Apollo Global Management : 2Q 2026 Earnings Release

About this update from Apollo Global Management, Inc. (new)

Apollo Global Management, Inc. Reports Second Quarter 2026 Results August 4, 2026 Apollo Reports Second Quarter 2026 Results New York, August 4, 2026 - Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, "Apollo") today reported results for the second quarter ended June 30, 2026. Dividend Apollo Global Management, Inc. has declared a cash dividend of $0.5625 per share of its Common Stock for the second quarter ended June 30, 2026. This dividend will be paid on August 31, 2026 to holders of record at the close of business on August 19, 2026. The declaration and payment of dividends on the Common Stock are at the sole discretion of Apollo Global Management, Inc.'s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future. Conference Call Apollo will host a public audio webcast on Tuesday, August 4, 2026 at 8:30 a.m. Eastern Time. During the webcast, members of Apollo's senior management team will review Apollo's financial results for the second quarter ended June 30, 2026. The webcast may be accessed at ir.apollo.com . For those unable to listen to the live broadcast, there will be a replay of the webcast available at the same link one hour after the event. Apollo distributes its earnings releases via its website and email distribution lists. Those interested in receiving firm updates by email can sign up for them at ir.apollo.com . Our strong second quarter results reflect record earnings across Asset Management and Retirement Services, highlighting the quality and growing scale of our business. We are at the forefront of modernizing how private markets operate by enhancing transparency, improving liquidity, and broadening access. In a market evolving quickly with increasing demand for capital, the breadth of our origination capabilities combined with a principal mindset positions us to help shape what comes next. " " Marc Rowan Chairman and Chief Executive Officer About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit https://www.apollo.com . Forward-Looking Statements In this press release, 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 press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management's assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene's ability to maintain or improve financial strength ratings, the impact of Athene's reinsurers failing to meet their assumed obligations, Athene's ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at https://www.sec.gov . These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund. Investor and Media Relations Contacts For investors please contact: Noah Gunn Global Head of Investor Relations Apollo Global Management, Inc. 212-822-0540 [email protected] For media inquiries please contact: Joanna Rose Global Head of Corporate Communications Apollo Global Management, Inc. 212-822-0491 [email protected] Apollo Global Management, Inc. Reports Second Quarter 2026 Results Second Quarter 2026 Financial Highlights GAAP Net Income Attributable to Apollo Global Management, Inc. Common Stockholders was $1.3 billion for the quarter ended June 30, 2026, or $2.18 per share Apollo's primary non-GAAP earnings metric, Adjusted Net Income, which represents the sum of FRE, SRE, and PII, less HoldCo interest and other financing costs and taxes, totaled $1.3 billion, or $2.11 per share, for the second quarter ($ in millions, except per share amounts) 2Q'26 Per Share YTD'26 Per Share GAAP Financial Measures Net Income Attributable to Apollo Global Management, Inc. Common Stockholders $1,336 $2.18 $(594) $(1.06) Segment and Non-GAAP Financial Measures Fee Related Earnings ("FRE") $785 $1.26 $1,513 $2.43 Spread Related Earnings ("SRE") $877 $1.41 $1,596 $2.56 Fee and Spread Related Earnings $1,662 $2.67 $3,109 $4.99 Principal Investing Income ("PII") $16 $0.03 $91 $0.15 Adjusted Net Income ("ANI") $1,314 $2.11 $2,522 $4.05 Assets Under Management ($ in billions) Total Assets Under Management ("AUM") $1,047 Fee-Generating AUM ("FGAUM") $858 2Q'26 LTM 2Q'26 Business Drivers ($ in billions) Inflows $60 $298 Origination $74 $317 Gross Capital Deployment $111 $427 Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 29 to 33. