Slides
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October 27, 2026 Seth P. Bernstein,Chief Executive Officer Tom Simeone, Chief Financial Officer Third Quarter 2026 Review
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3Q26 Earnings Review 2 Cautions Regarding Forward-Looking Statements Certain statements provided by management in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately-managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions, and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. We caution readers to carefully consider such factors. Further, these forward-looking statements speak only as of the date on which such statements are made; we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could causeactual results to differ, see “Risk Factors” and “Cautions Regarding Forward-Looking Statements” in AB’s Form 10-K for the year ended December 31, 2025 and subsequent forms 10-Q. Any or all of the forward-looking statements made in this presentation, Form 10-K, Forms 10-Q, other documents we file with or furnish to the SEC, and any other public statements we issue, may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and “Cautions Regarding Forward-Looking Statements,” and those listed below, could also adversely affect our revenues, financial condition, results of operations and business prospects. The Forward-Looking Statements Referred to in the Preceding Paragraph Include Statements Regarding: • The pipeline of new institutional mandates not yet funded: Before they are funded, institutional mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be funded in the amounts and at the times currently anticipated, or that mandates ultimately will not be funded. • The realization of Public and Private Market performance fees: Our ability to realize future performance fees is subject to several general economic, political, and market factors; which could deviate from our current expectations.
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3Q26 Earnings Review 3 ~$7bn Firmwide Net Inflows in 3Q, Growing Organically at 3% Annualized Rate, Highest Since 1Q22 • Durable alts allocations: 7th quarterly Alts/MAS inflow headlined by institutions and positive across all channels, even ex-CML • Healthy cross-asset demand: net inflows in passive equities, tax-exempt and taxable FI offset by active equities and passive FI Key Business Highlights Third Quarter 2026 Clear Pathway to $1 Trillion AUM Supported by Long-Duration Asset & Wealth Solutions • $226bn insurance AUM, incl. $139bn GA assets | $58bn third-party insurance AUM across more than 100 clients • $165bn Bernstein Private Wealth AUM, >1/3 of firm adj. revenues | $117bn DC platform innovates across privates, lifetime income 1 3 2 Scaling Investment & Distribution Coverage Through Partnerships, Innovation & Agility • ETF globalization: 34 products with $21bn AUM across US, EMEA & APAC; 68% LTM AOG; ~$100mn annual run-rate fees • Retail customization: $68bn SMAs, 17% LTM AOG | Private Markets: $105bn AUM +33% y/y, exceeding ’27 target
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3Q26 Earnings Review 4 Key Financial Highlights Third Quarter 2026 3Q26 3Q25 2Q26 AUM and Flows (USD Billions, Except Fee Rate) End of Period AUM $900.4 $860.1 $905.5 Average AUM $908.3 $840.8 $881.2 Equitable ("EQH") AUM $167.6 $135.7 $157.5 Private Markets AUM* $105.5* $79.5 $91.1 Gross Sales $47.1 $42.4 $44.8 Net Flows $6.6 ($2.3) $0.8 Active Net Flows $4.1 ($3.4) ($8.6) Annualized Effective Base Fee Rate 37.1bps 38.9bps 37.7bps GAAP Financials (USD Millions, Except EPU) Net Revenues $1,226 $1,137 $1,171 Operating Expenses $976 $854 $882 Operating Income $250 $283 $289 Operating Margin 21.9% 24.3% 23.2% ABH GAAP EPU $0.79 $0.79 $0.77 Adjusted Financials (USD Millions, Except EPU) Net Revenues $904 $885 $888 Operating Income $303 $303 $293 Compensation Ratio 48.5% 48.5% 48.5% Operating Margin 33.5% 34.2% 33.0% ABH Adjusted EPU $0.88 $0.86 $0.82 Capital Returns and Debt Metrics ABH Distributions Per Unit $0.88 $0.86 $0.82 ABH Distribution Ratio 100% 100% 100% Consolidated Debt/LTM EBITDA 0.4x 0.3x 0.4x ABH Weighted Avg. Units 92.7mln 92.8mln 93.3mln As of 9/30/2026. Source: AB. *Includes Fee-Paying AUM of $91.6 billion and $13.9 billion in fee-eligible AUM (“dry powder”). Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes committed capital that is currently uncalled or recallable.
