Equitable Holdings, Inc. · NYSE:EQH
Equitable — Q2 2026 Earnings Presentation
24 slides from Equitable's earnings presentation, Aug 5, 2026
Slide 1: Equitable Holdings Second Quarter 2026 Earnings Results
Equitable Holdings Second Quarter 2026 Earnings Results August 4, 2026 Equitable
Slide 2: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act
Slide 3: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted operating margin at AB. These Non-GAAP financial measures are derived by excluding
Slide 4: Merger positions New Equitable to deliver better customer outcomes and drive shareholder value
Merger positions New Equitable to deliver better customer outcomes and drive shareholder value Focused on Customer Leader in Attractive & Deliver Compelling Clear Right to Win Outcomes Growing Markets Financial Outcomes1 Over 10 million Leading provider of Scale drives top- 10%+ EPS and cash
Slide 5: Second quarter 2026 highlights
Second quarter 2026 highlights Significant progress on merger approvals and integration • Shareholders approved the merger at the special meeting held on July 30th • Established New Equitable organization structure, integration focused on delivering expense and revenue synergies • Remain on track fo
Slide 6: Executing on our growth strategy
Executing on our growth strategy 1H’26 Results $189bn AUM, up 15% YoY Retirement $3.0bn net inflows, 4% organic growth; $2.1bn of net spread lending issuance Defend & grow core $906bn AUM, up 9% YoY businesses Asset Management $6.3bn of net outflows in 1H’26, onboarded $11.8bn of CML mandate in July
Slide 7: Tracking toward investor day targets
Tracking toward investor day targets Increasing cash generation1, $bn Consistent payout ratio2 Accelerating EPS growth3 Capital release from RGA transaction Incremental buybacks post RGA transaction 95% 27% 2.6 25% 24% 21% 20% 2.0 60-70% Payout Target 70% c.1.8 18% 12-15% EPS 68% 68% 68% 1.6 CAGR Ta
Slide 8: Second quarter consolidated results summary
Second quarter consolidated results summary Non-GAAP Operating Earnings, Non-GAAP Operating EPS, Assets under management adjusted for notable items1 adjusted for notable items1 and administration Retirement WM AB AUM $ $bn AUA +24% +10% 23% 1.75 1,175 1,070 1.41 10% $501m 960 1,034 67% 110 141 2Q25
Slide 9: Key drivers of 2Q'26 results
Key drivers of 2Q’26 results Retirement earnings drivers, $millions Asset & Wealth Management drivers, $millions Net Interest Margin Fee-based Revenue1 AB Fee Revenue WM Advisory Fees 842 853 802 24 30 23 459 489 450 456 431 411 819 829 229 235 772 184 1.78% 1.73% 1.74% 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26
Slide 10: Capital management remains a key focus
Capital management remains a key focus Return to common shareholders Cash & liquid assets of $0.8bn at Holdings1 as Dividends of Q2’26 Share Repurchases $757m $81m Combined NAIC RBC ratio remains well above the Company’s target of 400%+ as of quarter end $354m $449m $83m $676m $77m $223m On tr
Slide 11: Looking Ahead
Looking Ahead 1H’26 2H’26 1H’27 ⃣ Transaction announced ⃣ Announced top three levels of leadership ⃣ Day 1 of New Equitable ⃣ Integration Office established ⃣ Merger approved by shareholders ⃣ Q2 Investor Day ⃣ Level one of New Equitable leadership ⃣ Regulatory approvals announced ⃣ Name New Eq
Slide 12: Appendix
Appendix Equitable Holdings Second Quarter 2026 Earnings Results
Slide 13: Explanation of footnotes
Explanation of footnotes 1Pro forma for the Merger 2Combined as of 12/31/2025 with no transaction related adjustments 3AllianceBernstein AUM as of 12/31/2025 with incremental Corebridge AUM of c.$100bn to be allocated over time 4Pro forma AUA and Advisors including Equitable Advisors, Corebridge Wea
