Interim report
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INTERIM REPORT 2026 PARTNERS GROUP PRIVATE EQUITY LIMITED for the period from 1 January 2026 to 30 June 2026
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PARTNERS GROUP PRIVATE EQUITY LIMITED Partners Group Private Equity Limited Partners Group Private Equity Limited ("PGPE Ltd" or the "Company") is a closed-ended investment company domiciled in G uernsey. The Company is managed by Partners Group AG ("Partners Group" or the "Investment Manager"). PGPE Ltd primarily accesses private equit y investments directly, and to a lesser extent via Partners Group's private equity programs; the Company also holds a very small por tfolio of legacy third-party fund investments that is currently in run-off. PGPE Ltd aims to provide shareholders with long-term capital growth, as well as an attractive dividend yield. The shares are traded on the Main Market of the London Stock Exchange. The Company is a FTSE 250 constituent effective from the close of business on Friday, 19 September 2025. This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the Company's books and records as of the reporting date. This information is believed to be accurate but has not been audited, reviewed or approved by any third party. This report describes past performance, which may not be indicative of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested. Cover image is for illustrative purposes only. Page 2 | INTERIM REPORT 2026
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PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 3 Key figures In EUR 30 June 2026 31 December 2025 Net Asset Value ("NAV") 776,085,142 891,519,436 NAV per share 11.57 13.00 Share price 7.08 10.45 Total dividend per share paid (last t welve months) 0.70 0.75 Discount to NAV -38.8% -19.6% Value of investments 749,098,667 913,865,759 Cash and cash equivalents 51,145,620 8,137,992 Undrawn credit facility 150,000,000 150,000,000 Market capitalization 475,000,435 716,756,544 Shares outstanding 67,090,457 68,589,143 Total size of credit facility is EUR 150 million. Market Capitalization is calculated by multiplying the number of shares outstanding by the share price. Shares outstanding exclude Treasury Shares acquired as part of PGPE Ltd's share buyback program first initiated in Q4 2025 and expanded in April 2026 (the "Program"). NAV per ordinary share provides a measure of the value of each Ordinary Share in issue and is c alculated as NAV divided by the number of Ordinary Shares in issue (excluding Treasury Shares). Dividend yield represents the last twelve months' dividends divided by the share price as of 30 June 2026. Past performance is not indicative of future results. There is no assurance that similar investments will be made nor that similar results will be achieved. Divers ification does not ensure a profit or protect against loss. Investment return and the value of an investment will fluctuate. Shares may be worth more or less than original cost when sold. Current performance may be lower or higher than performance shown. For the purpose of total return calculations, dividends are reinvested. Dividend objective for 202 6 is 5% of NAV at 31 December 2025. Both PGPE Ltd NAV Total Return and Share Price Total Return start from 30 June 2016 and are scaled to 100. Last twelve months' dividends divided by share price as of 30 June 2026.
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PARTNERS GROUP PRIVATE EQUITY LIMITED Page 4 | INTERIM REPORT 2026 Table of contents 1 Chair's Report 5 2 Introduction to the Investment Manager 8 3 Private Equity Market Overview 9 4 Investment Manager's Report 11 5 Sustainability at Partners Group 18 6 Portfolio Composition 21 7 Portfolio Overview 23 8 Structural Overview 26 9 Company Information 27 10 Statement of Principal Risks and Uncertainties 29 11 Statement of Directors' Responsibilities 30 12 Unaudited Condensed Consolidated Financial Statements 31
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PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 5 1. Chair's Report Dear Shareholder, Further to the announcement by PGPE Ltd of a proposed dual share class structure in June, to address the differing liquidity and investment aspirations of certain groups within the Company’s shareholder base, a circular and prospectus providing details of the structure, for approval and election, will be sent to shareholders in early September. The dual- share class structure comes after a comprehensive review by the Board and its advisers of the strategic options available to the Company, and against a background of no formal approach having been made to acquire the Company nor its investment portfolio. Shareholders are encouraged to read the circular and prospectus, which are fulsome. As a result, my report for the six months ended 30 June 2026 will be necessarily shorter and focus on liquidity and capital allocation, NAV performance, and share price development at the Company over the period. As I reported in March, 2026 had started with a degree of optimism that corporate and private equity transactional activity would continue to increase, against a background of rising corporate earnings and declining interest rates. The war in the Middle East, and the resulting inflationary, bond and stock market concerns, have meant that global private equity transaction value fell to USD 844.2 billion in the first half of 2026, a decline of 31% compared with the second half of 2025, while global exit value declined by 12% to USD 618.1 billion. Against this background, the first half of 2026 has continued to be a difficult period for investment performance for PGPE Ltd, with NAV total return declining 8.6% to EUR 11.57 per share. Liquidity and capital allocation The Company continued to enjoy a healthy flow of reali sations in the six-month period, with EUR 110.6 million of proceeds received from investments (2025 first half - EUR 39.6 million). This comes after 2025, when for the full year the Company received the second highest quantum of distributions received in its history, at EUR 227.3 million. Once again, the majority of the fully or partially realised investments came from the pre-2021 vintage investments . In line with the Company’s capital allocation policy, the strong liquidity generated in the period resulted in surplus free cash flow being available for share buybacks, as well as payment of the first interim dividend. The dividend objective is for the Company to pay 5.0% of the previous year-en d NAV, which is equivalent to a yield of 8.8% at the current share price, and the first interim dividend, amounting to EUR 22.3 mi llion, was paid to shareholders in June. As for share buybacks, up to EUR 15.0 million was allocated to share buybacks in October 2025 and a further EUR 18.0 million was allocated in April 2026. During the six-month period, EUR 13.4 million was used to acquire 1.5 million ordinary shares that are now held in treasury. The average price paid for the shares was EUR 8.96, which was equivalent to an average discount to the prevailing NAV of approximately 30%. Subsequent to the end of the period, EUR 5 .1 million has been used to acquire a further 713,105 ordinary shares , which are again held in treasury. I n summary, of the EUR 110.6 million of distributions received from investments in the first half of 2026, a total of EUR 35.7 million, or 32.3%, was paid to shareholders by way of dividends or used to fund share buybacks. This is a strong Peter McKellar
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PARTNERS GROUP PRIVATE EQUITY LIMITED result, certainly when compared to listed company peers. Against a more muted new investment private equity market, EUR 13.5 million was used during the period to fund new and follow-on investments. On 30 June 2026, the Company had EUR 51.2 million of cash and cash equivalents and was undrawn on its EUR 150 million multi-currency revolving credit facility that expires in November 2029. Performance NAV total return for the period fell by 8.6% to EUR 11.57 per share, of which portfolio developments (-8.6%) were the primary driver of the decline together with fees and other expenses (-1.4%), while favorable currency movements provided a partial offset (+1.0%). Ho wever, within the investment portfolio a number of factors were at work . As reported above, the Company enjoyed strong realisation activity during the period, with the majority of the investments fully or partially reali sed coming from the pre-2021 vintages. As a result of the strong reali sation activity, the pre-2021 vintage investments continue to decline as a percentage of the overall portfolio and accounted for 31% of investments by value at 30 June 2026, down from approximately 40% at the end of 2025. Across the first half of the year, a third of distributions came from the sell-down of listed holdings, reducing the exposure to 9% of the portfolio from 11% at 31 December 2025. Main contributors were the final sale of the remaining position in Galderma, which resulted in a realis ed money multiple of over 3.5x cost, as well as a further reduction in the position in Vishal Mega Mart ("Vishal"). Investments from the 2021-23 vintages, which accounted for 48% of portfolio investments at 30 June 2026, were the largest negative contr ibutor during the period, responsible for 65% of the 8.6% fall in portfolio value. In particular, United States Infrastructure Corporation ("USIC"), Emeria, and Pharmathen drove the majority of the negative performance, with each company continuing to face specific challenges. The performance of the Company's investments made during this period mirrors a disappointing trend in these vintages in the broader private equity industry, with elevated transaction pricing, high levels of leverage, and macroeconomic and geopolitical difficulties arising from the Covid pandemic, the Ukraine war and supply chain difficulties. Th e Company’s investments from these vintages are in aggregate currently valued at a money-weighted average of 1.2x cost. Positively, the 2024-26 vintage cohort, which accounted for 21% of investments by value at 30 June 2026, continues to demonstrate early momentum. Assets like Rosen Group ("Rosen"), and Velvet Care are emerging as clear performance drivers two years into their ownership period. 2025 investments such as MPM Products ("MPM") are also emerging as early outperformers, driven by operational value creation and positive market tailwinds. The continuation of the poor NAV performance for the Company now means that the annuali sed NAV total return for the five- and ten-year periods ended 30 June 2026, time periods over which private equity returns are normally assessed, is -1.0% and 6.5% respectively. Such performance is disappointing and below what the Board expects. More encouragingly, realised returns from the sale of portfolio companies point to the continued ability of the Investment Manager to successfully dispose of the Company's investments, monetizing value creation. Over the 12 months to June 2026, partial or full sales of private equity investments achieved a money-weighted average multiple of 2.9x cost. Share price development The Company has historically seen its shares trade at a narrower discount to NAV than most of its UK and European listed peers, with an average one- and five-year discount to NAV of 27% and 26%, respectively. Unfortunately, along with many of those peers, the Company’s NAV discount widened during the period, which was exacerbated by some selling arising from market speculation around two larger investments and the exit of a few institutional shareholders after the proposed dual share class announcement. It is hoped that once the dual share class proposals have been voted on, and shareholders have been able to express their desire for realization and/or continuation shares and the underlying investment strategies, that demand for the Company’s shares will emerge. Page 6 | INTERIM REPORT 2026
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PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 7 Outl ook The g eopolitical and macroeconomic environment in developed economies remains challenging, with elevated interest rates and concerns around growth, corporate profitability and inflation. This continues to have an impact on private equity transactional activity across the broader market. Against this background, the Investment Manager remains focused on delivering new and existing value creation initiatives at investee companies. For the Board, the focus is on finalising, and executing on, the reconstruction proposals to be sent to shareholders in September. I w ould like to take this opportunity to thank my fellow directors, the Investment Manager, and the Company’s advisers for the significant contribution and time commitment they have made since the Board announced its review of strategic options in March. I would also like to thank the many shareholders that I have spoken to for their thoughts and comments and to remind shareholders that I welcome engagement throughout the current process and thereafter. Peter McKellar Chair
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PARTNERS GROUP PRIVATE EQUITY LIMITED Page 8 | INTERIM REPORT 2026 2. Introduction to the Investment Manager PGPE Ltd was incorporated in Guernsey in 1999 and, since 20 07, its shares have been listed on the London Stock Exchange under the ticker PEY. Partners Group manages the Company's investment activities. As one of the largest firms in the global private markets indus try, Partners Group manages more than USD 186 billion across private equity, private infrastructure, private real estate, private credit, royalties, and special opportunities. Partners Group has a global footprint acros s 25 offices and around 2,000 employees. An investment in PGPE Ltd enables shareholders to invest alongside Partners Group's other clients and access a global portfolio of private companies that is not directly accessible to investors in public equity markets. Partners Group seeks out companies with demonstrated business models and healthy profit margins, as well as additional room to grow through expansion, acquisition, and the implementation of new technologies. The common theme among the companies Partners Group invests in is a strong potential for value creation through hands- on, entrepreneurial ownership. The firm seeks out winning business models where it can take a controlling role in the company, then works with leadership to help them make transformational improvements through hands-on engagement, so the companies it owns can become industry leaders. Its collaborative approach is distinguished by taking an operational role from day one. It applies its bespoke value creation playbook to further enhance the business practices, productivity, and revenue potential of the companies it invests in. By setting exit expectations for every investment at the outset, the firm can identify key milestones and establish a roadmap for success. After making an investment, Partners Group immerses itself in the business, taking time to learn from current leadership and establish a plan to create enduring value. Partners Group draws on its experience as business owners to look for opportunities to enhance and optimize every portfolio company. It connects established leaders from across industries with management to introduce best practices and fresh insights. Partners Group also places hands-on operational directors on company boards. This helps it foster the entrepreneurial mindset needed to transform its businesses. This hands-on operational approach is ongoing. Partners Group continually seeks to uncover ways to help companies build on their success. Once it has realized its goals for a company, Partners Group exits the investment to deploy its investors' capital into new opportunities. Learn more about Partners Group's approach to value creation here.
