Category: 3. Business

ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FOURTH QUARTER RESULTS

GAAP Diluted Net Income of $0.90 per Unit
Adjusted Diluted Net Income of $0.96 per Unit
Cash Distribution of $0.96 per Unit

NASHVILLE, Tenn., Feb. 5, 2026 /PRNewswire/ — AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter and year ended December 31, 2025.

“2025 marked a year of disciplined execution and strategic progress for AllianceBernstein as we broadened our platform and deepened client relationships,” said Seth Bernstein, CEO of AllianceBernstein. “Against a volatile macro backdrop weighing on client sentiment and net flows, we closed the year with a record $867 billion in assets under management and delivered targeted organic growth across structurally growing areas including ultra-high-net-worth, insurance, SMAs, active ETFs, and private markets. While firmwide active net flows turned negative in 2025, with $9.4 billion net outflows driven primarily by $22.5 billion net redemptions in active equities, we accomplished more than $140 billion sales during the year. In active fixed income, our market‑leading tax‑exempt platform generated $11.6 billion net inflows in 2025, offsetting $9.1 billion taxable net outflows. Alternatives/multi-asset registered $10.6 billion active net inflows, lifting private markets AUM to $82 billion, up 18% year over year, and keeping us on track for our 2027 target of $90–$100 billion. Full-year 2025 adjusted base management fees grew 5% versus prior-year. Adjusted operating income grew 4% and operating margins expanded 140 basis points to 33.7% in 2025. Full-year adjusted earnings per unit grew 2% and unitholder distributions increased 4% versus prior-year.”

(US $ Thousands except per Unit amounts)	Q4 2025	Q4 2024	% Change	2025	2024	% Change

U.S. GAAP Financial Measures
Net revenues	$ 1,223,991	$ 1,257,556	(2.7) %	$ 4,530,652	$ 4,475,139	1.2 %
Operating income	$ 308,534	$ 317,507	(2.8) %	$ 1,050,475	$ 1,124,073	(6.5) %
Operating margin	25.1 %	25.0 %	10 bps	23.0 %	24.7 %	(170) bps
AB Holding EPU	$ 0.90	$ 0.94	(4.3) %	$ 2.97	$ 3.71	(19.9) %

Adjusted Financial Measures¹
Net revenues	$ 957,307	$ 973,294	(1.6) %	$ 3,524,626	$ 3,528,398	(0.1 %)
Operating income	$ 329,947	$ 354,379	(6.9) %	$ 1,188,026	$ 1,140,144	4.2 %
Operating margin	34.5 %	36.4 %	(190) bps	33.7 %	32.3 %	140 bps
AB Holding EPU	$ 0.96	$ 1.05	(8.6) %	$ 3.33	$ 3.25	2.5 %
AB Holding cash distribution per Unit	$ 0.96	$ 1.05	(8.6) %	$ 3.38	$ 3.26	3.7 %

(US $ Billions)
Assets Under Management (“AUM”)
Ending AUM	$ 866.9	$ 792.2	9.4 %	$ 866.9	$ 792.2	9.4 %
Average AUM	$ 865.1	$ 801.0	8.0 %	$ 826.0	$ 768.5	7.5 %

¹ The adjusted financial measures represent non-GAAP financial measures. See page 14-15 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 16-18 for notes describing the adjustments.

Bernstein elaborated: “Retail demand softened in 2025, interrupting two years of consecutive organic growth, with the channel posting $9.1 billion net outflows. Active equity net outflows totaled $11.8 billion while taxable fixed income recorded $5.5 billion net outflows, driven by overseas redemptions. Tax-exempt fixed income extended its record of uninterrupted organic inflows to 13 consecutive years, growing 23% organically in 2025. Retail alternatives/multi-asset attracted $1.4 billion net inflows, supported by continued traction in Asia-Pacific. Institutional demand improved versus prior-year, with net outflows of $4.6 billion in 2025, or $0.6 billion excluding the RGA-EQH reinsurance transaction. Institutional alternatives/multi-asset registered $7.9 billion net inflows, reflecting accelerated private markets deployments and helping offset net redemptions across other asset classes. Our institutional pipeline AUM stood at $19.7 billion and is positioned to grow by an additional $3 billion as we expand our strategic insurance partnerships. We also continue to strengthen our partnership with Equitable as we expand our commercial mortgage loan capabilities and expect to onboard more than $10 billion of incremental general account assets by the end of 2026. Bernstein Private Wealth delivered its fifth consecutive year of positive flows, generating $2.4 of net inflows and 6% net-new-asset growth in 2025, driven by record advisor productivity and continued market share gains within the ultra-high-net-worth client channel.”

In conclusion, Bernstein remarked, “With a constructive 2026 growth backdrop but elevated political and macroeconomic uncertainty, we remain focused on high-quality security selection and disciplined capital deployment. Supported by our long‑term perspective, increasingly diversified business mix, and proven execution capabilities, we are confident in our ability to capture compelling opportunities and deliver durable value for clients, unitholders, and stakeholders.”

The firm’s cash distribution per Unit of $0.96 is payable on March 12, 2026, to holders of record of AB Holding Units at the close of business on February 20, 2026.

Market Performance

Global equity and fixed income markets were up for the fourth quarter and up for the full year of 2025.

	4Q 2025	2025
S&P 500 Total Return	2.7 %	17.9 %
MSCI EAFE Total Return	4.9	31.9
Bloomberg Barclays US Aggregate Return	1.1	7.3
Bloomberg Barclays Global High Yield Index	2.4	10.0

Assets Under Management ($ Billions)

Total assets under management as of December 31, 2025 were $866.9 billion, up $6.8 billion, or 0.8%, from September 30, 2025, and up $74.7 billion, or 9.4%, from December 31, 2024.

	Institutional	Retail	Private Wealth Management	Total
Assets Under Management 12/31/25	$354.2	$356.4	$156.3	$866.9
Net Flows for Three Months Ended 12/31/25:
Active	$(1.2)	$(2.6)	$0.0	$(3.8)
Passive	(0.7)	(0.9)	0.7	$(0.9)
Total	$(1.9)	$(3.5)	$0.7	$(4.7)

Net Flows for Twelve Months Ended 12/31/25:
Active	$(3.9)	$(5.5)	$0.0	$(9.4)
Passive	(0.7)	(3.6)	2.4	$(1.9)
Total	$(4.6)	$(9.1)	$2.4	$(11.3)

Total net outflows were $4.7 billion in the fourth quarter versus net outflows of $2.3 billion in the third quarter, and net outflows of $4.8 billion in the prior year fourth quarter. Total net outflows were $11.3 billion for the full year of 2025 versus net outflows of $2.2 billion in the prior year.

Institutional channel fourth quarter net outflows of $1.9 billion compared to net outflows of $1.8 billion in the third quarter. Institutional gross sales of $4.5 billion decreased sequentially from $14.0 billion. Full year 2025 net outflows of $4.6 billion compared to net outflows of $16.5 billion in the prior year. Full year 2025 gross sales of $26.7 billion increased from $13.0 billion in the prior year.

Retail channel fourth quarter net outflows of $3.5 billion compared to net outflows of $1.7 billion in the third quarter. Retail gross sales of $22.5 billion decreased sequentially from $22.6 billion. Full year 2025 net outflows of $9.1 billion compared to net inflows of $13.4 billion in the prior year. Full year 2025 gross sales of $90.2 billion decreased from $99.9 billion in the prior year.

Private Wealth channel fourth quarter net inflows of $0.7 billion compared to net inflows of $1.2 billion in the third quarter. Private Wealth gross sales of $6.7 billion increased sequentially from $5.8 billion. Full year 2025 net inflows of $2.4 billion compared to net inflows of $0.9 billion in the prior year. Full year 2025 gross sales of $23.1 billion increased from $20.8 billion in the prior year.

Fourth Quarter and Full Year Financial Results

We are presenting both earnings information derived in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and non-GAAP, adjusted earnings information in this release. Management principally uses these non-GAAP financial measures in evaluating performance because we believe they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, we believe that non-GAAP earnings information helps investors better understand the underlying trends in our results and, accordingly, provides a valuable perspective for investors. Please note, however, that these non-GAAP measures are provided in addition to, and not as a substitute for, any measures derived in accordance with US GAAP and they may not be comparable to non-GAAP measures presented by other companies. Management uses both US GAAP and non-GAAP measures in evaluating our financial performance. The non-GAAP measures alone may pose limitations because they do not include all of our revenues and expenses.

AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Available Cash Flow typically is the adjusted diluted net income per unit for the quarter multiplied by the number of units outstanding at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted diluted net income per unit, unless management determines, with concurrence of the Board of Directors, that one or more adjustments made to adjusted net income should not be made with respect to the Available Cash Flow calculation.