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 26 to 28. Per share calculations are based on end of period Adjusted Net Income Shares Outstanding. YTD'26 per share amounts represent the sum of the last two quarters and may not add due to rounding. See page 21 for the share reconciliation. "NM" as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides. 1 GAAP Income Statement (Unaudited) (In millions, except per share amounts) 2Q'25 1Q'26 2Q'26 YTD'25 YTD'26 Revenues Asset Management Management fees $583 $696 $749 $1,091 $1,445 Advisory and transaction fees, net 277 306 418 472 724 Investment income (loss) 189 (77) 379 492 302 Incentive fees 58 64 59 98 123 Property management, development and other fees - 22 22 - 44 Retirement Services Premiums 107 217 170 234 387 Product charges 274 281 299 539 580 Net investment income 4,776 5,139 5,350 9,117 10,489 Investment related gains (losses) (5) (2,078) 2,989 (833) 911 Revenues of consolidated variable interest entities 550 485 714 1,142 1,199 Other revenues 5 4 4 10 8 Total Revenues 6,814 5,059 11,153 12,362 16,212 Expenses Asset Management Compensation and benefits (602) (711) (927) (1,347) (1,638) Interest expense (60) (77) (88) (120) (165) General, administrative and other (370) (439) (479) (678) (918) Retirement Services Interest sensitive contract benefits (3,428) (1,591) (5,714) (4,922) (7,305) Future policy and other policy benefits (527) (639) (594) (1,068) (1,233) Market risk benefits remeasurement gains (losses) 111 (259) 24 (274) (235) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired (292) (337) (350) (559) (687) Policy and other operating expenses (550) (626) (613) (1,092) (1,239) Total Expenses (5,718) (4,679) (8,741) (10,060) (13,420) Other Income (Loss) - Asset Management Net gains (losses) from investment activities Net gains (losses) from investment activities of consolidated variable interest entities Other income (loss), net Total Other Income (Loss) Income (loss) before income tax (provision) benefit Income tax (provision) benefit 1 Net income (loss) Net (income) loss attributable to non-controlling interests Net income (loss) attributable to Apollo Global Management, Inc. Preferred stock dividends (268) (112) 63 (286) (49) 4 (15) (7) 215 (22) 13 30 17 (205) 47 (251) (97) 73 (276) (24) 845 283 2,485 2,026 2,768 (3) (1,694) (396) (246) (2,090) 842 (1,411) 2,089 1,780 678 (212) (495) (728) (708) (1,223) 630 (1,906) 1,361 1,072 (545) (25) (24) (25) (49) (49) Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $605 $(1,930) $1,336 $1,023 $(594) Earnings (Loss) per share Net income (loss) attributable to Common Stockholders - Basic Net income (loss) attributable to Common Stockholders - Diluted Weighted average shares outstanding - Basic Weighted average shares outstanding - Diluted $1.00 $0.99 587 590 $(3.27) $(3.27) 595 595 $2.18 $2.15 592 610 $1.68 $1.67 587 592 $(1.06) $(1.06) 593 593 1. 1Q'26 includes a one-time tax expense of $1.7 billion due to the revocation of ACRA's election to be subject to the Government of Bermuda's Corporate Income Tax Act 2023 as a result of updated guidance issued during 2 the quarter, which led to the recognition of a full valuation allowance against the Bermuda deferred tax assets, as previously disclosed. Second Quarter 2026 Business Highlights Strong results across Asset Management and Retirement Services ✓ ✓ Record FRE of $785 million representing year-over-year growth of 25%, driven by record quarterly fee related revenue and margin expansion Record SRE of $877 million driven by strong and diversified organic growth trends and improving net spread Together, FRE and SRE totaled $1.7 billion in the second quarter, showcasing the strength of the combined earnings streams Total AUM of $1.05 trillion