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3Q26 Earnings Review 5 Percentage of active fixed income and equity assets in institutional strategies that outperformed their benchmark gross of fees and percentage of active fixed income and equity assets in retail Advisor and I share class funds ranked in the top half of their Morningstar category. Where no Advisor class exists, A share class used. Performance for private client strategies included as available. Reflects ITM funds compared to Morningstar peer groups. As of September 30, 2026. Source: AB Percentage of Assets Outperforming at Quarter-End Fixed Income Equities One-Year Three-Year Five-Year 30 86 56 68 49 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 86 86 80 81 72 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 70 67 64 61 60 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 One-Year 22 21 23 23 26 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 41 37 24 28 27 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 53 51 44 31 33 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 Three-Year Five-Year
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3Q26 Earnings Review 6 Retail Highlights Retail Activity Softens Against Volatile Market Backdrop USD Billions Management Fees Reflecting Mix Shift in Channel Avg. AUM USD Millions • 3Q26 adj. base management fees were down 3% y/y as higher avg. AUM was offset by a lower fee rate on mix shift; up 1% q/q • Channel avg. AUM up 3% y/y in 3Q26, and up 1% sequentially • Annualized channel base fee rate of 41.2bps in 3Q26, down 6% y/y and down 2% vs. prior-quarter $22.6 $22.5 $23.1 $31.0 $20.0 ($24.3) ($26.0) ($28.9) ($30.1) ($28.4) ($1.7) ($3.5) ($5.8) $0.9 ($8.4) 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 Gross Sales Gross Redemptions Net Flows $384 $385 $369 $371 $374 $0 $1 $1 $10 $0 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 Base Fees Performance Fees • Sales declined y/y and q/q as retail investors across regions remained selective against volatile markets • Tax-exempt net inflows (+$2.0bn), with continued market share gains despite tough muni backdrop; Alts/MAS +$0.6bn net inflows • Attrition in active equities (-$6.1bn) and taxable FI (-$3.5bn) stayed elevated, with MF outflows offsetting ETF, SMA and thematic inflows As of 9/30/2026. Source: AB.
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3Q26 Earnings Review 7 Institutional Highlights Record Channel Net Inflows Led by CML Mandate USD Billions • Record channel net inflows, led by ~$12bn CML; constructive demand across asset classes ex-CML • Organic gains in taxable FI (+$3.8bn) and passive equity (+$3.2bn) more than offset active equity outflows (-$4.6bn) • Alts/MAS attracted +$13.3bn net inflows, marking 7th consecutive positive quarter with allocations from affiliated and third-party clients Institutional Backlog Excludes $100bn Corebridge Assets • 3Q26 annualized channel base fee rate was 16.7bps, down 5% y/y and up 1% q/q • CML fees began in 4Q at a high-single-digit rate on existing assets, with further fee growth from new originations • Pipeline of $13bn reflects accelerated fundings and >$4bn additions in 3Q across EM debt, Mortgage Income, Private Credit $14.0 $4.5 $5.6 $8.3 $21.5 ($15.8) ($6.4) ($7.5) ($7.7) ($5.8) ($1.8) ($1.9) ($1.9) $0.6 $15.7 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 Gross Sales Gross Redemptions Net Flows As of 9/30/2026. Source: AB. $2.2 (ex-RGA) $11.8 $19.7 $27.5 $25.8 $13.1 31bps 25bps 19bps 19bps 27bps 0 20 40 60 80 $0 $5 $10 $15 $20 $25 $30 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 Pipeline AUM (EoP) Fee Rate (Bps)$ Billions
