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Keurig Dr Pepper Inc. (KDP) Presents at 23rd annual dbAccess Global Consumer Conference Prepared Remarks Transcript

PASADENA, Calif., June 10, 2026 (GLOBE NEWSWIRE) -- Dog Haus today announced a national partnership with Keurig Dr Pepper that expands far beyond a traditional fountain agreement, creating a fully integrated beverage platform designed to transform how guests discover, experience and engage with beverages both inside and outside the restaurant.

The partnership makes Dog Haus the first restaurant brand to exclusively leverage Keurig Dr Pepper’s full beverage portfolio across fountain, premium packaged beverages, coffee, energy, bar programs, takeout and delivery.

Rather than treating beverages as a supporting menu category, Dog Haus has built a platform designed to drive traffic, increase repeat visits and give operators greater flexibility to tailor offerings to their local communities.

“At Dog Haus, we’ve never followed industry norms, but rather looked for opportunities to do things outside of the box, and better. We’ve built our brand by creating menu items and experiences that stand apart,” said Michael Montagano, CEO of Dog Haus. “We weren’t interested in simply replacing one fountain lineup with another. Partnering with Keurig Dr Pepper allows us to bring that same spirit of innovation to beverages, delivering more variety, more flexibility and ultimately a more memorable visit to Dog Haus.”

The program combines nationally recognized brands including Dr Pepper, Dr Pepper Zero Sugar, Dr Pepper Cherry, RC Cola, RC Cola Zero Sugar, 7UP, Sunkist, Hawaiian Punch and IBC Root Beer with regional favorites that can vary by market, including Big Red, Squirt, Sun Drop and Canada Dry.

At the center of the strategy is what Dog Haus calls “newstalgia” — reintroducing iconic brands and flavors consumers already know and love in ways that feel fresh, relevant and discovery-driven.

That philosophy extends throughout the platform. In select markets, guests will find premium glass-bottle offerings featuring brands such as Dr Pepper, Squirt, 7UP, IBC Root Beer and Big Red. Several of those beverages will also be incorporated into specialty cocktails and future beverage innovations across Dog Haus Biergarten locations.

Inspired by the variety, discovery and local relevance that have long defined the Dog Haus beer program, the beverage strategy is designed to give guests more reasons to explore the menu, discover new favorites and return more often.

Beyond the dining room, guests ordering takeout and delivery will have access to an expanded lineup that includes bottled soft drinks, La Colombe ready-to-drink coffee and Core Hydration. Restaurants will also feature Tractor’s organic lemonades, brewed teas, and agua fresca-inspired refreshers, adding a handcrafted, ingredient-forward dimension to the overall beverage experience.

“Dog Haus and Keurig Dr Pepper share a passion for innovation and delivering memorable guest experiences,” said Jeff Tabor, Chief Customer Officer at Keurig Dr Pepper. “The breadth of our portfolio allows Dog Haus to create a beverage strategy that is flexible, locally relevant and built for long-term growth. We’re excited to see the platform continue to evolve.”

The launch marks the beginning of a broader beverage innovation roadmap for Dog Haus, including seasonal offerings, regional rotations, specialty beverage concepts and new menu integrations designed to create fresh reasons for guests to return throughout the year.

“Our partnership with Dr. Pepper represents an innovative platform built to consistently create new reasons for guests to come back,” added Montagano.

For more information, visit DogHaus.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca98c3c2-4bac-4e22-b524-44b9ed5eef41

Dog Haus and Dr Pepper Group Photo From left to right: Keurig Dr Pepper CCO Jeff Tabor, Dog Haus Co-Founder André Vener, Dog Haus CEO M...

LUXEMBOURG--(BUSINESS WIRE)--JAB BevCo B.V., a subsidiary of JAB Holding Company S.a.r.l. (“JAB”), today announced that it has sold its remaining stake in Keurig Dr Pepper Inc. (NASDAQ: KDP), consisting of approximately 59.1 million shares, or approximately 4.3% of KDP's outstanding common stock, through an unregistered block trade by J.P. Morgan Securities LLC. JAB remains firmly committed to its consumer investment platform and, with a team strengthened by recent senior appointments, will continue to focus its energy and patient capital on building resilient consumer businesses that deliver long-term value.

About JAB

JAB is a partner-led investment firm with more than two centuries of heritage. It invests patient capital to grow durable, resilient businesses, bringing an ownership mindset and a performance-driven culture to steward their enduring success. With more than $70 billion in assets under management, JAB focuses on long-term value creation across its portfolio of consumer and life insurance businesses.

JAB is the controlling shareholder of Coty Inc., a global leader in beauty. It is the anchor shareholder of Krispy Kreme, Inc., a global leader in freshly delivered doughnuts. Together with JAB Consumer Partners, JAB is the controlling shareholder of National Veterinary Associates, one of the world's largest animal care services platforms; Independence Pet Holdings, a leading provider of pet insurance in North America; Pinnacle Pet Group, a leading provider of pet insurance in Europe; Panera Brands Inc., one of the largest fast casual restaurant companies in the United States, which includes Panera Bread, Caribou Coffee and Einstein Bros. Bagels; Pret A Manger, a global leader in the ready-to-eat fresh food market; and Espresso House, the largest branded coffee shop chain in Scandinavia. JAB's life insurance businesses include Prosperity Life Group and Family Life, with Columbian Mutual Life Insurance Company and Utmost Life and Pensions soon to be acquired.

For more information, visit www.jabholco.com.

A downtrend has been apparent in Nelnet (NNI - Free Report) lately. While the stock has lost 6.8% over the past two weeks, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support.

The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this education services company enhances its prospects of a trend reversal.

What is a Hammer Chart and How to Trade It?This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'

In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.

When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.

Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.

Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.

Here's What Makes the Trend Reversal More Likely for NNIAn upward trend in earnings estimate revisions that NNI has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That's because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

Over the last 30 days, the consensus EPS estimate for the current year has increased 4.4%. What it means is that the sell-side analysts covering NNI are majorly in agreement that the company will report better earnings than they predicted earlier.

If this is not enough, you should note that NNI currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Moreover, a Zacks Rank of 1 for Nelnet is a more conclusive indication of a potential trend reversal, as the Zacks Rank has proven to be an excellent timing indicator that helps investors identify precisely when a company's prospects are beginning to improve.

Posted by Defense World Staff on Apr 7th, 2026

SG Americas Securities LLC bought a new stake in Nelnet, Inc. (NYSE:NNI – Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 11,992 shares of the credit services provider’s stock, valued at approximately $1,594,000.

Several other large investors also recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its holdings in shares of Nelnet by 189.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 368 shares of the credit services provider’s stock valued at $46,000 after purchasing an additional 241 shares in the last quarter. Osaic Holdings Inc. increased its stake in Nelnet by 170.3% during the 2nd quarter. Osaic Holdings Inc. now owns 373 shares of the credit services provider’s stock worth $45,000 after purchasing an additional 235 shares in the last quarter. State of Wyoming acquired a new stake in Nelnet during the 2nd quarter worth approximately $62,000. EverSource Wealth Advisors LLC raised its holdings in Nelnet by 137.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 541 shares of the credit services provider’s stock worth $66,000 after buying an additional 313 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Nelnet in the third quarter valued at approximately $86,000. 33.51% of the stock is currently owned by institutional investors.

Nelnet Stock Up 1.7% NYSE:NNI opened at $131.62 on Tuesday. The stock has a 50-day simple moving average of $130.31 and a 200 day simple moving average of $130.83. Nelnet, Inc. has a 52-week low of $98.15 and a 52-week high of $142.87. The company has a market cap of $4.72 billion, a PE ratio of 11.18 and a beta of 0.81. The company has a debt-to-equity ratio of 2.18, a quick ratio of 28.27 and a current ratio of 28.27.

Nelnet (NYSE:NNI – Get Free Report) last released its earnings results on Thursday, February 26th. The credit services provider reported $1.56 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.07). Nelnet had a net margin of 18.99% and a return on equity of 12.43%. The firm had revenue of $392.76 million during the quarter, compared to the consensus estimate of $382.00 million. On average, sell-side analysts expect that Nelnet, Inc. will post 4.52 EPS for the current fiscal year.

Nelnet Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, February 27th. Nelnet’s payout ratio is currently 11.21%.

Analyst Ratings Changes Several equities research analysts have recently issued reports on NNI shares. TD Cowen reissued a “hold” rating on shares of Nelnet in a research report on Thursday, January 8th. Zacks Research upgraded shares of Nelnet from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.00.

Get Our Latest Stock Analysis on NNI

Nelnet Profile (Free Report)

Nelnet, Inc (NYSE: NNI) is a diversified education services company founded in 1978 and headquartered in Lincoln, Nebraska. Originally established as the National Education Loan Network by Michael S. Dunlap, the company has grown into a prominent provider of student loan servicing and education finance solutions in the United States.

At the core of Nelnet’s business is student loan servicing, where it administers and manages federal and private education loans on behalf of borrowers and lending partners.

See Also Five stocks we like better than Nelnet

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, /PRNewswire/ -- The upcoming episode of Now We Know! with Steve Guttenberg, airing April 18 at 11am ET on CNBC, will feature Nelnet Campus Commerce, a Nelnet company (NYSE: NNI) focused on providing financial services and technology solutions that improve higher education receivables management and affordability.

Nelnet Campus Commerce to Be Featured on Now We Know! with Steve Guttenberg – Airing April 18 on CNBC This segment offers viewers an inside look at how Nelnet Campus Commerce simplifies complex educational financial processes, and through their partnership with the University of Notre Dame, creates a unique way to make higher education affordable for all students. By combining technology with customer-focused strategies, the company helps students better manage financial responsibilities and plan for their future.

As financial systems continue to evolve, companies like Nelnet Campus Commerce play a key role in making services more accessible, efficient, and user-friendly. The feature highlights how innovation can improve the way people interact with financial tools and resources.

By showcasing Nelnet Campus Commerce, Now We Know! brings attention to the systems that support financial stability and educational opportunity. The series remains committed to sharing stories that inform and inspire, helping audiences better understand the infrastructure behind everyday life.

About Now We Know!
Hosted by actor, author, and businessman, Steve Guttenberg, this unique platform inspires the next generation of knowledge seekers and viewers around the country. Each episode features up to four industry experts who provide their own unique perspective on the topic at hand via a 6-8– minute segment produced by our team, bringing a fresh look at interesting narratives, moderated by the one and only Steve Guttenberg. Learn more at NowWeKnowTV.com.

About Nelnet Campus Commerce
Nelnet Campus Commerce delivers unlimited payment opportunities across campus. Solutions use the latest technology to create a unique and integrated payment experience for more than 1,100 campuses across the country. The intuitive and secure solutions are PCI Level 1 validated and integrate with every major Enterprise Resource Planning (ERP) system. From payment processing and refunds to tuition payment plans and online storefronts, Nelnet Campus Commerce helps process every payment on campus. For more information, visit CampusCommerce.com.

All images courtesy of Now We Know! with Steve Guttenberg

SOURCE Nelnet Campus Commerce

, /PRNewswire/ -- Nelnet Campus Commerce, a division of Nelnet, Inc. (NYSE: NNI), announced it has been named Top Higher Education Payment Solutions Provider for 2026 by Education Technology Insights, a leading education technology publication. The recognition highlights payment providers making a measurable impact on how colleges and universities manage, process, and protect student-facing financial transactions.

This designation marks the second time in three years that Nelnet Campus Commerce has been honored by the Education Technology Insights publisher family. In 2023, sister publication Enterprise Security Magazine named Nelnet Campus Commerce a Top Payment Security Solutions Provider, reinforcing the company's sustained focus on building secure, fully integrated payment technology for higher education.

Education Technology Insights is a monthly print and digital publication reaching more than 127,000 qualified subscribers. Honorees are selected through a structured evaluation process that includes subscriber nominations, editorial research, and review by an industry advisory panel.

For nearly 25 years, Nelnet Campus Commerce has maintained the highest levels of payment security and compliance in higher education, including Payment Card Industry (PCI) Level 1 validation, Point-to-Point (P2PE) Encryption, Family Educational Rights and Privacy Act (FERPA) compliance, and Nacha (the electronic payments association) Verified status. These credentials, combined with deep integrations across all major Enterprise Resource Planning (ERP) systems, have made Nelnet Campus Commerce a trusted partner for more than 1,100 higher education institutions navigating an increasingly complex payments landscape.

"Being recognized by Education Technology Insights, and by the same publisher that recognized our payment security leadership in 2023, reflects the sustained commitment our team brings to this work every day," said Jackie Strohbehn, President of Nelnet Campus Commerce. "Higher education institutions deserve platforms that are not only flexible and intuitive for students and payers, but fundamentally secure. This recognition affirms that we are delivering on both, and we are grateful to our partner institutions who trust us to support their students and operations."

The full editorial profile of Nelnet Campus Commerce is available on the Education Technology Insights website.

About Nelnet Campus Commerce
Nelnet Campus Commerce delivers unlimited payment opportunities across campus. Solutions use the latest technology to create a unique and integrated payment experience for more than 1,100 higher education institutions across the country. The intuitive and secure solutions are PCI Level 1 validated and integrate with every major ERP system. From payment processing and refunds to tuition payment plans and online storefronts, Nelnet Campus Commerce helps process every payment on campus. For more information, visit CampusCommerce.com.

