Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q2 2025 Earnings Presentation
31 slides from Acadian Asset Management's earnings presentation, Jul 31, 2025
Slide 1: Acadian Reports Financial and Operating Results for Q2 2025
Acadian Asset Management Inc. Reports Financial and Operating Results for the Second Quarter Ended June 30, 2025 • Record $13.8 billion of net inflows for Q2'25, (11% of BOP AUM), driven by a new Enhanced Equity institutional client mandate and Global Equity • AUM of $151.1 billion at June 30, 2025,
Slide 2: Dividend Declaration and Conference Call
Dividend Declaration The Company’s Board of Directors approved a quarterly interim dividend of $0.01 per share payable on September 26, 2025 to shareholders of record as of the close of business on September 12, 2025. Conference Call Dial-in The Company will hold a conference call and simultaneous w
Slide 3: Forward-Looking Statements
Forward-Looking Statements This communication includes forward-looking statements which may include, from time to time, anticipated revenues, margins, operating expense, variable compensation and distribution ratios, cash flows or earnings growth profile, expectations regarding the investment proces
Slide 4: Q2 2025
Q2 2025 EARNINGS PRESENTATION July 31, 2025
Slide 5: Presenters
2 Kelly Young President and Chief Executive Officer Scott Hynes Chief Financial Officer Melody Huang Director of Finance and Investor Relations
Slide 6: Nearly 40-year operating history
3 ___________________________________________________________ Data as of June 30, 2025 Please see Definitions and Additional Notes Nearly 40-year operating history Founded in 1986, Acadian has pioneered systematic investing and we continue to lead the sector through constant innovation. We have deli
Slide 7: Key Performance Metrics
4 Key Performance Metrics Q2'24 Q2'25 Increase (Decrease) Net income attributable to controlling interests ($m) $11.0 $10.1 (8)% U.S. GAAP diluted EPS ($s) $0.29 $0.28 (3)% Economic net income ($m) $17.2 $22.9 33% ENI diluted EPS ($s) $0.45 $0.64 42% Adjusted EBITDA ($m) $32.0 $39.1 22% NCCF ($b) $0
Slide 8: Outstanding Performance 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 Outstanding Performance Track Records % of Major Strategy Group Assets Outperforming Benchmarks Eme
Slide 9: Meaningful Long Term Alpha Generation
6 94% 95% 95% 3-Year 5-Year 10-Year Meaningful Long Term Alpha Generation 92% 92% 92% 3-Year 5-Year 10-Year +4.5% 5-year annualized return in excess of benchmark +3.6% 5-year annualized return in excess of benchmark Revenue Weighted Asset Weighted Consolidated Firmwide Investment Performance _______
Slide 10: Extensive Global Distribution Platform
7 Extensive Global Distribution Platform 4 > 10 years > 90 > 40 > 1,000 ~ 40 global distribution offices serving clients countries represented across client base investment consultant relationships global distribution offices serving clients experienced distribution professionals average relationshi
Slide 11: Highly Regarded Institutional Investment Manager
8 Acadian: Highly Regarded Institutional Investment Manager ▪ 6 clients among the top 20 global asset owners ▪ 26 clients among the top 50 U.S. retirement plans ▪ > 40% of assets from clients invested in multiple Acadian strategies ▪ 43% of assets managed for clients outside the U.S. ▪ > 80 institut
Slide 12: Positive Trend in Net Flows
9 $(2.3)B $1.8B $17.6B FY 2023 FY 2024 YTD ‘25 Positive Trend in Net Flows Net Flows ▪ Q2'25 net flows of $13.8 billion or 11% of BOP AUM driven by a new Enhanced Equity institutional mandate and Global Equity net inflows ▪ Highest ever quarterly NCCF in the firm’s history ▪ YTD’25 net flows of $17.
Slide 13: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS 4 ACADIAN ASSET MANAGEMENT INC.
