Blackrock, Inc. · NYSE:BLK
Blackrock — Investor Day (June 2025)
147 slides from Blackrock's investor day presentation, Jun 12, 2025
Slide 1: Investor Day 2025
Investor : Day 2025 BlackRock ‘
Slide 2: Forward-looking Statements
Forward–looking Statements This presentation, and other statements that BlackRock may make, contain forward–looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward
Slide 3: BlackRock's 2030 Ambition
Martin Small Chief Financial Officer and Global Head of Corporate Strategy BlackRock’s 2030 Ambition
Slide 4: Foundations of our strategy
Foundations of our strategy… Connect investors, corporates ~40 million 2,000+ & the public sector to the power of capital markets US investors using iShares Retirement and pension ETFs1 scheme clients globally2 Serve clients as a fiduciary, 78% $9 billion delivering excellent performance across whol
Slide 5: 1BLK Platform and its building blocks
…and its building blocks Exp ert ole portfolio is Organic growth wh ad as vi e d su n stai s a ader i nab le Le or l le ba ive growth Dr Operating leverage LK Platform in lo s ket ve eg ar stin Be th ET Service Private M Alpha g Fs at the heart Capital management Aladdin® 1B s EPS growth ces Ac ≥5%
Slide 6: Driving stronger, more resilient growth
Driving stronger, more resilient growth: aiming to double operating income and market cap by 2030 BlackRock total revenue ambitions (excluding beta) $35B+ 2024 2030 aspiration (excluding beta) 30%+ 10% $35B+ of total revenue Revenue $20B CAGR $15B $20B Private markets & 15% Op. income, as-adj. $8B ~
Slide 7: Well positioned in structural growers
Well positioned in structural growers across our platform 17% Industry organic 14% revenue 13% growth1 2020-24 11% 11% 8% 6% Private Credit ETFs Technology Infrastructure SMA Cash OCIO BlackRock AUM rank2 Top 5* #1 2 N/A Top 3 Top 5 Top 3 Top 3 2024 *pro-forma for HPS acquisition Note: For footnoted
Slide 8: Large existing asset pools within the walls of BlackRock
Large existing asset pools within the walls of BlackRock Institutional $3.2T Scaled franchise value 92 with largest asset owners, Index AUM2 SWFs and pensions ~30 $840B+ Outsourcing OCIO AUM3 $5B+ OCIO mandates funded since 20204 of the top 100 asset owners Target Date $500B+ AUM2 #1 DCIO franchise5
Slide 9: New builds toward our 2030 vision
New builds toward our 2030 vision We’re building new $500M+ businesses… …by helping clients access innovative opportunities • Largest third-party manager in balance sheet insurance assets with $700B in AUM1 Private Markets to Insurance • Near-term ambition to rotate more than 10% of core FI insuranc
Slide 10: Integrating our private markets platforms
Integrating our private markets platforms and extending reach through BlackRock’s global relationship network Infrastructure Private Credit ~9 months since closing: Anticipated upon closing: Target achieved over $25B – Leveraging BlackRock’s global GIP V largest-ever client capital raise in an Fundr
Slide 11: Targeting $400B of cumulative private markets fundraising
We are targeting $400B of cumulative fundraising in private markets by 2030 Target Enabled by… Strong corporate and Diversified, multi-asset asset owner relationships platform $400B gross fundraise from Differentiated origination Scaled, flexible capital base 2025 – 2030 Extending private Deeper ins
Slide 12: Accelerating growth in technology and data
Accelerating growth in technology and data Aladdin® is the leading public markets solution… …and we’re bringing the same transparency and scale to the private markets Front office Trading execution + Private markets workflow Asset owners Exposure & performance + Private markets data Risk The languag
Slide 13: Our strategy is built to unlock value
Our strategy is built to unlock value for shareholders and excellence for clients Connect investors, Serve clients as a Create scale and corporates and the fiduciary, delivering network economies public sector to the excellent performance across a 1BlackRock power of capital across whole portfolios
Slide 14: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 4 – Foundations of our strategy… 1. Source: BlackRock estimates and Broadridge as of May 2025. Includes individual US investor accounts, based on an empirical analysis of aggregate brokerage accounts in the
Slide 15: Powering Scale
Rob Goldstein Chief Operating Officer Powering Scale: Solving for the whole portfolio across public and private markets
Slide 16: The big best are getting bigger
The big best are getting bigger, and this is likely only the beginning Top 5 asset managers have 25% AUM market share1 Clients are consolidating to do more with fewer Rest #2-5 BLK BLK has more capabilities than anyone else 17% ?% 1BLK is the key 14% requirement There are benefits to 7% 8% ?% expand
Slide 17: Exceptional breadth and scale of capabilities
Exceptional breadth and scale of capabilities, all designed to help clients – Platform as a Service Access Expertise1 22,600 Service employees Asset classes across the Whole Portfolio 1BLK: Seamless connectivity 27% 27% across businesses are corporate are tech and and business data operations profes
Slide 18: BlackRock is a perpetual reinvention machine
BlackRock is a perpetual reinvention machine… Since our 2023 Investor Day, we are continuing …and expanding to meet clients where they are1 to add capabilities to the BLK platform… Newly opened office locations Expanded our local presence ALADDIN COPILOT London Chicago Kuwait Doha Dubai Riyadh Abu D
Slide 19: All with the same goal