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INTERIM REPORT 2026 | Page 9 PARTNERS GROUP PRIVATE EQUITY LIMITED 3. Private Equity Market Overview T he first half of 2026 was characterized by generally resilient global economic growth despite a backdrop of elevated geopolitical uncertainty stemming from the US-Iran conflict. Although heightened tensions in the Middle East and the resulting surge in oil and energy prices triggered bouts of volatility, the economic fallout proved far less severe than initially feared. Growth remained resilient and inflationary pressures, though elevated, remained manageable. In the US, economic activity continued to be supported by business investment, healthy consumer spending, and ongoing investment tied to AI-related infrastructure. In Europe, while higher energy prices weighed on sentiment and purchasing power, the impact was partially offset by Germany’s fiscal expansion and increasing defense-rel ated spending across the region. Meanwhile, China's economy remained uneven, with resilient exports and industrial activity continuing to be offset by weakness in domestic demand and the property sector. The rise in the price of oil above USD 100 per barrel in May created an inflationary impulse, pushing headline inflation higher across economies. However, the broader pass-through into core inflation proved much more limited than initially anticipated, and by quarter -end, inflationary pressures had begun to moderate in both the US and Europe. Central banks responded cautiously, with the Federal Reserve maintaining a wait-and-see approach while the European Central Bank delivered a precautionary rate increase in June, emphasizing the need to safeguard price stability. Against t his backdrop, private equity activity remained on relatively solid footing but continued to reflect a selective and uneven operating environment. Beyond geopolitical uncertainty, the industry also contended with questions surrounding AI-driven disruption across parts of the software sector, contributing to increased investor focus on sectors viewed as beneficiaries of long-term structural trends, including hard-as set and infrastructure-related businesses. Global transaction value reached an estimated USD 844 billion across approximately 11,250 investments in the first half of 2026. While transaction count increased relative to the second half of 2025, transaction value declined, with activity increasingly concentrated in a limited number of larger deals. Broader deal activity, particularly in the middle market, remained subdued relative to more active periods in recent years. Regional dynamics were mixed, with US activity moderating in the second quarter while Europe proved c omparatively resilient, albeit amid continued selectivity. Exit activity declined in H1 2026 in comparison to H2 2025, with global exit value dropping to an estimated USD 618 billion in the first half of 2026. Progress was most evident in Europe, where exit value reached a three-year high, while US exit activity remained somewhat uneven and concentrated in a relatively small number of larger, higher-quality assets. Overall, liquidity conditions are improving, though the exit environment has yet to fully normalize against a backdrop of increased macroeconomic uncertainty. Sources: PitchBook Q2 2026 Global PE First Look; Partners Group Research, as of 30 June 2026 0 100 200 300 400 500 600 700 800 900 1000 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Exit activity (USDbn) US Europe Rest of the World
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PARTNERS GROUP PRIVATE EQUITY LIMITED Page 10 | INTERIM REPORT 2026 Looki ng ahead, the outlook remains constructive. While the US -Iran relationship remains fragile and further flare-ups cannot be ruled out, Partners Group expects continued progress toward a more durable framework between the two countries. As a result, oil prices should moderate over time, though remain somewhat above pre -conflict norms. This should help ease inflationary pressures while supporting a backdrop of resilient economic growth and gradually improving financing conditions. Par tners Group expects private market activity to broaden in the second half of the year, with both investment and exit activity benefiting from the recovery already underway across global M&A and capital markets. While selectivity is likely to remain a defining feature of the industry , particularly across certain areas of software , valuation levels remain supportive, with private market buyout multiples still below prior -cycle highs and continuing to compare favorably with public markets. Together with improving liquidity conditions and healthy transaction pipelines, these dynamics should support further momentum in investment activity and realizations through the remainder of 2026. Within this environment, relative winners are expected to include businesses enabling the build-out of AI and digital infrastructure, as well as hard-asset and services companies supported by long-term investment in energy efficiency, electrification and European defense. Across sectors, companies with mission-critical offerings, resilient market positions and clear scope to use technology to improve productivity should be comparatively well positioned, while selectivity remains important in areas facing greater potential for AI-driven disruption.
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INTERIM REPORT 2026 | Page 11 PARTNERS GROUP PRIVATE EQUITY LIMITED 4. Investment Manager's Report The first half of 2026 was characterized by heightened geopolitical uncertainty, intermittent market volatility and evolving economic policy expectations. Events in the Middle East, shifting interest rate expectations and ongoing concerns around growth and inflation contributed to a softer trading environment and selective pressures on valuations. Against this backdrop, PGPE Ltd faced a challenging reporting period, with the Company's NAV declining 8.6% on a total return basis, including dividends paid to shareholders. Portfolio developments (-8.6%) were the primary driver of the decline, while favorable currency movements provided a partial offset (+1.0%). Despite this decline, which was driven by a limited number of investments, realization activity remained robust, with the Company receiving proceeds equivalent to approximately 14% of net assets during the period, demonstrating the continued ability of the portfolio to generate liquidity across varying market conditions. W hile pre-2021 investments continued to underpin realization activity during the first half of 2026, parts of the 2021-23 vintage cohort remained affected by macroeconomic headwinds. Higher entry valuations and capital structures established during the low-interest-rate era have created additional pressure in the current environment, resulting in some moderation of organic growth and weighing on portfolio performance. Nevertheless, most investments within this cohort remain above cost and are positioned to deliver stronger EBITDA growth momentum. Accordingly, results across the 2021 -23 vintages were still mixed. While some investments faced a tail-end of company-specific challenges and a less supportive valuation backdrop, others, including DiversiTech, Forterro and Foundation Risk Partners ("FRP"), performed well. Following a delayed performance development and prudent valuation markdowns, this vintage cohort is now positioned for a performance recovery. At the same time, investments acquired during 2024 and 2025 have demonstrated encouraging early performance, supported by more attractive entry valuations, prudent capital structures and strong operational execution. Investments such as Rosen and MPM have already exhibited positive operational momentum and supported portfolio development during the period. Overall, the portfolio continues to benefit from a balanced mix of mature investments approaching realization and newer investments that are still in the earlier stages of development. While challenges remain within certain older assets, the Investment Manager remains focused on supporting operational improvements across the portfolio and driving long-t erm value creation through active ownership and disciplined capital allocation. Rosen, a global market and technology leader in mission-c ritical inspection services for energy infrastructure assets , was a top contributor during the period. The company benefited from continued operational progress, including the implementation of digital tools and organizational enhancements, alongside solid underlying financial performance. Techem, a leading European sub-metering services provider, also contributed positively to portfolio performance. The increase in valuation reflected the company's continued operational progress, supported by positive financial growth and strong sales and installation activity across its core energy services business. In addition, Techem announced the sale of Techem Solutions, its heat contracting business serving the German real estate sector, further sharpening the company's strategic focus on smart energy data management and energy-efficiency solutions for buildings. A limited number of large detractors shaped performance. The largest detractor was United States Infrastructure Corporation, a US-ba sed provider of underground utility locating services. The company was negatively impacted by customer insourcing initiatives and operational headwinds over the reporting period, resulting in lower anticipated earnings growth and a reduction in valuation. Partners Group continues to work closely with management and the board on operational and commercial initiatives designed to support future value creation. Similarly, Emeria, a leading European real estate services provider, experienced softer-than-expected operating performance, reflecting the impact of earlier client churn within its French Residential Real Estate Services business, and renewed macroeconomic pressure in certain markets. Pharmathen, a contract development and manufacturing organization specializing in advanced drug delivery technologies, was adversely affected by regulatory and operational challenges following an FDA Import Alert that restricted supply to the US market, and the investment was therefore written down to zero.
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PARTNERS GROUP PRIVATE EQUITY LIMITED Page 12 | INTERIM REPORT 2026 Listed investments continued to provide an important source of liquidity during the period. While share price performance was mixed across holdings, the continued monetization of Galderma and Vishal generated meaningful distributions and contributed to a reduction in listed exposure within the portfolio. Together, listed holdings accounted for 9% of portfolio value as of 30 June 2026. ■ Esentia Energy Systems ("Esentia") is the largest interconnected private natural gas system in Mexico, which runs from Texas in the US to Guadalajara, Jalisco in Mexico. Recently, the company announced its financial results for the second-quarter of 2026, reporting steady operational performance with single-digit growt h in both adjusted revenue and adjusted EBITDA, driven by continued progress on its multi-p hase expansion plan which included the final investment decisi on for Phase II of the expansion. ■ Galderma, a global pure-play dermatology company, maintained positive commercial momentum across product categories and geographies, benefiting from strong demand across its aesthetics, dermatological skincare, and therapeutic dermatology franchises. In March, the position was fully realized, with a return in excess of 3.5x money multiple. ■ Vishal, a leading Indian value retailer, experienced periods of share price volatility, particularly earlier in the year, despite continui ng to deliver strong operating performance supported by robust revenue growth, ongoing expansion of its Quick Commerce initiative, and continued operational execution across its store network. The position was reduced i n March, following the sale of a 14% stake. ■ KinderCare Learning Companies, the largest for-p rofit provider of early childhood education and care in the US, reported second quarter of 2026 revenue of USD 697.5 million, down 0.4% year-o ver-year, driven by lower average weekly enrollment that more than offset tuition increases. Adjusted EBITDA declined 23.5% year-o ver-year t o USD 63.0 million, reflecting the enrollment softness and higher operating costs, including insurance, marketing, rent and labor-related expenses. Offsetting this pressure, the Champions before- a nd after-school business continued to perform well, with revenue increasing 13.4% year-o ver-year driven by new site openings and tuition increases, while KinderCare for Employers generated positive enrollment and revenue growth through tuition benefit and employer - sponsored care programs. Management remains focuse d on diversifying growth through school-a ge car e and employer-sponsored offerings while continuing to invest in emerging brands, including Crème and Skyrise, and opening new centers in targeted markets. Dividends and share buyback program A total of EUR 35.7 million was returned to shareholders during the first half of 2026, comprising EUR 22.3 million through the first interim dividend paid to shareholders in June and EUR 13.4 million through share buybacks. The dividend distribution reflects the importance placed by the Board on regular and predictable shareholder distributions in line with the Company's dividend policy. The Com pany continued to execute its share buyback program announced in October 2025 and, in April 2026, allocated a further EUR 18 million to share buybacks. The Company has extended the program through to 30 September 2026, enabling utilization of the remaining allocated amount. Liquidity PGPE Ltd remains well positioned from a liquidity perspective. The cash balance of PGPE Ltd stood at EUR 51.2 million as of 30 June 2026. The Company has an EUR 150 million revolving credit facility in place for liquidity management purposes, which was undrawn as of 30 June 2026. As of 30 June 2026, the total amount of unfunded commitments was EUR 113.6 million. The Investment Manager anticipates that approximately EUR 60-70 million will be funded over the next two to four years, while the remaining portion is expected to remain unfunded.