benefited from inflows of $60 billion in the second quarter and $298 billion over the last twelve months, driving a 25% increase year-over-year Continued execution across key business drivers Investment Performance : Strong quarterly returns across core credit, hybrid, and private equity strategies Origination : Quarterly origination activity of $74 billion driven by significant contributions from core credit and origination platforms, complemented by a record quarter of signed not yet closed origination activity 1 Capital Formation : Record organic inflows of $60 billion driven by: Asset Management inflows of $38 billion with particular strength from Institutional, complemented by Global Wealth Retirement Services inflows of $22 billion driven by strength across several organic channels Strategically allocating capital to drive stockholder value Investments : Allocated approximately $485 million of strategic capital over the last twelve months to fund various investments supporting future growth Share Repurchases : Repurchased approximately $1.6 billion of common stock over the last twelve months, including $285 million of opportunistic share repurchases Dividends : Distributed more than $1 billion of common stock dividends over the last twelve months 1. There is no assurance such origination activity will close. 3 Total Segment Earnings ($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 YTD'25 YTD'26 Management fees $816 $952 $1,001 $1,586 $1,953 Capital solutions fees and other, net 216 246 277 370 523 Fee-related performance fees 63 64 65 117 129 Fee-related compensation (279) (333) (343) (538) (676) Non-compensation expenses (189) (201) (215) (349) (416) Fee Related Earnings $627 $728 $785 $1,186 $1,513 Net investment spread 1,060 990 1,129 2,108 2,119 Other operating expenses (107) (118) (111) (221) (229) Interest and other financing costs (132) (153) (141) (262) (294) Spread Related Earnings $821 $719 $877 $1,625 $1,596 Fee and Spread Related Earnings $1,448 $1,447 $1,662 $2,811 $3,109 Principal Investing Income $47 $75 $16 $61 $91 Segment Income $1,495 $1,522 $1,678 $2,872 $3,200 HoldCo interest and other financing costs 1 (36) (45) (53) (70) (98) Taxes and related payables (280) (269) (311) (504) (580) Adjusted Net Income $1,179 $1,208 $1,314 $2,298 $2,522 ANI per share $1.92 $1.94 $2.11 $3.74 $4.05 Represents interest and other financing costs related to Apollo Global Management, Inc. not attributable to any specific segment. 4 Total Segment Earnings, Excluding Notable Items ($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 YTD'25 YTD'26 Management fees $816 $952 $1,001 $1,586 $1,953 Capital solutions fees and other, net 216 246 277 370 523 Fee-related performance fees 63 64 65 117 129 Fee-related compensation (279) (333) (343) (538) (676) Non-compensation expenses (189) (201) (215) (349) (416) Fee Related Earnings $627 $728 $785 $1,186 $1,513 Net investment spread 1,060 990 1,129 2,108 2,119 Other operating expenses (107) (118) (111) (221) (229) Interest and other financing costs (132) (153) (141) (262) (294) Notable items 1 - - - 22 - Spread Related Earnings, Excluding Notable Items $821 $719 $877 $1,647 $1,596 Fee and Spread Related Earnings, Excluding Notable Items $1,448 $1,447 $1,662 $2,833 $3,109 Principal Investing Income $47 $75 $16 $61 $91 Segment Income, Excluding Notable Items $1,495 $1,522 $1,678 $2,894 $3,200 HoldCo interest and other financing costs (36) (45) (53) (70) (98) Taxes and related payables (280) (269) (311) (509) (580) Adjusted Net Income, Excluding Notable Items $1,179 $1,208 $1,314 $2,315 $2,522 ANI per share, Excluding Notable Items $1.92 $1.94 $2.11 $3.77 $4.05 Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 5 Segment Details Asset Management Segment Management fees increased 23% year-over-year driven by several factors, including growth at Athora stemming from its acquisition of Pension Insurance Corporation ("PIC"), increasing third-party capital formation from institutional and global wealth