…while on a continual quest to: 1. 2. 3. 4. Ensure clients Establish Build once, Continuously benefit by ourselves across monetize in drive expanding with the ecosystem multiple ways marginal the BLK network costs down All with the same goal: serving our clients with excellence 19
Slide 20: Ensure clients benefit by expanding within the BLK network
1. Ensure clients benefit by expanding within the BLK network Operational outsourcing Growing into the “whole Strategic asset allocation portfolio” with clients Fixed The underlying value proposition Fixed income income Cash & short term investments grows as clients expand within the BlackRock ecosy
Slide 21: Establish ourselves across the ecosystem
2. Establish ourselves across the ecosystem BlackRock is bridging the traditional capital markets with the developing digital assets ecosystem A B C D Starting point: …extending to …then providing …and now focused connecting networks managing reserve “institutional quality” on tokenized funds assets
Slide 22: Build once, monetize in multiple ways
3. Build once, monetize in multiple ways Driving alpha, reducing friction and expanding capabilities BlackRock BlackRock Global In the lab Systematic Trading and Markets2 Tailored AI research (BSYS) Platform1 agents 51 million 1,000+ alpha signals trade allocations per year through BlackRock’s Aladd
Slide 23: Continuously drive marginal costs down
4. Continuously drive marginal costs down All of BlackRock is built on a foundation of operating excellence in everything we do and what we do will continue to rapidly grow Since 2023 Investor Day1: 2030 Estimate3 Net New Whole Portfolio Metric Increase by 2030 Business “Mega mandates” 2x BlackRock
Slide 24: Scale in action
Scale in action Deliver excellence in everything we do: 1. investment performance, services, and client experience 2. Be our clients’ first call for all things investments 3. Create benefits to expanding within the BlackRock network 4. Be the language of portfolios. 1BLK is the key requirement 24
Slide 25: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 16 – The best are getting bigger, and this is likely only the beginning 1. McKinsey Performance Lens as of 12/31/23. Slide 17 – Exceptional breadth and scale of capabilities, all designed to help clients – P
Slide 26: Aladdin: The language of the whole portfolio
Sudhir Nair Global Head of Aladdin Tarek Chouman Global Head of Aladdin Client Business Aladdin®: The language of the whole portfolio
Slide 27: BlackRock is stronger with Aladdin
BlackRock is stronger with Aladdin® BlackRock’s operating backbone Technology foundation “way of life” High-growth commercial business 27
Slide 28: BlackRock's Aladdin technology business
BlackRock’s Aladdin® technology business solves for evolving client needs across the investment landscape Technology services revenue1 $1.4B $1.5B $1.6B 14% 1Q25 ACV growth2 $1.3B $1.1B 98% Recurring revenue3 2020 2021 2022 2023 2024 97% 3–year average client retention4 Clients span the investment l
Slide 29: Aladdin is among a select group of technology businesses
Aladdin® is among a select group of technology businesses 4.8k Global software businesses1 172 With $1.5B+ annual revenue2 75 And 10%+ revenue growth2 Note: For footnoted information, refer to slide 43. 29
Slide 30: Industry trends are a tailwind
Industry trends are a tailwind Growth of private markets Allocation to private markets increasing across the board; new asset classes, new wrappers Personalized multi-asset wealth portfolios at scale Customized model solutions incorporate both public and private market investments Data and AI at the
Slide 31: Aladdin is a growth and innovation flywheel
Aladdin® is a growth and innovation flywheel E OR CO g f G EM NN cap suit in es a LV EC ro a P ili o the and ab e SO wi latform T ti s MO ng Exp RE Aladdin® Ac c e le r a t i n g with AI DO M O RE 31
Slide 32: Aladdin flywheel: expanding the suite of capabilities
Aladdin® is a growth and innovation flywheel Expanding the E OR CO g f G EM NN cap suit in es a suite of capabilities LV EC ro a P ili o the and ab e SO wi latform T ti s MO ng Exp RE Aladdin® • Whole Portfolio • Wealth • Data (including Preqin) Ac c e le r a ti n g with AI DO M O RE 32
Slide 33: Aladdin flywheel: growing Aladdin as a platform
Aladdin® is a growth and innovation flywheel Growing Growing Aladdin® E OR CO g f G Aladdin® EM NN cap suit in es a as as a a Platform LV EC ro a P ili o Platform the and ab e SO wi latform T ti s MO ng Exp RE Aladdin® • Aladdin® seeks to provide the perfect fit Aladdin® is partner •• Expanding the
Slide 34: Aladdin flywheel: accelerating with AI
Aladdin® is a growth and innovation flywheel Accelerating E OR CO g f G EM NN cap suit in es a with AI LV EC ro a P ili o the and ab e SO wi latform T ti s MO ng Exp RE Aladdin® • Embedding AI into Aladdin® • Innovating faster • Advancing how we deliver and service clients Ac c e le r a ti n g with
Slide 35: The market opportunity for Aladdin continues to grow
The market opportunity for Aladdin® continues to grow $20B+ addressable market:1 Growth drivers • Whole portfolio capabilities Public markets • Data offerings investment tech • Aladdin as a platform ~$8B • Accounting Private markets • Aladdin Wealth investment tech ~$5B Private markets data offering
Slide 36: Our multi-year journey to build a world-class private markets solution
Our multi-year journey to build a world-class private markets solution 1 2 3 4 Delivering private Establishing a Increasing Expanding asset markets technology whole portfolio access to data class coverage eFront Blending books Preqin GIP & HPS (upon close) of record adding to infrastructure Unifying
