ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES SECOND QUARTER RESULTS

GAAP Net Income of $0.77 per Unit Adjusted Net Income of $0.82 per Unit Cash Distribution of $0.82 per Unit NASHVILLE, Tenn. , July 28, 2026 /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB ) today reported financial and operating results for the quarter ended June 30, 2026. "Markets recovered through the second quarter as resilient economic growth and strong corporate earnings supported asset prices despite an uncertain geopolitical backdrop. On the back of that recovery, our asset under management exceeded a record $905 billion as of quarter-end, reflecting strong sales momentum and positive organic growth driven by key strategic areas of our business, including ultra-high-net-worth, SMAs, active ETFs, insurance and private markets," said Seth Bernstein, Chief Executive Officer of AllianceBernstein. "We returned to organic growth in the second quarter, generating $0.8 billion net inflows on our strongest sales quarter in five years, rebounding from outflows over the last four quarters. Activity was headlined by fixed income, including a passive $9 billion retail sub-advisory mandate coupled with continued market share gains in tax-exempt, totaling roughly $3 billion of net inflows. Alternatives/MAS generated over $4 billion of net inflows, marking our sixth consecutive quarter of organic growth for the asset class, as institutional deployments into private markets accelerated despite the headlines. Active equity and taxable outflows of roughly $11 billion and $5 billion, respectively, were driven by retail redemptions concentrated in the APAC region. Compared to prior year, base fees and adjusted operating income grew 7%, while adjusted operating margin of 33.0% expanded by 70bps. Adjusted earnings per Unit and distributions to Unitholders rose 8%." (US $ Thousands except per Unit amounts) 2Q 2026 2Q 2025 % Change 1Q 2026 % Change U.S. GAAP Financial Measures Net revenues $ 1,171,004 $ 1,088,907 7.5 % $ 1,201,726 (2.6 %) Operating income $ 289,152 $ 222,094 30.2 % $ 326,800 (11.5 %) Operating margin 23.2 % 20.7 % 250 bps 26.1 % (290) bps AB Holding EPU $ 0.77 $ 0.64 20.3 % $ 0.92 (16.3 %) Adjusted Financial Measures (1) Net revenues $ 887,547 $ 844,434 5.1 % $ 871,135 1.9 % Operating income $ 292,980 $ 272,964 7.3 % $ 291,180 0.6 % Operating margin 33.0 % 32.3 % 70 bps 33.4 % (40 bps) AB Holding EPU $ 0.82 $ 0.76 7.9 % $ 0.83 (1.2 %) AB Holding cash distribution per Unit $ 0.82 $ 0.76 7.9 % $ 0.83 (1.2 %) (US $ Billions) Assets Under Management ("AUM") Ending AUM $ 905.5 $ 829.1 9.2 % $ 838.6 8.0 % Average AUM $ 881.2 $ 799.5 10.2 % $ 865.0 1.9 % (1) The adjusted financial measures represent non-GAAP financial measures. See page 10 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 11-13 for notes describing the adjustments. Bernstein further elaborated, "Retail generated $31 billion in record gross sales and $0.9 billion of net inflows, reflecting durable demand for tax-efficient income through our market-leading SMA platform. Combined with the passive fixed income mandate mentioned earlier, these gains more than offset ongoing redemptions in active equity and taxable fixed income strategies. Our institutional channel also returned to organic growth with $0.6 billion of net inflows, driven by robust deployments into our private market strategies, coupled with a deceleration in active equity outflows within the channel. Importantly, we entered the second half of 2026 with nearly $26 billion institutional pipeline AUM, including approximately $12 billion in commercial mortgage loans onboarded earlier this month, positioning the channel with encouraging momentum for the balance of the year. Within Bernstein Private Wealth, seasonal tax-related activity weighed on second quarter net flows, but we continued to attract net new assets and expand our ultra-high-net-worth client base, underscoring the value of Bernstein's advice-led model and...