channels, the acquisition of Bridge Investment Group ("Bridge"), and continued organic growth from Athene Capital solutions fees grew 28% year-over-year to a quarterly record of $277 million, driven by the increasing scale and diversification of Apollo's platform across more than 100 discrete transactions, of which two-thirds were from credit and one-third derived from equity activity FRE grew 25% year-over-year driven by record quarterly fee related revenue and positive operating leverage resulting in 120 basis points of margin expansion, while continuing to invest in the business to drive long-term growth ($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Management Fees Credit $605 $681 $722 19.3% $1,174 $1,403 19.5% Equity 211 271 279 32.2% 412 550 33.5% Total management fees 816 952 1,001 22.7% 1,586 1,953 23.1% Capital solutions fees and other, net 216 246 277 28.2% 370 523 41.4% Fee-related performance fees 63 64 65 3.2% 117 129 10.3% Fee Related Revenues $1,095 $1,262 $1,343 22.6% $2,073 $2,605 25.7% Fee-related compensation (279) (333) (343) 22.9% (538) (676) 25.7% Non-compensation expenses 1 (189) (201) (215) 13.8% (349) (416) 19.2% Fee Related Earnings $627 $728 $785 25.2% $1,186 $1,513 27.6% FRE per share $1.02 $1.17 $1.26 23.5% $1.93 $2.43 25.9% FRE Margin 57.3% 57.7% 58.5% 57.2% 58.1% FRE Compensation Ratio 25.5% 26.4% 25.5% 26.0% 26.0% Non-compensation expenses include placement fees of $4 million and $20 million, respectively, for 2Q'26 and YTD'26. 7 Asset Management: Assets Under Management Total AUM increased $208 billion or 25% year-over-year, primarily driven by $220 billion of inflows from Asset Management and $78 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation, partially offset by $71 billion of outflows primarily driven by normal course run-off at Athene and $32 billion of realization activity Fee-Generating AUM increased $220 billion or 34% year-over-year. Asset Management contributed $225 billion of inflows, reflecting strong capital formation across institutional and global wealth channels, as well as $65 billion from Athora's acquisition of PIC at the end of the first quarter. Retirement Services contributed $78 billion of gross inflows, driven by robust organic growth at Athene. Combined, these inflows were partially offset by $74 billion of outflows, primarily driven by normal course run-off at Athene, and $15 billion of realization activity 60% of total AUM and 70% of total Fee-Generating AUM is comprised of perpetual capital, which is highly scalable and has demonstrated consistent through-cycle growth ($ in billions) Total AUM Fee-Generating AUM Perpetual Capital AUM $696 $840 $1,047 $522 $451 $71 $638 $562 $76 $858 $409 $55 $304 $50 $498 $72 $367 $59 $416 $121 $84 $621 $562 $690 $135 $849 $150 $198 $754 $104 2Q'24 2Q'25 2Q'26 2Q'24 2Q'25 2Q'26 2Q'24 2Q'25 2Q'26 Credit Equity Credit Equity Athene 1 Athora Other 2 Note: AUM totals may not add due to rounding. 1. Perpetual Capital AUM derived from Athene includes assets, unfunded commitments, and available capital attributable to ADIP. 2. Other primarily includes Apollo Debt Solutions BDC ($31 billion), MidCap FinCo LLC ($14 billion), Apollo Diversified Real Estate Fund/Apollo Diversified Credit Fund ($7 billion), MidCap Financial Investment Corporation ($4 billion), Apollo Realty Income Solutions, Inc. ($2 billion) and other AUM related to a publicly traded business development company ($2 billion), among others. Other also includes third-party capital within Apollo Aligned Alternatives ($12 billion), with the remainder of its net asset value attributable to Athene ($16 billion). AUM related to MidCap Financial Investment Corporation and the publicly traded business development company is as of March 31, 2026. 