Slide 1: Full Year and Fourth Quarter 2025 Earnings Results
Equitable Holdings Full Year and Fourth Quarter 2025 Earnings Results February 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 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assume
Slide 3: Full year 2025 highlights
Full year 2025 highlights Strong cash generation with increasing earnings power • Full year Non-GAAP operating earnings1 per share of $5.64, or $6.21 per share after adjusting for notable items2 • Full year organic cash generation of $1.6bn; projecting c.$1.8bn of cash generation3 in 2026, up over 1
Slide 4: Executing on our growth strategy
Executing on our growth strategy 2025 Results Progress since IR Day $176bn AUM; $5.9bn net flows; 4% organic growth +13% AUM CAGR1 Retirement Defend & Top five FABN issuer with $5bn issued vs 5-7% target grow core businesses $867bn AUM, $9.4bn active net outflows +480bps adj. op. margin2,3 Asset Man
Slide 5: Tracking towards investor day targets
Tracking towards investor day targets Cash generation1, $bn Payout ratio2 EPS growth3 On track to achieve 2027 target Delivering consistent capital return Growth expected to accelerate in 2026 Capital release from RGA transaction Incremental buybacks post RGA transaction 95% 21% 20% 2.6 18% 12-15% E
Slide 6: Well-positioned for strong EPS growth in 2026
Well-positioned for strong EPS growth in 2026 Record AUM/A across businesses Sustained organic growth in Retirement $bn ▲ Organic growth +20% $7.1bn +16% +9% $5.9bn $5.3bn 176 122 867 792 $4.6bn 152 102 ▲ 8% $2.4bn ▲ 5% ▲ 4% ▲ 4% ▲ 2% 2024 2025 2024 2025 2024 2025 2021 2022 2023 2024 2025 Retirement
Slide 7: Fourth quarter consolidated results summary
Fourth 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 $ $bn AUM 25% +8% +10% AUA 1.76 1,121 1.63 1,021 10% $523m 919 999 64% 102 122 4Q24 4Q25 4Q24 4Q25 Finan
Slide 8: 4Q'25 results demonstrate building earnings momentum
4Q’25 results demonstrate building earnings momentum Retirement earnings drivers, $millions Asset & Wealth Management drivers, $millions Net Interest Margin Fee-based Revenue1 AB Fee Revenue WM Advisory Fees +10% +8% 931 841 923 +2% 133 82 20 450 446 483 409 429 439 +9% 798 821 841 179 197 214 4Q24
Slide 9: Capital management driving shareholder value
Capital management driving shareholder value Consistent capital return Return to common shareholders Dividends ▪ Returned $354m of capital to shareholders in Share Repurchases $757m Q4, including $277m of share repurchases $81m ▪ Cash & liquid assets of $1.1bn at Holdings1 as $335m $318m $354m $676m
Slide 10: Capital invested in new business delivers 15%+ IRR, strong VNB
Capital invested in new business delivers 15%+ IRR, strong VNB Value of new business (VNB): present value of future cash flows above capital deployed $600m $575m $510m $450m $365m 2021 2022 2023 2024 2025 Capital $500m $500m $500m $550m $580m Deployed Note: Figures rounded 4Q25 Earnings Presentation
Slide 11: Forecasting strong EPS growth in 2026
Forecasting strong EPS growth in 2026 2026 guidance and modeling considerations1 • Expect mid-to-high single digit growth in pre-tax earnings Retirement • Net interest margin spread expected to stabilize in 2H’26 • Full year performance fees of $80-100m Asset Management • 1Q’26 comp ratio accrual of
Slide 12: Key messages
Key messages Strong balance sheet and consistent cash generation Deploying capital to drive shareholder value Well-positioned for strong earnings growth in 2026 4Q25 Earnings Presentation 12
Slide 13: Appendix
Appendix Equitable Holdings Full Year and Fourth Quarter 2025 Earnings Results
Slide 14: Explanation of footnotes
Explanation of footnotes Page 3 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed Non-GAAP reconciliation in Appendix 2Non-GAAP Operating Earnings adjusted for Notable Items; Pleas
Slide 15: Conservative, high quality investment portfolio
Conservative, high quality investment portfolio General Account Investment Portfolio Fixed Maturity Portfolio U.S. Treasury, Gov’t and Agency <Baa 5% 2% Structured Credit Baa 25% 28% Corporates $111bn 43% 1 1% $83bn Other Fixed Maturities 71% 21% Aaa, Aa, A 3%2% Mortgage Loans Alts. & Other Policy L
Slide 16: High quality private credit aligns with our liability profile
High quality private credit aligns with our liability profile Private ABS 19% Direct Lending Infrastructure 4% Debt Other $111bn 17% 7% 1 17% $18bn General Private Credit Portfolio Account 53% Corporate Private Placements High quality portfolio aligns with liability duration Diversified portfolio in
Slide 17: Mortgage portfolio with strong fundamentals
Mortgage portfolio with strong fundamentals Multifamily 38% $111 $23bn Ag. Loans 12% bn1 21% 3% Mortgage General Retail Portfolio Account 11% 20% Industrial 3% Office 5% 8% Hospitality Other RML CMLs are an attractive risk-adjusted investment Office portfolio has solid fundamentals Resilient mortgag
Slide 18: Alternatives portfolio has produced strong returns over time
Alternatives portfolio has produced strong returns over time Historical Alternative Investment Portfolio Annualized Returns $millions, pre-tax Alternative Investment Portfolio Annualized Returns c. 10% average return since 2017; continue to expect portfolio to deliver +8-12% annual returns over time
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 and a lower 395 410 tax rate, partially offset by increased commissions and DAC amortization ▪ Net inflows of $1.3bn in 4Q’
Slide 20: Asset Management (AB)
Asset Management (AB) Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating earnings flat YoY as growth in base fees was offset by lower performance fees 161 160 ▪ Adjusted operating margin2 of 34.5% in 4Q’25 and 33.7% for FY’25, at the high end of the 30-35% target for 2027 ▪ Pr
Slide 21: Wealth Management
Wealth Management Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating earnings growth driven by increased AUA and a higher level of transaction activity 66 ▪ Advisory net inflows of $2.1bn in 4Q’25 47 ▪ Total AUA of $122bn, up 20% YoY, with two-thirds in fee-based advisory acco
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 Year Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Net income (loss) attributable to Holdings $ 215 $ 892 $ (1,380) $ 1,280 Adjustments related to: Variable annu
Slide 23: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Q4 (2025) reported Alternatives vs. plan Expense Items Q4 (2025) adjusted Post-tax Post-tax Post-tax Post-tax Retirement 410 - - 410 Asset Management 160 - - 160 Wealth Management 66 - - 66 Corporate and Other (123) - 9.6 (113) Total
Slide 24: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Three Months Ended Q4 (2025) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 410 160 66 (123) 513 Post-tax adjustments related to Notable Items: Net Investment Income - - - -
Slide 25: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Asset Wealth Corporate and Twelve Months Ended Q4 (2025) Retirement Consolidated Management Management Other Non-GAAP Operating Earnings 1,549 571 220 599 1,741 Post-tax adjustments related to Notable Items: Net Investment Income 9 -