Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q2 2026 Earnings Presentation
26 slides from Acadian Asset Management's earnings presentation, Jul 30, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 EARNINGS PRESENTATION July 30, 2026
Slide 2: Acadian Q2'26: Strong Outperformance
Acadian Q2'26: Strong Outperformance Key Performance Metrics Highlights Increase ▪ U.S. GAAP Net Income attributable to Q2'25 Q2'26 (Decrease) controlling interests increased 170% and Net income attributable to controlling EPS increased 171%, driven by interests ($m) $10.1 $27.3 170% increased manag
Slide 3: 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% 99% 100% 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year Small Cap Equity Enha
Slide 4: Investment Performance: Firmwide Long-Term Alpha Generation
Investment Performance: Firmwide Long-Term Alpha Generation Consolidated Firmwide Investment Performance Revenue Weighted Asset Weighted +4.3% +3.6% 5-year annualized return in excess of 5-year annualized return in excess of benchmark benchmark 96% 96% 96% 94% 95% 94% 3-Year 5-Year 10-Year 3-Year 5-
Slide 5: Net Client Cash Flows: Sustained Momentum
Net Client Cash Flows: Sustained Momentum Highlights ▪ Q2'26 net flows of $4.3 billion, representing a 9% annualized organic growth rate, driven by Enhanced and Extension Equity strategies ▪ Ten consecutive quarters of positive net flows Net Client Cash Flows ($ in billions) $21.4 $13.8 $6.4 $5.4 $4
Slide 6: Q2 2026 Financial Results
Q2 2026 FINANCIAL RESULTS /® ACADIAN ASSET MANAGEMENT INC.
Slide 7: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics Increase U.S. GAAP Basis ($ in millions, unless otherwise noted) Q2'25 Q2'26 (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 attribut
Slide 8: ENI Revenue: Growth Driven by Recurring Management Fees
ENI Revenue: Growth Driven by Recurring Management Fees ENI Revenue ($ in millions) Financial Highlights $183.2 ▪ Total ENI revenue of $183.2 million 47% $6.7 increased 47% from Q2'25, primarily due to recurring management fee growth and an increase in performance fees 158% ▪ Q2'26 management fees i
Slide 9: ENI Expenses and Variable Compensation: Margin Expansion
ENI Expenses and Variable Compensation: Margin Expansion ENI Operating Expenses and Variable Compensation ($ millions) Financial Highlights $109.3 ▪ Q2'26 ENI Operating Expenses increased 26% 19%, primarily driven by higher G&A expenses, including continued investment $86.5 in technology and infrast
Slide 10: Capital Resources: Strong Balance Sheet
Capital Resources: Strong Balance Sheet Balance Sheet Profile ($ in millions) June 30, 2026 Cash Seed Investments Term loan Revolver • Cash and cash-equivalents of $64.6 million, and $109.8 million of seed investments ▪ Debt reflects $200.0 million balance on term loan credit facility and no outstan
Slide 11: Capital Management: Shareholder Returns
Capital Management: Shareholder Returns Quarterly Diluted Shares Outstanding (in millions) Financial Highlights (58)% ▪ $1.5 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends ▪ Repurchased 0.2 million shares of common stock during the secon
Slide 12: Closing: Acadian Compelling Investment Opportunity
Closing: Acadian Compelling Investment Opportunity ■ Only pure-play, publicly traded systematic manager ■ 40-year track record with competitive edge in systematic investing Competitive Position ■ Strong performance track record with more than 96% of strategies by revenue outperforming benchmarks ove
Slide 13: Supplemental Information, Reconciliations and Disclosures
Supplemental Information, Reconciliations and Disclosures 13
Slide 14: U.S. GAAP Statement of Operations
U.S. GAAP Statement of Operations ($ in millions, unless otherwise noted) Q2'25 Q2'26 Q1'26 Q2'26 vs. Q2'25 Management fees $ 122.3 $ 176.5 $ 159.3 ▪ Total revenue increased 45.3% Performance fees 2.6 6.7 5.7 from Q2'25 driven by higher Consolidated Funds’ revenue 2.5 1.9 2.0 management fees reflect
Slide 15: ENI Operating Expenses and ENI Variable Compensation
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 % of MFs(1) Fixed compensation and benefits $ 25.0 20.4 % $ 27.5 15.6 % $ 26.6 16.7 % G&A expenses (excl. sales-based compensation) 21.9 17.9 % 26.8 15.2 % 2
Slide 16: 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 year-over-year to 12.3% in Q2'26
Slide 17: Balance Sheet
Balance Sheet ($ 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 $ 8
Slide 18: Assets Under Management Rollforward
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 1.
Slide 19: Assets Under Management by Strategy & Client Location
Assets Under Management by Strategy & Client Location AUM by Strategy ($ in billions) Q2'26 Q1'26 Enhanced Equity $ 71.6 30.8 % $ 57.8 29.5 % Non-U.S. Equity 47.3 20.3 % 39.7 20.3 % Small Cap Equity 35.4 15.2 % 32.2 16.5 % Emerging Markets Equity 31.7 13.6 % 25.5 13.0 % Global Equity 29.5 12.7 % 23.
Slide 20: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics Increase Increase U.S. GAAP Basis ($ in millions, unless otherwise noted) Q2'25 Q2'26 (Decrease) Q1'26 (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 contr
Slide 21: Reconciliations from U.S. GAAP to Non-GAAP Measures
Reconciliations from U.S. GAAP to Non-GAAP Measures(1) ($ in millions) Q2'25 Q2'26 Q1'26 ENI Adjustments U.S. GAAP net income attributable to controlling interests $ 10.1 $ 27.3 $ 24.3 1i Exclude non-cash expenses representing Adjustments to reflect the economic earnings of the Company: changes in t
Slide 22: 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 ($) Q2'25 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-own
Slide 23: Segment Reconciliation
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) 2
Slide 24: 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 25: 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 26: 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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