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BlackRock (BLK) · 147 slides · Filed Oct 21, 2026
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Slide 1
Slide 2 — Forward
Forward śloking Statements 2 This presentation, and other statements that BlackRock may make, contain forward śloking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock ļ𠨪∫ª∏´ ¨Ø¥ß¥©Øß≤ µ∏ ∂´∏¨µ∏≥ߥ©´ı π∫∏ß∫´≠Ø´π µ∏ ´æ∂´©∫ß∫ص¥πİ 'µ∏Ωß∏™ ≤µµ±Ø¥≠ π∫ß∫´≥´¥∫π ß∏´ ∫ø∂Ø©ß≤≤ø Ø™´¥∫بش™ ®ø Ωµ∏™π µ∏ ∂Æ∏ßπ´π 𪩠nd, ľ Ľ∂µ∫´¥∫Øß≤ıľ Ľµ∂∂µ∏∫ª¥Ø∫øıľ Ľ∂Ø∂´≤Ø¥´ıľ Ľ®´≤Ø´º´ıľ Ľ©µ Ľ´π∫Ø≥ß∫´ıľ Ľ∂µπØ∫ص¥ıľ Ľßππª≥´ıľ Ľµª∫≤µµ±ıľ Ľ©µ¥∫Ø¥ª´ıľ Ľ∏´≥ßØ¥ıľ Ľ≥ßØ¥∫ßØ¥ıľ Ľπªπ∫ßØ¥ıľ Ľπ´´±ıľ Ľß©ÆØ´º´ıľ Ľ∫ß∏≠´ on, ľ Ľßπ∂Ø∏ß∫ص¥ľ ߥ™ πØ≥Ø≤ß∏ ´æ∂∏´ππص¥πı µ∏ ¨ª∫ª∏´ µ∏ ©µ¥™Ø and similar expresion . BlackRock cautions that forward śloking statements are subject to numerous asumptions, risks and uncertainties, which change ov er time. Forward śloking statements speak only as of the date they are made, and BlackRock asumes no duty to and does not undertake to update forward śloking statements. Actual results could difer materialy from those anticipat ed in forward śloking statements and future results could difer materialy from historical performance. BlackRock has previously disclosed risk factors in its Securities and Exchange Comision reports. These risk factors and tho se identified elsewhere in this report, among others, could cause actual results to difer materialy from forward - loking statements or historical performance and include: (1) the introduction, withdrawal, suces and timing of busines in iti atives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or se rvices or in the value of asets under management ("AUM"); (3) the relative and absolute investment ∂´∏¨µ∏≥ߥ©´ µ¨ #≤ß©±3µ©±ļπ Ø¥º´π∫≥´¥∫ ∂∏µ™ª©∫πij ŤƄť #≤ß©±3µ©±ļπ ß®Ø≤Ø∫ø ∫µ ™´º´≤µ∂ ¥´Ω ∂∏µ™ª©∫π ߥ™ π´∏ºØ©´π ∫Æß∫ ß™ ent preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or ™Øº´π∫Ø∫ª∏´πı Ø¥©≤ª™Ø¥≠ ∫Æ´ ∂≤ߥ¥´™ ß©∑ªØπØ∫ص¥ µ¨ )14 *¥º´π∫≥´¥∫ 1ß∏∫¥´∏π Ť∫Æ´ Ľ)14 5∏ߥπß©∫ص¥ľť ߥ™ ∫Æ´ ß©∑ªØπØ∫Ø oba l Infrastructure Management, LC and Preqin )µ≤™Ø¥≠ -Ø≥Ø∫´™ Ť∫Æ´ Ľ Preqin 5∏ߥπß©∫ص¥ľ ߥ™ ∫µ≠ ∫Æ´ )14 5∏ߥπß©∫ص¥ı ∫Æ´ Ľ5∏ߥπß©∫ص¥πľťij ŤƇť #≤ß©±3µ©±ļπ ß®Ø≤Ø∫ø ∫µ Ø¥∫´≠∏ß∫´ ß©∑ªØ∏´™ ®ªπØ¥´ππ´π 𪩩´ππ¨ª≤≤øı Ø¥© e T ransactions; (8) risks related to the HPS Transaction, including delays in the expected closing date of the HPS Transaction, the posibility that the HPS Transaction does not close, including, but not limited to, due to the failure to sa tis fy the closing conditions; the posibility that expected synergies and value creation from the Transactions wil not be realized, or wil not be realized within the expected time period; and the risk of impacts to busines and operational rel ati onships related to disruptions from the Transactions; (9) the unfavorable resolution of legal procedings; (10) the extent and timing of any share repurchases; (1) the impact, extent