Carlyle : First Quarter 2025 Earnings Press Release

' E V P ] P I 6 I T S V X W

* M V W X 5 Y E V X I V

*	M	R	E R G	M E	P
1	%	=	c

6 I W Y P X W

Carlyle Reports First Quarter 2025 Financial Results

WASHINGTON, D.C. AND NEW YORK - May 8, 2025 - Global investment firm The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the first quarter ended March 31, 2025.

U.S. GAAP Results

U.S. GAAP results for Q1 2025 included income before provision for income taxes of

$171 million and a margin on income before provision for income taxes of 17.6%.

Dividend

The Board of Directors has declared a quarterly dividend of $0.35 per common share to holders of record at the close of business on May 19, 2025, payable on May 27, 2025.

Conference Call

Carlyle will host a conference call at 8:30 a.m. EDT on Thursday, May 8, 2025, to discuss its first quarter financial results. The call will be available via public webcast from the Shareholders section of Carlyle's website at https://www.carlyle.com and a replay will be available on our website soon after the call's completion.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at https://www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

"Our quarterly results reflect focused execution against our long-term strategy, evidenced by record Fee Related Earnings, FRE margin, and assets under management. In today's dynamic environment, the scale of our global platform, our asset-light approach, and our decades of experience investing capital position us well to navigate across market cycles and capture opportunities. With $84 billion in dry powder and on the ground insights across global markets, we remain confident in our ability to drive long-term value for our clients and shareholders."

HARVEY M. SCHWARTZ

Chief Executive Officer

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, and our dividend policy. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such

forward-looking statements are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those

indicated in these statements including, but not limited to, those described in this presentation and under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ("SEC") on February 27, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at https://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our other periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

This presentation does not constitute an offer for any Carlyle fund.

Contacts

INVESTOR RELATIONS

Daniel Harris

Phone: [phone]

[e-mail]

MEDIA

Brittany Berliner Kristen Ashton

Phone: [phone] Phone: [phone]

[e-mail] [e-mail]

* M V W X 5 Y E V X I V

* M R E R G M E P 6 I W Y P X W

Carlyle First Quarter 2025 U.S. GAAP Results

1Q'24	1Q'25
$ 523.6	$ 586.1
26.2	43.2
(83.9)	159.8
164.9	133.4
57.6	50.6
688.4	973.1
221.9	218.4
108.3	103.5
(72.8)	171.4
147.7	173.6
124.6	113.5
31.0	27.8
560.7	808.2
(7.0)	6.1
120.7	171.0
21.9	12.4
98.8	158.6
33.2	28.6
$ 65.6	$ 130.0
$ 0.18	$ 0.36
$ 0.18	$ 0.35
17.5 %	17.6 %
18.1 %	7.3 %
$ (84.2)	$ 51.5

LTM 1Q'24	LTM 1Q'25
$ 2,066.0	$ 2,250.6
100.1	150.5
(211.6)	2,498.1
613.1	600.1
225.7	211.2
2,793.3	5,710.5
985.4	872.0
303.0	463.1
925.2	1,605.7
640.6	691.5
450.0	553.8
125.2	117.5
3,429.4	4,303.6
(3.7)	37.1
(639.8)	1,444.0
(116.6)	293.1
(523.2)	1,150.9
120.3	66.1
$ (643.5)	$ 1,084.8
$ (1.78)	$ 3.03
$ (1.78)	$ 2.95
(22.9)%	25.3 %
18.2 %	20.3 %
$ (1,331.6)	$ 789.9

Net income attributable to The Carlyle Group Inc. common stockholders was $130 million for Q1 2025, or $0.35 per share on a diluted basis

(Dollars in millions, except per share amounts)

REVENUES

Fund management fees

Total Revenues

EXPENSES

Incentive fees

Investment income (loss), including performance allocations Revenue from consolidated entities

All other revenues

Cash-based compensation and benefits

Equity-based compensation

Performance allocations and incentive fee related compensation General, administrative and other expenses

Expenses from consolidated entities Interest and other non-operating expenses

Net investment income (loss) of consolidated funds Provision (benefit) for income taxes

Net income (loss)

Net income attributable to non-controlling interests

Net income (loss) attributable to The Carlyle Group Inc. per common share: Basic

Margin on income (loss) before provision for taxes2

Effective tax rate

Diluted

Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders

Income (loss) before provision for income taxes1

Total Expenses

Net performance revenues3

• Fund management fees increased 12% in 1Q'25 from the comparable period in 2024, primarily driven by an increase in capital markets fees, and to a lesser extent, the impact of fundraising in our Carlyle AlpInvest products, the activation of fees in certain products in our Global Private Equity segment in the latter part of 2024 and an increase in catch-up management fees of $14 million. These increases were partially offset by the impacts of step-downs in certain products in our Global Private Equity segment and net investment realization activity across funds that charge fees on invested capital.

• Investment income, including performance allocations, in 1Q'25 primarily reflects the accrual of unrealized performance allocations driven by appreciation in our carry fund portfolio, particularly in our

See Notes at end of document.

5

U.S. buyout funds, partially offset by a reversal of unrealized performance allocations related to our Asia Buyout strategy. Additionally, during 1Q'25, we restructured the terms of our strategic investment in NGP (as defined herein), which resulted in an impairment charge of $93 million related to our investment in NGP Management (as defined herein) as well as the reversal of $38 million in investment income from NGP performance allocations. Investment loss, including performance allocations, in 1Q'24 primarily reflects the reversal of unrealized performance allocations in certain carry funds.