Athene Holding Ltd. · NYSE:ATH/PA
Athene — Q2 2025 Earnings Presentation
35 slides from Athene's earnings presentation, Aug 5, 2025
Slide 1: Apollo Global Management, Inc. Second Quarter 2025 Earnings
Apollo Global Management, Inc. Second Quarter 2025 Earnings
Slide 2: Second Quarter 2025 Financial Highlights
2Q'25 Per Share YTD'25 Per Share GAAP Financial Measures ($ in millions, except per share amounts) Net Income Attributable to Apollo Global Management, Inc. Common Stockholders $605 $1.00 $1,023 $1.68 Segment and Non-GAAP Financial Measures ($ in millions, except per share amounts) Fee Related Earni
Slide 3: GAAP Income Statement
(In millions, except per share amounts) 2Q'24 1Q'25 2Q'25 YTD'24 YTD'25 Revenues Asset Management Management fees $462 $508 $583 $900 $1,091 Advisory and transaction fees, net 267 195 277 436 472 Investment income (loss) 278 303 189 680 492 Incentive fees 47 40 58 73 98 Retirement Services Premiums
Slide 4: Second Quarter 2025 Business Highlights
Second Quarter 2025 Business Highlights ✓ ✓ 3 Second quarter results across Asset Management and Retirement Services • Record quarterly FRE of $627 million driven by strong management fee growth and record capital solutions fees • SRE of $821 million supported by continued strong organic growth • To
Slide 5: Segment Income and Adjusted Net Income
($ in millions, except per share amounts) 2Q'24 1Q'25 2Q'25 YTD'24 YTD'25 Management fees $672 $770 $816 $1,324 $1,586 Capital solutions fees and other, net 208 154 216 349 370 Fee-related performance fees 52 54 63 98 117 Fee-related compensation (240) (259) (279) (460) (538) Non-compensation expens
Slide 6: Results Excluding Notable Items
($ in millions, except per share amounts) 2Q'24 1Q'25 2Q'25 YTD'24 YTD'25 Management fees $672 $770 $816 $1,324 $1,586 Capital solutions fees and other, net 208 154 216 349 370 Fee-related performance fees 52 54 63 98 117 Fee-related compensation (240) (259) (279) (460) (538) Non-compensation expens
Slide 7: Segment Details
APOLLO Segment Details
Slide 8: Asset Management: Fee Related Earnings
• Management fees increased 21% year-over-year driven by increasing contributions of third-party asset management inflows, record gross capital deployment, as well as strong growth from Retirement Services clients in the second quarter • Record capital solutions fees grew 4% year-over-year reflectin
Slide 9: Asset Management: Total and Fee-Generating AUM
• Total AUM increased $143 billion, or 21%, year-over-year primarily driven by $98 billion of inflows from Asset Management and $81 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation, partially offset by $60 billion of outflows primarily driven by normal course
Slide 10: Asset Management: Inflows
$42 $33 $43 $61 $22 $19 $18 $28 $12$20 $14 $26 $21 Asset Management Retirement Services 3Q'24 4Q'24 1Q'25 2Q'25 $131 $74 $128 $155 $152 $179 $31 $37 $71 $53 $81 $86 $6 $37 $12 $28 $37 $48 $63 $71 $81 $72 Asset Management Retirement Services 2020 2021 2022 2023 2024 LTM 2Q'25 • Gross inflows of $61 b
Slide 11: Retirement Services: Spread Related Earnings
• Spread Related Earnings increased 16% year-over-year primarily driven by more favorable alternative returns and robust net organic growth • Spread Related Earnings in the second quarter included a 10% return from Athene's alternative investment portfolio; considering management's long-term expecte
Slide 12: Retirement Services: Net Spread
(% of average net invested assets) 2Q'24 1Q'25 2Q'25 % Change vs. 2Q'24 YTD'24 YTD'25 % Change vs. YTD'24 Fixed income and other net investment income 4.82% 4.80% 4.97% 15bps 4.75% 4.89% 14bps Alternative net investment income 5.73% 10.08% 9.86% NM 7.42% 10.05% 263bps Net Investment Earnings 4.87% 5
Slide 13: Retirement Services: Portfolio & Spread Highlights
1.26% 0.20% (0.04)% (0.01)% (0.22)% 0.03% 1.22% 1Q'25 2Q'25 Lower return on Alts portfolio Higher net cost of funds on new business vs. run-off and absence of Q1 notable item Investment Portfolio Highlights Retirement Services: Portfolio & Spread Highlights 12 Retirement Services Net Spread Bridge (
Slide 14: Retirement Services: Inflows and Earnings Growth
Retail: Strong annuity sales activity underwritten to attractive returns amid continued secular demand for retirement savings products Flow Reinsurance: Second quarter activity driven by strong volume from U.S. clients and continued demand from APAC clients Funding Agreements1: Record quarterly infl
Slide 15: Principal Investing Segment
($ in millions, except per share amounts) 2Q'24 1Q'25 2Q'25 % Change vs. 2Q'24 YTD'24 YTD'25 % Change vs. YTD'24 Realized performance fees $175 $190 $219 25.1% $269 $409 52.0% Realized investment income 11 28 13 18.2% 25 41 64.0% Realized principal investing compensation (138) (188) (168) 21.7% (211
Slide 16: Performance Fee-Eligible AUM and Dry Powder