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3Q26 Earnings Review 8 Private Wealth Highlights Resilient Net New Asset Growth Despite Market Turbulence USD Billions • NNA grew 4% LTM through 3Q, as reinvested dividends and interest offset redemptions concentrated in active equities • Record annual run-rate FA productivity coupled with ~1% headcount growth reflect Bernstein’s differentiated value proposition for advisors • Alts/MAS +$1.1bn and passive equity +$0.3bn offset active equity & FI outflows (-1.8bn & -$0.3bn); ~$0.6bn private markets fundraising in 3Q Diversified Revenue Streams, Uncaptured in Base Fee Rate USD Millions • Adjusted net base fees rose +9% y/y and +2% q/q; performance fees up $4mn y/y and 14mn q/q • Annualized channel base fee rate of 74.9bps, down 3% y/y and 1% q/q • Over 1/3 of adj. firmwide net revenues were sourced via Bernstein Private Wealth which represents ~18% of firmwide 3Q26 avg. AUM $5.8 $6.7 $6.9 $5.5 $5.6 ($4.6) ($6.0) ($6.3) ($6.2) ($6.3) $1.2 $0.7 $0.6 ($0.7) ($0.7) $2.6 $2.6 $1.9 $0.9 $0.6 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 Gross Sales Gross Redemptions Net Flows NNA $287 $297 $301 $307 $312 $18 $42 $7 $8 $22$17 $15 $14 $14 $14 3Q:25 4Q:25 1Q:26 2Q:26 3Q:26 Base Fees Performance Fees Net Interest Margin As of 9/30/2026. Source: AB. Note: Net interest margin is defined as: dividends, interest and other minus the interest expense on client cash
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3Q26 Earnings Review 9 Private Placements • Investment-grade private credit • Corporate, infrastructure, and Structured • Secured and unsecured Corporate Direct Lending • Middle market corporate direct lending • Net Asset Value (NAV) lending • Private equity solutions Commercial Real Estate Direct Lending • US and Europe • Directly originated real estate loans across property types and business plans • Primary business plans: o Core/Core+ o Light-Transitional o Transitional/Value Add o Opportunistic Private Markets Surpassing Strategic Target Ahead of Schedule $26.9 $26.6 $24.1 $20.2 AB-PCI AB CarVal AB CRED AB Private Placements There can be no assurance that any alternative investment objectives will be achieved. Investments in alternative strategies can be speculative and involve a high degree of risk and volatility. Performance compensation may create an incentive to make riskier investments. Alternative investments may involve higher fees and limit transferability and liquidity. AB and its affiliates have relationships and may engage in activities that may pose conflicts of interest. As of September 30, 2026. 1) AUM includes leverage where applicable and is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes committed capital that is currently uncalled or recallable. The figure is preliminary. 2) Total AUM includes $3.4 billion in High-Yield CLOs, $2.8 billion in US Real Estate Equity, $1.4 billion Secondaries and $0.2 billion in Energy Opportunities which are not shown in the pie chart. All dollar figures refer to US Dollars. Total may not sum due to rounding. When AB reports its AUM publicly it excludes levered capital and does not include uncalled capital commitments. Source: AB; see A Word About Risk and Important Information and Disclosures at the end this presentation. Total AUM (USD) $105 Billion1,2 Core Private Markets Capabilities Alternative Credit • Asset-based finance • Aviation leasing • Energy transition
