Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q4 2025 Earnings Presentation
28 slides from Acadian Asset Management's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 EARNINGS PRESENTATION February 5, 2026
Slide 2: Acadian Q4'25: Strong Outperformance
Acadian Q4'25: Strong Outperformance Key Performance Metrics Highlights Increase ▪ U.S. GAAP Net Income attributable to Q4'24 Q4'25 a (Decrease) controlling interests decreased (18)% s Net income attributable to controlling e and EPS decreased (14)%, driven by interests ($m) $42.5 $34.7 d (18)% a in
Slide 3: Acadian FY 2025: Strong Outperformance
Acadian FY 2025: Strong Outperformance Key Performance Metrics Highlights Increase ▪ U.S. GAAP Net Income attributable to FY 2024 FY 2025 (Decrease) controlling interests decreased (6)% and Net income attributable to controlling EPS decreased (0.5)%, driven by interests ($m) $85.0 $80.0 (6)% increas
Slide 4: Key Financial Results and Drivers in 2025: A Record Year
Key Financial Results and Drivers in 2025: A Record Year Net Client Cash Flows AUM ENI Revenue Record Organic Growth All-Time High 9% y/y Growth $549.1 $177.5 $502.5 $29.4 $117.3 $1.8 2024 2025 2024 2025 2024 2025 % ENI Operating Margin Gross Leverage ENI EPS Expanded Margin 2% pts Deleveraged Balan
Slide 5: Investment Performance: Outstanding Strategy Track Records
Investment Performance: Outstanding Strategy 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 Enh
Slide 6: Investment Performance: Firmwide Long-Term Alpha Generation
Investment Performance: Firmwide Long-Term Alpha Generation Consolidated Firmwide Investment Performance Revenue Weighted Asset Weighted +4.7% +3.8% 5-year annualized return in excess of 5-year annualized return in excess of benchmark benchmark 95% 95% 95% 92% 93% 91% 3-Year 5-Year 10-Year 3-Year 5-
Slide 7: Net Client Cash Flows: Sustained Momentum
Net Client Cash Flows: Sustained Momentum Highlights ▪ Q4'25 net flows of $5.4 billion, 3% of BoP AUM, driven by Enhanced, Extension and Emerging Markets Equity strategies ▪ FY 2025 net flows of $29.4 billion, 25% of BoP AUM, highest ever in firm’s history – With $1.8 billion net flows in FY 2024, e
Slide 8: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS /® ACADIAN ASSET MANAGEMENT INC.
Slide 9: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics U.S. GAAP Basis Increase Increase Increase ($ in millions, unless otherwise noted) Q4'24 Q4'25 (Decrease) Q3'25 (Decrease) FY 2024 FY 2025 (Decrease) Revenue $ 167.8 $ 172.2 2.6 % $ 144.2 19.4 % $ 505.6 $ 563.7 11.5 % Operating income 65.0 57.4
Slide 10: ENI Revenue: Growth Driven by Recurring Management Fees
ENI Revenue: Growth Driven by Recurring Management Fees ENI Revenue ($ in millions) Financial Highlights ▪ Q4'25 management fees increased 32% from Q4'24 reflecting a 43% increase in 2% average AUM driven by strong positive $166.7 $169.7 NCCFs and market appreciation $23.3 – Delivered 8% or higher q
Slide 11: ENI Expenses and Variable Compensation: Margin Expansion
ENI Expenses and Variable Compensation: Margin Expansion ENI Operating Expenses and Variable Compensation ($ millions) Financial Highlights ▪ Q4'25 ENI Operating Expenses increased 5% primarily driven by higher sales-based $96.2 compensation as well as General and $92.2 Administrative costs includin
Slide 12: Capital Resources: Strengthened Balance Sheet
Capital Resources: Strengthened Balance Sheet Balance Sheet Profile ($ in millions) December 31, 2025 • Cash and cash-equivalents of $101.2 Cash Seed Investments Debt million, and $97.2 million of seed investments ▪ Debt reflects $200.0 million balance on Term Loan credit facility and no outstanding
Slide 13: Capital Management: Shareholder Returns
Capital Management: Shareholder Returns Quarterly Diluted Shares Outstanding (in millions) Financial Highlights (58)% ▪ $1.4 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Share repurchases were suspended in Q4'25 as balance sheet cash
Slide 14: Closing: Acadian Compelling Investment Opportunity
