Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Q4 2025 Earnings Presentation
39 slides from Apollo Global Management, Inc. (new)'s earnings presentation, Feb 9, 2026
Slide 1: Apollo Global Management Reports Fourth Quarter and Full Year 2025 Results
Apollo Global Management, Inc. Reports Fourth Quarter and Full Year 2025 Results February 9, 2026
Slide 2: Apollo Reports Fourth Quarter and Full Year 2025 Results
Apollo Reports Fourth Quarter and Full Year 2025 Results New York, February 9, 2026 – Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the fourth quarter and full year ended December 31, 2025. “Apollo’s fourth quarter resul
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: Fourth Quarter and Full Year 2025 Earnings
Apollo Global Management, Inc. Fourth Quarter and Full Year 2025 Earnings
Slide 5: Fourth Quarter and Full Year 2025 Financial Highlights
Fourth Quarter and Full Year 2025 Financial Highlights • GAAP Net Income Attributable to Apollo Global Management, Inc. Common Stockholders was $0.7 billion and $3.4 billion for the quarter and full year ended December 31, 2025, or $1.07 and $5.58 per share, respectively • Apollo's primary non-GAAP
Slide 6: GAAP Income Statement
GAAP Income Statement (Unaudited) (In millions, except per share amounts) 4Q'24 3Q'25 4Q'25 FY'24 FY'25 Revenues Asset Management Management fees $523 $606 $681 $1,899 $2,378 Advisory and transaction fees, net 205 378 352 822 1,202 Investment income (loss) 395 444 207 1,305 1,143 Incentive fees 42 5
Slide 7: Fourth Quarter and Full Year 2025 Business Highlights
Fourth Quarter and Full Year 2025 Business Highlights Fourth quarter results complete a year of strong organic growth and execution against 2025 targets • Record quarterly and annual FRE of $690 million and $2.5 billion, respectively, driven by strong FRE growth of 23% in 2025 ✓ • Robust quarterly a
Slide 8: Total Segment Earnings
Total Segment Earnings ($ in millions, except per share amounts) 4Q'24 3Q'25 4Q'25 FY'24 FY'25 Management fees $742 $863 $942 $2,776 $3,391 Capital solutions fees and other, net 160 212 226 668 808 Fee-related performance fees 53 73 76 208 266 Fee-related compensation (227) (304) (336) (925) (1,178)
Slide 9: Total Segment Earnings, Excluding Notable Items
Total Segment Earnings, Excluding Notable Items ($ in millions, except per share amounts) 4Q'24 3Q'25 4Q'25 FY'24 FY'25 Management fees $742 $863 $942 $2,776 $3,391 Capital solutions fees and other, net 160 212 226 668 808 Fee-related performance fees 53 73 76 208 266 Fee-related compensation (227)
Slide 10: Segment Details
APOLLO Segment Details
Slide 11: Asset Management Segment
Asset Management Segment • Management fees increased 22% in 2025 driven by increasing contribution of third-party asset management inflows into Equity strategies, solid levels of capital deployment, as well as strong growth from Retirement Services clients • Capital solutions fees grew 21% in 2025 p
Slide 12: Asset Management: Assets Under Management
Asset Management: Assets Under Management • Total AUM increased $187 billion or 25% year-over-year, primarily driven by $145 billion of inflows from Asset Management and $83 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 • Generated gross inflows of $42 billion during the fourth quarter and $228 billion in 2025, a record year in total and on an organic basis • Inflows from Asset Management of $145 billion in 2025 included $28 billion in the fourth quarter. Fourth quarter inflows were driven
Slide 14: Retirement Services Segment
Retirement Services Segment • Spread Related Earnings, Excluding Notable Items, increased 5% in 2025, primarily driven by strong net organic growth trends and higher alternative net investment income, partially offset by higher interest and other financing costs • Spread Related Earnings in the four
Slide 15: Retirement Services: Return on Asset View
Retirement Services: Return on Asset View % Change vs. % Change vs. (% of average net invested assets) 4Q'24 3Q'25 4Q'25 FY'24 FY'25 4Q'24 FY'24 Fixed income and other net investment income 5.00% 5.12% 5.08% 8 bps 4.86% 5.01% 15 bps Alternative net investment income 9.25% 9.88% 10.19% 94 bps 8.03% 1
Slide 16: Retirement Services: Portfolio & Spread Highlights
Retirement Services: Portfolio & Spread Highlights Investment Portfolio Highlights Retirement Services Net Spread Bridge (QoQ) • 97% of Athene’s fixed income portfolio1 is invested in investment grade assets 1.24% 0.01% 0.01% 1.20% • Apollo Asset Management aims to generate 30 to 40 basis points (0.