and timing of technological changes and the adequacy of i nte lectual property, data, information and cybersecurity protection; (12) the failure to efectively manage the ™´º´≤µ∂≥´¥∫ ߥ™ ªπ´ µ¨ ß∏∫بةØß≤ Ø¥∫´≤≤Ø≠´¥©´ij ŤƁƃť ß∫∫´≥∂∫π ∫µ ©Ø∏©ª≥º´¥∫ #≤ß©±3µ©±ļπ µ∂´∏ß∫ص¥ß≤ ©µ¥∫∏µ≤ ´¥ºØ∏µ¥≥ e p µ∫´¥∫Øß≤ ¨µ∏ ƪ≥ߥ ´∏∏µ∏ Ø¥ ©µ¥¥´©∫ص¥ ΩØ∫Æ #≤ß©±3µ©±ļπ regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scruti ny relating to BlackRock; (15) changes in law and policy and uncertainty pending any such changes; (16) any ¨ßØ≤ª∏´ ∫µ ´¨¨´©∫غ´≤ø ≥ߥß≠´ ©µ¥¨≤Ø©∫𠵨 Ø¥∫´∏´π∫ij ŤƁƇť ™ß≥ß≠´ ∫µ #≤ß©±3µ©±ļπ ∏´∂ª∫ß∫ص¥ij ŤƁƈť Ø¥©∏´ßπØ¥≠ ¨µ©ªπ ¨ old ers regarding environmental and social - related maters; (19) geopolitical unrest, terorist activities, civil or Ø¥∫´∏¥ß∫ص¥ß≤ Ƶπ∫Ø≤Ø∫Ø´πı ߥ™ µ∫Æ´∏ ´º´¥∫𠵪∫πØ™´ #≤ß©±3µ©±ļπ ©µ¥∫∏µ≤ı Ø¥©≤ª™Ø¥≠ Ωß∏πı ≠≤µ®ß≤ ∫∏ß™´ ∫´¥πص¥πı ∫ß∏ ral disasters and health crises, which may adversely afect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (20) climate - ∏´≤ß∫´™ ∏Øπ±π ∫µ #≤ß©±3µ©±ļ𠮪πØ¥´ππı ∂∏µ™ª©∫πı µ∂´∏ß∫ص¥π ߥ™ clients; (21) the ability to atract, train and retain highly qualified profesionals; (2) fluctuations in the carying ºß≤ª´ µ¨ #≤ß©±3µ©±ļπ ´©µ¥µ≥Ø© Ø¥º´π∫≥´¥∫πij ŤƂƃť ∫Æ´ Ø≥∂ß©∫ µ¨ ©Æߥ≠´π ∫µ ∫ßæ ≤´≠Øπ≤ß∫ص¥ı Ø¥©≤ª™Ø¥≠ Ø¥©µ≥´ı ∂ßø∏µ≤≤ act ion taxes, and taxation on products, which could afect the value proposition to clients and, generaly, the tax ∂µπØ∫ص¥ µ¨ #≤ß©±3µ©±ij ŤƂƄť #≤ß©±3µ©±ļπ 𪩩´ππ Ø¥ ¥´≠µ∫Øß∫Ø¥≠ ™Øπ∫∏Ø®ª∫ص¥ ß∏∏ߥ≠´≥´¥∫π ߥ™ ≥ßØ¥∫ßإإ≠ ™Øπ∫∏Ø®ª∫Ø s f or its products; (25) the failure by key third - party providers to fulfil their obligations to BlackRock; (26) µ∂´∏ß∫ص¥ß≤ı ∫´©Æ¥µ≤µ≠Ø©ß≤ ߥ™ ∏´≠ª≤ß∫µ∏ø ∏Øπ±π ßππµ©Øß∫´™ ΩØ∫Æ #≤ß©±3µ©±ļπ ≥ß∞µ∏ ∫´©Æ¥µ≤µ≠ø ∂ß∏∫¥´∏πÆØ∂πij ŤƂƇť ߥø n t µ ∫Æ´ µ∂´∏ß∫ص¥π µ¨ ∫ÆØ∏™ ∂ß∏∫Ø´π ΩÆµπ´ ¨ª¥©∫ص¥π ß∏´ Ø¥ - traded funds platform; (28) the impact of BlackRock electing to provide suport to its products from time to time and any potential liabilities rela ted to securities lending or other indemnification obligations; and (29) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products ofered by other financial institutions. #≤ß©±3µ©±ļπ "¥¥ªß≤ 3´∂µ∏∫ µ¥ 'µ∏≥ Ɓƀ ś, ߥ™ #≤ß©±3µ©±ļπ πª®π´∑ª´¥∫ ¨Ø≤Ø¥≠π ΩØ∫Æ ∫Æ´ 4&$ı ß©©´ππØ®≤´ µ¥ ∫Æ´ 4&$ļπ Ω´®πØ∫´ ß∫ ΩΩΩİπ ´©İ≠µº ߥ™ µ¥ #≤ß©±3µ©±ļπ Ω´®πØ∫´ ß∫ ΩΩΩİ®≤ß©±∏µ©±İ©µ identify aditional factors that can afect forward ś≤µµ±Ø¥≠ π∫ß∫´≥´¥∫πİ 5Æ´ Ø¥¨µ∏≥ß∫ص¥ ©µ¥∫ßØ¥´™ µ¥ ∫Æ´ $µ≥∂ߥøļπ Ω´®πØ∫´ Øπ ¥µ t a part of this presentation, and therefore, is not incorporated herein by reference. #≤ß©±3µ©± ∏´∂µ∏∫π Ø∫π ¨Ø¥ß¥©Øß≤ ∏´πª≤∫π Ø¥ ß©©µ∏™ß¥©´ ΩØ∫Æ ß©©µª¥∫Ø¥≠ ∂∏Ø¥©Ø∂≤´π ≠´¥´∏ß≤≤ø ß©©´∂∫´™ Ø¥ ∫Æ´ 6¥Ø∫´™ 4∫ "1ľ ťij ÆµΩ´º´∏ı ≥ߥß≠´≥´¥∫ ®´≤Ø´º´π ´ºß≤ªß∫Ø¥≠ ∫Æ´ $µ≥∂ߥøļπ investors have aditional non śGAP financial measures. Management reviews non śGAP financial measures to ases ongoing operatio ¥π ߥ™ ©µ¥πØ™´∏π ∫Æ´≥ ∫µ ®´ Æ´≤∂¨ª≤ı ¨µ∏ ®µ∫Æ ≥ߥß≠ financial performance over time. Management also