8 Asset Management: Inflows Generated gross inflows of $60 billion during the second quarter and $298 billion over the last twelve months Inflows from Asset Management of $38 billion in the second quarter, inclusive of $3 billion of fundraising from Global Wealth, were driven by strength in multi-asset securitization strategies, third-party institutional credit strategies, and equity inflows from flagship private equity fundraising Inflows from Retirement Services of $22 billion in the second quarter were driven by strong retail sales, as well as solid activity across funding agreements and flow reinsurance ($ in billions) $298 $26 $30 $63 $53 $71 $37 $81 $37 inorganic $100 $121 $48 $45 inorganic $71 $99 inorganic 1 $128 $28 $77 $37 $38 $13 $34 inorganic $22 $23 $65 inorganic $20 $42 $82 $228 $155 $152 $82 $115 $60 $74 2021 2022 2023 2024 2025 LTM 2Q'26 3Q'25 4Q'25 1Q'26 2Q'26 Asset Management Retirement Services Note: Totals may not add due to rounding. 1. Inflows for LTM 2Q'26 primarily includes $34 billion related to the acquisition of Bridge and $65 billion related to Athora's acquisition of PIC. 9 Retirement Services Segment Record quarterly Spread Related Earnings increased 7% year-over-year primarily due to strong net organic growth trends Spread Related Earnings in the second quarter included a 9% return from Athene's alternative investment portfolio; considering management's longterm expected average annual return of 11% would have resulted in $76 million of additional alternative net investment income ($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Fixed income and other net investment income $3,179 $3,551 $3,686 15.9% $6,093 $7,237 18.8% Alternative net investment income 319 210 348 9.1% 634 558 (12.0)% Strategic capital management fees 32 36 37 15.6% 61 73 19.7% Cost of funds (2,470) (2,807) (2,942) 19.1% (4,680) (5,749) 22.8% Net Investment Spread 1,060 990 1,129 6.5% 2,108 2,119 0.5% Other operating expenses (107) (118) (111) 3.7% (221) (229) 3.6% Interest and other financing costs (132) (153) (141) 6.8% (262) (294) 12.2% Spread Related Earnings $821 $719 $877 6.8% $1,625 $1,596 (1.8)% SRE per share $1.33 $1.15 $1.41 6.0% $2.64 $2.56 (3.0)% Notable items - - - NM 22 - (100.0)% Spread Related Earnings, Excluding Notable Items $821 $719 $877 6.8% $1,647 $1,596 (3.1)% SRE per share, Excluding Notable Items $1.33 $1.15 $1.41 6.0% $2.68 $2.56 (4.5)% Net Spread 1.22% 0.97% 1.14% (8) bps 1.24% 1.06% (18) bps Net Spread, Excluding Notable Items 1.22% 0.97% 1.14% (8) bps 1.26% 1.06% (20) bps Alternative net investment income delta to long-term expectation 1 $36 $188 $76 $65 $264 Alternative net return delta to long-term expectation 1.14% 5.21% 1.96% 0.95% 3.51% Impact to Net Spread 0.05% 0.25% 0.10% 0.05% 0.17% Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Management's long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability, as well as a basis for developing expectations of future performance. There is no assurance that management's expected 10 long-term average annual return will be achieved. Actual results may differ materially. Retirement Services: Return on Asset View (% of average net invested assets) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Fixed income and other net investment income 4.97% 5.04% 5.05% 8 bps 4.89% 5.04% 15 bps Alternative net investment income 9.86% 5.79% 9.04% (82) bps 10.05% 7.49% NM Net Investment Earnings 5.21% 5.08% 5.25% 4 bps 5.14% 5.16% 2 bps Strategic capital management fees 0.05% 0.05% 0.05% 0 bps 0.05% 0.05% 0 bps Cost of funds (3.68)% (3.79)% (3.83)% 15 bps (3.57)% (3.80)% 23 bps Net Investment Spread 1.58% 1.34% 1.47% (11) bps 1.62% 1.41% (21) bps Other operating expenses (0.16)% (0.16)% (0.14)% (2) bps (0.17)% (0.15)% (2) bps Interest and other financing costs 1 (0.20)% (0.21)% (0.19)% (1) bp (0.21)% (0.20)% (1) bp Net Spread 1.22% 0.97% 1.14% (8) bps 1.24% 1.06% (18) bps Notable items -% - - NM 0.02 -% NM Net Spread, Excluding Notable Items 1.22% 0.97% 1.14% (8) bps 1.26% 1.06% (20) bps Net investment earnings, excluding notable items 5.21% 5.08% 5.25% 4 bps 5.14% 5.16% 2 bps Cost of funds, excluding notable items (3.68)% (3.79)% (3.83)% 15 bps (3.55)% (3.80)% 25 bps Net investment spread, excluding notable items 1.58% 1.34% 