Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Apollo Global Management — Investor Presentation (August 2025)
42 slides from Apollo Global Management, Inc. (new)'s investor presentation, August 2025
Slide 1: Apollo Global Management Investor Presentation
Apollo Global Management Investor Presentation August 2025
Slide 2: Forward Looking Statements & Other Important Disclosures
Forward Looking Statements & Other Important Disclosures 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
Slide 3: Apollo Today: Integrated Asset Management and Retirement Services Capabilities
Apollo Today: Integrated Asset Management and Retirement Services Capabilities GL OBA L M A NA GEMENT $83B+ 5,000+ ASSET Market Employees RETIREMENT M A N AG E M E N T Capitalization1 Globally SERVICES A2 / A / A Rated by Moody’s, Fitch, S&P A SSET MA N A GEM ENT $840B A2 / A / A $34B A1 / A+ / A+ /
Slide 4: Apollo in 2025: Playing to Win
Apollo in 2025: Playing to Win $ 840B $ 321B $ 260B $ 179B Record Outsized Deployment Record Origination Total Inflows AUM LTM 2Q’25 LTM 2Q’25 LTM 2Q’25 $ 2.3B Record Fee Related Earnings 39% / 24% Gross / Net IRR Top Quartile 0.1% Average Annualized Default Rate2 LTM 2Q’25 Performance Across Cycles
Slide 5: Leadership by the Numbers
Leadership by the Numbers $690B 3,500+ 9.5K+ Largest Alternative Global Investment Hours volunteered by Credit Manager1 Relationships employees in 2024 ~60% of Credit AUM is IG 200 30+ Significant Player People Dedicated Senior Leaders with in Alternative to Insurance 32 Avg. Years of Investment Gra
Slide 6: The Apollo Ethos: In All Markets and At All Times
The Apollo Ethos: In All Markets and At All Times… 1 2 3 Purchase Price Excess Return Unparalleled Matters Per Unit of Risk Alignment Allocating capital to the best Generating excess return per Committing side by side with risk/reward in any market unit of risk across the risk- investors as one of t
Slide 7: Convergence Continues, Making it Harder to Distinguish Between Public and Private
Convergence Continues, Making it Harder to Distinguish Between Public and Private Public Markets Remain Indexed… Fewer Public Companies Today2 10 Companies make up ~55% of the S&P 5001 8,090 3,943 1996 2025 …Everything is Correlated S&P 500 = ~85% of the Total Equity Market Cap2 ~45% of the S&P 500
Slide 8: While Public Markets Offer Beta, Private Markets Can Provide Excess Return
While Public Markets Offer Beta, Private Markets Can Provide Excess Return Rise of Indexation The Number of Private Companies Continues to Increase 70% % Active Equity Funds % Passive Equity Funds 58% 50% 30% 86% 96% of U.S. Companies with $100mm+ of European Companies with 2012 2014 2016 2018 2020
Slide 9: Think It Through, Think It New
In 2025… The Only Constant is Change What Succeeded Yesterday Might Not Suffice Today Think It Through, Think It New 9
Slide 10: Our Industry is Surrounded by Massive Market Opportunities
Our Industry is Surrounded by Massive Market Opportunities ~$45T ~$150T $75T+ RETIREMENT 2 INDIVIDUALS 3 ~$50T GLOBAL INDUSTRIAL RE-THINKING RENAISSANCE 1 PUBLIC VS. PRIVATE 4 Today 1. TAMs reflect the views and opinions of Apollo Analysts based on expected aggregate investment/capex demands over th
Slide 11: Global Industrial Renaissance: Unprecedented Need for Secular CapEx
Global Industrial Renaissance: Unprecedented Need for Secular CapEx Energy Power & Digital Leveraged Finance Sponsor Transition Utilities Infrastructure Overhang Overhang ~$30-50T+ ~$30T ~$15-20T+ $3T+ $3T+ 1 1 1 2 3 P R IM A R ILY N O N - P R I M A R I LY IN V E S T MEN T G R A D E IN V E S T MENT
Slide 12: Tremendous Need for Retirement Products, with New Solutions on the Horizon
Tremendous Need for Retirement Products, with New Solutions on the Horizon ~$45 Defined Contribution / 401(k) New Guaranteed Markets Lifetime Income Tax-Advantaged TRILLION 1 Products Structured Global Retirement Settlements Market Stable Value Adjacent RILA3 Markets 1+ BILLION People Worldwide will