US GAAP Earnings

Revenues

Fourth quarter 2025 net revenues of $1.2 billion decreased 3% from $1.3 billion in the fourth quarter of 2024. The decrease was primarily due to lower performance-based fees, partially offset by higher investment advisory base fees and higher distribution revenues.

Full year 2025 net revenues of $4.5 billion increased 1% from 2024. The increase was primarily due to higher investment advisory base fees and higher distribution revenues, partially offset by the Bernstein Research Services deconsolidation, lower performance-based fees and higher investment losses.

Expenses

Fourth quarter 2025 operating expenses of $915 million decreased 3% from the $940 million in the fourth quarter of 2024. The decrease was driven by lower employee compensation and benefits expense and general and administrative (“G&A”) expense, partially offset by higher promotion and servicing expense. Employee compensation and benefits expense decreased primarily due to lower incentive compensation, partially offset by higher base compensation, commissions and fringe benefits. G&A expenses decreased primarily due to prior period settlement losses related to the retirement plan in 2024, lower charitable contributions, lower office and related expenses, partially offset by higher professional fees. Promotion and servicing expense increased due to higher distribution related payments and amortization of deferred sales commissions, partially offset by lower transfer fees.

Full year 2025 operating expenses of $3.5 billion increased 4% from the $3.4 billion in 2024. The increase was primarily driven by a prior period contingent payment arrangement gain and higher promotion and servicing expense, partially offset by lower G&A expense, lower employee compensation and benefits expense and lower interest on borrowings. The prior period contingent payment arrangement gain was recognized in connection with the fair value adjustment related to our contingent payment liability associated with our acquisition of AB CarVal in 2022. Promotion and servicing expense increased due to higher distribution related payments and higher amortization of deferred sales commissions, partially offset by lower trade execution and clearance costs resulting from the Bernstein Research Services deconsolidation. G&A expenses decreased primarily due to lower office-related expense driven by our early exit from our previous New York office location in 2024, and lower professional fees, partially offset by a one time gain in the prior year related to the recognition of a $20.8 million incentive grant received in connection with our headquarters relocation to Nashville, Tennessee, a retirement plan settlement loss and an AB Funds reimbursement expense related to a disputed billing practice of a third-party service provider. Employee compensation and benefits expense decreased primarily due to lower incentive compensation and lower base compensation, partially offset by higher commissions.

Operating Income and Net Income Per Unit

Fourth quarter 2025 operating income of $309 million decreased 3% from $318 million in the fourth quarter of 2024 and operating margin of 25.1% increased 10 basis points from 25.0% in the fourth quarter of 2024.

Full year 2025 operating income of $1.1 billion decreased 7% from 2024, and operating margin of 23.0% decreased 170 basis points from 24.7% in 2024.

Fourth quarter 2025 net income per Unit was $0.90 as compared to $0.94 in the fourth quarter of 2024.

Full year 2025 net income per Unit was $2.97 as compared to $3.71 in 2024.

Non-GAAP Earnings

This section discusses our fourth quarter and full year 2025 non-GAAP financial results, compared to the fourth quarter and full year 2024 financial results. The phrases “adjusted net revenues”, “adjusted operating expenses”, “adjusted operating income”, “adjusted operating margin” and “adjusted diluted net income per Unit” are used in the following earnings discussion to identify non-GAAP information.

Adjusted Revenues

Fourth quarter 2025 adjusted net revenues of $957 million decreased 2% from $973 million in the fourth quarter of 2024. The decrease is primarily due to lower performance-based fees and lower investment gains, partially offset by higher investment advisory base fees.

Full year 2025 adjusted net revenues of $3.5 billion remained flat from 2024. Investment advisory base fees increased, offset by decreases in Bernstein Research Services revenue due to the deconsolidation, performance-based fees, investment gains, net dividend and interest income and other revenues.

Adjusted Expenses

Fourth quarter 2025 adjusted operating expenses of $627 million increased by 1% from $619 million in the fourth quarter of 2024. The increase was primarily driven by higher employee compensation and benefits expense. Employee compensation and benefit expense increased due to higher base compensation, commissions and fringe benefits, partially offset by lower incentive compensation.

Full year 2025 adjusted operating expenses of $2.3 billion decreased by 2% from $2.4 billion in 2024. The decrease was driven by lower G&A and promotion and servicing expense, partially offset by higher employee compensation and benefits expense. G&A decreased primarily due to lower office-related expense primarily driven by our early exit from our previous New York office location in 2024, lower portfolio services and related expenses and lower other taxes, partially offset by a prior year recognition of a $20.8 million incentive grant received in connection with our headquarters relocation to Nashville, Tennessee. Promotion and servicing expenses decreased primarily due to lower trade execution costs driven by the Bernstein Research Services deconsolidation. Employee compensation and benefit expense increased due to higher commissions, partially offset by lower incentive compensation and base compensation.

Adjusted Operating Income, Margin and Net Income Per Unit

Fourth quarter 2025 adjusted operating income of $330 million decreased 7% from $354 million in the fourth quarter of 2024. Adjusted operating margin of 34.5% decreased 190 basis points from 36.4%.

Full year 2025 adjusted operating income of $1.2 billion increased 4% from $1.1 billion in 2024. Adjusted operating margin of 33.7% increased 140 basis points from 32.3%.

Fourth quarter 2025 adjusted net income per Unit was $0.96 as compared to $1.05 in the fourth quarter of 2024.

Full year adjusted net income per Unit was $3.33 as compared to $3.25 in 2024.

Headcount

As of December 31, 2025, we had 4,468 employees as compared with 4,341 employees as of December 31, 2024. Headcount was 4,457 as of September 30, 2025.

Unit Repurchases

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2025	2024	2025	2024
	(in millions)
Total amount of AB Holding Units Purchased/Retained⁽¹⁾	2.8	2.4	4.1	4.5
Total Cash Paid for AB Holding Units Purchased/Retained⁽¹⁾	$ 114.3	$ 84.5	$ 162.1	$ 156.2
Open Market Purchases of AB Holding Units Purchased⁽¹⁾	0.8	—	1.9	1.8
Total Cash Paid for Open Market Purchases of AB Holding Units⁽¹⁾	$ 29.8	$ —	$ 72.1	$ 60.1

⁽¹⁾Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.

Fourth Quarter 2025 Earnings Conference Call Information
Management will review Fourth Quarter 2025 financial and operating results during a conference call beginning at 7:30 a.m. (CT) on Thursday, February 5, 2026. The conference call will be hosted by Seth Bernstein, Chief Executive Officer; Tom Simeone, Chief Financial Officer; and Onur Erzan, President.

Parties may access the conference call by either webcast or telephone:

To listen by webcast, please visit AB’s Investor Relations website at https://www.alliancebernstein.com/corporate/en/investor-relations.html at least 15 minutes prior to the call to download and install any necessary audio software.
To listen by telephone, please dial (888) 440-3310 in the U.S. or +1 (646) 960-0513 outside the U.S. 10 minutes before the scheduled start time. The conference ID# is 6072615.

The presentation management will review during the conference call will be available on AB’s Investor Relations website shortly after the release of fourth quarter 2025 financial and operating results on February 5, 2026.

A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call.

Availability of 2025 Form 10-K

Unitholders may obtain a copy of our Form 10-K for the year ended December 31, 2025, available on February 12, 2026, in either electronic format or hard copy on www.alliancebernstein.com:

Download Electronic Copy: Unitholders can download an electronic version of the report by visiting the “Investor & Media Relations” page of our website at www.alliancebernstein.com/investorrelations and clicking on the “Reports & SEC Filings” section.
Order Hard Copy Electronically or by Phone: Unitholders may also order a hard copy of the report, which is expected to be available for mailing in approximately eight weeks, free of charge. Unitholders with internet access can follow the above instructions to order a hard copy electronically. Unitholders without internet access, or who would prefer to order by phone, can call 615-622-0000.

Cautions Regarding Forward-Looking Statements

Certain statements provided by management in this news release 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. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes 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 cause actual 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, available on February 12, 2026. Any or all of the forward-looking statements made in this news release, Form 10-K, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, 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 AB’s 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 possibility that AB will engage in open market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program: The number of AB Holding Units AB may decide to buy in future periods, if any, to help fund incentive compensation awards depends on various factors, some of which are beyond our control, including the fluctuation in the price of an AB Holding Unit (NYSE: AB) and the availability of cash to make these purchases.

Qualified Tax Notice

This announcement is intended to be a qualified notice under Treasury Regulation §1.1446-4(b)(4). Please note that 100% of AB Holding’s distributions to foreign investors is attributable to income that is effectively connected with a United States trade or business. Accordingly, AB Holding’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate, 37% effective January 1, 2018.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.

