Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q4 2025 Earnings Presentation
30 slides from Acadian Asset Management's earnings presentation, Feb 5, 2026
Slide 1: Reports Financial and Operating Results for the Fourth Quarter Ended December 31, 2025
Acadian Asset Management Inc. Reports Financial and Operating Results for the Fourth Quarter Ended December 31, 2025 • Net inflows of $5.4 billion for Q4'25, (3% of BoP AUM), driven by Enhanced, Extension, and Emerging Markets equity strategies • AUM of $177.5 billion at December 31, 2025, highest i
Slide 2: Dividend Declaration and Conference Call Dial-in
Dividend Declaration The Company’s Board of Directors approved a quarterly interim dividend of $0.10 per share payable on March 27, 2026 to shareholders of record as of the close of business on March 13, 2026. Conference Call Dial-in The Company will hold a conference call and simultaneous webcast t
Slide 3: Forward-Looking Statements
Forward-Looking Statements This communication includes forward-looking statements which may include, from time to time, anticipated revenues, margins, operating expense, variable compensation and distribution ratios, cash flows or earnings growth profile, expectations regarding the investment proces
Slide 4: Q4 2025
Q4 2025 EARNINGS PRESENTATION February 5, 2026
Slide 5: Key Performance Metrics Q4'25
2 Key Performance Metrics Q4'24 Q4'25 Increase (Decrease) Net income attributable to controlling interests ($m) $42.5 $34.7 a s e d (18)% U.S. GAAP diluted EPS ($s) $1.13 $0.97 a s e d (14)% Economic net income ($m) $49.0 $47.2 (4)% ENI diluted EPS ($s) $1.30 $1.32 2% Adjusted EBITDA ($m) $72.8 $73.
Slide 6: Key Performance Metrics FY 2025
3 Key Performance Metrics FY 2024 FY 2025 Increase (Decrease) Net income attributable to controlling interests ($m) $85.0 $80.0 (6)% U.S. GAAP diluted EPS ($s) $2.22 $2.21 (0.5)% Economic net income ($m) $105.8 $117.6 11% ENI diluted EPS ($s) $2.76 $3.25 18% Adjusted EBITDA ($m) $177.1 $192.9 9% NCC
Slide 7: Key Financial Results and Drivers in 2025: A Record Year
4 $1.8 $29.4 2024 2025 Key Financial Results and Drivers in 2025: A Record Year ___________________________________________________________ Data as of December 31, 2025; Please see Supplemental Information, Reconciliations, Disclosures, Definitions and Additional Notes 33.4% 35.5% 2024 2025 1.5x 1.0
Slide 8: Global Equity Investment Performance: Outstanding Strategy Track Records
5 100% 100% 100% 3-Year 5-Year 10-Year 100% 100% 100% 3-Year 5-Year 10-Year 100% 100% 100% 3-Year 5-Year 10-Year 100% 100% 100% 3-Year 5-Year 10-Year 100% 100% 100% 3-Year 5-Year 10-Year Global Equity Investment Performance: Outstanding Strategy Track Records % of Major Strategy Group Assets Outperf
Slide 9: Investment Performance: Firmwide Long-Term Alpha Generation
6 95% 95% 95% 3-Year 5-Year 10-Year 92% 93% 91% 3-Year 5-Year 10-Year +4.7% 5-year annualized return in excess of benchmark +3.8% 5-year annualized return in excess of benchmark Revenue Weighted Asset Weighted Consolidated Firmwide Investment Performance Investment Performance: Firmwide Long-Term Al
Slide 10: Net Client Cash Flows: Sustained Momentum
7 $0.9 $3.8 $13.8 $6.4 $5.4 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net Client Cash Flows: Sustained Momentum ▪ Q4'25 net flows of $5.4 billion, 3% of BoP AUM, driven by Enhanced, Extension and Emerging Markets Equity strategies ▪ FY 2025 net flows of $29.4 billion, 25% of BoP AUM, highest ever in firm’s hist
Slide 11: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS A ACADIAN ASSET MANAGEMENT INC.