Slide 37: Aladdin technology is a key solution for more clients
Aladdin® technology is a key solution for more and more clients Configurable Innovative and connected data solutions platform Expanded Whole portfolio Expanded global regions capabilities global regions New Aladdin® clients 37
Slide 38: Insurance segment case study
Insurance segment case study: Aladdin® powers industry disruption Aladdin® Expansion of Insurance insurance Aladdin® trends client profiles capabilities 38
Slide 39: Insurance segment case study: insurance trends
Insurance segment case study: Aladdin® powers industry disruption OR E Insurance trends EM LV SO Insurers increasing private markets allocations and 1 deepening ties with PE firms Aladdin® Expansion of Insurance Convergence of insurance insurance and asset management,Aladdin® trends 2 investment veh
Slide 40: Insurance segment case study: client profiles
Insurance segment case study: Aladdin® powers industry disruption OR E Aladdin® insurance client profiles EM LV SO Aladdin® Expansion of 1 Insurance 2 insurance 3 Aladdin® trends Whole Business Private business client profiles expansion & tech capabilities equity-backed outsourcing transformation di
Slide 41: Insurance segment case study: Aladdin capabilities
Insurance segment case study: Aladdin® powers industry disruption OR E Expansion of Aladdin® capabilities EM LV SO Aladdin® Expansion of Insurance Aladdin®: Whole portfolio technology insurance Aladdin® trends client markets profiles Official capabilities Private Risk, Insurance Investment exposure,
Slide 42: We are delivering on our mission
We are delivering on our mission to make Aladdin® the language of portfolios Strong We are growing Best positioned Low to mid–teen technology in our existing to combine long–term business with markets while private markets growth target recurring continuing to data and revenue expand workflows 42
Slide 43: End notes
End notes Note: BlackRock’s Aladdin® platform is a financial technology platform designed for institutional, wholesale, qualified, and professional investor/client use only and is not intended for end investor use. These notes refer to the financial metrics and/or defined term presented on: Slide 28
Slide 44: iShares: Unlocking growth across the globe
Stephen Cohen, Chief Product Officer Jessica Tan, Head of Americas for Global Product Solutions Jane Sloan, Head of EMEA for Global Product Solutions iShares: Unlocking growth across the globe
Slide 45: Global iShares business at BlackRock
Global iShares business at BlackRock $0.2T Organic growth and revenue $1.0T $431B 11% 1Q25 LTM organic asset growth3 $4.3T 1Q25 LTM net new business2 $465M ETF AUM1 (2)% 1Q25 LTM organic base fee growth4 7% 1Q25 LTM net new base fees2 $3.1T $6.7B (15)% YoY revenue growth5 16% FY 2024 ETF revenue5
Slide 46: Trends shaping the product landscape
Trends shaping the product landscape 01 02 03 Evolution of capital Traditional silos are Scale, data and AI markets: more clients dissolving between play a bigger role in moving to ETFs as the index and active, powering investment technology of choice public and private platforms and delivering perf
Slide 47: The ETF industry is undergoing rapid growth and transformation
The ETF industry is undergoing rapid growth and transformation ETF Industry projected to grow to $27T by 20301… …powered by the growth of indexing and new segments ETFs still account for a small proportion of global markets $27T +15% CAGR $22T 6% of total global 10% of global 2% of global fixed $18T
Slide 48: iShares is the global leader in an evolving industry
iShares is the global leader in an evolving industry $4.3T #1 1,600+ 420+ 25+ assets under ETF issuer by iShares ETFs iShares ETFs countries offer management1 assets – and in globally1 over $1B AUM1 iShares ETFs2 Fixed Income + Europe1 , advancing investment access for 25 years iShares ETFs to Fixed
Slide 49: iShares delivers diversified organic growth through market cycles
iShares delivers diversified organic growth through market cycles Global iShares organic base fee growth rates1 Active & Digital Assets Active ETFs Fixed Income Core 9% Precision and Other Digital Asset ETPs 7% 7% 6% Avg Fixed Income ETFs 3% 2% Core Equity ETFs Precision & Other ETFs 2020 2021 2022
Slide 50: BlackRock's ETF markets and investment engine
BlackRock’s ETF markets & investment “engine”: performance, innovation and product integrity at scale Our investment “engine” enables Our platform enables innovative access to performance and innovation at scale new markets and growth opportunities Modernizing the market Evolving traditional Extendi
Slide 51: iShares 2030: unlocking key growth opportunities
iShares 2030: unlocking key growth opportunities Building new Expanding iShares to categories client adoption the world • Modernizing Fixed Income • Creating millions of new • Leading the industry • Accelerating Active ETFs iShares users across in Europe models, digital wealth and • Taking our franc
Slide 52: Building new categories: iShares leads in Fixed Income ETFs
Building new categories: iShares leads the way in Fixed Income ETFs Fixed Income ETFs hit $2.5T in 2024 iShares is driving new use cases for Fixed Income ETFs but remain just 2% of total bond market $140T $1T 2010 1 $140T 1 Fixed Income iShares AUM4 the first iBonds ETF Individual Individual bonds b
Slide 53: The US ETF landscape is moving beyond indexing
