I’m not a native speaker, so this just my opinion. If you use an apostrophe after a word with “s” and leave out the “s” , you don’t pronounce it. In your case it’s “horses”. But if you have for example a name like Jones, which is quite a common name, you can write the “s” after the apostrophe “She is Mrs. Jones’s friend.” and it’s “Mrs. Jones-is friend”. So, it depends on the question, if you write the “s” after the apostrophe, you pronounce it “-is”. No “s” no “-is”.