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INTERIM REPORT 2026 | Page 13 PARTNERS GROUP PRIVATE EQUITY LIMITED Distribution activity Distribution activity remained robust during the first half of 2026, with PGPE Ltd receiving total proceeds of EUR 110.6 million (first half 2025 - EUR 39.6 million), equivalent to approximately 14% of net assets over the period. The amount includes EUR 37 million from listed holdings, primarily Galderma and Vishal. Other notable realiz ations during the period included Clario and Convex Group, each of which benefited from various multi-year initiatives . The continued pace of realizations highlights the maturity of the portfolio and demonstrates the Investment Manager's ability to crystallize value and generate liquidity across a range of market environments. Distribution proceeds supported capital returns to shareholders, funded new investment activity and further strengthened the Company's liquidity position. Investment Name Industry Region Distributed (EURm) Clario Health Care NAM 22.9 Convex Group Financials NAM 22.2 Galderma Health Care WEU 19.3 Vishal Mega Mart Consumer Discretionary APC 15.4 STADA Arzneimittel Health Care WEU 11.4 Healthcare service provider Health Care NAM 8.4 Others 11.0 Total as of 30 June 2026 110.6 All figures shown in the table above are calculated looking through PGPE Ltd's investments in other Partners Group programs. ■ Clario EUR 22.9 million was received from Clario, a US-based healthcare technology company that helps pharmaceutical and biotechnology companies run clinical trials through digital technologies, imaging, and remote patient monitoring solutions. Distribution proceeds were generated following the sale of the business to Thermo Fisher Scientific at an enterprise value of USD 9.4 billion. Since Partners Group's investment in 2020, Clario has expanded through strong organic growth, the development of a more integrated technology platform, and strategic initiatives that enhanced its scale, customer reach, and product offering. ■ Convex Group EUR 22.2 million was received from Convex Group, an international specialty insurer and reinsurer with operations in London and Bermuda, followi ng the sale of the company to Onex and AIG. Convex has established itself as a differentiated underwriting platform with strong positions across specialty insuranc e markets, and the transaction represents another example of the Investment Manager generating meaningful liquidity through the realization of mature private equity investments. ■ Galderma EUR 19.3 million was received from Galderma through a series of sponsor-backed share sales culminating in a final block trade. Since the initial investment in 2019, Partners Group has supported the scaling of Galderma's aesthetics franchise, the international expansion of Cetaphil, and the launch of Nemluvio, alongside broader operational professionalization, revenue growth, margin expansion, and cash generation initiatives. ■ Vishal EUR 15.4 million was received from Vishal, a leading Indian value retailer, including proceeds from a partial realization of the Company's investment. Despite periods of share price volatility during the first half of the year, Vishal continued to deliver strong operating performance, supported by robust revenue growth, same-store sales growth, and the continued expansion of its Quick Commerce initiative. Since Partners Group's initial investment in 2018, the company has benefited from a number of value creation initiatives, including store expansion and operational efficiency improvements.
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PARTNERS GROUP PRIVATE EQUITY LIMITED Investment activity During the reporting period, the Investment Manager transacted cautiously amid geopolitical and macroeconomic uncertainty and in light of high valuations for many assets, especially in private equity, while continuing to build its solid investment pipeline that is ready for execution in a more normalized environment. In the first half of 2026, the Company invested a total of EUR 13.5 million, of which EUR 12.0 million was allocated to three new smaller investments. PGPE Ltd also made several add-on investments in existing portfolio companies to support ongoing operations and strategic acquisition pipelines. Portfolio composition The portfolio is constructed to support the Company's objective of providing access to a high-quality portfolio of direct private equity investments with broad sector and geographic diversification. As of 30 June 2026, the portfolio comprised exposure to more than 70 underlying companies across a wide range of industries, reflecting the Investment Manager's thematic approach to identifying resilient businesses benefiting from long-term structural growth drivers. Sector exposure remains concentrated in areas where the Investment Manager continues to see attractive long-term opportunities. Industrials represented the largest allocation at 28% of portfolio value, reflecting continued conviction in businesses benefiting from structural themes including industrial automation, infrastructure modernization and energy transition. Information technology and healthcare each accounted for 16%. Together, these three sectors represented approximately 60% of the portfolio at the end of the period. T he portfolio continues to evolve as realization activity from more mature investments supports redeployment into newer opportunities. As of 30 June 2026, the weighted average holding period of the portfolio was 4.6 years. Investments made prior to 2021 continue to provide an important source of liquidity, while the 2021-2 3 vintages, representing 48% of portfolio value, are progressing through the mid-point of ownership. As this cohort has been impacted by a more challenging investment backdrop, the Investment Manager expects a longer hold period for those investments with delayed value creation now starting to gain momentum and several of the portfolio's largest holdings continue to deliver solid operational performance. The 2024-26 vintage cohort, representing 21% of portfolio value, is demonstrating encouraging early momentum, driven by operational value creation and positive market tailwinds. Realization activity remained robust during the period and continued to reshape the portfolio. As a result, the proportion of pre-2021 assets declined to 31% of portfolio value on 30 June 2026 from approximately 40% at the end of 2025. In addition, around one-third of distributions received during the period were generated through the sell-down of listed holdings, reducing listed exposure to 9% of portfolio value from 11% on 31 December 2025. These developments demonstrate the portfolio's ability to generate liquidity while supporting the redeployment of capital into new investment opportunities. The portfolio also remains well diversified geographically, with 45% of value invested in Europe, 44% in North America and 11% across Asia and the Rest of the World. This balanced regional exposure provides access to a broad opportunity set while limiting reliance on any single market. Overall, the portfolio continues to exhibit the characteristics that the Investment Manager believes are important for long- term value creation: diversification, thematic exposure to structural growth trends and a balanced maturity profile. While performance continues to vary across individual assets and vintages, recent realization activity highlights the underlying maturity of the portfolio. At the same time, a number of more recent investments are demonstrating positive operational momentum, providing an additional source of future value creation. Whilst investment a ctivity was somewhat contained during the first half of the year against a more volatile market environment, the near-term pipeline remains robust, comprising a diversified set of advanced opportunities across our core thematic sectors. Combined with a more supportive private equity market backdrop, this positions PGPE Ltd to selectively deploy capital into high-quality assets at attractive entry levels, supporting the long-t erm growth potential of the portfolio. Page 14 | INTERIM REPORT 2026
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INTERIM REPORT 2026 | Page 15 PARTNERS GROUP PRIVATE EQUITY LIMITED Outlook The recovery in private equity activity that began in 2025 has continued into 2026, although market opportunities are becoming increasingly differentiated across sectors and business models. Transaction and exit markets have continued to improve, supported by healthier financing conditions, gradually improving liquidity, and increased confidence among buyers and sellers. In this environment, selectivity remains critical. Rapid technological change, particularly the accelerating adoption of artificial intelligence, is widening the gap between likely winners and losers across industries. Businesses with resilient market positions, pricing power, mission-critical products and services, and clear operational improvement opportunities remain best positioned to create value. The Company enters the second half of 2026 with a well-diversified portfolio, solid liquidity, a meaningful pipeline of investment opportunities and continued realization potential within mature holdings. Although company-specific headwinds within parts of the 2021-23 vintage cohort impacted recent performance, the early momentum demonstrated by newer investments supports the outlook. While geopolitical uncertainty and market volatility are likely to persist, improving private equity market conditions, a gradually normalizing exit environment and the portfolio's exposure to long- term structural growth themes provide conditions for future value creation. Recent geopolitical developments continue to be monitored closely; however, given the portfolio's limited direct exposure to affected regions, the Investment Manager does not currently expect a material direct impact on por tfolio performance. Partners Group Investment Manager
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PARTNERS GROUP PRIVATE EQUITY LIMITED Page 16 | INTERIM REPORT 2026 PGPE L td NAV: EUR 29.3m Vinta ge: 2022 Ind ustry: Financials Reg ion: North America FRP is a specialist insurance brokerage in the US that helps businesses and individuals navigate an increasingly complex insurance landscape. The company advises clients on commercial insurance, employee benefits, personal insurance and risk management, serving a diversified base that includes small and mid- sized businesses and high-net-worth individuals. Its role extends across the insurance lifecycle, from evaluating risks and securing appropriate coverage to supporting claims management. FRP combines local client relationships with access to a broad range of insurance carriers, while its revenues are supported by fees on both the initial placement and recurring annual renewal of policies. Sinc e Partners Group's investment in 2022, FRP has continued to scale its platform through organic growth, geographic expansion and acquisitions. The company has broadened its specialist capabilities while retaining a strong focus on client service and policy retention. More recently, FRP has also advanced its use of technology and data, including through an AI transformation program developed with Version 1, another Partners Group portfolio company. The initiative introduced AI-enabled solutions into policy processing and checking workflows, reducing manual activity and supporting faster, more consistent service delivery. Thematic conviction Part ners Group had tracked the US insurance brokerage market for several years and identified it as an attractive thematic opportunity. Insurance coverage is generally a non-discretionary expense, which has supported the sector's resilience through economic cycles. At the same time, the emergence of new risks, including cyber and social media exposures, the rising cost and frequency of litigation, and an evolving regulatory environment are increasing the value of specialist advice. FRP's diversified service offering and client base, recurring policy-renewal revenues and established regional platform therefore provide exposure to both defensive demand characteristics and structural growth. The market also remains highly fragmented, creating opportunities for scaled operators to expand their geographic reach and capabilities. Business building Part ners Group's business -building plan is centered on developing FRP into a broader, technology- enabled national platform. Key priorities include refining the company's acquisition strategy and expanding into new geographies, introducing additional products and specialist capabilities across the network, and further leveraging FRP's operating model and carrier relationships. In parallel, the company is investing in commercial capabilities, talent development, governance and common operating processes to support integration and sustainable scale. Technology and data are an increasingly important part of this agenda. FRP's recent AI program demonstrates how the business can use its proprietary policy-level data to simplify labor-intensive workflows, improve processing speed and support its producers in serving clients more effectively. Together, these initiatives are intended to reinforce organic growth, improve operating efficiency and strengthen the platform for continued expansion. Rationale: Foundation Risk Partners is an investment identified through Partners Group's thematic research in the insurance brokerage industry. Case Study
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PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 17 P GPE Ltd NAV: EUR 52.3m Vi ntage: 2021 I ndustry: Industrials R egion: North America D iversiTech is a manufacturer and supplier of parts and accessories used in heating, ventilation and air -conditioning ("HVAC") systems. Its broad portfolio supports the installation, maintenance and operation of HVAC equipment, allowing distributors and contractors to source many essential products from a single vendor. Since Partners Group's investment in 2021, the company has focused on strengthening its operating platform, improving service levels and expanding its position in Europe. Thematic conviction Partners Group identified DiversiTech through thematic research into the HVAC value chain. The investment thesis was supported by the essential nature of heating and cooling, the expanding installed base of HVAC equipment and the recurring need for replacement parts and supplies. DiversiTech's broad product range and established relationships positioned it to simplify procurement for a fragmented wholesale distributor customer base. Partners Group could also draw on experience from other HVAC investments, applying relevant operating insights while adapting them to DiversiTech's product-centric model. Business building The initial business -building agenda centered on developing more scalable processes, systems and infrastructure while making DiversiTech easier for customers to work with. The company upgraded its principal distribution operations and redesigned aspects of the order -to-cash journey, supported by improved data and automated order validation. These initiatives have reduced order errors by approximately 30% since Partners Group's entry. More targeted measures have optimized sales and inventory systems to reduce stockouts and backorders by approximately 70%, streamlined warehouse pick and ship workflows to increase on-time order fill rates by approximately 20%, and automated customer purchase order processing to reduce order discrepancies by approximately 30%. A second pillar has been international expansion. DiversiTech completed five acquisitions during the first years of ownership to establish a European platform, supported by a flagship distribution center in Italy. Europe has consequently grown from approximately 5% of company revenue at entry to approximately 20% at 30 June 2026. The company's expansion continued in 2025 through the acquisition of Arctic Hayes, a UK -based provider of tools, testing equipment and consumables for heating, ventilation and air -conditioning professionals. The transaction broadened DiversiTech's offering and further strengthened its European footprint. With the operating foundations and European platform in place, the current agenda is increasingly focused on transformation. Priorities include finance, data and AI, human resources and the end-to -end customer transaction experience. Product innovation became more prominent: in 2025, DiversiTech acquired smart -thermostat manufacturer Cielo, adding connected products that support more efficient heating and cooling systems. Together, these initiatives seek to improve decision -making and service delivery while strengthening DiversiTech's position as the preferred industry vendor. Rationale: DiversiTech is Partners Group's latest manufacturing investment in the United States on the private equity directs platform. Case Study
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PARTNERS GROUP PRIVATE EQUITY LIMITED Page 18 | INTERIM REPORT 2026 5. Sustainability at Partners Group PGPE Ltd aligns with the mission, culture and core values set out by Partners Group, the Investment Manager, in its Charter and Sustainability Report. Partners Group’s longstanding sustainability commitment informs its investment activities, corporate operations and engagement with stakeholders. Further information is available on the Partners Group website. A gainst a backdrop of geopolitical uncertainty, uneven economic growth and technology -driven change, Partners Group views sustainability as relevant to both risk management and business -building. Within its transformational ownership approach, material sustainability considerations are assessed alongside the strategic and governance priorities of individual assets. Portfolio companies are supported in identifying the topics most relevant to their businesses and incorporating appropriate initiatives into their value creation plans. Source: Partners Group Sustainability Report 2025. For illustrative purposes only. Although sustainability factors may be con sidered throughout the investment decision process, sustainability is not the predominant strategy of PGPE Ltd. Partners Group seeks to generate sustainable returns in private markets while considering the interests of clients and other stakeholders. The firm regards the assessment of material sustainability risks and opportunities as consistent with its fiduciary responsibilities and its objective of building resilient businesses over the long term. S ustainability has formed part of Partners Group’s approach since the firm’s early years. This was formalized through its first Sustainability Directive and has subsequently developed into a structured framework covering investment activity, corporate operations and governance. O ver time, Partners Group has developed this framework through a series of initiatives, including becoming a signatory to the UN -supported Principles for Responsible Investment in 2008, establishing its purpose, vision and values in the Partners Group Charter in 2014, and supporting the Task Force on Climate-related Financial Disclosures in 2020. The firm integrated its Sustainability Strategy into its governance and business systems in 2023 and adopted the Net Zero Investment Framework in 2024. Investments within scope are managed with the intention of achieving net zero by 2050, with interim targets developed for direct controlled investments and further asset classes expected to be incorporated over time. Partners Group continues to engage with portfolio companies on material sustainability topics, regulatory preparedness and relevant sustainability objectives. Partners Group's Sustainability Strategy Partners Group’s Sustainability Strategy is integrated with its thematic investing and entrepreneurial ownership approach. The objective is to build resilient companies and assets by considering material sustainability matters alongside commercial priorities, with a focus on protecting and creating value through economic cycles. F inancial performance, growth prospects and business resilience remain central to investment decisions. Where relevant, Partners Group also assesses non-financial factors throughout the investment lifecycle. This may include identifying
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PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 19 material sustainability topics during due diligence, gathering non-financial data and using targeted engagement during ownership to support risk management and business transformation. A governance framework supports the integration of sustainability considerations across the investment process. It is designed to help investment teams identify, assess and manage material risks and opportunities, including those relating to climate, health and safety, and other asset-specific matters. D uring ownership, portfolio company boards oversee the relevant sustainability priorities and their integration into value creation plans for controlled Private Equity and Infrastructure investments. Depending on the asset, these plans may include initiatives relating to operational efficiency, customer outcomes, growth, digital transformation and other business - specific priorities. Clear ownership and board oversight are intended to support execution and accountability. P rogress against individual initiatives is monitored through relevant KPIs, including through PG Alpha, Partners Group’s proprietary digital platform. The platform supports board processes, tracks strategic initiatives and increases visibility ov er key performance drivers at portfolio company level, thereby facilitating data-informed oversight and decision-making. Depending on the asset class and asset type, there are nuances as to how the above applies and is integrated. The investment process has been externally verified through an independent practitioner’s assurance report in accordance with ISAE 3402.
