Transcript of earnings call for the quarter ended Decemeber 31, 2025
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Apollo Finvest held its Q3 FY26 earnings call on February 11, 2026, where management discussed sustainable profit growth and an uptick in ROE. Portfolio quality remains a key strength, with GNPA roughly half the industry average and 30+ DPD metrics 15-18x better than peers. The retail book grew nearly 2x quarter-on-quarter, and management expects retail to reach 70-80% of total AUM. The major strategic highlight was the launch of 'Apollo Cash', a new direct digital lending vertical that management described as the company's big bet for the next 4-5 years. Currently debt-to-equity is near zero, leaving significant headroom to scale up to industry norms of 2.5-3x. Apollo Cash is expected to contribute only 5-10% of AUM over the next 12 months, while the partnership business continues as the core at 90-95% of AUM.
For shareholders, the call signals a strategic pivot from a pure partnership platform to also becoming a direct lender, which is positive for long-term scale but will raise employee costs in the near term. Expect near-term margin pressure as Apollo Cash investments ramp up, with returns expected over a 2-5 year horizon rather than immediately.