1.47% (11) bps 1.64% 1.41% (23) bps Alternative net return delta to long-term expectation 1.14% 5.21% 1.96% 0.95% 3.51% Impact to Net Spread 0.05% 0.25% 0.10% 0.05% 0.17% ($ in millions) Average net invested assets $268,703 $296,352 $307,190 14.3% $262,017 $302,265 15.4% Average net invested assets - fixed income 255,789 281,872 291,771 14.1% 249,407 287,363 15.2% Average net invested assets - alternatives 12,914 14,480 15,419 19.4% 12,610 14,902 18.2% Interest and other financing costs includes short-term repurchase agreement expense related to average monthly notional balances of $0.0 billion and $1.2 billion for 2Q'26 and 1Q'26, respectively. 11 Retirement Services: Portfolio & Spread Highlights Investment Portfolio Highlights Retirement Services Net Spread Bridge (QoQ) 98% of Athene's fixed income portfolio 1 is invested in investment grade assets Apollo Asset Management aims to generate 30 to 40 basis points of asset outperformance across Athene's portfolio Focus on directly originated, senior secured loans where control of origination results in better risk-adjusted return Historical average annual credit losses across total portfolio of 11 basis points 2 over the past five years compared to 12 basis points for the industry 3 (0.04)% 0.97% 0.01% Higher income from on-the-margin deployment, partially offset by asset prepayment/ maturity drag Higher return on Alts portfolio Lower OpEx and interest Higher cost of costs funds on new business vs. run-off, partially offset by favorable policyholder behavior 0.16% 0.04% 1.14% Floating Rate Investments and Cash: Combined total of 1% or $2 billion composed of floating rate assets, net of floating rate liabilities, 4 including $12 billion of cash 5 1Q'26 2Q'26 1. As of June 30, 2026, 98% of $230 billion of available-for-sale securities designated NAIC 1 or 2. 2. Athene's statutory fixed income impairments adjusted to include changes in mortgage loan specific reserves in relation to average invested assets of regulated entities in the U.S. and Bermuda. 3. Industry average represents U.S. statutory impairments adjusted to include changes in mortgage loan specific reserves per SNL Financial. Industry average includes AEL, AMP, BHF, CRBG, EQH, FG, LNC, MET, PFG, PRU, VOYA and Transamerica. Trailing five-year average (2021-2025). 4. Floating rate assets at notional were approximately $71 billion, or approximately 23% of Athene's net invested assets, as of June 30, 2026. Floating rate liabilities at notional were approximately $69 billion, or approximately 22% of Athene's net invested assets, as of June 30, 2026. 5. Represents cash and cash equivalents on a net invested asset basis, adjusted for net investment payables/receivables and cash posted as collateral for derivative transactions as of June 30, 2026. 12 Retirement Services: Strong Growth Profile Athene Gross Organic Inflows Spread Related Earnings 4 ($ in billions) $82 ~7x $63 7 10 35 $42 $37 11 11 12 $12 $18 6 4 7 14 14 6 35 34 20 6 9 ($ in billions) $3.1 $3.2 $3.4 $3.3 $2.5 $2.5 $1.4 $1.1 $1.3 $1.3 2017 2019 2021 2023 2025 1H'26 2Q'26 Highlights: 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 2Q'26 Retail 1 : Second largest quarterly retail volume, including strong MYGA and FIA sales, as well as record RILA volume, amid continued secular demand for retirement savings products Funding Agreements 2 : Solid quarter driven by issuance across FABR and FABN programs Flow Reinsurance: Activity primarily driven by strong volume from U.S. clients, as well as a new product with an APAC client Pension Group Annuities: Remain actively engaged and competitive in the market Other Spread Products 3 : Record quarterly structured settlement issuances FRE SRE >90% correlation between SRE and FRE growth 1. Includes Fixed Indexed Annuities ("FIA"), Registered Index-Linked Annuities ("RILA"), and Multi-year Guarantee Annuities ("MYGA"), amongst others. 