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PARTNERS GROUP PRIVATE EQUITY LIMITED PGPE Ltd NAV: EUR 3.6m Vintage : 2022 Indus try: Industrials Regio n: North America SureWerx is a leading supplier of personal protective equipment, technical safety equipment and safety tools. The company owns 19 brands across 28 product categories, spanning welding, fall and head protection, footwear and traction aids, arc flash apparel and other specialized safety equipment. Demand is supported by regulatory requirements, non- discretionary usage and the recurring need to replace safety products across infrastructure, manufacturing, transportation and warehousing end-markets. Thematic conviction Partners Group invested in SureWerx in 2023 to back a scaled safety platform in a fragmented North American market. The thesis was underpinned by stricter workplace safety standards, a stronger safety culture across industries and the growing use of specialized protective equipment. SureWerx’s broad category coverage, trusted brand portfolio and recurring customer demand provide a strong base for continued organic growth and consolidation. Business building Partners Group’s value creation plan focuses on building SureWerx into a broader, more digital and resilient safety platform. Key initiatives include product innovation, expanded e-commerce capabilities, improved sales and customer engagement, manufacturing and distribution optimization, and targeted acquisitions. The plan is designed to compound stronger digital enablement and cross-selling support organic growth, while supply-chain and footprint optimization improve operating resilience. Cyber security is a core scaling lever as SureWerx grows through acquisitions and digital commerce. The company has implemented governance and technical controls across acceptable use, data protection, incident response, workforce training, firewalls, encryption, disaster recovery testing, a Security Operations Center and privileged access management. Independent assessments indicate cyber readiness approximately 20% above peers, while employee awareness is supported by a 5.4% phish-prone rate, 95% phishing training compliance and more than 300 vendor cyber risk assessments completed. Alongside cyber resilience, SureWerx is strengthening its platform through decarbonization and people initiatives. In 2024, the company outperformed greenhouse gas intensity targets for Scope 1 and 2, supported by site consolidation and a LEED Gold facility with solar photovoltaics, advanced metering/software and electric vehicle charging. In 2025, it launched a new talent system, expanded learning and strengthened wellbeing initiatives, reinforcing the operating foundations needed to integrate acquisitions, retain talent and scale the business responsibly. Rationale: SureWerx demonstrates Partners Group's thematic investing approach in Safety PPE. Page 20 | INTERIM REPORT 2026 Case Study
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PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 21 6. Portfolio Composition Investments by regional focus Investments by transaction type B A A A Europe B North America 45% 44% C Asia-Pacific D Rest of the World 7% A Direct 4% 99% B Funds 1% Portfolio assets by industry sector Investments by stage H I J C E A B C A Industrials B I nformation Technology C Healthcare 28% 16% 16% F Real Estate 6% G Consumer Staples 6% H Communication 3% Services A Buyout Small/Mid-cap B Buyout Large-cap 50% 46% C Other 4% D Consumer Discretionary E Financials 15% 7% I Materials 2% J Energy 1% C D B G F A D B
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PARTNERS GROUP PRIVATE EQUITY LIMITED Page 22 | INTERIM REPORT 2026 Ec onomic currency exposure: figures are subject to estimates and rounding. Figures may not add up due to rounding. PGPE Ltd's economic currency exposure comprises the NAV of its investments, as well as other balance sheet items such as cash, receivabl es, payables, and foreign currency hedges, if applicable. Economic currency is defined as the currency in which the investment's business activity is primarily conducted or value is derived, which may differ from its operating currency. Net currency exposure as per reporting date. The net currency exposure is calculated looking through Partners Group programs. Di versification does not ensure profit or protect against a loss; the portfolio composition may change over time.
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7. Portfolio overview Fifty largest direct investments (in EUR) Since inception Net asset value in % Net asset valueResidual costCommitment year Financing categoryRegional focus Industry sectorInvestment 6.8%52,265,47523,758,4262021Buyout Large-capNAMIndustrialsDiversiTech 6.1%47,084,85042,915,8212021Buyout Large-capWEUReal EstateEmeria 5.7%44,031,38302018Buyout Small/Mid-capAPCConsumer discretionaryVishal Mega Mart 3.8%29,290,27417,534,2242022Buyout Large-capNAMFinancialsFoundation Risk Partners 3.5%27,083,07525,916,6882018Buyout Small/Mid-capWEUIndustrialsAmmega 3.4%26,428,37813,308,5652022Buyout Small/Mid-capWEUInformation technologyForterro 3.0%22,630,4539,525,7082020Buyout Large-capNAMIndustrialsAlliedUniversal 2.5%19,433,10212,054,3272022Buyout Small/Mid-capWEUInformation technologyVersion 1 2.5%19,264,48913,525,7092022Buyout Large-capNAMHealthcareForefront Dermatology 2.5%19,025,3998,606,7782021Buyout Small/Mid-capWEUIndustrialsTelepass 2.4%18,233,54713,627,5092021Buyout Large-capWEUConsumer discretionaryBreitling 2.2%17,166,43316,797,9172025Buyout Large-capNAMHealthcarePCI Pharma Services 2.2%16,772,41913,109,2682025Buyout Small/Mid-capNAMHealthcareAnonymized Investment 1 2.1%15,887,0827,302,0192024Buyout Large-capWEUIndustrialsRosen Group 2.0%15,257,64402018Buyout Large-capWEUIndustrialsTechem 1.9%14,609,9937,529,6772018Buyout Small/Mid-capWEUInformation technologySHL 1.9%14,459,8249,175,0002019Buyout Large-capWEUCommunication ServicesAxel Springer SE 1.9%14,215,5758,527,5772021Buyout Small/Mid-capNAMConsumer staplesWedgewood Pharmacy 1.7%13,305,9215,676,6032019Buyout Small/Mid-capNAMHealthcareBlue River PetCare, LLC 1.7%12,711,1398,650,4552020Buyout Large-capWEUMaterialsRovensa PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 23
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Since inception Net asset value in % Net asset valueResidual costCommitment year Financing categoryRegional focus Industry sectorInvestment 1.6%12,309,83519,073,1832020Buyout Small/Mid-capNAMHealthcareEyeCare Partners 1.6%12,103,8799,256,1632025Buyout Large-capWEUIndustrialsTechem 1.5%11,232,1076,429,2592024Buyout Small/Mid-capROWConsumer staplesVelvet Care 1.5%11,138,5406,789,6292021Buyout Small/Mid-capNAMIndustrialsPremiStar 1.4%11,071,9119,689,5802025Buyout Small/Mid-capWEUConsumer staplesMPM Products 1.4%11,043,2909,164,5032022Buyout Large-capNAMInformation technologyPrecisely 1.4%10,939,68018,380,0742022Buyout Small/Mid-capNAMIndustrialsUnited States Infrastructure Corporation 1.3%10,194,2067,016,3052014OtherROWEnergyEsentia Energy Systems 1.3%9,753,8648,400,2112022Buyout Small/Mid-capNAMInformation technologyVelocityEHS 1.2%8,927,7018,198,7152021Buyout Small/Mid-capNAMInformation technologyIdera Inc. 1.2%8,882,2489,029,0552025Buyout Large-capWEUConsumer discretionaryInternational Schools Partnership 1.2%8,842,9034,384,0542019Buyout Small/Mid-capNAMHealthcareConfluent Health 1.1%8,394,2535,710,2742022Buyout Large-capWEUInformation technologyMimecast 1.1%8,311,8051,750,7422015Buyout Small/Mid-capNAMConsumer discretionaryKinderCare Learning Companies 1.0%8,025,7726,754,0102017Buyout Large-capWEUInformation technologyIDEMIA 1.0%7,482,7879,598,6782021Buyout Small/Mid-capNAMIndustrialsBluSky 0.8%6,228,9566,300,6582022Buyout Small/Mid-capWEUIndustrialsClimeworks 0.8%6,207,3448,153,2632021Buyout Large-capWEUConsumer staplesWM Morrison Supermarkets Limited 0.8%5,974,7372,538,5902021Buyout Large-capNAMFinancialsAlliant Insurance Services, Inc. 0.8%5,972,1912,112,4222016Buyout Small/Mid-capNAMConsumer discretionaryPolyconcept 0.7%5,354,2915,353,8202026Buyout Small/Mid-capNAMCommunication ServicesAnonymized Investment 2 0.7%5,040,5123,196,9552024Buyout Small/Mid-capWEUFinancialsAfileon 0.6%4,578,1934,462,4752021Buyout Large-capNAMHealthcareInovalon PARTNERS GROUP PRIVATE EQUITY LIMITED Page 24 | INTERIM REPORT 2026
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Since inception Net asset value in % Net asset valueResidual costCommitment year Financing categoryRegional focus Industry sectorInvestment 0.6%4,500,3952,705,4872022Buyout Small/Mid-capWEUHealthcareVeonet Group 0.6%4,429,5594,329,3192025Buyout Small/Mid-capAPCFinancialsInfinity Fincorp Solutions Private Limited 0.6%4,428,7594,428,0002022Buyout Small/Mid-capWEUHealthcareHTL Biotechnology 0.6%4,274,9434,075,6842025Buyout Large-capNAMConsumer discretionaryAnonymized Investment 3 0.5%3,857,7593,450,6122025Buyout Large-capWEUNot specifiedAnonymized Investment 4 0.5%3,838,5723,646,0692026Buyout Small/Mid-capNAMFinancials n.a.n.a.2,152,4072021Buyout Small/Mid-capAPCIndustrialsStraive 89.0%682,497,446408,793,261Total direct investments PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 25 Anonymized Investment 5 Certain investments may be associated with more than one vintage year under the current reporting methodology and are therefore presented separately by vintage year. As a result, the same underlying investment may appear more than once in the table. These entries reflect the allocation of a single investment across vintage years for reporting purposes (including, as applicable, commitment timing, follow on/add on activity, changes to the investment structure or documentation, and/or proceeds from an earlier commitment that remain outstanding). The portfolio's holdings are ranked by percentage of portfolio value. Some figures (marked "n.a.") may not be disclosed for confidentiality reasons and therefore are not included in the totals in the above table. Furthermore, some investments have been made through Partners Group pooling vehicles at no additional fees. The portfolio overview of PGPE Ltd has been prepared on a look through basis, although the unaudited consolidated statement of financial position includes the valuation of certain Partners Group investment vehicles. Residual cost is the total investment cost net of distributions from such an investment until the end of the reporting period. Negative residual costs (receipt of distributions > initial investment cost) will result in an amount of zero. Shown NAV of Vishal Mega Mart is net of taxes.