Slide 12: Outstanding Performance Metrics
9 Outstanding Performance Metrics Key Performance Metrics U.S. GAAP Basis ($ in millions, unless otherwise noted) Q4'24 Q4'25 Increase (Decrease) Q3'25 Increase (Decrease) FY 2024 FY 2025 Increase (Decrease) Revenue $ 167.8 $ 172.2 2.6 % $ 144.2 19.4 % $ 505.6 $ 563.7 11.5 % Operating income 65.0 57
Slide 13: ENI Revenue: Growth Driven by Recurring Management Fees
10 $166.7 $169.7 $111.3 $146.4 $55.4 $23.3 Management fees Performance fees Q4'24 Q4'25 ______________________________________________________ Notes: ENI revenue includes management fees and performance fees; Please see Definitions and Additional Notes Please see Supplemental Information, Reconcilia
Slide 14: ENI Expenses and Variable Compensation: Margin Expansion
11 $96.2 $92.2 $57.0 $59.9 $39.2 $32.3 Variable Compensation Operating Expenses Q4'24 Q4'25 ENI Expenses and Variable Compensation: Margin Expansion Financial HighlightsENI Operating Expenses and Variable Compensation ($ millions)2% 5% _______________________________________________________ Notes: E
Slide 15: Capital Resources: Strengthened Balance Sheet
12 $101.2 $97.2 $200.0 ___________________________________________________________ Please see Definitions and Additional Notes (1) Represents the Company’s total debt, divided by last twelve months Adjusted EBITDA (2) Represents the Company’s total debt, net of total cash and cash equivalents, divid
Slide 16: Capital Management: Shareholder Returns
13 86.0 35.8 Q4'19 Q4'25 Capital Management: Shareholder Returns ▪ $1.4 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Share repurchases were suspended in Q4'25 as balance sheet cash supported previously announced deleveraging – Repurc
Slide 17: Closing: Acadian Compelling Investment Opportunity
14 Closing: Acadian Compelling Investment Opportunity (1) Data as of December 31, 2025. Past performance is no guarantee of future results. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Acadian. Com
Slide 18: Supplemental Information, Reconciliations and Disclosures
15 Supplemental Information, Reconciliations and Disclosures
Slide 19: Acadian: Only Pure-Play Publicly-Traded Systematic Manager
16 PROFILE 1986 founded $177.5B AUM 95% of strategies outperforming(1) 100+ investment team 100+ advanced degrees DISTRIBUTION 4 Global distribution offices >100 Distribution professionals >50 Consultant relationships >40 countries across clients >80 funds available for investors CLIENT FRANCHISE >1
Slide 20: U.S. GAAP Statement of Operations
17 U.S. GAAP Statement of Operations ($ in millions, unless otherwise noted) Q4'24 Q4'25 Increase (Decrease) Q3'25 FY 2024 FY 2025 Management fees $ 111.3 $ 146.4 31.5 % $ 136.1 $ 431.1 $ 517.7 Performance fees 55.4 23.3 (57.9) % 0.2 71.4 31.4 Consolidated Funds’ revenue 1.1 2.5 n/m 7.9 3.1 14.6 Tot
Slide 21: ENI Operating Expenses and ENI Variable Compensation
18 _______________________________________________________ Please see Definitions and Additional Notes (1) Represents reported ENI management fee revenue. ENI Operating Expenses and ENI Variable Compensation ENI Operating Expenses ($ in millions) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 $M % of MFs(1) $M %
Slide 22: Acadian LLC Key Employee Distributions
19 Acadian LLC Key Employee Distributions ($ in millions) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 Earnings after variable compensation (ENI operating earnings) $ 70.5 $ 77.5 $ 45.3 $ 167.8 $ 194.7 Less: Acadian LLC key employee distributions (2.3) (9.1) (5.2) (9.7) (21.4) Earnings after Acadian LLC key em
Slide 23: Balance Sheet
20 ($ in millions) December 31, 2024 December 31, 2025 Assets Cash and cash equivalents $ 94.8 $ 101.2 Investment advisory fees receivable 164.7 178.5 Right of use assets 52.5 47.6 Investments 67.9 51.2 Other assets 164.0 160.0 Assets of consolidated Funds 159.3 138.5 Total assets $ 703.2 $ 677.0 Li
Slide 24: Assets Under Management Rollforward
21 Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q4'24 Q3'25 Q4'25 FY 2024 FY 2025 Beginning balance $ 120.3 $ 151.1 $ 166.4 $ 103.7 $ 117.3 Gross inflows 5.5 11.9 15.6 21.2 55.0 Gross outflows (5.4) (6.5) (11.2) (22.7) (29.2) Reinvested income and distributions 0.8 1.0
Slide 25: Reconciliation of U.S. GAAP Net Income to Economic Net Income
22 ($ in millions) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 U.S. GAAP net income attributable to controlling interests $ 42.5 $ 34.7 $ 15.1 $ 85.0 $ 80.0 Adjustments to reflect the economic earnings of the Company: Non-cash key employee-owned equity and profit interest revaluations(2) 3.6 12.0 16.3 23.2 47
Slide 26: Reconciliations from U.S. GAAP to Non-GAAP Measures
23 Reconciliations from U.S. GAAP to Non-GAAP Measures(1) Reconciliation of per-share U.S. GAAP Net Income to Economic Net Income per share ($) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 U.S. GAAP net income per share $ 1.13 $ 0.97 $ 0.42 $ 2.22 $ 2.21 Adjustments to reflect the economic earnings of the Comp
Slide 27: Reconciliations from U.S. GAAP to Non-GAAP Measures
24 Reconciliations from U.S. GAAP to Non-GAAP Measures(1) _______________________________________________________ Please see Definitions and Additional Notes (1) For further information and additional reconciliations between U.S. GAAP and non-GAAP measures, see the Company’s Annual Report on Form 10
Slide 28: Segment Reconciliation
25 Segment Reconciliation ($ in millions) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 U.S. GAAP Consolidated Revenue $ 167.8 $ 172.2 $ 144.2 $ 505.6 $ 563.7 Exclude revenue from consolidated Funds (a) 1.1 2.5 7.9 3.1 14.6 Quant & Solutions Segment ENI Revenue 166.7 169.7 136.3 502.5 549.1 Quant & Solutions Se
Slide 29: Disclosures and Definitions
26 References to “Acadian Asset Management”, “Acadian”, “AAMI” or the “Company” refer to Acadian Asset Management Inc.; references to “Hold Co” refer to AAMI and its subsidiaries excluding Acadian Asset Management LLC (“Acadian LLC”). The Company currently operates its business through one asset man
Slide 30: ENI Operating Margin Definitions
27 Definitions and Additional Notes ENI operating margin The ENI operating margin, which is calculated before Acadian LLC key employee distributions, is used by management and is useful for investors to evaluate the overall operating margin of the business without regard to the Company’s ownership l
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