SOURCE Nelnet Campus Commerce

GAAP Net Income of $0.92 per Unit
Adjusted Net Income of $0.83 per Unit
Cash Distribution of $0.83 per Unit

, /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today reported financial and operating results for the quarter ended March 31, 2026.

"The first quarter of 2026 unfolded against a difficult geopolitical backdrop associated with market volatility," said Seth Bernstein, CEO of AllianceBernstein. "Firmwide net active outflows totaled $6.3 billion, reflecting a more risk-averse environment, despite continued momentum across structurally growing areas—including private markets, active ETFs, SMAs, insurance, and wealth management. Active equity outflows remained elevated at $10.9 billion across channels, primarily within growth-oriented US strategies. Our market‑leading municipal franchise continued to demonstrate its income‑oriented appeal, supported by strong high-net-worth demand, generating $3.3 billion net inflows in the quarter. Taxable fixed income demand diverged by channel and region, with institutional net inflows more than offset by APAC retail net outflows, resulting in $1.7 billion net outflows. Alternatives/multi-asset strategies recorded $3.4 billion net inflows, reflecting continued institutional deployments into private markets and customized retirement solutions, along with multi-asset retail inflows. Compared to prior year, average AUM and advisory base fees grew 8% and 5%, respectively. Adjusted operating income increased 3% and adjusted earnings per Unit and distributions to Unitholders rose 4%."

(US $ Thousands except per Unit amounts)

1Q 2026

1Q 2025

% Change

4Q 2025

% Change

U.S. GAAP Financial Measures

Net revenues

$   1,201,726

$   1,080,607

11.2 %

$   1,223,991

(1.8 %)

Operating income

$      326,800

$      236,369

38.3 %

$      308,534

5.9 %

Operating margin

26.1 %

21.8 %

430 bps

25.1 %

100 bps

AB Holding EPU

$            0.92

$            0.67

37.3 %

$            0.90

2.2 %

Adjusted Financial Measures (1)

Net revenues

$      871,135

$     838,214

3.9 %

$     957,307

(9.0 %)

Operating income

$      291,180

$     282,748

3.0 %

$     329,947

(11.7 %)

Operating margin

33.4 %

33.7 %

(30 bps)

34.5 %

(110 bps)

AB Holding EPU

$            0.83

$           0.80

3.7 %

$           0.96

(13.5 %)

AB Holding cash distribution per Unit

$            0.83

$           0.80

3.7 %

$           0.96

(13.5 %)

(US $ Billions)

Assets Under Management ("AUM")

Ending AUM

$          838.6

$        784.5

6.9 %

$        866.9

(3.3 %)

Average AUM

$          865.0

$        797.5

8.5 %

$        865.1

— %

(1) The adjusted financial measures represent non-GAAP financial measures. See page 11 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 12-14 for notes describing the adjustments.

Bernstein further elaborated, "Retail engagement remained selective in the first quarter of 2026, reflecting continued active equity redemptions of $4.3 billion, partially offset by ongoing market‑share gains in our municipal platform, which generated $3.2 billion of net inflows. Taxable fixed‑income outflows totaled $4.5 billion, concentrated in American Income and Global High Yield. Retail alternatives/MAS recorded $0.9 billion of net inflows, driven by the continued expansion of our multi‑asset offerings within APAC. Institutional activity was largely constructive outside of active equities, where we registered $5.1 billion of outflows. A steady cadence of private‑market deployments coupled with inflows into our defined‑contribution platform, resulted in $1.6 billion alternatives/multi-asset inflows during the first quarter. Institutional taxable fixed income also generated $2.3 billion inflows. Institutional client engagement was strong, with our pipeline AUM surpassing $27 billion, highest on record, supported by expanding insurance partnerships and deepening existing client relationships. Bernstein Private Wealth continued to deliver strong growth, with net new assets increasing at 5% annualized rate including $0.6 billion of organic inflows across asset classes. Advisor productivity and client engagement remained strong, marking the third consecutive quarter of positive flows and driving deeper penetration across the ultra‑high‑net‑worth channel."

In conclusion, Bernstein remarked, "Market volatility is elevated as investors recalibrate risk exposure against a backdrop of slower growth, unsettled inflationary pressures, and ongoing geopolitical instability. Our long‑term perspective, differentiated investment capabilities, and deep client partnerships position us well to navigate the evolving environment. We are focused on delivering high‑quality investment outcomes, executing against our strategic priorities, and creating durable value for our clients, unitholders, and stakeholders."

The firm's cash distribution per Unit of $0.83 is payable on May 21, 2026, to holders of record of AB Holding Units at the close of business on May 8, 2026.

Market Performance

Global equity and fixed income markets were mostly down in the first quarter of 2026.

1Q 2026

S&P 500 Total Return

(4.3) %

MSCI EAFE Total Return

(1.1)

Bloomberg Barclays US Aggregate Return

(0.1)

Bloomberg Barclays Global High Yield Index - Hedged

(0.9)

Assets Under Management

($ Billions)

Total assets under management as of March 31, 2026 were $838.6 billion, down $28.3 billion, or 3%, from December 31, 2025 and up $54.1 billion, or 7%, from March 31, 2025.

Institutional

Retail

Private
Wealth

Total

Assets Under Management 3/31/2026

$347.7

$335.5

$155.4

$838.6

Net Flows for Three Months Ended 3/31/2026:

       Active

($1.2)

($4.7)

($0.4)

($6.3)

       Passive

(0.7)

(1.1)

1.0

(0.8)

Total

($1.9)

($5.8)

$0.6

($7.1)

Total net outflows were $7.1 billion in the first quarter, compared to net outflows of $4.7 billion in the fourth quarter of 2025 and net inflows of $2.4 billion in the prior year first quarter.

Institutional channel first quarter net outflows of $1.9 billion compared to net outflows of $1.9 billion in the fourth quarter of 2025. Institutional gross sales of $5.6 billion increased sequentially from $4.5 billion. The pipeline of awarded but unfunded Institutional mandates increased sequentially to $27.5 billion at March 31, 2026 compared to $19.7 billion at December 31, 2025.

Retail channel first quarter net outflows of $5.8 billion compared to net outflows of $3.5 billion in the fourth quarter of 2025. Retail gross sales of $23.1 billion increased sequentially from $22.5 billion.

Private Wealth channel first quarter net inflows of $0.6 billion compared to net inflows of $0.7 billion in the fourth quarter of 2025. Private Wealth gross sales of $6.9 billion increased sequentially from $6.7 billion.

First Quarter 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 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 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 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

First quarter net revenues of $1.2 billion increased 11% from $1.1 billion in the first quarter of 2025. The increase was primarily due to investment gains as compared to losses in the prior year, higher investment advisory base fees, higher performance-based fees and higher shareholder servicing fees.

Sequentially, net revenues of $1.2 billion decreased 2% from the fourth quarter of 2025. The slight decrease was primarily due to lower investment advisory base fees and lower performance-based fees and lower distribution revenue, partially offset by higher investment gains.

Expenses

First quarter operating expenses of $875 million increased 4% from $844 million in the first quarter of 2025. The increase is primarily due to higher employee compensation and benefits expense, partially offset by lower general and administrative ("G&A") expense. Employee compensation and benefits expense increased due to higher incentive compensation, commissions, fringe benefits and base compensation. The decrease in G&A expenses is driven by a retirement plan settlement loss of $20.8 million in the prior year quarter, partially offset by higher office-related expenses and professional fees.

Sequentially, operating expenses of $875 million decreased 4% from $915 million, driven primarily by lower promotion and servicing expense, lower G&A expense and lower employee compensation and benefits expense. Promotion and servicing expense decreased primarily due to lower distribution-related payments, lower marketing and communications expense and lower transfer fees. G&A expense decreased primarily due to an impairment charge of $4.0 million in the prior period associated with a smaller historical acquisition in 2020, lower professional fees and lower portfolio services and related expense. Employee compensation and benefits expense decreased primarily due to lower incentive compensation and base compensation, partially offset by higher fringe benefits and commissions.

Operating Income, Margin and Net Income Per Unit

First quarter operating income of $327 million increased 38% from $236 million in the first quarter of 2025 and the operating margin of 26.1% in the first quarter of 2026 increased 430 basis points from 21.8% in the first quarter of 2025.

Sequentially, operating income of $327 million increased 6% from $309 million in the fourth quarter of 2025 and the operating margin of 26.1% increased 100 basis points from 25.1% in the fourth quarter of 2025.

First quarter net income per Unit was $0.92 compared to $0.67 in the first quarter of 2025 and increased from $0.90 in the fourth quarter of 2025.

Non-GAAP Earnings
This section discusses our first quarter 2026 non-GAAP financial results, compared to the first quarter of 2025 and the fourth quarter of 2025. 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.

Adjusted Revenues

First quarter adjusted net revenues of $871 million increased 4% from $838 million in the first quarter of 2025. The increase was primarily due to higher investment advisory base fees, lower investment losses and higher shareholder servicing fees, partially offset by lower performance-based fees.

Sequentially, adjusted net revenues of $871 million decreased 9% from $957 million. The decrease was primarily due to lower performance-based fees, lower investment advisory base fees and investment losses as compared to gains in the prior quarter.

Adjusted Expenses

First quarter adjusted operating expenses of $580 million increased 4% from $555 million in the first 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, fringe benefits and base compensation, partially offset by lower incentive compensation. G&A expense increased primarily due to higher office-related expenses, portfolio services and related expense and professional fees.

Sequentially, adjusted operating expenses of $580 million decreased 8% from $627 million. The decrease was driven primarily by lower employee compensation and benefits expense, lower promotion and servicing expense, and lower G&A expense. Employee compensation and benefits expense decreased primarily due to lower incentive compensation and base compensation, partially offset by higher fringe benefits and commissions. Promotion and servicing expense decreased primarily due to lower marketing and communication expense and lower transfer fees. G&A expense decreased primarily due to lower professional fees, technology and related expense and portfolio services and related expense.

Adjusted operating Income, Margin and Net Income Per Unit

First quarter adjusted operating income of $291 million increased 3% from $283 million in the first quarter of 2025, and the adjusted operating margin of 33.4% decreased 30 basis points from 33.7%.

Sequentially, adjusted operating income of $291 million decreased 12% from $330 million and the adjusted operating margin of 33.4% decreased 110 basis points from 34.5%.

First quarter adjusted net income per Unit was $0.83 compared to $0.80 in the first quarter of 2025 and $0.96 in the fourth quarter of 2025.

Headcount

As of March 31, 2026, we had 4,454 employees, compared to 4,369 employees as of March 31, 2025 and 4,468 employees as of December 31, 2025.

Unit Repurchases

Three Months Ended

March 31,

2026

2025

(in millions)

Total amount of AB Holding Units Purchased/Retained (1)

0.2

0.8

Total Cash Paid for AB Holding Units Purchased/Retained (1)

$          8.8

$         30.5

Open Market Purchases of AB Holding Units Purchased (1)

0.1

0.7

Total Cash Paid for Open Market Purchases of AB Holding Units (1)

$          4.7

$         26.1

(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.

First Quarter 2026 Earnings Conference Call Information

Management will review first quarter 2026 financial and operating results during a conference call beginning at 9:00 a.m. (CST) on Tuesday, April 28, 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:

1. 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.

2.  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 our first quarter 2026 financial and operating results on April 28, 2026.

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

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 and subsequent Forms 10-Q. Any or all of the forward-looking statements made in this news release, Form 10-K, Forms 10-Q, 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 for anticipated obligations under our incentive compensation award program: The number of AB Holding Units AB may decide to buy in future periods, if any, for 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 March 31, 2026, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 31.4% of AllianceBernstein and Equitable Holdings ("EQH"), directly and through various subsidiaries, owned an approximate 68.0% 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)

1Q 2026

1Q 2025

% Change

4Q 2025

% Change

GAAP revenues:

Base fees

$    849,182

$    817,866

3.8 %

$    870,809

(2.5) %

Performance fees

66,032

37,246

77.3

87,374

(24.4)

Distribution revenues

202,818

199,020

1.9

210,400

(3.6)

Dividends and interest

30,470

34,350

(11.3)

33,936

(10.2)

Investments gains (losses)

31,059

(20,538)

n/m

238

n/m

Other revenues

35,170

30,180

16.5

35,848

(1.9)

  Total revenues

1,214,731

1,098,124

10.6

1,238,605

(1.9)

Less: Broker-dealer related interest expense

13,005

17,517

(25.8)

14,614

(11.0)

Total net revenues

1,201,726

1,080,607

11.2

1,223,991

(1.8)

GAAP operating expenses:

Employee compensation and benefits

467,557

420,531

11.2

479,574

(2.5)

Promotion and servicing

   Distribution-related payments

196,596

200,659

(2.0)

206,574

(4.8)

Amortization of deferred sales commissions

21,495

20,161

6.6

21,331

0.8

Trade execution, marketing, T&E and other

40,517

36,513

11.0

48,372

(16.2)

General and administrative

130,391

147,935

(11.9)

142,875

(8.7)

Interest on borrowings

7,207

7,138

1.0

5,503

31.0

Amortization of intangible assets

11,163

11,301

(1.2)

11,228

(0.6)

Total operating expenses

874,926

844,238

3.6

915,457

(4.4)

Operating income

326,800

236,369

38.3

308,534

5.9

Income taxes

18,164

14,675

23.8

15,033

20.8

Net income

308,636

221,694

39.2

293,501

5.2

Net income of consolidated entities attributable to non-controlling interests

13,151

895

n/m

1,541

n/m

Net income attributable to AB Unitholders

$    295,485

$    220,799

33.8 %

$    291,960

1.2 %

AB Holding L.P. (The Publicly-Traded Partnership)

SUMMARY STATEMENTS OF INCOME

(US $ Thousands)

1Q 2026

1Q 2025

% Change

4Q 2025

% Change

Equity in Net Income Attributable to AB Unitholders

$     92,255

$     82,753

11.5 %

$     89,761

2.8 %

Income Taxes

7,017

8,719

(19.5)

7,957

(11.8)

Net Income

$     85,238

$     74,034

15.1 %

$     81,804

4.2 %

Net Income per Unit

$         0.92

$         0.67

37.3 %

$         0.90

2.2 %

Distribution per Unit

$         0.83

$         0.80

3.7 %

$         0.96

(13.5) %

Units Outstanding

1Q 2026

1Q 2025

% Change

4Q 2025

% Change

AB L.P.

