Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Q1 2026 Earnings Presentation
44 slides from Apollo Global Management, Inc. (new)'s earnings presentation, May 6, 2026
Slide 1: Apollo Global Management Investor Presentation
Apollo Global Management Investor Presentation February 2026
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 GLOBAL MANAGEMENT $84B 6,100+ ASSET Market Employees RETIREMENT M A N AG E M E N T Capitalization1 Globally SERVICES A2 / A / A Rated by Moody’s, S&P, Fitch ASSET MANAGEMENT $938B A2 / A / A $35B A1 / A+ / A+ / A+ Assets
Slide 4: Tremendous Momentum Entering 2026 Following Strong Year of Execution
Tremendous Momentum Entering 2026 Following Strong Year of Execution $ 938B $ 309B $ 228B Record Record Origination Record Total Inflows AUM FY’25 FY’25 $ 2.5B $ 3.4B 0.1% Record Fee Related Earnings Record Spread Related Earnings Average Annualized Default Rate1 FY’25 FY’25 2009 – 2025 Access Our L
Slide 5: Leadership by the Numbers
Leadership by the Numbers $749B 885 14.5K+ Largest Alternative Global Wealth Clients Employee Volunteer Credit Manager1 & Distribution Partners Hours in 2025 ~60% of Credit AUM is IG ~235 35+ Significant Player People Dedicated Senior Leaders with in Alternative to Insurance 30 Avg. Years of Investm
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 ~40% of the S&P 5001 8,090 3,907 1996 2025 …Everything is Correlated S&P 500 = ~84% of the Total Equity Market Cap2 ~46% 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 61% 50% 30% 81% 96% of U.S. Companies with $100mm+ of European Companies with 2013 2015 2017 2019 2021
Slide 9: The Only Constant is Change
The Only Constant is Change What if the assumptions we’ve always relied on no longer hold true? Innovation isn’t just part of our strategy. It is our strategy. 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: Capital Formation Around These Opportunities Spans Six Expansive Buyer Pools
Capital Formation Around These Opportunities Spans Six Expansive Buyer Pools 6 5 4 Defined 3 Institutional Traditional Investors Contribution/ 2 Insurance Asset (Fixed Income & 401(k) Managers Equity Replacement) Individuals 1 Institutional Investors (Alts Bucket) SINGULAR BUCKET THE LAST 35 YEARS…U
Slide 12: 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 ON - P R IM A R ILY IN V E S T MEN T G R A D E IN V E S T MENT G R
Slide 13: Tremendous Need for Retirement Products, with New Solutions on the Horizon
Tremendous Need for Retirement Products, with New Solutions on the Horizon ~$45 Defined Contribution / 401(k) New Guaranteed Markets Lifetime Income Tax-Advantaged TRILLION 1 Products Structured Global Retirement Settlements Market Stable Value Adjacent RILA3 Markets 1+ BILLION People Worldwide will
Slide 14: Massive Opportunity to Serve Individual Investors
Massive Opportunity to Serve Individual Investors ~50% Private Family Office INDUSTRY 150T DIRECTION ~$ High Net OF TRAVEL TA M ~2% Private Worth ~1% Private Mass Affluent Sources: Bain Global Private Equity Report 2023, Altrata World Ultra Wealth Report 2024, Fidelity. 14
Slide 15: 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 15
Slide 16: The Future We Believe Replacement Will Generate Alpha
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 17: Full Alignment: We Share the Same Outcome With Investors
Full Alignment: We Share the Same Outcome With Investors SAME CREDIT Meaningful ORIGINATION commitments ~37% of AUM1 alongside SIDECAR FORMAT fund investors in addition to CO-INVESTMENTS GP co-invests 3rd-Party Investors CAPITAL SOLUTIONS Employee Co-Investment 1. Athene AUM excluding ACRA non-contr
Slide 18: 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 CO M P RE HE N S IVE + Directs PA RT N E RS HIP S + Strategic Partnerships + Knowledge Sharing Traditional Model Vanilla fund investments Passive LP relationships Holistic Approach LP-centric in
Slide 19: Key Growth Drivers
Key Growth Drivers 19
Slide 20: We Are Capitalizing on These Trends Through 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 21: Origination Generates a Recurring Supply of Attractive Assets
Origination Generates a Recurring Supply of Attractive Assets Total Origination Volume Differentiated, Diversified Origination Platform Ecosystem 16 Origination Platforms Today $309B $222B $102B $112B 2022 2023 2024 2025 Platforms Core Credit High Grade Capital Solutions Equity Target 100 to 200 bas
Slide 22: Global Wealth Brings Institutional Grade Investment Acumen to Individuals
