Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q2 2025 Earnings Presentation
29 slides from Acadian Asset Management's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 EARNINGS PRESENTATION July 31, 2025
Slide 2: Kelly Young, Scott Hynes, Melody Huang
Kelly Young President and Chief Executive Officer Scott Hynes Chief Financial Officer Melody Huang Director of Finance and Investor Relations 2
Slide 3: Acadian: Only Pure-Play Publicly-Traded Systematic Manager
Acadian: Only Pure-Play Publicly-Traded Systematic Manager Nearly 40-year Founded in 1986, Acadian has pioneered systematic investing and we continue to lead the sector through constant innovation. We have delivered sustained outperformance across operating history various investment strategies and
Slide 4: Acadian Q2'25: Strong Outperformance
Acadian Q2'25: Strong Outperformance Key Performance Metrics Highlights Increase Q2'24 Q2'25 (Decrease) ▪ U.S. GAAP Net Income attributable to Net income attributable to controlling interests down (8)% and EPS controlling interests ($m) $11.0 $10.1 (8)% down (3)%, due to an increase in non- cash exp
Slide 5: Outstanding Performance Track Records
Outstanding Performance Track Records % of Major Strategy Group Assets Outperforming Benchmarks Global Equity Emerging Markets Equity Non-US Equity 100% 100% 100% 100% 100% 100% 100% 100% 100% 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year Small Cap Equity Enhanced Equity 100% 100
Slide 6: Meaningful Long Term Alpha Generation
Meaningful Long Term Alpha Generation Revenue Weighted Asset Weighted +4.5% +3.6% 5-year annualized return in excess of 5-year annualized return in excess of benchmark benchmark 94% 95% 95% 92% 92% 92% 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year Consolidated Firmwide Investment Performance _________
Slide 7: Extensive Global Distribution Platform
Extensive Global Distribution Platform 4 > 90 > 1,000 global distribution offices experienced distribution institutional client accounts serving clients professionals > 40 > 10 years ~ 40 countries represented average relationship length investment consultant across client base with top 50 clients r
Slide 8: Acadian: Highly Regarded Institutional Investment Manager
Acadian: Highly Regarded Institutional Investment Manager ▪ 6 clients among the top 20 global asset owners ▪ 26 clients among the top 50 U.S. retirement plans ▪ > 40% of assets from clients invested in multiple Acadian strategies ▪ 43% of assets managed for clients outside the U.S. ▪ > 80 institutio
Slide 9: Positive Trend in Net Flows
Positive Trend in Net Flows ▪ Q2'25 net flows of $13.8 billion or 11% of BOP AUM driven by a new Enhanced Equity institutional mandate and Global Equity net inflows ▪ Highest ever quarterly NCCF in the firm’s history ▪ YTD’25 net flows of $17.6 billion, along with $1.8 billion in FY 2024, reflect si
Slide 10: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS /A ACADIAN ASSET MANAGEMENT INC.
Slide 11: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics ($ in millions, unless otherwise noted) Q2'24 Q2'25 Increase (Decrease) U.S. GAAP Basis Revenue $ 109.0 $ 127.4 16.9 % Operating income 20.6 16.2 (21.4)% Pre-tax income attributable to controlling interests 16.6 14.6 (12.0)% Net income attribut
Slide 12: ENI Revenue: Growth Driven by AUM Increase
ENI Revenue: Growth Driven by AUM Increase ENI Revenue ($ in millions) Commentary 15% ▪ Q2'25 ENI revenue of $124.9 million increased from Q2'24 by 15%; primarily due to management fee growth $124.9 $2.6 ▪ Management fees increased 16% from Q2'24 $108.3 reflecting a 20% increase in average AUM (7)%
Slide 13: ENI Operating Margin and Expenses: Positive Leverage
ENI Operating Margin and Expenses: Positive Leverage ENI Operating Margin Commentary ▪ Q2'25 Operating Margin expanded 360 bps to 30.7% from 27.1% in Q2'24 driven by 27.1% 30.7% increased ENI management fees ▪ Q2'25 Operating Expense Ratio(1) fell (420) Q2'24 Q2'25 bps to 44.6% for the period from 4
Slide 14: Capital Management: Low Leverage Ratios With High Liquidity Position