uses non śGAP financial measures as a benchmark to compare its performance with other companies and to enhance the comparability of this information for the reporting periods presented. Non ś(""1 ≥´ßπª∏´π ≥ßø ∂µπ´ ≤Ø≥Ø∫ß∫ص¥π ®´©ßªπ´ ∫Æ´ø ™µ ¥µ∫ Ø¥©≤ª™´ ß≤≤ µ¨ #≤ß©±3µ©±ļπ ∏´º´¥ª´ ߥ™ ´æ∂´¥π´İ #≤ß©± s management does not advocate that investors consider such non śGAP financial measures in isolation from, or as a substitute for, financial information prepared in acordance with GAP. Non śGAP measures may not be com parable to other similarly titled measures of other companies. This presentation includes non śGAP financial measures. You can find our presentations on the most directly comparable GAP fina ncial measures and reconciliations to such GAP measures in the Apendix hereto, as wel as in #≤ß©±3µ©±ļπ 'µ∏≥ Ɓƀ - K and 10 - 2 ߺßØ≤ß®≤´ µ¥ #≤ß©±3µ©±ļπ Ω´®πØ∫´ ß∫ Ø∏İ®≤ß©±∏µ©±İ©µ≥İ 5Æ´ Ø¥¨µ∏≥ß∫ص¥ ∂∏µºØ™´™ µ¥ µª∏ Ω´®πØ∫´ Øπ not part of this presentation and is not incorporated herein by reference. Important Notes As indicated in this presentation, certain financial information for 2014 reflects acounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Acounting Policies, in the consolidated financial statements in our 2018 Form 10 śK. Begining in the first quarter of 202, BlackRock updated its defin itions of operating income, as adjusted, operating margin, as adjusted, and net income atributable to BlackRock, Inc., as adjusted. In adition, begining in the first quarter of 2023, BlackRock updated the definitions of its n on - GAP financial measures to exclude the impact of market valuation changes on certain defered cash compensation plans which the Company began economicaly hedging in 2023. Information from 2018 and onwards reflects the updat ed definitions. Information for 2014 does not reflect the updated definitions. Please note this presentation includes fotnotes. For fotnoted information, including end notes regarding non śGAP and other re ≤´ºß¥∫ Ø¥¨µ∏≥ß∫ص¥ ߥ™ ∏´©µ¥©Ø≤Øß∫ص¥ ∫µ (""1ı ∂≤´ßπ´ website at ir.blackrock.com.
Slide 3 — 2030 Ambition
Martin Smal Chief Financial Oficer and Global Head of Corporate Strategy #≤ß©±3µ©±ļπ 2030 Ambition
Slide 4 — 'µª¥™ß∫ص¥π µ¨ µª∏ π∫∏ß∫´≠øĴ
'µª¥™ß∫ص¥π µ¨ µª∏ π∫∏ß∫´≠øĴ 4 Conect investors, corporates & the public sector to the power of capital markets Serve clients as a fiduciary, delivering excelent performance acros whole portfolios & products Create scale and network economies acros a 1BLK platform through long - term relationships & technology US investors using iShares ETFs 1 ~40 milion Retirement and pension scheme clients globaly 2 2,0+ 5 - yr active AUM above median/per benchmark 3 78% Aladin® and Preqin users 5 ~3x since Investor Day 2023 360,0+ Private markets return of capital since GIP close 4 $9 bilion Bank, sponsor and co - invest relationships 6 3,50+ Note: For fotnoted information, refer to slide 14.