The US ETF landscape is moving beyond indexing The US ETF market has evolved in the last five years… …with increasing diversification across active and index US ETF AUM2 US ETF revenue2 2019 2024 $4.4T Index Index $10T $18B $10.3T Active Active ETF industry AUM1 $0.4B $1.8B ETF NNBF1 $8B $4T
Slide 54: US iShares has grown the broadest industry platform
US iShares has grown the broadest industry platform US iShares AUM has tripled in the last 10 years While NNBF continues to outpace competitors US iShares AUM1 US iShares ETF NNBF vs. competitors2 $3T $3T 3 years for the next $1T $251M iShares #2 issuer #3 issuer #4 issuer #5 issuer $2T $2
Slide 55: Digital Assets: cryptocurrency exposure through exchange-traded products
Digital Assets: providing cryptocurrency exposure through exchange-traded products iShares IBIT is the fastest-ever ETP to reach $50B… …and bridged a gap between traditional finance and crypto Spot Bitcoin product net inflows since inception1 $50B IBIT #1 75% #2 ETP Bitcoin ETP Of direct #3 ET
Slide 56: Active ETFs: driving growth through innovation
Active ETFs: driving growth through innovation Expanding Scaling new access to our strategies and DYNF BINC best-in-class, expanding Equity Factor Rotation Flexible Income innovative access to our $15.2B+ $8.6B+ products high-quality AUM1 AUM1 through active local products Launched March 2019 Launch
Slide 57: Models: scaled distribution to grow new categories
Models: scaled distribution to grow new categories Influence of models is growing1 Active is gaining share ~50% of iShares model flows are US iShares AUM in models from high-growth segments4 $620B+ 1/3 of US models contain at least $400B+ one Active ETF2 20% Average allocation of US models to Active
Slide 58: European ETF industry comes of age
European ETF industry comes of age A step-change evolution European growth tracking US trajectory 2019 2024 ETF industry AUM4 Current US industry $1.1T $10T $10.3T ETF industry AUM1 $2.3T $8T Inflection point $2.8B $4.9B $6T Industry revenue2 $4T 236 460 $2T 2014: US $2T 2024: EMEA $2T # of billiona
Slide 59: iShares leads the European ETF industry
iShares leads the European ETF industry iShares surpasses $1T as growth accelerates iShares extends leadership gap in Europe EMEA iShares AUM1 AUM by issuer2 $1T $1.0T 4 years for the next $500B $1T iShares Leadership Gap 40% iShares AUM #2 issuer +$730B market share3 #3 issuer #4 issuer #
Slide 60: Expanding client adoption will power iShares growth
Expanding client adoption will power iShares growth Shift to fee-based wealth Rise of digital wealth Growing adoption in institutional % of wealth assets in fee-based propositions1 Number of ETF Savings Plans, millions3 Example ETF use cases 55% Pension Liquidity & cash $8T +$3T management $6T 45% 1
Slide 61: Innovation at the core and beyond
Innovation at the core and beyond Reaching more parts of the Going granular with precise slices of Building new categories of investing bond market the market iShares European Fixed Income ETFs1 140+ ETFs $270B+ AUM 50%+ AUM market share2 Traditional Active 5x Fixed income iShares range expansion
Slide 62: iShares to the world
iShares to the world Local ranges Global franchises Custom suites BINC DYNF IBIT TOPT 62
Slide 63: iShares: leading the industry in access and innovation
iShares: leading the industry in access and innovation Building Expanding iShares new categories client adoption to the world 63
Slide 64: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 45 – Global iShares business at BlackRock 1. Source: BlackRock, as of March 31, 2025. 2. Source: BlackRock, as of March 31, 2025. Net new business (NNB) represents net asset inflows and organic revenue growt
Slide 65: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 54 – US iShares has grown the broadest industry platform 1. Source: BlackRock as of March 31, 2025. 2. Source: BlackRock using data derived from publicly available data sources and third-party fund materials
Slide 66: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 60 – Expanding client adoption will power iShares growth 1. Source: BlackRock analysis based on data for ETFs as of December 2023, Broadridge as of December 2023, McKinsey Cube as of December 2023, EFAMA as
Slide 67: Active Investing, Evolved
Rich Kushel Head of the Portfolio Management Group Active Investing, Evolved
Slide 68: BlackRock liquid active strategies
BlackRock liquid active strategies $79B $459B Organic growth and revenue $1,150B $215B 7% 1Q25 LTM organic asset growth3 $3.6T 1Q25 LTM net new business2 $121M $931B (2)% Liquid Active AUM1 1Q25 LTM organic base fee growth4 1Q25 LTM net new base fees2 1% $7.9B 2024 base and performance fees5 (15)% 1
Slide 69: BlackRock continues to outpace industry growth
BlackRock continues to outpace industry growth BlackRock and industry liquid active organic asset growth1 BlackRock liquid active market share2 $3,579 12% $3,259 $3,249 $2,831 $2,871 8% 4.1% 4.1% 4.2% 4.3% 6% 3.9% 4% 3% 2% 1% 1% 1% (2%) 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2024 2020 202
Slide 70: Strong relative performance across liquid active
Strong relative performance across liquid active franchise Differentiated long-term performance1 Incremental source of earnings power % of assets above benchmark or peer median for the 5-year period as of Liquid active performance fees ($M)2 March 311 86% 86% 86% 81% 78% $1,021 $935 $899 $281 $218 2
Slide 71: Navigating the current market calls for an active approach