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3Q26 Earnings Review 10 Supporting the Retirement Dollar Across its Lifecycle Accumulation Decumulation Differentiated Flywheel Connecting retirement, insurance, public and private markets Public & Private Asset Management Expertise1 2 Customization & Wealth Management Solutions 3 Retirement Solutions and Allocation Expertise Defined Outcome, Annuities, in-plan Income1 2 Life & Retirement 3 Long-Duration Capital
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3Q26 Earnings Review 11 *Net of both sub-advisory and fees paid to distributors from investment management fees. †Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal. Select Adjusted Financials and Ratios Revenues 3Q26 3Q25 Percent ∆ 2Q26 Percent ∆ Base Fees* $845 $821 3% $829 2% Performance Fees: Private Markets† 21 19 10% 8 n.m. Public Markets 5 1 n.m. 16 (72)% Investment Gains/(Losses) 2 8 (78)% 2 (24)% Dividend & Interest Revenue 26 32 (16)% 27 —% Other Revenues 18 19 (4)% 19 (5)% Total Revenues 917 900 2% $901 2% Less: Broker-Dealer Related Interest Expense 13 15 (12)% 13 —% Adjusted Net Revenues $904 $885 2% $888 2% Expenses 3Q26 3Q25 Percent ∆ 2Q26 Percent ∆ Compensation and Fringes $439 $429 2% $431 2% Other Employment Costs 10 10 9% 10 1% Total Compensation and Benefits 449 439 2% 441 2% Promotion and Servicing 32 30 5% 33 (4)% General and Administrative 120 113 7% 121 —% Total Adjusted Operating Expenses $601 $582 3% $595 1% Adjusted Operating Income $303 $303 —% $293 3% Adjusted Operating Margin 33.5% 34.2% (70bps) 33.0% 50bps AB Holding Adjusted Diluted Net Income Per Unit $0.88 $0.86 2% $0.82 7% Compensation Ratio 48.5% 48.5% — 48.5% — Fee Rate 37.1bps 38.9bps (5)% 37.7bps (2)%
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3Q26 Earnings Review 12 $115-135mn $55-65mn $60-70mn $620-640mn 48.5% 5%-6% Guidance Update Prior Quarter Current FY26 Total Performance Fees Private Market Performance Fees Public Market Performance Fees FY26 Non-Compensation Expenses FY26 Comp/Net Revenues Accrual FY26 ABLP Tax Rate $135-150mn $60-65mn $75-85mn $620-635mn 48.5% 5%-6%
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3Q26 Earnings Review 1313 Appendix
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3Q26 Earnings Review 14 Retail Service Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Equity Large Cap Growth (5.6) 79 (4.2) 81 (0.9) 64 0.1 47 Disruptors ETF 23.8 3 18.8 1 N/A -- N/A -- Small Cap Growth (1.0) 61 (0.3) 53 (3.1) 77 1.4 24 Equity Income 1.9 40 3.9 11 3.1 7 1.4 16 Select US Equity 0.9 54 2.4 30 1.9 21 1.3 24 International Tech 12.1 26 10.1 20 4.7 30 4.3 25 Low Vol (7.1) 88 (2.9) 78 0.8 44 0.3 47 Eurozone Equity (4.0) 82 (3.6) 83 (2.1) 79 (0.7) 67 Relative Value 2.8 33 (1.3) 68 (0.2) 55 0.5 40 Multi-Asset/Alternative Emerging Markets Multi-Asset (3.4) 66 1.2 46 0.7 48 (0.9) 74 All Market Income (1.0) 65 1.6 28 0.9 30 (0.5) 57 Select US Long/Short (2.9) 56 0.6 43 (0.6) 50 0.8 37 1 Year 3 Year 5 Year 10 Year Past performance does not guarantee future results. Relative Performance is calculated against the Fund’s Morningstar Category and Percentile Ranking is determined by Morningstar Ranking Methodology. Advisor and I share class; A share class used when Advisor and I class not available. Morningstar Categories: Large Cap Growth - Large Growth; Disruptors ETF - Large Stock Growth; Small Cap Growth – Small Growth; Equity Income - US Large-Cap Value; Select US - Large-Cap Blend; International Tech - Sector Equity Technology; Low Vol - Global Large-Cap Blend; Eurozone Equity - Eurozone Large-Cap Equity; Relative Value - Large Value; Emerging Markets Multi-Asset - Global Emerging Markets; All Market Real Return – Tactical Allocation; Select US Long/Short - Long-Short Equity. As of September 30, 2026 Source: AB and Morningstar Retail Mutual Funds & Active ETFs Relative Performance vs. Morningstar ■ Top Quartile ■ 2nd Quartile