Slide 13: Massive Opportunity to Serve Individual Investors
Massive Opportunity to Serve Individual Investors ~50% Private Family Office 150T INDUSTRY DIRECTION ~$ OF TRAVEL ~2% Private High Net TA M Worth ~1% Private Mass Affluent Sources: Bain Global Private Equity Report 2023, Altrata World Ultra Wealth Report 2024, Fidelity. 13
Slide 14: A Fundamental Rethink of Public & Private is Necessary
A Fundamental Rethink of Public & Private is Necessary Next Target Future Target Fixed Income Equity Replacement Replacement ALTERNATIVES FIXED INCOME EQUITIES 14
Slide 15: The Future Asset Allocation
The Future We Believe Replacement Will Generate Alpha Asset Allocation: Old Asset Modern Asset Future Asset Allocation Allocation1 Allocation1 Fixed Fixed Income Alpha Income Alpha Fixed Income Fixed Fixed Income Beta Income Beta Equity Alpha Equity Equity Equity Beta Alternatives Alternatives Alter
Slide 16: Full Alignment: We Share the Same Outcome With Investors
Full Alignment: We Share the Same Outcome With Investors SAME CREDIT Meaningful ORIGINATION commitments ~40% of AUM1 alongside SIDECAR fund investors FORMAT in addition to CO-INVESTMENTS GP co-invests 3rd-Party Investors CAPITAL SOLUTIONS Employee Co-Investment 1. Athene AUM excluding ACRA non-contr
Slide 17: Our Success Also Relies on How We Build, Invest and Partner Strategically
Our Success Also Relies on How We Build, Invest and Partner Strategically Funds APOLLO'S + Co-Investments C O M P RE HE N S IVE + Directs P A RT N E RS HIP S + Strategic Partnerships + Knowledge Sharing Traditional Model Vanilla fund investments Passive LP relationships Holistic Approach LP-centric
Slide 18: Key Growth Drivers
Key Growth Drivers 18
Slide 19: Three Strategic Growth Pillars
We Are Capitalizing on These Trends Through Three Strategic Growth Pillars Origination Global Wealth Capital Solutions $275B+ $150B+ ~$1B Annual target by 2029 Cumulative organic capital Annual fee related revenue raise target (2025-2029) target by 2029 Note: Reflects targets previously communicated
Slide 20: Origination Generates a Recurring Supply of Attractive Assets
Origination Generates a Recurring Supply of Attractive Assets Total Origination Volume Differentiated, Diversified Origination Platform Ecosystem Origination platforms are best-in-class businesses, teams and technologies that originate assets $275B+ with excess risk-reward on a sustainable and recur
Slide 21: Multi-Pronged Approach to the Global Wealth Opportunity
Multi-Pronged Approach to the Global Wealth Opportunity Well-Rounded Product Suite Deepening Footprint Global Wealth Capital Raise Qualified Purchaser Products1 Global Wealth Headcount Apollo Aligned Alternatives ~$30B Equity Secondaries 300+ Infrastructure Opportunities III Tax-Wrapped Platform ~15
Slide 22: Capital Solutions Drives Value for All Stakeholders
Capital Solutions Drives Value for All Stakeholders Benefits of a Capital Markets Ecosystem Positioned For Continued Strong Growth Capital solutions fees and other, net Expanded TAM Origination ~$1B Expands addressable channel by ~10x, Directly originate more private Large incremental relationships
Slide 23: Putting It All Together… Our Financial Targets
Putting It All Together… Our Financial Targets 23
Slide 24: Attractive Earnings Growth Trajectory
Attractive Earnings Growth Trajectory Adjusted Net Income Fee Related Earnings Spread Related Earnings Per Share ~$5.0B ~$5.0B ~$15.00 >2x $3.3B $3.1B $7.81 $6.98 $2.3B $1.9B 2Q'24 LTM 2Q'25 LTM 2029E 2Q'24 LTM 2Q'25 LTM 2029E 2Q'24 LTM 2Q'25 LTM 2029E Target Target Target1 20% AVG GROWTH 2 10% AVG
Slide 25: Key Building Blocks of FRE Growth
