Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Q2 2026 Earnings Presentation
45 slides from Apollo Global Management, Inc. (new)'s earnings presentation, Aug 4, 2026
Slide 1: Apollo Global Management Investor Presentation
Apollo Global Management Investor Presentation June 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 and Retirement Services Capabilities
Apollo Today: Integrated Asset Management and Retirement Services Capabilities GL OBA L M A NA GEMENT $75B ~6,200 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 A SSET MA N A GEM ENT $1T A2 / A / A $36B A1 / A+ / A+ / A+
Slide 4: The Compounding Intersection of Apollo
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: Growth Momentum Sets Strong Tone For the Year
Apollo in 2026: Growth Momentum Sets Strong Tone For the Year $ 1.0T $ 324B $ 300B Record Record Origination Record Total Inflows AUM LTM 1Q’26 LTM 1Q’26 $ 2.7B $ 3.3B 0.1% Record Fee Related Earnings Robust Spread Related Earnings Average Annualized Default Rate1 LTM 1Q’26 LTM 1Q’26 2009 – 1Q’26 Ac
Slide 6: Leadership by the Numbers
Leadership by the Numbers $834B 885 14.5K+ Largest Alternative Global Wealth Clients Employee Volunteer Credit Manager1 & Distribution Partners Hours in 2025 >60% of Credit AUM is IG ~235 54 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… 1 2 3 Purchase Price Excess Return Unparalleled Matters Per Unit of Risk Alignment Allocating capital to the best Generating excess return per Committing side-by-side with risk/reward in any market unit of risk across the risk- investors as one of t
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 Today2 10 Companies make up ~40% of the S&P 5001 8,090 3,876 1996 2026 …Everything is Correlated S&P 500 = ~85% of the Total Equity Market Cap2 ~43% 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% 81% 96% of U.S. Companies with $100mm+ of European Companies with 2013 2015 2017 2019 2021
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 $75T+ RETIREMENT 2 INDIVIDUALS 3 ~$50T GLOBAL INDUSTRIAL RE-THINKING RENAISSANCE 1 PUBLIC VS. PRIVATE 4 Today As previously communicated at Apollo’s Investor Day in October 2024. 1. TAMs reflect the views and opinions of Apollo
Slide 12: Capital Formation Around These Opportunities Spans Six Expansive Buyer Pools
Capital Formation Around These Opportunities Spans Six Expansive Buyer Pools 6 5 4 Defined 3 Institutional Contribution/ Traditional Investors 401(k) 2 Insurance Asset (Fixed Income & Managers Equity Replacement) Individuals 1 Institutional Investors (Alts Bucket) SINGULAR BUCKET THE LAST 35 YEARS…U
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 O N - P R I M A R I LY IN V E S T MEN T G R A D E IN V E S T MENT
Slide 14: Tremendous Need for Retirement Products, with New Solutions on the Horizon
Tremendous Need for Retirement Products, with New Solutions on the Horizon ~$45 Defined Contribution / 401(k) New Guaranteed Markets Lifetime Income Tax-Advantaged TRILLION 1 Products Structured Global Retirement Settlements Market Stable Value Adjacent RILA3 Markets 1+ BILLION People Worldwide will
Slide 15: Massive Opportunity to Serve Individual Investors
Massive Opportunity to Serve Individual Investors ~50% Private Family Office 150T INDUSTRY DIRECTION ~$ OF TRAVEL ~2% Private High Net TA M Worth ~1% Private Mass Affluent 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: The Future Asset Allocation
The Future We Believe Replacement Will Generate Alpha Asset Allocation: Old Asset Modern Asset Future Asset Allocation Allocation1 Allocation1 Fixed Fixed Income Alpha Income Alpha Fixed Income Fixed Fixed Income Beta Income Beta Equity Alpha Equity Equity Equity Beta Alternatives Alternatives Alter
Slide 18: Full Alignment: We Share the Same Outcome With Investors
Full Alignment: We Share the Same Outcome With Investors SAME CREDIT Meaningful ORIGINATION commitments ~42% of AUM1 alongside SIDECAR fund investors FORMAT in addition to CO-INVESTMENTS GP co-invests 3rd-Party Investors CAPITAL SOLUTIONS Employee Co-Investment 1. Athene AUM excludes ACRA non-contro
