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
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Earnings Presentation August 6, 2026
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
Slide 3: Agenda
Agenda Chairman and CEO Remarks Financial Results Appendix 3
Slide 4: Chairman and CEO Remarks
Chairman and CEO Remarks David C. Brown Chairman and Chief Executive Officer
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
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
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%
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
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
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
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
Slide 12: Financial Results
Financial Results Michael D. Policarpo President, Chief Financial Officer and Chief Administrative Officer
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 $183MM Adjusted Net Income with tax benefit
Slide 14: Record Total Client Assets
Record Total Client Assets Total Client Assets at Period End ($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
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 +$4.2Bn 22.1 Multiple Investment Franchises 18.9 / Platforms generated positive 17.0 17.1 net lon
Slide 16: Record Revenue
Record Revenue Total Revenue ($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 ($Bn) 303.6 312.9 318.7 331.3 Average Fee Rate (bps) 47.2 47.4 47.6 47.9 Average Tota
Slide 17: Remain Disciplined with Expenses
Remain Disciplined with Expenses Total Expenses ($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
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 $180.0 151.7 153.
Slide 19: Disciplined Capital Management
Disciplined Capital Management Balance Sheet Items Jun 30, 2026 Debt ($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.
Slide 20: Appendix
J VictoryC Appendix
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
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
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
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
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
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
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
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 $
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
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
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
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
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
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
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
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