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3Q26 Earnings Review 15 Service Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Relative (%) Percentile Fixed Income American Income (2.2) 81 0.0 51 (0.7) 62 (0.2) 58 European Income (1.1) 76 0.6 31 (0.4) 64 0.4 32 Asia Income 1.0 30 1.1 19 (0.0) 53 N/A 31 Global High Yield (0.6) 73 0.2 43 (0.4) 59 (0.2) 56 Short Duration High Yield 0.8 22 (0.6) 77 0.2 36 0.2 42 Emerging Markets Debt 1.2 32 1.8 19 0.5 41 0.5 34 High Income Advisor 0.4 31 1.1 11 0.4 28 (0.0) 50 Global Bond Advisor (0.7) 65 (0.3) 57 (0.5) 60 (0.3) 60 Income Advisor (0.8) 89 0.0 49 (0.5) 77 0.1 41 Intermediate Diversified Muni (1.3) 8 0.1 35 (0.6) 7 0.2 26 High Income Muni (0.9) 83 0.7 19 (0.3) 69 0.2 39 1 Year 3 Year 5 Year 10 Year Past performance does not guarantee future results. Relative Performance is calculated against the Fund’s Morningstar Category and Percentile Ranking is determined by Morningstar Ranking Methodology. Advisor and I share class; A share class used when Advisor and I class not available. Morningstar Categories: American Income – USD Flexible Bond; European Income - EUR Flexible Bond; Asia Income - Asia Bond; Global High Yield - Global High Yield Bond; Short Duration High Yield - Global High Yield Bond; Emerging Markets Debt - Global Emerging Markets Bond; High Income - High Yield Bond; Global Bond - World Bond; Income Advisor - Intermediate Core-Plus Bond; Intermediate Diversified Muni - Muni National Short; High Income Municipal - High Yield Muni. As of September 30, 2026 Source: AB and Morningstar Retail Mutual Funds Relative Performance vs. Morningstar Averages ■ Top Quartile ■ 2nd Quartile
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3Q26 Earnings Review 16 Service 1 Year 3 Year 5 Year 10 Year Equity Concentrated US Growth (22.3) (14.2) (10.5) (3.5) US Large Cap Value 0.3 1.1 2.5 0.4 US SMID Cap Growth 1.3 (0.3) (2.2) 1.4 US Equity Income 2.6 (0.8) 0.9 (1.9) International Strategic Equities 8.9 8.2 4.3 2.0 Global Core Equity (5.2) (5.5) (3.6) (1.3) International Strategic Value (0.5) 2.2 2.1 (0.5) Emerging Markets Value 9.5 2.0 3.5 1.4 Fixed Income US Core Plus (0.2) 0.9 0.5 0.6 US Investment-Grade Corporate 0.3 0.9 0.5 0.7 US High Yield 0.7 0.4 0.3 0.6 Systematic US IG Credit (0.0) 0.6 0.8 Intermediate Municipal 0.4 0.6 0.5 0.6 Global Plus (Hedged to USD) 0.0 0.3 0.0 0.3 Emerging Market Debt 1.6 2.0 0.6 0.7 Global Income (Hedged to JPY) (0.1) 1.3 0.5 Past performance does not guarantee future results. Investment Performance of composites is presented before investment management fees. Periods of more than one year are annualized. Concentrated US Growth – S&P 500 Index GDR; US Large Cap Value – Russell 1000 Value Index GDR, US SMID Cap Growth - Russell 2500 Growth Index GDR; US Equity Income – S&P 500 Index GDR; Global Core - MSCI ACWI NDR; International Strategic Equities - MSCI ACWI ex US Index NDR; International Strategic Value - MSCI EAFE Index NDR; Emerging Markets Value – MSCI Emerging Markets Index NDR; US Core Plus – Bloomberg US Aggregate index; US Investment Grade Corporate - Bloomberg US Credit Index; US High Yield – Bloomberg US Corporate High Yield Index; Systematic US IG Credit – Bloomberg US Corporate Bond index; Intermediate Muni - Lipper Short/Int Blended Muni Fund Avg; Global Plus (Hedged to USD) - Bloomberg Global Aggregate Index Hedged; EM Debt - JPM EMBI Global; Global Income (Hedged to JPY)- Bloomberg US Aggregated Index Hedged. Performance is preliminary and as of September 30, 2026. Institutional Composite Relative Performance vs. Benchmarks N/A N/A
