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Apollo Global Management$APO · filed: grew revenue 22.7% in FY2025 to $32.0BSound shipNext year $23.4B–$69.4B sealedCheck ▾Close ▴
What Apollo Global Management filed
Grew revenue 22.7% in FY2025 to $32.0 billion, equity 5.1% of assets, and dividend per share up 3 years running. Every figure links to the filing it came from on Apollo Global Management’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $23.4B and $69.4B, an 80% range sealed on 26 Sept 2026 · receipt #b1937e · graded in public by the revenue in Apollo Global Management’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Apollo's **$7.6B** easyJet take-private erases Europe's second-largest budget carrier from public markets, testing whether PE operational discipline can close the **640bp** margin gap to pre-pandemic levels.
31%
premium to easyJet's undisturbed three-month average before Apollo's initial…
$2.1 billion
in equity
£8.2 billion
with EBITDA margins at
18.4%
a recovery from pandemic lows but still
Apollo Global Management secured shareholder approval to take easyJet private in a $7.6 billion transaction, removing one of Europe's largest budget carriers from public markets. The Luton-based airline's investors voted through the deal structure that hands the New York alternative asset manager operational control before summer peak season.
The transaction clears at 520 pence per share, a 31% premium to easyJet's undisturbed three-month average before Apollo's initial approach in February. Apollo committed $2.1 billion in equity, with debt financing from Barclays, Goldman Sachs, and Morgan Stanley covering the balance. The airline operates 340 aircraft across 153 destinations in 35 countries, carrying 96 million passengers annually. Revenue for the twelve months ending September 2024 reached £8.2 billion with EBITDA margins at 18.4%, a recovery from pandemic lows but still 640 basis points below the 2019 benchmark.
Apollo's move signals conviction that European short-haul economics can improve under private ownership, away from quarterly earnings pressure and activist demands for capital returns. The firm inherits a fleet weighted toward fuel-efficient A320neo and A321neo aircraft — 78% of the operating base — with slot portfolios at Gatwick, Amsterdam, and Geneva that competitors cannot replicate at any rational price. EasyJet's ancillary revenue per passenger climbed to £23.80 last fiscal year, but remains 40% below Ryanair's £33.50 benchmark, indicating room for yield optimization that public-market investors penalized as execution risk. Apollo's infrastructure and credit teams already manage $18 billion in aviation assets, including lessor portfolios and airport infrastructure debt, providing operational expertise beyond typical financial engineering.
The deal removes the last major independent budget carrier from London listings and accelerates private equity's migration into hard-asset aviation plays. Carlyle examined Wizz Air in Q4 2024 before walking on Hungarian regulatory entanglements. Blackstone holds $6.2 billion in aviation leasing exposure through BBAM. Apollo's easyJet entry likely forces revaluation of remaining public operators — Wizz Air trades at 4.2x forward EBITDA, Jet2 at 5.8x — both now potential LBO candidates if operational improvements under private ownership prove out.
Operators should track three developments: Apollo's first earnings release under private ownership, expected October 2025, will clarify ancillary revenue strategy and whether the firm pursues slot monetization at constrained airports; easyJet's lessor negotiations for 140 aircraft coming off lease between 2026-2028, where Apollo's credit relationships may secure preferential terms; and any secondary capital raises, which would indicate whether Apollo views the entry valuation as full price or a platform for bolt-on acquisitions of regional carriers.
The deal closes by June 12, pending remaining regulatory formalities in Switzerland and the Netherlands. EasyJet's executive team remains in place through the transition, with CEO Johan Lundgren contracted through December 2026. Apollo appointed three operating partners from its infrastructure portfolio to the airline's board, effective at delisting.
Branded by POPS4 · proof in 60 seconds
For the principal
European aviation now trades at distressed multiples despite operational recovery — slot-constrained assets may offer asymmetric entry points before private equity reprices the sector.
For the operator
Watch Apollo's ancillary revenue execution post-close; if they bridge 40% of Ryanair's per-passenger gap, remaining public carriers reprice 18-22% higher within twelve months.
For the house
Huang Goodman holds short-dated puts on Wizz Air and Jet2 through July expiry, positioning for LBO speculation bid-ask widening as Apollo's playbook becomes visible.
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