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Page 26 | INTERIM REPORT 2026 PARTNERS GROUP PRIVATE EQUITY LIMITED 8. Structural Overview PGPE Ltd is a Guernsey-registered private equity holding company found ed in May 1999 that invests in private market investments. In 1999 the Company raised USD 700 million through the issue of a convertible bond and invested the capital by way of commitments to private equity partnerships. The convertible bond was converted into shares in December 2006. Concurrently, the investment guidelines were amended and the reporting currency changed from the US Dollar to Euro. The Company's shares were introduced for trading on the Frankfurt Stock Exchange (trading symbol: PEY1) on 13 December 2006 and on the London Stock Exchange (trading symbol: PEY) on 1 November 2007. The Company consolidated all trading activity on the London Stock Exchange on 6 December 2012 and ceased being listed on the Frankfurt Stock Exchange. On 6 September 2017, the Company announced the intention to introduce an additional market quote in Sterling (trading symbol: PEYS) for its existing ordinary shares on the London Stock Exchange, alongside the Company's existing Euro market quote. The purpose of the introduction of the Sterling quote was to broaden the potential ownership of the Company's ordinary shares. All dividends continue to be declared in Euros and the default currency for dividend payments remains Euros. Shareholders have the option to make a dividend currency election to receive dividends in Sterling. On 21 June 2024, the Company changed its name to PGPE Ltd to reflect the Company's new name, the corporate website address was changed to www.partnersgroupprivateequitylimited.com. Following the close of business on 19 September 2025, PGPE Ltd became a constituent of the FTSE 250 Index. The Company invests through its wholly owned subsidiary, Princess Private Equity Subholding Limited (the "Subsidiary"). The Subsidiary also holds certain investments through its wholly owned subsidiary Princess Direct Investments, L.P. Inc. (the "Sub- Subsidiary"). The Sub-Subsidiary, the Subsidiary, and the Company form a group (the "Group"). PGPE Ltd aims to provide shareholders with long- term capital growth and an attractive dividend yield. The Company's investments are managed on a discretionary basis by Partners Group. The Investment Manager is responsible for, amongst other services, selecting, acquiring, and disposing of investments and carrying out financing and cash management services. Partners Group is a global private markets investment management firm with over USD 186 billion in investment programs under management, of which USD 79 billion is in private equity. Through the Investment Management Agreement, PGPE Ltd benefits from the global presence, size, and experience of the investment team. 1. 100% owned by Partners Group Holding AG, Switzerland 2. Partners Group investment programs are on a net no fee basis and only PGPE Ltd's fees apply, i.e. no double fee layer 3. A portfolio of primary and secondary investments that are in wind-down and no new commitments to third-party funds will be made in the future
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PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 27 9. Company Information Administrator Partners Group (Guernsey) Limited Tudor House Le Bordage St. Peter Port Guernsey GY1 6BD Channel Islands Auditor PricewaterhouseCoopers CI LLP Royal Bank Place, 1 Glategny Esplanade St. Peter Port Guernsey GY1 4ND Channel Islands Board and management Past D irector Peter McKellar Fionnuala Carvill Nicola Paul Axel Holt rup Gerhard R oggemann Merise Wheatley (Chair) (Chair of the Management Engagement Committee) (Chair of the Audit & Risk Committee) Did not seek re-election at June 2026 AGM Co mpany secretary Aztec Financial Services (Guernsey) Limited East Wing, Trafalgar Court Les Banques St. Peter Port Guernsey GY1 3PP Channel Islands
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Page 28 | INTERIM REPORT 2026 PARTNERS GROUP PRIVATE EQUITY LIMITED Currency denomination Euro Dividends PGPE Ltd intends to pay a dividend of 5% p.a. on previous year's closing NAV Fees Management Fee 1.5% p.a. on NAV less any temporary investments plus unfunded commitments to make direct investments Incent ive Fee 15% of NAV performance, subject to a high-water mark (“HWM”), being the level where a performance fee was previously paid (with the initial HWM being the Company's NAV as of 31 December 2024) Incorporat ion 1999 Investor r elations pgpe-ltd@partnersgroup.com Joint corporate brokers JPMorgan Cazenove Deutsche Numis Listing London S tock Exchange Registered office Partners Group Private Equity Limited Tudor House Le Bordage St. Peter Port Guernsey, GY1 6BD Channel Islands Secu rities Fully paid-up in ordinary registered shares Structure Guernsey company, authorised closed-ended fund in Guernsey Trading Information ISIN (Euro and Sterling Quote): GG00B28C2R28 WKN (Euro and Sterling Quote): A0M5MA Trading symbol (Euro Quote): PEY Bloomberg (Euro Quote): PEY LN Reuters (Euro Quote): PEY.L Trading symbol (Sterling Quote): PEYS Bloomberg (Sterling Quote): PEYS LN Reuters (Sterling Quote): PEYS.L Voting rights Each ordinary registered share represents one voting right Website www.partnersgroupprivateequitylimited.com
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10. Statement of Principal Risks and Uncertainties The Board is responsible for managing and overseeing risk and reviews and assesses quarterly the impact of risks that it considers may compromise the achievement of the Company's strategic objectives. These risks encompass the significant risks to which the Company may be exposed, including the macro environment and uncertainties in respect of the valuation of unquoted investments, and their impact on the cash flow modelling employed by the Company. An overview of the Company’s framework for identifying, assessing and mitigating risk and an assessment of the principal risks that were ranked as having the highest inherent risk likelihood and/or impact at the last financial year-end are set out in Section 10.7 (Risk Report) on pages 54 to 57 of the Company’s Annual Report for the year ended 31 December 2025. The Risk Report noted that the Board had been discussing with the Investment Manager and the Company's advisers what options might be available to achieve liquidity for investors at a narrower discount to NAV, whilst providing long-term investors with an attractive proposition going forward. In June 2026, the Company announced proposals for a dual share class to enable shareholders who wish to exit to do so in an orderly and value-optimizing manner, while allowing continuing share- holders to retain exposure to a portfolio with long-term growth potential and an attractive income profile. This change in structure, if approved by shareholders, may bring with it additional risks in relation to the size of the Company and on-going liquidity in the market for its shares. In addition, the interests of holders of realization shares and ordinary shares may not be aligned and may give rise to conflicts in relation to the management and realization of the Company's assets. A circular and prospectus providing full details of the proposed dual share class structure will be sent to shareholders shortly for approval and election, and will include the risks that may arise from such a change in structure. Investment performance in recent years has been softer due to the concentration of investments made between 2021 and 2023, following a period of record distributions. These investments now represent around half of the portfolio and, as seen across the wider private equity industry, have faced a more challenging macroeconomic backdrop, compounded by higher entry valuations and capital structures established during a lower interest rate environment. The Company continues to invest in, and benefit from, the attractive private equity vintages seen since 2023, which have already begun compounding returns at strong rates. Given that the Company’s foreign exchange risk is no longer hedged and c. 42.0% of assets are held in USD, investment performance has also been impacted by foreign currency movements in the first half of 2026. The Company continues to provide investors with regular information on the portfolio’s foreign exchange exposure so that they can hedge this risk if required. Governance risk in respect of Board composition will continue to be mitigated to an acceptable level by the pursuit of a structured succession plan. This will ensure that the Board continues collectively to have sufficient and diverse knowledge, skills, experience, commitment and independence, with an orderly and appropriate turnover of Board members. Liquidity risk is assessed by the Board as having stabilized, with net cashflows from new investments, capital calls, exits and distributions in line with forecasts, and limited short-term use of the credit facility. The risk continues, however, to be closely monitored by the Board using medium- and long-term forecasts to ensure that the capital allocation policy leaves adequate funding for existing commitments and dividends. Geopolitical and macroeconomic events, including the continuing unrest in the Middle East, have created significant uncertainty in respect of realization activity and the elevated valuation levels that were anticipated prior to 28 February 2026. The Company is designed to continue to provide access to a high-quality portfolio of direct private equity investments with broad sector and geographic diversification and the Investment Manager is focusing, in the short term, on mitigating potential revenue, cost and liquidity impact in portfolio companies whilst maintaining a disciplined approach to long-term value creation. There have been no other changes to the principal risks, as detailed in the 2025 Annual Report, and the Board considers that none of the risks present an immediate threat to the continuation of the Company. PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 29
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11. Statement of Directors' Responsibilities The Directors are responsible for preparing the Interim Management Report and Unaudited Condensed Consolidated Financial Statements in accordance with applicable regulations. The Directors confirm that to the best of their knowledge: ■ the Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; ■ the Chair's Report, Private Equity Market Overview, Investment Manager's Report and the Statement of Principal Risks and Uncertainties, (together, the "Interim Management Report"), include a fair review of the information required by DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a de- scription of the principal and emerging risks and uncertainties for the remaining six months of the financial year; ■ the Interim Management Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure Guidance and Transparency Rules and, in particular, Note 14 of the Unaudited Condensed Consolidated Financial Statements provides a fair review of the related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or the performance of the Group during that period; and ■ there have been no changes in the related parties' transactions described in the last annual report that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year, that would require disclosure under DTR 4.2.8R(1)(b) of the Disclosure Guidance and Transparency Rules. The Interim Management Report and Unaudited Condensed Consolidated Financial Statements have not been subject to independent review by the Company's Auditor. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company website, and for the preparation and dissemination of the Unaudited Condensed Consolidated Financial Statements. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the Board Nicola Paul Chair of the Audit & Risk Committee PARTNERS GROUP PRIVATE EQUITY LIMITED Page 30 | INTERIM REPORT 2026
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01.01.2026 30.06.2026 Notes In thousands of EUR 11,799 (6,406) (3,400) (5) (53,245) 1,039 3,962 (2,923) (274) 39 (12) (301) (50,492) (8,151) (7,058)14 (237)14 (125)14 (682) (1) (48) (985) (343) (642) - (59,628) (8) (59,636) (59,636) 69,151,168 (0.86) (0.86) As restated 01.01.2025 30.06.2025 8,723 (86,487) (4,414) (220) 8,447 1,769 1,390 379 372 249 (82) 205 (71,810) (7,667) (5,690) (218) (125) (1,403) (1) (230) (526) (9) (631) 114 (80,003) (4) (80,007) (80,007) 67,912,596 (1.18) (1.18) (50,218) (51,257) (72,182) (73,951) Net income from financial assets at fair value through profit or loss Private equity < > Interest & dividend income Net gains / (losses) on private equity investments Net gains / (losses) on incentive fee rebates Withholding tax on private equity investments Net foreign exchange gains / (losses) Other assets Net gains / (losses) on other assets Net foreign exchange gains / (losses) Net income from cash & cash equivalents and other income Interest & dividend income Withholding tax on interest income Net foreign exchange gains / (losses) Total net income Operating expenses Management fees Administration fees Service fees Other operating expenses Net gains / (losses) on other long-term receivables Other net foreign exchange gains / (losses) Other financial activities Interest expense - credit facilities Other finance cost Other income Profit / (loss) for period before tax Income tax expense Profit / (loss) for period after tax Total comprehensive income / (loss) for period Weighted average number of shares outstanding (excluding treasury shares) Basic profit / (loss) per share for period (in EUR) Diluted profit / (loss) per share for period (in EUR) PARTNERS GROUP PRIVATE EQUITY LIMITED 12. Unaudited Condensed Consolidated Financial Statements Unaudited condensed consolidated statement of comprehensive income for the period from 1 January 2026 to 30 June 2026 The comparative period has been restated as explained in Notes 2 and 16. The earnings per share is calculated by dividing the profit / (loss) for period by the weighted average number of shares outstanding. The above unaudited condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 6 6 6 6 6 6 12 12 INTERIM REPORT 2026 | Page 31