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3Q26 Earnings Review 17 (US $ Billions) June 30, 2026September 30, 2026 Private Wealth RetailInstitutions Total Total Equity Actively Managed $45 $62 $159 $266 $279 Passive (1) 35 12 43 90 86 Total Equity 80 74 202 356 365 Fixed Income Taxable 121 20 61 202 208 Tax-Exempt 1 32 62 95 99 Passive (1) — — 17 17 18 Total Fixed Income 122 52 140 314 325 Alternatives/MAS (2) 180 39 11 230 216 Total $382 $165 $353 $900 $ 906 At June 30, 2026 Total $371 $167 $368 $906 (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Assets Under Management: 3Q26
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3Q26 Earnings Review 18 In US $ Billions Beginning Sales/New Redemptions/ Net Cash Net Investment Net End Investment Service: of Period Accounts Terminations Flows Flows Transfers Performance Change of Period Institutions US $185.2 $20.3 $(1.8) $(0.3) $18.2 — $(4.2) $14.0 $199.2 Global and Non-US 185.9 1.2 (1.0) (2.7) (2.5) — (0.2) (2.7) 183.2 Total Institutions 371.1 21.5 (2.8) (3.0) 15.7 — (4.4) 11.3 382.4 Retail US 276.5 14.7 (17.1) (2.5) (4.9) — (4.0) (8.9) 267.6 Global and Non-US 90.8 5.3 (7.9) (0.9) (3.5) — (2.0) (5.5) 85.3 Total Retail 367.3 20.0 (25.0) (3.4) (8.4) — (6.0) (14.4) 352.9 Private Wealth US 110.4 3.8 (5.1) 0.1 (1.2) — (1.1) (2.3) 108.1 Global and Non-US 56.7 1.8 (1.2) (0.1) 0.5 — (0.2) 0.3 57.0 Total Private Wealth 167.1 5.6 (6.3) — (0.7) — (1.3) (2.0) 165.1 Firmwide US 572.1 38.8 (24.0) (2.7) 12.1 — (9.3) 2.8 574.9 Global and Non-US 333.4 8.3 (10.1) (3.7) (5.5) — (2.4) (7.9) 325.5 Total Firmwide $905.5 $47.1 $(34.1) $(6.4) $6.6 — $(11.7) $(5.1) $900.4 Three Months Ended 9/30/26: AUM Roll-Forward by Distribution Channel
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3Q26 Earnings Review 19 In US $ Billions Beginning Sales/New Redemptions/ Net Cash Net Investment Net End Investment Service: of Period Accounts Terminations Flows Flows Performance Change of Period Equity Active US $193.2 $6.6 $(13.5) $(2.2) $(9.1) $0.0 $(9.1) $184.1 Global and Non-US 85.9 3.3 (4.3) (2.4) (3.4) (0.3) (3.7) 82.2 Total Equity Active 279.1 9.9 (17.8) (4.6) (12.5) (0.3) (12.8) 266.3 Equity Passive(1) US 76.1 3.2 (0.3) (0.9) 2.0 1.0 3.0 79.1 Global and Non-US 9.8 0.7 — (0.2) 0.5 — 0.5 10.3 Total Equity Passive(1) 85.9 3.9 (0.3) (1.1) 2.5 1.0 3.5 89.4 Total Equity 365.0 13.8 (18.1) (5.7) (10.0) 0.7 (9.3) 355.7 Fixed Income - Taxable US 128.1 6.3 (4.1) 2.0 4.2 (3.2) 1.0 129.1 Global and Non-US 79.4 2.2 (4.8) (1.3) (3.9) (2.4) (6.3) 73.1 Total Fixed Income - Taxable 207.5 8.5 (8.9) 0.7 0.3 (5.6) (5.3) 202.2 Fixed Income - Tax-Exempt US 98.7 7.1 (5.8) 0.3 1.6 (5.2) (3.6) 95.1 Global and Non-US — — — — — — — — Total Fixed Income - Tax-Exempt 98.7 7.1 (5.8) 0.3 1.6 (5.2) (3.6) 95.1 Fixed Income Passive(1) US 17.3 (0.1) — (0.2) (0.3) (0.6) (0.9) 16.4 Global and Non-US 1.1 — — — — — — 1.1 Total Fixed Income Passive(1) 18.4 (0.1) — (0.2) (0.3) (0.6) (0.9) 17.5 Total Fixed Income 324.6 15.5 (14.7) 0.8 1.6 (11.4) (9.8) 314.8 Alternatives/MAS(2) US 58.7 15.7 (0.3) (1.7) 13.7 (1.3) 12.4 71.1 Global and Non-US 157.2 2.1 (1.0) 0.2 1.3 0.3 1.6 158.8 Total Alternatives/MAS(2) 215.9 17.8 (1.3) (1.5) 15.0 (1.0) 14.0 229.9 Firmwide US 572.1 38.8 (24.0) (2.7) 12.1 (9.3) 2.8 574.9 Global and Non-US 333.4 8.3 (10.1) (3.7) (5.5) (2.4) (7.9) 325.5 Total Firmwide $905.5 $47.1 $(34.1) $(6.4) $6.6 $(11.7) $(5.1) $900.4 (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Three Months Ended 9/30/26: AUM Roll-Forward by Investment Service
