ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FOURTH QUARTER RESULTS

About this update from Alliancebernstein Holding L.p.

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"Against a volatile macro backdrop weighing on client sentiment and net flows, we closed the year with a record $867 billion in assets under management and delivered targeted organic growth across structurally growing areas including ultra-high-net-worth, insurance, SMAs, active ETFs, and private markets. While firmwide active net flows turned negative in 2025, with $9.4 billion net outflows driven primarily by $22.5 billion net redemptions in active equities, we accomplished more than $140 billion sales during the year. In active fixed income, our market‑leading tax‑exempt platform generated $11.6 billion net inflows in 2025, offsetting $9.1 billion taxable net outflows. Alternatives/multi-asset registered $10.6 billion active net inflows, lifting private markets AUM to $82 billion, up 18% year over year, and keeping us on track for our 2027 target of $90–$100 billion. Full-year 2025 adjusted base management fees grew 5% versus prior-year. Adjusted operating income grew 4% and operating margins expanded 140 basis points to 33.7% in 2025. Full-year adjusted earnings per unit grew 2% and unitholder distributions increased 4% versus prior-year."","length":1383,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" (US $ Thousands except per Unit amounts) ","length":40,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Q4 2025 ","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Q4 2024 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The increase was primarily due to higher investment advisory base fees and higher distribution revenues, partially offset by the Bernstein Research Services deconsolidation, lower performance-based fees and higher investment losses.","length":300,"tagName":"p"},{"type":"text","content":" Expenses ","length":8,"tagName":"p"},{"type":"text","content":"Fourth quarter 2025 operating expenses of $915 million decreased 3% from the $940 million in the fourth quarter of 2024. The decrease was driven by lower employee compensation and benefits expense and general and administrative ("G&A") expense, partially offset by higher promotion and servicing expense. Employee compensation and benefits expense decreased primarily due to lower incentive compensation, partially offset by higher base compensation, commissions and fringe benefits. G&A expenses decreased primarily due to prior period settlement losses related to the retirement plan in 2024, lower charitable contributions, lower office and related expenses, partially offset by higher professional fees. Promotion and servicing expense increased due to higher distribution related payments and amortization of deferred sales commissions, partially offset by lower transfer fees.","length":900,"tagName":"p"},{"type":"text","content":"Full year 2025 operating expenses of $3.5 billion increased 4% from the $3.4 billion in 2024. The increase was primarily driven by a prior period contingent payment arrangement gain and higher promotion and servicing expense, partially offset by lower G&A expense, lower employee compensation and benefits expense and lower interest on borrowings. The prior period contingent payment arrangement gain was recognized in connection with the fair value adjustment related to our contingent payment liability associated with our acquisition of AB CarVal in 2022. Promotion and servicing expense increased due to higher distribution related payments and higher amortization of deferred sales commissions, partially offset by lower trade execution and clearance costs resulting from the Bernstein Research Services deconsolidation. G&A expenses decreased primarily due to lower office-related expense driven by our early exit from our previous New York office location in 2024, and lower professional fees, partially offset by a one time gain in the prior year related to the recognition of a $20.8 million incentive grant received in connection with our headquarters relocation to Nashville, Tennessee, a retirement plan settlement loss and an AB Funds reimbursement expense related to a disputed billing practice of a third-party service provider. Employee compensation and benefits expense decreased primarily due to lower incentive compensation and lower base compensation, partially offset by higher commissions.","length":1519,"tagName":"p"},{"type":"text","content":" Operating Income and Net Income Per Unit ","length":40,"tagName":"p"},{"type":"text","content":"Fourth quarter 2025 operating income of $309 million decreased 3% from $318 million in the fourth quarter of 2024 and operating margin of 25.1% increased 10 basis points from 25.0% in the fourth quarter of 2024.","length":211,"tagName":"p"},{"type":"text","content":"Full year 2025 operating income of $1.1 billion decreased 7% from 2024, and operating margin of 23.0% decreased 170 basis points from 24.7% in 2024.","length":148,"tagName":"p"},{"type":"text","content":"Fourth quarter 2025 net income per Unit was $0.90 as compared to $0.94 in the fourth quarter of 2024.","length":101,"tagName":"p"},{"type":"text","content":"Full year 2025 net income per Unit was $2.97 as compared to $3.71 in 2024.","length":74,"tagName":"p"},{"type":"text","content":" Non-GAAP Earnings ","length":17,"tagName":"p"},{"type":"text","content":"This section discusses our fourth quarter and full year 2025 non-GAAP financial results, compared to the fourth quarter and full year 2024 financial results. The phrases "adjusted net revenues", "adjusted operating expenses", "adjusted operating income", "adjusted operating margin" and "adjusted diluted net income per Unit" are used in the following earnings discussion to identify non-GAAP information.","length":455,"tagName":"p"},{"type":"text","content":" Adjusted Revenues ","length":17,"tagName":"p"},{"type":"text","content":"Fourth quarter 2025 adjusted net revenues of $957 million decreased 2% from $973 million in the fourth quarter of 2024. The decrease is primarily due to lower performance-based fees and lower investment gains, partially offset by higher investment advisory base fees.","length":267,"tagName":"p"},{"type":"text","content":"Full year 2025 adjusted net revenues of $3.5 billion remained flat from 2024. Investment advisory base fees increased, offset by decreases in Bernstein Research Services revenue due to the deconsolidation, performance-based fees, investment gains, net dividend and interest income and other revenues.","length":300,"tagName":"p"},{"type":"text","content":" Adjusted