Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Apollo Global Management — Investor Presentation (August 2026)
45 slides from Apollo Global Management, Inc. (new)'s investor presentation, August 2026
Slide 1: Investor Presentation
Apollo Global Management Investor Presentation August 2026
Slide 2: Forward-Looking Statements & Other Important Disclosures
Forward-Looking Statements & Other Important Disclosures In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This presentation may contain forward-looking
Slide 3: Apollo Today: Integrated Asset Management & Retirement Services Capabilities
Apollo Today: Integrated Asset Management & Retirement Services Capabilities GLOBAL MANAGEMENT $79B ~6,300 ASSET Market Employees RETIREMENT M A N AG E M E N T Capitalization1 Globally SERVICES A2 / A / A Rated by Moody’s, S&P, Fitch ASSET MANAGEMENT $1T A2 / A / A $37B A1 / A+ / A+ / A+ Assets Unde
Slide 4: The Engine of Growth & Retirement Around the Globe
The Engine of Growth & Retirement Around the Globe IG to Equity Solutions Investors Asset-Backed Annuity Holders Multi-Credit Insurance Companies Companies Solving Direct Lending Seeking Retirement Pension Funds Capital Needs Hybrid Sovereign Funds Infrastructure Endowment & Foundations Real Estate
Slide 5: Apollo in 2026: Leading Change, Delivering Record Results
Apollo in 2026: Leading Change, Delivering Record Results $1.0T $317B $298B Record Robust Origination Total Inflows AUM LTM 2Q’26 LTM 2Q’26 $2.9B $3.3B 0.1% Record Fee Related Earnings Robust Spread Related Earnings Average Annualized Default Rate1 LTM 2Q’26 LTM 2Q’26 2009 – 2Q’26 Access Our Latest
Slide 6: Leadership by the Numbers
Leadership by the Numbers $849B 885 14.5K+ Largest Alternative Global Wealth Clients Employee Volunteer Credit Manager1 & Distribution Partners Hours in 2025 >60% of Credit AUM is IG ~235 55 Significant Player People Dedicated Senior Leaders with in Alternative to Insurance 28 Avg. Years of Investme
Slide 7: The Apollo Ethos: In All Markets and At All Times…
The Apollo Ethos: In All Markets and At All Times… 01 02 03 Purchase Price Excess Return Unparalleled Matters Per Unit of Risk Alignment Allocating capital to the best Generating excess return Committing side-by-side with risk/reward in any market per unit of risk across the investors as one of the
Slide 8: Convergence Continues, Making it Harder to Distinguish Between Public and Private
Convergence Continues, Making it Harder to Distinguish Between Public and Private Public Markets Remain Indexed… Fewer Public Companies Today1 10 Companies make up ~40% of the S&P 5001 8,090 3,877 1996 2026 …Everything is Correlated S&P 500 = ~85% of the Total Equity Market Cap1 ~50% of the S&P 500
Slide 9: While Public Markets Offer Beta, Private Markets Can Provide Excess Return
While Public Markets Offer Beta, Private Markets Can Provide Excess Return Rise of Indexation The Number of Private Companies Continues to Increase 70% % Active Equity Funds % Passive Equity Funds 61% 50% 30% 82% 97% of U.S. Companies with $100M+ of European Companies with 2013 2015 2017 2019 2021 2
Slide 10: The Only Constant is Change
The Only Constant is Change What if the assumptions we’ve always relied on no longer hold true? Innovation isn’t just part of our strategy. It is our strategy. Think It New 10
Slide 11: Our Industry is Surrounded by Massive Market Opportunities
Our Industry is Surrounded by Massive Market Opportunities ~$45T ~$150T 45 150 ~$50T $75T+ ~$ T ~$ T RETIREMENT2 I N D I V I D UA LS 3 $ 75 T+ ~$ 50 T G LO B A L I N D U ST R IA L R E - T H IN K IN G R E N A IS SA NC E 1 P U B L I C VS . P R I VAT E 4 TODAY As previously communicated at Apollo’s Inv
Slide 12: Capital Formation Around These Opportunities Spans Six Expansive Buyer Pools
Capital Formation Around These Opportunities Spans Six Expansive Buyer Pools 06 05 Defined 04 Institutional Contribution/401(k) 03 Traditional Investors (Fixed Income 02 Insurance Asset Managers & Equity 01 Individuals Replacement) Institutional Investors (Alts Bucket) Singular Bucket the Last 35 Ye
Slide 13: Global Industrial Renaissance: Unprecedented Need For Secular CapEx
Global Industrial Renaissance: Unprecedented Need For Secular CapEx Energy Power & Digital Leveraged Finance Sponsor Transition Utilities Infrastructure Overhang Overhang ~$30-50T+ ~$30T ~$15-20T+ $3T+ $3T+ 1 1 1 2 3 P R IM A R ILY N ON - P R IM A R ILY IN V E S T MEN T G R A D E IN V E S T MENT G R
Slide 14: Tremendous Need for Retirement Products, with New Solutions on the Horizon
