Slide 1: Q2 2026 Investor Overview
Q2 2026 Investor Overview
Slide 2: AMG: Strategic Partner to Industry-Leading Independent Investment Firms
AMG: Strategic Partner to Industry-Leading Independent Investment Firms 30+ years of partnering 40 independent Affiliates offering $942B Assets Under with leading investment specialists diverse suite of investment products Management Industry-Leading Independent Managers High-Quality, Diverse Produc
Slide 3: Strategic Expansion of AMG's Exposure to Alternative Asset Classes
Strategic Expansion of AMG’s Exposure to Alternative Asset Classes Private Markets Liquid Alternatives Differentiated Long-Only ~$153B AUM ~$293B AUM ~$496B AUM All items as of 6/30/2026. Featured Affiliates are not an exhaustive list of contributors to AUM. 3
Slide 4: Evolving Business Mix Towards High-Growth Alternatives
Evolving Business Mix Towards High-Growth Alternatives Expansion of Alternatives Exposure Driven by Strong Organic Growth, Growth Investments, Performance and Operating Leverage LTM EBITDA Contribution by Strategy1 Alternatives Organic +$201B 60% Growth Alternatives Net Flows in Last 5 Years2 20% 40
Slide 5: Strategy Supports Compounding of Earnings Growth at Industry-Leading Rate
Strategy Supports Compounding of Earnings Growth at Industry-Leading Rate Significant Opportunities to Drive Growth and Compound Earnings at a High Rate of Return Over Time Affiliate Organic Growth and Disciplined Investment Performance Capital Allocation Share Repurchases Committed to returning Gro
Slide 6: Organic Growth: Strategic Focus on Secular Growth Areas
Organic Growth: Strategic Focus on Secular Growth Areas Strong Private Markets Fundraising and Liquid Alternative Flows, Offset by Continued Headwinds in Equities LTM Net Client Cash Flows by Asset Class ($B) $120 $100 $80 $56 $52 $60 $40 $29 $20 $8 $0 ($20) ($3) ($12) ($14) ($11) ($18) ($40) ($60)
Slide 7: Strategic Capabilities Enhance Affiliate Growth and Stability
Strategic Capabilities Enhance Affiliate Growth and Stability Growth Capital Capital Formation Primary Capital Strategic Planning & Market Positioning GP Commitments Product Development Seed Capital U.S. Wealth Product Acceleration Growth Capital Strategic Relationships M&A/Team Li
Slide 8: Organic Growth: Capital Formation Capabilities Enhance Affiliate Reach
Organic Growth: Capital Formation Capabilities Enhance Affiliate Reach AMG Affiliate Partnerships Team Collaborates with Affiliates to magnify their advantages and long-term success by $125B+ Institutional Gross Sales Since 2009 delivering AMG’s strategic capabilities and expertise AMG Client Soluti
Slide 9: Affiliate Investment Performance: Competitive Advantages in Generating Alpha
Affiliate Investment Performance: Competitive Advantages in Generating Alpha Strong Long-Term Investment Performance (AUM Ahead of Benchmark) Private Markets: 20% of LTM EBITDA Liquid Alternatives: 40% of LTM EBITDA Equities: 35% of LTM EBITDA 92% 91% 93% 75% 65% 62% 43% 45% IRR Latest Vintage IRR L
Slide 10: Affiliate Investment Performance: Source of Earnings Stability
Affiliate Investment Performance: Source of Earnings Stability Track Record of Consistently Delivering Performance Fee Earnings Across Market Cycles Annual Net Performance Fees ($mm)1 $227 $184 Last 5 Year $161 $161 $126 Average: $172mm 2021 2022 2023 2024 2025 Private Markets Absolute Return Beta-S
Slide 11: Affiliate Investments: Drive Growth and Enhance Diversification
Affiliate Investments: Drive Growth and Enhance Diversification AMG Partners with Leading Independent Firms to Magnify Their Advantages… Access to Growth Capital Partial Liquidity Succession Plan Solution Invest capital and resources to drive next Provide financial diversification for principals
Slide 12: New Affiliate Investments: Focus on Growth Investments
New Affiliate Investments: Focus on Growth Investments AMG Partners with High-Quality Independent Firms Positioned for Growth Entrepreneurial Culture High-Quality Multi-Generational Leadership High Quality Business Strong Alignment of Incentives Business Investment-Centric Diversified and
Slide 13: Partnership Approach: Enhances Affiliates' Future Prospects
Partnership Approach: Enhances Affiliates’ Future Prospects AMG Partnership Approach Preserve Entrepreneurial Culture Significant long-term equity incentives Preserve Enhance Maintain investment focus and client alignment Entrepreneurial Long-Term Operational autonomy Culture Stability Enhance