Navigating the current market calls for an active approach More uncertainty and volatility means Uncertainty fuels greater dispersion Against this backdrop, US manager a bigger opportunity set1 Dispersion of S&P 500 performance, 2010-20242 dispersion has elevated3 80 Last 12 14% US stock dispersion
Slide 72: Active building blocks in client portfolios continue to evolve
Active building blocks in client portfolios continue to evolve Scaled liquid active Fundamental Taxable and muni platforms with large Cash equity fixed income revenue and AUM bases held in client portfolios Multi-asset Systematic Hedge funds and solutions equity New ways clients are accessing liquid
Slide 73: Newer and faster-growing market segments
Resulting in newer and faster-growing market segments OCIO assets set to grow as institutions Model portfolios total opportunity Active ETF usage is accelerating, with seek expert advice1 estimated at $11.5T2 3-year organic asset growth of 42%3 Global OCIO industry AUM ($T) US model adoption and add
Slide 74: BlackRock is delivering outcomes for clients
BlackRock is delivering outcomes for clients, and unlocking new channels for active Outsourced CIO and wealth solutions1 Managed models3 Active ETFs AUM ($B) AUM ($B) AUM ($B) $844 $45 $212 2X+ 4X+ 4X+ $420 $49 $11 1Q20 1Q25 1Q20 1Q25 1Q20 1Q25 ~30 >$5B mega mandates won by $130B+ ofmanaged net infl
Slide 75: Active capabilities to serve client portfolios
Active Blending public and private markets in client portfolios capabilities to serve Active ETF Active equity Cash Fixed income client portfolios Factors Private credit Hedge funds SMAs across public and private Models Infrastructure OCIO Multi-asset 75
Slide 76: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 68 – BlackRock liquid active strategies 1. Source: BlackRock. AUM as of 3/31/25. 2. Represents last twelve months ending 3/31/25. Net new business represents net asset inflows and Net new base fees represent
Slide 77: Redefining Investment Skill at Scale
Raffaele Savi Global Head of BlackRock Systematic Redefining Investment Skill at Scale
Slide 78: BlackRock systematic redefines skill at scale
BlackRock systematic redefines skill at scale Investing is both art and science. The explosion of big data and AI has made much of what is considered the qualitative "art" of investing approachable through a quantifiable, scientific lens. Information Research Portfolio construction and risk In the a
Slide 79: Systematic investing at BlackRock
Systematic investing at BlackRock $18B Systematic asset and revenue growth $19B $224B $23B 10% 1Q25 LTM organic asset growth3 $317B 1Q25 LTM net new business2 $134M AUM1 (2)% 1Q25 LTM organic $56B 28% base fee growth4 1Q25 LTM net new base fees2 Equity $979M 2024 base and performance fees5 (15)% 4
Slide 80: Scale unlocks multiple drivers of revenue growth
Scale unlocks multiple drivers of revenue growth ACTIVE ACTIVE ETFs HEDGE FUNDS SYSTEMATIC AT SCALE Aiming to grow share in a large, DYNF: Industry’s #1 Active ETF Flagship multi-strat hedge fund Emerging strengths in high shrinking category with by flows in 2024 | Expanding (Sharpe ratio 1.84) comp
Slide 81: BlackRock is a structural advantage for our Systematic team
BlackRock is a structural advantage for our Systematic team Unique data Trading innovation Diverse investor collective BlackRock’s scale as one of the world's Decrease reliance on external liquidity Exposure to diverse perspectives largest asset managers affords us providers, reduce information leak
Slide 82: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 78 – BlackRock Systematic redefines skill at scale 1. BlackRock analysis as of 5/15/24. Compares predictive performance of OpenAI GPT models with BlackRock proprietary models. Accuracy based on 40-day forwar
Slide 83: Leading the Future of Fixed Income
Rick Rieder Chief Investment Officer of Global Fixed Income Leading the Future of Fixed Income
Slide 84: BlackRock fixed income
BlackRock fixed income Fixed income asset and revenue growth $1.9T $1.1T $3.0T $160B 1Q25 LTM net new business2 6% 1Q25 LTM organic asset growth3 Fixed income AUM1 $162M (2)% 1Q25 LTM organic base fee growth4 5% Active 1Q25 LTM net new base fees2 ETF & non-ETF index $931B Cash management AUM $20
Slide 85: Durable performance is foundational to our platform
Durable performance is foundational to our platform 11 fixed income funds awarded Long–term performance2 Gold Medals by Morningstar1 % of taxable fixed income assets above benchmark or peer median as of 3/31/25 87% 80% • Strategic Income Opportunities Fund 71% • Total Return Fund • Sustainable Total
Slide 86: Consistently outpaced industry flows
We’ve consistently outpaced industry flows in a flat to negative fixed income market environment Fixed income net inflows Bloomberg Global Aggregate ETFs Retail / Institutional $250B $230B $158B $164B $143B 2020 2021 2022 2023 2024 Industry: 5% 7% (2)% 3% 6% Organic asset growth1 BlackRock: 7%
Slide 87: Clients are blending public and private, active and ETFs
Clients are blending public + private, and active + ETFs 2.5x Dispersion today is over 145% higher compared to 20181 6x Private credit allocations have grown sixfold since the GFC2 With banks tightening lending Higher dispersion across Liquid capacity, private credit investors securities and sectors
Slide 88: Expanding the income toolkit with BINC
BlackRock is expanding the income toolkit with products like BINC, our flexible income ETF1 Yield vs Volatility Return vs Drawdowns 9.0% 8.1% 7.7% 25% 8.0% 18.7% 6.5% 6.5% 20% 16.7% 16.2% 7.0% 5.8% 5.6% 5.6% 6.0% 6.0% 5.3% 15% 10.1% 9.3% 4.8% 4.5% 8.1% 5.0% 10% 4.0% 3.3% 5% 3.0% 0% 2.0% -5% -2.4% 1.
