Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q2 2026 Earnings Presentation
28 slides from Acadian Asset Management's earnings presentation, Jul 30, 2026
Slide 1: Acadian Reports Financial and Operating Results for Second Quarter Ended June 30, 2026
Acadian Asset Management Inc. Reports Financial and Operating Results for the Second Quarter Ended June 30, 2026 • Quarterly net inflows of $4.3 billion for Q2'26, representing a 9% annualized growth rate, driven by Enhanced and Extension strategies • AUM of $232.7 billion at June 30, 2026, up 54% f
Slide 2: Dividend Declaration, Conference Call and About Acadian
Dividend Declaration The Company’s Board of Directors approved a quarterly interim dividend of $0.10 per share payable on September 25, 2026 to shareholders of record as of the close of business on September 11, 2026. Conference Call Dial-in The Company will hold a conference call and simultaneous w
Slide 3: Forward-Looking Statements
Forward-Looking Statements This communication includes forward-looking statements which may include, from time to time, anticipated revenues, margins, operating expense, variable compensation and distribution ratios, cash flows or earnings growth profile, expectations regarding the investment proces
Slide 4: Q2 2026
Q2 2026 EARNINGS PRESENTATION July 30, 2026
Slide 5: Key Performance Metrics
2 Key Performance Metrics Q2'25 Q2'26 Increase (Decrease) Net income attributable to controlling interests ($m) $10.1 $27.3 170% U.S. GAAP diluted EPS ($s) $0.28 $0.76 171% Economic net income ($m) $22.9 $47.5 107% ENI diluted EPS ($s) $0.64 $1.33 108% Adjusted EBITDA ($m) $39.1 $69.9 79% NCCF ($b)
Slide 6: Global Equity Investment Performance: Outstanding Strategy Track Records
3 100% 100% 100% 3-Year 5-Year 10-Year 100% 100% 100% 3-Year 5-Year 10-Year 100% 99% 100% 3-Year 5-Year 10-Year 100% 100% 100% 3-Year 5-Year 10-Year 100% 100% 100% 3-Year 5-Year 10-Year Global Equity Investment Performance: Outstanding Strategy Track Records % of Major Strategy Group Assets Outperfo
Slide 7: Investment Performance: Firmwide Long-Term Alpha Generation
4 96% 96% 96% 3-Year 5-Year 10-Year 94% 95% 94% 3-Year 5-Year 10-Year +4.3% 5-year annualized return in excess of benchmark +3.6% 5-year annualized return in excess of benchmark Revenue Weighted Asset Weighted Consolidated Firmwide Investment Performance Investment Performance: Firmwide Long-Term Al
Slide 8: Net Client Cash Flows: Sustained Momentum
5 $13.8 $6.4 $5.4 $21.4 $4.3 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net Client Cash Flows: Sustained Momentum ▪ Q2'26 net flows of $4.3 billion, representing a 9% annualized organic growth rate, driven by Enhanced and Extension Equity strategies ▪ Ten consecutive quarters of positive net flows Highlights Net
Slide 9: Q2 2026 Financial Results
Q2 2026 FINANCIAL RESULTS A ACADIAN ASSET MANAGEMENT INC.
Slide 10: Outstanding Performance Metrics
7 Outstanding Performance Metrics Key Performance Metrics U.S. GAAP Basis ($ in millions, unless otherwise noted) Q2'25 Q2'26 Increase (Decrease) Revenue $ 127.4 $ 185.1 45.3 % Operating income 16.2 32.4 100.0 % Pre-tax income attributable to controlling interests 14.6 36.7 151.4 % Net income attrib
Slide 11: ENI Revenue: Growth Driven by Recurring Management Fees
8 $124.9 $183.2 $122.3 $176.5 $2.6 $6.7 Management fees Performance fees Q2'25 Q2'26 ______________________________________________________ Notes: ENI revenue includes management fees and performance fees; Please see Definitions and Additional Notes Please see Supplemental Information, Reconciliatio
Slide 12: ENI Operating Expenses and Variable Compensation
9 _______________________________________________________ Notes: ENI operating expenses reflect the Company’s operating expenses (excluding variable compensation); Variable compensation is primarily comprised of a contractual percentage of ENI earnings before variable compensation and a contractual
Slide 13: Capital Resources: Strong Balance Sheet
10 $64.6 $109.8 $200.0 ___________________________________________________________ Please see Definitions and Additional Notes (1) Represents the Company’s total debt, divided by last twelve months Adjusted EBITDA (2) Represents the Company’s total debt, net of total cash and cash equivalents, divid
