Alliancebernstein Holding L.p. · NYSE:AB
Alliancebernstein Holding L.p — Q1 2026 Earnings Presentation
28 slides from Alliancebernstein Holding L.p's earnings presentation, Apr 28, 2026
Slide 1: First Quarter 2026 Review
First Quarter 2026 Review April 28, 2026 Seth P. Bernstein, Chief Executive Officer Tom Simeone, Chief Financial Officer
Slide 2: Cautions Regarding Forward-Looking Statements
Cautions Regarding Forward-Looking Statements Certain statements provided by management in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other fact
Slide 3: Key Business Highlights First Quarter 2026
Key Business Highlights First Quarter 2026 Equitable—Corebridge Merger Drives Step-Function Acceleration of our Flywheel 1 • AB to manage $100bn of incremental CRBG assets over time, enhancing scale, earnings durability, and reinvestment capacity • Accelerating third-party insurance momentum: >90 cl
Slide 4: Key Financial Highlights First Quarter 2026
Key Financial Highlights First Quarter 2026 1Q26 4Q25 1Q25 AUM and Flows End of Period AUM $838.6 $866.9 $784.5 (USD Billions, Except Fee Rate) Average AUM $865.0 $865.1 $797.5 Equitable ("EQH") AUM $137.6 $138.3 $132.1 Private Markets AUM* $85.2* $82.3 $75.3 Gross Sales $35.6 $33.7 $36.1 Net Flows
Slide 5: Percentage of Assets Outperforming at Quarter-End
Percentage of Assets Outperforming at Quarter-End Fixed Income One-Year Three-Year Five-Year 86 87 86 86 80 81 75 70 64 63 67 64 57 56 30 1Q:25 2Q:25 3Q:25 4Q:25 1Q:26 1Q:25 2Q:25 3Q:25 4Q:25 1Q:26 1Q:25 2Q:25 3Q:25 4Q:25 1Q:26 Equities One-Year Three-Year Five-Year 52 57 53 51 48 41 45 44 37 23 24
Slide 6: Retail Highlights
Retail Highlights Highest Channel Sales in Four Quarters Management Fees Reflecting Mix Shift in Channel Avg. AUM USD Billions USD Millions Gross Sales Gross Redemptions Net Flows Base Fees Performance Fees $25.7 $22.6 $22.5 $23.1 $19.4 $0 $1 $1 $1 $6 $0.9 ($1.7) ($3.5) $385 $384 ($4.8) ($5.8) $363
Slide 7: Institutional Highlights
Institutional Highlights Active Equity Outflows Offset Liquid & Illiquid Credit Inflows Strong Client Engagement Boost Pipeline to Record Levels USD Billions Gross Sales Gross Redemptions Net Flows $ Billions Pipeline AUM (EoP) Fee Rate (Bps) $30 $27.5 $14.0 80 $25 $21.9 $4.6 $4.5 $5.6 $19.7 $3.7 $2
Slide 8: Private Wealth Highlights
Private Wealth Highlights Third Consecutive Quarter of Positive Organic Growth Diversified Revenue Streams, Uncaptured in Base Fee Rate USD Billions USD Millions Gross Sales Gross Redemptions Net Flows NNA Base Fees Performance Fees Net Interest Margin $6.7 $6.9 $5.8 $5.8 $4.8 $15 $2.2 $2.6 $17 $42
Slide 9: AB Private Alternatives: Diversified Platform, Differentiated Return Streams
AB Private Alternatives: Diversified Platform, Differentiated Return Streams Strong year-over-year growth, on track to achieve our target of $90-$100 billion in AUM by 2027 Core Private Markets Capabilities Corporate Direct Lending Alternative Credit • Middle market corporate direct $24.8 • Asset-ba
Slide 10: Permanent Capital Flywheel: Strengthening our Partnership with EQH
Permanent Capital Flywheel: Strengthening our Partnership with EQH EQH’s long-duration capital matched to AB’s differentiated capabilities unlocks combined opportunity Growth Avenues Target for AB Expand private assets 1 Permanent and grow EQH/CRBG GA Capital Unlock Private Opportunity Scale insuran
Slide 11: Select Adjusted Financials and Ratios
Select Adjusted Financials and Ratios Revenues 1Q26 1Q25 Percent ∆ 4Q25 Percent ∆ Base Fees* $819 $782 5% $841 (3)% Performance Fees: Private Markets† 5 20 (74)% 45 (88)% Public Markets 18 19 (7)% 37 (52)% Investment Gains/(Losses) (5) (11) (59)% 1 n.m. Dividend & Interest Revenue 27 32 (15)% 30 (10
Slide 12: Guidance Update and Summary Outlook
Guidance Update and Summary Outlook Prior Quarter Current Total Performance Fees $80-100mn $95-115mn Private Market Performance Fees $70-80mn $70-80mn Public Market Performance Fees $10-20mn $25-35mn Non-compensation Expenses $625-650mn $625-650mn Comp/Net Revenues Accrual Ratio 48.5% 48.5% Summary
Slide 13: Appendix
Appendix 1Q26 Earnings Review 13
Slide 14: Retail Mutual Funds Relative Performance vs. Morningstar Averages
Retail Mutual Funds Relative Performance vs. Morningstar Averages 1 Year 3 Year 5 Year 10 Year Relative Relative Relative Relative Retail Service (%) Percentile (%) Percentile (%) Percentile (%) Percentile Equity Large Cap Growth (4.9) 74 (3.2) 78 0.6 49 0.5 39 Concentrated Growth (17.0) 95 (12.2) 9
Slide 15: Retail Mutual Funds Relative Performance vs. Morningstar Averages
Retail Mutual Funds Relative Performance vs. Morningstar Averages 1 Year 3 Year 5 Year 10 Year Service Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Fixed Income American Income (0.3) 58 0.3 46 (0.3) 56 0.1 48 European Income 0.3 40 0.9 29 (0.3) 61 0
Slide 16: Institutional Composite Relative Performance vs. Benchmarks
Institutional Composite Relative Performance vs. Benchmarks Service 1 Year 3 Year 5 Year 10 Year Equity Concentrated US Growth (17.7) (10.9) (7.9) (2.1) US Large Cap Value 5.1 3.0 2.8 0.2 US SMID Cap Growth (0.1) 0.5 (0.8) 1.5 US Equity Income 1.5 (0.4) 0.9 (1.9) International Strategic Equities 17.
