Apollo Global Management Investor Presentation Deck
...And Expect to Double FRE and Total Earnings Before Factoring
$5B of Growth Capital and Upside from Embedded Options
DURABLE AND GROWING EARNINGS STREAMS WITH ~90% OF PRE-TAX EARNINGS GENERATED FROM RECURRING FRE AND SRE
FEE RELATED
EARNINGS (FRE)
>2x
~$2.35
2022E
$4.50 - $4.75
2026E
+
SPREAD RELATED
EARNINGS (SRE)
-15x
~$3.35
2022E
~$5.00
2026E
=
FEE & SPREAD
RELATED
EARNINGS
~1.7x
~$5.70
2022E
> $9.50
2026E
+
PRINCIPAL
INVESTING
INCOME (PII)
~$0.40
~$1.00
Avg '15-20 Avg '22-26E
Note: Financial objectives and implied growth rates presented reflect targets previously communicated at Apollo's Investor Day in October 2021. Targets assume tax rate of 18%. No guarantee that targets will be achieved.
=
LESS TAXES
& HOLDCO
INTEREST &
FINANCING
COSTS
ADJUSTED NET
INCOME
~2x
~$5.50
2022E
> $9.00
2026E
5555
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