Slide 1: Federated Hermes, Inc. Analyst Update
Federated Hermes, Inc. Analyst Update Data as of December 31, 2025 1 25-30006
Slide 2: Forward-looking information
Forward-looking information Analyst Update, December 31, 2025 This presentation is provided as of the date on the cover and contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amen
Slide 3: Investment considerations
Federated Hermes Investment considerations Analyst Update, December 31, 2025 Federated Hermes offers world-class active management and engagement services that target financial outperformance across a wide range of asset classes for investors around the world Business mix offers potential for growth
Slide 4: Overview of Federated Hermes
Overview of Federated Hermes Global, active, responsible investment management and stewardship Analyst Update, December 31, 2025 Assets under management $902.6 billion Total revenue (Q4 ’25) $482.8 million Founded 1955 Top-tier liquidity management business with $682.6 billion in assets under manage
Slide 5: Q4 2025 Highlights
Q4 2025 Highlights Analyst Update, December 31, 2025 $1.39 Earnings per share* $902.6 B Managed assets at Q4 period end $0.34 Declared dividend of $0.34 $97.9 B Equity assets up $3.2 billion or 3% from $94.7 billion at 09/30/2025 $100.1 B Fixed-income assets down $1.7 billion or -2% from $101.8 bill
Slide 6: Diversified mix of revenue from managed assets
Diversified mix of revenue from managed assets Analyst Update, December 31, 2025 Percentage of revenue less distribution expense by asset type* Money Market Average 35% 100% High 61% 13% Low 13% 25% 28% 25% 30% 29% 30% 27% 31% 35% 40% 75% 20% 42% 42% Fixed Income 17% 24% 22% 22% 20% 15% 16% Average
Slide 7: Diversified multi-channel distribution
Diversified multi-channel distribution Total assets under management: $902.6 billion as of December 31, 2025 ($ in billions) Analyst Update, December 31, 2025 International 7% U.S. Institutional 25% U.S. Financial Intermediaries 68% U.S. Financial Intermediaries – Domestic Broker Dealers, Bank Trust
Slide 8: Equity strategies
Equity strategies Total equity AUM: $97.9 billion Analyst Update, December 31, 2025 Global/International $24.5 Quantitative Equity/MDT $28.4 Value/Income & Clover $0.3 Asia ex-Japan Fund $5.5 MDT Mid Cap Growth $7.7 Clover All Cap Value $0.2 Global Equity ESG - Nordics $2.6 MDT All Cap Core $7.4 Clo
Slide 9: Fixed-income strategies
Fixed-income strategies Total fixed-income $100.1 billion and liquidity $682.6 billion AUM: $782.7 billion Analyst Update, December 31, 2025 Liquidity $682.6 Multi-Sector and Corporate $75.0 Municipal $7.2 Government $420.5 Multi-Sector Fixed Income Accounts $28.5 CWH Intermediate $3.5 Prime $242.7
Slide 10: Alternative/private markets and multi-asset strategies
Alternative/private markets and multi-asset strategies Total alternative/private markets $19.1 billion and multi-asset $2.9 billion AUM: $22.0 billion Analyst Update, December 31, 2025 Private Equity And Infrastructure $8.1 Multi-asset $2.9 HGPE – Private Equity Advisory $5.2 Muni and Stock Advantag
Slide 11: EOS at Federated Hermes Limited
21 years of stewardship leadership EOS at Federated Hermes Limited Analyst Update, December 31, 2025 Assets under advisement (AUA) as of December 31, 2025 11 Past performance is no guarantee of future results
Slide 12: Monthly average mutual fund & SMA gross sales
Monthly average mutual fund & SMA gross sales Equity and multi-asset, fixed income and ultrashort ($ in millions) Analyst Update, December 31, 2025 Totals *CAGR – Compound annual growth rate. 12 Alternative/Private Markets products are not illustrated.
Slide 13: Equity and fixed-income sales
Equity* and fixed-income sales Fund and separate accounts ($ in millions) Analyst Update, December 31, 2025 Fixed Income Equity Fixed Income 2022 2023 2024 2025 Total Equity 2022 2023 2024 2025 Total Gross sales $28,016 $26,809 $25,590 $24,647 $105,062 Gross sales $24,228 $17,876 $16,370 $31,378 $89
Slide 14: Liquidity management
Liquidity management Money market funds & separate accounts Analyst Update, December 31, 2025 MMF & Separate Accounts Assets ($B) Total Period End AUM Average MMF AUM Average Separate Acct AUM Total Average AUM Broad product line Value-added services Strength in large banks MMF & Separate Accounts A
Slide 15: Money market fund assets
Money market fund* assets Analyst Update, December 31, 2025 Indexed Growth** vs. Money Stock, S&P 500, and Industry MMF CAGR (12/93 – 12/25) FHI MMF 9% Industry MMF 9% S&P 500 9% Money Stock 6% *Beginning in Q1 ‘17 – Includes money market fund subadvised accounts. Industry MMF Source: Investment Com
Slide 16: Separate accounts
Separate accounts Total assets under management: $278.3 billion as of December 31, 2025 ($ in billions) Analyst Update, December 31, 2025 Product Type Asset Type Alternative/Private Market 16 Total may not equal the sum of the parts due to rounding.
