Financial Performance - GAAP Net Income attributable to Apollo Global Management, Inc. Common Stockholders was $1.7 billion for Q3 2025, or $2.82 per share[4] - Adjusted Net Income (ANI) totaled $1.4 billion, or $2.17 per share, for the third quarter[4] - Total revenues for Q3 2025 were $9.823 billion, compared to $6.814 billion in Q3 2024, reflecting significant growth[5] - GAAP net income attributable to Apollo Global Management, Inc. common stockholders increased from $787 million in 3Q'24 to $1,462 million in 4Q'24, representing an increase of 86%[58] - Adjusted net income for 4Q'24 was $1,357 million, up from $1,132 million in 3Q'24, reflecting a growth of 20%[58] - The company reported a GAAP income before income tax provision of $2,086 million in 3Q'24, which decreased to $1,724 million in 4Q'24, a decline of 17%[58] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $908 billion, with inflows of $82 billion in Q3 and $219 billion over the last twelve months, representing a 24% year-over-year increase[9] - Total Assets Under Management (AUM) rose by $175 billion or 24% year-over-year, primarily due to $136 billion of inflows from Asset Management and $84 billion from Retirement Services[19] - Nearly 60% of total AUM and over 70% of total Fee-Generating AUM is comprised of perpetual capital, which is highly scalable[19] Earnings and Revenue Growth - Fee Related Earnings (FRE) were a record $652 million, driven by strong growth in third-party management fees and capital solution fees[9] - Spread Related Earnings (SRE) were near-record at $871 million, supported by strong organic growth[9] - Management fees increased to $606 million in Q3 2025, up from $583 million in Q3 2024[5] - Management fees increased by 22% year-over-year, driven by strong contributions from third-party asset management inflows and record gross capital deployment[15] - Fee-related performance fees grew by 28% year-over-year, reflecting sustained growth across various perpetual capital vehicles[15] - Fee-related earnings (FRE) increased by 23% year-over-year, net of continued investments in hiring and infrastructure[15] Share Repurchases and Dividends - The company repurchased $356 million of common stock in Q3 and over $1.2 billion in the last twelve months[9] - The company distributed more than $1 billion in common stock dividends over the last twelve months[9] - The company achieved gross organic inflows of $356 million for share repurchases in Q3, returning a total of $1.5 billion to stockholders over the last twelve months[47] - The average cost of shares repurchased was $138.69, with capital utilized for share repurchases totaling $356.5 million[52] - The share repurchase plan authorization remaining is $0.68 billion[52] Investment Performance - Alternative net investment income increased by 36% year-over-year, contributing to overall growth in the Retirement Services segment[23] - The Principal Investing Income for Q3 2025 was $78 million, reflecting a 35.9% decrease compared to Q3 2024[37] - Performance Fee-Eligible AUM increased by 39% year-over-year to $307 billion, driven by strong growth in performance fee-eligible Credit strategies[41] - The company reported gross inflows of $82 billion during the third quarter, including near-record quarterly organic inflows of $49 billion[22] Retirement Services - Retirement Services segment fixed income and other net investment income reached $3,423 million in 3Q'24, a 22% increase compared to the previous year[23] - The net investment spread for Retirement Services was 1.44% in 3Q'24, reflecting a decrease of 20 basis points compared to the previous quarter[25] - Athene's fixed income portfolio is composed of 97% investment grade assets, with a trailing five-year average annual credit loss of 11 basis points compared to 13 basis points for the industry[31] - In Q3 2025, Athene reported record quarterly FIA and RILA volumes, alongside strong MYGA sales, reflecting continued demand for retirement savings products[32] - The Retirement Services segment saw strong quarterly inflows driven by diversified activity across sub-channels, with record FABN issuances across four different currencies[32] Financial Position and Liabilities - Total assets decreased from $449,543 million in 30.25 to $377,895 million in 4Q'24, a decline of approximately 16%[56] - Total liabilities decreased from $409,746 million in 30.25 to $346,915 million in 4Q'24, a decline of about 15%[57] - Total equity decreased from $39,797 million in 30.25 to $30,964 million in 4Q'24, a decrease of approximately 22%[57] - The company’s interest-sensitive contract liabilities in Retirement Services decreased from $309,737 million in 30.25 to $253,637 million in 4Q'24, a decline of about 18%[57] Strategic Initiatives and Future Outlook - Apollo's investment performance is bolstered by a net investment spread of C%, which measures the cost of funds against investment returns[72] - The firm anticipates continued growth in liquidity and capital management, with expectations of raising new funds in the upcoming fiscal year[73] - Apollo is focusing on expanding its market presence through strategic acquisitions and new product offerings in the alternative investment space[73] - Apollo is actively managing risks associated with inflation and interest rate fluctuations, which are critical to maintaining financial stability[73] - The company is committed to enhancing its operational efficiency, with a focus on reducing other operating expenses by F% in the next fiscal period[72]

