Affiliated Managers Group, Inc. · NYSE:AMG
Affiliated Managers — Q4 2025 Earnings Presentation
28 slides from Affiliated Managers's earnings presentation, Feb 12, 2026
Slide 1: Q4 2025 Investor Overview
Q4 2025 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 ~$813B Assets Under with leading investment specialists diverse suite of investment products Management Industry-Leading Independent Managers High-Quality, Diverse Prod
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 ~$146B AUM ~$227B AUM ~$440B AUM All items as of 12/31/2025. Featured Affiliates are not an exhaustive list of contributors to AUM. Excludes impact of new investments in BB
Slide 4: Diverse Affiliate Group Operating Across Areas of High Growth and Secular Demand
Diverse Affiliate Group Operating Across Areas of High Growth and Secular Demand LTM EBITDA Contribution by Strategy Aligned With Key Client Demand Trends Alternatives ~60% of EBITDA from High-Growth Areas 55% Private 34% Markets 21% Organic Growth 7% 38% Liquid Alternatives Differentiated Long-Only
Slide 5: Strategy Supports Compounding of Earnings Growth at Industry-Leading Rate
Strategy Supports Compounding of Earnings Growth at Industry-Leading Rate Significant Opportunities to Drive Growth and Compound Earnings at a High Rate of Return Over Time Share Repurchases Committed to returning excess Affiliate capital primarily Investments through share repurchases Illustrative
Slide 6: Uniquely Positioned to Deliver Long-Term Growth and Shareholder Value
Uniquely Positioned to Deliver Long-Term Growth and Shareholder Value Multiple Growth Drivers: Diversified market exposures and alpha generation, organic growth, and investments in new and Organic existing Affiliates all drive growth Growth Affiliate Affiliate Investment Investments Enhanced Stabili
Slide 7: Affiliate Investment Performance: Competitive Advantages in Generating Alpha
Affiliate Investment Performance: Competitive Advantages in Generating Alpha Strong Long-Term Investment Performance (AUM Ahead of Benchmark) Private Markets: 21% of LTM EBITDA Liquid Alternatives: 34% of LTM EBITDA Equities: 38% of LTM EBITDA 93% 97% 90% 86% 86% 55% 38% 44% IRR Latest Vintage IRR L
Slide 8: Organic Growth: Strategic Focus on Secular Growth Areas
Organic Growth: Strategic Focus on Secular Growth Areas Strong Private Markets Fundraising and Liquid Alternative Flows, Offset by Continued Headwinds in Equities LTM Net Client Cash Flows by Asset Class ($B) $60 $40 $20 $0 ($20) ($40) ($60) LTM Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
Slide 9: Affiliate Investment Performance: Source of Earnings Stability
Affiliate Investment Performance: Source of Earnings Stability Track Record of Consistently Delivering Performance Fee Earnings Across Market Cycles Annual Net Performance Fees ($mm)1 $227 $184 Last 5 Year $161 $161 $131 $126 Average: $84 $86 $172mm $72 $49 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 10: 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 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 (>2
Slide 15: Capital Allocation: Returning Excess Capital to Shareholders
Capital Allocation: Returning Excess Capital to Shareholders Significant Capital Return ~44 million shares ~$3B outstanding (36%) in excess capital returned (adjusted over last 5 years1 diluted) ~28 million shares outstanding (adjusted diluted) ~10% of shares repurchased annually over last 5 years2
Slide 16: Earnings Growth and Shareholder Value Creation
Earnings Growth and Shareholder Value Creation Adjusted EBITDA ($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 - 2025 Relevant Indices (AUM Weight) Q1 Q2 Q3 Q4 FY25 Private Markets AUM Weight: 18% N/A2 N/A N/A N/A N/A N/A Liquid Alternatives HFRI Fund Weighted (0.4)% 4.3% 5.4% 2.7% 12.4% AUM Weight: 28% Composite MSCI World (1.7)% 11.6%
Slide 19: Operating and Financial Performance Measures (Three Months and Years Ended)
Operating and Financial Performance Measures (Three Months and Years Ended) Three Months Ended Years Ended (in millions, except as noted and per share data) 12/31/2024 12/31/2025 12/31/2024 12/31/2025 Operating Performance Measures AUM (at period end, in billions) $ 707.9 $ 813.3 $ 707.9 $ 813.3 Ave
Slide 20: Assets Under Management by Strategy (in billions)
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, September 30, 2025 $ 147.7 $ 204.8 $ 326.6 $ 124.5 $ 803.6 Client cash inflows and commitm
Slide 21: Consolidated Statements of Income (Three Months and Years Ended)
Consolidated Statements of Income (Three Months and Years Ended) Three Months Ended Years Ended (in millions, except per share data) 12/31/2024 12/31/2025 12/31/2024 12/31/2025 Consolidated revenue $ 524.2 $ 556.6 $ 2,040.9 $ 2,074.4 Consolidated expenses: Compensation and related expenses 238.8 272
Slide 22: Reconciliations of Supplemental Performance Measures (Three Months and Years Ended)
Reconciliations of Supplemental Performance Measures (Three Months and Years Ended) Three Months Ended Years Ended (in millions, except per share data) 12/31/2024 12/31/2025 12/31/2024 12/31/2025 Net income (controlling interest) $ 162.1 $ 347.6 $ 511.6 $ 716.6 Intangible amortization and impairment
Slide 23: Reconciliations of Supplemental Performance Measures (Years Ended)
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, December 31, 2024 and December 31, 2025
Consolidated Balance Sheets, December 31, 2024 and December 31, 2025 Years Ended (in millions) 12/31/2024 12/31/2025 Assets Cash and cash equivalents $ 950.0 $ 586.0 Receivables 409.7 496.2 Investments 595.6 711.6 Goodwill 2,504.9 2,531.2 Acquired client relationships (net) 1,777.8 1,639.3 Equity me
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 Years Ended (in millions) 12/31/2024 12/31/2025 12/31/2024 12/31/2025 Average shares outstanding (diluted) 36.0 31.5 36.1 33.0 Hypothetical issuance of shares to settl
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
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