Alliancebernstein Holding L.p. · NYSE:AB
Alliancebernstein Holding L.p — Q2 2026 Earnings Presentation
27 slides from Alliancebernstein Holding L.p's earnings presentation, Jul 28, 2026
Slide 1: Second Quarter 2026 Review
Second Quarter 2026 Review July 28, 2026 Seth P. Bernstein, Chief Executive Officer Tom Simeone, Chief Financial Officer
Slide 2: Cautions Regarding Forward-Looking Statements
Cautions Regarding Forward-Looking Statements Certain statements provided by management in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other fact
Slide 3: Key Business Highlights Second Quarter 2026
Key Business Highlights Second Quarter 2026 Record >$905bn AUM: Meeting Growing Demand for Long-Duration Asset & Wealth Solutions 1 • $218bn insurance AUM, incl. $128bn GA assets | $61bn third-party insurance AUM, ~$3bn gross flows YTD, GA assets +33% y/y • $167bn Bernstein Private Wealth platform,
Slide 4: Key Financial Highlights Second Quarter 2026
Key Financial Highlights Second Quarter 2026 2Q26 2Q25 1Q26 AUM and Flows End of Period AUM $905.5 $829.1 $838.6 (USD Billions, Except Fee Rate) Average AUM $881.2 $799.5 $865.0 Equitable ("EQH") AUM $157.5 $137.8 $137.6 Private Markets AUM* $91.1* $77.1 $85.2 Gross Sales $44.8 $27.9 $35.6 Net Flows
Slide 5: Percentage of Assets Outperforming at Quarter-End
Percentage of Assets Outperforming at Quarter-End Fixed Income One-Year Three-Year Five-Year 86 87 86 86 80 81 68 75 70 67 64 61 57 56 30 2Q:25 3Q:25 4Q:25 1Q:26 2Q:26 2Q:25 3Q:25 4Q:25 1Q:26 2Q:26 2Q:25 3Q:25 4Q:25 1Q:26 2Q:26 Equities One-Year Three-Year Five-Year 57 53 51 48 41 44 37 31 24 22 21
Slide 6: Retail Highlights
Retail Highlights Strong Sales Momentum Flips Channel Flows Positive Management Fees Reflecting Mix Shift in Channel Avg. AUM USD Billions USD Millions Gross Sales Gross Redemptions Net Flows Base Fees Performance Fees $31.0 $0 $1 $23.1 $10 $22.6 $22.5 $1 $19.4 $6 $0.9 $384 $385 ($1.7) $369 $371 ($3
Slide 7: Institutional Highlights
Institutional Highlights Robust Deployments Across Private Alternatives Strong Pipeline Points to Strong 2H Momentum USD Billions Pipeline AUM (EoP) Fee Rate Gross Sales Gross Redemptions Net Flows $ Billions (Bps) Onboarded CML assets in July $30 $14.0 $27.5 $25.8 80 $25 $8.3 $21.9 $2.2 $4.5 $5.6 $
Slide 8: Private Wealth Highlights
Private Wealth Highlights Net New Asset Growth Despite Seasonal Flows Slowdown Diversified Revenue Streams, Uncaptured in Base Fee Rate USD Billions USD Millions Gross Sales Gross Redemptions Net Flows NNA Base Fees Performance Fees Net Interest Margin $6.7 $6.9 $5.8 $5.5 $4.8 $15 $42 $14 $2.6 $2.6
Slide 9: AB Private Alternatives: Diversified Platform, Differentiated Return Streams
AB Private Alternatives: Diversified Platform, Differentiated Return Streams Strong +18% y/y growth, reaching our $90-$100bn 2027 target range ahead of schedule Core Private Markets Capabilities Corporate Direct Lending Alternative Credit • Middle market corporate direct • Asset-based finance $25.3
Slide 10: Permanent Capital Flywheel: Adding CRBG as a New Growth Engine
Permanent Capital Flywheel: Adding CRBG as a New Growth Engine Long-duration capital from CRBG & EQH matched to AB’s capabilities unlocks combined opportunity Growth Avenues Progress for AB Expand private assets 1 Permanent and grow EQH/CRBG GA Capital Reached Unlock Opportunity Scale insurance solu
Slide 11: Select Adjusted Financials and Ratios
Select Adjusted Financials and Ratios Revenues 2Q26 2Q25 Percent ∆ 1Q26 Percent ∆ Base Fees* $829 $772 7% $819 1% Performance Fees: Private Markets† 8 22 (64)% 5 60% Public Markets 16 8 100% 18 (11)% Investment Gains/(Losses) 2 8 (75)% (5) n.m. Dividend & Interest Revenue 27 31 (13)% 27 0% Other Rev
Slide 12: Guidance Update and Key Takeaways
Guidance Update and Key Takeaways Prior Quarter Current FY26 Total Performance Fees $95-115mn $115-135mn Private Market Performance Fees $70-80mn $55-65mn Public Market Performance Fees $25-35mn $60-70mn FY26 Non-Compensation Expenses $625-650mn $620-640mn Comp/Net Revenues Accrual Ratio 48.5% 48.5%
Slide 13: Appendix
Appendix 2Q26 Earnings Review 13
Slide 14: Retail Mutual Funds Relative Performance vs. Morningstar Averages
Retail Mutual Funds Relative Performance vs. Morningstar Averages 1 Year 3 Year 5 Year 10 Year Relative Relative Relative Relative Retail Service (%) Percentile (%) Percentile (%) Percentile (%) Percentile Equity Large Cap Growth (9.2) 79 (4.1) 80 (0.9) 63 0.2 45 Concentrated Growth (22.6) 96 (14.8)
