Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q3 2025 Earnings Presentation
29 slides from Acadian Asset Management's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 EARNINGS PRESENTATION October 30, 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 Q3'25: Strong Outperformance
Acadian Q3'25: Strong Outperformance Key Performance Metrics Highlights Increase Q3'24 Q3'25 (Decrease) ▪ U.S. GAAP Net Income attributable to controlling interests declined (11)% and Net income attributable to controlling interests ($m) $16.9 $15.1 (11)% EPS declined (7)%, driven by increased non-c
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% 99% 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% +3.5% 5-year annualized return in excess of 5-year annualized return in excess of benchmark benchmark 94% 95% 94% 91% 92% 90% 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 > 100 > 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
Slide 8: Acadian: Highly Regarded Institutional Investment Manager
Acadian: Highly Regarded Institutional Investment Manager ▪ 5 clients among the top 20 global asset owners ▪ 24 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: Net Client Cash Flows: Sustained Momentum
Net Client Cash Flows: Sustained Momentum Highlights ▪ Q3'25 net flows of $6.4 billion, 4% of BOP AUM, driven by Enhanced, Extension and Non-US strategies ▪ 2nd highest ever quarterly NCCF in the firm’s history ▪ YTD’25 net flows of $24.0 billion, along with $1.8 billion in FY 2024, reflect seven co
Slide 10: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS /® ACADIAN ASSET MANAGEMENT INC.
Slide 11: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics Increase Increase U.S. GAAP Basis ($ in millions, unless otherwise noted) Q3'24 Q3'25 (Decrease) Q2'25 (Decrease) Revenue $ 123.1 $ 144.2 17.1 % $ 127.4 13.2 % Operating income 27.0 26.6 (1.5)% 16.2 64.2 % Pre-tax income attributable to control
Slide 12: ENI Revenue: Growth Driven by AUM Increase
ENI Revenue: Growth Driven by AUM Increase ENI Revenue ($ in millions) Commentary 12% ▪ Q3'25 ENI revenue of $136.3 million increased from Q3'24 by 12%, primarily due to management fee growth, partially offset by a $136.3 decline in performance fees $122.2 $0.2 ▪ Recurring management fees increased
Slide 13: ENI Operating Margin and Expenses: Positive Leverage
ENI Operating Margin and Expenses: Positive Leverage ENI Operating Margin Commentary ▪ Q3'25 Operating Margin expanded 157 bps to 33.2% from 31.7% in Q3'24 driven by 31.7% 33.2% increased ENI management fees Q3'24 Q3'25 ▪ Q3'25 Operating Expense Ratio(1) fell (480) bps to 43.3% for the period from 4
Slide 14: Capital Resources: Strengthened Balance Sheet
Capital Resources: Strengthened Balance Sheet Balance Sheet Profile ($ in millions) September 30, 2025 ▪ Cash and cash-equivalents of $117.3 Cash Seed Investments Debt million, $95.1 million of seed investments include a new product seeded with recycled funds; Debt reflects zero balance on our revol
Slide 15: Capital Management: Track Record of Significant Value Creation Through Buybacks
Capital Management: Track Record of Significant Value Creation Through Buybacks Quarterly Diluted Shares Outstanding (in millions) Return of Capital ▪ $1.4 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Repurchased 0.1 million shares o
Slide 16: Closing: Acadian Compelling Investment Opportunity
Closing: Acadian Compelling Investment Opportunity ■ Only pure-play, publicly traded systematic manager ■ Nearly 40-year track record with competitive edge in systematic investing Competitive Position ■ Strong performance track record with more than 94% of strategies by revenue outperforming over 3-
Slide 17: U.S. GAAP Statement of Operations
U.S. GAAP Statement of Operations Increase ($ in millions, unless otherwise noted) Q3'24 Q3'25 (Decrease) Q2'25 Q3'25 vs. Q3'24 Management fees $ 112.1 $ 136.1 21.4 % $ 122.3 ▪ Total revenue increased 17.1% Performance fees 10.1 0.2 (98.0)% 2.6 from Q3'24 driven by higher Consolidated Funds’ revenue
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) Q3'24 Q3'25 Q2'25 Increase Increase $M % of MFs(1) $M % of MFs(1) (Decrease) $M % of MFs(1) (Decrease) Fixed compensation and benefits $ 24.5 21.9 % $ 28.0 20.6 % 14% $ 25.0 20.4 % 12% G&A expenses (excl. sal
Slide 20: Acadian LLC Key Employee Distributions
Acadian LLC Key Employee Distributions Commentary ▪ Represents key employees’ share of profit from Acadian LLC’s earnings ▪ Distribution Ratio increased to 11.5% in Q3'25 due to significant growth in management fee profit ▪ 2025 full-year Distribution Ratio expected to be 11%-12% if the equity marke
Slide 21: Balance Sheet Management
Balance Sheet Management ($ in millions) December 31, 2024 September 30, 2025 Assets Cash and cash equivalents $ 94.8 $ 117.3 Investment advisory fees receivable 164.7 139.0 Right of use assets 52.5 48.2 Investments 67.9 40.8 Other assets 164.0 168.2 Assets of consolidated Funds 159.3 237.9 Total as
Slide 22: Assets Under Management Rollforward
Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Beginning balance $ 112.6 $ 120.3 $ 117.3 $ 121.9 $ 151.1 Gross inflows 3.1 5.5 8.8 18.7 11.9 Gross outflows (3.5) (5.4) (5.8) (5.7) (6.5) Reinvested income and distributions 0.9 0.8 0.8 0.8 1.0
Slide 23: Reconciliations from U.S. GAAP to Non-GAAP Measures
Reconciliations from U.S. GAAP to Non-GAAP Measures(1) ($ in millions) Q3'24 Q3'25 Q2'25 ENI Adjustments U.S. GAAP net income attributable to controlling interests $ 16.9 $ 15.1 $ 10.1 1i Exclude non-cash expenses representing changes in the value of Acadian LLC Adjustments to reflect the economic e
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 ($) Q3'24 Q3'25 Q2'25 U.S. GAAP net income per share $ 0.45 $ 0.42 $ 0.28 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-own
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) Q3'24 Q3'25 Q2'25 U.S. GAAP pre-tax income $ 28.4 $ 34.4 $ 23.6 Adjustments to reflect the economic earnings of the Company: Non-cash key employee-owned equity and profit
Slide 26: Segment Reconciliation
Segment Reconciliation ($ in millions) Q3'24 Q3'25 Q2'25 U.S. GAAP Consolidated Revenue $ 123.1 $ 144.2 $ 127.4 Exclude revenue from consolidated Funds (a) 0.9 7.9 2.5 Quant & Solutions Segment ENI Revenue 122.2 136.3 124.9 Quant & Solutions Segment ENI Expenses Fixed compensation and benefits (b) 2
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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