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3Q26 Earnings Review 20 Actively Passively Managed Managed (1) Total Equity $(12.5) $2.5 $(10.0) Fixed Income 1.9 (0.3) 1.6 Alternatives/MAS (2) 14.7 0.3 15.0 Total $4.1 $2.5 $6.6 (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Three Months Ended 9/30/26: Active vs. Passive Net Flows
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3Q26 Earnings Review 21 As of September 30, 2026 By Client Domicile Percentages may not add up to 100% due to rounding Institutional Geographic Breakdown Retail Geographic Breakdown Assets Under Management By Region US 81% EMEA 8% APAC ex Japan 6% Japan 3% Other 2% US 65% APAC ex Japan 14% Japan 10% EMEA 9% Other 2% $382.4B $352.9B
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3Q26 Earnings Review 22 Income Statement (in US $ Millions) 3Q26 3Q25 % ∆ 2Q26 % ∆ Base Fees $869 $852 2 % $860 1 % Performance Fees 121 22 n/m 47 160 % Distribution Revenues 197 210 (6)% 201 (2)% Dividends & Interest 31 36 (15)% 29 5 % Investment Gains (Losses) (11) (3) n/m 14 n/m Other Revenues 32 35 (5)% 33 (1)% Total Revenues 1,239 1,152 8 % 1,184 5 % Less: Broker-Dealer Related Interest Expense 13 15 (12)% 13 7 % Net Revenues $1,226 $1,137 8 % $1,171 5 % Compensation & Benefits Compensation & Fringes $554 $441 26 % $461 20 % Other Employment Costs 10 10 — % 10 — % Total Compensation & Benefits 564 451 25 % 471 20 % Promotion & Servicing 250 266 (6)% 257 (3)% General & Administrative 146 118 23 % 135 8 % Other 16 19 (13)% 19 (12)% Total Operating Expenses $976 $854 14 % $882 11 % Operating Income $250 $283 (12)% $289 (14)% Operating Margin 21.9 % 24.3 % (240) 23.2 % (130) AB Holding GAAP Net Income Per Unit $0.79 $0.79 — % $0.77 3 % Third Quarter 2026 GAAP Income Statement (1) Net of both sub-advisory and fees paid to distributors from investment management fees.
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3Q26 Earnings Review 23 Please refer to pages 25-26 for additional information on the reconciliation of GAAP financial results to adjusted financial results. Dollars rounded in millions, however percentages calculated using amounts rounded in thousands. As such, amounts may not foot. Third Quarter 2026 AB Holding Financial Results In US $ Millions (excluding per Unit amounts) 3Q26 3Q25 % ∆ 2Q26 % ∆ AB Net Income Attributable to AllianceBernstein $257 $259 (1)% $255 1 % Weighted Average Equity Ownership Interest 31.2 % 31.4 % 31.3 % AB Holding Equity in Net Income Attributable to AB 80 81 (2)% 80 — % Income Taxes 7 7 (9)% 8 (16)% Net Income $73 $74 (1)% $72 2 % Diluted Net Income Per Unit, GAAP basis $0.79 $0.79 — % $0.77 3 % Distributions Per Unit $0.88 $0.86 2 % $0.82 7 % Adjusted Diluted Net Income Per Unit $0.88 $0.86 2 % $0.82 7 %
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3Q26 Earnings Review 24 3Q26 3Q25 % ∆ 2Q26 % ∆ Ending AUM ($ Billions) $900 $860 5 % $906 (1)% Average AUM ($ Billions) $908 $841 8 % $881 3 % By Fee Type ($ Millions): Adjusted Base Fees $845 $821 3 % $829 2 % Adjusted Performance Fees 26 20 25 % 24 4 % Total $871 $841 4 % $853 2 % Adjusted Base Fees By Channel ($ Millions): Institutions $159 $150 6 % $150 6 % Retail 374 384 (3)% 371 1 % Private Wealth 312 287 9 % 308 1 % Total $845 $821 3 % $829 2 % Third Quarter 2026 Adjusted Advisory Fees Note: Net of both sub-advisory and fees paid to distributors from investment management fees.