Slide 15: Retail Mutual Funds Relative Performance vs. Morningstar Averages
Retail Mutual Funds Relative Performance vs. Morningstar Averages 1 Year 3 Year 5 Year 10 Year Service Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Fixed Income American Income (0.4) 63 0.5 37 (0.3) 57 (0.0) 47 European Income 0.5 30 1.2 24 (0.1) 55
Slide 16: Institutional Composite Relative Performance vs. Benchmarks
Institutional Composite Relative Performance vs. Benchmarks Service 1 Year 3 Year 5 Year 10 Year Equity Concentrated US Growth (27.1) (13.6) (10.3) (2.8) US Large Cap Value 7.6 2.4 2.9 0.7 US SMID Cap Growth (3.2) 0.7 (0.8) 1.5 US Equity Income 3.9 (0.1) 1.0 (1.9) International Strategic Equities 12
Slide 17: Assets Under Management: 2Q26
Assets Under Management: 2Q26 (US $ Billions) June 30, 2026 March 31, 2026 Institutions Private Wealth Retail Total Total Equity Actively Managed $49 $64 $166 $279 $252 Passive (1) 31 11 44 86 75 Total Equity 80 75 210 365 327 Fixed Income Taxable 121 21 66 208 210 Tax-Exempt 1 34 64 99 94 Passive (
Slide 18: Three Months Ended 6/30/26: AUM Roll-Forward by Distribution Channel
Three Months Ended 6/30/26: AUM Roll-Forward by Distribution Channel In US $ Billions Beginning Sales/New Redemptions/ Net Cash Net Investment Net End Investment Service: of Period Accounts Terminations Flows Flows Transfers Performance Change of Period Institutions US $174.9 $6.0 $(1.1) $(1.3) $3.6
Slide 19: Three Months Ended 6/30/26: AUM Roll-Forward by Investment Service
Three Months Ended 6/30/26: AUM Roll-Forward by Investment Service In US $ Billions Beginning Sales/New Redemptions/ Net Cash Net Investment Net End Investment Service: of Period Accounts Terminations Flows Flows Performance Change of Period Equity Active US $173.7 $7.9 $(12.8) $(1.6) $(6.5) $26.0 $
Slide 20: Three Months Ended 6/30/26: Active vs. Passive Net Flows
Three Months Ended 6/30/26: Active vs. Passive Net Flows Actively Passively Managed Managed (1) Total Equity $(10.6) $0.0 $(10.6) Fixed Income (1.7) 8.9 7.2 Alternatives/MAS (2) 3.7 0.5 4.2 Total $(8.6) $9.4 $0.8 (1) Includes index and enhanced index services. (2) Includes certain multi-asset soluti
Slide 21: Assets Under Management By Region
Assets Under Management By Region Institutional Geographic Breakdown Retail Geographic Breakdown Japan Other Other APAC ex 3% 2% 2% Japan 6% EMEA 9% EMEA 9% Japan 11% APAC ex Japan 14% US US 80% 64% $371.1B $367.3B As of June 30, 2026 By Client Domicile Percentages may not add up to 100% due to roun
Slide 22: Second Quarter 2026 GAAP Income Statement
Second Quarter 2026 GAAP Income Statement Income Statement (in US $ Millions) 2Q26 2Q25 %∆ 1Q26 %∆ Base Fees $860 $805 7% $849 1% Performance Fees 47 39 21 % 66 (29)% Distribution Revenues 201 198 1% 203 (1)% Dividends & Interest 29 36 (19)% 31 (4)% Investment (Losses) Gains 14 (8) n/m 31 (57)% Othe
Slide 23: Second Quarter 2026 AB Holding Financial Results
Second Quarter 2026 AB Holding Financial Results In US $ Millions (excluding per Unit amounts) 2Q26 2Q25 %∆ 1Q26 %∆ AB Net Income Attributable to AllianceBernstein $255 $210 21 % $295 (14)% Weighted Average Equity Ownership Interest 31.3 % 37.5 % 31.2 % AB Holding Equity in Net Income Attributable t
Slide 24: Second Quarter 2026 Adjusted Advisory Fees
Second Quarter 2026 Adjusted Advisory Fees 2Q26 2Q25 %∆ 1Q26 %∆ Ending AUM ($ Billions) $906 $829 9% $839 8% Average AUM ($ Billions) $881 $800 10 % $865 2% By Fee Type ($ Millions): Adjusted Base Fees $829 $772 7% $819 1% Adjusted Performance Fees 24 30 (19)% 23 6% Total $853 $802 6% $842 1% Adjust
Slide 25: Second Quarter 2026 GAAP to Non-GAAP Reconciliation
Second Quarter 2026 GAAP to Non-GAAP Reconciliation In US $ Thousands Adjustments Distribution Pass Deferred NCI/ Acquisition- Equity Related Through Comp. Consol Related Method Interest GAAP Payments Adjustments Inv. VIE Expenses Investment Expense Non-GAAP (A) (B) (C) (D) (E) (F) (G) Investment ad
Slide 26: AB Adjusted Financial Results Reconciliation
AB Adjusted Financial Results Reconciliation Notes to Consolidated Statements of Income and Supplemental Information (Unaudited) A. We exclude all of the company’s distribution revenues, which are recorded as a separate line item on the consolidated statement of income, as well as a portion of inves
Slide 27: Trademark notice
The [A/B] logo and AllianceBernstein® are registered trademarks used by permission of the owner, AllianceBernstein L.P. ©2025 AllianceBernstein L.P.
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