Expenses ","length":17,"tagName":"p"},{"type":"text","content":"Fourth quarter 2025 adjusted operating expenses of $627 million increased by 1% from $619 million in the fourth quarter of 2024. The increase was primarily driven by higher employee compensation and benefits expense. Employee compensation and benefit expense increased due to higher base compensation, commissions and fringe benefits, partially offset by lower incentive compensation.","length":384,"tagName":"p"},{"type":"text","content":"Full year 2025 adjusted operating expenses of $2.3 billion decreased by 2% from $2.4 billion in 2024. The decrease was driven by lower G&A and promotion and servicing expense, partially offset by higher employee compensation and benefits expense. G&A decreased primarily due to lower office-related expense primarily driven by our early exit from our previous New York office location in 2024, lower portfolio services and related expenses and lower other taxes, partially offset by a prior year recognition of a $20.8 million incentive grant received in connection with our headquarters relocation to Nashville, Tennessee. Promotion and servicing expenses decreased primarily due to lower trade execution costs driven by the Bernstein Research Services deconsolidation. Employee compensation and benefit expense increased due to higher commissions, partially offset by lower incentive compensation and base compensation.","length":929,"tagName":"p"},{"type":"text","content":" Adjusted Operating Income, Margin and Net Income Per Uni t ","length":57,"tagName":"p"},{"type":"text","content":"Fourth quarter 2025 adjusted operating income of $330 million decreased 7% from $354 million in the fourth quarter of 2024. Adjusted operating margin of 34.5% decreased 190 basis points from 36.4%.","length":197,"tagName":"p"},{"type":"text","content":"Full year 2025 adjusted operating income of $1.2 billion increased 4% from $1.1 billion in 2024. Adjusted operating margin of 33.7% increased 140 basis points from 32.3%.","length":170,"tagName":"p"},{"type":"text","content":"Fourth quarter 2025 adjusted net income per Unit was $0.96 as compared to $1.05 in the fourth quarter of 2024.","length":110,"tagName":"p"},{"type":"text","content":"Full year adjusted net income per Unit was $3.33 as compared to $3.25 in 2024.","length":78,"tagName":"p"},{"type":"text","content":" Headcount ","length":9,"tagName":"p"},{"type":"text","content":"As of December 31, 2025, we had 4,468 employees as compared with 4,341 employees as of December 31, 2024. Headcount was 4,457 as of September 30, 2025.","length":151,"tagName":"p"},{"type":"text","content":" Unit Repurchases ","length":16,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Three Months Ended December 31, ","length":31,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Twelve Months Ended 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","length":0,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" (1) Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards. ","length":276,"tagName":"p","attribs":{}}]}]}],"length":276},{"type":"text","content":" ","length":6,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Earnings Conference Call Information Management will review Fourth Quarter 2025 financial and operating results during a conference call beginning at 7:30 a.m. (CT) on Thursday, February 5, 2026. The conference call will be hosted by Seth Bernstein, Chief Executive Officer; Tom Simeone, Chief Financial Officer; and Onur Erzan, President.","length":364,"tagName":"p"},{"type":"text","content":"Parties may access the conference call by either webcast or telephone:","length":70,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"To listen by webcast, please visit AB's Investor Relations website at https://www.alliancebernstein.com/corporate/en/investor-relations.html at least 15 minutes prior to the call to download and install any necessary audio software.","length":246,"tagName":"p"}]},{"val":[{"type":"text","content":"To listen by telephone, please dial (888) 440-3310 in the U.S. or +1 (646) 960-0513 outside the U.S. 10 minutes before the scheduled start time. The conference ID# is 6072615.","length":175,"tagName":"p"}]}],"tagName":"ol","bulletedList":false,"length":421,"olType":"1"},{"type":"text","content":"The presentation management will review during the conference call will be available on AB's Investor Relations website shortly after the release of fourth quarter 2025 financial and operating results on February 5, 2026.","length":245,"tagName":"p"},{"type":"text","content":"A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call.","length":124,"tagName":"p"},{"type":"text","content":" Availability of 2025 Form 10-K ","length":30,"tagName":"p"},{"type":"text","content":"Unitholders may obtain a copy of our Form 10-K for the year ended December 31, 2025, available on February 12, 2026, in either electronic format or hard copy on www.alliancebernstein.com :","length":192,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Download Electronic Copy: Unitholders can download an electronic version of the report by visiting the "Investor & Media Relations" page of our website at www.alliancebernstein.com/investorrelations and clicking on the "Reports & SEC Filings" section.","length":279,"tagName":"p"}]},{"val":[{"type":"text","content":"Order Hard Copy Electronically or by Phone: Unitholders may also order a hard copy of the report, which is expected to be available for mailing in approximately eight weeks, free of charge. Unitholders with internet access can follow the above instructions to order a hard copy electronically. Unitholders without internet access, or who would prefer to order by phone, can call 615-622-0000.","length":392,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":671,"olType":false},{"type":"text","content":" Cautions Regarding Forward-Looking Statements ","length":45,"tagName":"p"},{"type":"text","content":"Certain statements provided by management in this news release 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 factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately-managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions, and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see "Risk Factors" and "Cautions Regarding Forward-Looking Statements" in AB's Form 10-K for the year ended December 31, 2025, available on February 12, 2026. Any or all of the forward-looking statements made in this news release, Form 10-K, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, may turn o...

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