As of December 31, 2025, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 31.1% of AllianceBernstein and Equitable Holdings (“EQH”), directly and through various subsidiaries, owned an approximate 68.3% economic interest in AllianceBernstein.

Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com.

AB (The Operating Partnership)
US GAAP Consolidated Statement of Income (Unaudited)
(US $ Thousands)	Q4 2025	Q4 2024	% Change

GAAP revenues:
Base fees	$ 870,809	$ 829,296	5.0 %
Performance fees	87,374	168,725	(48.2 %)
Distribution revenues	210,400	198,859	5.8 %
Dividends and interest	33,936	37,872	(10.4 %)
Investments gains	238	1,912	(87.6 %)
Other revenues	35,848	38,662	(7.3 %)
Total revenues	1,238,605	1,275,326	(2.9 %)
Less: broker-dealer related interest expense	14,614	17,770	(17.8 %)
Total net revenues	1,223,991	1,257,556	(2.7 %)

GAAP operating expenses:
Employee compensation and benefits	479,574	500,778	(4.2 %)
Promotion and servicing
Distribution-related payments	206,574	197,310	4.7 %
Amortization of deferred sales commissions	21,331	17,831	19.6 %
Trade execution, marketing, T&E and other	48,372	47,902	1.0 %
General and administrative	142,875	159,764	(10.6 %)
Contingent payment arrangements	43	(1,066)	n/m
Interest on borrowings	5,503	6,370	(13.6 %)
Amortization of intangible assets	11,185	11,160	0.2 %
Total operating expenses	915,457	940,049	(2.6 %)
Operating income	308,534	317,507	(2.8 %)
Income taxes	15,033	14,755	1.9 %
Net income	293,501	302,752	(3.1 %)
Net income of consolidated entities attributable to non- controlling interests	1,541	2,975	(48.2 %)
Net income attributable to AB Unitholders	$ 291,960	$ 299,777	(2.6 %)


AB Holding L.P. (The Publicly-Traded Partnership)
SUMMARY STATEMENTS OF INCOME

(US $ Thousands)	Q4 2025	Q4 2024	% Change

Equity in Net Income Attributable to AB Unitholders	$ 89,761	$ 116,589	(23.0 %)
Income Taxes	7,957	11,155	(28.7 %)
Net Income	81,804	105,434	(22.4 %)
Net Income per Unit	$ 0.90	$ 0.94	(4.3 %)
Distribution per Unit	$ 0.96	$ 1.05	(8.6 %)

Units Outstanding	Q4 2025	Q4 2024	% Change
AB L.P.
Period-end	293,508,421	292,107,907	0.5 %
Weighted average – basic	291,888,777	286,218,616	2.0 %

AB Holding L.P.
Period-end	92,284,367	110,530,329	(16.5 %)
Weighted average – basic	90,664,000	112,735,281	(19.6 %)

AB (The Operating Partnership)
US GAAP Consolidated Statement of Income (Unaudited)

(US $ Thousands)	2025	2024	% Change
GAAP revenues:
Base fees	$ 3,346,239	3,171,175	5.5 %
Performance fees	185,251	270,964	(31.6) %
Bernstein research services¹	—	96,222	n/m
Distribution revenues	818,444	726,670	12.6 %
Dividends and interest	140,368	165,313	(15.1) %
Investments (losses) gains	(30,846)	(13,486)	(128.7) %
Other revenues	134,192	142,794	(6.0) %
Total revenues	4,593,648	4,559,652	0.7 %
Less: broker-dealer related interest expense	62,996	84,513	(25.5) %
Total net revenues	4,530,652	4,475,139	1.2 %

GAAP operating expenses:
Employee compensation and benefits	1,790,452	1,801,767	(0.6) %
Promotion and servicing
Distribution-related payments	813,188	742,429	9.5 %
Amortization of deferred sales commissions	83,514	57,983	44.0 %
Trade execution, marketing, T&E and other	162,611	182,146	(10.7) %
General & administrative	557,032	599,215	(7.0) %
Contingent payment arrangements	191	(121,896)	n/m
Interest on borrowings	28,271	43,509	(35.0) %
Amortization of intangible assets	44,918	45,913	(2.2) %
Total operating expenses	3,480,177	3,351,066	3.9 %

Operating income	1,050,475	1,124,073	(6.5) %
Gain on divestiture	—	134,555	n/m
Non-operating income	—	134,555	n/m
Pre-tax income	1,050,475	1,258,628	(16.5) %
Income taxes	61,600	65,143	(5.4) %

Net income	988,875	1,193,485	(17.1) %

Net income of consolidated entities attributable to non-controlling interests	6,386	20,238	(68.4) %

Net income attributable to AB Unitholders	$ 982,489	$ 1,173,247	(16.3) %

¹ On April 1, 2024, AB and Societe Generale, a leading European bank, completed their transaction to form a jointly owned equity research provider and cash equity trading partner for institutional investors. AB deconsolidated the Bernstein Research Services business and contributed the business to the joint venture.

AB Holding L.P. (The Publicly-Traded Partnership)
SUMMARY STATEMENTS OF INCOME

(US $ Thousands)	2025	2024	% Change
Equity in Net Income Attributable to AB Unitholders	$ 332,756	$ 461,949	(28.0) %
Income Taxes	32,920	38,575	(14.7) %
Net Income	299,836	423,374	(29.2) %
Net Income per Unit	$2.97	$3.71	(19.9) %
Distribution per Unit	$3.38	$3.26	3.7 %

Units Outstanding	2025	2024	% Change
AB L.P.
Period-end	293,508,421	292,107,907	0.5 %
Weighted average – basic	292,063,403	286,618,229	1.9 %
AB Holding L.P.
Period-end	92,284,367	110,530,329	(16.5) %
Weighted average – basic	101,068,941	114,124,881	(11.4) %

AllianceBernstein L.P.
ASSETS UNDER MANAGEMENT \| December 31, 2025
(US $ Billions)
Ending and Average		Three Months Ended
		12/31/25	9/30/25
	Ending Assets Under Management	$866.9	$860.1
	Average Assets Under Management	$865.1	$840.8

Three-Month Changes by Distribution Channel
		Institutions	Retail	Private Wealth Management	Total
	Beginning of Period	$ 351.4	$ 356.2	$ 152.5	$ 860.1

	Sales/New accounts	4.5	22.5	6.7	33.7
	Redemption/Terminations	(3.6)	(23.0)	(6.0)	(32.6)
	Net Cash Flows	(2.8)	(3.0)	—	(5.8)
	Net Flows	(1.9)	(3.5)	0.7	(4.7)
	Market Appreciation	4.7	3.7	3.1	11.5
	End of Period	$ 354.2	$ 356.4	$ 156.3	$ 866.9

Three-Month Changes by Investment Service
		Equity Active	Equity Passive ⁽¹⁾	Fixed Income Taxable	Fixed Income Tax- Exempt	Fixed Income Passive ⁽¹⁾	Alternatives /Multi- Asset Solutions ⁽²⁾	Total
	Beginning of Period	$ 281.3	$ 77.3	$ 214.3	$ 85.8	$ 10.1	$ 191.3	$ 860.1
	Sales/New accounts	11.8	0.7	8.6	7.3	—	5.3	33.7
	Redemption/Terminations	(15.5)	(0.9)	(10.2)	(3.8)	(0.5)	(1.7)	(32.6)
	Net Cash Flows	(3.9)	(0.8)	(0.4)	0.4	0.1	(1.2)	(5.8)
	Net Flows	(7.6)	(1.0)	(2.0)	3.9	(0.4)	2.4	(4.7)
	Market Appreciation	4.3	2.0	0.8	1.1	—	3.3	11.5
	End of Period	$ 278.0	$ 78.3	$ 213.1	$ 90.8	$ 9.7	$ 197.0	$ 866.9

Three-Month Net Flows by Investment Service (Active versus Passive)
		Actively Managed	Passively Managed ⁽¹⁾	Total
	Equity	$ (7.6)	$ (1.0)	$ (8.6)
	Fixed Income	1.9	(0.4)	1.5
	Alternatives/Multi-Asset Solutions ⁽²⁾	1.9	0.5	2.4
	Total	$ (3.8)	$ (0.9)	$ (4.7)


⁽¹⁾	Includes index and enhanced index services.
⁽²⁾	Includes certain multi-asset solutions and services not included in equity or fixed income services.

