Business Description

Overview Equitable Holdings is one of America’s leading financial services companies and has helped clients prepare for their financial future with confidence since 1859. We are a leading provider of retirement, asset management and wealth management solutions for individual and institutional clients, and had $1.1 trillion of assets under management and administration as of December 31, 2025. Our business operates across three franchises: • Equitable — Insurer providing retirement, income and protection strategies to individuals, families, institutions and small businesses across the United States; • AllianceBernstein (“AB”) — Global active asset manager providing investment services to institutional investors, individuals, and private wealth clients; and • Equitable Advisors — Wealth management platform providing holistic financial advice and investment, protection and risk management services to clients across the United States. Our strategy is to participate across the retirement value chain by acting as a product manufacturer (Equitable), asset manager (AB), and distributor (Equitable Advisors). We believe that having an integrated business model enables us to better serve our clients while also generating flywheel benefits across the enterprise, as each franchise works in tandem to convert the higher investment returns we secure for our clients through our financial advice and asset management activities into higher sales and net flows of Equitable retirement products. Our Organizational Structure We are a holding company that operates our business through several direct and indirect subsidiaries. The following organizational chart presents the ownership of our principal subsidiaries as of December 31, 2025. ______________ (1) We own an approximate 68% economic interest in AB through various wholly-owned subsidiaries. For additional information, see Note 1 of the Notes to the Consolidated Financial Statements. 5 Table of Contents Revenues and Fees We earn revenues predominantly from fee income, income from investments, and insurance premiums. Our profitability depends on our ability to properly price and manage risk on annuity and insurance products, to manage our portfolio of investments effectively, and to control costs through expense discipline. Segment Information We manage our business through three