Global Wealth Brings Institutional Grade Investment Acumen to Individuals 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-Wr
Slide 23: 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 >80% ~$1B Expands addressable market by ~10x, Directly originate more private debt-related Large increment
Slide 24: Our Financial Targets
Putting It All Together… Our Financial Targets 24
Slide 25: Attractive Growth Outlook for the Year Ahead…
Attractive Growth Outlook for the Year Ahead… FEE RELATED EARNINGS SPREAD RELATED EARNINGS 1 20%+ 10% FY’26 Growth FY’26 Growth Note: There is no assurance that targets will be achieved. 1. Assumes 11% return on alternative investment portfolio, excluding notable items. 25
Slide 26: …Continues Strong Execution Against Five Year Plan
…Continues Strong Execution Against Five Year Plan Adjusted Net Income Fee Related Earnings Spread Related Earnings Per Share ~$5.0B ~$5.0B ~$15.00 >2x $3.4B $3.1B $8.38 $2.5B $6.98 $1.9B 2024 Investor 2025 2029E 2024 Investor 2025 2029E 2024 Investor 2025 2029E Day Target Day Target Day Target1 20%
Slide 27: 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 $309B $150B+ $275B+ $140B $808M $125B ~$85B $2.5B $611M $164B $82B $70B $1.9B ~$75B $55B $58B 2024 2025 2029E 2024 2025 2025E-2029E 2024 2025 2029
Slide 28: 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 $82B ~130bps $387B $70B $3.4B $3.1B Today 24% ADIP 2024 2025 2025E-2029E Historical SRE Net Spread 2024 Investor 2025 2029E Investor Day Avg Annual 2014 - 2025 Day Target Target
Slide 29: Significant Capital Generation to Support Our Growth and Return to Shareholders
Significant 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 $750M PER Y
Slide 30: Our Purpose
Our Purpose 30
Slide 31: We are Investing in Tomorrow, Today
We are Investing in Tomorrow, Today Empowering Building & Driving a Retirees Financing More Stronger Sustainable Businesses Future We GET to do this 31
Slide 32: We Educate with Comprehensive, Credible, and Authoritative Perspectives
We Educate with Comprehensive, Credible, and Authoritative Perspectives CASE STUDIES ALLOCATION PRO Apollo Allocation Pro View The Daily From Spark Apollo WITH APOLLO CHIEF ECONOMIST PODCAST TORSTEN SLOK APOLLO.COM/THINKITNEW LEADING WITH PRIVATE FINANCING THE GLOBAL INVESTMENT-GRADE CREDIT INDUSTRI
Slide 33: Best-in-Class Corporate Governance with Strong Leadership
Best-in-Class Corporate Governance with Strong Leadership Best-in-Class Governance Firm Leadership Apollo Leadership Team Single Class of Common Stock with One Share One Vote Structure Marc Rowan James Zelter 39 Individuals across Credit & Equity CEO, Chairman President 30 Enhanced Corporate Governa
Slide 34: We Can't Overstate the Importance of Culture
We Can’t Overstate the Importance of Culture “Culture eats strategy for breakfast.” – Peter Drucker Click below to hear directly from our team on what defines Apollo Outperform Expectations Challenge Convention Champion Opportunity Lead Responsibly Drive Collaboration Outperform Challenge Champion L
Slide 35: Appendix
Appendix 35
Slide 36: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 LTM 2Q'24 FY'25 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $1,462 $418 $605 $1,712 $660 $5,623 $3,395 Preferred dividends 24 24 25 24 24 95 97 Net income
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd
Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd 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 15,99
Slide 38: Definitions
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 such as the following: ▪ decisions r
Slide 39: 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 40: Definitions - cont'd
Definitions - cont'd • “ACRA” refers to Athene Co-Invest Reinsurance Affiliate Holding Ltd, together with its subsidiaries (“ACRA 1”), and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd, together with its subsidiaries (“ACRA 2”). • “ADIP” refers to Apollo/Athene Dedicated Investment Program (“
Slide 41: Definitions - cont'd
Definitions - cont'd • "Gross IRR" of infrastructure funds represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on December 31
Slide 42: Definitions - cont'd
Definitions - cont'd • "Net IRR" of infrastructure funds represents the cumulative cash flows in a fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of Decemb
Slide 43: 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 44: 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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