Slide 89: Fixed Income markets allow for opportunities
Fixed Income markets allow for amazing opportunities across public and private markets across the cap stack, ratings, structures, with the rest of the world needing to finance domestic growth in the Fixed Income markets building the investment universe in size, breadth and diversity1… US IG A UK US
Slide 90: Changes in the whole investment regime
Changes in the whole investment regime and how people think about Fixed Income… For the 40-year bull market of 1981 – 2021, interest rates were a very healthy and predictable correlation hedge to equities… However, over the last three years, interest rate risk has not been a hedge to equities (not t
Slide 91: Income and attractive breakevens
Income and attractive breakevens providing well-structured risk-reward opportunities… Today you may build a portfolio with 6-7% yield that could minimize Breakeven yields today are very attractive in a lot of places. Even European rates today offer downside and provide stable income (more detail her
Slide 92: Historically attractive portfolio construction
…creating historically attractive, well-structured, and stable portfolio construction1… Even if inflation stays in the 3s… FX-Hedged Yield Spread Portfolio Cash 4.34% 5% The last two decades saw front-end yields half the time under 1% and almost 2/3 of the France 10Y 5.67% 1% time under 2%... And mo
Slide 93: Driving the future of fixed income
Driving the future of fixed income Global Differentiated Technology Flexibility & expertise sourcing choice Deep knowledge in asset Strong counterparty Sophisticated investment and Solutions for client needs — classes, sectors, and geographic connectivity and access to risk management platform acros
Slide 94: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 84 – BlackRock fixed income 1. BlackRock and HPS as of 3/31/25. Private credit client assets is pro-forma for the planned acquisition of HPS and includes assets across fee-paying AUM and non-fee-paying commi
Slide 95: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 90 – Changes in the whole investment regime and how people think about Fixed Income… 1. BBG as of 4/30/2025. Index returns are shown for illustrative purposes only. Indexes are unmanaged, it is not possible
Slide 96: Indices
Indices Brazil 10Y Hedged = Generic Brazil 10Y Government Bond – 3M Currency FX Forward France 10Y = France 10 Y Yield US ABS AA = Bloomberg Barclays US ABS AA TR Index Cash = Bloomberg Barclays 1-3 Month T-Bill Total Return Index Germany 2Y = Generic Germany 2 Yr US ABS A = Bloomberg Barclays US AB
Slide 97: Offering Capital Solutions Across the Continuum
Scott Kapnick Chief Executive Officer – HPS Investment Partners Offering Capital Solutions Across the Continuum
Slide 98: Combining leading private credit and GP/LP franchises
Combining leading private credit and GP/LP franchises… Key highlights • Leading core middle-market focused global direct lending business BLK ~$280B • Primary, co-investment and secondaries solutions spanning the full private equity spectrum Pro-forma client assets1 • $117B of fee-paying AUM, led by
Slide 99: Platform with breadth and scale for private capital solutions
… to create a platform with the breadth and scale to provide holistic private capital solutions Direct Junior & opportunistic Asset-based Liquid GP / LP lending1 capital solutions1 financing1 credit1 solutions1 $122B $39B $30B $49B $34B Private high grade Strategic investment Private high grade CLO
Slide 100: Large and rapidly growing private credit market
We benefit from the large and rapidly growing private credit market Private credit AUM1 21% $4.5T+ CAGR Demand for Evolution Democratization Growth in private of private of alternatives large cap investment asset-based issuers grade solutions finance ($1B+ transaction sizes) 14% CAGR $1.6T $0.9T $0.
Slide 101: HPS is an established leader in alternative credit
HPS is an established leader in alternative credit $24B Alternative A market credit specialist leader in private credit 250+ $21B Investment professionals7 $157B $81B Total AUM1 780+ Global Strong presence performance $31B Staff worldwide7 track record originating in 14 Direct lending2 2007 Juni
Slide 102: HPS is differentiated by its diversified sourcing approach
HPS is differentiated by its diversified sourcing approach… Industry return premium associated with non-sponsor borrowers2 Direct & Banks / debt Based on ownership internal advisors 14% relationships 12% 10% Private equity Joint venture 8% sponsors partners 6% 4% 2% 60%+ 0% Q4-19 4Q19 Q2-20 2Q20 Q4-
Slide 103: Scaled, flexible capital base
…and its scaled, flexible capital base $1B+ direct lending transactions1 HPS flexibly invests in scale across the capital structure, HPS had the increasing its potential sourcing funnel across markets opportunity to invest in 87% of the $197B $126B Capital structure flexibility Cash pay flexibility
Slide 104: HPS performance track record and fundraising momentum
HPS’s performance track record has facilitated consistent fundraising momentum Completed fundraising of select commingled funds and BDCs ($B) $11.1 $10.0 $10.4 $8.4 $7.7 $6.6 $9.5B cover $4.3 $4.5 $4.4 $3.1 $2.1 $1.6 $1.1 CSL CSL II HLEND SLF II SLF III SLF 2016 SLF V SLF VI SIP I SIP II SIP III SIP
Slide 105: Insurance and private high grade opportunity
Capitalizing on the insurance & private high grade opportunity Average insurer allocations1 Key growth opportunities to 20306 % of general account investments Commercial RE Lending 13% Private 125+ ~$60B Private Placements 11% high grade Residential Mortgages 4% HPS insurance HPS insurance relations
Slide 106: Scaling in wealth
Scaling in wealth: breadth of capabilities paired with distribution reach Existing HPS Existing BLK Planned “HLEND” “BDEBT” “CREDX” “TCPC” European Private Private credit Large scale Private credit Middle-market Multi-credit Middle-market direct lending asset-based retirement direct lending total re
Slide 107: GP / LP Solutions: full life cycle partnership
GP / LP Solutions: delivering full life cycle partnership to financial sponsors $5B $29B Fundraising period Investment period • LP commitments* • Co-investment capital* • Rated feeders and CFOs • LBO financing $206B • Hybrid fund facilities Combined private capital client assets1 Portfolio managemen
Slide 108: Origination as a growth engine
Origination as a growth engine Sponsor relationships 200+ 3,500+ Platform breadth From core middle Capitalizing on full life Active relationships Bank, sponsor and market to large scale cycle relationships investment grade across sponsors, co-invest banks & advisors1 relationships3 Bank relationship
Slide 109: Opportunities for significant value creation via growth
