8-K: Apollo Global Management Reports Preliminary Q4 2025 Income

Apollo Global Management provides preliminary estimates for its fourth quarter 2025 alternative net investment income, projecting approximately $325 million pre-tax.

Summary

• Apollo Global Management, Inc. and its subsidiary Athene Holding Ltd. are reporting preliminary estimates for alternative net investment income for the fourth quarter ended December 31, 2025.
• Alternative net investment income is estimated to be approximately $325 million (pre-tax) for Q4 2025.
• This equates to an estimated 10% annualized return on alternative net investments.
• Athene's investment in a pooled investment vehicle is estimated to have an annualized return of 10% for Q4 2025.
• Athene's investments in other alternative investments, including retirement services platforms, are estimated to have an annualized return of 7% for Q4 2025.
• These figures exclude alternative investment income attributable to non-controlling interests.
• Alternative net investment income is a key component of Spread Related Earnings, which is used to assess the performance of the Retirement Services segment.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive due to the reported strong preliminary returns on alternative investments. However, this is tempered by the explicit cautionary language regarding the preliminary nature of the data and the potential for material adjustments, preventing a higher score.

Positives

• Estimated alternative net investment income of $325 million (pre-tax) for Q4 2025 indicates strong performance in this segment.
• An estimated 10% annualized return on alternative net investments is a robust return.
• Athene's pooled investment vehicle achieved an estimated 10% annualized return, demonstrating effective management of a significant portion of alternative investments.
• Other alternative investments, including retirement services platforms, also showed a positive estimated 7% annualized return.

Negatives

• The reported figures are preliminary estimates and have not completed financial closing procedures, meaning actual results may differ materially.
• The independent registered public accounting firm has not audited, reviewed, or performed any procedures on these preliminary results and does not express an opinion or assurance.
• Investors are cautioned against relying solely on this information and should not infer future performance from these preliminary results.

Risks

• Actual financial results for the period ended December 31, 2025, may differ materially from these preliminary estimates due to ongoing financial closing procedures.
• Material adjustments may be identified during the preparation of consolidated financial statements and related notes.
• The preliminary financial results are not a substitute for full financial statements prepared in accordance with U.S. GAAP.
• These preliminary results should not be interpreted as indicative of future performance.

Future Outlook

The preliminary financial results should not be interpreted as indicative of future performance, and investors are cautioned against drawing inferences regarding financial or operating data not provided.

Management Comments

• Management reports preliminary estimates for alternative net investment income for the fourth quarter ended December 31, 2025, prior to the full quarterly earnings release.
• Management states that the preliminary financial results are their responsibility, prepared in good faith, and consistent with prior periods, but are subject to material adjustments.

Industry Context

This announcement provides an early look into the performance of Apollo's significant alternative asset management and retirement services segments, which are key drivers in the broader financial services industry. The reported returns reflect the ongoing strength and strategic focus on alternative investments within the asset management sector, particularly for insurance and retirement platforms like Athene.

Stakeholder Impact

• Shareholders receive early insight into the company's Q4 2025 performance, particularly regarding alternative net investment income, which is a key metric for the Retirement Services segment.
• Investors are advised to exercise caution due to the preliminary nature of the results, which could impact investment decisions until full audited financials are released.

Next Steps

• The Company's full quarterly earnings release and quarterly financial supplement for the fourth quarter ended December 31, 2025, are scheduled for release on February 9, 2026.

Key Dates

Recommendation

A 'hold' recommendation is appropriate given the preliminary nature of these financial estimates. While the reported returns are positive, the company explicitly states that actual results may differ materially and that the figures are not audited. Investors should await the full, audited financial statements on February 9, 2026, before making definitive investment decisions, as the current information lacks the certainty required for a strong buy or sell signal.

Keywords

Apollo Global Management, Athene, alternative investments, net investment income, Q4 2025, financial estimates, asset management, retirement services, preliminary results