Slide 14: Capital Management: Shareholder Returns
11 86.0 35.7 Q4'19 Q2'26 Capital Management: Shareholder Returns ▪ $1.5 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Repurchased 0.2 million shares of common stock during the second quarter of 2026, at a volume-weighted average price
Slide 15: Closing: Acadian Investment Opportunity
12 Closing: Acadian Compelling Investment Opportunity (1) Data as of June 30, 2026. Past performance is no guarantee of future results. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Acadian. Competi
Slide 16: Supplemental Information, Reconciliations and Disclosures
13 Supplemental Information, Reconciliations and Disclosures
Slide 17: U.S. GAAP Statement of Operations
14 U.S. GAAP Statement of Operations ($ in millions, unless otherwise noted) Q2'25 Q2'26 Q1'26 Management fees $ 122.3 $ 176.5 $ 159.3 Performance fees 2.6 6.7 5.7 Consolidated Funds’ revenue 2.5 1.9 2.0 Total revenue 127.4 185.1 167.0 Compensation and benefits 83.8 121.2 96.0 General and administra
Slide 18: ENI Operating Expenses and ENI Variable Compensation
15 _______________________________________________________ Please see Definitions and Additional Notes (1) Represents reported ENI management fee revenue. ENI Operating Expenses and ENI Variable Compensation ENI Operating Expenses ($ in millions) Q2'25 Q2'26 Q1'26 $M % of MFs(1) $M % of MFs(1) $M %
Slide 19: Acadian LLC Key Employee Distributions
16 Acadian LLC Key Employee Distributions ($ in millions) Q2'25 Q2'26 Increase (Decrease) Q1'26 Increase (Decrease) Earnings after variable compensation (ENI operating earnings) $ 38.4 $ 73.9 92% $ 62.9 17% Less: Acadian LLC key employee distributions (4.0) (9.1) 128% (6.3) 44% Earnings after Acadia
Slide 20: Balance Sheet
17 ($ in millions) December 31, 2025 June 30, 2026 Assets Cash and cash equivalents $ 101.2 $ 64.6 Investment advisory fees receivable 178.5 213.6 Right of use assets 47.6 44.4 Investments 51.2 47.4 Other assets 160.0 186.9 Assets of consolidated Funds 138.5 300.0 Total assets $ 677.0 $ 856.9 Liabil
Slide 21: Assets Under Management Rollforward
18 Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Beginning balance $ 121.9 $ 151.1 $ 166.4 $ 177.5 $ 195.7 Gross inflows 18.7 11.9 15.6 29.6 14.5 Gross outflows (5.7) (6.5) (11.2) (9.3) (11.5) Reinvested income and distributions 0.8 1.0 1.0
Slide 22: Assets Under Management by Strategy & Client Location
19 AUM by Client Location ($ in billions) Q2'26 Q1'26 U.S. $ 117.3 50.4 % $ 99.3 50.7 % EMEA 63.3 27.2 % 55.1 28.2 % Asia Pacific 41.0 17.6 % 31.7 16.2 % Other 11.1 4.8 % 9.6 4.9 % Total AUM $ 232.7 $ 195.7 AUM by Strategy ($ in billions) Q2'26 Q1'26 Enhanced Equity $ 71.6 30.8 % $ 57.8 29.5 % Non-U
Slide 23: Key Performance Metrics: U.S. GAAP and ENI Basis
20 Outstanding Performance Metrics Key Performance Metrics U.S. GAAP Basis ($ in millions, unless otherwise noted) Q2'25 Q2'26 Increase (Decrease) Q1'26 Increase (Decrease) Revenue $ 127.4 $ 185.1 45.3 % $ 167.0 10.8 % Operating income 16.2 32.4 100.0 % 41.9 (22.7) % Pre-tax income attributable to c
Slide 24: Reconciliation of U.S. GAAP Net Income to Economic Net Income
21 ($ in millions) Q2'25 Q2'26 Q1'26 U.S. GAAP net income attributable to controlling interests $ 10.1 $ 27.3 $ 24.3 Adjustments to reflect the economic earnings of the Company: Non-cash key employee-owned equity and profit interest revaluations(2) 19.7 33.3 16.1 Amortization of acquired intangible
Slide 25: Reconciliations from U.S. GAAP to Non-GAAP Measures
22 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 ($) Q2'25 Q2'26 Q1'26 U.S. GAAP net income per share $ 0.28 $ 0.76 $ 0.68 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-
Slide 26: Segment Reconciliation
23 Segment Reconciliation ($ in millions) Q2'25 Q2'26 Q1'26 U.S. GAAP Consolidated Revenue $ 127.4 $ 185.1 $ 167.0 Exclude revenue from consolidated Funds (a) 2.5 1.9 2.0 Quant & Solutions Segment ENI Revenue 124.9 183.2 165.0 Quant & Solutions Segment ENI Expenses Fixed compensation and benefits (b
Slide 27: Definitions and Disclosures
24 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 business through one asset man
Slide 28: Non-GAAP Measure Definitions
25 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 l
Acadian Asset Management — Q2 2026 Earnings Presentation on 6ix