Opportunities for significant value creation via growth Capital Insurance Wealth GP / LP formation Solutions 109
Slide 110: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 98 – Combining leading private credit and GP/LP franchises… 1. Source: BlackRock and HPS. Data as of March 31, 2025. Client assets include assets across fee-paying AUM and non-fee-paying committed capital fo
Slide 111: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 104 – HPS’s performance track record has facilitated consistent fundraising momentum 1. As of March 31, 2025. HPS Direct Lending includes investments that are part of the Specialty Direct Lending strategy an
Slide 112: A Premier Platform in the Golden Age of Private Infrastructure
Raj Rao President & Chief Operating Officer of GIP A Premier Platform in the “Golden Age” of Private Infrastructure
Slide 113: Global Infrastructure Partners, a part of BlackRock
Global Infrastructure Partners, a part of BlackRock $183B 19 Year 680+ 900+ Assets Under Management1 Track Record Dedicated Infrastructure Team Clients Globally A whole portfolio infrastructure solution Global Equity Greater Capabilities Specialized Equity Credit Solutions Fundraising $111B $35B $28
Slide 114: Investing in real infrastructure
Investing in real infrastructure Definition of infrastructure Target sectors Critical national / economic infrastructure Energy Transport Long-life, real assets High barriers to entry Favorable policy support Digital Water & Waste Fair regulation 114
Slide 115: The Golden Age of private infrastructure investing
The “Golden Age” of private infrastructure investing 1 2 3 4 Energy Digital Infra Re-Wiring Aging Transition and Power Supply Chains Infrastructure Expected Transition Data Center Global Economy ASCE 2025 Report Card Infrastructure Investment1 Investment Needs2 and Geopolitics US Infrastructure3 ~$4
Slide 116: Private capital bridging the infrastructure funding gap
Private capital – bridging the infrastructure funding gap ✓ Energy Transition Structural ✓ AI & Digital Demand ✓ Infrastructure Upgrades $94 Trillion Infrastructure Funding Needs by 20401 ✓ Governments – Rising Deficits Conventional ✓ Corporates Sources ✓ Capital Markets $15 Trillion GAP Funding Gap
Slide 117: GIP differentiator: disciplined and proven playbook
GIP differentiator - disciplined and proven playbook Proprietary origination Business improvement Strong risk management Sustainability / energy transition focus Exit track record 117
Slide 118: The power of the BlackRock and GIP combination
The power of the BlackRock & GIP combination 01 02 03 Pioneer in private Integrated A partner of choice infrastructure investment platform for corporates, investing with over across risks/returns, governments, and 19-year track record geographies, and clients globally sectors Experience Scaled Platf
Slide 119: The BlackRock and GIP combination in action
The BlackRock & GIP combination in action First-of-a-kind Artificial Intelligence (AI) Partnership Platform bringing together cross-sector collaboration, designed to capture the AI data center deployment opportunity at scale Members of Partnership Collaborating With Designed to unlock capital soluti
Slide 120: Well positioned to deliver value
Well positioned to deliver value Infrastructure GIP Generational investing opportunity Premier platform with a whole infrastructure portfolio solution Strong fundraising momentum GIP Flagship fundraising1 ✓ AI Infrastructure Partnership ✓ Mid-Market GIP V $25 Looking $22 ✓ Energy Transition $25B $16
Slide 121: Together we believe we will unlock growth
Together we 1. Create the world's premier infrastructure platform believe we will unlock 2. Provide capital solutions for the infrastructure funding gap growth for clients and 3. Continue to deliver performance for our clients shareholders 4. Solidify BlackRock’s leadership in private markets 121
Slide 122: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 113 – Global Infrastructure Partners, a part of BlackRock 1. BlackRock as of 3/31/25. $183B of total assets under management includes fair market value of invested AUM as of 3/31/25. Slide 115 – The “Golden
Slide 123: Seeds of Opportunity
Rachel Lord Head of International Seeds of Opportunity: Laying the foundations for future growth
Slide 124: BlackRock's international platform
BlackRock’s international platform $522B $599B Non-US organic asset and revenue growth $331B $344B 1Q25 LTM organic asset growth3 $188B 8% $4.4T 1Q25 LTM net new business2 $152B non-US AUM1 $311M 1Q25 LTM net new base fees2 (2)% 5% 1Q25 LTM organic base fee growth4 $1,138B $1,499B Americas ex-US
Slide 125: Planting the seeds of tomorrow's success
Planting the seeds of tomorrow’s success How we invest for future growth Growing Innovative Removing markets products barriers to & solutions investing Developing growing countries Leveraging deep expertise and Reducing friction across the and client segments based on client proximity to identify ca
Slide 126: Transforming India's investment landscape with JioBlackRock
Transforming India’s domestic investment landscape with JioBlackRock BlackRock brings JFS brings Investment expertise, INVESTED IN YOU The premier brand in India scale, systematic strategies Personalized model Aladdin®: “language of MyJio ecosystem and portfolios delivered digitally portfolios” JioF
Slide 127: Driving Middle East growth
Driving Middle East growth by bringing capital solutions, technology infrastructure and strategic advisory Advancing capital Partnering on Investing in local Deepening and markets in KSA global AI investing infrastructure broadening GCC with the UAE presence $5B anchor investment in BRIM1 $30B capit
Slide 128: Innovating in retirement across stages of evolution
Innovating in retirement across different stages of evolution Transformation of Consolidation to New retirement DB to DC create scale solutions Reforms driven by demographic and Established pension markets are Collective DC combines benefits of financial pressures are transforming consolidating, inc
Slide 129: Laying the foundations for scalable growth
Laying the foundations for scalable growth How we activate our strategy Bold Global Client Strategic moves expertise proximity alliances Leading as first movers Porting and adapting Embedding ourselves Driving growth through and investing early solutions from one in key markets through smart partner
Slide 130: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 124 – BlackRock’s international platform 1. AUM as of 3/31/25. AUM refers to client assets in each region. 2. Represents last twelve months ending 3/31/25. Net new business represents net asset inflows and N
Slide 131: Why BlackRock, and Why Now?
