Apollo Global Management (APO) Investor presentation summary

Business overview and market positioning

• Manages $1 trillion in assets with integrated asset management and retirement services, supported by a global workforce of ~6,200 employees and a strong capital base.

• Recognized as the largest alternative credit manager, with over 60% of credit AUM investment grade and a leading position in U.S. annuity sales.

• Maintains a long track record in private equity, with a gross IRR since inception of 39% and net IRR of 24%.

• Offers solutions across private markets, including direct lending, infrastructure, real estate, and private equity.

• Operates Athene as a separate credit group with its own capital structure and high financial strength ratings.

Financial performance and growth momentum

• Achieved record AUM of $1.0 trillion, $324 billion in originations, and $300 billion in inflows for the LTM ending 1Q'26.

• Fee related earnings reached $2.7 billion and spread related earnings $3.3 billion for the LTM 1Q'26.

• Maintained a low average annualized default rate of 0.1% from 2009 to 2026.

• Targets 20%+ growth in fee related earnings and 10% growth in spread related earnings for FY'26.

• Projects adjusted net income per share to more than double to ~$15.00 by 2029, with average annual growth rates of 20% for FRE and 10% for SRE.

Strategic growth pillars and capital allocation

• Growth strategy centers on origination, global wealth, and capital solutions, with targets of $275B+ annual origination and $150B+ cumulative organic capital raise by 2029.

• Capital solutions business expands addressable market by ~10x and aims for ~$1B in annual fee revenue by 2029.

• Significant capital generation expected, with $21B available for growth and shareholder returns from 2025E-2029E.

• Plans to grow fee related earnings to ~$5.0B and spread related earnings to ~$5.0B by 2029.

• Focuses on recurring origination supply, institutional-grade products for individuals, and strategic partnerships to drive growth.