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 Funds APOLLO'S + Co-Investments C O M P RE HE N S IVE + Directs P A RT N E RS HIP S + Strategic Partnerships + Knowledge Sharing Traditional Model Vanilla fund investments Passive LP relationships Holistic Approach LP-centric
Slide 20: Key Growth Drivers
Key Growth Drivers 20
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 Total Origination Volume 16 Origination Platforms1 $309B $324B $222B Core Credit Commercial & Large Cap Direct Fund Residential Real Lending Finance Estate Debt $102B $112B High-Grade Capital Solutions 2022 2023 2024 2025 1Q'26 LTM Platfo
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 300+ Credit Strategies
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 Large incremental rela
Slide 25: 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 $3.1B $3.3B $8.50 $2.7B $6.98 $1.9B 2024 Investor 1Q'26 LTM 2029E 2024 Investor 1Q'26 LTM 2029E 2024 Investor 1Q'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 $324B $900M $150B+ $275B+ $148B $125B ~$85B $2.7B $76B $611M $164B $70B $1.9B $72B ~$75B $55B 2024 1Q'26 LTM 2029E 2024 1Q'26 LTM 2025E-2029E 2024
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 $76B $397B $70B $3.3B $3.1B Today 24% ADIP 2024 1Q'26 LTM 2025E-2029E Historical SRE Net Spread 2024 Investor 1Q'26 LTM 2029E Investor Day Avg Annual 2014 - 1Q'26 Day Tar
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 Base Dividend Growth ~$7B NET OF EMPLOYEE STOCK IMMUNIZATION $8B (~10% AVG GROWTH OR 50% OF FRE GROWTH) Athene Dividend $750M PER Y
Slide 31: Our Purpose
Our Purpose 31
Slide 32: We are Investing in Tomorrow, Today
We are Investing in Tomorrow, Today Empowering Building & Driving a Retirees Financing More Stronger Sustainable Businesses Future We GET to do this 32
Slide 33: We Educate with Comprehensive, Credible, and Authoritative Perspectives
We Educate with Comprehensive, Credible, and Authoritative Perspectives CASE STUDIES ALLOCATION PRO Apollo Allocation Pro View The Daily From Spark Apollo WITH APOLLO CHIEF ECONOMIST PODCAST TORSTEN SLOK APOLLO.COM/THINKITNEW LEADING WITH PRIVATE FINANCING THE GLOBAL INVESTMENT-GRADE CREDIT INDUSTRI
Slide 34: Best-in-Class Corporate Governance with Strong Leadership
Best-in-Class Corporate Governance with Strong Leadership Best-in-Class Governance Firm Leadership Apollo Leadership Team Single Class of Common Stock with One Share One Vote Structure Marc Rowan James Zelter 54 Individuals across business areas 28 Enhanced Corporate Governance CEO, Chairman Preside
Slide 35: The Apollo Principles
Playing to Win The Apollo Principles To Learn More About What Makes Apollo Apollo, visit Apollo.Com 1 2 3 CLEAN NO FLAT AND SHEET WALLS1 INFORMAL THINKING 4 5 6 PRINCIPAL RIGHT LIFE’S MINDSET OVER WORK EASY 1. Apollo has established information barriers in respect of certain business strategies and/
Slide 36: Appendix
Appendix 36
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 LTM 2Q'24 LTM 1Q’26 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $418 $605 $1,712 $660 $(1,930) $5,623 $1,047 Preferred dividends 24 25 24 24 24 95 97 Net
Slide 38: Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd
Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd Share Reconciliation September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Total GAAP Common Stock Outstanding 567,565,120 567,762,932 569,003,922 569,535,344 Non-GAAP Adjustments: Mandatory Convertible Preferred Stock1 15,99
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 r
Slide 40: Definitions - cont'd
Definitions - cont'd • “Adjusted Net Income, Excluding Notable Items” represents ANI with an adjustment related to our Retirement Services segment to exclude notable items. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. We
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 IRR" of infrastructure funds represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on March 31, 2
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 March
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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