Martin Small Chief Financial Officer and Global Head of Corporate Strategy Why BlackRock, and Why Now?
Slide 132: Longstanding framework for delivering shareholder value
We have a longstanding framework for delivering shareholder value Organic growth Operating Capital leverage management EPS growth ≥5% organic base fee growth ≥ 45% operating margin, as-adj. BlackRock’s ambition for profitable growth over a market cycle Note: The figures and statements above are forw
Slide 133: Successful execution of our financial framework
Successful execution of our financial framework Organic growth Operating margin, as adj. Capital management $7.7B shares repurchased (5)% share count reduction ex-M&A3 45.5% 44.5% $20.40 5% 5% organic asset growth1 organic base fee growth2 41.7% Market $13.20 cycle low in 2023 9% CAGR 1/1/20 – 12/31
Slide 134: Demonstrated ability to meet client needs across market environments
Demonstrated ability to meet client needs across a variety of market environments 9% CAGR $11.6T1 Net inflows ($B) $641 $540 $367 $429 $391 $307 $289 $3.5T $150 $202 $4.7T $124 $84 increase from net inflows Market / FX Movements ($B) $1,025 $1,124 $770 $856 $752 $827 $220 $3.2T appreciation ($159) (
Slide 135: Diversified platform supports at least 5% organic base fee growth
Diversified platform supports ≥5% organic base fee growth target 5% 5–year average BlackRock organic base fee growth 2 2024 effective 3 17 27 77 75 13 fee rates (bps)1 18% Memo: 11% 10% 10% 6% 1 Strategic 5–year average organic 2% 2% base fee growth 1% rates2 ETFs Active ex-alts Private Liquid Cash
Slide 136: Fee rate is an output of client preferences and markets
Fee rate is an output of client preferences and markets Yields on flows increasing with high-value add capabilities Positive fee-rate leverage on international equity exposures Organic base fee growth: Effective fee rates (bps) 7% 11% 0% 1% 4% 6% 9 15 28 24 67 11 7x 28 60% 26 22 43% 17 16 16 16 16 1
Slide 137: Our expense framework is built to drive profitable growth
Our expense framework is built to drive profitable growth… 20141 2022 (introduced framework in 2023) 2024 $4.7T AUM +83% +35% $2.5T of net inflows $8.6T $930B of net inflows $11.6T $11.1B Revenue +61% 1 $17.9B +14% $20.4B 42.9% Margin, as adj. (10)bps1 42.8% 170bps 44.5% Note: Represents as adjusted
Slide 138: Alignment of investment with organic growth
…through alignment of investment with organic growth, fixed cost scale and variabilization of expense Organic revenue vs. Headcount footprint Variable vs. fixed cost controllable expenses Average Growth Employees Revenue 2-year CAGR3 (2023-1Q25) (in thousands) ($B) 21.1 $20.4 +7% 19.8 Operating 4% 4
Slide 139: Capital management policy to invest
Capital Prioritization of cash use management policy to invest Organic business investments first and then G&A Headcount Seed & co–invest return cash to Tactical acquisitions & strategic minority investments shareholders Dividends Share repurchases 139
Slide 140: Track record of M&A execution and integration
Successful track record of M&A execution and integration Growth since acquisition 2017 3x Fee-paying AUM1 2021 20% Organic asset growth4 2018 4x Fee-paying AUM2 2023 5% Organic asset growth5 2019 2x ACV3 2024 40% Organic asset growth6 Pending close: Executing on strategic moves in private markets an
Slide 141: Minority investments delivering growth and shareholder value
Minority investments delivering growth and shareholder value Driving organic growth • $60B+ AUM from Envestnet platform1 • $50B+ managed for Circle (USDC reserves)2 Enabling new capabilities • $2B AUM in tokenized liquidity fund created with Securitize3 • Launched public / private customized models
Slide 142: Consistent capital return to shareholders
Consistent capital return to shareholders Cash payout & payout ratio1 Capital return since inception ($B) 94% 82% 15%+ 76% 74% 63% $4.9 $4.7 $4.5 compounded annual return on our buyback program since $3.8 $3.7 implementation in 20132 $1.9 $1.5 $1.6 $1.5 $1.2 $2.3 $2.5 $3.0 $3.0 $3.1 15%+ CAGR for di
Slide 143: BlackRock in 2030
BlackRock in 2030 – faster-growing, more resilient business on a highly recurring, durable revenue base BlackRock total revenue ambitions Our 2030 ambitions: (excluding beta) $35B+ Above target organic base fee growth powered by 30%+ structural growers and new scaled business of total revenue New un
Slide 144: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 133 – Successful execution of our financial framework 1. Organic asset growth rate is calculated by dividing net asset inflows over beginning of period assets. 5% reflects the average over the 5–year period.
Slide 145: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 140 – Successful track record of M&A execution and integration 1. First Reserve fee-paying AUM growth from acquisition close date on June 2017 to March 2025. 2. TCP fee-paying AUM growth from acquisition clo
Slide 146: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($mm, except per share data) 2014 1,2 2019 2 2022 2 2023 2 2024 2 Q1 2024 2 Q1 2025 2 Operating income Operating Income, GAAP basis $4,474 $5,551 $6,385 $6,275 $7,574 $1,693 $1,698 Non-GAAP expense adjustments: Amortization of intangible assets and impairm
Slide 147: Important notes
Important notes The opinions expressed herein are as of June 2025 and are subject to change at any time due to changes in the market, the economic or regulatory environment or for other reasons. The information should not be construed as research or relied upon in making investment decisions or be u