Slide 17: Retirement Services: Strong Growth Profile
Retirement Services: Strong Growth Profile Athene Gross Organic Inflows Spread Related Earnings4 ($ in billions) $82 ($ in millions) $3,361 $3,224 $3,108 $71 35 $2,509 $2,469 ~9x 29 $48 10 5 11 $1,421 $28 11 $1,255 $1,255 $1,148 8 6 $704 $13 6 36 34 $9 3 6 21 4 5 7 8 2016 2018 2020 2022 2024 2025 20
Slide 18: Principal Investing Segment
Principal Investing Segment • Realized performance fees of $588 million in the fourth quarter were driven by Fund X, Accord+, as well as from the strong investment performance of Credit Strategies, as such fees are crystallized on an annual basis • Realized principal investing compensation of $381 m
Slide 19: Performance Fee AUM and Dry Powder
Performance Fee AUM and Dry Powder • Performance Fee-Eligible AUM of $322 billion increased 44% year-over-year due to strong growth in performance fee-eligible Credit and Equity strategies, particularly direct lending, certain flagship private equity and hybrid value funds, multi-credit and asset-ba
Slide 20: Investment Performance Highlights and Net Accrued Performance Fees
Investment Performance Highlights and Net Accrued Performance Fees Investment Performance Highlights Net Accrued Performance Fee Receivable1 (QoQ) ($ in millions, except per share amounts) Appreciation / gross returns 4Q'25 FY'25 +$0.54 Credit Direct Origination 1.9% 10.6% ($0.48) Net unrealized Opp
Slide 21: Capital Strength
Capital Strength • Deployed $260 million for share repurchases in the fourth quarter to offset dilution from share issuances under equity incentive plans • Apollo intends to distribute an annual dividend of $2.25 per share of common stock, up 10% from $2.04 per share for 2025, commencing with the fi
Slide 22: Supplemental Details
APOLLO Supplemental Details
Slide 23: AUM Rollforward
AUM Rollforward Total AUM Rollforward1 Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 ($ in millions) Credit3 Equity Total ($ in millions) Credit3 Equity Total Beginning Balance $723,179 $185,192 $908,371 Beginning Balance $616,387 $134,650 $751,037 Inflows 35,889 5,949 4
Slide 24: Retirement Services Flows & Invested Assets
Retirement Services Flows & Invested Assets • Third-party capital augments Athene's ability to grow, supporting approximately 25% of Athene's record organic new business volume in 2025, including 31% in the fourth quarter ($ in millions) 4Q'25 ($ in millions) 4Q'25 FY'25 Invested Assets Outflows att
Slide 25: Sharecount Reconciliation
Sharecount Reconciliation Share Reconciliation 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Total GAAP Common Stock Outstanding 565,738,933 570,432,275 572,024,038 580,389,090 578,981,398 Non-GAAP Adjustments: Mandatory Convertible Preferred Stock1 14,536,019 14,538,803 14,547,261 14,555,555 14,564,883 Vested RSUs
Slide 26: Reconciliations and Disclosures
Reconciliations and Disclosures
Slide 27: Investment Record as of December 31, 2025
Investment Record as of December 31, 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 VII1,5 N/A $ 1,531 $ 1,383 $ 40 $ — $ 40 $ 40 $ 40 NM4 NM4 Accord I, II, III
Slide 28: GAAP Balance Sheet
GAAP Balance Sheet (Unaudited) ($ in millions, except share amounts) 4Q'24 4Q'25 Assets Asset Management Cash and cash equivalents $2,692 $3,350 Restricted cash and cash equivalents 3 19 Investments 6,086 6,226 Assets of consolidated variable interest entities Cash and cash equivalents 158 327 Inves
Slide 29: GAAP Balance Sheet - cont'd
GAAP Balance Sheet (Unaudited) - cont'd ($ in millions, except share amounts) 4Q'24 4Q'25 Liabilities Asset Management Accounts payable, accrued expenses, and other liabilities $3,616 $3,861 Due to related parties 710 1,062 Debt 4,279 5,516 Liabilities of consolidated variable interest entities Acco
Slide 30: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'24 FY'25 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common $1,462 $418 $605 $1,712 $660 $4,480 $3,395 Stockholders Preferred dividends 24 24 25 24 24 97 97 Net income (lo
Slide 31: Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd
Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd ($ in millions) 3Q'25 4Q'25 Investments, at fair value $ 1,752 $ 1,696 Equity method investments 1,387 1,390 Performance allocations 3,595 3,554 Other investments 17 17 Total GAAP Investments – Asset Management1 $ 6,751 $ 6,657 ($ in mil
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: Endnotes
Endnotes Retirement Services Flows & Invested Assets (page 20) 6. Represents outflows from funding agreements, pension group annuities, and multi-year guarantee fixed annuities, all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may va
Slide 39: 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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