Period-end

294,626,407

292,273,197

0.8 %

293,508,421

0.4 %

Weighted average

293,728,550

292,187,179

0.5

291,888,777

0.6

AB Holding L.P.

Period-end

93,403,853

110,699,699

(15.6 %)

92,284,367

1.2 %

Weighted average

92,505,013

110,611,006

(16.4)

90,664,000

2.0

AllianceBernstein L.P.

ASSETS UNDER MANAGEMENT  |  March 31, 2026

($ Billions)

Ending and Average

Three Months Ended

3/31/26

3/31/25

Ending Assets Under Management

$838.6

$784.5

Average Assets Under Management

$865.0

$797.5

Three-Month Changes By Distribution Channel

Institutions

Retail

Private Wealth

Total

Beginning of Period

$          354.2

$          356.4

$          156.3

$          866.9

Sales/New accounts

5.6

23.1

6.9

35.6

Redemption/Terminations

(3.2)

(26.3)

(6.3)

(35.8)

Net Cash Flows

(4.3)

(2.6)

—

(6.9)

Net Flows

(1.9)

(5.8)

0.6

(7.1)

Transfers

0.4

(0.4)

—

—

Investment Performance

(5.0)

(14.7)

(1.5)

(21.2)

End of Period

$          347.7

$          335.5

$          155.4

$          838.6

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

$    278.0

$      78.3

$    213.1

$      90.8

$       9.7

$       197.0

$    866.9

Sales/New accounts

11.9

0.5

10.4

7.1

—

5.7

35.6

Redemption/Terminations

(17.6)

(0.6)

(11.9)

(3.7)

(0.1)

(1.9)

(35.8)

Net Cash Flows

(5.2)

(0.8)

(0.2)

(0.1)

(0.2)

(0.4)

(6.9)

Net Flows

(10.9)

(0.9)

(1.7)

3.3

(0.3)

3.4

(7.1)

Investment Performance

(14.6)

(2.7)

(1.7)

(0.2)

—

(2.0)

(21.2)

End of Period

$    252.5

$      74.7

$    209.7

$      93.9

$       9.4

$       198.4

$    838.6

Three-Month Net Flows By Investment Service (Active versus Passive)

Actively
Managed

Passively
Managed (1)

Total

Equity

$         (10.9)

(0.9)

$         (11.8)

Fixed Income

1.6

(0.3)

1.3

Alternatives/Multi-Asset Solutions (2)

3.0

0.4

3.4

Total

$          (6.3)

$          (0.8)

$          (7.1)

(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

$          277.0

$          208.4

$          151.7

$             637.1

Non-U.S. Clients

70.7

127.1

3.7

201.5

Total

$          347.7

$          335.5

$          155.4

$             838.6

AB L.P.

RECONCILIATION OF GAAP
FINANCIAL RESULTS TO
ADJUSTED FINANCIAL RESULTS

Three Months Ended

(US $ Thousands, unaudited)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

12/31/2024

Net Revenues, GAAP basis

$ 1,201,726

$ 1,223,991

$ 1,137,147

$ 1,088,907

$ 1,080,607

$ 1,257,556

Exclude:

Distribution-related adjustments:

Distribution revenues

(202,818)

(210,400)

(210,658)

(198,367)

(199,020)

(198,859)

Investment advisory services fees

(15,274)

(17,494)

(18,642)

(20,297)

(21,796)

(16,281)

Pass through adjustments:

Investment advisory services fees

(14,816)

(17,680)

(13,970)

(13,659)

(12,756)

(42,364)

Other revenues

(15,686)

(17,510)

(15,433)

(15,203)

(15,835)

(18,742)

Impact of consolidated company-sponsored investment funds

3,500

(1,886)

(7,059)

2,295

85

(1,126)

Acquisition related investment advisory services fees

(42,990)

—

—

—

—

—

Incentive compensation-related items

485

(1,059)

(2,404)

(9,821)

856

(8,058)

Equity (gain) loss on JV

(48,396)

3,450

16,162

13,371

6,073

1,168

Loss (gain) on other equity method investments

5,404

(4,105)

(471)

(2,792)

—

—

Adjusted Net Revenues

$ 871,135

$ 957,307

$ 884,672

$ 844,434

$ 838,214

$ 973,294

Operating Income, GAAP basis

$ 326,800

$ 308,534

$ 283,477

$ 222,094

$ 236,369

$ 317,507

Exclude:

Real estate

—

—

—

—

—

(206)

Incentive compensation-related items

146

(554)

1,214

1,284

258

(198)

EQH award compensation

405

229

344

426

246

291

Retirement plan settlement (gain) loss

—

—

(2,442)

(581)

20,756

13,130

Acquisition-related expenses

12,765

18,431

12,545

13,224

12,803

19,292

Equity (gain) loss on JVs

(48,396)

3,450

16,162

13,371

6,073

1,168

Loss (gain) on other equity method investments

5,404

(4,105)

(471)

(2,792)

—

—

AB Funds reimbursement (income) expense

—

—

(8,500)

14,296

—

—

Interest on borrowings

7,207

5,503

7,167

8,463

7,138

6,370

Total non-GAAP adjustments

(22,469)

22,954

26,019

47,691

47,274

39,847

Less: Net income (loss) of consolidated entities attributable to non-controlling interests

13,151

1,541

7,129

(3,179)

895

2,975

Adjusted Operating Income

$ 291,180

$ 329,947

$ 302,367

$ 272,964

$ 282,748

$ 354,379

Operating Margin, GAAP basis excl. non-controlling interests

26.1 %

25.1 %

24.3 %

20.7 %

21.8 %

25.0 %

Adjusted Operating Margin

33.4 %

34.5 %

34.2 %

32.3 %

33.7 %

36.4 %

AB Holding L.P.

RECONCILIATION OF GAAP EPU TO ADJUSTED EPU

Three Months Ended

($ Thousands except per Unit amounts, unaudited)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

12/31/2024

Net Income, GAAP basis

$  85,238

$  81,804

$  73,751

$  70,248

$   74,034

$ 105,434

Impact on net income of AB non-GAAP adjustments

(8,522)

5,129

5,695

13,630

14,128

12,465

Adjusted Net Income

$  76,716

$  86,933

$  79,446

$  83,878

$   88,162

$ 117,899

Net Income per Holding Unit, GAAP basis

$     0.92

$     0.90

$     0.79

$     0.64

$     0.67

$     0.94

Impact of AB non-GAAP adjustments

(0.09)

0.06

0.07

0.12

0.13

0.11

Adjusted Net Income per Holding Unit

$     0.83

$     0.96

$     0.86

$     0.76

$     0.80

$     1.05

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 JV entered into with Societe Generale ("SocGen"). These amounts are expensed by us and passed to the JV 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.

We also adjust investment advisory and services fees for pass through performance fees, primarily related to acquisition-related funds in which we do not participate in the performance.

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 JV 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 JV 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. On January 1, 2026, AB entered into an Amended and Restated Shareholder agreement with SocGen (the "Amendment Agreement") and exercised the AB option to deliver a 17.7% interest in the NA JV to SocGen resulting in AB owning a 49% interest in the NA JV and SocGen having a majority interest of 51% in the NA JV. The prepaid consideration received was in excess of the carrying value of the 17.7% equity in the NA JV resulting in a gain of $48.4 million recognized in the first quarter of 2026.

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.

We also adjust operating income to exclude 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. On January 1, 2026, AB entered into an Amended and Restated Shareholder agreement with SocGen (the "Amendment Agreement") and exercised the AB option to deliver a 17.7% interest in the NA JV to SocGen resulting in AB owning a 49% interest in the NA JV and SocGen having a majority interest of 51% in the NA JV. The prepaid consideration received was in excess of the carrying value of the 17.7% equity in the NA JV resulting in a gain of $48.4 million recognized in the first quarter of 2026.

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 of 2025, 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

AllianceBernstein Holding L.P. Limited Partnership Units (AB) Q1 2026 Earnings Call Transcript

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, /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today announced that preliminary assets under management increased to $881 billion in April 2026, from $839 billion at the end of March. The 5% increase in AUM was driven by market appreciation, partially offset by net outflows in each channel.

AllianceBernstein L.P. (The Operating Partnership)

Assets Under Management ($ in Billions)

At April 30, 2026

Mar 31,

2026

Private

Institutions

Retail

Wealth

Total

Total

Equity

Actively Managed

$

50

$

164

$

63

$

277

$

252

Passive

30

43

10

83

75

Total Equity

80

207

73

360

327

Fixed Income

Taxable

120

68

21

209

210

Tax-Exempt

1

61

33

95

94

Passive

—

9

—

9

9

Total Fixed Income

121

138

54

313

313

Alternatives/Multi-Asset

Solutions(1)

162

10

36

208

199

Total

$

363

$

355

$

163

$

881

$

839

At March 31, 2026

Total

$

348

$

335

$

156

$

839

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

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 or form 10-Q for the quarter ended September 30, 2025. Any or all of the forward-looking statements made in this news release, Form 10-K, Form 10-Q, 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 above, could also adversely affect AB's financial condition, results of operations and business prospects.

About AllianceBernstein

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

As of March 31, 2026, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 31.4% of AllianceBernstein. Including both the general partnership and limited partnership interest in AllianceBernstein Holding and AllianceBernstein, Equitable Holdings, Inc. ("EQH"), owned an approximate 68.0% economic interest in AllianceBernstein.

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

SOURCE AllianceBernstein

         COMMUNIQUE DE PRESSE

AB SCIENCE PRÉSENTE SES RÉSULTATS FINANCIERS ANNUELS AU 31 DECEMBRE 2025 ET LES EVENEMENTS CLEFS DE LA PERIODE

Situation financière et corporate Déficit opérationnel de 3,8 millions d’euros au 31 décembre 2025 en baisse de 38% par rapport à l’exercice 2025 (hors événement non-courant)Trésorerie de 10,2 millions d’euros au 31 décembre 2025, à laquelle s’ajoute 3,2 millions d’euros au titre du placement privé réalisé en avril 2026Accord final sur la renégociation des modalités de remboursement de ses emprunts avec l’ensemble des créanciers financiers Développement clinique : concentration des ressources sur la phase 3 du masitinib dans la SLA et la phase 1 d’AB8939 dans la leucémie myéloïde aiguë (LMA) Paris, 13 mai 2025, 19h

AB Science SA (Euronext - FR0010557264 - AB) annonce aujourd’hui ses résultats financiers annuels au 31 décembre 2025 et présente un point sur ses activités.

ÉVENEMENTS CLES RELATIFS AU DEVELOPPEMENT CLINIQUE AU COURS DE L’ANNEE 2025 ET DEPUIS LE 31 DECEMBRE 2025

Dans la sclérose latérale amyotrophique (SLA), le programme de développement du masitinib a franchi plusieurs étapes structurantes au cours des années 2025 et 2026 i)    Autorisation par plusieurs pays européens d'initier l'étude confirmatoire de phase 3

AB Science a annoncé en juillet 2025 annonce que l’étude confirmatoire de phase 3 avec le masitinib dans la sclérose latérale amyotrophique (SLA) (étude AB23005) a été autorisée par une première série de pays européens (Espagne, Grèce, Slovénie) dans l’étape 2 du Clinical Trials Information System, CTIS. Cette autorisation fait suite à la validation par l'EMA du protocole harmonisé approuvé à l’issue de la Phase 1 du CTIS ainsi qu’à l’autorisation reçue de la part de la FDA. Elle met à présent AB Science dans la possibilité d’initier cette étude d’enregistrement, en Europe et aux Etats Unis.

L'étude AB23005 est une étude de phase 3 prospective, multicentrique, randomisée, en double aveugle, contrôlée par placebo, en 2 groupes parallèles, visant à confirmer l'efficacité et la tolérance du masitinib (à la dose de 4.5 mg/kg/jour en association avec le riluzole) par rapport au riluzole associé à un placebo après 48 semaines de traitement dans la sclérose latérale amyotrophique.

L'étude doit inclure 408 patients (randomisation 1:1) atteints de SLA, ayant une vitesse de progression de la maladie dite normale (i.e. déclin du score fonctionnel inférieur à 1.1 points par mois) et n’ayant encore aucune perte totale de fonction (i.e. score de au moins 1 sur chacun des 12 items du score ALSFRS-R). Les patients américains recevant l’Edaravone pourront également participer à l’étude, la prise de ce médicament étant un facteur de stratification.