• Performance Fee-Eligible AUM of $261 billion increased 23% year-over-year due to strong growth in performance fee-eligible Credit strategies, particularly opportunistic credit and direct origination, as well as Redding Ridge's acquisition of Irradiant • Performance Fee-Generating AUM of $186 billi
Slide 17: Investment Performance Highlights
Investment Performance Highlights Net Accrued Performance Fee Receivable1 (QoQ) Appreciation / gross returns 2Q'25 LTM 2Q'25 Credit Direct Origination 3.2% 12.0% Opportunistic Credit 2.4% 9.4% Multi-Credit 2.3% 8.5% Asset-Backed Finance 3.3% 11.9% Equity Flagship Private Equity 0.7% 5.6% Hybrid Valu
Slide 18: HoldCo & Asset Management Summary Balance Sheet Highlights
HoldCo & Asset Management Summary Balance Sheet Highlights1 Financial Strength Ratings ($ in millions, except per share amounts) 1Q'25 2Q'25 Cash and cash equivalents $1,871 $2,382 U.S. Treasury securities, at fair value 448 — Investments, net 3,245 3,040 Net accrued performance fees receivable2 1,5
Slide 19: Supplemental Details
APOLLO Supplemental Details
Slide 20: AUM Roll-Forward
($ in millions) Credit3 Equity Total Beginning Balance $641,345 $143,813 $785,158 Inflows 52,250 8,828 61,078 Outflows2 (16,528) (399) (16,927) Net Flows 35,722 8,429 44,151 Realizations (1,548) (3,881) (5,429) Market Activity 14,054 1,671 15,725 Ending Balance $689,573 $150,032 $839,605 Three Month
Slide 21: Retirement Services Inflows and Net Invested Assets
• Third-party capital augments Athene's ability to grow and supported approximately 25% of Athene's strong organic new business volume in the second quarter 20 1. Net invested assets are a component of Apollo’s total AUM reported under the Asset Management segment and should not be viewed as additiv
Slide 22: Share Reconciliation
Share Reconciliation 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Total GAAP Common Stock Outstanding 569,535,344 565,816,456 565,738,933 570,432,275 572,024,038 Non-GAAP Adjustments: Mandatory Convertible Preferred Stock1 14,528,625 14,531,793 14,536,019 14,538,803 14,547,261 Vested RSUs 18,421,647 18,201,439 21,
Slide 23: Reconciliations and Disclosures
Reconciliations and Disclosures
Slide 24: Fund Performance and Returns
(in millions, except IRR) Vintage Year Total AUM Committed Capital Total Invested Capital Realized Value Remaining Cost Unrealized Value Total Value Gross IRR Net IRR Credit: Accord VI1 2024 $ 1,891 $ 1,701 $ 609 $ 494 $ 461 $ 461 $ 955 17 % 10 % Accord I, II, III, III B, IV & V1 Various — 7,992 6,7
Slide 25: Condensed Consolidated Statements of Financial Condition: Assets
($ in millions, except share amounts) 4Q'24 2Q'25 Assets Asset Management Cash and cash equivalents $2,692 $2,382 Restricted cash and cash equivalents 3 3 Investments 6,086 5,885 Assets of consolidated variable interest entities Cash and cash equivalents 158 346 Investments 2,806 2,258 Other assets
Slide 26: Condensed Consolidated Statements of Financial Condition: Liabilities and Equity
($ in millions, except share amounts) 4Q'24 2Q'25 Liabilities Asset Management Accounts payable, accrued expenses, and other liabilities $3,616 $4,079 Due to related parties 710 760 Debt 4,279 4,280 Liabilities of consolidated variable interest entities Other liabilities 1,363 1,048 Retirement Servi
Slide 27: Reconciliation of GAAP to Non-GAAP Financial Measures
($ in millions) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 YTD'24 YTD'25 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $828 $787 $1,462 $418 $605 $2,231 $1,023 Preferred dividends 25 24 24 24 25 49 49 Net income (loss) attributable to non-controlling interests 324 958
Slide 28: Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd
Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd 27 ($ in millions) 1Q'25 2Q'25 Investments, at fair value $ 1,546 $ 1,638 Equity method investments 1,127 1,175 Other investments 358 — Other1 214 227 Investments, net $ 3,245 $ 3,040 ($ in millions) 1Q'25 2Q'25 Performance allocations $
Slide 29: Athene Net Income to Adjusted Operating Income Reconciliation
Year ended December 31, ($ in millions) 2016 2017 2018 2019 2020 2021 Net income available to Athene Holding Ltd. common stockholders $ 773 $ 1,358 $ 1,053 $ 2,136 $ 1,446 $ 3,718 Preferred stock dividends — — — 36 95 141 Net income (loss) attributable to non-controlling interest — — — 13 380 (59) N
Slide 30: Definitions: Segment Income
• “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 related to th
Slide 31: Definitions: Adjusted Net Income and AUM
• “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 use this measure to a
Slide 32: Definitions: Performance Fee-Eligible AUM
• “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: • “Performance Fee-
Slide 33: Definitions: Gross IRR
• “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 expenses. Calculatio
Slide 34: Definitions: Net IRR
• “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 the fund itself) and re
Slide 35: Forward-Looking Statements
Forward-Looking Statements 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 statements that are within th