Slide 5 — Organic growth
Ĵߥ™ Ø∫𠮪Ø≤™Ø¥≠ ®≤µ©±π 5 Organic growth Operating leverage Capital management EPS growth dzƅǦ µ∏≠ߥة ®ßπ´ ¨´´ ≠∏µΩ∫Æ dz ƄƅǦ µ∂´∏ß∫Ø¥≠ ≥ß∏≠Ø¥ı - adj. 1 B L K P l a t f o r m L e a d a s w h o l e p o r t f o l i o a d v i s o r B e t h e g l o b a l l e a d e r i n s u s t a i n a b l e i n v e s t i n g E T F s P r i v a t e M a r k e t s A l a d d i n ® Alpha at the heart D r i v e g r o w t h A c c e s s E x p e r t i s e S e r v i c e #≤ß©±3µ©±ļπ ß≥®Ø∫ص¥ ¨µ∏ ∂∏µ¨Ø∫ß®≤´ ≠∏ Note: The figures and statements above are forward - loking statements. These figures and statements are estimated based on vario us asumptions, and there is no guarante that they wil be realized as presented. For reconciliations betwen GAP and as adjusted measures, se the Apendix and previously filed Forms 10 - K, 10 - Q and 8 - K.
Slide 6 — $15B
Driving stronger, more resilient growth: aiming to double operating income and market cap by 2030 6 Through - the - cycle targets: dz 5% Organic base fe growth dz 45% Operating margin, as - adj. 2024 2030 aspiration (excluding beta) $8B Op. income, as - adj. $15B ~2x ~$140B Market cap 1 $280B 2x $20B Revenue $35B+ 10% CAGR $20B $35B+ 2024 2030 Aspiration Private markets & technology ETFs Liquid active, cash & other 15% of total revenue BlackRock total revenue ambitions (excluding beta) 30%+ of total revenue Note: For fotnoted information, refer to slide 14. The figures and statements above are forward - loking statements. These figur es and statements are estimated based on various asumptions, and there is no guarante that they wil be realized as presented. For reconciliations betwen GAP and as adjusted measures, se the Apendix and previously filed Forms 10 - K, 10 - Q and 8 - K.
Slide 7 — Wel positioned in structural growers acros our platform
Wel positioned in structural growers acros our platform 7 Note: For fotnoted information, refer to slide 14. 17% 14% 13% 1% 1% 8% 6% Private Credit ETFs Technology Infrastructure SMA Cash OCIO Top 3 Industry organic revenue growth 1 2020 - 24 BlackRock AUM rank 2 2024 *pro - forma for HPS acquisition 2 Top 5* #1 N/A Top 3 Top 3 Top 5
Slide 8 — Large existing aset pols within the wals of BlackRock
Large existing aset pols within the wals of BlackRock 8 Note: For fotnoted information, refer to slide 14. 92 of the top 10 aset owners have existing relationships with BlackRock 1 Insurance ~$70B AUM 2 20+ insurers powered by Aladin® 6 Institutional Index $3.2T AUM 2 Outsourcing Target Date $50B+ AUM 2 Scaled franchise value with largest aset owners, SWFs and pensions #1 DCIO franchise 5 $840B+ OCIO AUM 3 ~30 $5B+ OCIO mandates funded since 2020 4 Wealth $1T+ wealth AUM 2 30,0+ Financial advisors using BLK models in their portfolios 7
Slide 9 — New builds toward our 2030 vision
New builds toward our 2030 vision 9 Note: For fotnoted information, refer to slide 14. 8´ļ∏´ ®ªØ≤™Ø¥≠ ¥´Ω źƅƀƀ.Ǩ ®ªπØ¥´ππ´πĴ Ĵby helping clients aces inovative oportunities Private Markets to Insurance Private Markets to Wealth Digital Asets Active ETFs Driving positive leverage to BlackRock fe rate •Largest third - party manager in balance shet insurance asets with $70B in AUM 1 •Near - term ambition to rotate more than 10% of core FI insurance asets to IGPD •Planed combination with HPS ads wider private markets and insurance capabilities •Scaled provider of BDCs, infrastructure, secondaries, retirement and evergren vehicles in Europe •6∂µ¥ ©≤µπØ¥≠ı µ∂∂µ∏∫ª¥Ø∫ø ∫µ ´æ∫´¥™ )14ļ ≤´ß™Ø¥≠ ∂∏ wealth distribution network •Largest crypto aset manager globaly ($50B+ AUM ); IBIT and ETHA leading categories by AUM 1 •Expanding digital asets ETPs to Europe and Canada with learnings from US •Manage BUIDL ($2B; largest tokenized liquidity fund) and Circle USDC reserves ($50B in AUM) 1 •Two industry - leading Alpha - seking ETF franchises today with DYNF ($15B+) and BINC (~$9B) 1 •Ø4Æß∏´π 0ª∫©µ≥´ &5' ≠∏µΩ∫Æ ™∏غ´¥ ®ø Ľ.ßæ #ª¨¨´∏ľ π ś 2x AUM and 3x net inflows in last year 2 •*¥∫´≠∏ß∫´™ 4∂Ø™´∏3µ©± ∫µ ™´≤غ´∏ ß Æµ≤Øπ∫Ø© Ļ#-, ¨µ