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Unaudited condensed consolidated statement of financial position As at 30 June 2026 31.12.202530.06.2026Notes In thousands of EUR 898,364733,845Private equity - investments 15,67011,256Private equity - incentive fee rebates 15,50315,254Other assets 14,132-Deferred receivables on investments 4950Other long-term receivables 943,718760,405Non-current assets 4,7732,401Other short-term receivables -14,132Deferred receivables on investments 8,13851,146Cash and cash equivalents 12,91167,679Current assets 956,629828,084TOTAL ASSETS EQUITY AND LIABILITIES 6969Share capital (5,840)(19,263)Treasury shares 897,291795,279Reserves 891,520776,085Total equity 65,10951,999Accruals and other short-term payables 65,10951,999Current liabilities 956,629828,084TOTAL EQUITY AND LIABILITIES < > ASSETS Financial assets at fair value through profit or loss PARTNERS GROUP PRIVATE EQUITY LIMITED The above unaudited condensed consolidated statement of financial position should be read in conjunction with the accompanying notes. Peter McKellar Director Nicola Paul Director 6,13 6,13 16,13 8 8 7,16 8 6,13 13 13 Page 32 | INTERIM REPORT 2026
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Unaudited condensed consolidated statement of changes in equity for the period from 1 January 2026 to 30 June 2026 TotalReservesTreasury shares Share capital In thousands of EUR 897,29169Balance at beginning of period (22,005)-Dividends paid --Treasury shares (80,007)-Profit / (loss) for period after tax 795,27969Equity at end of period < > for the period from 1 January 2025 to 30 June 2025 891,520 (22,005) (13,423) (80,007) 776,085 (5,840) - (13,423) - (19,263 ) TotalReservesTreasury shares Share capital In thousands of EUR 1,039,0681,038,99969 (25,932)(25,932)- --- (59,636)(59,636)- 953,500953,43169 Balance at beginning of period Dividends paid Treasury shares Profit / (loss) for period after tax (as restated)* Equity at end of period - - - - - PARTNERS GROUP PRIVATE EQUITY LIMITED The above unaudited condensed consolidated statements of changes in equity should be read in conjunction with the accompanying notes. < >> *The comparative period has been restated as explained in Notes 2 and 16. INTERIM REPORT 2026 | Page 33
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Unaudited condensed consolidated statement of cash flows for the period from 1 January 2026 to 30 June 2026 01.01.2026 30.06.2026 Notes In thousands of EUR Operating activities (59,285)(79,994)Profit / (loss) for period before interest and income tax expense Adjustments: 56,517Net foreign exchange (gains) / losses 5Withholding tax on investments 2,444Net gains / (losses) on private equity investments and other assets 3,400Net gains / (losses) on incentive fee rebates 1Net gains / (losses) on other long-term receivables (35)Net result from interest income (11,799)Net result from dividend income (794)(Increase) / decrease in receivables (1,460)Increase / (decrease) in payables (26,914)Purchase of private equity investments (15,000)Purchase of other investments 21,821Distributions from and proceeds from sales of private equity investments 15,459Distributions from other investments 11,827Interest & dividends received (3,813)Net cash from / (used in) operating activities Financing activities 61,1006,000Drawdown of credit facility (41,100)(6,000)Repayment of credit facility (294)(9)Interest paid - credit facilities (25,932)(22,005)Dividends paid -(13,423)Repurchase of ordinary shares (6,226)(35,437)Net cash from / (used in) financing activities (10,039)42,803Net increase / (decrease) in cash and cash equivalents 18,6518,138Cash and cash equivalents at beginning of period (301)205Effects of foreign currency exchange rate changes on cash and cash equivalents 8,31151,146Cash and cash equivalents at end of period < > (8,801) 220 85,097 4,414 1 (623) (8,271) 2,372 (13,345) (12,367) 82 98,626 1,936 8,893 78,240 9 9 4 8 PARTNERS GROUP PRIVATE EQUITY LIMITED < > The comparative period has been restated as explained in Notes 2 and 16. The above unaudited condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes. 6 6 6 6 As restated 01.01.2025 30.06.2025 Page 34 | INTERIM REPORT 2026
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Notes to the unaudited condensed consolidated financial statements for the period from 1 January 2026 to 30 June 2026 1 Organization and business activity Partners Group Private Equity Limited is an investment holding company established on 12 May 1999. The Company is a Guernsey limited liability company that invests in a diversified portfolio of private market investments through its wholly owned subsidiary, Princess Private Equity Subholding Limited (the "Subsidiary"). The Subsidiary also holds certain investments through its wholly owned subsidiary Princess Direct Investments, L.P. Inc. (the "Sub-Subsidiary"). The Sub-Subsidiary, the Subsidiary, and the Company form a group (the "Group"). Both of these subsidiaries are consolidated as they are deemed to provide investment-related services to the Company. The Group primarily accesses investments directly, and to a lesser extent via Partners Group's private equity programs; the Group also holds a small portfolio of fund investments that is currently in run-off. The shares of the Company were listed on the Prime Standard of the Frankfurt Stock Exchange from 13 December 2006 until 5 December 2012 (date of delisting). The shares of the Company remain listed on the Main Market of the London Stock Exchange, where they have been listed since 1 November 2007. Following the close of business on 19 September 2025, the Company became a constituent of the FTSE 250 Index. 2 Basis of preparation The unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting. The unaudited condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group's annual audited consolidated financial statements for the period ended 31 December 2025, which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). The accounting policies adopted in the preparation of these unaudited condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual audited consolidated financial statements for the period ended 31 December 2025. However, the 30 June 2025 comparatives have been restated to reflect a change in policy adopted in the 2025 Group annual audited consolidated financial statements but subsequent to the issue of the 30 June 2025. This is detailed further in Note 16. Material accounting policies The accounting policies have been applied consistently, except where otherwise noted, in dealing with items which are considered material in relation to the Group's unaudited condensed consolidated financial statements. From 1 January 2026 the following existing revised IFRS Accounting Standards and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2026: ■ Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1 January 2026); This amended standard did not have a significant impact on the Group's unaudited condensed consolidated financial statements. There are no other new standards or changes to standards which significantly impact these unaudited condensed consolidated financial statements. The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where early adoption is permitted now, have not been adopted: PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 35
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■ IFRS 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027); PARTNERS GROUP PRIVATE EQUITY LIMITED The Directors anticipate that the adoption of this new standard may have an impact on the Company’s financial statements in future periods. IFRS 18 was issued in April 2024 and replaces IAS 1, “Presentation of Financial Statements”. The new standard introduces revised presentation requirements for the primary financial statements, including new categories and required subtotals in the statement of profit or loss, enhanced aggregation and disaggregation principles, and new disclosure requirements for management defined performance measures. The Company will apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027. The Company does not plan to adopt the standard early. IFRS 18 does not alter the measurement of financial performance, however it significantly impacts how results are presented and structured, aiming to reduce inconsistency in reported figures. Basis of measurement The unaudited condensed consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets at fair value through profit or loss. Going concern The Directors have adopted the going concern basis in preparing the unaudited condensed consolidated financial statements. At the period end, the Company had liquidity including cash and cash equivalents of EUR 51.2 million (31 December 2025: EUR 8.3 million), together with an undrawn revolving credit facility of EUR 150.0 million (31 December 2025: Undrawn facility of EUR 150.0 million). The Company currently generates liquidity by exiting investments and uses liquidity by making new and follow on investments, paying Company expenses and making returns to shareholders through dividends and share buybacks. The Directors ensure the Company has adequate liquidity by regularly reviewing its financial position and forward-looking liquidity requirements. The Directors' going concern assessment includes consideration of a range of likely downside scenarios which measure the impact on the Company's liquidity of differing assumptions for portfolio exits, new and follow-on investment requirements, the repayment of any indebtedness and Company expenses. As announced on 18 June 2026, the Board intends to issue a circular with proposals to introduce a dual share class to be voted on at an Extraordinary General Meeting in October 2026 (the "General Meeting"). If the proposals are passed, the Company will continue in operation with a dual share class structure with each share class having its own investment policy. The continuing ordinary shareholders will retain their exposure to the Company's existing investment policy and strategy in all material respects; the investment policy for the new realization shares being to optimize the value of the assets attributed to the realization share class while progressively seeking to return cash to realization shareholders. These proposals are conditional on a number of factors including shareholder approval at the General Meeting. Further details will be included in the circular which will convene the General Meeting and will be published by the Company shortly. The Directors expect that any realization strategy (including the realization strategy under the dual share class structure) could take up to eight years to execute. Taking the above matters into account, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the unaudited condensed consolidated financial statements and hence continue to adopt the going concern basis in preparing them. Critical accounting estimates and judgments There have been no significant changes to the critical judgments and estimates disclosed in Note 4 to the audited consolidated financial statements for the period ended 31 December 2025. In preparing these unaudited condensed consolidated financial statements, the Group makes judgments and estimates that affect the reported amounts of assets, Page 36 | INTERIM REPORT 2026
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PARTNERS GROUP PRIVATE EQUITY LIMITED liabilities, income and expenses. Actual results could differ from those estimates. Estimates and judgments are continually evaluated and are based on the Board of Directors and Investment Manager's experience and their expectations of future events. Revisions to estimates are recognized prospectively. Critical estimates Unlisted investments The estimate that has the most significant effect on the amounts recognized in the Group's unaudited condensed consolidated financial statements relates to valuation of financial assets and financial liabilities held at fair value through profit or loss other than those traded in an active market. The Investment Manager is responsible for the preparation of the Group's valuations and meets monthly to discuss and approve the key valuation assumptions. The Investment Manager also makes estimates and assumptions concerning the future and the resulting accounting estimates will, by definition, seldom equal the related actual results. The assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined in Note 4 of the Group's annual audited consolidated financial statements for the period ended 31 December 2025 and Note 13.4 to these unaudited condensed consolidated financial statements. Critical judgments Unlisted investments The judgment that has the most significant effect on the amounts recognized in the Group's unaudited condensed consolidated financial statements relates to the valuation of fair value of the financial assets and liabilities held at fair value through profit or loss which have been accounted for accordingly, as shown in Note 13. Investment entity status of Subsidiaries The assessment whether to consolidate the Subsidiaries which relate to the Group's investment activities requires judgment as to whether those Subsidiaries meet the definition of an Investment Entity in IFRS 10 and provide services that relate to the Group's investment activities. Management has assessed the amendment to IFRS 10 (effective 1 January 2016) and concluded that each of the Subsidiaries does not meet the definition of an Investment Entity in accordance with IFRS Accounting Standards, primarily because each of the Subsidiaries has a single investor, which is a related party. Each of the Subsidiaries' primary services is to provide investment-related services to the parent company, including but not limited to providing investment management services to the Company and acting as guarantor to the Company of its short-term credit facility. 3 Taxation The Company and the Subsidiaries are exempt from taxation in Guernsey under The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and are each liable for the payment of an annual fixed rate of GBP 1,600 (2025: GBP 1,600) per annum for the granting of the exemption. The Group is treated as a corporation for US federal income tax purposes. According to US tax laws, the Company's effectively connected taxable income is subject to a federal tax rate of 21% (2025: 21%). Such tax is reported as Income tax expense in the unaudited condensed consolidated statement of comprehensive income. The Group may incur withholding taxes imposed by certain countries on income from underlying investments. Such income is recognized gross of withholding taxes in the unaudited condensed consolidated statement of comprehensive income. 4 Dividends The Board of Directors of the Company declared its first interim dividend for the year of EUR 0.325 per ordinary share, which was paid on 19 June 2026 to shareholders on the register of members as at 15 May 2026, amounting in total to EUR 22.3 million (2025: EUR 0.375 per ordinary share, which was paid on 13 June 2025 to shareholders on the register of members as at 8 May 2025, amounting in total to EUR 25.9 million). INTERIM REPORT 2026 | Page 37