Ce design a fait l’objet d’une validation lors des interactions avec les autorités de santé européennes, notamment sur les critères de la population optimale choisie pour l’étude confirmatoire :

Patients sans progression rapide : Les experts du groupe consultatif scientifique neurologie (SAG-N) de l’EMA ont considéré la catégorisation de la population de l'étude avec les progresseurs normaux, en utilisant un taux moyen de changement de l'ALSFRS-R inférieur à 1,1 points par mois comme seuil, comme cliniquement pertinente et conforme à l'évolution attendue de la maladie, et donc acceptable dès lors qu’elle est prédéfinie, ce qui est le cas pour cette étude.Patients sans perte complète de fonction : Les experts du SAG-N ont estimé que l'échelle ALSFRS-R est largement utilisée dans la pratique clinique et que des critères d'administration sont disponibles pour les professionnels de santé. Par conséquent, le sous-groupe des patients atteints de SLA très sévère (qui ont un score de zéro sur au moins un des 12 items individuels de l'ALSFRS-R) peut être facilement identifiable dans la pratique clinique. Dans ce sous-groupe défini comme les patients avant toute perte complète de fonction et avec une progression normale de la maladie (DFS<1,1), qui correspond à la population optimale des meilleurs répondeurs au masitinib et devant être inclue dans l'étude AB23005, l'étude AB10015 a généré des résultats extrêmement solides, avec une augmentation de la médiane de survie de +12 mois.

Cette population optimale représente environ 75% de la population totale des patients atteints.

La population optimale représentait environ 90 patients par groupe de traitement dans l’étude AB10015. L’effet du masitinib était statistiquement significatif (p=0.0290) sur le critère CAFS qui est le critère reconnu par la FDA.

L’étude AB23005 recrutera environ 200 patients par groupe de traitement, soit plus du double, afin de viser une puissance statistique forte pour ce test et maximiser les chances de succès statistique.

ii)    Publication mettant en évidence le bénéfice clinique du masitinib

AB Science a annoncé en décembre 2025 la publication d'un nouvel article sur la plateforme de prépublication MedRxiv, présentant une analyse post-hoc de sous-groupes de l'étude de phase 2b/3 AB10015 évaluant le masitinib chez des patients atteints de sclérose latérale amyotrophique avant toute perte complète de fonction. Cet article, intitulé ‘Efficacy and safety of masitinib in amyotrophic lateral sclerosis patients prior to loss of functionality: a subgroup analysis optimizing the benefit-risk profile of masitinib’.

Dans cette population, les analyses présentées montrent :

Une amélioration significative du déclin fonctionnel mesuré par le score ALSFRS-R, avec une différence de 4,04 points en faveur du masitinib par rapport au placebo (p=0,0065)Un bénéfice significatif sur le CAFS (bénéfice relatif +20,2 %, p=0,0290)Une survie médiane sans progression (PFS) prolongée de 9 mois (p=0,0057)Une survie médiane globale (OS) augmentée de 12 mois (p=0,0192) Ces résultats ont été pris en compte dans le design de l'étude confirmatoire AB23005, qui cible une population optimisant le rapport bénéfice/risque afin d'augmenter les chances de succès de l'étude.

iii)    Identification d'un biomarqueur potentiel de l'activité du masitinib sur la microglie

AB Science a annoncé en février 2026 l'identification d'un biomarqueur potentiel pour évaluer l'activité du masitinib dans l'implication pathologique de la microglie dans la sclérose latérale amyotrophique.

Les principales caractéristiques de ce biomarqueur nouvellement identifié sont les suivantes :

Il s'agit d'un biomarqueur sanguin (plasmatique), qui présente l'avantage d'être facile à prélever et d'être évalué avec précision par ELISA (dosage immuno-enzymatique).Il est produit par la microglie pro-inflammatoire.Il active la microglie et les astrocytes et constitue donc un activateur contribuant à une boucle de rétroaction néfaste de la neuroinflammation.Il est également libéré par les mastocytes, établissant ainsi un lien entre les mastocytes et la microglie, qui sont les deux principales cibles cellulaires du masitinib.Il permet de prédire la survie dans la SLA, ce qui pourrait expliquer pourquoi le masitinib pourrait prolonger la survie chez certains patients spécifiques.Des expériences internes ont montré que ce biomarqueur était réduit par le masitinib lorsque les mastocytes et la microglie étaient activés in vitro, soulignant l'activité spécifique et puissante du masitinib sur les mastocytes et la microglie. iv)    Offre ferme d'assurance de financement d'essai clinique (CTFI)

AB Science a annoncé en février 2026 avoir reçu une offre ferme de souscription d'une police d'assurance de financement d'essai clinique de la part de Medical & Commercial International Ltd. (MCI), Lloyd's Syndicate 1902, pour son essai pivot de phase III AB23005 évaluant le masitinib (AB1010) en combinaison avec le traitement de référence dans la sclérose latérale amyotrophique (SLA). Le placement a été organisé par Acrisure Re UK, en collaboration avec sa filiale Acrisure Re Netherlands. La police offre une couverture sans franchise, avec une limite de responsabilité de 25 M€ pouvant atteindre 39 M€, destinée à couvrir l'intégralité des coûts financiers liés à un échec clinique. Elle prend effet à la date d'inclusion du premier patient, sous réserve de la mobilisation par AB Science du financement nécessaire à l'étude et au paiement de la prime d’un montant approximatif de 8 millions d’euros (montant incluant la prime d’assurance, les taxes, et les frais d’intermédiation, pour une limite de responsabilité de 25 M€, cette prime pouvant s’élever à un montant d’environ 13M€ pour une limite de responsabilité de 39 M€). L'offre est activable jusqu'au 31 décembre 2026.

Les cas couverts incluent un échec d'efficacité selon les critères FDA/EMA, un échec en matière de sécurité, un échec de recrutement, une suspension réglementaire, une violation des BPC ou de l'intégrité des données, un arrêt prématuré recommandé par le comité indépendant, ainsi que des problèmes de fabrication (CMC).

Cette structure constitue une réduction significative du profil de risque du programme SLA et de la Société, avec trois bénéfices pour les actionnaires : (i) protection du capital investi à hauteur de 25 M€ en cas d'échec ; (ii) validation externe de la conception de l'essai et du parcours réglementaire au travers de la diligence indépendante conduite par l'assureur ; (iii) amélioration de l'efficacité du capital et des conditions d'accès aux financements par dette et en fonds propres.

AB Science a continué à renforcer la propriété intellectuelle du masitinib dans les formes progressives de la sclérose en plaques, la drépanocytose et le cancer de la prostate AB Science a annoncé en janvier 2026 que l'Office japonais des brevets a officiellement délivré un brevet pour les méthodes de traitement de la sclérose en plaques (SEP) progressive avec sa molécule phare, le masitinib. Ce nouveau brevet (JP 7788154) garantit la protection de la propriété intellectuelle du masitinib jusqu'en février 2041. Il s'agit du premier pays à délivrer un brevet protégeant l'utilisation du masitinib dans les formes progressives de la SEP. AB Science a suivi pour la protection du masitinib dans les formes progressives de la SEP la même méthodologie que pour l'utilisation du masitinib dans la SLA. Ce dernier brevet a été accordé partout dans le monde. AB Science est optimiste quant à ses chances d'obtenir la protection de l'utilisation du masitinib dans la SEP progressive à l'échelle mondiale.

AB Science a annoncé en avril 2025 que l'Office des brevets des Etats-Unis a délivré un avis d'acceptation pour un brevet portant sur des méthodes (c'est-à-dire un brevet d'utilisation médicale) de traitement de la drépanocytose avec sa principale molécule, le masitinib, sur la base de résultats précliniques. Ce nouveau brevet américain protège jusqu'en novembre 2040 la propriété intellectuelle du masitinib dans cette indication et renforce encore la propriété intellectuelle du masitinib, après un avis d'acceptation reçu de l'Office européen des brevets en octobre 2024 pour le même brevet.

AB Science a annoncé en janvier 2026 que l'Office américain des brevets et des marques (USPTO) a délivré une notification d'acceptation (NOA) pour un brevet relatif aux méthodes de traitement du cancer de la prostate métastatique hormono-résistant (mCRPC) avec sa molécule phare, le masitinib (US 18/040884). Une fois délivré, ce nouveau brevet américain d'utilisation médicale secondaire assurera la protection de la propriété intellectuelle (PI) du masitinib dans le mCRPC jusqu'en mai 2042. Une NOA signifie que l'USPTO a l'intention d'accorder la demande de brevet après avoir accompli certaines formalités procédurales. La NOA américaine est délivrée après qu'un examinateur a confirmé que la demande de brevet répond à toutes les exigences en matière de brevetabilité. Ce nouveau brevet américain s'ajoute à la couverture déjà accordée en Europe (EP4175639). Des demandes de brevet équivalentes ont également été déposées dans d'autres grands marchés internationaux.

L’étude confirmatoire de phase 3 dans le cancer de la prostate métastatique hormono-résistant a été autorisée par la FDA et par l’EMA AB Science a annoncé en juillet 2025 qu'une étude confirmatoire de phase 3 avec le masitinib dans le cancer de la prostate métastatique hormono-résistant (étude AB22007) a été autorisée par la FDA et l'EMA (protocole harmonisé approuvé à l’issue de la Phase 1 du Clinical Trials Information System, CTIS), avec un biomarqueur qui cible les patients dont la maladie métastatique est moins avancée.

L'étude AB22007 est une étude de phase 3 prospective, multicentrique, randomisée, en double aveugle, contrôlée par placebo, en 2 groupes parallèles, visant à confirmer l'efficacité et la tolérance du docétaxel (injecté en intraveineuse à la dose de 75 mg/m² et associé à la prednisone jusqu’à 10 cycles) associé au masitinib à la dose de 6,0 mg/kg/j, par rapport au docétaxel associé à un placebo dans le cancer de la prostate métastatique hormono-résistant (mCRPC).

Le programme de développement d’AB8939 a également franchi plusieurs étapes structurantes au cours des années 2025 et 2026 i)    Autorisation en Europe de la troisième des quatre étapes de l’étude de Phase 1/2 dans la leucémie myéloïde aiguë (LMA) en rechute/réfractaire

AB Science a annoncé en juillet 2025 l’autorisation de la troisième des quatre étapes de l’étude de phase 1/2 (AB18001) avec la molécule AB8939 chez les patients adultes atteints de leucémie myéloïde aiguë (LMA) en rechute/réfractaire.

La troisième étape de l’étude a été autorisée en France, Allemagne, Espagne et Grèce.

L'objectif de l’étude de Phase 1 est de déterminer la dose maximale tolérée (DMT) pour différentes étapes de traitement d'AB8939.

Étape 1 : Détermination de la dose maximale tolérée (DMT) après 3 jours consécutifs de traitement avec AB8939 seul. Étape 2 : Détermination de la DMT après 14 jours consécutifs de traitement avec AB8939 seul. Étape 3 : Détermination de la DMT après 14 jours consécutifs de traitement avec AB8939 en combinaison avec le venetoclax. Étape 4 : Détermination de la DMT après 14 jours consécutifs de traitement avec AB8939 en combinaison avec le venetoclax et l'azacitidine. Les deux premières étapes de la phase 1 ont été terminées avec respectivement 28 patients et 13 inclus, et ont permis de déterminer la DMT d’AB8939 après 3 jours consécutifs de traitement (21.3 mg/m2) et après 14 jours consécutifs de traitement (21.3 mg/m2).

La troisième étape consiste à présent à évaluer la dose maximale tolérée après 14 jours consécutifs de traitement par AB8939 en association avec le venetoclax, un traitement de référence dans la LMA.

La combinaison AB8939 + venetoclax présente plusieurs intérêts potentiels :

Les deux molécules sont peu toxiques sur le plan hématologique. Cette combinaison pourrait donc représenter une combinaison moins toxique que azacitidine + venetoclax en première ligne de la LMA.Ces deux molécules agissent sur des cibles différentes et complémentaires dans les cellules cancéreuses, ce qui pourrait avoir un effet additif, voire synergique sur le plan de l’efficacité. Les traitements dans la LMA représentent un potentiel de marché estimé à plus de 2 milliards d’euros par an.

ii)    Annonce de la quatrième réponse consécutive avec la combinaison AB8939 + vénétoclax

AB Science a annoncé en janvier 2026 la quatrième réponse consécutive avec la combinaison AB8939 + vénétoclax des patients atteints de leucémie myéloïde aiguë (LMA) associée à un profil génétique très défavorable.

