Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q1 2026 Earnings Presentation
25 slides from Acadian Asset Management's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION April 30, 2026
Slide 2: Acadian Q1'26: Strong Outperformance
Acadian Q1'26: Strong Outperformance Key Performance Metrics Highlights Increase Q1'25 Q1'26 (Decrease) ▪ U.S. GAAP Net Income attributable to controlling interests increased 21% and Net income attributable to controlling EPS increased 26%, driven by increased interests ($m) $20.1 $24.3 21% manageme
Slide 3: Investment Performance: Outstanding Strategy Track Records
Investment Performance: Outstanding Strategy Track Records % of Major Strategy Group Assets Outperforming Benchmarks Global Equity Emerging Markets Equity Non-US Equity 100% 100% 100% 100% 100% 100% 100% 99% 100% 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year Small Cap Equity Enha
Slide 4: Investment Performance: Firmwide Long-Term Alpha Generation
Investment Performance: Firmwide Long-Term Alpha Generation Consolidated Firmwide Investment Performance Revenue Weighted Asset Weighted +4.1% +3.4% 5-year annualized return in excess of 5-year annualized return in excess of benchmark benchmark 96% 96% 96% 93% 94% 92% 3-Year 5-Year 10-Year 3-Year 5-
Slide 5: Net Client Cash Flows: Sustained Momentum
Net Client Cash Flows: Sustained Momentum Highlights ▪ Q1'26 net flows of $21.4 billion, 12% of beginning AUM, highest ever quarterly net flows in firm’s history, driven by Enhanced, Extension and Global Equity strategies ▪ Gross inflows included a significant Enhanced mandate from a premier UK weal
Slide 6: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS /® ACADIAN ASSET MANAGEMENT INC.
Slide 7: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics Increase U.S. GAAP Basis ($ in millions, unless otherwise noted) Q1'25 Q1'26 (Decrease) Revenue $ 119.9 $ 167.0 39.3 % Operating income 31.9 41.9 31.3 % Pre-tax income attributable to controlling interests 28.4 37.5 32.0 % Net income attributab
Slide 8: ENI Revenue: Growth Driven by Recurring Management Fees
ENI Revenue: Growth Driven by Recurring Management Fees ENI Revenue ($ in millions) Financial Highlights ▪ Total ENI revenue of $165.0 million $165.0 increased 40% from Q1'25, primarily due 40% $5.7 to recurring management fee growth and an increase in performance fees 8% ▪ Q1'26 management fees inc
Slide 9: ENI Expenses and Variable Compensation: Margin Expansion
ENI Expenses and Variable Compensation: Margin Expansion ENI Operating Expenses and Variable Compensation ($ millions) Financial Highlights ▪ Q1'26 ENI Operating Expenses increased 21% $102.1 13% primarily driven by higher sales-based compensation and portfolio-related costs $84.7 due to AUM growth,
Slide 10: Capital Resources: Strong Balance Sheet
Capital Resources: Strong Balance Sheet Balance Sheet Profile ($ in millions) March 31, 2026 Cash Seed Investments Term loan Revolver • Cash and cash-equivalents of $129.0 million, and $96.7 million of seed investments ▪ Debt reflects $200.0 million balance on term loan credit facility and $85.0 $85
Slide 11: Capital Management: Shareholder Returns
Capital Management: Shareholder Returns Quarterly Diluted Shares Outstanding (in millions) Financial Highlights (58)% ▪ $1.4 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Repurchased 0.1 million shares of common stock during the first
Slide 12: Closing: Acadian Compelling Investment Opportunity
Closing: Acadian Compelling Investment Opportunity ■ Only pure-play, publicly traded systematic manager ■ 40-year track record with competitive edge in systematic investing Competitive Position ■ Strong performance track record with more than 96% of strategies by revenue outperforming benchmarks ove
Slide 13: Supplemental Information, Reconciliations and Disclosures
Supplemental Information, Reconciliations and Disclosures 13
Slide 14: U.S. GAAP Statement of Operations
U.S. GAAP Statement of Operations ($ in millions, unless otherwise noted) Q1'25 Q1'26 Q1'26 vs. Q1'25 Management fees $ 112.9 $ 159.3 ▪ Total revenue increased 39.3% Performance fees 5.3 5.7 from Q1'25 driven by higher Consolidated Funds’ revenue 1.7 2.0 management fees reflecting an Total revenue 1
Slide 15: ENI Operating Expenses and ENI Variable Compensation
ENI Operating Expenses and ENI Variable Compensation ENI Operating Expenses ($ in millions) Q1'25 Q1'26 $M % of MFs(1) $M % of MFs(1) Fixed compensation and benefits $ 24.3 21.5 % $ 26.6 16.7 % G&A expenses (excl. sales-based compensation) 22.3 19.8 % 24.9 15.6 % Depreciation and amortization 4.2 3.
Slide 16: Acadian LLC Key Employee Distributions
Acadian LLC Key Employee Distributions Commentary ▪ Represent the share of Acadian LLC profits after variable compensation that is attributable to key employee equity and profit interests holders, according to their ownership interests ▪ Distribution Ratio increased year-over-year to 10.0% in Q1'26
Slide 17: Balance Sheet
Balance Sheet ($ in millions) December 31, 2025 March 31, 2026 Assets Cash and cash equivalents $ 101.2 $ 129.0 Investment advisory fees receivable 178.5 190.0 Right of use assets 47.6 46.0 Investments 51.2 50.8 Other assets 160.0 162.4 Assets of consolidated Funds 138.5 137.2 Total assets $ 677.0 $
Slide 18: Assets Under Management Rollforward
Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Beginning balance $ 117.3 $ 121.9 $ 151.1 $ 166.4 $ 177.5 Gross inflows 8.8 18.7 11.9 15.6 29.6 Gross outflows (5.8) (5.7) (6.5) (11.2) (9.3) Reinvested income and distributions 0.8 0.8 1.0 1.0
Slide 19: Assets Under Management by Strategy & Client Location
Assets Under Management by Strategy & Client Location AUM by Strategy ($ in billions) Q1'26 Q4'25 Enhanced Equity $ 57.8 29.5 % $ 40.0 22.5 % Non-U.S. Equity 39.7 20.3 % 38.4 21.6 % Small Cap Equity 32.2 16.5 % 32.8 18.5 % Emerging Markets Equity 25.5 13.0 % 26.0 14.7 % Global Equity 23.7 12.1 % 22.
Slide 20: Reconciliations from U.S. GAAP to Non-GAAP Measures
Reconciliations from U.S. GAAP to Non-GAAP Measures(1) ($ in millions) Q1'25 Q1'26 ENI Adjustments U.S. GAAP net income attributable to controlling interests $ 20.1 $ 24.3 1i Exclude non-cash expenses representing Adjustments to reflect the economic earnings of the Company: changes in the value of A
Slide 21: Reconciliations from U.S. GAAP to Non-GAAP Measures
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 ($) Q1'25 Q1'26 U.S. GAAP net income per share $ 0.54 $ 0.68 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-owned equity and
Slide 22: Segment Reconciliation
Segment Reconciliation ($ in millions) Q1'25 Q1'26 U.S. GAAP Consolidated Revenue $ 119.9 $ 167.0 Exclude revenue from consolidated Funds (a) 1.7 2.0 Quant & Solutions Segment ENI Revenue 118.2 165.0 Quant & Solutions Segment ENI Expenses Fixed compensation and benefits (b) 22.9 24.9 Variable compen
Slide 23: Definitions and Additional Notes
Definitions and Additional Notes 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
Slide 24: Definitions and Additional Notes
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 leve
Slide 25: 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
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