Tremendous Need for Retirement Products, with New Solutions on the Horizon ~$45 Defined Contribution / 401(k) New Guaranteed Markets Lifetime Income Tax-Advantaged TRILLION 1 Products Structured Global Retirement Settlements Market Stable Value Adjacent RILA3 Markets 1+ BILLION People Worldwide will
Slide 15: Massive Opportunity to Serve Individual Investors
Massive Opportunity to Serve Individual Investors ~50% Private Family Office 150T INDUSTRY ~$ DIRECTION High Net ~2% Private OF TRAVEL TA M Worth Mass Affluent Mass Affluent ~1% Private Sources: Bain Global Private Equity Report 2023, Altrata World Ultra Wealth Report 2024, Fidelity. 15
Slide 16: A Fundamental Rethink of Public & Private is Necessary
A Fundamental Rethink of Public & Private is Necessary Next Target Future Target Fixed Income Equity ✓ Replacement Replacement ALTERNATIVES FIXED INCOME EQUITIES 16
Slide 17: We Believe Replacement Will Generate Alpha: The Future Asset Allocation
The Future Asset Allocation Old Asset Modern Asset Future Asset Allocation Allocation1 Allocation1 Fixed Fixed Income Alpha Income Alpha Fixed We Believe Income Replacement Fixed Income Beta Fixed Income Beta Will Generate Alpha Equity Alpha Equity Equity Equity Beta Alternatives Alternatives Altern
Slide 18: Full Alignment: We Share the Same Outcome With Investors
Full Alignment: We Share the Same Outcome With Investors 3rd-Party Investors Employee Co-Investment ~42% of AUM1 Meaningful commitments 01 Same Credit 02 Origination 03 Sidecar Format alongside fund investors in addition to GP co-invests 04 Co-investments 05 Capital Solutions 1. Athene AUM excludes
Slide 19: Our Success Also Relies on How We Build, Invest and Partner Strategically
Our Success Also Relies on How We Build, Invest and Partner Strategically 04 03 Apollo’s Comprehensive Partnerships 02 Funds Holistic Approach 01 Funds + Co-Investments + Directs LP-centric integrated Funds + Co-Invest ecosystem + Strategic Traditional Partnerships • Funds Model + Knowledge • Co-inv
Slide 20: Key Growth Drivers
APOLLO Key Growth Drivers
Slide 21: We Are Capitalizing on These Trends Through Three Strategic Growth Pillars
We Are Capitalizing on These Trends Through Three Strategic Growth Pillars Origination Global Wealth Capital Solutions $275B+ $150B+ ~$1B Annual target by 2029 Cumulative organic capital Annual fee related revenue raise target (2025-2029) target by 2029 Note: Reflects targets previously communicated
Slide 22: Origination Generates a Recurring Supply of Attractive Assets
Origination Generates a Recurring Supply of Attractive Assets 1 Total Origination Volume 16 Origination Platforms $309B $317B Core Credit $222B Commercial & Large Cap Direct Fund Residential Real Lending Finance Estate Debt $102B $112B High Grade Capital Solutions 2022 2023 2024 2025 2Q'26 LTM Bank
Slide 23: Global Wealth Brings Institutional Grade Investment Acumen to Individuals
Global Wealth Brings Institutional Grade Investment Acumen to Individuals Well-Rounded Product Suite Deepening Footprint Global Wealth Capital Raise Qualified Purchaser Products1 Apollo Aligned Alternatives (“AAA”) Private Equity Global Wealth Headcount ~$30B IG Short Duration Credit Strategies Abso
Slide 24: Capital Solutions Drives Value for All Stakeholders
Capital Solutions Drives Value for All Stakeholders Benefits of a Capital Markets Ecosystem Positioned For Continued Growth Capital solutions fees and other, net Expanded TAM Origination >80% ~$1B Expands addressable market by ~10x, Directly originate more private debt-related $961M Large incrementa
Slide 25: Putting It All Together… Our Financial Targets
Putting It All Together… Our Financial Targets 25
Slide 26: Conviction in Our 2026 Growth Outlook…
Conviction in Our 2026 Growth Outlook… FEE RELATED EARNINGS SPREAD RELATED EARNINGS 1 20%+ 10% FY’26 Growth FY’26 Growth Note: There is no assurance that targets will be achieved. 1. Assumes 11% return on alternative investment portfolio, excluding notable items. 26
Slide 27: …Continues Strong Execution Against Five Year Plan
…Continues Strong Execution Against Five Year Plan Adjusted Net Income Fee Related Earnings Spread Related Earnings Per Share ~$5.0B ~$5.0B ~$15.00 >2x $3.3B $3.1B $8.69 $2.9B $6.98 $1.9B 2024 Investor 2Q'26 LTM 2029E 2024 Investor 2Q'26 LTM 2029E 2024 Investor 2Q'26 LTM 2029E Day Target Day Target
Slide 28: Key Building Blocks of FRE Growth
Key Building Blocks of FRE Growth Origination Organic Inflows1 Capital Solutions Fee Related Earnings Volume Retirement Fees ~$5.0B Asset Management ~$1B $961M $317B $168B $150B+ $275B+ $125B $77B $2.9B ~$85B $611M $164B $70B $1.9B $90B ~$75B $55B 2024 2Q'26 LTM 2029E 2024 2Q'26 2025E- 2024 2Q'26 LT
