Alliancebernstein Holding L.p. · NYSE:AB
Alliancebernstein Holding L.p — Q4 2025 Earnings Presentation
31 slides from Alliancebernstein Holding L.p's earnings presentation, Feb 5, 2026
Slide 1: Fourth Quarter 2025 Review
Fourth Quarter 2025 Review February 5, 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 Fourth Quarter and Full Year 2025
Key Business Highlights Fourth Quarter and Full Year 2025 Record YE AUM of $867bn & $140bn Sales; Well-Positioned in Structurally Growing Segments • $156bn Private Wealth AUM contributes ~37% of firmwide FY25 revenues, sourced directly via Bernstein Private Wealth 1 • Private Markets AUM: $82 billio
Slide 4: Key Financial Highlights Fourth Quarter & Full Year 2025
Key Financial Highlights Fourth Quarter & Full Year 2025 4Q25 4Q24 FY25 FY24 AUM and Flows End of Period (“EOP”) AUM $866.9 $792.2 $866.9 $792.2 (USD Billions, Except Average AUM $865.1 $801.0 $826.0 $768.5 Fee Rate) Equitable ("EQH") AUM, EOP $138.3 $131.5 $138.3 $131.5 Private Markets AUM, EOP $82
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 81 75 70 64 61 63 67 57 57 57 30 4Q:24 1Q:25 2Q:25 3Q:25 4Q:25 4Q:24 1Q:25 2Q:25 3Q:25 4Q:25 4Q:24 1Q:25 2Q:25 3Q:25 4Q:25 Equities One-Year Three-Year Five-Year 65 52 57 53 51 45 48 41 45 35 37
Slide 6: Retail Highlights
Retail Highlights FY25 Flows Soften Following 2-Year Organic Growth Streak Management Fees Reflecting Mix Shift in Channel Avg. AUM USD Billions USD Millions Gross Sales Gross Redemptions Net Flows Base Fees Performance Fees $26.4 $25.7 $22.6 $22.5 $0 $1 $19.4 $1 $1 $6 $1.1 $0.9 $376 $384 $385 ($1.7
Slide 7: Institutional Highlights
Institutional Highlights Accelerating Channel Deployments into Private Alternatives Leveraging EQH Partnership to Scale CRE Debt Capabilities USD Billions Gross Sales Gross Redemptions Net Flows $ Billions Pipeline AUM (EoP) Fee Rate (Bps) $21.9 $14.0 $19.7 $20 80 $4.6 $2.2 $4.5 $15 $13.5 $3.7 (ex-R
Slide 8: Private Wealth Highlights
Private Wealth Highlights Five Consecutive Years of Positive Organic Growth 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 $5.2 $5.8 $5.8 $17 $4.8 $15 $2.6 $2.2 $77 $17
Slide 9: AB Private Alternatives: Diversified Platform, Differentiated Return Streams
AB Private Alternatives: Diversified Platform, Differentiated Return Streams Strong year-over-year growth, on track to achieve our target of $90-100 billion in AUM by 2027 Core Private Markets Capabilities Corporate Direct Lending Alternative Credit • Middle market corporate direct $24.0 • Asset-bas
Slide 10: Permanent Capital Flywheel: Strengthening our Partnership with EQH
Permanent Capital Flywheel: Strengthening our Partnership with EQH EQH’s long-duration capital matched to AB’s differentiated capabilities unlocks combined opportunity Growth Avenues Target for AB Expand private assets 1 Permanent and grow EQH GA Capital Unlock Private Opportunity Scale insurance so
Slide 11: Select Adjusted Financials and Ratios
Select Adjusted Financials and Ratios Revenues 4Q25 4Q24 Percent ∆ 2025 2024 Percent ∆ Base Fees* $841 $798 5% $3,215 $3,049 5% Performance Fees: Private Markets† 45 67 (33)% 107 136 (21)% Public Markets 37 66 (44)% 65 91 (29)% Bernstein Research Services — — n.m. — 96 (100)% Investment Gains 1 6 (8
Slide 12: Privates Anchor AB's Performance Fees as Public Strategies Add Upside
Privates Anchor AB’s Performance Fees as Public Strategies Add Upside Annual Performance Fees—Private and Public Markets USD Millions • FY25 performance fees totaled $172mn, exceeding the prior $227 $130–$155mn guide with private market strategies contributing $45mn and public strategies $37mn in 4Q
Slide 13: Margins Tracking Above Targets, Driven by Discipline & Market Tailwinds
Margins Tracking Above Targets, Driven by Discipline & Market Tailwinds Adjusted Operating Margin Path 4Q24 Avg FY25 Avg AUM $801bn AUM $826bn +140bps 33.7% 32.3% • FY25 margin of 33.7%, 70bps ahead of initial projection • Margins already at the higher-end of our 30-35% target range for FY27 • Prove
Slide 14: Appendix
Appendix 4Q25 Earnings Review 14
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 Relative Relative Relative Relative Retail Service (%) Percentile (%) Percentile (%) Percentile (%) Percentile Equity Large Cap Growth (2.8) 72 (3.3) 72 0.7 48 0.7 35 Concentrated Growth (9.9) 95 (15.4) 99
Slide 16: 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 0.7 29 0.6 38 (0.4) 65 0.3 36 European Income 0.1 45 1.8 20 (0.3) 62 0.9
Slide 17: 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 (10.5) (10.4) (6.7) (1.9) US Large Cap Value 1.5 3.9 3.2 (0.1) US SMID Cap Growth (2.8) 0.7 (1.1) 1.2 US Equity Income 1.3 (2.6) 0.4 (2.1) International Strategic Equities 1
Slide 18: Assets Under Management: 4Q25
Assets Under Management: 4Q25 (US $ Billions) September 30, December 31, 2025 2025 Institutions Private Wealth Retail Total Total Equity Actively Managed $51 $60 $167 $278 $282 Passive (1) 29 8 41 78 77 Total Equity 80 68 208 356 359 Fixed Income Taxable 119 21 73 213 214 Tax-Exempt 1 33 57 91 86 Pa
Slide 19: Three Months Ended 12/31/25: AUM Roll-Forward by Distribution Channel
Three Months Ended 12/31/25: 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 Performance Change of Period Institutions US $174.2 $3.6 $(1.0) $(0.3) $2.3 $0.7 $3.