AllianceBernstein L.P.
ASSETS UNDER MANAGEMENT \| December 31, 2025
(US $ Billions)
Ending and Average		Twelve Months Ended
		12/31/25	12/31/24
	Ending Assets Under Management	$866.9	$792.2
	Average Assets Under Management	$826.0	$768.5

Twelve-Month Changes by Distribution Channel
		Institutions	Retail	Private Wealth Management	Total
	Beginning of Period	$ 321.4	$ 334.3	$ 136.5	$ 792.2
	Sales/New accounts	26.7	90.2	23.1	140.0
	Redemption/Terminations	(12.6)	(87.5)	(20.7)	(120.8)
	Net Cash Flows	(18.7)	(11.8)	—	(30.5)
	Net Flows	(4.6)	(9.1)	2.4	(11.3)
	Transfers	0.4	(0.1)	(0.3)	—
	Market Appreciation	37.0	31.3	17.7	86.0
	End of Period	$ 354.2	$ 356.4	$ 156.3	$ 866.9

Twelve-Month Changes by Investment Service
		Equity Active	Equity Passive ⁽¹⁾	Fixed Income Taxable	Fixed Income Tax- Exempt	Fixed Income Passive ⁽¹⁾	Alternatives /Multi- Asset Solutions ⁽²⁾	Total
	Beginning of Period	$ 263.4	$ 68.3	$ 209.3	$ 76.2	$ 10.3	$ 164.7	$ 792.2
	Sales/New accounts	44.2	4.4	45.8	26.6	0.2	18.8	140.0
	Redemption/Terminations	(55.7)	(2.9)	(40.6)	(15.4)	(0.7)	(5.5)	(120.8)
	Net Cash Flows	(11.0)	(3.0)	(14.3)	0.4	(0.7)	(1.9)	(30.5)
	Net Flows	(22.5)	(1.5)	(9.1)	11.6	(1.2)	11.4	(11.3)
	Transfers	0.5	(0.5)	—	—	—	—	—
	Market Appreciation	36.6	12.0	12.9	3.0	0.6	20.9	86.0
	End of Period	$ 278.0	$ 78.3	$ 213.1	$ 90.8	$ 9.7	$ 197.0	$ 866.9

Twelve-Month Net Flows by Investment Service (Active versus Passive)
		Actively Managed	Passively Managed ⁽²⁾	Total
	Equity	$ (22.5)	$ (1.5)	$ (24.0)
	Fixed Income	2.5	(1.2)	$ 1.3
	Alternatives/Multi-Asset Solutions⁽³⁾	10.6	0.8	$ 11.4
	Total	$ (9.4)	$ (1.9)	$ (11.3)

⁽¹⁾ Includes index and enhanced index services.

⁽²⁾Includes certain multi-asset solutions and services not included in equity or fixed income services.

By Client Domicile
		Institutions	Retail	Private Wealth	Total
	U.S. Clients	$ 278.7	$ 215.3	$ 152.9	$ 646.9
	Non-U.S. Clients	75.5	141.1	3.4	220.0
	Total	$ 354.2	$ 356.4	$ 156.3	$ 866.9

AB L.P.
RECONCILIATION OF GAAP FINANCIAL RESULTS TO ADJUSTED FINANCIAL RESULTS
			Three Months Ended					Twelve Months Ended
	(US $ Thousands, unaudited)		12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	2025	2024

	Net Revenues, GAAP basis		$ 1,223,991	$ 1,137,147	$ 1,088,907	$ 1,080,607	$ 1,257,556	$ 4,530,652	$ 4,475,139
		Exclude:
		Distribution-related adjustments:
		Distribution revenues	(210,400)	(210,658)	(198,367)	(199,020)	(198,859)	(818,444)	(726,670)
		Investment advisory services fees	(17,494)	(18,642)	(20,297)	(21,796)	(16,281)	(78,229)	(73,737)
		Pass through adjustments:
		Investment advisory services fees	(17,680)	(13,970)	(13,659)	(12,756)	(42,364)	(58,069)	(81,622)
		Other revenues	(17,510)	(15,433)	(15,203)	(15,835)	(18,742)	(63,979)	(68,939)
		Impact of consolidated company-sponsored investment funds	(1,886)	(7,059)	2,295	85	(1,126)	(6,565)	(17,974)
		Incentive compensation- related items	(1,059)	(2,404)	(9,821)	856	(8,058)	(12,428)	(14,410)
		Equity loss on investment	3,450	16,162	13,371	6,073	1,168	39,056	36,611
		(Gain) on other equity method investments	(4,105)	(471)	(2,792)	—	—	(7,368)	—
	Adjusted Net Revenues		$ 957,307	$ 884,672	$ 844,434	$ 838,214	$ 973,294	$ 3,524,626	$ 3,528,398

	Operating Income, GAAP basis		$ 308,534	$ 283,477	$ 222,094	$ 236,369	$ 317,507	$ 1,050,475	$ 1,124,073
		Exclude:
		Real estate	—	—	—	—	(206)	—	(825)
		Incentive compensation-related items	(554)	1,214	1,284	258	(198)	2,201	2,391
		EQH award compensation	229	344	426	246	291	1,246	1,088
		Retirement plan settlement (gain) loss	—	(2,442)	(581)	20,756	13,130	17,733	13,130
		Acquisition-related expenses (income)	18,431	12,545	13,224	12,803	19,292	57,002	(59,595)
		Equity loss on JVs	3,450	16,162	13,371	6,073	1,168	39,056	36,611
		(Gain) loss on other equity method investments	(4,105)	(471)	(2,792)	—	—	(7,368)	—
		AB Funds reimbursement (income) expense	—	(8,500)	14,296	—	—	5,796	—
		Interest on borrowings	5,503	7,167	8,463	7,138	6,370	28,271	43,509
		Sub-total of non-GAAP adjustments	22,954	26,019	47,691	47,274	39,847	143,937	36,309
		Less: Net income (loss) of consolidated entities attributable to non-controlling interests	1,541	7,129	(3,179)	895	2,975	6,386	20,238
	Adjusted Operating Income		$ 329,947	$ 302,367	$ 272,964	$ 282,748	$ 354,379	$ 1,188,026	$ 1,140,144
	Operating Margin, GAAP basis excl. non-controlling interests		25.1 %	24.3 %	20.7 %	21.8 %	25.0 %	23.0 %	24.7 %
	Adjusted Operating Margin		34.5 %	34.2 %	32.3 %	33.7 %	36.4 %	33.7 %	32.3 %

AB Holding L.P.
RECONCILIATION OF GAAP EPU TO ADJUSTED EPU
			Three Months Ended					Twelve Months Ended
	($ Thousands except per Unit amounts, unaudited)		12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	2025	2024
	Net Income – GAAP basis		$ 81,804	$ 73,751	$ 70,248	$ 74,034	$ 105,434	$ 299,836	$ 423,374
	Impact on net income of AB non- GAAP adjustments		5,129	5,695	13,630	14,128	12,465	37,020	(52,531)
	Adjusted Net Income		$ 86,933	$ 79,446	$ 83,878	$ 88,162	$ 117,899	$ 336,856	$ 370,843
	Net Income per Holding Unit, GAAP basis		$ 0.90	$ 0.79	$ 0.64	$ 0.67	$ 0.94	$ 2.97	$ 3.71
	Impact of AB non-GAAP adjustments		0.06	0.07	0.12	0.13	0.11	0.36	(0.46)
	Adjusted Net Income per Holding Unit		$ 0.96	$ 0.86	$ 0.76	$ 0.80	$ 1.05	$ 3.33	$ 3.25

AB
Notes to Consolidated Statements of Income and Supplemental Information
(Unaudited)

Adjusted Net Revenues

Net Revenue, as adjusted, is reduced to 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. For certain products, based on the distinct arrangements, certain distribution fees are collected by us and passed through to third-party client intermediaries, while for certain other products, we collect investment advisory services fees and a portion is passed through to third-party client intermediaries. In both arrangements, the third-party client intermediary owns the relationship with the client and is responsible for performing services and distributing the product to the client on our behalf. We believe offsetting distribution revenues and certain investment advisory services fees is useful for our investors and other users of our financial statements because 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. Distribution-related adjustments fluctuate each period based on the type of investment products sold, as well as the average AUM over the period. Also, we adjust distribution revenues for the amortization of deferred sales commissions as these costs, over time, will offset such revenues.

We adjust investment advisory and services fees and other revenues for pass through costs, primarily related to our transfer agent and shareholder servicing fees. Also, we adjust for certain investment advisory and service fees passed through to our investment advisors. We also adjust for certain pass through costs associated with the transition of services to the JVs entered into with Societe Generale (“SocGen”). These amounts are expensed by us and passed to the JVs for reimbursement.These fees do not affect operating income, as such, we exclude these fees from adjusted net revenues.

We adjust for the revenue impact of consolidating company-sponsored investment funds by eliminating the consolidated company-sponsored investment funds’ revenues and including AB’s fees from such consolidated company-sponsored investment funds and AB’s investment gains and losses on its investments in such consolidated company-sponsored investment funds that were eliminated in consolidation.

Adjusted net revenues exclude investment gains and losses and dividends and interest on employee long-term incentive compensation-related investments. Also, we adjust for certain acquisition related pass through performance-based fees and performance related compensation.

