Equitable Holdings, Inc. · NYSE:EQH
Equitable — Q3 2026 Earnings Presentation
21 slides from Equitable's earnings presentation, Nov 2, 2026
Slide 1: Third Quarter 2026 Earnings Results
Equitable Holdings Third Quarter 2026 Earnings Results November 2, 2026 Equitable
Slide 2: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act
Slide 3: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted operating margin at AB. These Non-GAAP financial measures are derived by excluding
Slide 4: Third quarter 2026 highlights
Third quarter 2026 highlights Strong momentum heading into the merger • Non-GAAP operating earnings1 per share of $2.13, or $1.98 per share after adjusting for notable items2, up 19% YoY • $1.2trn AUM/A, up 4% versus prior year • Returned $320m to shareholders in the quarter; 66% payout ratio YTD, o
Slide 5: U.S. Retirement: $50 trillion market with strong growth drivers
U.S. Retirement: $50 trillion market with strong growth drivers • Over 4 million Americans turning 65 each year • c.$15 trillion of DC plan assets, with nearly $1 trillion of annual IRA rollovers • Rising demand for protected equity and guaranteed lifetime income solutions • Higher interest rates in
Slide 6: New Equitable positioned to capture U.S. Retirement Opportunity
New Equitable positioned to capture U.S. Retirement Opportunity TTM Total Annuity Sales ($bn)1 2025 U.S. Non-GAAP Operating Income ($bn)2 2027 P/E multiple3 $48.2 $4.1 $3.6 $3.4 $37.8 $29.2 10.9x 11.0x $27.5 $24.4 $2.2 $22.4 8.5x 8.4x $16.8 $1.5 $1.5 $16.0 $15.2 6.0x 4.7x New Athene NY Life JXN Nati
Slide 7: Third quarter consolidated results summary
Third quarter consolidated results summary Non-GAAP Operating Earnings, Non-GAAP Operating EPS, Assets under management adjusted for notable items1 adjusted for notable items1 and administration AUM AB $ $bn AUA +19% +4% 24% 1.98 1,110 1,156 WM 1.67 12% $554m 991 1,016 64% 118 140 3Q25 3Q26 3Q25 3Q2
Slide 8: Key drivers of 3Q'26 results
Key drivers of 3Q’26 results Retirement earnings drivers, $millions Asset & Wealth Management drivers, $millions Net Interest Margin Fee-based Revenue1 AB Fee Revenue WM Advisory Fees 841 853 871 20 24 26 489 493 456 480 425 429 821 829 845 235 253 197 1.75% 1.74% 1.69% 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26
Slide 9: Capital management highlights
Capital management highlights Capital return to common shareholders • Returned $320m of capital to shareholders in Q3 Dividends Share Repurchases $449m • Payout ratio of 59% in Q3 and 66% YTD; $354m $83m on track for 60-70% payout ratio in 20261 $77m $320m $82m $223m • Cash & liquid assets of $0.9bn
Slide 10: Looking Ahead
Looking Ahead 1H’26 2H’26 1H’27 ⃣ Transaction announced ⃣ Announced top three levels of leadership ⃣ Day 1 of New Equitable ⃣ Integration Office established ⃣ Merger approved by shareholders ⃣ Q2 Investor Day ⃣ Level one of New Equitable leadership ⃣ Selected New Equitable Board of Directors a
Slide 11: Appendix
Appendix Equitable Holdings Third Quarter 2026 Earnings Results
Slide 12: Explanation of footnotes
Explanation of footnotes Page 4 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed Non-GAAP reconciliation in Appendix 2Non-GAAP Operating Earnings adjusted for Notable Items; Pleas
Slide 13: Conservative, high-quality investment portfolio
Conservative, high-quality investment portfolio General Account Investment Portfolio Fixed Maturity Portfolio Alts. & Other Policy Loans <Baa 2% 2% 3% Mortgage Loans Public Corporates Baa 30% 27% 20% Other Fixed Maturities 1% 4% $121bn 1 $90bn U.S. Treasury, Gov’t and Agency 72% 19% 21% Aaa, Aa, A P
Slide 14: High-quality private credit aligns with our liability profile
High-quality private credit aligns with our liability profile Private ABS 30% Infrastructure $121bn Direct Lending Debt 1 19% 3% $23bn 21% General Private Credit Portfolio Account 47% Private Placements Diversified portfolio that is well matched with our liability profile Direct line of sight into i
Slide 15: Alternatives portfolio overview
Alternatives portfolio overview Historical Alternative Investment Portfolio Annualized Returns $millions, pre-tax 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 2Q 2026 3Q 2026 GAAP Carrying Value Private Equity 825 857 850 934 1,462 1,670 1,824 2,039 2,188 2,156 2,136 2,175 Real Estate Equity
Slide 16: Retirement
Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m Operating Earnings adjusted for Notable Items1 increased slightly YoY as growth in AUM was partially offset by higher 403 409 DAC amortization and commissions NIM up 5% sequentially and 12% YoY Total Retirement net inflow
Slide 17: Asset Management (AB)
Asset Management (AB) Operating Earnings Highlights $m Operating earnings were roughly flat YoY as growth in AUM was offset by a lower average fee rate and higher expenses 154 152 Net inflows of $6.6bn includes a $12bn commercial mortgage loan mandate from Equitable that funded in July Private
Slide 18: Wealth Management
Wealth Management Operating Earnings, adjusted for Notable Items1 Highlights $m Operating earnings increase driven primarily by growth in advisory AUA and higher advisor productivity 75 55 Advisory net inflows of $2.7bn in 3Q’26, representing an 11% annualized organic growth rate Total AUA of
Slide 19: Reconciliation of Non-GAAP and Other financial disclosures
Appendix Reconciliation of Non-GAAP and Other financial disclosures EQH Non-GAAP Operating Earnings Three Months Ended September 30, (in millions) 2026 2025 Net income (loss) attributable to Holdings $ 1,121 $ (1,309) Adjustments related to: Variable annuity product features (1) (796) 978 Investment
Slide 20: Impact of Notable Items by segment and Corporate & Other
Appendix Impact of Notable Items1 by segment and Corporate & Other Q3 (2026) reported Alternatives vs. plan Assumption Updates Model Changes / True-Ups Expense Items Reinsurance True-Up Q3 (2026) adjusted Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Retirement 432 10.9 (30.0) (4.0)
Slide 21: Impact of Notable Items by segment and Corporate & Other
Appendix Impact of Notable Items1 by segment and Corporate & Other Three Months Ended Q3 (2026) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 432 152 75 (64) 595 Post-tax adjustments related to Notable Items: Net Investment Income 11 - - 9