Slide 29: Key Building Blocks of SRE Growth
Key Building Blocks of SRE Growth Gross Invested Assets1 Organic Inflows2 Net Spread Spread Related Earnings ~$85B ~$5.0B ~130bps $77B $414B $70B $3.3B $3.1B Today ~25% ADIP 2024 2Q'26 2025E- Historical SRE Net Spread 2024 Investor 2Q'26 LTM 2029E Investor Day LTM 2029E Avg 2014 - YTD 2Q'26 Day Targ
Slide 30: Significant Capital Generation to Support Our Growth and Return to Shareholders
Significant Capital Generation to Support Our Growth and Return to Shareholders Diverse Sources of Capital (2025E – 2029E) Uses of Capital (2025E – 2029E) After-Tax FRE Net of Employee Stock Immunization $8B Base Dividend Growth (~10% avg growth or 50% of FRE growth)1 ~$7B Athene Dividend $750M Per
Slide 31: Our Purpose
APOLLO Our Purpose
Slide 32: We are Investing in Tomorrow, Today
We are Investing in Tomorrow, Today Empowering Building & Driving a Retirees Financing More Stronger Sustainable Businesses Future We GET to do this 32
Slide 33: We Educate with Comprehensive, Credible, and Authoritative Perspectives
We Educate with Comprehensive, Credible, and Authoritative Perspectives CASE STUDIES ALLOCATION PRO Apollo Allocation Pro View The Daily From Spark Apollo WITH APOLLO CHIEF ECONOMIST PODCAST TORSTEN SLOK APOLLO.COM/THINKITNEW LEADING WITH PRIVATE FINANCING THE GLOBAL INVESTMENT-GRADE CREDIT INDUSTRI
Slide 34: Best-in-Class Corporate Governance with Strong Leadership
Best-in-Class Corporate Governance with Strong Leadership Best-in-Class Governance 01 02 03 Apollo Leadership Team 55 Single Class of Enhanced Corporate Independent Board Individuals across Common Stock Governance Leadership business areas with One Share One with ~70% Independent Board by Lead Indep
Slide 35: The Apollo Principles
Playing to Win The Apollo Principles To Learn More About “What Makes Apollo Apollo”, visit Apollo.Com 1 2 3 CLEAN NO FLAT AND SHEET WALLS1 INFORMAL THINKING 4 5 6 PRINCIPAL RIGHT LIFE’S MINDSET OVER WORK EASY 1. Apollo has established information barriers in respect of certain business 35 strategies
Slide 36: Appendix
APOLLO Appendix
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 LTM 2Q’24 LTM 2Q’26 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $605 $1,712 $660 $(1,930) $1,336 $5,623 $1,778 Preferred dividends 25 24 24 24 25 95 97 Ne
Slide 38: Reconciliation of GAAP to Non-GAAP Financial Measures – cont'd
Reconciliation of GAAP to Non-GAAP Financial Measures – cont'd Share Reconciliation December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2025 Total GAAP Common Stock Outstanding 567,762,932 569,003,922 569,535,344 572,024,038 Non-GAAP Adjustments: Mandatory Convertible Preferred Stock1 15,564,983
Slide 39: Definitions
Definitions • “Segment Income”or “SI” is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decisions such as the following: ▪ decisions rela
Slide 40: Definitions – cont'd
Definitions – cont'd • “Assets Under Management” or “AUM” refers to the assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and acco
Slide 41: Definitions – cont'd
Definitions – cont'd • “ACRA” refers to Athene Co-Invest Reinsurance Affiliate Holding Ltd, together with its subsidiaries (“ACRA 1”), and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd, together with its subsidiaries (“ACRA 2”). • “ADIP” refers to Apollo/Athene Dedicated Investment Program (“
Slide 42: Definitions – cont'd
Definitions – cont'd • “Gross Return” represents the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, calculated before the effects of management fees, incentive fees allocated to the general partner, and other fees and expenses. Re
Slide 43: Definitions – cont'd
Definitions – cont'd • "Net IRR" of infrastructure funds represents the cumulative cash flows in a fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of June 3
Slide 44: Important Information
Important Information Estimates and Assumptions This presentation includes certain unaudited financial and business projections and goals on Apollo’s future outlook (the “Estimates”). The Estimates reflect the internal financial model that Apollo uses in connection with its strategic planning. The E
Slide 45: Important Information
Important Information Performance Information Past performance is not necessarily indicative of future results and there can be no assurance that Apollo, Athene or any Apollo Fund or strategy will achieve comparable results, or that any investments made by Apollo in the future will be profitable. Ac
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