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3Q26 Earnings Review 25 In US $ Thousands Distribution Pass Deferred NCI/ Acquisition- Equity Related Through Comp. Consol Related Method Interest GAAP Payments Adjustments Inv. VIE Expenses Investment Expense Non-GAAP (A) (B) (C) (D) (E) (F) (G) $ 989,970 (12,052) (10,828) — (318) (95,907) $ 870,865 197,280 (197,280) — 30,511 (112) (3,518) 26,881 (11,454) 805 9,546 2,913 1,810 32,598 (14,575) 15 18,038 Total revenues 1,238,905 (209,332) (25,403) 693 5,725 (95,907) 2,913 — 917,594 Less: broker-dealer related interest expense 13,340 13,340 Net revenues 1,225,565 (209,332) (25,403) 693 5,725 (95,907) 2,913 — 904,254 564,223 (5,940) (674) (108,586) 449,023 249,925 (209,332) (8,828) 31,765 145,792 (10,635) — (14,428) 120,729 4,929 (4,929) — 11,150 (11,089) 61 Total expenses 976,019 (209,332) (25,403) (674) — (134,103) — (4,929) 601,578 Operating income 249,546 — — 1,367 5,725 38,196 2,913 4,929 302,676 Interest on borrowings — 4,929 4,929 Income taxes 11,191 — — 61 256 1,712 131 — 13,351 Net income 238,355 — — 1,306 5,469 36,484 2,782 — 284,396 (18,549) — 5,725 12,824 — $ 256,904 $ — $ — $ 1,306 $ (256) $ 23,660 $ 2,782 — $ 284,396 Net income (loss) of consolidated entities attributable to non-controlling interests Net income attributable to AB Unitholders Interest on borrowings Amortization of intangible assets Investment (losses) gains Other revenues Employee compensation and benefits Promotion and servicing General and administrative Dividend and interest income Adjustments Investment advisory and services fees Distribution revenues Third Quarter 2026 GAAP to Non-GAAP Reconciliation Please refer to page 26 for notes describing the adjustments.
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3Q26 Earnings Review 26 AB Adjusted Financial Results Reconciliation Notes to Consolidated Statements of Income and Supplemental Information (Unaudited) A. We exclude all of the company’s distribution revenues, which are recorded as a separate line item on the consolidated statement of income, as well as a portion of investment advisory services fees received that is used to pay distribution and servicing costs. Such presentation appropriately reflects the nature of these costs as pass-through payments to third parties that perform functions on behalf of our sponsored mutual funds and/or shareholders of these funds. Also, we adjust distribution revenues for the amortization of deferred sales commissions as these costs, over time, will offset such revenues. B. We exclude additional pass-through expenses we incur (primarily through our transfer agency) that are reimbursed and recorded as fees in revenues. Also, we adjust for certain investment advisory and service fees passed through to our investment advisors. These fees have no impact on operating income, but they do have an impact on our operating margin. As such, we exclude these fees from adjusted net revenues. C. We exclude the impact on net revenues and compensation expense of the mark-to-market gains and losses (as well as the dividends and interest) associated with employee long- term incentive compensation-related investments. In addition, we exclude any EQH-related equity compensation expense as the awards are non-cash and are based on EQH’s and not AB’s financial performance. Also, we adjust for certain acquisition related pass through performance-based fees and performance related compensation. D. We adjust for the impact of consolidating certain company-sponsored investment funds by eliminating the consolidated company-sponsored investment funds revenues and expenses and including AB’s revenues and expenses that were eliminated in consolidation. In addition, the net income of joint ventures attributable to non-controlling interests is excluded because it does not reflect the economic interest attributable to AB. E. Acquisition-related expenses have been excluded because they are not considered part of our core operating results when comparing financial results from period to period and to industry peers. Acquisition-related expenses include professional fees and the recording of changes in estimates to contingent payment arrangements associated with our acquisitions. Beginning in the first quarter of 2022, acquisition-related expenses also include certain compensation-related expenses, amortization of intangible assets for contracts acquired and accretion expense with respect to contingent payment arrangements. During the three months ended September 30, 2026, acquisition-related adjustments include $95.6 million of performance-based fees earned on certain AB CarVal funds and $105.4 million of related compensation expense. As these are acquisition-related funds in which we do not participate in the performance, the revenues and related compensation expense have been excluded from our operating in come. F. We adjust net revenues to exclude our portion of the equity income or loss associated with our equity method investments, including our investment in the JVs and reinsurance sidecar as we don't consider this activity part of our core business operations. Effective April 1, 2024, following the close of the transaction with SocGen, we record all income or loss associated with the JVs as an equity method investment income (loss). As we no longer consider this activity part of our core business operations and our intent is to fully divest from both joint ventures, we consider these amounts temporary and as such, we exclude these amounts from our adjusted operating income. G. Interest on borrowings has been excluded from operating income in order to align with our industry peers. Adjusted Operating Margin Adjusted operating margin allows us to monitor our financial performance and efficiency from period to period without the volatility and to compare our performance to industry peers on a basis that better reflects our performance in our core business. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenues. For illustrative purposes only; The information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.
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