Equitable Holdings, Inc. · NYSE:EQH
Equitable — Q1 2026 Earnings Presentation
26 slides from Equitable's earnings presentation, May 4, 2026
Slide 1: Equitable Holdings First Quarter 2026 Earnings Results
Equitable Holdings First Quarter 2026 Earnings Results May 4, 2026 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 includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act
Slide 3: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted operating margin at AB. These Non-GAAP financial measures are derived by excluding
Slide 4: First quarter 2026 highlights
First quarter 2026 highlights Building EPS growth momentum • Non-GAAP operating earnings1 per share of $1.62, or $1.68 per share after adjusting for notable items2 • Non-GAAP operating earnings per share growth ex. notable items2 of 25% YoY • $1.1T AUM/A, up 9% versus prior year • Strong balance she
Slide 5: Key strategic convictions – what we need to win long term
Key strategic convictions – what we need to win long term Exceptional customer Provide simple solutions to complex financial problems through a experience broad product range, tailored advice, and ease of doing business Creates a competitive advantage in acquiring customers and Distribution power ma
Slide 6: Clear strategy to drive growth and shareholder value
Clear strategy to drive growth and shareholder value Capitalize on Scale Capture the Full Advantages Value Chain ✓ Increased cash flow ✓ Operate as a manufacturer, distributor and asset ✓ Top-quartile expense ratio manager to capture greater to support higher profitability share of product economics
Slide 7: Merger accelerates growth for Equitable’s existing businesses
Merger accelerates growth for Equitable’s existing businesses Retirement & Institutional Asset Management Wealth Management c.$540bn pro-forma AUM1,2 c.$1T pro-forma AUM3 c.$140bn pro-forma AUA4 • Broadens product set by adding • Adds $100bn+ of AUM to AB • Adds Corebridge advisors and fixed/indexed
Slide 8: Merger will drive attractive financial outcomes
Merger will drive attractive financial outcomes Creates a robust balance sheet Diversifies sources of income Pro-forma for FY’25 $30bn+ Underwriting margin 13% Adj. book value, pro-forma as of YE’251 Fee income 44% $25bn+ 44% Spread income Statutory capital, pro-forma as of YE’25 Improves profitabil
Slide 9: First quarter consolidated results summary
First 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 AUM $ $bn AUA +25% +9% 24% 1.68 1,094 1,006 1.34 9% $491m 904 963 67% 102 131 1Q25 1Q26 1Q25 1Q26 Financi
Slide 10: Key drivers of 1Q’26 results
Key drivers of 1Q’26 results Retirement earnings drivers, $millions Asset & Wealth Management drivers, $millions Net Interest Margin Fee-based Revenue1 AB Fee Revenue WM Advisory Fees 923 821 842 83 23 483 39 450 459 452 439 450 214 229 782 840 819 181 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q
Slide 11: Capital management remains a key focus
Capital management remains a key focus Hypothetical credit loss scenario ▪ Cash & liquid assets of $1.2bn at Holdings1 as of Q1’26 Assumes at least GFC for IG, structured credit and CML; -40% equity mkt for alts ▪ Robust balance sheet with ability to withstand severe c.475% 430% credit stress scenar
Slide 12: Transaction timeline enables us to repurchase shares prior to close
Transaction timeline enables us to repurchase shares prior to close May 5th July-August First Half 2027 File initial proxy Shareholder meeting Investor Day statement to vote on merger Ability to Ability to repurchase shares ASR repurchase shares subject to normal blackout periods if needed March 26t
Slide 13: Key messages
Key messages Building EPS growth momentum Strong organic growth in Retirement and Wealth Management Merger accelerates strategy to deliver growth and shareholder value 1Q26 Earnings Presentation 13
Slide 14: Appendix
Appendix Equitable Holdings First Quarter 2026 Earnings Results
Slide 15: Explanation of footnotes
Explanation of footnotes Page 4 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 16: Equitable and Corebridge have complementary strengths
Equitable and Corebridge have complementary strengths Products Pro Forma FIA / FA Retirement RILA / VA ✓ #1 Seller of individual annuities1 Individual Term / UL Life Variable UL ✓ Leading position in targeted life products Group 403(b) / 457 ✓ Leading player in 403(b) and 457 PRT / GICs / Institutio
Slide 17: Conservative, high quality investment portfolio
Conservative, high quality investment portfolio General Account Investment Portfolio Fixed Maturity Portfolio Alts. & Other Policy Loans <Baa 2% 2% 3% Mortgage Loans Public Corporates Baa 30% 27% 20% Other Fixed Maturities 2% 4% $113bn 1 $84bn U.S. Treasury, Gov’t and Agency 71% 18% 22% Aaa, Aa, A P
Slide 18: High quality private credit portfolio
High quality private credit portfolio Private ABS Infrastructure 22% Debt 22% $113bn Direct Lending 1 18% 3% $20bn General Private Credit Portfolio Account 53% Private Placements Diversified portfolio that is well matched with our liability profile Direct line of sight into investments with nearly 9
Slide 19: Mortgage portfolio with strong fundamentals
Mortgage portfolio with strong fundamentals Office 19% $113bn 1 20% Industrial 12% $23bn Mortgage 41% Multifamily General Portfolio Account 11% Hospitality 8% 2% 4% 2% RML Mixed Retail Ag. Loans CMLs are an attractive risk-adjusted investment Office portfolio has solid fundamentals Resilient mortgag
Slide 20: Alternatives portfolio details and annualized returns
Alternatives portfolio details and annualized returns Diversified portfolio represents c.2% of overall general account with c. 10% average return since 2017 Historical Alternative Investment Portfolio Annualized Returns, $millions (pre-tax) 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 GAAP C
Slide 21: Retirement
Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating Earnings adjusted for Notable Items1 increased YoY due to higher NIM and fee-based revenues 385 394 ▪ Total Retirement net inflows of $1.3bn driven primarily by growth in RILA sales (up 14% YoY) ▪ Tax-exempt net inf
Slide 22: Asset Management (AB)
Asset Management (AB) Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating earnings increased YoY primarily due to growth in base fees and a higher ownership percentage of AB 140 ▪ Adjusted operating margin2 of 33.4% in 1Q’26, in line with the 126 30-35% target for 2027 ▪ Privat
Slide 23: Wealth Management
Wealth Management Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating earnings increase driven primarily by growth in client assets and advisory fees 55 45 ▪ Advisory net inflows of $2.0bn in 1Q’26 ▪ Total AUA of $131bn, up 28% YoY, with two-thirds in fee-based advisory account
Slide 24: 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 March 31, (in millions) 2026 2025 Net income (loss) attributable to Holdings $ 621 $ 63 Adjustments related to: Variable annuity product features (1) (386) 211 Investment (gains) lo
Slide 25: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Q1 (2026) reported Alternatives vs. plan Tax Credit Q1 (2026) adjusted Post-tax Post-tax Post-tax Post-tax Retirement 396 14.7 (17.0) 394 Asset Management 140 - - 140 Wealth Management 55 - - 55 Corporate and Other (119) 16.9 4.1 (98
Slide 26: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Three Months Ended Q1 (2026) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 396 140 55 (119) 472 Post-tax adjustments related to Notable Items: Net Investment Income 15 - -