Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Q1 2025 Earnings Presentation
42 slides from Apollo Global Management, Inc. (new)'s earnings presentation, May 2, 2025
Slide 1: Apollo Global Management Investor Presentation
Apollo Global Management Investor Presentation May 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 $785B A2 / A / A $31B A1 / A+ / A+ /
Slide 4: Apollo in 2025: A Robust, Sustainable Business with Growth Momentum
Apollo in 2025: A Robust, Sustainable Business with Growth Momentum $ 785B $ 301B $ 235B $ 157B Record Outsized Deployment Total Origination Total Inflows AUM LTM 1Q’25 LTM 1Q’25 LTM 1Q’25 $ 2.2B Record Fee Related Earnings 39% / 24% Gross / Net IRR Top Quartile 0.1% Average Annualized Default Rate2
Slide 5: Leadership by the Numbers
Leadership by the Numbers $641B 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: Public Markets Remain Indexed and Correlated
Public Markets Remain Indexed and Correlated 10 Companies make up …and everything is 35% of the S&P 5001… correlated S&P 500 = ~85% of the Total Equity Market Cap2 40% of the S&P 500 is Tech, Media and Communications2 The number of public companies has fallen from 8K to 4K >89% of U.S. active manage
Slide 8: Secular Trends are Increasing Demand for Private Assets
Secular Trends are Increasing Demand for Private Assets Liquidity in Public Markets is Not What it Sacrificing Liquidity in Public Markets No Traditional Credit Investors are Increasingly Seems Longer Provides Meaningful Excess Spread Turning to Private Markets Dealer balance sheets are a fraction o
Slide 9: … the tailwinds that got us here no longer exist
In 2025 … … the tailwinds that got us here no longer exist 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
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: Re-Thinking Public vs. Private
Re-Thinking Public vs. Private NEXT TARGET FUTURE TARGET FIXED INCOME EQUITY REPLACEMENT REPLACEMENT Alternatives Fixed Income Equities Enabled by… Apollo Ecosystem Standardized Credit Ratings 14
Slide 15: Asset Allocation Expected to Shift: We Are in the Replacement Business
Asset Allocation Expected to Shift: We Are in the Replacement Business • IG Private Corporate Debt Fixed Income Fixed Income • IG Private Asset Based Alpha Financing Alpha Fixed • Private Credit Income Fixed Income Fixed Income Beta Beta • AAA (Potential S&P 500 Replacement) Equity Alpha • Hybrid Eq
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 $3.1B $3.2B $7.53 $6.98 $2.2B $1.9B 2Q'24 LTM 1Q'25 LTM 2029E 2Q'24 LTM 1Q'25 LTM 2029E 2Q'24 LTM 1Q'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+ $150B+ $235B $125B $125B $681M ~$85B $164B $611M $2.2B $70B $76B $1.9B ~$75B $55B $49B 2Q'24 LTM 1Q'25 LTM 2029E 2Q'24 LTM 1Q'25 LTM 2025E-
Slide 26: Growth of the Broader Athene Ecosystem Expected to Outpace SRE
Growth of the Broader Athene Ecosystem Expected to Outpace SRE Pre-ADIP Post-ADIP Outlook Avg Annual Growth Avg Annual Growth Avg Annual Growth (2014-2019) (2020-2024) (2025E-2029E) 23% 22% 16% ~15% 14% ~10% Gross Invested Assets 1 SRE Gross Invested Assets 1 SRE Gross Invested Assets 1 SRE Note: Fo
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 $750M PER YEA
Slide 28: Our Purpose
Our Purpose 28
Slide 29: We are Investing in Tomorrow, Today
We are Investing in Tomorrow, Today Empowering Building & Driving a Retirees Financing More Stronger Sustainable Businesses Future We GET to do this 29
Slide 30: We Educate Investors with Comprehensive, Credible, and Authoritative Content
We Educate Investors with Comprehensive, Credible, and Authoritative Content WHITE PAPERS THE VIEW FROM APOLLO.COM & & ARTICLES APOLLO PODCAST APOLLO ACADEMY CLICK HERE TO REGISTER CLICK HERE TO LISTEN CLICK HERE TO SIGN UP VIDEOS Represents the views and opinions of Apollo Analysts. Subject to chan
Slide 31: Best-in-Class Corporate Governance with Strong Senior Leadership
Best-in-Class Corporate Governance with Strong Senior Leadership Best-in-Class Governance Firm Leadership Single Class of Common Stock with One Share One Vote Marc Rowan James Zelter Scott Kleinman John Zito James Belardi CEO, Chairman President Co-President, AAM Co-President, AAM CEO, Athene Enhanc
Slide 32: Can't Overstate the Importance of Culture
Our Values and Our Culture are the North Star Can’t Overstate the Importance of Culture “Culture eats strategy for breakfast.” – PETER DRUCKER Click icons below to hear directly from our team on what defines Apollo: Outperform Challenge Champion Lead Drive Expectations Convention Opportunity Respons
Slide 33: Appendix
Appendix 33
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) 2Q'24 3Q'24 4Q'24 1Q'25 FY'24 LTM 2Q’24 LTM 1Q'25 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $828 $787 $1,462 $418 $4,480 $ 5,623 $3,495 Preferred dividends 25 24 24 24 97 95 97 Net i
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 September 30, 2024 December 31, 2024 March 31, 2025 Total GAAP Common Stock Outstanding 567,565,120 567,762,932 569,003,922 569,535,344 565,816,456
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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