Slide 17: Acquisitions and alliances
Acquisitions and alliances Timeline of key historical transactions Analyst Update, December 31, 2025 Centers of Excellence Rivington Energy Acquired the Management $3.5 billion $3.2B growth equity assets at advisory Completed the Transformed closing, $9.2B at 12/31/2025 Acquired Acquired MEPC, Purch
Slide 18: Global footprint
Global footprint Assets by region ($ in billions) Analyst Update, December 31, 2025 North America: $842.0 billion COPENHAGEN Europe: $55.5 billion AMSTERDAM FRANKFURT TORONTO • U.K. & Ireland: $28.7 DUBLIN ZURICH CLEVELAND billion BOSTON MILAN CHICAGO • CEMEA: $13.9 billion PITTSBURGH NEW YORK LONDO
Slide 19: Value delivered to shareholders
Value delivered to shareholders Historical uses of cash ($ in billions) Analyst Update, December 31, 2025 Uses of cash Uses of cash over time ($m) Acquisitions Share 19% Repurchases 35% Dividends 46% Total Share Repurchase/Acquisition/Dividend since IPO 1998: $6.8 billion Data as of 12/31/2025. Numb
Slide 20: Dividend history and weighted average shares outstanding
Dividend history and weighted average shares outstanding Since IPO in 1998 Analyst Update, December 31, 2025 CAGR: 10%* Total Regular Dividends: $22.31 Total Special Dividends: $8.53 $1.33 Data as of 12/31/2025. *CAGR ‘98 – ’25, special dividends not included. 20
Slide 21: Investment considerations
Federated Hermes Investment considerations Analyst Update, December 31, 2025 Federated Hermes offers world-class active management and engagement services that target financial outperformance across a wide range of asset classes for investors around the world Business mix offers potential for growth
Slide 22: Appendix
Appendix a
Slide 23: Managed assets by asset class
Appendix Analyst Update, December 31, 2025 Managed assets by asset class Managed assets by product type Equity & Fixed Income fund sales Equity, Fixed Income Separate Account sales Revenue & distribution expense by asset type Financial highlights 23
Slide 24: Managed assets by asset class
Managed assets by asset class $ in billions Analyst Update, December 31, 2025 CAGR* Q4 ‘25 1998** Q4 ‘25 Q4 ’24 YoY % Chg. `98 -`25 Money market $ 682.6 $ 77.1 8% $ 682.6 $ 630.3 8% Equity 97.9 16.4 7% 97.9 79.5 23% Fixed income 100.1 18.1 7% 100.1 98.1 2% Alternative/private market 19.1 NA NA 19.1
Slide 25: Managed assets by product type
Managed assets by product type $ in billions Analyst Update, December 31, 2025 CAGR* Q4 ‘25 1998** Q4 ‘25 Q4 ’24 YoY % Chg. `98 -`25 Funds Money market $ 508.4 $ 77.1 7% $ 508.4 $ 461.7 10% Equity 55.0 15.5 5% 55.0 43.8 26% Fixed income 46.0 16.4 4% 46.0 45.6 1% Alternative/private markets 12.1 NA N
Slide 26: Equity and fixed-income fund sales
Equity* and fixed-income fund sales $ in millions Analyst Update, December 31, 2025 Fixed Income Equity Fixed Income 2022 2023 2024 2025 Total Equity 2022 2023 2024 2025 Total Gross sales $18,403 $14,739 $15,307 $14,289 $62,738 Gross sales $13,037 $9,180 $10,383 $20,148 $52,748 Net sales $(11,466) $
Slide 27: Equity and fixed-income separate account sales
Equity* and fixed-income separate account sales $ in millions Analyst Update, December 31, 2025 Fixed Income Equity Fixed Income 2022 2023 2024 2025 Total Equity 2022 2023 2024 2025 Total Gross sales $9,613 $12,070 $10,283 $10,358 $42,324 Gross sales $11,191 $8,696 $5,987 $11,230 $37,104 Net sales $
Slide 28: Revenue and distribution expense by asset type
Revenue and distribution expense by asset type Reconciliation of non-GAAP measure ($ in millions) Analyst Update, December 31, 2025 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Revenue By Asset Type Money Mark
Slide 29: Financial highlights
Financial highlights $ in millions Analyst Update, December 31, 2025 BALANCE SHEET 12/31/25 12/31/24 12/31/23 12/31/22 12/31/21 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 12/31/15 HIGHLIGHTS $724 $641 $561 $522 $427 $439 $341 $190 $370 $301 $347 Cash & Investments (a) 348 348 348 348 223 75 100 13