Slide 10 — Integrating our private markets platforms and extending reach
Integrating our private markets platforms and extending reach ∫Æ∏µª≠Æ #≤ß©±3µ©±ļπ ≠≤µ®ß≤ ∏´≤ß∫Ø 10 Note: For fotnoted information, refer to slide 14. Infrastructure GIP V Target achieved over $25B ś largest - ever client capital raise in an infrastructure fund ~9 months since closing: AIP Anounced AI partnership alongside leading hyperscalers, aset owners and energy partners Ports In - principle agrement alongside partners MSC and TiL Capital Return Returned $9B to LPs acros combined private markets platform since close ś reflecting multiple sucesful realizations 1 Private Credit Fundraising -´º´∏ß≠Ø¥≠ #≤ß©±3µ©±ļπ ≠≤µ®ß≤ relationships ∫µ ß©©´≤´∏ß∫´ )14ļ ß≤∏´ß™ø - strong fundraising cycle Anticipated upon closing: Sourcing Expanding proprietary sourcing and conectivity: HPS 60%+ non - sponsor origination 2 Distribution "©©´≤´∏ß∫Ø¥≠ ≠∏µΩ∫Æ Ø¥ )14ļ Ω´ß≤∫ franchise ∫Æ∏µª≠Æ #≤ß©±3µ©±ļπ π©ß≤´™ distribution network Onboarding Best - in - clas onboarding experience: Ω´≤©µ≥Ø¥≠ )14 ∫µ #≤ß©±3µ©±ļπ ≠≤µ® ofices starting in 3Q
Slide 11 — We are targeting $40B of cumulative fundraising in private
We are targeting $40B of cumulative fundraising in private markets by 2030 1 Note: The figures and statements above are forward - loking statements. These figures and statements are estimated based on vario us asumptions, and there is no guarante that they wil be realized as presented. Target $40B gros fundraise from 2025 ś 2030 &¥ß®≤´™ ®øĴ Strong corporate and aset owner relationships Diversified, multi - aset platform Diferentiated origination Scaled, flexible capital base Extending private markets to wealth Deper insurance capabilities
Slide 12 — Acelerating growth in technology and data
Acelerating growth in technology and data 12 Note: For fotnoted information, refer to slide 14. Aladin® is the leading public ≥ß∏±´∫π πµ≤ª∫ص¥Ĵ Ĵߥ™ Ω´ļ∏´ ®∏Ø¥≠Ø¥≠ ∫Æ´ πß≥´ transparency and scale to the private markets Aset servicers Aset owners Aset managers Trading execution Investment bok of record Risk management Trade confirmations Acounting Exposure & performance Front ofice Back ofice Launched Preqin benchmarks within the Aladin® platform for joint customers + + Private markets workflow Private markets data The language of the whole portfolio Since Preqin close on March 3 rd : Progresin g data strategy for deals, companies and indices to strengthen product 87 of the top 10 alternatives investors are clients of Aladin®, eFront or Preqin 1
Slide 13 — Our strategy is built to unlock value for shareholders and
Our strategy is built to unlock value for shareholders and excelence for clients 13 Conect investors, corporates and the public sector to the power of capital markets Serve clients as a fiduciary, delivering excelent performance acros whole portfolios and products Create scale and network economies acros a 1BlackRock platform through long - term relationships and technology
Slide 14 — End notes
End notes 14 These notes refer to the financial metrics and/or defined term presented on: Slide 4 ś 'µª¥™ß∫ص¥π µ¨ µª∏ π∫∏ß∫´≠øĴ 1. Source: BlackRock estimates and Broadridge as of May 2025. Includes individual US investor acounts, based on an empirical an aly sis of agregate brokerage acounts in the US that hold iShares ETFs at the ticker level. 2. Source: BlackRock. Data as of March 31, 2025 and includes defined benefit and defined contribution clients globaly. 3. Source: BlackRock. Represents al active AUM for the 5 śyear period ending March 31, 2025. Please se apendix of this presentati on for performance notes. Past performance is not indicative of future results. Please refer to page 15 of first quarter 2025 earnings release for performance disclosure detail. 4. Source: BlackRock. Data reflects private markets realizations from October 1, 2024 to March 31, 2025. Realizations represent ret urn of capital / return on investments. 