AllianceBernstein (AB) investor relations material

Executive summary

• Ending AUM was $900.4bn; net inflows were $6.6bn, offset by $11.7bn of market depreciation.

• Adjusted net revenues rose 2.2% YoY to $904mn; adjusted operating income was $302.7mn and adjusted earnings per Unit were $0.88.

• Private-markets AUM reached $105.5bn, exceeding the 2027 target ahead of schedule.

Financial highlights

• GAAP net revenues were $1,226mn, up 7.8% YoY; GAAP operating income fell 12.0% to $249.5mn.

• Adjusted net revenues were $904mn, up 2.2% YoY; adjusted operating income was $302.7mn, essentially flat.

• Adjusted base fees rose 3% YoY to $845mn; performance fees were $26mn versus $20mn a year earlier.

• GAAP operating expenses rose 14.3% to $976.0mn, led by higher compensation and G&A expense.

• Adjusted earnings per Unit were $0.88 versus $0.86; GAAP net income per Unit was $0.79, unchanged YoY.

Outlook and guidance

• FY2026 performance-fee guidance increased to $135–150mn from $115–135mn; private-market guidance was $60–65mn and public-market guidance $75–85mn.

• FY2026 non-compensation expense guidance narrowed to $620–635mn from $620–640mn; the compensation ratio remained 48.5%.

• FY2026 ABLP tax-rate guidance remained 5%–6%.

• Institutional pipeline AUM was $13.1bn; mandates are not binding until funded and may not fund at expected amounts or timing.