Closing: Acadian Compelling Investment Opportunity ■ Only pure-play, publicly traded systematic manager ■ 40-year track record with competitive edge in systematic investing Competitive Position ■ Strong performance track record with more than 95% of strategies by revenue outperforming benchmarks ove
Slide 15: Supplemental Information, Reconciliations and Disclosures
Supplemental Information, Reconciliations and Disclosures 15
Slide 16: Acadian: Only Pure-Play Publicly-Traded Systematic Manager
Acadian: Only Pure-Play Publicly-Traded Systematic Manager PROFILE DISTRIBUTION CLIENT FRANCHISE 1986 founded 4 Global distribution offices >1,000 Institutional accounts $177.5B AUM >100 Distribution professionals 5 Top 20 global asset owners 95% of strategies outperforming (1) >50 Consultant relati
Slide 17: U.S. GAAP Statement of Operations
U.S. GAAP Statement of Operations Increase Q4'25 vs. Q4'24 ($ in millions, unless otherwise noted) Q4'24 Q4'25 (Decrease) Q3'25 FY 2024 FY 2025 Management fees $ 111.3 $ 146.4 31.5 % $ 136.1 $ 431.1 $ 517.7 ▪ Total revenue increased 2.6% from Performance fees 55.4 23.3 (57.9)% 0.2 71.4 31.4 Consolid
Slide 18: ENI Operating Expenses and ENI Variable Compensation
ENI Operating Expenses and ENI Variable Compensation ENI Operating Expenses ($ in millions) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 $M % of MFs(1) $M % of MFs(1) $M % of MFs(1) $M % of MFs(1) $M % of MFs(1) Fixed compensation and benefits $ 25.5 22.9 % $ 24.8 16.9 % $ 28.0 20.6 % $ 97.8 22.7 % $ 102.1 19.
Slide 19: Acadian LLC Key Employee Distributions
Acadian LLC Key Employee Distributions Commentary ▪ Represent the share of Acadian LLC profits after variable compensation that is attributable to key employee equity and profit interests holders, according to their ownership interests ▪ Distribution Ratio increased to 11.7% in Q4'25 due to growth i
Slide 20: Balance Sheet
Balance Sheet ($ in millions) December 31, 2024 December 31, 2025 Assets Cash and cash equivalents $ 94.8 $ 101.2 Investment advisory fees receivable 164.7 178.5 Right of use assets 52.5 47.6 Investments 67.9 51.2 Other assets 164.0 160.0 Assets of consolidated Funds 159.3 138.5 Total assets $ 703.2
Slide 21: Assets Under Management Rollforward
Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q4'24 Q3'25 Q4'25 FY 2024 FY 2025 Beginning balance $ 120.3 $ 151.1 $ 166.4 $ 103.7 $ 117.3 Gross inflows 5.5 11.9 15.6 21.2 55.0 Gross outflows (5.4) (6.5) (11.2) (22.7) (29.2) Reinvested income and distributions 0.8 1.0 1.
Slide 22: Reconciliations from U.S. GAAP to Non-GAAP Measures
Reconciliations from U.S. GAAP to Non-GAAP Measures(1) ($ in millions) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 ENI Adjustments U.S. GAAP net income attributable to controlling interests $ 42.5 $ 34.7 $ 15.1 $ 85.0 $ 80.0 1i Exclude non-cash expenses representing Adjustments to reflect the economic earning
Slide 23: 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 ($) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 U.S. GAAP net income per share $ 1.13 $ 0.97 $ 0.42 $ 2.22 $ 2.21 Adjustments to reflect the economic earnings of the Company
Slide 24: 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) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 U.S. GAAP pre-tax income $ 58.4 $ 53.1 $ 34.4 $ 125.7 $ 143.2 Adjustments to reflect the economic earnings of the Company: Non-cash key e
Slide 25: Segment Reconciliation
Segment Reconciliation ($ in millions) Q4'24 Q4'25 Q3'25 FY 2024 FY 2025 U.S. GAAP Consolidated Revenue $ 167.8 $ 172.2 $ 144.2 $ 505.6 $ 563.7 Exclude revenue from consolidated Funds (a) 1.1 2.5 7.9 3.1 14.6 Quant & Solutions Segment ENI Revenue 166.7 169.7 136.3 502.5 549.1 Quant & Solutions Segme
Slide 26: 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 27: 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 ownership leve
Slide 28: 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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