5. Source: BlackRoc k as of May 2025. 6. BlackRock estimate based on BlackRock Capital Markets engagements with corporate partners in FY 2024. Slide 6 ś Driving stronger, more resilient growth: aiming to double operating income and market cap by 2030 1. As of September 30, 2024 (pre - closing of GIP acquisition). Slide 7 ś Wel positioned in structural grow ers acros our platform 1. Organic revenue growth reflects base fe revenue for al segments for BlackRock and industry. Sources: Preqin for Private Credit and Infrastructure (as of Dec 2024), iShares Global Busines Inteligence ( GBI ) for Global ETFs (as of Dec 2024), Ceruli for SMAs (as of Sep 2024), iMoneyNet for Global Cash (as of Dec 2024) and Broadridge for OCIO (as of Sep 2024). Industry organic BF revenue growth calculated using actuals (ETFs) and proxy fe rates (al other vehicles) for run rate revenue and NBF . Average industry proxies were estimated, using industry sources (McKinsey, Morningstar) and BlackRock data. Tech revenue gr owt h includes ST CRD , CWAN, S&P, MORN, MSCI, ENFN , BR, TEMN ; based on YoY AR (anual recuring revenue) from company financials as of 12/31/2024. 2. Based on pro - forma private credit AUM for planed closing of HPS deal (BlackRock and HPS data as of 3/31/2025); per data based on publicly available filings as of May 2025, iShares GBI for Global ETFs (as of April 2025), IPE Real Asets for Infrastructure (as of March 2024; inclusive of public infrastructure asets where aplicable for competitors) ; C eruli for SMAs (as of Dec 2024), iMoneyNet for Global Cash (as of Feb 2025) and P&I for OCIO (as of March 2024). Slide 8 ś Large existing aset pols within the wals of BlackRock 1. 5µ∂ Ɓƀƀ ßππ´∫ µΩ¥´∏π ®ßπ´™ µ¥ 5ÆØ¥±Ø¥≠ "Æ´ß™ *¥π∫Ø∫ª∫´ļπ Ľ5Æ´ "ππ´∫ 0Ω¥´∏ Ɓƀƀľı /µº´≥®´∏ ƂƀƂƄİ 3´≤ß∫ص¥πÆØ∂π Ø¥©≤ ana ged by BlackRock, US Wealth relationships, and Aladin® / Preqin clients. 2. AUM data as of March 31, 2025. Categories are not mutualy exclusive and may include overlap with other categories. 3. Source: BlackRock. Data as of March 31, 2025 and includes OCIO , wealth solutions and insurance AUM (for clients with more than $5B in asets with BlackRock). Categories are not mutualy e xcl usive and may overlap. 4. Mega mandates reflect client outsourcing asignments greater than $5 bilion in asets. 5. Source: Planadviser survey as of August 2024, based on asets under management. 6. Source: BlackRock as of May 2025. Based on Aladin®, Preqin and Colmore clients. 7. Source: BlackRock as of December 2024. Slide 9 ś New builds toward our 2030 vision 1. Source: BlackRock. BUIDL AUM as of April 9, 2025. Other AUM figures as of March 31, 2025. 2. Source: BlackRock. Net inflow and AUM growth data based on growth from April 1, 2024 to March 31, 2025. Slide 10 ś *¥∫´≠∏ß∫Ø¥≠ µª∏ ∂∏غß∫´ ≥ß∏±´∫π ∂≤ß∫¨µ∏≥π ߥ™ ´æ∫´¥™Ø¥≠ ∏´ß©Æ ∫Æ∏µª≠Æ #≤ß©±3µ©±ļπ ≠≤µ®ß≤ ∏´≤ß∫ص¥πÆØ∂ ¥´∫Ωµ∏± 1. Source: BlackRock. Data reflects private markets realizations from October 1, 2024 to March 31, 2025. Realizations represent ret urn of capital / return on investments. 2. Source: HPS. Data as of December 31, 2024. Based on sourcing chanel, and calculated by the total face value comited to pri vat e credit investments that are part of the Strategic Investment Partners strategy, Special Situations Oportunities strategy (private special situations investments), Specialty Direct Lending strategy, Core Senior Le ndi ng strategy, and any aditional private credit investments made by one or more busines development companies, private credit CLOs, separately managed funds or acounts, or private credit - focused joint ventures, excl uding investments that are solely part of the High Grade Corporate - Focused, High Grade Aset - Based, Real Estate, Aset Value, or Sustainability & Energy Transition strategies. Slide 12 ś Acelerating growth in technology and data 1. Source: BlackRock and Preqin as of April 2025. Top 10 alternatives investors based on alternatives alocations.