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5 Segmental reporting The Investment Manager makes strategic allocations of assets between segments on behalf of the Group. The Group has determined its operating segments based on the internal reporting provided by the Investment Manager to the Board of Directors on a regular basis. The Investment Manager considers that the investment portfolio of the Group may consist of up to six sub-portfolios, which are managed by specialist teams within the Investment Manager. Only those segments applicable during the reporting period have been reflected in these unaudited condensed consolidated financial statements and the notes below. There were no changes in the reportable segments during the period. The Investment Manager assesses the performance of the reportable segments based on the net income from and capital appreciation of the financial assets at fair value through profit or loss by segment, based on the fair value methodologies adopted by the Group. This measurement basis excludes any additional general income and expenses which are not allocated to segments but are managed by the Administrator on a central basis. Total assets allocated to reportable segments are those financial instruments presented in the unaudited condensed consolidated statement of financial position by segment, and the Group's other assets, receivables, liabilities, and cash are not considered to be segment assets or liabilities and are managed centrally by the Administrator. Hedging gains and losses are attributable to hedging activities of the Group and managed on a central basis by the Investment Manager and Administrator and the management and incentive fees paid by the Group are not considered segment expenses. The segment information provided by the Investment Manager with respect to reportable segments for the period is as follows: 01.01.2026 30.06.2026In thousands of EUR Private equity 11,7998,723Interest & dividend income (6,406)(86,487)Net gains / (losses) on private equity investments (3,400)(4,414)Net gains / (losses) on incentive fee rebates (5)(220)Withholding tax on private equity investments (53,245)8,447Net foreign exchange gains / (losses) (51,257)(73,951)Total net income private equity (51,257)(73,951)Segment result private equity Other assets 3,9621,390Net gains / (losses) on other assets (2,923)379Net foreign exchange gains / (losses) 1,0391,769Total net income other assets 1,0391,769Segment result other assets Non-attributable 39249Interest & dividend income (12)(82)Withholding tax on interest income (301)205Net foreign exchange gains / (losses) (274)372Total net income non-attributable (8,151)(7,667)Operating expenses PARTNERS GROUP PRIVATE EQUITY LIMITED As restated 01.01.2025 30.06.2025 Page 38 | INTERIM REPORT 2026
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01.01.2026 30.06.2026In thousands of EUR (8,425)(7,295)Segment result non-attributable (including total net income non-attributable) (985)(526)Other financial activities not allocated (59,628)(80,003)Profit / (loss) for period before tax (8)(4)Income tax expense (59,636)(80,007)Profit / (loss) for period after tax < > The comparative period has been restated as explained in Notes 2 and 16. 6 Financial assets at fair value through profit or loss 6.1 PRIVATE EQUITY In thousands of EUR 1,050,043914,034Balance at beginning of period 34,164-Incentive fee rebates at 1 January 2025 (refer to Note 10 and Note 16) 1,084,207914,034Balance at beginning of period including accrued incentive fee rebates 86,58112,367Purchase of Direct and Indirect Investments (181,084)(98,626)Distributions from and proceeds from sales of Direct and Indirect Investments (1,596)(86,487)Net gains / (losses) on private equity investments (18,494)(4,414)Net gains / (losses) on incentive fee rebates (7)(220)Withholding tax on private equity investments (55,573)8,447Net foreign exchange gains / (losses) 914,034745,101Balance at end of period 898,364733,845Private equity investments 15,67011,256Incentive fee rebates < > 6.2 OTHER ASSETS In thousands of EUR 25,00715,503Balance at beginning of period 15,000(82)Purchase of Direct and Indirect Investments (18,960)(1,936)Distributions from and proceeds from sales of Direct and Indirect Investments (2,794)1,390Net gains / (losses) on other assets (2,750)379Net foreign exchange gains / (losses) 15,50315,254Balance at end of period PARTNERS GROUP PRIVATE EQUITY LIMITED As restated 01.01.2025 30.06.2025 01.01.2025 31.12.2025 01.01.2026 30.06.2026 01.01.2025 31.12.2025 01.01.2026 30.06.2026 < > Purchase of Direct and Indirect Investments represent capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. INTERIM REPORT 2026 | Page 39
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7 Accruals and other short-term payables As at the end of the reporting period, accruals and other short-term payables mainly include Crystallized Incentive Fees (refer to Note 10 Incentive fee and Note 16 Restatement of 30 June 2025 comparatives). 8 Share capital, treasury shares, and reserves 8.1 SHARE CAPITAL AND TREASURY SHARES 31.12.202530.06.2026 In thousands of EUR Authorized 200200200,100,000 ordinary shares of EUR 0.001 each 200200Total authorized shares Issued and fully paid 696969,151,168 ordinary shares of EUR 0.001 each 6969Total issued and fully paid shares < > PARTNERS GROUP PRIVATE EQUITY LIMITED During the previous reporting period, the shareholders approved a share buyback program following Free Cash Flow as calculated under the Company's Capital Allocation Policy, authorizing the Company to acquire 10,365,760 of its ordinary shares, or, if less, 14.99% of its ordinary shares in issue (excluding those held as treasury shares) at the date of approval. The share buyback program was launched on 8 October 2025 with an initial budget of EUR 15.0 million, to be implemented over the period ending 31 January 2026. On 28 January 2026, the Company announced an extension of the program, allowing the remaining budget to be utilized through 30 April 2026. Subsequently, on 8 April 2026, the Company announced a further extension to 31 July 2026 and allocated a further EUR 18.0 million to the progra m . This was in addition to the residual EUR 1.6 million of capital allocated for share buybacks in October 2025 that had not been used as of the announcement date. The combined EUR 19.6 million buyback program, originally due to expire on 31 July 2026, was subsequently extended to 30 September 2026, as announced by the Company on 6 July 2026. Of the EUR 18.0 million approved in April 2026, EUR 13.5 million remained available for future share buybacks. During the reporting period, the Company repurchased 1,498,686 ordinary shares at an average price of EUR 8.96 per share. At the Annual General Meeting held on 18 June 2026, the shareholders renewed the authority granted to Directors to purchase up to 14.99% (31.12.2025: 14.99%) of the issued share capital of the Company. No ordinary shares were issued or cancelled during the current and previous reporting periods. Treasury shares are recognized at cost and presented separately within equity. The Company may hold treasury shares in relation to the approved share buyback program until such shares are cancelled in the share register. As at the end of the reporting period, there were 2,060,711 treasury shares (31.12.2025: 562,025 treasury shares). No treasury shares were cancelled during the current and previous reporting periods. Page 40 | INTERIM REPORT 2026 Between the reporting date and the approval of these unaudited condensed consolidated financial statements, the Company repurchased a further 713,105 of its ordinary shares at an average price of EUR 7.19 per share.
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01.01.2025 31.12.2025 01.01.2026 30.06.2026 Value (in thousands of EUR) Number of sharesValue (in thousands of EUR) Number of shares Ordinary shares 6969,151,1686969,151,168Balance at beginning of period ----Shares issued during the period ----Shares cancelled during the period 6969,151,1686969,151,168Balance at end of period Treasury shares --5,840562,025Balance at beginning of period 5,840562,02513,4231,498,686Shares repurchased during the period ----Shares sold during the period ----Shares cancelled during the period 5,840562,02519,2632,060,711Balance at end of period 68,589,14367,090,457Ordinary shares excluding treasury shares at period end 69,083,80867,912,596Weighted average number of ordinary shares excluding treasury shares during the period 8 .2 RESERVES The Directors have decided to present Reserves and Retained earnings as one reserve, both of which are distributable reserves and similar in nature. This presentation remains consistent for the relevant reporting period. PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 41
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9 Credit facility The Group entered into a multi-currency revolving credit facility with a financial institution on 27 July 2011 (the "Original Facility Agreement"). The Total Commitments under the facility were EUR 140,000,000 with a margin of 3.25% per annum (or 2.95% if certain conditions were met, including no default occurring and the total asset ratio being less than or equal to 15%). Effective 12 November 2025, under the Amendment and Restatement Agreement (the "Amended Facility Agreement") with additional financial institutions, the Total Commitments was increased to EUR 150,000,000, representing an increase of EUR 10,000,000 in Additional Commitments. Additionally, the margin has been reduced to 2.70% per annum and is subject to a defined loan-to-value ratio. The purpose of the credit facility is to support various investment and operational needs of the Group. The facility is secured by way of a market standard security package including a pledge over the shares in the Subsidiary and a pledge over the Group's ZKB Swiss and Credit Suisse bank accounts. The Group must maintain a total net asset value of at least EUR 500,000,000 (31.12.2025: EUR 500,000,000) and a total asset ratio (total debt plus current liabilities as a percentage of restricted net asset value) not greater than 25%. The restricted net asset value of the Group means total net asset value less: (a) the aggregate net asset value in the base currency, calculated using the exchange rate on the specified date, to the extent that it does not exceed the limits set out in the Diversity Tests as calculated based on (i) in respect of the period from the original date of this Agreement to and including the Reporting Switch Date, by reference to the most recent Quarterly Report or (ii) following the reporting switch date by reference to the most recent set of Annual Consolidated Financial Statement, Semi-Annual Report or Quarterly Report; and (b) to the extent that the value of any shares of the Company that are acquired as per definition of Permitted Acquisition which is included in total net asset value, the value of such shares. Permitted Acquisition is (i) the acquisition of a Private Equity Investment directly or indirectly by Subsidiary given that certain conditions are met, including compliance with financial covenants and the Investment Policy; and (ii) the acquisition by the Company of its own shares in the market or by tender offer, as permitted by the Constitutional Documents and the Companies (Guernsey) Law, 2008, in order to mitigate any discount to the net asset value at which such shares are trading. As at the end of the reporting period and the previous reporting period, no event of default has occurred. 27 July 2011Date of entering the agreement 12 November 2025Amendment date 13 December 2026Original date of termination 12 November 2029Amended date of termination of the agreement EUR 150,000,000 (31.12.2025: EUR 150,000,000)Amount available for utilization of the Company under the agreement Interest is payable using EURIBOR in relation to any loan in EUR plus margin. Prior to Amendment date, the margin was Basis of the interest on principal drawn is: Margin + subject to the loan-to-value and was stepped between 2.95% and 3.25%. Starting from the Amendment date onwards, the margin is 2.70% and is subject to the loan-to-value ratio. PARTNERS GROUP PRIVATE EQUITY LIMITED Page 42 | INTERIM REPORT 2026
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In thousands of EUR Short-term credit facility --Balance at beginning of period 99,1006,000Drawdown of credit facility (99,100)(6,000)Repayment of credit facility --Balance at end of period < > 10 Incentive fee In thousands of EUR 50,31556,768Balance at beginning of period 34,164-Reclassification of incentive fee rebates (see Note 6 and 16) 84,47956,768Balance at beginning of period excluding accrued incentive fee rebates (27,711)(10,089)Crystallized Incentive Fees paid 56,76846,679Balance at end of period 56,76846,679Crystallized Incentive Fee 56,76846,679Total net incentive fees < > Crystallized Incentive Fee is equal to the Incentive Fee that would have been payable to the Investment Manager as at 31 December 2024 pursuant to the Investment Management Agreement (the "IMA") prior to the enactment of the amended Investment Management Agreement (the “Amended IMA”) with effect from 1 January 2025. 11 Commitments to Direct and Indirect Investments 31.12.202530.06.2026 In thousands of EUR 119,802113,615Unfunded commitments translated at the rate prevailing at end of period PARTNERS GROUP PRIVATE EQUITY LIMITED < > 12 Earnings per share and net assets per share Basic earnings per share are calculated by dividing the profit or loss for the financial period attributable to the shareholders by the weighted average number of shares outstanding (excluding treasury shares) during the period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares, if any. There were no dilutive effects on the Group shares during the first half of 2026 and 2025. The net asset value per share is calculated by dividing the net assets in the consolidated statement of financial position by the number of shares outstanding at the end of the reporting period. 01.01.2025 31.12.2025 01.01.2026 30.06.2026 01.01.2025 31.12.2025 01.01.2026 30.06.2026 INTERIM REPORT 2026 | Page 43
