Apollo Global Management (APO) investor relations material

Executive summary

• Achieved record fee-related earnings (FRE) of $728 million, up 30% year-over-year, and assets under management (AUM) surpassed $1.03 trillion, driven by strong inflows and margin expansion.

• Adjusted Net Income was $1.2 billion ($1.94 per share) for Q1 2026, despite a GAAP net loss of $1.9 billion due to a one-time $1.7 billion tax expense.

• Declared a higher common dividend, annualizing to $2.25 per share, and cash dividends of $0.5625 per common share and $0.8438 per mandatory convertible preferred share.

• Total capital formation reached $115 billion, including $65 billion from the Athora-PIC transaction.

• Continued focus on innovation and discipline across investment grade credit, retirement solutions, and new product development.

Financial highlights

• Management fees grew 24% year-over-year, with fee-generating AUM at $836 billion.

• Capital solutions fees exceeded $200 million for the fourth consecutive quarter, with 90 discrete transactions.

• Fee-related performance fees up 19% year-over-year; FRE margin expanded to 58%, up 50 bps year-over-year.

• GAAP net loss attributable to common stockholders was $1.9 billion ($-3.27 per share), primarily due to a $1.7 billion one-time tax expense related to Bermuda tax law changes.

• Record quarterly inflows of $115 billion and $300 billion over the last twelve months.

Outlook and guidance

• Reaffirmed 20%+ FRE growth and 10% SRE growth for 2026, assuming 11% alts return.

• Management expressed confidence in continued growth, emphasizing client trust and value creation at scale.

• Expect net spread stabilization in Athene as prepayment headwinds dissipate and profitable post-COVID business rolls off.

• Anticipate strong origination and inflows to continue, supporting future ACS revenues.

• Cautioned that future dividends are at the board's discretion and not guaranteed.