Apollo Global Management: 2Q 2026 Earnings Release

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

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)

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 activity1

• 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

1. 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

1. 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

1. 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

$76

$858

$409

$55

$50

$498

$72

$59

$621

2Q'24 2Q'25 2Q'26

2Q'24 2Q'25 2Q'26

2Q'24 2Q'25 2Q'26

Credit Equity

Credit Equity

Athene1

Athora Other2

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

$128

$28

$42

$82

$228

$155

$152

$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

1. 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 costs1	(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%

   1. 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 portfolio1 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 points2 over the past five years compared to 12 basis points for the industry3

        (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 cash5

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 Earnings4

($ 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

Retail1: 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 Agreements2: 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 Products3: 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 Receivable1 (QoQ)

($ in millions, except per share amounts)

1Q'26

+$0.17

Net unrealized performance fees/other2

($0.14)

Net realized performance fees3

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