We also 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 sidecars, as we don’t consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. 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 net revenues.

Adjusted Operating Income

Adjusted operating income represents operating income on a US GAAP basis excluding (1) real estate charges (credits), (2) the impact on net revenues and compensation expense of the investment gains and losses (as well as the dividends and interest) associated with employee long-term incentive compensation-related investments, (3) the equity compensation paid by EQH to certain AB executives, as discussed below, (4) retirement plan settlement (gain) loss, (5) acquisition-related expenses (income), (6) income (loss) related to our equity method investments, (7) AB Funds reimbursement (income) expense, (8) interest on borrowings and (9) the impact of consolidated company-sponsored investment funds.

Real estate charges (credits) incurred 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. However, beginning in the fourth quarter of 2019, real estate charges (credits), while excluded in the period in which the charges (credits) are recorded, are included ratably over the remaining applicable lease term.

Prior to 2009, a significant portion of employee compensation was in the form of long-term incentive compensation awards that were notionally invested in AB investment services and generally vested over a period of four years. AB economically hedged the exposure to market movements by purchasing and holding these investments on its balance sheet. All such investments had vested as of year-end 2012 and the investments have been delivered to the participants, except for those investments with respect to which the participant elected a long-term deferral. Fluctuation in the value of these investments is recorded within investment gains and losses on the income statement. Management believes it is useful to reflect the offset achieved from economically hedging the market exposure of these investments in the calculation of adjusted operating income and adjusted operating margin. The non-GAAP measures exclude gains and losses and dividends and interest on employee long-term incentive compensation-related investments included in revenues and compensation expense.

The board of directors of EQH granted to Seth P. Bernstein, our CEO, equity awards in connection with EQH’s IPO. Additionally, equity awards were granted to Mr. Bernstein and other AB executives for their membership on the EQH Management Committee. These individuals may receive additional equity or cash compensation from EQH in the future related to their service on the Management Committee. Any awards granted to these individuals by EQH are recorded as compensation expense in AB’s consolidated statement of income. The compensation expense associated with these awards has been excluded from our non-GAAP measures because they are non-cash and are based upon EQH’s, and not AB’s, financial performance.

The (gains) losses associated with the termination of our defined benefit retirement plan are non-cash, short term in nature and not considered a part of our core operating results when comparing financial results from period to period.

Acquisition-related expenses (income) 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 (income) include professional fees, the recording of changes in estimates or fair value remeasurements to, and accretion expense related to, our contingent payment arrangements associated with our acquisitions, certain compensation-related expenses and amortization of intangible assets for contracts acquired. During the three months ended September 30, 2024 we recognized a gain of $128.5 million in the condensed consolidated statement of income related to a fair value adjustment of the contingent payment liability associated with our acquisition of AB Carval in 2022. The fair value adjustment was due to updated assumptions of future performance associated with the liability.

We also adjust operating income to exclude our portion of the equity income or loss associated with our equity method investments, including our investment in the JVs and reinsurance sidecars, as we don’t consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. 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.

During the first quarter of 2025, we identified an error in the billing practices of a third-party service provider, who had over billed certain AB mutual funds for omnibus account services, sub-accounting services, and related transfer agency expenses in prior years. In the second quarter, at the request of the mutual fund Board, AB agreed to reimburse the affected funds for the entirety of the overpayment plus interest. During the third quarter, we resolved this matter with the service provider and recovered a portion of the overbilled amounts. We have adjusted operating income to exclude these amounts. We believe adjusting for these costs is useful for our investors and other users of our financial statements as such presentation appropriately reflects the non-core nature of this expenditure or recovery.

We adjust operating income to exclude interest on borrowings in order to align with our industry peer group.

We adjusted for the operating income impact of consolidating certain company-sponsored investment funds by eliminating the consolidated company-sponsored funds’ revenues and expenses and including AB’s revenues and expenses that were eliminated in consolidation. We also excluded the limited partner interests we do not own.

Adjusted Operating Margin

Adjusted operating margin allows us to monitor our financial performance and efficiency from period to period without the volatility noted above in our discussion of adjusted operating income 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.

SOURCE AllianceBernstein

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February 5, 2026

Top health innovation role for Gates Cambridge Scholar

Lina Scroggins has been named chief product officer at a leading US healthcare company.

My first job is to listen. Our patients show us every day what’s working and what isn’t. I want to understand their experiences so we can make care easier at every step and create a path that truly supports them.

Lina Scroggins

Gates Cambridge Scholar Mercy Lina Scroggins has been appointed chief product officer at leading US health firm Mercy.

Lina [2005], who did her MPhil in Biological Science, has been working for nearly two decades for Google, where she helped shape Google Health and led digital transformation projects for major health systems. Her work focused on creating tools that make care easier to access and more personalised.

Mercy is one of the 15 largest US health systems, serving millions annually. It has 55 acute care and specialty (heart, children’s, orthopaedic and rehab) hospitals, convenient and urgent care locations, imaging centres and pharmacies. It also has over 1,000 physician practice locations and outpatient facilities, more than 5,000 physicians and advanced practitioners and more than 50,000 caregivers serving patients and families across Arkansas, Illinois, Kansas, Missouri and Oklahoma. In addition, Mercy runs clinics, outpatient services and outreach ministries in Arkansas, Louisiana, Mississippi and Texas.

Lina’s role will be to make health care simpler and more connected for patients. She will lead efforts to improve online tools like mercy.net, the MyMercy app and the contact centre, ensuring patients can connect to care quickly and conveniently.“Roles like this are uncommon in healthcare, but innovation is truly part of Mercy’s DNA,” said Steve Mackin, Mercy’s president and CEO. “Lina has a remarkable ability to turn big ideas into practical solutions that make care easier for our patients. Her leadership will elevate the digital experience across Mercy – from scheduling to follow-up care – helping create a seamless, flexible and friction-free journey for every patient we serve.”

Lina said: “My first job is to listen. Our patients show us every day what’s working and what isn’t. I want to understand their experiences so we can make care easier at every step and create a path that truly supports them.”

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February 5, 2026
Hydrogen Europe

Italy has formally transposed the European Union’s Renewable Energy Directive III (RED III) into national law, reinstating binding targets for renewable fuels of non-biological origin (RFNBO), including renewable hydrogen, in both industry and transport. The implementing decree, dated January 9 and published in the Official Gazette on January 20, will enter into force on February 4. In doing so, the government has followed the EU text to the letter, confirming that Italy will apply the same green hydrogen mandates set at European level.

The move closes a politically sensitive chapter that opened last autumn, when the RFNBO targets unexpectedly disappeared from an earlier draft of the decree submitted to the Council of Ministers. At the time, H2IT publicly criticised the omission. The government later explained that the Court of Auditors had raised concerns over the proposed financial coverage — in particular the reliance on ETS revenues, judged too unpredictable — while the Ministry of the Environment and Energy Security (MASE) reiterated its political commitment to restoring the targets. That commitment has now been delivered.

In the final text, Article 8 explicitly links hydrogen incentives to ETS revenues, stating that “from 2026, an annual share of the proceeds deriving from the auctioning of the emission allowances of CO₂ (referred to in Article 23 of Legislative Decree 9 June 2020, No. 47), under the responsibility of the Ministry of the Environment and Energy Safety, is aimed as a priority to incentive measures functional to the achievement of the objectives of use of renewable fuels of non-biological origin, including renewable hydrogen.” This provision resolves the funding question that had stalled the earlier draft and anchors RFNBO support within Italy’s climate finance framework.

Click here to read more

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February 5, 2026
Valeo and Anritsu Join Forces to Accelerate the Digital Twin Validation in Software-Defined Vehicles

Valeo Group | 5 Feb, 2026
| 5 min

About Valeo
Valeo is a technology company and partner to all automakers and new mobility players worldwide. Valeo innovates to make mobility safer, smarter and more sustainable. Valeo enjoys technological and industrial leadership in electrification, driving assistance systems, reinvention of the interior experience and lighting everywhere. These four areas, vital to the transformation of mobility, are the Group’s growth drivers.
Valeo in figures: 21.5 billion euros in sales in 2024 | 106,100 employees, 28 countries, 155 plants, 64 research and development centers and 19 distribution platforms on February 28, 2025. Valeo is listed on the Paris Stock Exchange.
Learn more at www.valeo.com

Media Contacts
Dora Khosrof | +33 7 61 52 82 75
Caroline De Gezelle | + 33 7 62 44 17 85
press-contact.mailbox@valeo.com

Investor Relations
+33 1 40 55 37 93
valeo.corporateaccess.mailbox@valeo.com

About Anritsu
ANRITSU CORPORATION (www.anritsu.com) a global provider of innovative communications test and measurement solutions for 130 years. Anritsu’s philosophy engages customers as true partners to help develop wireless, optical, microwave/RF, and digital solutions for R&D, manufacturing, installation, and maintenance applications, as well as multidimensional service assurance solutions for network monitoring and optimization. Anritsu also provides precision microwave/RF components, optical devices, and high-speed electrical devices for communication products and systems. The company develops advanced solutions for 5G, M2M, IoT, as well as other emerging and legacy wireline and wireless communication markets. Headquartered in Japan, Anritsu has approximately 4,000 employees across its offices in the Americas, EMEA, Asia, and other regions worldwide.

