Equitable Holdings, Inc. · NYSE:EQH
Equitable — Q3 2025 Earnings Presentation
21 slides from Equitable's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings Results
Equitable Holdings Third Quarter 2025 Earnings Results November 4, 2025 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: Third quarter 2025 highlights
Third quarter 2025 highlights Growth in assets driving increased earnings power • Non-GAAP operating earnings1 per share of $1.48, or $1.67 per share after adjusting for notable items2 • Record AUM/A of $1.1T, up 7% versus prior year quarter and 9% year-to-date • Higher earnings quarter-over-quarter
Slide 4: Our strategy to drive growth and create shareholder value
Our strategy to drive growth and create shareholder value Defend & grow core businesses • Retirement • Asset Management Scale adjacent businesses • Private Markets • Wealth Management Seed future growth • Secure Income in 401(k)s • Emerging markets for asset management Be a force for good • Leverage
Slide 5: Strong Wealth Management growth momentum
Strong Wealth Management growth momentum Robust organic growth rate Rising revenue per advisor Earnings ahead of 2027 plan $k $m +24% +95% 11% 407 426 197 200 370 344 7% 7% 101 2023 2024 3Q TTM 2022 2023 2024 3Q’25 2022 3Q’25 TTM1 2027 (IR day target) Allocating capital to accelerate growth Increa
Slide 6: Investing to grow AB’s Private Markets and insurance platforms
Investing to grow AB’s Private Markets and insurance platforms Deploying capital to support growth Private Markets AUM $bn Equitable General Account Deployed c.$17bn of $20bn commitment to Private +43% $90-100 Markets Platform $80 $70 $56 $61 CarVal Investors Acquired for $750m upfront investment; m
Slide 7: Third quarter consolidated results summary
Third 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 AB $ $bn AUM 25% +2% +7% AUA 1.64 1.67 1,034 1,110 WM 9% $510m 934 991 66% 100 118 Retirement 3Q24 3Q25 3
Slide 8: Key drivers of 3Q business results
Key drivers of 3Q business results Retirement earnings drivers, $millions Asset & Wealth Management drivers, $millions Net Interest Margin Fee-based Revenue1 AB Fee Revenue2 WM Advisory Fees +4% +4% +6% +7% 434 408 425 457 430 446 785 772 821 184 197 167 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25
Slide 9: Capital management driving shareholder value
Capital management driving shareholder value Consistent capital return Return to common shareholders Dividends Returned $757m of capital to shareholders, Share Repurchases $757m including $676m of share repurchases $81m Reduced debt and hybrids by $665m in 3Q’25; $335m $335m $318m $676m tendered
Slide 10: Key messages
Key messages Strong organic growth momentum across businesses Growth in assets driving increased earnings power Deploying capital to drive shareholder value Making strategic investments to grow our flywheel business model Confident in achieving 2027 financial targets 3Q25 Earnings Presentation 10
Slide 11: Appendix
Appendix Equitable Holdings Third Quarter 2025 Earnings Results
Slide 12: 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 13: Estimated macro sensitivities
Estimated macro sensitivities Total company sensitivities Retirement business shifting to spread-based AUM +/-10% = c. $150m after tax Equity market Non-GAAP Operating Earnings impact1 22% 27% Interest rates +/-50bps = c. $40-45m after tax 51% 55% Non-GAAP Operating Earnings impact Cash sweep revenu
Slide 14: 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% 29% Corporates $109bn $80bn 43% 1 1% Other Fixed Maturities 70% 20% Aaa, Aa, A 3%2% Mortgage Loans Alts. & Other Policy L
Slide 15: Alternative investment portfolio
Alternative investment portfolio Historical Alternative Investment Portfolio Annualized Returns $millions, pre-tax 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 YTD 25 GAAP Carrying Value Private Equity 825 857 850 934 1,462 1,670 1,824 2,039 2,089 2,128 2,185 2,185 Real Estate Equity 133 1
Slide 16: Retirement
Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m Operating Earnings adjusted for Notable Items1 declined YoY due to lower interest margin and higher DAC and 414 399 commission expense, partially offset by a lower tax rate Net inflows of $1.1bn in 3Q’25 with RILA sales up
Slide 17: Asset Management (AB)
Asset Management (AB) Operating Earnings, adjusted for Notable Items1 Highlights $m Growth in operating earnings driven by increased ownership, higher base fees and improved margins 154 Adjusted operating margin2 of 34.2%, up 290bps YoY 111 Active net outflows of $3.4bn; excluding the RGA impa
Slide 18: Wealth Management
Wealth Management Operating Earnings, adjusted for Notable Items1 Highlights $m Operating earnings increased primarily due to higher advisory and distribution fees 55 49 Advisory net inflows of $2.2bn in 3Q’25 Total AUA of $118bn, up 16% YoY, with two-thirds in fee-based advisory accounts Op
Slide 19: 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 September 30, (in millions) 2025 2024 Net income (loss) attributable to Holdings $ (1,309) $ (132) Adjustments related to: Variable annuity product features 978 756 Investment (gain
Slide 20: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Adjustment for Q3 (2025) reported Alternatives vs. plan Assumption Updates Loan Reserve Release Expense Items Mortality Experience Q3 (2025) adjusted Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Retirement 401 - (2.
Slide 21: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Three Months Ended Q3 (2025) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 401 154 59 (159) 455 Post-tax adjustments related to Notable Items: Net Investment Income - - - -