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31.12.202530.06.2026 In thousands of EUR 891,520776,085Net asset value of the Group 68,589,14367,090,457Outstanding shares at the end of the reporting period 13.0011.57Net asset value per share at period end (in EUR) < > 13 Fair value measurement 13.1 FAIR VALUE ESTIMATION REPORTING PERIOD TotalLevel 3Level 2Level 1 In thousands of EUR Assets 2,4012,401--Other short-term receivables 14,13214,132--Deferred receivables on investments 757,161757,161--Financial assets at fair value through profit or loss - equity securities 3,1943,194--Financial assets at fair value through profit or loss - debt investments 776,888776,888-Total assets Liabilities ----Total liabilities < > During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. 13 .2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD - TotalLevel 3Level 2Level 1 In thousands of EUR Assets 4,7734,773--Other short-term receivables 14,13214,132--Deferred receivables on investments 926,577926,577--Financial assets at fair value through profit or loss - equity securities 2,9602,960--Financial assets at fair value through profit or loss - debt investments 948,442948,442-Total assets Liabilities ----Total liabilities < > During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. - PARTNERS GROUP PRIVATE EQUITY LIMITED Page 44 | INTERIM REPORT 2026
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13.3 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS The Group primarily presents level 3 investments using valuation techniques and inputs which consider the available underlying investment valuation information. Level 3 investments may consist of Equity Instruments, Debt Instruments, and Partnership Investments. The main inputs into the Group's valuation models for Equity Instruments include EBITDA multiples (based on budgeted/forward-looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary. Further inputs consist of external valuation appraisals and broker quotes. In order to assess level 3 valuations in accordance with the constituent documents, the performance of the investments held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is considered using various valuation methods and techniques generally recognized within the industry. From time to time, the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the individual investment circumstances, such as its maturity, stage of operations or recent transaction. The Group utilizes comparable trading multiples in arriving at the valuation for the Equity Instruments. Comparable companies' multiple techniques assume that the valuation of unquoted Equity Instruments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in the determination of appropriate comparable public companies include industry, size, development stage, and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity Instrument is selected (these include but are not limited to EBITDA, price to earnings ratio for earnings or price to book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued Equity Instrument and the comparable company set. The indicated fair value of the Equity Instrument is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. The valuation of an Equity Instrument may alternatively be derived using the discounted cash flow method by discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects its relative risks. Equity Instruments can be valued by using the "cash flow to investor" method (a debt instrument valuation), or indirectly, by deriving the enterprise value using the "free cash flow to company" method and subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment, an expected return of the respective Equity Instrument is projected. The future cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value. Debt Instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt Instruments which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes for Debt Instruments are provided by a reputable financial information provider. These quotes are applied on the nominal value of such investments to derive the fair value. The comparable debt approach arrives at the valuation of a Debt Instrument by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date. Other methods used include EBITDA multiples and enterprise value to sales multiples. Partnership Investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership Investments are generally valued at the Partnership Investments' net asset values last reported by its governing bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result of cash flows to/from a Partnership Investment between the most recently available net asset value PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 45
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PARTNERS GROUP PRIVATE EQUITY LIMITED reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information on developments of portfolio companies held by Partnership Investments, syndicated transactions which involve such companies and the application of reporting standards by Partnership Investments which do not apply the principle of fair valuation. The valuation of level 3 Equity Instruments derived using an unobservable input factor is directly affected by a change in that factor. The change in valuation of level 3 Equity Instruments may vary between different investments of the same category as a result of individual levels of debt financing within such an investment. No interrelationship between unobser vable inputs used in the Group's valuation of its level 3 investments has been identified. The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonably possible alternative assumptions. Equity and Debt Instruments may include certain investments using the valuation technique "reported fair value". Such investments invest solely into an external investment vehicle, hence their fair value is based on reported fair value rather than a direct investment valuation. The sensitivity analysis presents the potential change in fair value for each category of investment in absolute values. For a 5% m ovement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental change in valuation of the investment is calculated. A sensitivity analysis is generally not performed for Equity and Debt Instruments that have been acquired within the last three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS 13 as there is no quantifiable sensitivity range based on valuation inputs that would be considered appropriate by market participants. Page 46| INTERIM REPORT 2026
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13.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD Sensitivity +5% -5% Range (weighted average) Unobservable input Valuation technique Fair value at 30.06.2026 Type of security Fair value in thousands of EUR (56,823)56,8232.25x - 38.80x (16.54x) Enterprise value to EBITDA multiple Market comparable companies 659,383Equity Instruments n.a.n.a.n.a.Recent transaction price Exit price20,575 (721)7211.18x - 14.50x (6.81x) Enterprise value to sales multiple Market comparable companies 13,529 (610)61014.00% - 19.70% (18.64%) Discount factorDiscounted cash flow 7,644 (221)2212.30x - 2.30x (2.30x) Price to book ratio Market comparable companies 4,430 n.a.n.a.n.a.Reported fair value Reported fair value 2,153Debt Instruments n.a.n.a.n.a.Recent transaction price Exit price23 (436)436n.a.Reported net asset value Adjusted reported net asset value 8,727Partnership Investments 00n.a.Fair value adjustments Adjusted reported net asset value 6 Total716,470 Amounts from Partners Group investment vehicles32,629 Incentive fee rebates at end of period11,256 Total level 3 investments760,355 n.a. - not meaningful as outlined in the note above The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 47
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13.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD Sensitivity +5% -5% Range (weighted average) Unobservable input Valuation technique Fair value at 31.12.2025 Type of security Fair value in thousands of EUR (62,045)62,0453.00x- 41.85x (17.53x) Enterprise value to EBITDA multiple Market comparable companies 742,892Equity Instruments n.a.n.a.n.a.Recent transaction price Exit price30,320 (1,329)1,3291.92x - 2.30x (1.99x) Price to book ratio Market comparable companies 26,572 (662)6621.18x - 15.60x (6.59x) Enterprise value to sales multiple Market comparable companies 11,614 n.a.n.a.n.a.Recent transaction price Recent financing9,025 / transaction 929,537 Total level 3 investments 80, 653 Amounts from Partners Group investment vehicles 15,670 Incentive fee rebates at end of period 833,214 Total 7(7)n.a.Fair value adjustments Adjusted reported net asset value (131) (430) 430 n.a.Reported net asset value Adjusted reported net asset value 8,593 Partnership Investments n.a.n.a.n.a.Recent transaction price 23 flow Exit price 0 0 1,941 Discounted cash Discount factor 0% - 0% (0%) Debt Instruments 0 0 n.a.Reported fair value Reported fair value 418 flow (17) 17 13.10% - 13.10% (13.10%) 1,947 Discounted cash Discount factor PARTNERS GROUP PRIVATE EQUITY LIMITED n.a. - not meaningful as outlined in the note above The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. Page 48 | INTERIM REPORT 2026
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PARTNERS GROUP PRIVATE EQUITY LIMITED 14 Related party transactions and balances 14.1 TRANSACTIONS In thousands of EUR 5,690 5,690 218 218 125 125 - - (10,089) (10,089) 258 9,300 Invested amounts and distributions from / (to) Partners Group advised entities (investment side), net < > Management fee expenses Partners Group AG Administration fee expenses Partners Group (Guernsey) Limited Service fee expenses Partners Group AG Incentive fee expenses Partners Group AG Crystallized incentive fee paid Partners Group AG Directors' fee expenses 14.2 PERIOD-END BALANCES 31.12.202530.06.2026 In thousands of EUR 14,132 14,132 - - (56,768) (56,768) Non-current deferred receivable on investments Partners Group affiliated entities Current deferred receivable on investments Partners Group affiliated entities Crystallized incentive fee Partners Group AG Fair value of incentive fee rebates Commitments to Partners Group advised entities (investment side) Fair value of investments advised by Partners Group or related parties < > 15 Events after the reporting date On 6 July 2026, the Company announced an extension of the share buyback program to 30 September 2026 and further repurchases of ordinary shares are disclosed in Note 8 Share capital, treasury shares and reserves. The Board of Directors is of the opinion that no other events took place between the end of the reporting period and the date of approval of these unaudited condensed consolidated financial statements that would require disclosure in or adjustments to the amounts recognized in these unaudited condensed consolidated financial statements. 1,002,834 646,224 15,670 11,256 957,034 579,817 - - 14,132 14,132 (46,679) (46,679) 01.01.2026 30.06.2026 01.01.2025 30.06.2025 7,058 7,058 237 237 125 125 - - (5,102) (5,102) 327 7,388 INTERIM REPORT 2026 | Page 49
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16 Restatement of 30 June 2025 comparatives These changes in treatment were adopted subsequent to the issue of the unaudited condensed consolidated financial statements as at 30 June 2025. As such, the unaudited condensed consolidated statement of comprehensive income and the unaudited condensed consolidated statement of cash flows for the period ended 30 June 2025 as reported in these financial statements have been restated to reflect these changes. The restatement did not have any impact on the net profit, the net increase in cash or net asset value at 30 June 2025 and consequently there was no impact on the unaudited condensed consolidated statement of changes in equity. The adjustments made are detailed in the tables below: Unaudited condensed consolidated statement of comprehensive income 01.01.2025 30.06.2025 (59,636) (3,400) 3,393 7 (59,636) 30.06.2025 953,500 30,764 (30,764) (79,377) 79,377 953,500 The annual audited consolidated financial statements for the year ended 31 December 2025 reflected a change in treatment of incentive fees and incentive fee rebates such that incentive fee rebates are now classified as financial assets at fair value through profit or loss rather than as other short-term receivables with changes in value included in net gains / (losses) on incentive rebates in the annual audited consolidated statement of comprehensive income. The Crystallized Incentive Fees have been reclassified as due within one year as required by IFRS Accounting Standards given the uncertainty around settlement dates. This change was detailed in Notes 4, 9 and 14 to the annual audited consolidated financial statements. PARTNERS GROUP PRIVATE EQUITY LIMITED In thousands of EUR Total comprehensive income as previously stated Adjustments: Net gains / (losses) on incentive fee rebates Incentive fees Other operating expenses Total comprehensive income (as restated) Unaudited condensed consolidated statement of financial position In thousands of EUR Net assets as previously stated Adjustments: Financial assets at fair value through profit or loss - private equity - incentive fee rebates Other short-term receivables Accruals and other short-term payables Other long-term payables Total net assets (as restated) Page 50 | INTERIM REPORT 2026
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Unaudited condensed consolidated statement of cash flows 01.01.2025 30.06.2025 In thousands of EUR (10,039)Net increase / (decrease) in cash and cash equivalents as previously stated Adjustments: 3,400Net gains/(losses) on incentive fee rebates 30,764(Increase) / decrease in receivables (34,164)Increase / (decrease) in payables (10,039)Net increase / (decrease) in cash and cash equivalents (as restated) 17 Approval of these financial statements The Board of Directors approved these unaudited condensed consolidated financial statements on 26 August 2026. PARTNERS GROUP PRIVATE EQUITY LIMITED INTERIM REPORT 2026 | Page 51
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Investor Relations Partners Group AG Andreea Mateescu Unternehmer-Park 3 6340 Baar Administrator Partners Group (Guernsey) Limited Tudor House Le Bordage St. Peter Port Guernsey, GY1 6BD Channel Islands Investment Manager Partners Group AG Unternehmer-Park 3 6340 Baar Switzerland Switzerland +41 41 784 6673 pgpe-ltd@partnersgroup.com Company Secretary Aztec Financial Services (Guernsey) Limited East Wing, Trafalgar Court Les Banques St. Peter Port Guernsey, GY1 3PP Channel Islands PARTNERS GROUP PRIVATE EQUITY LIMITED Registered Office Partners Group Private Equity Limited Tudor House Le Bordage St. Peter Port Guernsey, GY1 6BD Channel Islands Info: www.partnersgroupprivateequitylimited.com Registered number: 35241