Media Contacts
Enrico Brinciotti | Anritsu EMEA
Director – Engineering & Technology and Marcom
enrico.brinciotti@anritsu.com | +39 06 50997105
www.anritsu.com

Suzy Kenyon | Napier Partnership Limited
Director
suzy@napierb2b.com | +44 (0) 1243 531123
www.napierb2b.com

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February 5, 2026
Asian shares drop after Wall Street retreats thanks to sinking tech stocks

Asian shares slipped Thursday after more drops for technology stocks weighed on Wall Street.

U.S. futures edged higher and oil prices sank more than $1 a barrel.

Tokyo’s Nikkei 225 shed 0.7% to 53,935.77, while the Kospi in South Korea skidded 3.2%, to 5,199.47.

Chinese markets also retreated, with Hong Kong’s Hang Seng falling 1.2% to 26,516.38. The Shanghai Composite index gave up 0.8% to 4,069.27.

Australia’s S&P/ASX 200 fell 0.3% to 8,902.20, while Taiwan’s Taiex lost 1.1%.

On Wednesday, the S&P 500 fell 0.5% for its fifth modest loss in the last six days, closing at 6,882.72. The Dow Jones Industrial Average rose 0.5% to 49,501.30 and the Nasdaq composite sank 1.5% to 22,904.58.

More than twice as many stocks rose within the S&P 500 than fell, but sinking technology stocks weighed on the index for a second straight day.

Advanced Micro Devices dropped 17.3% even though the chip company reported a stronger profit for the latest quarter than analysts expected. It also gave a forecast for revenue for the start of 2026 that topped analysts’ expectations, but that may not have satisfied investors after its stock doubled over the last 12 months.

Tech stocks are under pressure even when they deliver stronger-than-expected profits after their prices shot higher as they’ve grown to dominate markets. Companies like software makers, meanwhile, are struggling with questions about whether they’ll lose in the future to competitors powered by artificial-intelligence technology.

Uber Technologies also dragged on the market after falling 5.1%. The ride-hailing company reported results for the latest quarter that fell short of analysts’ expectations. It also gave a forecast for profit in the current quarter that was below analysts’ expectations, while naming a new chief financial officer.

Some tech stocks nevertheless climbed, including a 13.8% rise for Super Micro Computer. The company, which sells AI servers and other equipment, delivered a stronger profit for the latest quarter than analysts expected.

Eli Lilly rallied 10.3% after topping analysts’ expectations for profit in the latest quarter. It’s been riding big growth created by its Mounjaro and Zepbound products for diabetes and weight loss.

Match Group climbed 5.9% after reporting better results than analysts expected and increasing its dividend.

Walmart edged up by 0.2%, a day after its total market value topped $1 trillion for the first time. The retailer has broken into a small club dominated by Big Tech companies like Nvidia and Apple, which are each worth more than $4 trillion.

Gold and silver prices rose after paring bigger, early gains. Gold added 0.3% to settle at $4,950.80 per ounce after earlier climbing back above the $5,000 mark. It’s been swinging sharply after roughly doubling in price over 12 months. It neared $5,600 last week and then fell below $4,500 on Monday.

Silver’s price, which has been on an even wilder ride, rose 1.3%.

Their prices had surged as investors looked for safer places to keep their money amid worries about everything from tariffs to a weaker U.S. dollar to heavy debt loads for governments worldwide. But critics said their prices rose too far, too fast and were due for a pullback.

Treasury yields held relatively steady following a couple mixed reports on the U.S. economy.

One from ADP Research suggested that U.S. employers outside of the government hired fewer workers last month than economists expected.

A second from the Institute for Supply Management said that growth for health care, construction and other U.S. services businesses continued in January at the same pace that economists expected. It indicated, though, that prices paid by U.S. services businesses rose at a faster rate in January, which could be a discouraging signal for inflation.

In other dealings early Thursday, U.S. benchmark crude oil fell $1.19 to $63.95 per barrel. Brent crude, the international standard, lost $1.24 to $68.22 per barrel.

The dollar rose to 156.83 Japanese yen from 156.80 yen. The euro fell to $1.1795 from $1.1804.

___

AP Business Writers Stan Choe and Matt Ott contributed.

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February 5, 2026

Renesas Announces Consolidated Forecasts | Renesas

TOKYO, Japan ― Renesas Electronics Corporation (TSE: 6723,”Renesas”), a premier supplier of advanced semiconductor solutions, today announced the consolidated financial forecasts for the three months ending March 31, 2026.

Renesas Group (“the Group”) reports its consolidated forecasts on a quarterly basis as a range because of the difficulty of forecasting full-year results with high accuracy due to the short-term volatility of the semiconductor market. Additionally, in order to provide useful information to better understand the Group’s constant business results, figures such as revenue, gross margin and operating margin are presented in the non-GAAP format, which excludes or adjusts the non-recurring items related to acquisitions and other adjustments including non-recurring expenses or income from the financial figures (GAAP, IFRS basis) following a certain set of rules. The gross margin and operating margin forecasts are given assuming the midpoint in the revenue forecast.

1. Consolidated forecasts for the three months ending March 31, 2026
(January 1, 2026 to March 31, 2026)

In millions of yen

	Non-GAAP Revenue	Non-GAAP Gross Margin	Non-GAAP Operating Margin
Previous forecasts	—	—	—
Forecasts as of February 5, 2026	367,500 to 382,500	58.5%	32.0%
Increase (decrease)	—	—	—
Percent change	—	—	—
Reference: Corresponding period of the previous year (January 1, 2025 to March 31, 2025)	308,777	56.7%	27.1%

Note: Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS basis) figures following a certain set of rules. The Group believes non-GAAP measures provide useful information in understanding and evaluating the Group’s constant business results, and therefore forecasts are provided on a non-GAAP basis. This adjustment and exclusion include the amortization of intangible assets recognized from acquisitions, other PPA (purchase price allocation) adjustments and stock-based compensation, as well as other non-recurring expenses and income the Group believes to be applicable.

The consolidated forecasts for the three months ending March 31, 2026 are calculated at the rate of 154 yen per USD and 182 yen per Euro.

Refer to Renesas’ earnings report “Renesas Reports Financial Results for the Year Ended December 31, 2025” issued on February 5, 2026 for more details.

The statements with respect to the financial outlook of the Group are forward-looking statements involving risks and uncertainties. The Group cautions that actual results may vary materially from such forward-looking statements due to several important factors listed in the “Forward-Looking Statements” below.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, X, YouTube, and Instagram.

(FORWARD-LOOKING STATEMENTS)

The statements in this press release with respect to the plans, strategies and financial outlook of Renesas and its consolidated subsidiaries (collectively “we”) are forward-looking statements involving risks and uncertainties. Such forward-looking statements do not represent any guarantee by management of future performance. In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “continue,” “endeavor,” “estimate,” “expect,” “initiative,” “intend,” “may,” “plan,” “potential,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target,” “will” and similar expressions to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements discuss future expectations, identify strategies, contain projections of our results of operations or financial condition, or state other forward-looking information based on our current expectations, assumptions, estimates and projections about our business and industry, our future business strategies and the environment in which we will operate in the future. Known and unknown risks, uncertainties and other factors could cause our actual results, performance or achievements to differ materially from those contained or implied in any forward-looking statement, including, but not limited to, general economic conditions in our markets, which are primarily Japan, North America, Asia, and Europe; demand for, and competitive pricing pressure on, products and services in the marketplace; ability to continue to win acceptance of products and services in these highly competitive markets; and fluctuations in currency exchange rates, particularly between the yen and the U.S. dollar. Among other factors, downturn of the world economy; deteriorating financial conditions in world markets, or deterioration in domestic and overseas stock markets, may cause actual results to differ from the projected results forecast.

This press release is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither we nor our advisors or representatives are under an obligation to update, revise or affirm.

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February 5, 2026

Silver resumes its slide, plunging 13%, after short-lived rebound

Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, Jan. 10, 2025.

Angelika Warmuth | Reuters

Silver prices slid as much as 16% on Thursday, snapping a two-day rebound, as the white metal continues to reel from excessive volatility.

Spot silver prices are were last down 13% at $76.97 per ounce, while futures in New York were over 8% lower at $77.28 per ounce.