Le traitement combiné a été bien toléré, sans toxicité hématologique ni toxicité limitant la dose Le quatrième patient présentait un caryotype complexe comprenant une monosomie du chromosome 5 et une mutation TP53, et était en troisième ligne de traitement. Il a obtenu une réponse presque complète après 14 jours de traitement par AB8939 à 21 mg/m2 associé au venetoclaxIl s'agit du quatrième patient à répondre à la combinaison sur un total de 4 patients traitésLe taux de réponse partielle est de 100 % (4/4), dont un patient en rémission complète, un en réponse quasi complète et deux en réponse partielleLes résultats ont été obtenus après le premier cycle de traitement (14 jours) chez des patients recevant un traitement de troisième ou quatrième ligne, dont deux avaient précédemment progressé sous venetoclax en association avec d'autres chimiothérapiesCes quatre patients présentent tous des profils cytogénétiques très difficiles à traiter, notamment un caryotype complexe, une mutation TP53, une mutation NRAS, une monosomie 5 et un réarrangement MECOM, qui sont généralement associés à un mauvais pronostic en raison de l'évolution agressive de la maladie et de la résistance au traitementCette diversité des patients répondeurs semble corroborer le mécanisme d'action d’AB8939, qui est capable de déstabiliser les microtubules en contournant la multirésistance aux médicaments et également en ciblant les cellules souches cancéreuses sans éliminer les cellules souches non tumorales Ces résultats confortent le positionnement d’AB8939 chez les patients présentant une génétique défavorable, des caryotypes complexes, des mutations TP53, NRAS et KRAS, une monosomie 5 et 7, et un réarrangement MECOM, qui représentent les besoins médicaux non staisfaits les plus importants iii)    Désignation de médicament orphelin auprès de l’EMA pour la molécule AB8939, dans le traitement dans le traitement de la leucémie myéloïde aigue (LMA)

AB Science a annoncé en avril 2025 que la molécule AB8939 a obtenu la désignation de médicament orphelin auprès du Comité des Médicaments Orphelins (COMP) de l’Agence Européenne des Médicaments (EMA), dans le traitement dans le traitement de la leucémie myéloïde aigue (LMA).

La molécule AB8939 avait déjà obtenu la désignation de médicament orphelin auprès de la Food and Drug Administration (FDA) américaine dans la LMA.

Cette obtention de désignation de médicament orphelin dans l’Union Européenne est une étape importante car cela signifie que le COMP a considéré que la molécule AB8939 présentait un bénéfice significatif pour les personnes atteintes de cette affection en plus des traitements existants.

iv)    Délivrance d’un brevet canadien protégeant la composition de matière d’AB8939, y compris son utilisation dans le traitement de la leucémie myéloïde aiguë, avec une protection jusqu’en 2036

AB Science a annoncé en juin 2025 que l'office des brevets du Canada a délivré un brevet (CA 2975644) protégeant la composition de matière d’AB8939, ainsi que des composés étroitement liés, jusqu'en 2036. Ce brevet couvre également l'utilisation d’AB8939 dans le traitement des troubles hématologiques et/ou des troubles prolifératifs et assure une protection globale solide pour le programme de développement clinique de d’AB8939, notamment le traitement de la leucémie myéloïde aiguë (LMA).

La délivrance de ce brevet complète également la couverture de la propriété intellectuelle pour AB8939 et la LMA dans toutes les zones géographiques où AB8939 pourrait être commercialisé.

En plus de la protection par brevet, AB8939 est également éligible à la protection réglementaire des données au Canada, empêchant la concurrence des génériques pendant une période de 8 ans à compter de l’enregistrement du produit.

Une seconde demande de brevet pour un usage médical a été déposée pour protéger l'utilisation d’AB8939 dans le traitement de la LMA avec certaines anomalies chromosomiques. Si cette demande est acceptée, la protection de l'AB8939 sera prolongée jusqu'en 2044 pour ces sous-populations de patients atteints de LMA.

AB Science a fait le point sur son programme de développement clinique AB Science a annoncé en avril 2026 une suspension volontaire et temporaire des essais cliniques en Europe et une Concentration des ressources sur la phase III du masitinib dans la SLA et la phase I de l'AB8939 dans la leucémie myéloïde aiguë (LMA).

Le recrutement de nouveaux patients dans les études européennes a été volontairement suspendu pendant la phase de négociation avec l'assureur de financement d'essai clinique (CTFI) et dans le cadre des échanges en cours avec les autorités sanitaires européennes, lesquelles ont soulevé des questions relatives aux ressources et au niveau de structuration de la Société pour la conduite d'essais cliniques en Europe. Des réponses détaillées ont été soumises aux agences. À cette occasion, AB Science a réexaminé ses priorités stratégiques

Dépriorisation des programmes en mastocytose et syndrome d'activation mastocytaire, dont le potentiel de marché est jugé inférieur aux coûts de développement ;Poursuite via partenariats du développement de phase III en sclérose en plaques et maladie d'Alzheimer, indications nécessitant des capacités commerciales dont AB Science ne dispose pas en propre ;Concentration des ressources sur la phase III du masitinib dans la SLA et la phase I de l'AB8939 dans la leucémie myéloïde aiguë (LMA). Compte tenu du stade d'avancement du pipeline, cet arrêt temporaire n'a pas d'impact opérationnel significatif : la phase III SLA n'a pas encore débuté, et la phase I AB8939 a récemment achevé son étape 3 (détermination de la MTD de l'AB8939 en association avec le vénétoclax sur 14 jours), le lancement de l'étape 4 (ajout de l'azacitidine) étant en attente d'autorisation réglementaire. AB Science renforcera par ailleurs son organisation afin de répondre aux exigences et préoccupations des autorités sanitaires préalablement au lancement de la phase III SLA et à la poursuite du programme AB8939.

ELEMENTS FINANCIERS CONSOLIDES POUR L’ANNEE 2025

Les produits d’exploitation sont exclusivement constitués du chiffre d’affaires lié à l’exploitation d’un médicament en médecine vétérinaire. Le chiffre d’affaires est en hausse de 10% par rapport au 31 décembre 2024 et s’élève à 1.174 milliers d’euros au 31 décembre 2025 contre 1.072 milliers d’euros au 31 décembre 2024 et 970 milliers d’euros un an plus tôt.

Les charges opérationnelles ont diminué de 93%, soit 6.620 milliers d’euros, entre les exercices clos les 31 décembre 2025 et 2024, après avoir diminué de 50% entre les exercices clos les 31 décembre 2024 et 2023.

Cette évolution au cours de l’exercice 2025 résulte principalement des éléments suivants :

Un événement non courant lié à l’annulation d’une avance remboursable de 4.432 milliers d’euros, comptabilisée en déduction des charges de recherche et développementUne baisse des charges administratives de 31%, soit 948 milliers d’euros, qui traduit la poursuite des efforts de maitrise des dépenses Une baisse des charges de recherche et développement, hors événement non-courant précité, de 40%, soit 1.594 milliers d’euros, qui traduit la poursuite des efforts de maitrise des dépenses et la focalisation des efforts de développent clinique en 2025 sur la molécule AB8939. En conséquence de ces évolutions, le déficit opérationnel a diminué de 6.270 milliers d’euros, soit une réduction de 111% entre les exercices clos le 31 décembre 2025 et le 31 décembre 2024 (passant de 6.083 milliers d’euros à profit de 639 milliers d’euros), après avoir diminué de 7.346 milliers d’euros (-55%) entre les exercices clos le 31 décembre 2024 et le 31 décembre 2023.

Hors événement non-courant, le déficit opérationnel a diminué de 2.290 milliers d’euros, soit une réduction de 38% entre les exercices clos le 31 décembre 2025 et le 31 décembre 2024 (passant de 6.083 milliers d’euros à 3.793 milliers d’euros).

Le résultat financier correspond à une perte de 2.196 milliers d’euros pour l’exercice clos le 31 décembre 2025, contre une perte de 1.749 milliers d’euros pour l’exercice clos le 31 décembre 2024 et un produit de 1.444 milliers d’euros pour l’exercice clos le 31 décembre 2023. Le gain de change de 984 milliers d’euros provient de calcul des gains définitifs non constatés des années antérieures du compte courant de la société AB Science USA, llc. Ce gain est sans impact sur la trésorerie.

Les autres produits financiers en 2024 s’élevaient à 469 milliers d’euros et étaient principalement liés :

à la variation de la juste valeur des BSA liés à l’emprunt BEI : gain de 143 milliers d’eurosà la variation de la juste valeur des ADPE : gain de 57 milliers d’eurosaux produits de 269 milliers d’euros liés à l’extinction d’une dette de locations (IFRS 16) dans le cadre d’une rupture anticipée de contrat Ces effets sont sans impact sur la trésorerie.

La perte nette pour les exercices clos le 31 décembre 2025 et 2024 s’est élevée respectivement à 1.557 milliers d’euros et 7.831 milliers d’euros, soit une baisse de 80% pour les raisons évoquées ci-dessus. Cette baisse fait suite à une diminution de 35% de la perte entres les exercices clos le 31 décembre 2024 et 2023.

Le tableau suivant résume les comptes consolidés annuels pour l’année 2025 établis conformément aux normes IFRS, et l’information comparative avec l’année 2024 :

 En milliers d’euros, sauf données par action31/12/202531/12/2024Chiffre d'affaires net1 1741 072Coût des ventes(196)176Charges de commercialisation(298)(316)Charges administratives(2 131)(3 079)Charges de recherche et développement(2 090)(3 936)Résultat opérationnel 639(6 083)Produits financiers 1 227678Charges financières (3 423)(2 427)Résultat financier (2 196)(1 749)Résultat net (1 557)(7 831)Résultat global de la période(1 422)(7 809)Résultat net par action - en euros(0,03)(0,15) Résultat net dilué par action - en euros(0,03)(0,15) En milliers d’euros31/12/202531/12/2024Trésorerie et équivalents de trésorerie10 1797 987Total de l’actif23 99923 175Capitaux propres (17 198)(23 754)Passifs non courants26 98026 496Dettes fournisseurs9 30010 028Passifs courants14 81520 433 AUTRES INFORMATIONS CORPORATE POUR L’ANNEE 2025 ET DEPUIS LE 31 DECEMBRE 2025

Augmentation de capital par placement privé pour un montant total de 9,5 millions d’euros

AB Science a annoncé en mai 2025 le succès d'une augmentation de capital d'un montant brut total de 1,8 million d’euros souscrite par un nombre limité d'investisseurs. Le Placement Privé, d'un montant total de EUR 1,8 million (prime d'émission incluse), a été réalisé par l'émission, sans droit préférentiel de souscription et sans délai de priorité, de 1.538.463 actions ordinaires nouvelles de la Société, chacune assortie d'un bon de souscription d'actions, dans le cadre d'une émission avec suppression du droit préférentiel de souscription des actionnaires au profit d'investisseurs relevant de la catégorie de personnes définie par la dix-huitième résolution de l'assemblée générale mixte des actionnaires de la Société du 26 juin 2024.

AB Science a annoncé en juillet 2025 le succès d'une augmentation de capital d'un montant brut total de 1,925 million d’euros souscrite par un nombre limité d'investisseurs. Le Placement Privé, d'un montant total de EUR 1,925 million (prime d'émission incluse), a été réalisé par l'émission, sans droit préférentiel de souscription et sans délai de priorité, de 1.644.355 actions ordinaires nouvelles de la Société, chacune assortie d'un bon de souscription, dans le cadre d'une émission avec suppression du droit préférentiel de souscription des actionnaires au profit d'investisseurs relevant de la catégorie de personnes définie par la seizième résolution de l'assemblée générale mixte des actionnaires de la Société du 30 juin 2025.

AB Science a annoncé en août 2025 le succès d'une augmentation de capital d'un montant brut total de 2,55 millions d’euros souscrite par un nombre limité d'investisseurs. Le Placement Privé, d'un montant total de EUR 2,55 millions (prime d'émission incluse), a été réalisé par l'émission, sans droit préférentiel de souscription et sans délai de priorité, de 2.276.787 actions ordinaires nouvelles de la Société, chacune assortie d'un bon de souscription d'actions, dans le cadre d'une émission avec suppression du droit préférentiel de souscription des actionnaires au profit d'investisseurs relevant de la catégorie de personnes définie par la seizième résolution de l'assemblée générale mixte des actionnaires de la Société du 30 juin 2025.

AB Science a annoncé en avril 2026 le succès d'une augmentation de capital d'un montant brut total de 3,2 millions d’euros souscrite par un nombre limité d'investisseurs. Le Placement Privé, d'un montant total de EUR 3,2 millions (prime d'émission incluse), a été réalisé par l'émission, sans droit préférentiel de souscription et sans délai de priorité, de 3.412.768 actions ordinaires nouvelles de la Société, chacune assortie d'un bon de souscription d'actions. Deux BSA permettent à leur porteur de souscrire à une action ordinaire de la Société au prix de EUR 1,30 par action ordinaire. L’émission a été réalisée dans le cadre de la seizième résolution de l'assemblée générale mixte des actionnaires de la Société du 30 juin 2025.

Le produit de ces Placements Privés fournira à AB Science les ressources supplémentaires nécessaires pour financer ses activités en cours, prioritairement la poursuite du développement clinique du programme AB8939.

Accord final sur la renégociation des modalités de remboursement de ses emprunts avec l’ensemble de ses créanciers financiers

AB Science a annoncé en avril 2026 être parvenue à un accord définitif avec ses créanciers financiers. Cet accord prévoit un décalage de deux ans du remboursement des Prêts Garantis par l’Etat et un décalage de 12 mois de la date de remboursement du crédit BEI Covid. L’économie sur la période sera investie en R&D.

