Equitable (EQH) investor relations material

Executive summary

• Non-GAAP operating earnings were $595M, or $2.13 per share; excluding notable items, earnings were $554M, or $1.98 per share, up 19% YoY.

• Net income was $1.121B, or $4.05 per share, versus a $1.309B loss in Q3 2025; prior-year reinsurance and market-sensitive items drove much of the reported comparison.

• Organic growth across Retirement, Wealth Management and Asset Management included net inflows of $1.1B, $2.7B and $6.6B, respectively.

• The Corebridge Financial merger remained targeted for a year-end 2026 close, subject to regulatory approvals.

Financial highlights

• 9M Non-GAAP operating earnings were $1.555B versus $1.228B; operating EPS was $5.43 versus $3.90, with 9M adjusted EPS growth of 22%.

• Q3 total revenue was $3.881B versus $1.450B; comparisons included large year-over-year swings in derivative and investment results.

• The annual assumption review increased net income by $111M and Non-GAAP operating earnings by $28M; model changes reduced net income by $21M.

• AUM and administration assets rose 4% YoY to $1.2T.

Outlook and guidance

• 9M adjusted operating EPS growth of 22% supported 2026 guidance for growth above 15%.

• The 2026 shareholder payout target remained 60–70%; 2026 cash generation target was $1.8B.

• The proposed merger was targeted to close by year-end 2026, subject to regulatory and other customary conditions.

• 2026 performance-fee guidance increased to $135M–$150M from $115M–$135M.

• Merger targets include $5B+ adjusted operating earnings run rate, $4B+ pro forma 2027 cash generation, 10%+ EPS and cash-generation accretion, and 15%+ adjusted 2027 ROE.