Core Insights - Apollo Global Management reported strong third quarter results for the period ending September 30, 2025, highlighting broad-based momentum across its business [2] - The company declared a cash dividend of $0.51 per share for its Common Stock and $0.8438 per share for its Mandatory Convertible Preferred Stock [3][4] Financial Performance - Apollo's assets under management reached approximately $908 billion as of September 30, 2025, indicating significant growth in its asset management business [8] - The company emphasized its ability to deliver excess returns for clients through innovative capital solutions and strategic growth plans [2][8] Dividends - The cash dividend for Common Stock will be paid on November 28, 2025, to shareholders of record as of November 17, 2025 [3] - The cash dividend for Mandatory Convertible Preferred Stock will be paid on January 31, 2026, to shareholders of record as of January 15, 2026 [4] Strategic Outlook - Apollo's CEO noted the company's unique positioning to capitalize on structural trends such as re-industrialization and aging populations, which are driving investor interest in private markets [2] - The company is focused on executing its strategic growth plan, with early progress reported by its global team [2]

Core Viewpoint - Ørsted has agreed to sell a 50% equity stake in its Hornsea 3 offshore wind farm to Apollo Global Management for approximately DKr39bn ($6.5bn), which aligns with Ørsted's capital management strategy and supports its partnership and divestment program [1][2][3]. Group 1: Transaction Details - The deal involves an initial payment of DKr20bn, which includes DKr10bn for the share purchase and DKr10bn for construction costs, with the transaction expected to close before the end of 2025, pending regulatory approvals [2][5]. - Apollo will fund the remaining construction costs as the project reaches specific milestones [1][2]. Group 2: Project Significance - Hornsea 3 will produce enough electricity to power over three million UK homes and will increase the total installed capacity of the Hornsea zone to more than 5GW once operational [3][4]. - Ørsted will continue to manage the construction of Hornsea 3 and provide long-term operations and maintenance services [4]. Group 3: Financing and Partnerships - Senior financing for the transaction will be led by Apollo-managed entities, with support from banks including BNP Paribas, ING Bank, Lloyds, and RBC Capital Markets [5]. - Co-investors La Caisse and PSP Investments are also involved in the transaction through equity and debt financing [5].

Core Insights - Apollo has agreed to invest $6.5 billion for a 50% stake in Ørsted's Hornsea 3, the world's largest offshore wind project, which includes funding for half of the remaining construction costs [1][2][3] Investment Details - The Hornsea 3 project will have a capacity of 2.9GW, enough to power over 3 million UK households with renewable energy [2][3] - The investment structure includes an initial $3.25 billion upon closing, with the remaining $3.25 billion to be funded as the project meets construction milestones [3][4] Partnership Dynamics - Ørsted will manage the construction and provide long-term operations and maintenance services for Hornsea 3 [2][3] - Apollo's expertise in infrastructure and capital solutions is a key factor in Ørsted's decision to partner with them [4] Previous Investments - Apollo has a history of significant investments in European energy infrastructure, including a €3.2 billion investment in the German energy grid and a £4.5 billion commitment to EDF's Hinkley Point C nuclear power plant [5] Financing Structure - The senior financing for the Hornsea 3 project is led by Apollo-managed entities, with underwriting support from major banks including BNP Paribas and ING Bank [4]

Core Viewpoint - Apollo has announced a $6.5 billion investment for a 50% stake in Ørsted's Hornsea 3, the world's largest offshore wind project, which will significantly contribute to renewable energy generation in the UK [1][2][3] Investment Details - The $6.5 billion investment includes both the acquisition price for the 50% interest in the joint venture and a commitment to fund 50% of the remaining construction costs [1] - Upon completion, Hornsea 3 will have a capacity of 2.9GW, enough to power over 3 million UK households [2] - The investment is expected to close before the end of 2025, with approximately $3.25 billion to be invested upon closing and the remaining amount to be funded as the project progresses [3][4] Strategic Importance - Ørsted views Apollo as a valuable partner due to its ability to provide long-term, comprehensive equity and financing solutions for large-scale infrastructure projects [4] - The partnership is expected to enhance energy security and support the UK's net zero ambitions [3] Recent Activities - This investment follows a series of large-scale capital solutions provided by Apollo for European energy infrastructure, including a €3.2 billion investment in the German energy grid and a £4.5 billion financing commitment for EDF's Hinkley Point C nuclear power plant [5]

NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have completed the previously announced acquisition of a majority interest in Stream Data Centers (“SDC” or the “Company”), a leading developer and operator of hyperscale data center campuses across the United States. As part of the transaction, Principal Asset Management® (“Principal”) is acquiring a minority interest in SDC through a Principal-managed fund. SDC’s management team wi ...