Un accord unanime des créanciers financiers a été obtenu sur les modalités de restructuration suivantes :

PGE pour un solde de 2,3 millions d’euros : i) une franchise en capital de 24 mois à compter de la date d’ouverture de la première procédure de conciliation au bénéfice d’AB Science, soit le 17 janvier 2025, avec reprise de l’amortissement à compter respectivement du 31 janvier 2027 pour Société Générale et du 2 février 2027 pour Banque Populaire ; ii) un allongement de la maturité de 24 mois reportant la date de maturité finale du 2 avril 2027 au 2 avril 2029 pour Banque Populaire et du 31 mars 2027 au 31 mars 2029 pour Société Générale ; iii) augmentation du taux d’intérêt uniquement pour refléter la modification du coût de refinancement. Prêt soutien innovation Bpifrance pour un solde de 1,25 million d’euros : i) une franchise en capital de 24 mois à compter du 1er novembre 2024 (échéance exigible au 31 janvier 2025) jusqu’au 31 octobre 2026 inclus (échéance en capital exigible au 31 janvier 2027) ; ii) un allongement de la maturité de 24 mois reportant la date de maturité finale du 30 avril 2027 au 30 avril 2029 ; iii) augmentation du taux d’intérêt uniquement pour refléter la modification du coût de refinancement. Contrat cadre d’aide au projet d’innovation stratégique industrielle Bpifrance pour un solde de 5,8 millions d’euros : Pour ce contrat qui prévoit, en cas de succès commercial du masitinib en neurologie, le remboursement de l’aide apportée par Bpifrance dans le cadre du projet de recherche intitulé ROMANE, les modalités de restructuration sont les suivantes : i ) une franchise en capital de 18 mois à compter du 30 juin 2026 jusqu’au 31 décembre 2027 ; ii) un allongement de la période des remboursements forfaitaires passant de 10 ans à 15 ans à compter du dernier versement de cette avance ; iii) un allongement de la période des remboursements complémentaires passant de 15 ans à 20 ans ; iv) une modification des montants des échéances annuelles. Crédit BEI Covid : Report de 12 mois de la date de maturité finale du Crédit BEI (avec une augmentation du taux d’intérêt de 100bps), de sorte que la date de maturité finale de la première tranche est reportée du 21 décembre 2028 au 21 décembre 2029 et que la date de maturité finale de la deuxième tranche est reportée du 28 janvier 2028 au 30 janvier 2029. Initiation de la couverture du titre AB Science par Maxim Group

AB Science a annoncé en décembre l’initiation de la couverture de son titre par Maxim Group, une société indépendante américaine spécialisée dans les services bancaires d'investissement, les titres et la gestion de patrimoine.

Dans cette étude, Maxim Group recommande l'achat du titre, avec un objectif de cours de 4,00 €.

L'étude souligne que « le masitinib a généré des bénéfices prometteurs dans trois maladies neurodégénératives, ce qui, selon nous, valide l'approche d'inhibition des mastocytes. Compte tenu des données d'efficacité sous-jacentes et du profil de tolérance, nous considérons que le profil bénéfice-risque du masitinib est positif. Au vu des données et des opportunités, nous commençons la couverture avec une recommandation d'achat et un objectif de cours de 4,00 €. Les données positives dans la SEP progressive et dans la maladie d’Alzheimer légère confirment encore son potentiel neuroprotecteur. Nous ne modélisons pas la maladie d’Alzheimer ni la SEP, et les considérons comme des opportunités à la hausse ».

Opérations sur les valeurs mobilières

Le Conseil d’administration a constaté lors de sa réunion du 3 janvier 2025 que les options de souscription d’actions ainsi que les bons de souscription d’actions listés ci-dessous sont désormais caducs, l’exerçabilité de ces titres étant conditionnée à l’obtention par la Société d’une autorisation de mise sur le marché du masitinib avant le 31 décembre 2024.

NatureIntituléDate d’attribution par le Conseil d’administrationBénéficiaireNombre de titresBSABSA 2021-A28/09/2021AMY SAS1.000.000BSABSA QN228/09/2021Quercegen800.000BSABSA QN328/09/2021Quercegen20.000SOSO2019-A20/05/2019Guy, Laurent274.000SOSO2019-B10/07/2019Guy, Laurent59.000 Le Conseil d’administration a constaté lors de sa réunion du 3 janvier 2025, après avoir passé en revue les termes et conditions des actions de préférence B (et en particulier les critères opérationnels et les critères de performance financière devant être atteints pour que les actions B puissent être converties en actions ordinaires), que sur un total de 45.134 actions B :

33.751 actions B1 ne peuvent pas être converties en actions ordinaires et doivent donc rachetées par la Société à leur valeur nominale en vue de leur annulation ; et180 actions B2 peuvent être converties en actions ordinaires selon un ratio de 1 : 2,43 (pour un ratio de conversion maximum de 1 : 100) ; et7.527 actions B3 peuvent être converties en actions ordinaires selon un ratio de 1 : 55,76 (pour un ratio de conversion maximum de 1 : 100) ; et3.676 actions B4 ne peuvent pas être converties en actions ordinaires et doivent donc rachetées par la Société à leur valeur nominale en vue de leur annulation Au 31 décembre 2025, sur la base des demandes de conversion reçues, 7.567 actions B2 et B3 ont été converties en 417.017 actions ordinaires, et le solde des actions B2 et B3 pouvant être converties en actions ordinaires est de 140.

Le 28 avril 2025, le Programme PACTTM a été prolongé à l’identique pour une durée de 12 mois. Il n’a fait l’objet d’aucune utilisation au cours de la période.

Le 30 avril 2025 ont été émises 15.000 actions gratuites (AGAP B’2). Ces actions gratuites seront attribuées définitivement en avril 2026.

Le 10 octobre 2025 ont été émises 1.025.000 actions gratuites sans conditions (AGSC) d’une valeur nominale de 0,01 euro et 4.754.708 actions gratuites avec conditions (AGAC) d’une valeur nominale de 0,01 euro, dont les conditions sont les suivantes :

Réalisation avec succès d’une étude de phase 3 d’enregistrement sur la sclérose latérale amyotrophique ou la sclérose en plaques, ou la maladie d’Alzheimer ou signature par AB Science d’un accord de licensing-out dans l’une de ces trois indications ; ou Réalisation avec succès d’une étude de phase 2 sur la Leucémie myéloide aigues ou signature par AB Science d’un accord de licensing-out dans cette indication ; ouRéalisation avec succès d’une étude de phase 2 sur la drépanocytose ou signature par AB Science d’un accord de licensing-out. L’attribution définitive de ces 1.025.000 AGSC et de ces 4.754.708 AGAC n’interviendra que le 8 octobre 2026.

Autres informations

AB Science confirme son éligibilité au PEA-PME conformément au décret n°2014-283 du 4 mars 2014 pris pour l’application de l’article 70 de la loi n°2013-1278 du 29 décembre 2013 de finances pour 2014 fixant l’éligibilité des entreprises au PEA-PME soit : moins de 5 000 salariés d’une part, un chiffre d’affaires annuel inférieur à 1,5 millions d’euros ou un total de bilan inférieur à 2 millions d’euros, d’autre part.

À propos d'AB Science
Fondée en 2001, AB Science est une société pharmaceutique spécialisée dans la recherche, le développement, et la commercialisation d'inhibiteurs de protéines kinases (IPK), une classe de protéines ciblées dont l'action est déterminante dans la signalisation cellulaire. Nos programmes ne ciblent que des pathologies à fort besoin médical, souvent mortelles avec un faible taux de survie, rares, ou résistantes à une première ligne de traitement.
AB Science a développé en propre un portefeuille de molécules et la molécule phare d'AB Science, le masitinib, a déjà fait l'objet d'un enregistrement en médecine vétérinaire et est développée chez l’homme en oncologie, dans les maladies neurodégénératives, dans les maladies inflammatoires et dans les maladies virales. La Société a son siège à Paris et est cotée sur Euronext Paris (Ticker : AB).

Plus d'informations sur la Société sur le site Internet : www.ab-science.com

Déclarations prospectives – AB Science
Ce communiqué contient des déclarations prospectives. Ces déclarations ne constituent pas des faits historiques. Ces déclarations comprennent des projections et des estimations ainsi que les hypothèses sur lesquelles celles-ci reposent, des déclarations portant sur des projets, des objectifs, des intentions et des attentes concernant des résultats financiers, des événements, des opérations, des services futurs, le développement de produits et leur potentiel ou les performances futures.
Ces déclarations prospectives peuvent souvent être identifiées par les mots « s'attendre à », « anticiper », « croire », « avoir l'intention de », « estimer » ou « planifier », ainsi que par d'autres termes similaires. Bien qu’AB Science estime que ces déclarations prospectives sont raisonnables, les investisseurs sont alertés sur le fait que ces déclarations prospectives sont soumises à de nombreux risques et incertitudes, difficilement prévisibles et généralement en dehors du contrôle d’AB Science qui peuvent impliquer que les résultats et événements effectifs réalisés diffèrent significativement de ceux qui sont exprimés, induits ou prévus dans les informations et déclarations prospectives. Ces risques et incertitudes comprennent notamment les incertitudes inhérentes aux développements des produits de la Société, qui pourraient ne pas aboutir, ou à la délivrance par les autorités compétentes des autorisations de mise sur le marché ou plus généralement tous facteurs qui peuvent affecter la capacité de commercialisation des produits développés par AB Science ainsi que ceux qui sont développés ou identifiés dans les documents publics publiés par AB Science. AB Science ne prend aucun engagement de mettre à jour les informations et déclarations prospectives sous réserve de la réglementation applicable notamment les articles 223-1 et suivants du règlement général de l’AMF.

Pour tout renseignement complémentaire, merci de contacter :

AB Science  Communication financière
[email protected]

AB SCIENCE Resultats 2025 VFR VF

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NEW YORK, May 22, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of April 30, 2026. AllianceBernstein National Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio % 1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55 3.72 % 2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53 2.16 % 3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 2.00 % 4) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 1.97 % 5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 1.96 % 6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54 1.91 % 7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54 1.87 % 8) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55 1.86 % 9) Worthington City School District Series 2025-2 5.50%, 12/01/54 1.85 % 10) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.85 % Sector/Industry Breakdown Portfolio % Revenue Airport 13.65 % Health Care - Not-for-Profit 11.04 % Revenue - Miscellaneous 7.51 % Toll Roads/Transit 5.89 % Industrial Development - Airline 5.17 % Prepay Energy 4.63 % Primary/Secondary Ed.

COMMUNIQUÉ DE PRESSE

À LA SUITE DE LA PUBLICATION DES RÉSULTATS DE L'EXERCICE 2025 ET DE LA SOUSCRIPTION D'UNE ASSURANCE POUR LES ESSAIS CLINIQUES, MAXIM GROUP RÉITÈRE SA RECOMMANDATION D'ACHAT SUR LE TITRE AB SCIENCE AVEC UN OBJECTIF DE COURS DE 4,0 EUR PAR ACTION

Paris, 25 mai 2026, 18h

AB Science SA (Euronext - FR0010557264 - AB) annonce que le titre AB Science continue d’être couvert par Maxim Group, une société indépendante américaine spécialisée dans les services bancaires d'investissement, les titres et la gestion de patrimoine, qui a réitéré sa recommandation d’achat sur le titre avec un objectif de cours de 4,00 € par action.

Maxim Group a publié cette recommandation dans une note intitulée “2H25 Review/Outlook: With Masitinib Clinical Trial Insurance Policy Offer, Positioned to Initiate Phase 3 Study for ALS in 2H26”, publiée le 21 mai 2026.

Dans cette mise à jour, Maxim Group a réitéré sa recommandation d’achat du titre, avec un objectif de cours de 4,00 €.

La nouvelle note souligne que :

En avril 2026, une offre de souscription d’une police d’assurance de financement d’essais cliniques d’un montant de 25 millions d’euros (jusqu’à 39 millions d’euros) a été obtenue afin de se prémunir contre un échec de la phase 3 et les coûts associés, et divers accords de crédit ont été renégociés.AB Science donne désormais la priorité stratégique totale au développement du masitinib pour la SLA et d’AB8939 pour la leucémie myéloïde aiguë (LMA). Tous ses essais cliniques et développements dans les autres indications en dehors de la SLA et de la LMA ont été volontairement suspendus dans le cadre de ce recentrage stratégique. Cela devrait permettre de réduire les coûts d’exploitation tout en accélérant le développement des programmes présentant la plus grande valeur. Le masitinib pour le traitement de la SLA reste la voie la plus rapide vers la commercialisation.Bien qu'un financement soit nécessaire pour lancer l'étude de phase 3 sur le masitinib dans le traitement de la SLA, la police d'assurance des essais cliniques réduit considérablement le risque pour AB Science auprès des investisseurs existants et potentiels qui financent le programme de phase 3. Elle fonctionne en effet comme une option de vente : bien qu'une prime de 8 millions d'euros doive être versée, les investisseurs bénéficient d'une protection de 25 millions d'euros si l'essai échoue et peuvent potentiellement récupérer leur capital initial, à hauteur des coûts de l'essai. Cela rend l'opportunité de financement et d'investissement pour AB Science plus attractive grâce à cette protection contre les pertes.Dans l'ensemble, le masitinib a montré un potentiel prometteur pour le traitement des patients atteints de SLA et ayant une progression normale de la maladie, avec un profil risque-bénéfice positif. Dans la SLA, le masitinib a démontré des bénéfices tant fonctionnels qu'en termes de survie, tout en étant bien toléré. De plus, le masitinib a généré des résultats prometteurs dans trois maladies neurodégénératives (SLA, SEP, maladie d’Alzheimer), ce qui valide globalement l'approche d'inhibition des mastocytes. Cette recommandation confirme la couverture de l'action AB Science par Maxim Group, qui s'ajoute au consensus des analystes financiers aux côtés de Chardan, In Extenso Finance et DNA Finance.