Slide 15 — Powering Scale:
Rob Goldstein Chief Operating Oficer Powering Scale: Solving for the whole portfolio acros public and private markets
Slide 16 — The big best are geting biger, and this is likely only the
The big best are geting biger, and this is likely only the begining 16 Note: For fotnoted information, refer to slide 25. 2018 2023 2030E 7% BLK #2 - 5 Rest 8% ? % 14% 17% ? % Clients are consolidating to do more with fewer BLK has more capabilities than anyone else 1BLK is the key requirement There are benefits to expanding within the BlackRock network Top 5 aset managers have 25% AUM market share 1
Slide 17 — Exceptional breadth and scale of capabilities, al designed to
Exceptional breadth and scale of capabilities, al designed to help clients ś Platform as a Service 17 Note: For fotnoted information, refer to slide 25. 10+ languages spoken 80+ BLK ofices 35+ countries globaly Proprietary deal sourcing from networks and relationships acros the capital markets Aset clases acros the Whole Portfolio Investment strategies spaning global markets Public Markets Private Markets Active Technology Tols Cash Index Service Expertise 1 1BLK: Seamles conectivity acros busineses Investment platform that shares insights globaly Aces 2,60 employes Industry - leading financial advisory capabilities Unified, scaled markets and operations functions are tech and data profesionals 27% are investment profesionals 30% dedicated to client relationships 16% 27% are corporate and busines operations profesionals
Slide 18 — Since our 2023 Investor Day, we are continuing
#≤ß©±3µ©± Øπ ß ∂´∏∂´∫ªß≤ ∏´Ø¥º´¥∫ 18 Note: For fotnoted information, refer to slide 25. ALADIN COPILOT BlackRock Digital Asets Pending close Since our 2023 Investor Day, we are continuing ∫µ ß™™ ©ß∂ß®Ø≤Ø∫Ø´π ∫µ ∫Æ´ #-, ∂≤ß∫¨µ∏≥Ĵ Ĵߥ™ ´æ∂ߥ™Ø¥≠ ∫µ ≥´´∫ ©≤Ø´ 1 Newly opened ofice locations Expanded our local presence Auckland Abu Dhabi Doha Kuwait Mexico City Riyadh Singapore Dubai London Chicago
Slide 19 — ĴΩÆØ≤´ µ¥ ß ©µ¥∫Ø¥ªß≤ ∑ª´π∫ ∫µIJ
ĴΩÆØ≤´ µ¥ ß ©µ¥∫Ø¥ªß≤ ∑ª´π∫ ∫µIJ 19 1 . Ensure clients benefit by expanding with the BLK network 2 . Establish ourselves acros the ecosystem 3 . Build once, monetize in multiple ways 4 . Continuously drive marginal costs down Al with the same goal: serving our clients with excelence
Slide 20 — ~$10B
1 . Ensure clients benefit by expanding within the BLK network 20 Note: For fotnoted information, refer to slide 25. Fixed income Private equity Private credit Mortgages Cash & short term investments Public equity The underlying value proposition grows as clients expand within the BlackRock ecosystem Leading global insurance company BlackRock as a strategic partner acros the entire portfolio. Aladin Strategic aset alocation Operational outsourcing ~$10B in GA asets 1 (∏µΩØ¥≠ Ø¥∫µ ∫Æ´ ĽΩƵ≤´ ∂µ∏∫¨µ≤صľ ΩØ∫Æ ©≤Ø´¥∫π Investment acounting Portfolio advisory Fixed income Private credit
Slide 21 — 2 . Establish ourselves acros the ecosystem
2 . Establish ourselves acros the ecosystem 21 BlackRock is bridging the traditional capital markets with the developing digital asets ecosystem Starting point: conecting networks A Ĵ´æ∫´¥™Ø¥≠ ∫µ managing reserve ßππ´∫𠵨 π∫ß®≤´©µØ¥πĴ B Ĵ∫Æ´¥ ∂∏µºØ™Ø¥≠ ĽØ¥π∫Ø∫ª∫ص¥ß≤ ∑ªß≤Ø∫øľ ß©©´ππĴ C Ĵߥ™ ¥µΩ ¨µ©ª on tokenized funds D
Slide 22 — 3 . Build once, monetize in multiple ways
3 . Build once, monetize in multiple ways 2 Note: For fotnoted information, refer to slide 25. Tailored AI research agents In the lab Driving alpha, reducing friction and expanding capabilities BlackRock Global Trading and Markets 2 51 milion of equity trades ofset in 2024 for clients in transaction costs saved for clients in 2024 via internalization and new scaled fixed income capability trade alocations per year through #≤ß©±3µ©±ļπ "≤ß™™Ø¥ ∂≤ß∫¨µ∏≥ 25% ~$60 milion BlackRock Systematic (BSYS) Platform 1 Enabling local alpha products as we build local busineses 1,0+ alpha signals 10 aded per year India Saudi Arabia Japan
Slide 23 — +$1T
4 . Continuously drive marginal costs down 23 Metric Increase by 2030 Portfolios (#) 2x Model Portfolios (#) 4x Trade Alocations (#) 1.3x API Cals (#) 17x BlackRock BlackRock + Aladin® Al of BlackRock is built on a foundation of operating excelence in everything we do and what we do wil continue to rapidly grow Since 2023 Investor Day 1 : Net New Busines Whole Portfolio Ľ.´≠ß ≥ߥ™ß∫´πľ Employe Headcount* Operating Margin, as - adjusted 2 +$1T +~$20B +3,10 +280bps 2030 Estimate 3 *including 2,10 via acquisition Our objective is for the through continued investment in scale enablement marginal cost of this growth to be as low as posible Note: For fotnoted information, refer to slide 25. The figures and statements above are forward - loking statements. These figur es and statements are estimated based on various asumptions, and there is no guarante that they wil be realized as presented.
