2024 Earnings Call Transcript

2025-03-11 16:13:05 ET

Partners Group Holding AG (PGPHF)

Q4 2024 Earnings Call

March 11, 2025 04:00 AM ET

Company Participants

David Layton - CEO

Joris Gröflin - CFO

Philip Sauer - Head of Corporate Development

Conference Call Participants

Hubert Lam - Bank of America

Arnaud Giblat - BNP Paribas

Sharath Kumar - Deutsche Bank

Angeliki Bairaktari - JPMorgan

Nicholas Herman - Citi

Presentation

David Layton

Welcome to our annual results presentation. I'm Dave, CEO of Partners Group. I'm joined on the call today by Joris, our CFO; and Philip, our Head of Corporate Development. And Roberto, our Head of Portfolio Solutions, will join us for the Q&A.

On Slide 2, a few key data points from our annual results to kick things off. In 2024, we achieved CHF1.6 billion of management fees, in line with AUM with some FX considerations. Our management fees are sticky, they're recurring in nature, and they've demonstrated a lot of stability over time. Our management fee margin was 1.25%, which is in line with expectations.

Performance fees ultimately came in at 24% of revenues for the year. Performance fees reached CHF511 million during the period. That's up 38% from the prior year, and we confirm the prior guidance we provided regarding how these are expected to further increase in future years.

We have a continued disciplined approach to cost management, and our EBITDA margin was stable with the prior few years at around 63%.

Our profit came in at CHF1.1 billion, up 12%, and we have proposed an increase of the dividend to CHF42 per share based on the firm's strong development and our confident growth outlook. Overall, quite solid operational and financial results for '24.

On Slide 3. The private market industry experienced mixed results in 2024. I would describe it as a gradually improving environment. Some spots of the industry contracted. But during this period, we were pleased to have been able to grow our investment activity by 66% from the prior year to $22 billion....

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