Apollo (APO) Q2 2026 Earnings Call Transcript

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DATE

Tuesday, Aug. 4, 2026 astatine 8:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer - Marc Rowan

• President - James Zelter

• Chief Financial Officer - Martin Kelly

• Global Head of Investor Relations - Noah Gunn

Full Conference Call Transcript

Operator: Good morning, and invited to Apollo Global Management's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This league telephone is being recorded. This telephone whitethorn see forward-looking statements and projections, which bash not warrant aboriginal events oregon performance. Please notation to Apollo's astir caller SEC filings for hazard factors related to these statements. Apollo volition beryllium discussing definite non-GAAP measures connected this call, which absorption believes are applicable successful assessing the fiscal show of the business. These non-GAAP measures are reconciled to GAAP figures successful Apollo's net presentation, which is disposable connected the company's website.

Also enactment that thing connected this telephone constitutes an connection to merchantability oregon a solicitation of an connection to acquisition an involvement successful immoderate Apollo fund. I volition present crook the telephone implicit to Noah Gunn, Global Head of Investor Relations.

Noah Gunn: Great. Thanks, operator, and invited again, everyone, to our call. As usual, joining maine to sermon our results are Marc Rowan, CEO; Jim Zelter, President; and Martin Kelly, CFO. Earlier this morning, we published our net merchandise and fiscal supplement connected the Investor Relations information of our website. As you tin see, our 2nd 4th results show the momentum we are seeing crossed our business. We generated grounds fee-related net of $785 cardinal oregon $1.26 per stock and grounds spread-related net of $877 cardinal oregon $1.41 per share. Combined, these halfway net streams drove full net oregon adjusted nett income of $1.3 cardinal oregon $2.11 per share.

Across cardinal concern drivers, including concern performance, origination and superior formation, these results item the tangible execution we're delivering against our concern program and the targets we've set. I'll present crook it implicit to Marc.

Marc Rowan: Thanks, Noah, and bully morning. Second 4th was truly each astir momentum. FRE, arsenic Noah suggested, $785 million, 25% year-over-year, 8% quarter-over-quarter. Management fees 23% year-over-year, 5% quarter-over-quarter. ACS, $277 million, the 5th consecutive 4th greater than $200 million. And arsenic you volition perceive from Jim and Martin, progressively durable and straight tied to our level of originations. SRE, $877 million. On an adjusted basis, 11% -- astatine 11%, it added astir $76 million, besides a record. The results were 5% up quarter-on-quarter, 11% year-over-year connected the aforesaid basis. Strong integrated growth, successful enactment and somewhat improved halfway spreads. In short, we're seeing momentum crossed the business. As you know, we judge that astir everything starts with origination.