Pershing Square Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Management fee revenue for Q2 2026 reflects fees earned from PSUS only for the portion of the quarter following its IPO closing on April 30, 2026, representing approximately two-thirds of a full quarter.
• Fee-Related Earnings (FRE) management fee revenue is reported gross of contra-revenue associated with the amortization of the Deferred Asset - PS Inc. IPO Shares and the Deferred HHH Premium.
• PS Inc. is subject to U.S. federal, state, and local corporate income taxes following the Corporate Conversion; no corporate income tax was incurred in periods prior to Q2 2026.
• Beginning in Q3 2026, taxes reflected in Distributable Earnings represent the estimated current income tax provision, including adjustments to income taxes payable and known tax adjustments expected during the tax year.
• AUM outflows for the three and six months ended June 30, 2026, included $354 million of investor withdrawals and redemptions from PSLP and PSINTL to participate in the PSUS IPO and Private Placement.
• Fee-Paying AUM (FPAUM) outflows for the three and six months ended June 30, 2026, included $273 million of investor withdrawals and redemptions from PSLP and PSINTL for the same PSUS participation.
• Changes in debt balances are reflected in the Inflows and Outflows sections of the AUM roll-forward.
• HHH Fees include a quarterly base management fee of $3.75 million ($15 million annually) and a quarterly variable management fee equal to 0.375% of the excess of the quarter-end HHH stock price over an initial reference price of $66.1453, multiplied by a reference share count of 59,393,938 shares.
• Management fees are generally calculated and paid quarterly in advance at 0.375% (1.5% annually) of NAV for PSH and Private Funds, and 0.5% (2.0% annually) of NAV for PSUS.
• PSH pays a 16% performance fee, while PSINTL pays a 20% performance fee.
• Preferred Performance Fees are earned on the first five percentage points of fund returns, net of management fees, above the applicable high-water mark.
• Subordinated Performance Fees, paid to CompCo for employee compensation, are not available for distribution through dividends.
• The HHH Premium of $292.8 million is amortized as contra-revenue in management fees on a straight-line basis over 20 years beginning May 5, 2025.
• The Deferred Asset - PS Inc. IPO Shares is amortized over 10 years.

Business Segments and Product Lines

• PSUS consummated its initial public offering on April 30, 2026, as part of the Combined Transaction, with shares admitted to trading on the NYSE.
• The Combined Transaction included the Combined IPO and the Combined Private Placement of PSUS Shares and Pershing Square Inc. common stock.
• The Corporate Conversion of PS Holdco (Delaware limited partnership) into Pershing Square Inc. (Nevada corporation) became effective April 28, 2026.
• PSCM acts as the investment manager to the Core Funds (PSLP, PSINTL, PSH, and PSUS) and HHH.
• The HHH Services Agreement generates fees consisting of the base and variable management fees described in financial performance.
• The fee offset arrangement reduces the annual performance fee PSCM earns from PSH by 20% of performance fees and allocations earned from non-PSH funds (PSLP, PSINTL, PSUS) and 20% of management fees earned from certain non-PSH funds without performance fees.
• The affiliate fee rebate mechanism for management and performance fees attributable to shares of PSH held by employees and affiliates was terminated following the Combined IPO.
• Cash-based profit-sharing distributions previously treated as compensation expense are now treated as equity distributions (dividends) following the Combined Transaction.

Other Key Points

• On July 21, 2026, Pershing Square Inc. paid a dividend of $0.122 per common share to shareholders of record as of the close of business on July 13, 2026.
• PSCM issued a Preferred Profits Interest to Pershing Square, Inc. and a Subordinated Profits Interest to CompCo in connection with the Combined IPO.
• Shares of common stock and certain redeemable interests of PS Partner Group were granted to partners in PS Partner Group in exchange for their existing profit-sharing interests.
• A non-cash gain was recognized in Q2 2026 primarily due to the deconsolidation of PSUS following the Combined Transaction.
• Management fee revenue and Distributable Earnings for historical periods have been presented on a basis that excludes affiliate fee rebate expenses and profit-sharing partner compensation to facilitate period-to-period comparability.
• The Variable Compensation Agreement (VCA) was terminated in connection with the Combined Transaction, replaced by the Preferred and Subordinated Profits Interests which generally provide for the same calculation and allocation of fees.
• Pershing Square Inc. does not have an equity interest in PSGP (the general partner of PSLP); therefore, performance allocations and unrealized gains/losses from PSGP are fully attributable to non-controlling interest.
• CEO Bill Ackman and CIO Ryan Israel hosted a live audio webcast and conference call on August 13, 2026, followed by a live Spaces Q&A event on X.