Silver had been on a record-breaking spree before crashing almost 30% last Friday. In 2025, it gained about 146%, data from LSEG showed.

Analysts point to speculative flows, leveraged positioning and options-driven trading, rather than physical demand, as key drivers of the recent price swings.

“As prices fell, dealer hedging flipped from buying into strength to selling into weakness, investor stop-outs were triggered, and losses cascaded through the system,” Goldman Sachs said in a note on Wednesday.

Silver prices in the past one year

Silver’s correction has been larger than gold’s due to tighter liquidity conditions in the London market, which magnified price swings.

Goldman added that the timing of the volatility suggested Western flows, rather than Chinese speculation, are behind much of the build-up and unwind, noting that most of the more violent moves occurred while Chinese futures markets were closed.

The volatility in silver prices has drawn growing comparisons to meme stocks such as GameStop, the video-game retailer that became a global phenomenon in 2021 after retail traders on Reddit piled in en masse, sending its shares soaring far beyond what traditional valuation models could justify.

Rhona O’Connell, head of market Intelligence at StoneX, warned that prices had detached from sustainable levels.

“Silver was massively over-valued and in a self-fulfilling frenzy; it is however notoriously fickle and its history is littered with examples of price crashes,” she said. “At present it is behaving like Icarus and to extend the analogy there is a strong risk of other buyers getting burned.”

Spot gold and futures declined a little over 1% to $4,887.03 and $4,887.40 per ounce, respectively.

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February 5, 2026

Leapfrogging China’s Critical Minerals Dominance

Recommendations

To support innovation, the United States and its allies should take steps in three areas: international policy collaboration, private-sector collaboration, and international funding sector coordination.

To collaborate on international policy, the United States and its allies should:

Prioritize a set of high-impact technologies and adopt fast-moving strategies that prioritize critical gaps and opportunities in the minerals value chain. The Japanese model offers a clear blueprint. Sustained public-private investment has driven Japanese global leadership in high-efficiency hydrometallurgy, high-purity magnet materials, and mining e-waste with a targeted focus on rare-earth elements. Building on this foundation, the United States and its allies should jointly fund commercial-scale processing and recycling projects, accelerate next-generation separation and magnetic recovery technologies, and deepen geological collaboration—including research on deep-sea mineral resources through bilateral mechanisms.
Designate national laboratories in the United States and allied countries as core pillars of the innovation ecosystem, particularly in mineral separation science, metallurgy, advanced materials, recycling, and recovery. The United States and its allies should establish formal mechanisms to better integrate National Labs with private firms, start-ups, and allied research institutions. These mechanisms would enable shared access to facilities, coordinated research agendas, and faster translation of laboratory breakthroughs into commercial applications.
Deploy coordinated measures to protect critical mineral and REE markets in the United States and allied countries from nonmarket policies and unfair trade practices to support the economic viability of technologies and related projects. Measures could include ensuring that countries that meet certain standards, including price standards, are eligible for market access in the United States and allied countries. This policy would be consistent with the G7 Action Plan and bilateral agreements that the Trump administration has agreed to with Australia, Japan, and Malaysia.

To improve private-sector collaboration, the United States and its allies should:

Make the private sector, particularly major mining and materials companies, central partners in technology scaling. Large firms play a critical role by providing real-world test environments, infrastructure, and operational expertise that significantly reduce technical and commercial risk. Allied governments should encourage structured partnership models between incumbents and emerging technology developers.
Leverage allied government and industry resources to address the acute shortage of pilot- and demonstration-scale facilities. China has invested heavily in shared-use pilot infrastructure that allows multiple firms to test technologies at scale before committing to full commercial development. Establishing similar shared pilot facilities, be it publicly funded, privately operated, or structured as hybrid partnerships, could dramatically lower costs and speed deployment, particularly for capital-intensive processes where furnace construction and specialized equipment represent the largest barriers to scale.

To coordinate international funding mechanisms, the United States and its allies should:

Create a G7 Innovation Fund or G7 Production Alliance Fund dedicated to co-financing critical minerals innovation across member states. This mechanism could function as a “plurilateral In-Q-Tel,” pooling capital and expertise from multiple federal agencies alongside equivalent agencies from allied countries, sovereign wealth funds, private equity and venture capital firms, and corporate venture funds. Cost-sharing and risk-pooling would reduce downside risk, align national security and commercial objectives, and impose market discipline at each stage of development. It would also empower sovereign investment vehicles, export credit agencies, and development finance institutions to blend domestic capital with allied funding in priority supply chains. These tools are uniquely suited to lower investment risk for private investors, mobilize large pools of capital, and accelerate scale while reinforcing shared strategic objectives across allied ecosystems.
Streamline innovation funding and application processes with shared platforms to ensure that start-ups and small companies can access grants, loans, and investment programs in one another’s economies. Simplifying requirements, harmonizing procedures across allied funding sources, and reducing administrative burdens can help unlock the next generation of mineral technologies. At the same time, allies should establish bilateral and plurilateral investment coordination platforms—particularly among the United States, Australia, Canada, Japan, the G7, and other partners—and allow early-stage funding to operate beyond strictly domestic constraints. Agencies such as the Department of Energy, Department of Defense, and DFC should have the flexibility to coinvest internationally to strengthen shared supply chain resilience.
Establish an open solicitation platform for critical mineral technologies that provides predictable pathways from early-stage ideation to commercialization. This process could begin with small grants (for example, $150,000) for proof-of-concept work, scale to multimillion-dollar awards for piloting and demonstration projects, and grow to access other public-private support, such as offtake arrangements tied to performance milestones.
Align and enact government policy to support allied mineral recovery and recycling, where upfront capital requirements often deter private investment despite strong economic trajectories. Targeted co-investment, risk-reducing guarantees, and well-designed tax incentives can help mining and materials companies justify investments in recovery circuits, recycling infrastructure, and circular processing systems that would otherwise remain stranded.

The United States will not secure its critical mineral future through traditional mining and processing alone. While expanding extraction and refining capacity is necessary, it is insufficient to overcome China’s structural advantages in technology, cost, and scale. The area in which the United States can most credibly compete, and potentially overcome its disadvantage, is innovation. The most promising way to leapfrog China’s entrenched position is for the U.S. government to maximize breakthrough materials engineering, advanced extraction and processing technologies, waste recovery, and recycling. Those innovations are already emerging across the private sector, National Labs, universities, and early-stage companies, driven in part by heightened policy attention to national and economic security. Yet innovation in this sector is uniquely fragile. Even technically successful companies can fail not because their technologies do not work, but because they slide into one of several persistent valleys of death that interrupt progress between the stages of discovery, pilot, and commercial scale.

Closing those valleys of death requires a stronger domestic funding ecosystem, reformed policies, and deeper allied coordination. Private capital alone cannot reliably bridge the multiple gaps facing frontier mineral technologies, particularly when timelines are long, the risks are greater, and returns depend on system-wide adoption rather than firm-level success. Government support is therefore not a substitute for markets but a necessary catalyst to spur private investment, reduce risk, and shorten scaling timelines.

At the same time, the United States should not innovate in isolation. While the United States brings comparative strengths in R&D, entrepreneurship, and capital formation, many U.S. allies have greater expertise in mining, processing, and industrial scaling. The United States needs a coordinated policy and financing architecture that treats innovation not as an afterthought but as the primary means by which it and its allies can leapfrog China in critical minerals—and secure the material foundations of economic and strategic strength.

Appendix I: President Trump’s Executive Orders on Critical Minerals

EO 14154, “Unleashing American Energy”	Directs the secretary of the interior to prioritize geologic mapping and to instruct USGS to consider updating its critical mineral list
EO 14156, “Declaring a National Energy Emergency”	Directs department heads and executives to identify and exercise any lawful emergency authorities to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources
EO 14213, “Establishing the National Energy Dominance Council”	Establishes the NEDC as an advisory mechanism for the president, focusing on improving the process for permitting, production, generation, distribution, regulation, transportation, and export of critical minerals and energy as a whole
EO 14241, “Immediate Measures to Increase American Mineral Production”	Aims to facilitate production for minerals classified as “critical,” in addition to uranium, copper, potash, gold, and others determined by the chair of the NEDC
EO 14261, “Reinvigorating America’s Beautiful Clean Coal Industry”	Directs the secretaries of energy and the interior to determine if coal should qualify as a “critical mineral” under the Energy Act of 2020, and to take steps to place coal on the Critical Minerals List if it does
EO 14285, “Unleashing America’s Offshore Critical Minerals Resources”	Sets forth a new policy to advance seabed mineral development

Appendix II: The Mineral Technology Valleys of Death

Technology Valley of Death: Between early scientific discovery and a reliable, engineered process capable of producing materials at quality and scale. Many breakthrough concepts emerge from universities or National Labs, yet few transition into robust pilot systems. Government grants typically fund this stage.