Core Insights - Apollo Global Management is divesting its Hispanic grocery chain Heritage Grocers Group for approximately $1.5 billion, amid concerns that immigration raids may impact consumer demand in Latino communities across the US [1][2]. Financial Performance - Heritage Grocers Group reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $150 million and generated over $2 billion in revenue [3]. Market Context - The divestment is taking place as the grocery chain faces pressure from weak consumer spending, leading to a downgrade in its credit rating by rating agencies [3]. Apollo has engaged investment bank UBS to maximize the value from the sale [2].

Core Insights - At least 10 multinational companies are expected to list their Indian units in Mumbai over the next year, driven by the desire for higher valuations amid India's rapid growth [1] - Initial public offerings (IPOs) in India have raised approximately $16 billion this year, with a significant portion coming from local units of global firms [2] Group 1: Market Dynamics - Companies are attracted to IPOs due to lofty valuations, as equities in India trade at a premium compared to most markets [1] - Listing locally is seen as a long-term commitment that enhances partnerships and boosts visibility, while also delivering superior valuations [2] Group 2: Investor Behavior - Greater domestic capital flows from retail investors have transformed the IPO landscape, allowing for both mid-sized offerings and multibillion-dollar transactions with confidence [4] - Local institutions, including asset managers and family offices, are increasingly acting as anchor buyers, setting pricing benchmarks, while foreign institutional investors are becoming price takers [4] Group 3: Upcoming Listings - Upcoming IPOs include ICICI Prudential Asset Management Co, which has initiated investor roadshows, and Apollo Global Management Inc is considering listing Tenneco Inc's India business [5] Group 4: Challenges and Considerations - Companies must guard against under-preparation, weak disclosure, and unrealistic valuation expectations, as many IPOs fail due to issuers chasing inflated numbers without ensuring business maturity [6]

Core Viewpoint - Apollo Global Management (NYSE: APO) is currently viewed as "oversold" amidst deteriorating sentiment in the financial sector, with analysts suggesting potential investment opportunities in the stock [2][3][4]. Group 1: Market Sentiment and Performance - Recent concerns about debt and credit quality have negatively impacted sentiment around financial stocks, with financials down 2% in October, making them the worst-performing sector [2][3]. - The alternative asset manager stocks, including Apollo Global, experienced a reversal in sentiment due to economic uncertainty and volatility, leading to a decline in their stock performance [4]. Group 2: Investment Perspective - Analysts believe that the private equity space, including Apollo Global, has been oversold, indicating potential for recovery and investment opportunities [3][4]. - The Baron FinTech Fund continues to hold Apollo Global shares due to its differentiated focus on credit and strong management team, despite the recent downturn [4].

Core Insights - Apollo Global Management, Inc. (APO) is a private equity firm with a market cap of $70.6 billion, focusing on investments in credit, private equity, infrastructure, secondaries, and real estate markets to generate retirement and investment incomes [1] Performance Analysis - APO shares have underperformed the broader market, declining 15.4% over the past year, while the S&P 500 Index has increased by nearly 17.4% [2] - In 2025, APO stock is down 25.3%, contrasting with the S&P 500's 16% gains year-to-date [2] - Compared to the Financial Select Sector SPDR Fund (XLF), which gained about 10.8% over the past year, APO's underperformance appears less severe [3] Financial Results - Rising expenses have negatively impacted APO's performance [4] - For Q2, APO reported an adjusted EPS of $1.92, exceeding the consensus estimate of $1.85, with total revenues of $6.8 billion, marking a 13.2% year-over-year increase [4] Earnings Expectations - Analysts project a 9% growth in APO's EPS for the current fiscal year, expecting it to reach $7.18 on a diluted basis [5] - The earnings surprise history for APO is mixed, with two beats and two misses in the last four quarters [5] Analyst Ratings - Among 22 analysts covering APO, the consensus rating is a "Strong Buy," consisting of 15 "Strong Buy" ratings, one "Moderate Buy," and six "Holds" [5] - Morgan Stanley has maintained an "Equal Weight" rating on APO, lowering the price target to $151, indicating a potential upside of 22.3% from current levels [6] - The mean price target of $157.79 suggests a 27.8% premium to current prices, while the highest target of $185 indicates a potential upside of 49.9% [6]