Victory Capital Holdings, Inc. Class A Common Stock · NASDAQ:VCTR

Victory Capital Holdings, Inc. Class A Common Stock — Q2 2026 Earnings Presentation

36 slides from Victory Capital Holdings, Inc. Class A Common Stock's earnings presentation, Aug 6, 2026

  1. Slide 1: Q2 2026 Earnings Presentation

    Q2 2026 Earnings Earnings Presentation August 6, 2026

  2. Slide 2: Forward Looking Statements

    Forward Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not

  3. Slide 3: Agenda

    Agenda Chairman and CEO Remarks Financial Results Appendix 3

  4. Slide 4: Chairman and CEO Remarks

    Chairman and CEO Remarks David C. Brown Chairman and Chief Executive Officer

  5. Slide 5: Record Quarter with Strong Momentum

    Record Quarter with Strong Momentum vs Q1 2026 vs Q2 2025  Total client assets of $346Bn ↑ 11% ↑ 15%  Long-term gross flows of $22Bn ↑ 17% ↑ 43% Second Quarter  Long-term net inflows of $4.2Bn ↑ $4.7Bn ↑ $4.9Bn 2026 Highlights  Adjusted EBITDA of $243MM ↑ 19% ↑ 36%  Adjusted EBITDA margin of 55

  6. Slide 6: Commitment to Long-Term Investment Performance

    Commitment to Long-Term Investment Performance 57 Total Mutual Funds and ETFs with 4 or 5 Star overall ratings 60% Rated Mutual Funds and ETFs AUM with 4 or 5 Star overall ratings AUM outperforming benchmarks Strategies outperforming benchmarks 81% 71% 69% 68% 66% 67% 65% 64% 1-year period 3-year pe

  7. Slide 7: Diversified Investment Platform

    Diversified Investment Platform Complementary and differentiated investment processes, styles, and asset classes designed to serve clients through market cycles Solutions | 32% U.S. Equity | 31% Fixed Income | 24% $346.1Bn Global / Non-U.S. Equity | 11% Alternative Investments | 1% Money Market | 1%

  8. Slide 8: Continued Growth of our ETF Platform

    Continued Growth of our ETF Platform 23 $23.2Bn 72% 34bps 7 ETFs AUM AUM 4 & 5 Star Overall Average fee rate Investment Themes Morningstar Rating Q2 26 Continued Momentum +$1.2 Bn Net Flows AUM up 15% QoQ  ETF AUM $25  Up 24% YTD ETF AUM ($Bn)  Up 54% YoY $20  +$2.5Bn Net Flows YTD  Annualized

  9. Slide 9: International Growth Continues

    International Growth Continues $62.6Bn 61 35 23 AUM Countries with clients Countries with over Sub-advised $100MM AUM UCITS Strategic Distribution Agreement  15-year exclusive distribution agreement with Amundi.  Victory Capital is Amundi's exclusive provider of US- Europe | 58% manufactured tradi

  10. Slide 10: Our Journey to $1 Trillion AUM

    Our Journey to $1 Trillion AUM A History of Step-Change Growth Through Disciplined Acquisitions Q2 2026 1,834% growth 2025 $346.1Bn in AUM 2021 AUM +$115Bn AUM 2019 +$19Bn AUM ~68% of AUM ~12% of AUM 2016 +$81Bn AUM ~127% of AUM 2014 +$17Bn AUM MBO 2013 +$18Bn AUM ~50% of AUM A track record of $17.9

  11. Slide 11: Long-Term Growth & Capital Allocation Strategy

    Long-Term Growth & Capital Allocation Strategy 8 $1.6Bn $1.0Bn Strategic Acquisitions Since Returned to Shareholders Share Repurchases Since 2013 Since IPO IPO Shareholder Value Capital Returned to Shareholders ($MM)  Acquirer of choice  Platform improves with every acquisition $400.0  Evolving p

  12. Slide 12: Financial Results

    Financial Results Michael D. Policarpo President, Chief Financial Officer and Chief Administrative Officer

  13. Slide 13: Record Financial Results

    Record Financial Results  Revenue of $435MM  GAAP Operating Income of $194MM  GAAP Net Income of $1.68 per diluted share Q2 2026 Financial  Adjusted EBITDA of $243MM Results  Adjusted EBITDA margin of 55.8%  Adjusted Net Income with tax benefit of $183MM  Adjusted Net Income with tax benefit