2. Funding agreements represent funding agreements issued under Athene's funding agreement backed notes ("FABN") program, secured and other funding agreements, which include Athene's funding agreement backed repurchase agreement ("FABR") program and direct funding agreements, funding agreements issued to the Federal Home Loan Bank ("FHLB") and long-term repurchase agreements. 3. Other spread product inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans, stable value group annuity contracts and structured settlements. 4. For periods prior to 2022, SRE represents Athene's historically reported adjusted operating income available to common stockholders 13 excluding the change in fair value of Apollo Operating Group Units, equity-based compensation related to Athene's long-term incentive plan, and operating income tax. Principal Investing Segment Realized performance fees of $130 million in the second quarter continue to be cyclically light as monetization activity across certain flagship private equity and hybrid funds remain prudently delayed amid an evolving exit environment Compensation ratio of 79% in the second quarter reflects a period of lower realized performance fees and investment income while market conditions are less accommodative for monetization activity ($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Realized performance fees $219 $357 $130 (40.6)% $409 $487 19.1% Realized investment income 13 46 27 107.7% 41 73 78.0% Realized principal investing compensation (168) (313) (123) (26.8)% (356) (436) 22.5% Other operating expenses (17) (15) (18) 5.9% (33) (33) -% Principal Investing Income $47 $75 $16 (66.0)% $61 $91 49.2% PII per share $0.08 $0.12 $0.03 (62.5)% $0.10 $0.15 50.0% PII Compensation Ratio 72.2% 77.6% 78.5% 79.0% 77.8% 14 Performance Fee AUM and Dry Powder Performance Fee-Eligible AUM of $340 billion increased 30% year-over-year due to strong growth in performance fee-eligible Credit and Equity strategies driven by multi-credit, real estate equity, direct lending and Apollo Aligned Alternatives ("AAA") Performance Fee-Generating AUM of $210 billion increased 13% year-over-year due to strong capital deployment activity and funds moving into carry, particularly real estate equity, direct lending and AAA Dry Powder reached a new record at $82 billion as of quarter-end, including $62 billion with future management fee potential, of which approximately 70% is in Credit Performance Fee-Eligible AUM Performance Fee-Generating AUM Dry Powder $201 $340 $139 $127 $210 $83 $46 $82 $36 ($ in billions) Credit Equity Credit Equity Credit Equity Note: AUM and Dry Powder totals may not add due to rounding. Dry Powder includes capital available for investment included within performance fee-eligible AUM as well as capital available for investment which does not earn any performance fees. 15 Investment Performance Highlights and Net Accrued Performance Fees Investment Performance Highlights Net Accrued Performance Fee Receivable 1 (QoQ) Gross returns 2Q'26 LTM 2Q'26 Credit Direct Origination 2.6% 7.9% Opportunistic Credit 1.8% 10.7% Multi-Credit 1.9% 7.4% Asset-Backed Finance 2.4% 7.2% Equity Flagship Private Equity 3.0% 7.2% Hybrid Value 4.6% 17.9% ($ in millions, except per share amounts) 1Q'26 +$0.17 $2.42 $2.39 Net unrealized performance fees/other 2 ($0.14) Net realized performance fees 3 2Q'26 $1,490 $106 $(85) $1,511 1. Net Accrued Performance Fee Receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments. 2. Net unrealized performance fees include (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction related charges, and excludes general partner obligations to return previously distributed performance fees. Other primarily reflects the timing differences between previously recognized net realized performance fees versus the cash received and paid during the current period, driven by the opportunistic credit funds we manage. 3. Net realized performance fees includes (i) realized performance fees, net of realized profit sharing expense and (ii) fee-related performance fees. 16

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