Slide 14: Strong and Stable Cash Flows: Significant Capital to Deploy into Growth Investments
Strong and Stable Cash Flows: Significant Capital to Deploy into Growth Investments Illustrative Capital to Deploy Flexible Balance Sheet and Cash Flow Stability ~$2 billion Strong and recurring free cash flow and significant deployment flexibility Debt structured to match long- dated assets (~1
Slide 15: Capital Allocation: Returning Excess Capital to Shareholders
Capital Allocation: Returning Excess Capital to Shareholders Significant Capital Return ~42 million ~$3B shares in excess capital returned outstanding (38%) over last 5 years1 (adjusted diluted) ~26 million shares ~10% outstanding (adjusted diluted) of shares repurchased annually over last 5 years2
Slide 16: Earnings Growth and Shareholder Value Creation
Earnings Growth and Shareholder Value Creation Adjusted EBITDA ($mm) Economic Earnings Per Share CAGR: 6% CAGR: 14% $26.05 $1,077 $795 $13.30 2020 2025 2020 2025 Alternatives Differentiated Long-Only Evolving Business Mix Leading to Greater EBITDA Contribution from Alternatives See the Appendix for
Slide 17: Appendix
Appendix
Slide 18: AMG-Selected Composites by Product Category
AMG-Selected Composites by Product Category1 Category Index Performance - 2026 Relevant Indices (AUM Weight) Q1 Q2 YTD Private Markets AUM Weight: 16% N/A2 N/A N/A N/A Liquid Alternatives AUM Weight: 31% HFRI Fund Weighted Composite 1.0% 6.5% 7.5% MSCI World (3.5)% 13.9% 9.9% Global / Int'l Equities
Slide 19: Operating and Financial Performance Measures
Operating and Financial Performance Measures (Three and Six Months Ended) Three Months Ended Six Months Ended (in millions, except as noted and per share data) 6/30/2025 6/30/2026 6/30/2025 6/30/2026 Operating Performance Measures AUM (at period end, in billions) $ 771.0 $ 942.4 $ 771.0 $ 942.4 Aver
Slide 20: Assets Under Management by Strategy
Assets Under Management by Strategy (in billions) Alternatives Differentiated Long-Only Private Liquid Multi-Asset & Statement of Changes - Quarter to Date Equities Total Markets Alternatives Fixed Income AUM, March 31, 2026 $ 148.0 $ 261.5 $ 297.8 $ 174.7 $ 882.0 Client cash inflows and commitments
Slide 21: Consolidated Statements of Income
Consolidated Statements of Income (Three and Six Months Ended) Three Months Ended Six Months Ended (in millions, except per share data) 6/30/2025 6/30/2026 6/30/2025 6/30/2026 Consolidated revenue $ 493.2 $ 640.7 $ 989.8 $ 1,185.6 Consolidated expenses: Compensation and related expenses 263.7 316.1
Slide 22: Reconciliations of Supplemental Performance Measures
Reconciliations of Supplemental Performance Measures (Three and Six Months Ended) Three Months Ended Six Months Ended (in millions, except per share data) 6/30/2025 6/30/2026 6/30/2025 6/30/2026 Net income (controlling interest) $ 84.3 $ 185.9 $ 156.6 $ 296.3 Intangible amortization and impairments
Slide 23: Reconciliations of Supplemental Performance Measures
Reconciliations of Supplemental Performance Measures (Years Ended) For the Years Ended December 31, (in millions) 2020 2021 2022 2023 2024 2025 Net income (controlling interest) $ 202.2 $ 565.7 $ 1,145.9 $ 672.9 $ 511.6 $ 716.6 Intangible amortization and impairments 427.7 199.9 195.0 128.5 149.2 21
Slide 24: Consolidated Balance Sheets
Consolidated Balance Sheets, December 31, 2025 and June 30, 2026 Period Ended (in millions) 12/31/2025 6/30/2026 Assets Cash and cash equivalents $ 586.0 $ 411.0 Receivables 496.2 846.9 Investments 711.6 757.9 Goodwill 2,531.2 2,511.6 Acquired client relationships (net) 1,639.3 1,577.6 Equity method
Slide 25: Notes
Notes 1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock. We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of
Slide 26: Notes Continued
Notes (Continued) 2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when compar
Slide 27: Notes Continued
Notes (Continued) The following table provides a reconciliation of Average shares outstanding (adjusted diluted): Three Months Ended Six Months Ended (in millions) 6/30/2025 6/30/2026 6/30/2025 6/30/2026 Average shares outstanding (diluted) 31.4 26.9 32.3 27.3 Hypothetical issuance of shares to sett
Slide 28: Notes Continued
Notes (Continued) Notes on Disclosed AMG Affiliate Investment Performance The following is additional information describing the methodology for determining performance of private markets, liquid alternative, and equity products and the related benchmarks disclosed in this presentation. Product retu