Key Building Blocks of FRE Growth Origination Organic Inflows1 Capital Solutions Fee Related Earnings Volume Retirement Fees ~$5.0B Asset Management ~$1B $275B+ $260B $150B+ $125B $128B $689M ~$85B $164B $611M $2.3B $70B $81B $1.9B ~$75B $55B $47B 2Q'24 LTM 2Q'25 LTM 2029E 2Q'24 LTM 2Q'25 LTM 2025E-
Slide 26: Key Building Blocks of SRE Growth
Key Building Blocks of SRE Growth Gross Invested Assets1 Organic Inflows2 Net Spread Spread Related Earnings ~$85B ~$5.0B $81B 130bps $362B $70B $3.3B $3.1B Today 24% ADIP 2Q'24 LTM 2Q'25 LTM 2025E-2029E Historical SRE Net Spread 2Q'24 LTM 2Q'25 LTM 2029E Avg Annual 2014 - 1H'25 Target Target ~15% A
Slide 27: Targeting Capital Generation to Support Our Growth and Return to Shareholders
Targeting Capital Generation to Support Our Growth and Return to Shareholders Diverse Sources of Capital (2025E – 2029E) Uses of Capital (2025E – 2029E) After-Tax FRE Base Dividend Growth ~$7B NET OF EMPLOYEE STOCK IMMUNIZATION $8B (~10% AVG GROWTH OR 50% OF FRE GROWTH) Athene Dividend $750M PER YEA
Slide 28: Our Purpose
Our Purpose 28
Slide 29: We are Investing in Tomorrow, Today
We are Investing in Tomorrow, Today Empowering Building & Driving a Retirees Financing More Stronger Sustainable Businesses Future We GET to do this 29
Slide 30: We Educate with Comprehensive, Credible, and Authoritative Perspectives
We Educate with Comprehensive, Credible, and Authoritative Perspectives CASE STUDIES ALLOCATION PRO Apollo Allocation Pro View The Daily From Spark Apollo WITH APOLLO CHIEF ECONOMIST PODCAST TORSTEN SLOK APOLLO.COM/THINKITNEW LEADING WITH PRIVATE FINANCING THE GLOBAL INVESTMENT-GRADE CREDIT INDUSTRI
Slide 31: Best-in-Class Corporate Governance with Strong Senior Leadership
Best-in-Class Corporate Governance with Strong Senior Leadership Best-in-Class Governance Firm Leadership Single Class of Common Stock with One Share One Vote Structure Marc Rowan James Zelter Scott Kleinman John Zito Grant Kvalheim CEO, Chairman President Co-President, AAM Co-President, AAM CEO, At
Slide 32: We Can't Overstate the Importance of Culture
We Can’t Overstate the Importance of Culture “Culture eats strategy for breakfast.” – Peter Drucker Click below to hear directly from our team on what defines Apollo Outperform Challenge Champion Lead Drive Expectations Convention Opportunity Responsibly Collaboration Private and Confidential 32
Slide 33: Appendix
Appendix 33
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) 3Q'24 4Q'24 1Q'25 2Q'25 LTM 2Q’24 LTM 2Q'25 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $787 $1,462 $418 $605 $5,623 $3,272 Preferred dividends 24 24 24 25 95 97 Net income (loss) attr
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Share Reconciliation September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Total GAAP Common Stock Outstanding 567,565,120 567,762,932 569,003,922 569,535,344 Non-GAAP Adjustments: Mandatory Convertible Preferred Stock1 15
Slide 36: Non-GAAP Financial Information & Definitions
Non-GAAP Financial Information & 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 suc
Slide 37: 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 38: 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 39: 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 40: 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 41: Important Information
Important Information Estimates and Assumptions This presentation includes certain unaudited financial and business projections and goals on Apollo’s future outlook (the “Estimates”). The Estimates reflect the internal financial model that Apollo uses in connection with its strategic planning. The E
Slide 42: Important Information
Important Information Performance Information Past performance is not necessarily indicative of future results and there can be no assurance that Apollo, Athene or any Apollo Fund or strategy will achieve comparable results, or that any investments made by Apollo in the future will be profitable. Ac
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