Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Q2 2025 Earnings Presentation
38 slides from Apollo Global Management, Inc. (new)'s earnings presentation, Aug 5, 2025
Slide 1: Apollo Global Management, Inc. Reports Second Quarter 2025 Results
Apollo Global Management, Inc. Reports Second Quarter 2025 Results August 5, 2025
Slide 2: Apollo Reports Second Quarter 2025 Results
Apollo Reports Second Quarter 2025 Results New York, August 5, 2025 – Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the second quarter ended June 30, 2025. “Our second quarter results reflect the strength of Apollo’s bus
Slide 3: About Apollo
About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise ac
Slide 4: Apollo Global Management, Inc. Second Quarter 2025 Earnings
Apollo Global Management, Inc. Second Quarter 2025 Earnings
Slide 5: Second Quarter 2025 Financial Highlights
Second Quarter 2025 Financial Highlights • GAAP Net Income Attributable to Apollo Global Management, Inc. Common Stockholders was $605 million for the quarter ended June 30, 2025, or $1.00 per share • Apollo's primary non-GAAP earnings metric, Adjusted Net Income, which represents the sum of FRE, SR
Slide 6: GAAP Income Statement (Unaudited)
GAAP Income Statement (Unaudited) (In millions, except per share amounts) 2Q'24 1Q'25 2Q'25 YTD'24 YTD'25 Revenues Asset Management Management fees $462 $508 $583 $900 $1,091 Advisory and transaction fees, net 267 195 277 436 472 Investment income (loss) 278 303 189 680 492 Incentive fees 47 40 58 7
Slide 7: Second Quarter 2025 Business Highlights
Second Quarter 2025 Business Highlights ✓ Second quarter results across Asset Management and Retirement Services • Record quarterly FRE of $627 million driven by strong management fee growth and record capital solutions fees • SRE of $821 million supported by continued strong organic growth • Togeth
Slide 8: Total Segment Earnings
Total Segment Earnings ($ in millions, except per share amounts) 2Q'24 1Q'25 2Q'25 YTD'24 YTD'25 Management fees $672 $770 $816 $1,324 $1,586 Capital solutions fees and other, net 208 154 216 349 370 Fee-related performance fees 52 54 63 98 117 Fee-related compensation (240) (259) (279) (460) (538)
Slide 9: Total Segment Earnings, Excluding Notable Items
Total Segment Earnings, Excluding Notable Items ($ in millions, except per share amounts) 2Q'24 1Q'25 2Q'25 YTD'24 YTD'25 Management fees $672 $770 $816 $1,324 $1,586 Capital solutions fees and other, net 208 154 216 349 370 Fee-related performance fees 52 54 63 98 117 Fee-related compensation (240)
Slide 10: Segment Details
APOLLO Segment Details
Slide 11: Asset Management Segment
Asset Management Segment • Management fees increased 21% year-over-year driven by increasing contributions of third-party asset management inflows, record gross capital deployment, as well as strong growth from Retirement Services clients in the second quarter • Record capital solutions fees grew 4%
Slide 12: Asset Management: Assets Under Management
Asset Management: Assets Under Management • Total AUM increased $143 billion, or 21%, year-over-year primarily driven by $98 billion of inflows from Asset Management and $81 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation, partially offset by $60 billion of
Slide 13: Asset Management: Inflows
Asset Management: Inflows • Gross inflows of $61 billion during the second quarter, includes record quarterly organic inflows of $49 billion, and $179 billion over the last twelve months • Inflows from Asset Management of $40 billion in the second quarter were driven by third-party institutional and
Slide 14: Retirement Services Segment
Retirement Services Segment • Spread Related Earnings increased 16% year-over-year primarily driven by more favorable alternative returns and robust net organic growth • Spread Related Earnings in the second quarter included a 10% return from Athene's alternative investment portfolio; considering ma
Slide 15: Retirement Services: Return on Asset View
Retirement Services: Return on Asset View % Change vs. % Change vs. (% of average net invested assets) 2Q'24 1Q'25 2Q'25 YTD'24 YTD'25 2Q'24 YTD'24 Fixed income and other net investment income 4.82% 4.80% 4.97% 15bps 4.75% 4.89% 14bps Alternative net investment income 5.73% 10.08% 9.86% NM 7.42% 10.