À propos d'AB Science
Fondée en 2001, AB Science est une société pharmaceutique spécialisée dans la recherche, le développement et la commercialisation d’inhibiteurs de protéines kinases (PKI), une classe de protéines ciblées dont l’action est essentielle dans les voies de signalisation au sein des cellules. Nos programmes ciblent uniquement des maladies présentant des besoins médicaux non satisfaits importants, qui sont souvent mortelles avec une survie à court terme, ou rares, ou encore réfractaires aux traitements existants.

AB Science a développé un portefeuille exclusif de molécules, et le composé phare de la société, le masitinib, a déjà été homologué en médecine vétérinaire et est en cours de développement pour la médecine humaine. La société a son siège social à Paris, en France, et est cotée sur Euronext Paris (symbole boursier : AB).

De plus amples informations sont disponibles sur le site web d’AB Science : www.ab-science.com.

Déclarations prospectives - AB Science

Ce communiqué de presse contient des déclarations prospectives. Ces déclarations ne sont pas des faits historiques. Elles comprennent des projections et des estimations ainsi que les hypothèses sur lesquelles elles reposent, des déclarations fondées sur des projets, des objectifs, des intentions et des attentes concernant les résultats financiers, les événements, les opérations, les services futurs, le développement de produits et leurs performances potentielles ou futures.

Ces déclarations prospectives peuvent souvent être identifiées par les mots « s'attendre à », « anticiper », « croire », « avoir l'intention de », « estimer » ou « prévoir », ainsi que par d'autres termes similaires. Bien qu’AB Science estime que ces déclarations prospectives sont raisonnables, les investisseurs sont avertis que ces déclarations prospectives sont soumises à de nombreux risques et incertitudes difficiles à prévoir et généralement hors du contrôle d’AB Science, ce qui peut impliquer que les résultats et les événements réels diffèrent sensiblement de ceux exprimés, suggérés ou anticipés dans les informations et déclarations prospectives. Ces risques et incertitudes comprennent les incertitudes liées au développement des produits de la Société, qui pourrait ne pas aboutir, ou aux autorisations de mise sur le marché accordées par les autorités compétentes, ou, plus généralement, à tout facteur susceptible d’affecter la capacité de commercialisation des produits développés par AB Science, ainsi qu’à ceux développés ou identifiés dans les documents publics publiés par AB Science. AB Science décline toute obligation ou engagement de mettre à jour les informations et déclarations prospectives, sous réserve des réglementations applicables, en particulier les articles 223-1 et suivants du Règlement général de l’AMF.

Pour plus d'informations, veuillez contacter :

AB Science

Communication financière et relations avec les médias

[email protected]

CP_Reiteration_Maxim_VFR VF CP_Reiteration_Maxim_VFR VF

, /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today announced that preliminary assets under management increased to $899 billion in May 2026, up from $882 billion at the end of April. The 2% increase in month-end AUM was driven by market appreciation, partially offset by net outflows. May outflows were concentrated in Retail, while Institutions saw modest inflows and Private Wealth flows were roughly flat.

AllianceBernstein L.P. (The Operating Partnership)

Assets Under Management ($ in Billions)

At May 31, 2026

Apr 30,

2026

Private

Institutions

Retail

Wealth

Total

Total

Equity

Actively Managed

$

51

$

169

$

64

$

284

$

278

Passive

31

44

11

86

82

Total Equity

82

213

75

370

360

Fixed Income

Taxable

120

67

22

209

209

Tax-Exempt

1

63

33

97

95

Passive

—

9

—

9

9

Total Fixed Income

121

139

55

315

313

Alternatives/Multi-Asset
Solutions(1)

167

10

37

214

209

Total

$

370

$

362

$

167

$

899

$

882

At April 30, 2026

Total

$

363

$

356

$

163

$

882

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

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 or form 10-Q for the quarter ended March 31, 2026. Any or all of the forward-looking statements made in this news release, Form 10-K, Form 10-Q, 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 above, could also adversely affect AB's financial condition, results of operations and business prospects.

About AllianceBernstein

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

As of March 31, 2026, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 31.4% of AllianceBernstein. Including both the general partnership and limited partnership interest in AllianceBernstein Holding and AllianceBernstein, Equitable Holdings, Inc. ("EQH"), owned an approximate 68.0% economic interest in AllianceBernstein.

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

SOURCE AllianceBernstein

Copart, Inc. (CPRT - Free Report) closed the most recent trading day at $33.25, moving +1.5% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 1.02%. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 1.23%.

Shares of the company have depreciated by 3.9% over the course of the past month, underperforming the Business Services sector's loss of 3.89%, and the S&P 500's gain of 0.63%.

Analysts and investors alike will be keeping a close eye on the performance of Copart, Inc. in its upcoming earnings disclosure. In that report, analysts expect Copart, Inc. to post earnings of $0.42 per share. This would mark no growth from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $1.23 billion, showing a 1.6% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $1.58 per share and a revenue of $4.65 billion, demonstrating changes of -0.63% and -0.03%, respectively, from the preceding year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Copart, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Currently, Copart, Inc. is carrying a Zacks Rank of #4 (Sell).

From a valuation perspective, Copart, Inc. is currently exchanging hands at a Forward P/E ratio of 20.68. This expresses a discount compared to the average Forward P/E of 22.84 of its industry.

The Auction and Valuation Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 200, putting it in the bottom 19% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Posted by Defense World Staff on Apr 19th, 2026

Shares of Copart, Inc. (NASDAQ:CPRT – Get Free Report) have earned an average recommendation of “Hold” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation, one has issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $44.40.

CPRT has been the topic of a number of analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Copart in a research report on Monday, March 23rd. Zacks Research lowered shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. JPMorgan Chase & Co. decreased their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, February 23rd. Robert W. Baird set a $48.00 target price on shares of Copart and gave the stock an “outperform” rating in a research report on Friday, February 20th. Finally, Barclays restated an “underweight” rating and set a $32.00 target price (down from $33.00) on shares of Copart in a research report on Monday, February 23rd.

Read Our Latest Stock Analysis on Copart

Insider Transactions at Copart In related news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the sale, the chief executive officer owned 79,532 shares in the company, valued at approximately $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.60% of the company’s stock.

Hedge Funds Weigh In On Copart Hedge funds have recently made changes to their positions in the stock. Cloud Capital Management LLC acquired a new position in shares of Copart in the 3rd quarter valued at $25,000. Tripletail Wealth Management LLC acquired a new position in shares of Copart in the 3rd quarter valued at $27,000. Lodestone Wealth Management LLC acquired a new position in shares of Copart in the 4th quarter valued at $25,000. LRI Investments LLC boosted its holdings in shares of Copart by 125.2% in the 3rd quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 363 shares during the last quarter. Finally, Cornerstone Planning Group LLC boosted its holdings in shares of Copart by 54.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 256 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Trading Up 0.5% Shares of Copart stock opened at $33.45 on Friday. Copart has a 12-month low of $32.20 and a 12-month high of $63.85. The stock has a market cap of $32.22 billion, a PE ratio of 20.91 and a beta of 1.14. The company has a 50-day moving average of $35.18 and a two-hundred day moving average of $38.97.

Copart (NASDAQ:CPRT – Get Free Report) last issued its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the business posted $0.40 earnings per share. On average, sell-side analysts forecast that Copart will post 1.57 EPS for the current fiscal year.

Copart Company Profile (Get Free Report)

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

Featured Stories Five stocks we like better than Copart

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Posted by Defense World Staff on Apr 22nd, 2026

Davidson Kahn Capital Management LLC grew its holdings in Copart, Inc. (NASDAQ:CPRT – Free Report) by 56.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 100,151 shares of the business services provider’s stock after buying an additional 36,091 shares during the period. Copart makes up 2.0% of Davidson Kahn Capital Management LLC’s portfolio, making the stock its 13th largest holding. Davidson Kahn Capital Management LLC’s holdings in Copart were worth $3,921,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cloud Capital Management LLC purchased a new position in shares of Copart in the 3rd quarter worth $25,000. Tripletail Wealth Management LLC purchased a new position in shares of Copart during the 3rd quarter worth about $27,000. Lodestone Wealth Management LLC purchased a new position in shares of Copart during the 4th quarter worth about $25,000. LRI Investments LLC boosted its stake in shares of Copart by 125.2% during the 3rd quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock worth $29,000 after purchasing an additional 363 shares during the period. Finally, Cornerstone Planning Group LLC boosted its stake in shares of Copart by 54.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after purchasing an additional 256 shares during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets In related news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the completion of the sale, the chief executive officer owned 79,532 shares in the company, valued at $2,638,871.76. This trade represents a 24.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 9.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In A number of equities analysts recently commented on CPRT shares. Robert W. Baird set a $48.00 price target on shares of Copart and gave the stock an “outperform” rating in a research note on Friday, February 20th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Copart in a research note on Monday, March 23rd. JPMorgan Chase & Co. dropped their price target on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Finally, Barclays reaffirmed an “underweight” rating and set a $32.00 price target (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $44.40.

View Our Latest Report on Copart

Copart Price Performance Shares of CPRT opened at $33.74 on Wednesday. Copart, Inc. has a 1-year low of $32.20 and a 1-year high of $63.85. The company has a 50-day moving average of $34.92 and a 200 day moving average of $38.77. The firm has a market capitalization of $32.50 billion, a price-to-earnings ratio of 21.09 and a beta of 1.14.

Copart (NASDAQ:CPRT – Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Copart had a net margin of 33.76% and a return on equity of 16.68%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the business earned $0.40 EPS. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

About Copart (Free Report)

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

Recommended Stories Five stocks we like better than Copart Want to see what other hedge funds are holding CPRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Copart, Inc. (NASDAQ:CPRT – Free Report).

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Posted by Defense World Staff on Apr 26th, 2026

HB Wealth Management LLC lessened its holdings in Copart, Inc. (NASDAQ:CPRT – Free Report) by 48.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,868 shares of the business services provider’s stock after selling 42,539 shares during the quarter. HB Wealth Management LLC’s holdings in Copart were worth $1,757,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Davidson Kahn Capital Management LLC grew its holdings in Copart by 56.3% in the fourth quarter. Davidson Kahn Capital Management LLC now owns 100,151 shares of the business services provider’s stock worth $3,921,000 after purchasing an additional 36,091 shares during the period. Novem Group grew its holdings in Copart by 42.9% in the fourth quarter. Novem Group now owns 23,951 shares of the business services provider’s stock worth $938,000 after purchasing an additional 7,187 shares during the period. Legacy Advisors LLC grew its holdings in Copart by 6.5% in the fourth quarter. Legacy Advisors LLC now owns 8,041 shares of the business services provider’s stock worth $315,000 after purchasing an additional 494 shares during the period. TD Waterhouse Canada Inc. grew its holdings in Copart by 40.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,415 shares of the business services provider’s stock worth $251,000 after purchasing an additional 1,855 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Copart by 102.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 456,870 shares of the business services provider’s stock worth $17,886,000 after purchasing an additional 230,957 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Activity In other news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer directly owned 79,532 shares in the company, valued at $2,638,871.76. The trade was a 24.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 9.60% of the stock is currently owned by insiders.

Copart Price Performance Shares of NASDAQ:CPRT opened at $33.07 on Friday. Copart, Inc. has a 1 year low of $32.20 and a 1 year high of $63.85. The company has a market cap of $31.86 billion, a P/E ratio of 20.67 and a beta of 1.14. The stock’s fifty day moving average price is $34.66 and its 200-day moving average price is $38.58.

Copart (NASDAQ:CPRT – Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). Copart had a return on equity of 16.68% and a net margin of 33.76%.The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the business posted $0.40 earnings per share. Copart’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current year.

Analyst Ratings Changes A number of equities research analysts have weighed in on the stock. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the stock an “outperform” rating in a report on Friday, February 20th. JPMorgan Chase & Co. cut their price objective on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Copart in a report on Monday, March 23rd. Finally, Barclays reiterated an “underweight” rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Copart has a consensus rating of “Hold” and an average price target of $44.40.

Get Our Latest Research Report on CPRT

Copart Profile (Free Report)

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

See Also Five stocks we like better than Copart Want to see what other hedge funds are holding CPRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Copart, Inc. (NASDAQ:CPRT – Free Report).

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Copart, Inc. (CPRT - Free Report) closed at $33.87 in the latest trading session, marking a +1.44% move from the prior day. The stock outperformed the S&P 500, which registered a daily loss of 0.38%. At the same time, the Dow lost 0.63%, and the tech-heavy Nasdaq lost 0.13%.

Shares of the company witnessed a gain of 0.66% over the previous month, trailing the performance of the Business Services sector with its gain of 4.25%, and the S&P 500's gain of 11.41%.

The upcoming earnings release of Copart, Inc. will be of great interest to investors. The company is expected to report EPS of $0.42, unchanged from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.23 billion, up 1.6% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.58 per share and a revenue of $4.65 billion, indicating changes of -0.63% and -0.03%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Copart, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. At present, Copart, Inc. boasts a Zacks Rank of #3 (Hold).

Looking at valuation, Copart, Inc. is presently trading at a Forward P/E ratio of 21.08. For comparison, its industry has an average Forward P/E of 26.21, which means Copart, Inc. is trading at a discount to the group.

The Auction and Valuation Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 43, which puts it in the top 18% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

In the latest trading session, Copart, Inc. (CPRT - Free Report) closed at $32.94, marking a -1.5% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.59%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq gained 1.2%.