Slide 24 — Scale in action
Scale in action 24 #´ µª∏ ©≤Ø´¥∫πļ ¨Ø∏π∫ ©ß≤≤ ¨ 2 . Deliver excelence in everything we do: investment performance, services, and client experience 1 . Be the language of portfolios . 4 . 1BLK is the key requirement 3 . Create benefits to expanding within the BlackRock network
Slide 25 — End notes
End notes 25 These notes refer to the financial metrics and/or defined term presented on: Slide 16 ś The best are geting biger, and this is likely only the begining 1. McKinsey Performance Lens as of 12/31/23. Slide 17 ś Exceptional breadth and scale of capabilities, al designed to help clients ś Platform as a Service 1. BlackRock a s of April 30, 2025. Slide 18 ś #≤ß©±3µ©± Øπ ß ∂´∏∂´∫ªß≤ ∏´Ø¥º´¥∫ص¥ ≥ß©ÆØ¥´Ĵ 1. BlackRock a s of May 31, 2025. Slide 20 ś 1. Ensure clients benefit by expanding within the BLK network 1. BlackRock a s of May 31, 2025. Slide 2 ś 3. Build once, monetize in multiple ways 1. BlackRock as of April 30, 2025. 2. BlackRock as of December 31, 2024. Slide 23 ś 4. Continuously drive marginal costs down 1. BlackRock for the period 1Q23 to 1Q25. For reconciliations betwen GAP and as adjusted measures, se the Apendix and previo usl y filed Forms 10 - K, 10 - Q and 8 - K. 2. BlackRock for the period FY23 to FY24. For reconciliations betwen GAP and as adjusted measures, se the Apendix and previo usl y filed Forms 10 - K, 10 - Q and 8 - K. 3. The figures and statements are forward - loking statements. These figures and statements are estimated based on various asumptio ns, and there is no guarante that they wil be realized as presented.
Slide 26 — Aladin®: The language
Sudhir Nair Global Head of Aladin Aladin®: The language of the whole portfolio Tarek Chouman Global Head of Aladin Client Busines
Slide 27 — BlackRock is stronger with
BlackRock is stronger with Aladin® 27 #≤ß©±3µ©±ļπ operating backbone Technology foundation ĽΩßø µ¨ ≤ب´ľ High - growth comercial busines
Slide 28 — 14%
#≤ß©±3µ©±ļπ "≤ß™™Ø¥ŷ ∫´©Æ¥µ≤µ≠ø ® client neds acros the investment landscape 28 Note: For fotnoted information, refer to slide 43. 2020 2021 202 2023 2024 $1.1B $1.3B $1.4B $1.5B $1.6B Technology services revenue 1 14% 1Q25 ACV growth 2 98% Recuring revenue 3 97% 3 śyear average client retention 4 Clients span the investment landscape Banks Service providers Aset servicers Wealth managers Aset owners Aset managers
Slide 29 — 4.8k
Aladin® is among a select group of technology busineses 29 Note: For fotnoted information, refer to slide 43. 4.8k Global software busineses 1 172 With $1.5B+ anual revenue 2 75 And 10%+ revenue growth 2
Slide 30 — Industry trends are a tailwind
Industry trends are a tailwind 30 Growth of private m arkets Alocation to private markets increasing acros the board; new aset clases, new wrapers Personalized multi - aset wealth portfolios at scale Customized model solutions incorporate both public and private market investments Data and AI at the center of the investment p roces Oportunities for AI to increase eficiency and unlock new sources of alpha Masive oportunity for growth, but requires scale In the midst of increasing complexity, technology that enables scale is paramount
Slide 31 — Aladin® is a growth and inovation flywhel
Aladin® is a growth and inovation flywhel 31 S O L V E M O R E C O N N E C T M O R E D O M O R E E x p a n d i n g t h e s u i t e o f c a p a b i l i t i e s G r o w i n g A l a d d i n ® a s a P l a t f o r m A c c e l e r a t i n g w i t h A I
Slide 32 — suite of capabilities
C O N N E C T M O R E D O M O R E E x p a n d i n g t h e s u i t e o f c a p a b i l i t i e s G r o w i n g A l a d d i n ® a s a P l a t f o r m A c c e l e r a t i n g w i t h A I Aladin® is a growth and inovation flywhel 32 S O L V E M O R E Expanding the suite of capabilities • Whole Portfolio • Wealth • Data (including Preqin)
Slide 33 — Aladin® is a growth and inovation flywhel
Aladin® is a growth and inovation flywhel 3 S O L V E