Alliancebernstein Holding L.P.

(US $ Thousands except per Unit amounts)

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Assets Under Management ($ Billions)

Institutional

Retail

Total $15.7 ($8.4)

($0.7)

Institutional channel third quarter net inflows of $15.7 billion compared to net inflows of $0.6 billion in the second quarter of 2026. Institutional gross sales of $21.5 billion increased sequentially from $8.3 billion. The pipeline of awarded but unfunded Institutional mandates decreased sequentially to $13.1 billion at September 30, 2026 compared to $25.8 billion at June 30, 2026.

Retail channel third quarter net outflows of $8.4 billion compared to net inflows of $0.9 billion in the second quarter of 2026. Retail gross sales of $20.0 billion decreased sequentially from $31.0 billion.

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US GAAP Earnings

Sequentially, net revenues of $1.2 billion increased 5% from the second quarter of 2026. The increase was primarily due to higher performance-based fees and higher investment advisory base fees, partially offset by investment losses compared to gains in the prior quarter and lower distribution revenues.

Expenses Third quarter operating expenses of $976 million increased 14% from $854 million in the third quarter of 2025. The increase is primarily due to higher employee compensation and benefits expense and higher general and administrative ("G&A") expense, partially offset by lower promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation and commissions, partially offset by lower base compensation and fringe benefits. The increase in G&A expenses is primarily driven by higher professional fees, a partial recovery in the prior year quarter related to the recognition of the AB Funds reimbursement expense recognized in the second quarter of 2025, higher technology and related expenses and the final settlement of our pension obligation in the prior year quarter, partially offset by lower office-related expenses. Promotion and servicing expense decreased primarily due to lower distribution-related payments, partially offset by higher marketing and communication expense.

Sequentially, operating expenses of $976 million increased 11% from $882 million, primarily due to higher employee compensation and benefits expense and higher G&A expense, partially offset by lower promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation, partially offset by lower fringe benefits and base compensation. The increase in G&A expenses is primarily driven by higher professional fees and higher portfolio services and related expenses, partially offset by lower office-related expenses, lower technology and related expenses and a favorable foreign exchange rate impact. Promotion and servicing expense decreased primarily due to lower distribution-related payments and lower amortization of deferred sales commissions.

Sequentially, operating income of $250 million decreased 14% from $289 million in the second quarter of 2026 and the operating margin of 21.9% decreased 130 basis points from 23.2% in the second quarter of 2026.

Third quarter net income per Unit was $0.79 compared to $0.79 in the third quarter of 2025 and $0.77 in the second quarter of 2026.

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Non-GAAP Earnings This section discusses our third quarter 2026 non-GAAP financial results, compared to the third quarter of 2025 and the second quarter of 2026. The phrases “adjusted net revenues”, “adjusted operating expenses”, “adjusted operating income”, “adjusted operating margin” and “adjusted net income per Unit” are used in the following earnings discussion to identify non-GAAP information.

Sequentially, adjusted net revenues of $904 million increased 2% from $888 million. The increase was primarily due to higher investment advisory base fees and higher performance-based fees.

Adjusted Expenses Third quarter adjusted operating expenses of $601 million increased 3% from $582 million in the third quarter of 2025 primarily due to higher employee compensation and benefits expense and higher G&A expense. Employee compensation and benefits expense increased primarily due to higher commissions and incentive compensation, partially offset by lower fringe benefits. G&A expense increased primarily due to higher professional fees, technology and related expenses and portfolio services and related expenses, partially offset by lower office-related expenses.

Sequentially, adjusted operating expenses of $601 million increased 1% from $595 million. The increase was driven primarily by higher employee compensation and benefits expense, partially offset by lower promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation and base compensation, partially offset by lower fringe benefits. Promotion and servicing expense decreased primarily due to lower marketing and communication expense.

Sequentially, adjusted operating income of $303 million increased 3% from $293 million and the adjusted operating margin of 33.5% increased 50 basis points from 33.0%.

Headcount As of September 30, 2026, we had 4,416 employees, compared to 4,457 employees as of September 30, 2025 and 4,400 employees as of June 30, 2026.

Unit Repurchases