Slide 17: Assets Under Management: 1Q26
Assets Under Management: 1Q26 (US $ Billions) March 31, 2026 December 31, 2025 Institutions Private Wealth Retail Total Total Equity Actively Managed $45 $57 $150 $252 $278 Passive (1) 27 9 39 75 78 Total Equity 72 66 189 327 356 Fixed Income Taxable 121 21 68 210 213 Tax-Exempt 1 33 60 94 91 Passiv
Slide 18: AUM Roll-Forward by Distribution Channel
Three Months Ended 3/31/26: AUM Roll-Forward by Distribution Channel In US $ Billions Beginning Sales/New Redemptions/ Net Cash Net Investment Net End Investment Service: of Period Accounts Terminations Flows Flows Transfers Performance Change of Period Institutions US $177.2 $3.7 $(1.6) $(1.8) $0.3
Slide 19: AUM Roll-Forward by Investment Service
Three Months Ended 3/31/26: AUM Roll-Forward by Investment Service In US $ Billions Beginning Sales/New Redemptions/ Net Cash Net Investment Net End Investment Service: of Period Accounts Terminations Flows Flows Performance Change of Period Equity Active US $192.5 $8.4 $(12.2) $(1.7) $(5.5) $(13.3)
Slide 20: Active vs. Passive Net Flows
Three Months Ended 3/31/26: Active vs. Passive Net Flows Actively Passively Managed Managed (1) Total Equity $(10.9) $(0.9) $(11.8) Fixed Income 1.6 (0.3) 1.3 Alternatives/MAS (2) 3.0 0.4 3.4 Total $(6.3) $(0.8) $(7.1) (1) Includes index and enhanced index services. (2) Includes certain multi-asset
Slide 21: Assets Under Management By Region
Assets Under Management By Region Institutional Geographic Breakdown Retail Geographic Breakdown Japan Other Other APAC ex 3% 2% 3% Japan 6% EMEA 9% EMEA 9% Japan 10% APAC ex Japan 16% US US 62% 80% $347.7B $335.5B As of March 31, 2026 By Client Domicile Percentages may not add up to 100% due to rou
Slide 22: First Quarter 2026 GAAP Income Statement
First Quarter 2026 GAAP Income Statement Income Statement (in US $ Millions) 1Q26 1Q25 %∆ 4Q25 %∆ Base Fees $849 $818 4% $871 (3)% Performance Fees 66 37 77 % 87 (24)% Distribution Revenues 203 199 2% 211 (4)% Dividends & Interest 31 34 (11)% 34 (10)% Investment (Losses) Gains 31 (20) n/m 0 n/m Othe
Slide 23: First Quarter 2026 GAAP Income Statement
First Quarter 2026 GAAP Income Statement In US $ Millions (except EPU) 1Q26 1Q25 %∆ 4Q25 %∆ Net Revenues $1,202 $1,080 11 % $1,224 (2)% Operating Expenses 875 844 4% 915 (4)% Operating Income 327 236 38 % 309 6% Net Income Attributable to AB Unitholders 295 221 33 % 292 1% AB Holding GAAP Net Income
Slide 24: First Quarter 2026 AB Holding Financial Results
First Quarter 2026 AB Holding Financial Results In US $ Millions (excluding per Unit amounts) 1Q26 1Q25 %∆ 4Q25 %∆ AB Net Income Attributable to AllianceBernstein $295 $221 33 % $292 1% Weighted Average Equity Ownership Interest 31.2 % 37.5 % 30.7 % AB Holding Equity in Net Income Attributable to AB
Slide 25: First Quarter 2025 Adjusted Advisory Fees
First Quarter 2025 Adjusted Advisory Fees 1Q26 1Q25 %∆ 4Q25 %∆ Ending AUM ($ Billions) $839 $785 7% $867 (3)% Average AUM ($ Billions) $865 $798 9% $865 —% By Fee Type ($ Millions): Adjusted Base Fees $819 $782 5% $841 (3)% Adjusted Performance Fees 23 39 (41)% 82 (72)% Total $842 $821 3% $923 (9)%
Slide 26: First Quarter 2026 GAAP to Non-GAAP Reconciliation
First Quarter 2026 GAAP to Non-GAAP Reconciliation In US $ Thousands Adjustments Distribution Pass Deferred Pension NCI/ Acquisition- Equity Related Through Comp. Obligation Consol Related Method Interest GAAP Payments Adjustments Inv. Settlement VIE Expenses Investment Expense Non-GAAP (A) (B) (C)
Slide 27: AB Adjusted Financial Results Reconciliation
AB Adjusted Financial Results Reconciliation Notes to Consolidated Statements of Income and Supplemental Information (Unaudited) A. We exclude all of the company’s distribution revenues, which are recorded as a separate line item on the consolidated statement of income, as well as a portion of inves
Slide 28: AllianceBernstein L.P.
The [A/B] logo and AllianceBernstein® are registered trademarks used by permission of the owner, AllianceBernstein L.P. ©2025 AllianceBernstein L.P.
AllianceBernstein Holding L.P. Units — Q1 2026 Earnings Presentation on 6ix