Slide 20: Twelve Months Ended 12/31/25: AUM Roll-Forward by Distribution Channel
Twelve Months Ended 12/31/25: 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 $160.5 $20.7 $(4.3) $(10.8)
Slide 21: Three Months Ended 12/31/25: AUM Roll-Forward by Investment Service
Three Months Ended 12/31/25: 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 $195.8 $8.1 $(11.0) $(2.2) $(5.1) $1.8 $
Slide 22: Twelve Months Ended 12/31/25: AUM Roll-Forward by Investment Service
Twelve Months Ended 12/31/25: 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 Transfers Performance Change of Period Equity Active US $186.3 $31.1 $(40.1) $(6.0) $
Slide 23: Active vs. Passive Net Flows
Active vs. Passive Net Flows Three Months Ended 12/31/25 Actively Passively Managed Managed (1) Total Equity (1) $ (7.6) $ (1.0) $ (8.6) Fixed Income 1.9 (0.4) 1.5 Alternatives/MAS (2) 1.9 0.5 2.4 Total $ (3.8) $ (0.9) $ (4.7) Twelve Months Ended 12/31/25 Actively Passively Managed Managed (1) Total
Slide 24: 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 10% EMEA 10% Japan 12% APAC ex Japan US 16% 60% US 79% $354.2B $356.4B As of December 31, 2025 By Client Domicile Percentages may not add up to 100% due t
Slide 25: Fourth Quarter and Full Year 2025 GAAP Income Statement
Fourth Quarter and Full Year 2025 GAAP Income Statement Income Statement (in US $ Millions) 4Q25 4Q24 %∆ FY 2025 FY 2024 %∆ Base Fees $871 $829 5 % $3,346 $3,171 6 % Performance Fees 87 169 (48)% 185 271 (32)% Bernstein Research Services 0 0 n/m 0 96 (100)% Distribution Revenues 211 199 6% 818 727 1
Slide 26: Fourth Quarter and Full Year 2025 AB Holding Financial Results
Fourth Quarter and Full Year 2025 AB Holding Financial Results In US $ Millions (excluding per Unit amounts) 4Q25 4Q24 %∆ FY 2025 FY 2024 %∆ AB Net Income Attributable to AllianceBernstein $292 $300 (3)% $982 $1,173 (16)% Weighted Average Equity Ownership Interest 30.7% 38.9% 33.9% 39.4% AB Holding
Slide 27: Fourth Quarter and Full Year 2025 Adjusted Advisory Fees
Fourth Quarter and Full Year 2025 Adjusted Advisory Fees 4Q25 4Q24 %∆ FY 2025 FY 2024 %∆ Ending AUM ($ Billions) $867 $792 9% $867 $792 9% Average AUM ($ Billions) $865 $801 8% $826 $769 7% By Fee Type ($ Millions): Adjusted Base Fees(1) $841 $798 5% $3,215 $3,049 5% Adjusted Performance Fees 82 133
Slide 28: Fourth Quarter 2025 GAAP to Non-GAAP Reconciliation
Fourth Quarter 2025 GAAP to Non-GAAP Reconciliation In US $ Thousands Adjustments Distribution Pass Deferred Pension NCI/ Acquisition- Equity AB Funds Related Through Comp. Obligation Consol Related Method Reimburs Interest GAAP Payments Adjustments Inv. Settlement VIE Expenses Investment Expense Ex
Slide 29: Full Year 2025 GAAP to Non-GAAP Reconciliation
Full Year 2025 GAAP to Non-GAAP Reconciliation In US $ Thousands Adjustments Distribution Pass Deferred Pension NCI/ Acquisition- Equity AB Funds Related Through Comp. Obligation Consol Related Method Reimburs Interest GAAP Payments Adjustments Inv. Settlement VIE Expenses Investment Expense Expense
Slide 30: 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 31: AllianceBernstein
ALLIANCEBERNSTEIN»
AllianceBernstein Holding L.P. Units — Q4 2025 Earnings Presentation on 6ix