  14. Slide 14: Record Total Client Assets

    Record Total Client Assets Total Client Assets at Period End ($Bn)  Well-diversified distribution US Retail US Institutional US Direct International channels, client base, and geographies 346.1  US Retail 313.4 316.6 313.1  US Institutional  US Direct  International  Clients in 62 countries Q3

  15. Slide 15: Record Long-Term AUM Flows

    Record Long-Term AUM Flows Long-Term AUM Flows ($Bn)  Record quarterly flows Gross Flows Gross Redemptions Net Flows  Gross long-term flows of Up 30% $22.1Bn Up 17%  Positive net long-term flows of +$4.2Bn 22.1  Multiple Investment Franchises 18.9 / Platforms generated positive 17.0 17.1 net lon

  16. Slide 16: Record Revenue

    Record Revenue Total Revenue ($MM) 435.4  Revenue up 12% QoQ  Up 24% vs Q2 2025 374.1 388.0 361.2  Record average AUM  Average fee rate up QoQ Operating Metrics Q3 2025 Q4 2025 Q1 2026 Q2 2026 Average Total AUM ($Bn) 303.6 312.9 318.7 331.3 Average Fee Rate (bps) 47.2 47.4 47.6 47.9 Average Tota

  17. Slide 17: Remain Disciplined with Expenses

    Remain Disciplined with Expenses Total Expenses ($MM)  Compensation and other variable expenses in line with Compensation Other Operating Non-Operating expectations. Cash compensation, % of revenue  Variable cost structure: more 240.1 248.1 231.9 232.5 than two-thirds of total expenses are variabl

  18. Slide 18: Non-GAAP Metrics

    Non-GAAP Metrics 9/30/17 $MM (except per-share data)  Adjusted net income with tax benefit per diluted share up 21% ANI Tax Benefit ANI with tax benefit per diluted share QoQ $2.21  Up 41% vs Q2 2025 $1.78 $1.82 $205.0 $1.63  Adjusted net income with tax 182.9 benefit up 19% QoQ $180.0 151.7 153.

  19. Slide 19: Disciplined Capital Management

    Disciplined Capital Management Balance Sheet Items Jun 30, 2026 Debt ($MM) Leverage Ratio Cash / Cash Equivalents ($MM) 70 985 983 980 978 1.1 1.1 1.0 1.0 Debt ($MM) 978 Stockholders' Equity ($MM) 2,375 Fully Diluted Shares Outstanding (MM)* 82.8 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Debt / Adjusted EBITDA 1.

  20. Slide 20: Appendix

    J VictoryC Appendix

  21. Slide 21: Growth of Adjusted EPS with Tax Benefit

    Growth of Adjusted EPS with Tax Benefit Quarterly $2.50 EPS up 453% Strong History of EPS Growth $2.00 $1.50 $1.00 IPO Q1 2018 $0.50 $0.00 21

  22. Slide 22: Cash Dividends Per Share

    Shareholder Value Creation since IPO $0.80 Cash Dividends Per Share July 31, 2026 $0.70 Stock Price Total Shareholder $99.03 Return of 814% $0.60 Cash Dividends Per Share $0.50 $0.40 IPO: $0.30 Feb 7, 2018 $0.20 $13.00 $0.10 $0.00 Weighted Average Diluted Shares Outstanding (MM) 90 82.8 85 80 75 70

  23. Slide 23: Adjusted EBITDA

    Growth of Adjusted EBITDA & Margin Expansion Quarterly Adjusted $242.7MM EBITDA up 510% $200 55.8% Adj EBITDA $150 Margin Expanded 1,790bps Adjusted EBITDA $100 $39.8MM $50 37.9% $0 23

  24. Slide 24: Ongoing and Future Cash-Tax Benefits

    Ongoing and Future Cash-Tax Benefits Section 338(h)(10) Election • Stepped up cost basis of acquired indefinite lived intangible assets is deductible for corporate income tax purposes over 15 years o $1.4Bn in total future tax amortization o $350MM in future cash tax savings, assuming 25% tax rate o

  25. Slide 25: Notes and Disclosures

    Notes and Disclosures Information Regarding Non-GAAP Financial Measures Victory Capital uses non-GAAP financial measures referred to as Adjusted EBITDA and Adjusted Net Income to measure the operating profitability of the Company. These measures eliminate the impact of one-time acquisition, restruct