Shares of the company have appreciated by 0.45% over the course of the past month, underperforming the Business Services sector's gain of 4.25%, and the S&P 500's gain of 8.64%.

Investors will be eagerly watching for the performance of Copart, Inc. in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.42, marking stability compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $1.23 billion, showing a 1.6% escalation compared to the year-ago quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.58 per share and revenue of $4.65 billion, indicating changes of -0.63% and -0.03%, respectively, compared to the previous year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Copart, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Copart, Inc. currently has a Zacks Rank of #3 (Hold).

Looking at valuation, Copart, Inc. is presently trading at a Forward P/E ratio of 21.11. This denotes a discount relative to the industry average Forward P/E of 23.65.

The Auction and Valuation Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 47, finds itself in the top 20% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

On May 21, 2026, Copart Inc (CPRT) released its 8-K filing reporting fiscal third quarter 2026 results for the period ended April 30, 2026. Quarterly revenue wa

3 Stocks With Monopoly Power—and Minimal CompetitionCopart NASDAQ: CPRT reported higher revenue and profit for its fiscal third quarter of 2026, even as insurance unit volumes declined amid softer claims activity and shifting consumer insurance behavior.

Chief Executive Officer Jeff Liaw said global insurance unit sales fell 2.7% in the quarter, or 1.9% excluding the impact of catastrophe-related volumes from the prior year. In the U.S., insurance unit volume declined 4.2%, or just over 3% excluding those catastrophic units.

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3 Oversold Stocks Flashing Bullish Reversal SignalsLiaw said the company continues to believe the long-term growth outlook for its insurance business remains intact, citing a multiyear pattern in which modest declines in accident frequency have been more than offset by increases in total loss frequency. He said total loss frequency is being driven by rising repair costs and by Copart’s ability to generate strong auction returns by finding “the highest and best use” for vehicles globally.

Revenue rises despite lower unit volumes Chief Financial Officer Leah Stearns said consolidated revenue rose 2.1% year over year to $1.24 billion. The increase was driven by strength in service revenue and purchased vehicle sales, while average selling prices rose 4.6%, more than offsetting a 2.4% decline in total unit volumes.

These 2 Auto Stocks Are Profiting as Used Cars and Parts ThriveGlobal gross profit increased 3.7% to $572.6 million, and gross margin expanded 71 basis points to 46.3%. Operating income rose 2.8% to $464.3 million. Net income was $402.4 million, while diluted earnings per share increased 2.4% to $0.43, which Stearns said benefited in part from share repurchases.

Copart ended the quarter with approximately $5.5 billion of liquidity, including $4.2 billion in cash, equivalents and held-to-maturity securities, and no debt. Stearns said year-to-date free cash flow increased 12%, supported by capital allocation into land, facilities and technology.

The company has repurchased more than 43.4 million shares so far in fiscal 2026 for more than $1.6 billion through a combination of 10b5-1 and open market transactions.

Insurance volumes pressured by consumer pullback Liaw attributed near-term volume softness partly to policy-in-force mix shifts among insurance carriers and to reduced claims activity as consumers respond to higher premiums. He cited ISS Fast Track data showing earned car years declined 4% year over year in the fourth calendar quarter of 2025, while vehicles in operation grew 1.4%.

“We believe this divergence, declining insurance coverage against a growing vehicle fleet, is clear evidence of the consumer pullback on insurance coverage,” Liaw said.

He also cited CCC data indicating that 25% of repairs are now self-pay, saying consumers are absorbing more of the financial burden of claims. Liaw said this behavior has historically been cyclical, with consumers reducing coverage when they feel pressure from insurance costs and later adjusting as conditions change.

Total loss frequency reached 23.6% in the first calendar quarter of 2026, an increase of nearly five percentage points over four years, Liaw said. He added that Copart sees itself as an active driver of that trend by improving auction returns and making total loss decisions more attractive to insurers.

U.S. segment flat as international business expands In the U.S., total units declined 4.2%, or 3.3% excluding Copart Direct units. Insurance volumes were down 4.2%. U.S. inventory declined 4.7% year over year, and assignments were down at a low single-digit pace.

Stearns said momentum remained positive across parts of Copart’s diversified seller base. Dealer Services and powersports units grew 1%, while the Blue Car commercial consignment channel expanded more than 4%. Combined fleet and finance seller volume grew at a double-digit pace, partly offset by higher repair activity among rental customers. Copart Direct unit volume declined 26.3% as the company continued to shift lower-value units to its direct buy channel.

U.S. revenue was essentially flat, down 0.4%, as higher revenue per unit offset volume pressure. U.S. gross profit rose 0.9% to $484.1 million, with a gross margin of 48.3%. U.S. operating income was $390.4 million, representing a 38.9% operating margin.

Internationally, total units sold increased 5.9%, including a 4.6% increase in insurance units and an 11.2% gain in non-insurance units. International inventory rose more than 10% year over year, and assignments increased at a low-teens pace. Stearns cited broad-based growth, with particularly strong contributions from the U.K., Germany and Canada.

International revenue increased 14.1% to $234.2 million, or 7.9% excluding foreign currency effects. Service revenue rose 17.9%, driven by a 10.5% increase in fee revenue per unit and stronger volumes. International gross profit increased 21.9%, and operating income reached $73.8 million, a 31.5% operating margin.

Auction returns and buyer network remain key focus Liaw said U.S. insurance average selling prices increased 4.1% year over year and reached a seasonally adjusted record high for Copart insurance ASPs in the third quarter. He said international buyers remain a critical driver of auction returns, accounting for more than one-third of the volume sold at U.S. Copart auctions and nearly half of auction proceeds.

Although participation from some Middle Eastern markets declined amid recent conflicts, Liaw said demand was supported by growth from other regions, including parts of Central Europe, West Africa, Central America and the Caribbean. Copart’s buyer network now spans more than 160 countries, he said.

Liaw also highlighted “crossover buyers,” or members who first come to Copart through non-insurance vehicles sold by rental car companies, financial institutions or dealers, and then begin bidding on insurance vehicles. He said that over the past three years, a majority of more than 30,000 buyers who first entered through non-insurance vehicles bid on an insurance vehicle within their first 90 days.

The company also said more U.S. insurance sellers are using “pure sale” auctions, which Liaw confirmed are non-reserve sales. He said the mix of pure sale units among U.S. insurance sellers is at an all-time high.

Management discusses growth initiatives During the question-and-answer session, Liaw identified several long-term growth drivers, including continued increases in total loss frequency, expansion among non-insurance sellers such as rental car companies, dealers, fleets and financial institutions, and international growth.

Stearns said Purple Wave, Copart’s industrial equipment auction platform, generated more than 25% gross transaction value growth over the last 12 months. She said the business has expanded its territory sales force beyond its original central U.S. focus and has grown its team to roughly 2.5 to 3 times its size at acquisition.

Stearns also discussed Copart’s long-haul delivery service, saying the company shifted the offering a little over 12 months ago and has seen rapid adoption. She said the service added about $15 million year over year to facility operations costs in the quarter while also generating margin at the revenue line.

Liaw said Copart recently held its 2026 Insurance Advisory Board meeting with major U.S. insurance clients, where topics included artificial intelligence deployment. He said insurers are exploring AI across their businesses, including claims, underwriting and pricing, while also being cautious because claims decisions must be auditable and accountable.

About Copart NASDAQ: CPRTCopart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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Key Takeaways Copart Q3 EPS rose 2.4% to 43 cents as revenues climbed 2.1% to $1.24 billion.CPRT lifted gross margin to 46.3% as higher ASPs offset lower unit volumes. Copart international revenues jumped 14.1% on higher units sold and stronger fee momentum. Copart, Inc. (CPRT - Free Report) delivered third-quarter fiscal 2026 earnings of 43 cents per share, which rose 2.4% year over year and beat the Zacks Consensus Estimate of 41 cents by 4.9%. Quarterly revenues rose 2.1% year over year to $1.24 billion and topped the Zacks Consensus Estimate of $1.21 billion by 2.4%.

The quarter reflected resilient pricing amid softer volumes. Average selling prices (ASPs) increased 4.6% while unit volumes declined 2.4%, helping lift revenues despite pressure in global insurance units, which fell 2.7%.

CPRT’s Revenue Mix Improves as Vehicle Sales GrowService revenues remained the primary engine, rising 2.1% year over year to $1.06 billion. Vehicle sales advanced 2.3% to $181 million, adding a modest but helpful tailwind to consolidated growth.

The continued expansion in average selling prices across channels more than offset lower volumes. The company reported low-single-digit growth in global assignment volumes, even as global inventory declined by 2% from the prior year.

Copart’s Margins Expand Despite Higher Facility CostsGross profit increased 3.7% to $572.6 million, and gross margin expanded 71 basis points to 46.3%. Cost of vehicle sales declined 5.6% to $160.3 million, helping offset higher facility operations expenses, which rose 2.5% to $450.3 million.

Operating leverage was mixed below the gross line. General and administrative expenses increased 7.2% to $93.7 million, and total operating expenses rose 1.7% to $772.8 million. Even with that uptick, operating income grew 2.8% to $464.3 million, reflecting the benefit of stronger gross profit and continued operating discipline.

CPRT’s U.S. Business is Steady as Units FallThe United States segment posted total revenues of $1 billion, down 0.4% year over year, as higher revenue per unit was offset by lower volumes. The U.S. insurance volumes decreased 4.2%, consistent with softer claims activity tied to consumer insurance affordability dynamics.

Beyond insurance, the company noted encouraging momentum across parts of its diversified seller base. Dealer Services and powersports units increased 1%, BluCar commercial consignment expanded more than 4%, and combined fleet and finance seller volume grew at a double-digit pace, partly offset by higher repair activity among rental customers.

Copart’s International Segment Drives Incremental GrowthInternational revenues climbed 14.1% year over year to $234.2 million, supported by a 5.9% increase in total units sold and solid fee momentum. Service revenues in the international segment increased as revenue per unit benefited from strong average selling price gains, with insurance ASPs up 8.4% and noninsurance ASPs up 16.7%.

Profitability also strengthened overseas. International operating income rose to $73.8 million, translating to a 31.5% operating margin.

CPRT’s Cash Position Strengthens as Buybacks ContinueAs of April 30, 2026, Copart had cash, cash equivalents and restricted cash of $3.35 billion, up from $2.78 billion as of July 31, 2025. Liquidity was approximately $5.5 billion, including cash, equivalents and held-to-maturity securities, providing flexibility for investment and capital returns.

Cash flow reflected heavy capital allocation activity. Net cash provided by operating activities for the first nine months of fiscal 2026 was $1.25 billion, while purchases of property and equipment totaled $258.6 million. The company also repurchased $1.63 billion of common stock during the first nine months, underscoring an ongoing commitment to returning capital alongside investments in land, facilities and technology.

Copart’s Operating Drivers Centered on Returns and ServicesThe auction returns remain a key lever in the insurance ecosystem. In the quarter, U.S. insurance average selling prices increased 4.1%, supported by a broad and diversified buyer base, including international demand that the company said represents a meaningful share of U.S. auction proceeds.

The company continues the expansion of value-added services that can lift revenue per unit over time. Title processing offerings and logistics initiatives, including its domestic long-haul delivery product, were framed as both revenue opportunities and tools to reduce friction for buyers and sellers across the platform.

CPRT currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Releases From Auto SpaceMobileye Global Inc. (MBLY - Free Report) reported first-quarter 2026 results on April 23. It posted earnings of 12 cents per share, beating the Zacks Consensus Estimate of 8 cents by 58.52%. The bottom line rose 50% year over year, driven by higher shipments of EyeQ system-on-chip. The company posted revenues of $558 million, which beat the Zacks Consensus Estimate of $520 million by 7.36% and increased 27.4% year over year.

Operating cash flow was $75 million, reflecting the company’s ability to convert its ADAS scale into cash generation.

Mobileye also approved a share buyback program of up to $250 million. By the end of the first quarter, MBLY had $1.21 billion in cash, after spending $591 million (net of cash received) on the Mentee Robotics acquisition.

Gentex Corporation (GNTX - Free Report) reported first-quarter 2026 results on April 24. It posted adjusted earnings of 48 cents per share, which beat the Zacks Consensus Estimate of 44 cents by 8.28%. The figure increased 11.6% from 43 cents a year ago. Net sales came in at $675 million, topping the consensus mark of $647 million by 4.36%. Revenues rose 17.1% from $577 million in the year-ago quarter, aided by contributions from VOXX and a richer mix of advanced features.

Liquidity improved during the quarter. As of March 31, 2026, GNTX’s cash and cash equivalents were $164.8 million compared with $145.6 million as of Dec. 31, 2025. Short-term investments increased to $10.3 million from $5.4 million.

PACCAR Inc. (PCAR - Free Report) reported first-quarter 2026 results on April 28. It reported earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.13 by 1.8%. The bottom line decreased 21.2% from $1.46 in the year-ago quarter. Consolidated revenues (including trucks and financial services) were $6.78 billion, down from $7.44 billion in the corresponding quarter of 2025. The decline reflected lower industry volumes.

On the balance sheet, cash and marketable securities were $8.60 billion as of March 31, 2026, compared with $9.25 billion as of Dec. 31, 2025, while stockholders’ equity increased to $19.76 billion from $19.26 billion over the same span.