Pilot-Scale and Validation Valley of Death: Once a technology is proven for potential commercialization, scientists and entrepreneurs face a second gap: financing and operating a pilot or demonstration. This stage is where most mineral innovations fail. Pilot facilities are capital intensive, technically risky, and too small to generate revenue. Yet without a pilot plant, technologies cannot produce the data required for customer qualification, engineering validation, or eventual bankability. Following the pilot, customer qualification and engineering validation are costly and time consuming, but necessary to prove the technology works.

Commercialization Valley of Death: Once a technology works and is validated, the company needs to attract enough seed or Series A capital to build the first commercial facility. This is the most acute bottleneck in the mineral supply chain. Investors often demand evidence that cannot be generated without a commercial facility, creating a catch-22.

Profitability Valley of Death: Even after a first commercial plant is built, a final gap remains: achieving cost-competitive, sustained profitability, especially in the face of cyclical minerals markets that are dominated by incumbents with massive scale and often influenced by China’s subsidized pricing. New producers face years of price volatility, qualification requirements with customers, ramp-up inefficiencies, and competition from artificially low-cost Chinese production. Many firms reach commercial output only to struggle with margins that cannot support continuing operations or expansion or attract follow-on investment.

We are grateful for the thoughtful comments of Council on Foreign Relations (CFR) President Mike Froman, Senior Vice President and Director of Studies Shannon O’Neil, and Associate Vice President of Studies Stuart Reid. For their insights over six sessions from June 2025 to December 2025, we are indebted to the members of the CFR/Silverado Study Group on Strategic Leapfrogging Through the Critical Minerals Crisis. We benefited immensely from insightful presentations and enthusiastic interventions by study group members, which included a cross section of bipartisan policymakers, scientists and national labs, investors, early-to-growth stage companies, and industry leaders focused on actionable strategies the United States should pursue to quickly advance new generations of technology that could change the critical minerals chessboard entirely. It was a privilege to convene with such an engaged, mission-driven cohort.

For full disclosure, this report includes a number of references to companies whose representatives were in the study group—including the three case studies. Those companies are Alta Resources Technologies, Element3, Glencore, In-Q-Tel, Lilac Solutions, MP Materials, Niron Magnetics, Orion Industrial Ventures, Phoenix Tailings, ReElement Technologies, Rio Tinto, TechMet, and Vulcan Elements. These references were intended to provide illustrative examples supporting our analysis and recommendations. But the companies and their representatives had no editorial control over the report in general or the passages mentioning them in specific. Nor did they provide financial support; CFR does not accept funding from corporations for individual research projects.

Our special thanks to CFR research associates A.J. Dilts, Turner Ruggi, and Michael Weilandt for their exceptional research support and seamless administrative coordination, and to Patricia Dorff and Caitlin Moran for their guidance and editorial contributions.

Our special thanks to Silverado Policy Accelerator CEO Sarah Stewart; Senior Policy Analyst David Kelm; and Vice President of Research and Analysis Andrew David.

Heidi Crebo-Rediker is a senior fellow for geoeconomics at the Council on Foreign Relations, specializing in economic security, economic competitiveness, and international finance. She directs CFR’s Roundtable Series on Global Political Economy. Previously, Crebo-Rediker served in the Obama administration as the State Department’s first chief economist. She provided strategic advice to two secretaries of state on the integration of economics and finance with geopolitics to help craft and launch “economic statecraft” in the Obama administration. Before this, she served as the chief of international finance and economics for the Senate Committee on Foreign Relations. Over her previous, nearly two-decade investment banking career based in Europe as a managing director at several investment banks, she managed businesses including sovereign and public-sector banking, European debt capital markets, emerging markets debt capital markets, and corporate finance. Her areas of industry focus were energy and mining, financial services, and telecommunications. She began her career in energy merchant banking and investing in Russia/CIS. Crebo-Rediker holds a BA from Dartmouth College and MSc from the London School of Economics.

Mahnaz Khan is vice president of policy for critical supply chains at Silverado Policy Accelerator, where she leads the organization’s critical minerals portfolio. Her work focuses on developing innovative trade policy strategies and analyzing the geopolitical and economic security dimensions of critical mineral supply chains. Prior to joining Silverado in 2024, Khan spent fourteen years as a career civil servant in U.S. trade policy, serving at the Office of the U.S. Trade Representative, the U.S. International Trade Commission, and the Department of Commerce. She also serves as a nonresident senior fellow at the Atlantic Council’s GeoTech Center. She holds a BS in business administration from Boston University and a JD from Chicago-Kent College of Law.t

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February 5, 2026

Construction of Fukui Murata Manufacturing’s New Ceramic Capacitor R&D Center Completed

05/02/2026

Murata Manufacturing Co., Ltd.
President: Norio Nakajima

Fukui Murata Manufacturing Co., Ltd. (Echizen City, Fukui Prefecture), a manufacturing subsidiary of Murata Manufacturing Co., Ltd., began constructing the Ceramic Capacitor R&D Center, a new research and development base, in November 2023. The construction is now completed, and a completion ceremony was held on Thursday, February 5, 2026. The center is scheduled to open on Monday, March 30, 2026.

The establishment of the Ceramic Capacitor R&D Center is aimed at improving Murata’s technological capabilities in the development and manufacturing of ceramic capacitors, its core business. By creating a cutting-edge environment dedicated to research and development, Murata aims to facilitate higher-level R&D activities and nurture engineers. The center will also collaborate with other Murata sites and partner companies to strengthen Murata’s manufacturing capabilities across the entire manufacturing process from product development to mass production.
Going forward, Murata will continue to pursue the enhancement of its technological capabilities in order to provide innovative products and technologies to society and contribute to further growth in the electronics market.

Overview of completion ceremony

Date/Time:	10:00 a.m. to 11:20 a.m. on Thursday, February 5, 2026
Location:	Ceramic Capacitor R&D Center Fukui Murata Manufacturing Co., Ltd.
Guests:	Mio Washizu, lieutenant Governor of Fukui Prefecture Yoichi Koizumi, Acting Mayor and Deputy Mayor of Echizen City (And others)
Attendees from Murata:	Nagato Omori, Executive Vice President, Ceramic Capacitor Business Unit, Murata Manufacturing Co., Ltd. Naoya Hatao, President and Representative Director, Fukui Murata Manufacturing Co., Ltd. (And others)

Overview of facility

Address:	Oyacho, Echizen City, Fukui Prefecture *To be appended at a later date due to registration of land-parcel consolidation currently in progress
Structure/size:	Steel-framed construction, five stories above ground
Site area:	54,450 square meters
Floor area:	41,709 square meters
Purpose:	Research and development of ceramic capacitors
Total investment:	Approx. 35 billion yen (land and building costs)

Fukui Murata Manufacturing Co., Ltd.

Address:	13-1 Okamotocho, Echizen City, Fukui Prefecture
Founded:	February 1951
Capital:	300 million yen
Representative:	Naoya Hatao, President and Representative Director
Number of employees:	5,991 (as of January 31, 2026)
Business:	Development and manufacture of capacitors, noise-suppressing components, etc.

Murata in Brief

Murata Manufacturing Co., Ltd. is a worldwide leader in the design, manufacture and sale of ceramic-based passive electronic components & solutions, communication modules and power supply modules. Murata is committed to the development of advanced electronic materials and leading edge, multi-functional, high-density modules. The company has employees and manufacturing facilities throughout the world.

For more information, visit Murata’s website

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February 5, 2026

Fitch Affirms Yuexiu REIT at 'BBB-'; Rates Proposed Green Notes 'BBB-' – Fitch Ratings
1. Fitch Affirms Yuexiu REIT at ‘BBB-‘; Rates Proposed Green Notes ‘BBB-‘ Fitch Ratings
2. Yuexiu Real Estate Investment Trust proposes issue of CNY1.74 bln 3.40% guaranteed green notes due 2029 marketscreener.com
3. Yuexiu Property Plans CNY1.735 Billion Green Note Issue to Refinance Debt and Fund Green Projects TipRanks
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February 5, 2026

Category: 3. Business

Lina Scroggins has been named chief product officer at a leading US healthcare company.

1. Consolidated forecasts for the three months ending March 31, 2026(January 1, 2026 to March 31, 2026)

About Renesas Electronics Corporation

(FORWARD-LOOKING STATEMENTS)

Recommendations

Appendix I: President Trump’s Executive Orders on Critical Minerals

Appendix II: The Mineral Technology Valleys of Death

Overview of completion ceremony

Overview of facility

Fukui Murata Manufacturing Co., Ltd.

Murata in Brief

1. Consolidated forecasts for the three months ending March 31, 2026
(January 1, 2026 to March 31, 2026)