  26. Slide 26: Notes and Disclosures

    Notes and Disclosures Information Regarding Non-GAAP Financial Measures (cont.) Adjusted Net Income Adjustments made to GAAP Net Income to calculate Adjusted Net Income, as applicable, are: • Adding back other business taxes; • Adding back amortization expense on acquisition-related intangible asset

  27. Slide 27: Consolidated Reconciliations of Adjusted EBITDA

    Consolidated Reconciliations of Adjusted EBITDA For the three months ended, (in thousands except percentages) 06/30/2025 09/30/2025 12/31/2025 3/31/2026 6/30/2026 GAAP Net income $ 58,734 $ 96,541 $ 112,812 $ 112,140 $ 139,404 GAAP Income tax expense (28,252) (32,733) (28,847) (35,720) (47,846) GAAP

  28. Slide 28: Historical Reconciliations of Adjusted EBITDA

    Historical Reconciliations of Adjusted EBITDA For the three months ended, (in thousands except percentages) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 GAAP Net income $ 10,524 $ 18,675 $ 20,590 $ 13,915 $ 14,527 $ 14,383 $ 25,992 $

  29. Slide 29: Consolidated Reconciliations of Adjusted Net Income

    Consolidated Reconciliations of Adjusted Net Income For the three months ended, (in thousands, except per-share data) 06/30/2025 09/30/2025 12/31/2025 3/31/2026 6/30/2026 GAAP Net Income $ 58,734 $ 96,541 $ 112,812 $ 112,140 $ 139,404 Other business taxes 693 637 1,101 (555) 431 GAAP amortization of

  30. Slide 30: Historical Reconciliations of Adjusted Net Income

    Historical Reconciliations of Adjusted Net Income 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 GAAP Net Income $ 10,524 $ 18,675 $ 20,590 $ 13,915 $ 14,527 $ 14,383 $ 25,992 $ 37,589 $ 57,166 $ 44,720 $ 55,741 Other business taxes 37

  31. Slide 31: Detailed Reconciliation of Q2 '26 Adjusted Net Income

    Detailed Reconciliation of Q2 ‘26 Adjusted Net Income Three months ended June 30, 2026 (in thousands, except per-share amounts) Adjustments GAAP Amortization Tax Benefit of Other of Acquisition- Acquisition, Goodwill and U.S. GAAP Business Related Stock-Based Restructuring and Debt Issuance Total No

  32. Slide 32: Detailed Reconciliation of Q1 '26 Adjusted Net Income

    Detailed Reconciliation of Q1 ‘26 Adjusted Net Income Three months ended March 31, 2026 (in thousands, except per-share amounts) Adjustments GAAP Amortization Tax Benefit of Other of Acquisition- Acquisition, Goodwill and U.S. GAAP Business Related Stock-Based Restructuring and Debt Issuance Total N

  33. Slide 33: Detailed Reconciliation of Q4 '25 Adjusted Net Income

    Detailed Reconciliation of Q4 ‘25 Adjusted Net Income Three months ended December 31, 2025 (in thousands, except per-share amounts) Adjustments GAAP Amortization of Tax Benefit of Other Acquisition- Acquisition, Goodwill and U.S. GAAP Business Related Stock-Based Restructuring and Debt Issuance Tota

  34. Slide 34: Detailed Reconciliation of Q3 '25 Adjusted Net Income

    Detailed Reconciliation of Q3 ‘25 Adjusted Net Income Three months ended September 30, 2025 (in thousands, except per-share amounts) Adjustments GAAP Amortization of Tax Benefit of Other Acquisition- Acquisition, Goodwill and U.S. GAAP Business Related Stock-Based Restructuring and Debt Issuance Tot

  35. Slide 35: Detailed Reconciliation of Q2 '25 Adjusted Net Income

    Detailed Reconciliation of Q2 ‘25 Adjusted Net Income Three months ended June 30, 2025 (in thousands, except per-share amounts) Adjustments GAAP Amortization Tax Benefit of Other of Acquisition- Acquisition, Goodwill and U.S. GAAP Business Related Stock-Based Restructuring and Debt Issuance Total No

  36. Slide 36: Notes and Disclosures

    Notes and Disclosures Investing involves risk, including the potential loss of principal. There are no assurances that any fund or strategy will achieve its stated objective. All data in this presentation, unless otherwise noted, is as of June 30, 2026. Past performance does not guarantee future res

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