Slide 14: Outstanding Performance Metrics
11 Outstanding Performance Metrics Key Performance Metrics ($ in millions, unless otherwise noted) Q2'24 Q2'25 Increase (Decrease) U.S. GAAP Basis Revenue $ 109.0 $ 127.4 16.9 % Operating income 20.6 16.2 (21.4) % Pre-tax income attributable to controlling interests 16.6 14.6 (12.0) % Net income att
Slide 15: ENI Revenue: Growth Driven by AUM Increase
12 $108.3 $124.9 $105.5 $122.3 $2.8 $2.6 Management fees Performance fees Q2'24 Q2'25 _______________________________________________________ Notes: ENI revenue includes management fees and performance fees; Please see Definitions and Additional Notes Please see Supplemental Information, Reconciliat
Slide 16: ENI Operating Margin and Variable Compensation
13 27.1% 30.7% Q2'24 Q2'25 $27.4 $31.9 Q2'24 Q2'25 _______________________________________________________ Notes: ENI operating expenses reflect the Company’s operating expenses (excluding variable compensation); Variable compensation is primarily comprised of a contractual percentage of ENI earning
Slide 17: Capital Management: Low Leverage Ratios With High Liquidity
14 ___________________________________________________________ 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, divided by last twelve m
Slide 18: Capital Allocation: Value Creation Through Buybacks
15 86.0 35.9 Q4'19 Q2'25 Capital Allocation: Track Record of Significant Value Creation Through Buybacks ▪ $1.4 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Repurchased 0.9 million shares or $23.6 million of stock at a volume weighte
Slide 19: Closing: Acadian Investment Opportunity
16 Closing: Acadian Compelling Investment Opportunity ▪ Only pure-play, publicly traded systematic manager ▪ Nearly 40-year track record with competitive edge in systematic investing ▪ Strong performance track record: ▪ > 94% of strategies by revenue outperforming over 3- / 5- / 10- year periods(1)
Slide 20: U.S. GAAP Statement of Operations
17 U.S. GAAP Statement of Operations ($ in millions, unless otherwise noted) Q2'24 Q2'25 Increase (Decrease) Management fees $ 105.5 $ 122.3 15.9 % Performance fees 2.8 2.6 (7.1) % Consolidated Funds’ revenue 0.7 2.5 257.1 % Total revenue 109.0 127.4 16.9 % Compensation and benefits 62.2 83.8 34.7 %
Slide 21: Supplemental Information, Reconciliations and Disclosures
18 Supplemental Information, Reconciliations and Disclosures
Slide 22: ENI Operating Expenses and ENI Variable Compensation
19 ENI Operating Expenses and ENI Variable Compensation ENI Operating Expenses ($ in millions) Q2'24 Q2'25 Increase (Decrease)$M % of MFs(1) $M % of MFs(1) Fixed compensation and benefits $ 24.3 23.0 % $ 25.0 20.4 % 3% G&A expenses (excl. sales-based compensation) 20.6 19.5 % 21.9 17.9 % 6% Deprecia
Slide 23: Acadian LLC Key Employee Distributions
20 Acadian LLC Key Employee Distributions ($ in millions) Q2'24 Q2'25 Increase (Decrease) Earnings after variable compensation (ENI operating earnings) $ 29.4 $ 38.4 31% Less: Acadian LLC key employee distributions (2.1) (4.0) 90% Earnings after Acadian LLC key employee distributions $ 27.3 $ 34.4 2
Slide 24: Balance Sheet Management
21 ($ in millions) December 31, 2024 June 30, 2025 Assets Cash and cash equivalents $ 94.8 $ 90.2 Investment advisory fees receivable 164.7 124.2 Right of use assets 52.5 49.5 Investments 67.9 55.2 Other assets 164.0 172.4 Assets of consolidated Funds 159.3 180.8 Total assets $ 703.2 $ 672.3 Liabili
Slide 25: Assets Under Management Rollforward
22 Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q2'24 Q2'25 Beginning balance $ 110.4 $ 121.9 Gross sales 8.3 18.7 Gross outflows (9.1) (5.7) Reinvested income and distributions 0.8 0.8 Net flows — 13.8 Market appreciation 2.2 15.4 Ending balance $ 112.6 $ 151.1 Averag
Slide 26: Reconciliation of Net Income to Economic Net Income and Adjusted EBITDA
23 ($ in millions) Q2'24 Q2'25 U.S. GAAP net income attributable to controlling interests $ 11.0 $ 10.1 Adjustments to reflect the economic earnings of the Company: Non-cash key employee-owned equity and profit interest revaluations(2) 5.9 19.7 Amortization of acquired intangible assets(2) — — Capit
Slide 27: Reconciliations from U.S. GAAP to Non-GAAP Measures
24 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 ($) Q2'24 Q2'25 U.S. GAAP net income per share $ 0.29 $ 0.28 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-owned equity
Slide 28: Reconciliations from U.S. GAAP to Non-GAAP Measures
25 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 Quarterly Report on Form
Slide 29: Segment Reconciliation
26 Segment Reconciliation ($ in millions) Q2'24 Q2'25 U.S. GAAP Consolidated Revenue $ 109.0 $ 127.4 Exclude revenue from consolidated Funds (a) 0.7 2.5 Quant & Solutions Segment ENI Revenue 108.3 124.9 Quant & Solutions Segment ENI Expenses Fixed compensation and benefits (b) 22.6 23.4 Variable com
Slide 30: Definitions and Disclosures
27 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 31: Non-GAAP Measure Definitions
28 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 various own
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