Slide 14: Conservative, high quality investment portfolio
Conservative, high quality investment portfolio General Account Investment Portfolio Fixed Maturity Portfolio Alts. & Other Policy Loans <Baa 2% 2% 3% Mortgage Loans Public Corporates Baa 29% 28% 21% Other Fixed Maturities 1% 5% $117bn 1 $86bn U.S. Treasury, Gov’t and Agency 70% 19% 20% Aaa, Aa, A P
Slide 15: High quality private credit portfolio
High quality private credit portfolio Private ABS 28% Infrastructure $117bn Direct Lending Debt 1 19% 3% $22bn 21% General Private Credit Portfolio Account 48% Private Placements Diversified portfolio that is well matched with our liability profile Direct line of sight into investments with nearly 9
Slide 16: Mortgage portfolio with strong fundamentals
Mortgage portfolio with strong fundamentals Office 18% Industrial $117bn 10% 1 21% Hospitality 4% $25bn Mortgage 38% Multifamily General Portfolio Account 15% RML 2% 11% 3% Retail Ag. Loans Mixed CMLs are an attractive risk-adjusted investment Office portfolio has solid fundamentals Resilient mortga
Slide 17: Balance sheet can withstand severe credit stress
Balance sheet can withstand severe credit stress Hypothetical credit stress scenario assumes at least GFC for IG, structured credit and CML; -40% equity mkt for alts c.475% 430% -20% -18% -8% 2025 RBC Ratio Estimated Estimated Net impact of Post-credit credit losses credit migration alternatives str
Slide 18: Alternatives portfolio details and annualized returns
Alternatives portfolio details and annualized returns Diversified portfolio represents c.2% of overall general account with c. 10% average return since 2017 Historical Alternative Investment Portfolio Annualized Returns, $millions (pre-tax) 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 2Q 202
Slide 19: Retirement
Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m Operating Earnings adjusted for Notable Items1 increased YoY due to higher NIM and fee-based revenues 408 368 NIM spread of 1.74% (ex. alternatives) up 1bp versus 1Q’26 Total Retirement net inflows of $1.7bn driven primar
Slide 20: Asset Management (AB)
Asset Management (AB) Operating Earnings, adjusted for Notable Items1 Highlights $m Operating earnings increased YoY primarily due to growth in base fees 131 139 Private Markets platform AUM of $91bn, up 18% YoY; reached 2027 target of $90-100bn ahead of plan Institutional pipeline of $25.8bn
Slide 21: Wealth Management
Wealth Management Operating Earnings, adjusted for Notable Items1 Highlights $m Operating earnings increase driven primarily by growth in client assets and advisory fees 60 50 Advisory net inflows of $2.0bn in 2Q’26, representing an 8% annualized organic growth rate Total AUA of $141bn, up 27%
Slide 22: Reconciliation of Non-GAAP and Other financial disclosures
Appendix Reconciliation of Non-GAAP and Other financial disclosures EQH Non-GAAP Operating Earnings Three Months Ended June 30, (in millions) 2026 2025 Net income (loss) attributable to Holdings $ (453) $ (349) Adjustments related to: Variable annuity product features 1,522 934 Investment (gains) lo
Slide 23: Impact of Notable Items by segment and Corporate & Other
Appendix Impact of Notable Items1 by segment and Corporate & Other Q2 (2026) reported Alternatives vs. plan Tax Credits Q2 (2026) adjusted Post-tax Post-tax Post-tax Post-tax Retirement 402 26.0 (20.0) 408 Asset Management 158 - (19.0) 139 Wealth Management 63 - (3.0) 60 Corporate and Other (135) 22
Slide 24: Impact of Notable Items by segment and Corporate & Other
Appendix Impact of Notable Items1 by segment and Corporate & Other Three Months Ended Q2 (2026) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 402 158 63 (135) 488 Post-tax adjustments related to Notable Items: Net Investment Income 26 - -