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AllianceBernstein (AB) investor relations material

AllianceBernstein Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Assets under management (AUM) reached a record $829.1 billion, up 8% year-over-year and 6% sequentially, despite net outflows of $6.7 billion in the quarter.

  • Private wealth represents 17% of AUM and 35% of base management fees; pipeline AUM reached nearly $22B, reflecting strong mandate additions.

  • Net flows were negative at -$6.7bn, driven by active equity and taxable fixed income outflows, partially offset by inflows in alternatives and tax-exempt strategies.

  • Adjusted net income per unit rose 7% year-over-year to $0.76, with a matching cash distribution per unit.

  • EQH increased its economic interest in the partnership to 68.6% following a significant unit exchange and tender offer completed in July 2025.

Financial highlights

  • Net revenues for Q2 2025 were $1.09 billion, up 5.9% year-over-year; adjusted net revenues rose 2% to $844 million.

  • Adjusted operating margin reached 32.3%, up 150bps year-over-year.

  • GAAP net income attributable to unitholders was $210.5 million, down 32% year-over-year; adjusted net income per unit was $0.76, up 7% year-over-year.

  • Distribution per unit was $0.76, up 7% year-over-year.

  • Consolidated debt/LTM EBITDA improved to 0.4x from 0.5x a year ago.

Outlook and guidance

  • FY25 adjusted operating margin expected at 33% if average AUM remains flat with 4Q24 levels.

  • Projected 2025 performance fees raised to $110–$130M, up from prior guidance.

  • Targeting $90–$100bn in private markets AUM by 2027, aiming for 20%+ of asset management revenues.

  • Institutional pipeline of awarded but unfunded mandates expanded to $21.9 billion, indicating potential future inflows.

  • Management anticipates continued cautious investor sentiment amid ongoing macroeconomic uncertainty.

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Frequently asked questions

AllianceBernstein Holding L.P. is a publicly owned investment manager. It manages assets for institutional investors worldwide, including corporations and public funds. In addition to traditional asset management services, AllianceBernstein offers business consulting services for its clients on investment strategies, trading technology and risk management. The company is based in New York, New York.

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