Slide 16: Retirement Services: Portfolio & Spread Highlights
Retirement Services: Portfolio & Spread Highlights Investment Portfolio Highlights Retirement Services Net Spread Bridge (QoQ) • 97% of Athene’s fixed income portfolio1 is invested in investment 0.20% grade assets 1.26% (0.04)% (0.01)% 0.03% 1.22% • Apollo Asset Management aims to generate 30 to 40
Slide 17: Retirement Services: Strong Growth Profile
Retirement Services: Strong Growth Profile Athene Gross Organic Inflows Spread Related Earnings2 ($ in billions) $71 ($ in millions) $3,224 $3,322 $3,108 29 $2,509 $2,469 $48 $47 ~8x 10 5 23 $28 11 $1,421 $1,148 $1,255 $1,255 8 6 7 $13 6 36 $704 $9 6 3 21 17 4 5 7 8 2016 2018 2020 2022 2024 1H'25 20
Slide 18: Principal Investing Segment
Principal Investing Segment • Realized performance fees of $219 million in the second quarter increased 25% year-over-year, reflecting a few sizeable monetizations within flagship private equity, while continuing to remain cyclically light as monetization activity remains prudently delayed amid an u
Slide 19: Performance Fee AUM and Dry Powder
Performance Fee AUM and Dry Powder • Performance Fee-Eligible AUM of $261 billion increased 23% year-over-year due to strong growth in performance fee-eligible Credit strategies, particularly opportunistic credit and direct origination, as well as Redding Ridge's acquisition of Irradiant • Performan
Slide 20: Investment Performance Highlights and Net Accrued Performance Fees
Investment Performance Highlights and Net Accrued Performance Fees Investment Performance Highlights Net Accrued Performance Fee Receivable1 (QoQ) ($ in millions, except per share amounts) Appreciation / gross returns 2Q'25 LTM 2Q'25 Credit +$0.16 Direct Origination 3.2% 12.0% Net unrealized ($0.21)
Slide 21: Capital Strength
Capital Strength • Returned a total of $1.7 billion of capital to stockholders over the last twelve months through a combination of dividends paid and opportunistic share repurchases, while allocating ~$170 million of capital to strategically invest in future growth of the business HoldCo & Asset Ma
Slide 22: Supplemental Details
APOLLO Supplemental Details
Slide 23: AUM Rollforward
AUM Rollforward Total AUM Rollforward1 Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025 ($ in millions) Credit3 Equity Total ($ in millions) Credit3 Equity Total Beginning Balance $641,345 $143,813 $785,158 Beginning Balance $561,612 $134,641 $696,253 Inflows 52,250 8,828 61,078 In
Slide 24: Retirement Services Flows & Invested Assets
Retirement Services Flows & Invested Assets • Third-party capital augments Athene's ability to grow and supported approximately 25% of Athene's strong organic new business volume in the second quarter ($ in millions) 2Q'25 ($ in millions) 2Q'25 YTD'25 Invested Assets Outflows attributable to Athene
Slide 25: Sharecount Reconciliation
Sharecount Reconciliation Share Reconciliation 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Total GAAP Common Stock Outstanding 569,535,344 565,816,456 565,738,933 570,432,275 572,024,038 Non-GAAP Adjustments: Mandatory Convertible Preferred Stock1 14,528,625 14,531,793 14,536,019 14,538,803 14,547,261 Vested RSUs
Slide 26: Reconciliations and Disclosures
Reconciliations and Disclosures
Slide 27: Investment Record as of June 30, 2025
Investment Record as of June 30, 2025 Vintage Committed Total Invested Remaining Unrealized Gross Net Total AUM Realized Value Total Value (in millions, except IRR) Year Capital Capital Cost Value IRR IRR Credit: Accord VI1 2024 $ 1,891 $ 1,701 $ 609 $ 494 $ 461 $ 461 $ 955 17 % 10 % Accord I, II, I
Slide 28: GAAP Balance Sheet (Unaudited)
GAAP Balance Sheet (Unaudited) ($ in millions, except share amounts) 4Q'24 2Q'25 Assets Asset Management Cash and cash equivalents $2,692 $2,382 Restricted cash and cash equivalents 3 3 Investments 6,086 5,885 Assets of consolidated variable interest entities Cash and cash equivalents 158 346 Invest
Slide 29: GAAP Balance Sheet (Unaudited) - cont'd
GAAP Balance Sheet (Unaudited) - cont'd ($ in millions, except share amounts) 4Q'24 2Q'25 Liabilities Asset Management Accounts payable, accrued expenses, and other liabilities $3,616 $4,079 Due to related parties 710 760 Debt 4,279 4,280 Liabilities of consolidated variable interest entities Other
Slide 30: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 YTD'24 YTD'25 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common $828 $787 $1,462 $418 $605 $2,231 $1,023 Stockholders Preferred dividends 25 24 24 24 25 49 49 Net income (lo
Slide 31: Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd
Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd ($ in millions) 1Q'25 2Q'25 Investments, at fair value $ 1,546 $ 1,638 Equity method investments 1,127 1,175 Performance allocations 3,112 3,072 U.S. Treasury securities, at fair value 448 — Other investments 358 — Total GAAP Investments
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd
Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd Year ended December 31, ($ in millions) 2016 2017 2018 2019 2020 2021 Net income available to Athene Holding Ltd. common stockholders $ 773 $ 1,358 $ 1,053 $ 2,136 $ 1,446 $ 3,718 Preferred stock dividends — — — 36 95 141 Net income (los
Slide 33: 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 34: 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 35: Definitions - cont'd
Definitions - cont'd • “Performance Fee-Eligible AUM” or “PFEAUM” refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following
Slide 36: Definitions - cont'd
Definitions - cont'd • “Gross IRR” of accord series, ADIP funds and the European principal finance funds represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other
Slide 37: Definitions - cont'd
Definitions - cont'd • “Net IRR” of a traditional private equity or hybrid value fund represents the gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by th
Slide 38: Forward-Looking Statements
Forward-Looking Statements 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 statements that are within th
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