Capital Management: Low Leverage Ratios With High Liquidity Position Balance Sheet Profile ($ in millions) June 30, 2025 ▪ Cash and cash-equivalents of $90.2 million ▪ $95.2 million of seed investments ▪ Debt includes outstanding balance on revolving credit facility of $20.0 million; reflects remain
Slide 15: Capital Allocation: Track Record of Significant Value Creation Through Buybacks
Capital Allocation: Track Record of Significant Value Creation Through Buybacks Quarterly Diluted Shares Outstanding (in millions) Return of Capital ▪ $1.4 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Repurchased 0.9 million shares o
Slide 16: Closing: Acadian Compelling Investment Opportunity
Closing: Acadian Compelling Investment Opportunity ▪ Only pure-play, publicly traded systematic manager ▪ Nearly 40-year track record with competitive edge in systematic investing ▪ Strong performance track record: ▪ > 94% of strategies by revenue outperforming over 3- / 5- / 10- year periods(1) ▪ O
Slide 17: U.S. GAAP Statement of Operations
U.S. GAAP Statement of Operations Increase ($ in millions, unless otherwise noted) Q2'24 Q2'25 (Decrease) Q2'25 vs. Q2'24 Management fees $ 105.5 $ 122.3 15.9 % ▪ Total revenue increased 16.9% Performance fees 2.8 2.6 (7.1)% from Q2'24 driven by higher Consolidated Funds’ revenue 0.7 2.5 257.1 % man
Slide 18: Supplemental Information, Reconciliations and Disclosures
Supplemental Information, Reconciliations and Disclosures 18
Slide 19: ENI Operating Expenses and ENI Variable Compensation
ENI Operating Expenses and ENI Variable Compensation ENI Operating Expenses ($ in millions) Q2'24 Q2'25 Increase $M % of MFs(1) $M % of MFs(1) (Decrease) Fixed compensation and benefits $ 24.3 23.0 % $ 25.0 20.4 % 3% G&A expenses (excl. sales-based compensation) 20.6 19.5 % 21.9 17.9 % 6% Depreciati
Slide 20: Acadian LLC Key Employee Distributions
Acadian LLC Key Employee Distributions Commentary ▪ Represents key employees’ share of profit from Acadian LLC’s earnings ▪ 2025 full-year Distribution Ratio expected to be 9%-10% if the equity market remains at the same level; mix of core and performance fee profits will impact the ratio Acadian LL
Slide 21: Balance Sheet Management
Balance Sheet Management ($ in millions) December 31, 2024 June 30, 2025 Assets Cash and cash equivalents $ 94.8 $ 90.2 Investment advisory fees receivable 164.7 124.2 Right of use assets 52.5 49.5 Investments 67.9 55.2 Other assets 164.0 172.4 Assets of consolidated Funds 159.3 180.8 Total assets $
Slide 22: Assets Under Management Rollforward
Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q2'24 Q2'25 Beginning balance $ 110.4 $ 121.9 Gross sales 8.3 18.7 Gross outflows (9.1) (5.7) Reinvested income and distributions 0.8 0.8 Net flows — 13.8 Market appreciation 2.2 15.4 Ending balance $ 112.6 $ 151.1 Average A
Slide 23: Reconciliations from U.S. GAAP to Non-GAAP Measures
Reconciliations from U.S. GAAP to Non-GAAP Measures(1) ($ in millions) Q2'24 Q2'25 ENI Adjustments U.S. GAAP net income attributable to controlling interests $ 11.0 $ 10.1 1i Exclude non-cash expenses representing changes in the value of Acadian LLC Adjustments to reflect the economic earnings of th
Slide 24: 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 ($) Q2'24 Q2'25 U.S. GAAP net income per share $ 0.29 $ 0.28 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-owned equity and
Slide 25: Reconciliations from U.S. GAAP to Non-GAAP Measures
Reconciliations from U.S. GAAP to Non-GAAP Measures(1) Reconciliation of U.S. GAAP Pre-tax Income to Pre-tax ENI ($ in millions) Q2'24 Q2'25 U.S. GAAP pre-tax income $ 17.1 $ 23.6 Adjustments to reflect the economic earnings of the Company: Non-cash key employee-owned equity and profit interest reva
Slide 26: Segment Reconciliation
Segment Reconciliation ($ in millions) Q2'24 Q2'25 U.S. GAAP Consolidated Revenue $ 109.0 $ 127.4 Exclude revenue from consolidated Funds (a) 0.7 2.5 Quant & Solutions Segment ENI Revenue 108.3 124.9 Quant & Solutions Segment ENI Expenses Fixed compensation and benefits (b) 22.6 23.4 Variable compen
Slide 27: 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 28: 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 various owners
Slide 29: 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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