Letter to Shareholders in the 2025 Annual Report

Citations · 6

• “In 2025, Pershing Square Holdings generated NAV performance of 20.9% and a 33.9% total shareholder return as a result of the narrowing of the discount to NAV at which PSH shares trade. In comparison, the S&P 500 generated a total return of 17.9% for the year.”

  p#2 · confidence 95%

• “Of the S&P 500's roughly 13% average annual return from 2020 through 2025, approximately 10 percentage points were attributable to earnings-per-share growth while only about three percentage points came from P/E multiple expansion.”

  p#16 · confidence 95%

• “Collectively, the ten largest companies, which account for nearly 40% of the capitalization of the overall index, are expected to grow their earnings per share by more than 20% for each of the next two years, which is nearly triple the level of growth expected for the remaining 490 companies in the index.”

  p#18 · confidence 95%

• “In May, Pershing Square Holdco, L.P. ("Holdco"), the management company or "GP" of the Pershing Square funds, acquired a $900 million stake in HHH increasing our total ownership to 47% of HHH (15% by Holdco and 32% by the Pershing Square funds).”

  p#25 · confidence 95%

• “In December, HHH took an important step forward in executing its new strategy by entering into a definitive agreement to acquire Vantage Group Holdings, Ltd. ("Vantage"), a specialty insurance and reinsurance company, for $2.1 billion.”

  p#28 · confidence 95%

• “Day One Investors have grown their equity investment at a 16.2% compounded annual NAV return over the last 22 years compared with a 10.7% return had they invested in the S&P 500 over the same period.”

  p#1 · confidence 95%