Company: APO
Filing Date: 2025-11-06
Form Type: 424B5
Source: 0001193125-25-269713
Chunk: 13

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-06
Form: 424B5
Chunk 13
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. Management compensates for these limitations by using Segment Income as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. The table in note (f) sets forth a reconciliation of preliminary estimated income (loss) before income tax (provision) benefit to preliminary estimated Segment Income for the quarterly period ended September 30, 2025 and income (loss) before income tax (provision) benefit to Segment Income for the quarterly period ended September 30, 2024.

| (e) | Represents interest and other financing costs related to HoldCo not attributable to any specific segment. 
 “HoldCo” refers to Apollo Global Management, Inc.                                                         |

| (f) | “Adjusted Net Income” or “ANI” represents Segment Income less HoldCo interest                                                                                                                                           
 and other financing costs and estimated income taxes. Adjusted Net Income is calculated and presented on the basis of methodologies other than in accordance with U.S. GAAP. Income taxes on FRE and PII represents the |

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| total current corporate, local, and non-U.S. taxes as well as the current payable under Apollo’s tax receivable agreement. Income taxes on FRE and                                                                                                        
 PII excludes the impacts of deferred taxes and the remeasurement of the tax receivable agreement, which arise from changes in estimated future tax rates. For purposes of calculating the Adjusted Net Income tax rate, Segment Income is reduced by      
 Apollo Global Management, Inc. interest and financing costs. Certain assumptions and methodologies that impact the implied FRE and PII income tax provision are similar to those used under U.S. GAAP. Specifically, certain deductions considered in the 
 income tax provision under U.S. GAAP relating to transaction-related costs, equity-based compensation, charitable contributions and tax deductible interest expense are taken into account for the implied tax provision. Income taxes on SRE represent   
 the total current and deferred tax expense or benefit on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating adjustments. Management believes                                            
 the methodologies used to compute income taxes on FRE, SRE, and PII are meaningful to each segment and increases comparability of income taxes between periods.                                                                                           |

We use ANI as a measure of operating performance, not as a measure of liquidity. This measure should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of this measure without consideration of