Artisan Partners Asset Management Inc. · NYSE:APAM
Artisan Partners Asset Management — Q4 2025 Earnings Presentation
24 slides from Artisan Partners Asset Management's earnings presentation, Feb 4, 2026
Slide 1: Business Update and Fourth Quarter 2025 Earnings Presentation
Artisan Partners Asset Management Business Update and Fourth Quarter 2025 Earnings Presentation
Slide 2: Business Philosophy & Approach
Business Philosophy & Approach Artisan has built its business based upon a consistent philosophy and business model High Value-Added Talent-Driven Thoughtful Investment Firm Business Model Growth ▪ Active Strategies ▪ Designed for Investment Talent to ▪ Active Talent Identification ▪ Autonomous Fran
Slide 3: Investment Performance
Investment Performance Percentage of AUM Outperforming Benchmark As of December 31, 2025 Asset Class 1-Year 3-Year 5-Year 10-Year Inception Equity 42% 77% 73% 92% 99% Credit 100% 100% 100% 100% 100% Alternatives 100% 94% 13% — 94% Firmwide 48% 79% 74% 92% 99% Data as of December 31, 2025. Represents
Slide 4: Business Development
Business Development Ending AUM ($B) $175 $180 $161 $150 $128 2021 2022 2023 2024 2025 Investment Performance $17.6 ($36.6) $27.0 $15.9 $33.4 Net Flows $1.7 ($9.8) ($4.1) ($3.7) ($12.7) Equity ($1.2) ($9.7) ($4.4) ($6.8) ($15.6) Credit $1.6 $0.0 $2.0 $3.3 $2.8 Alternative $1.3 ($0.2) ($1.7) ($0.1) $
Slide 5: Grandview Partners
Grandview Partners ▪ Real Estate Private Equity ▪ Multi-generational leadership team that has worked together through multiple cycles and funds ▪ Raj Menon - CEO ▪ Jeff Usas - Managing Partner ▪ Eric Freeman - Managing Partner ▪ Dean Sotter - President ▪ 20+ year track record in value-add/opportunis
Slide 6: Transparent Predictable Financial Model
Transparent Predictable Financial Model Long-Term Approach to Invest in the business with a focus on sustainable long-term growth Growth Fee Discipline Commitment to maintain fee levels supported by value-added strategies High Variable Costs Variable cost structure enhances stability through market
Slide 7: Quarterly Financial Results
Quarterly Financial Results ($ in millions, unless otherwise noted) Revenues Adjusted Operating Expenses Adjusted Operating Income Weighted Average Fee (in bps) $335.5 $297.0 $301.3 $187.7 $192.1 $200.7 $134.8 $109.3 $109.2 72 68 74 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 +11% +4% +23% +13% +7%
Slide 8: YTD Financial Results
YTD Financial Results ($ in millions, unless otherwise noted) Revenues Adjusted Operating Expenses Adjusted Operating Income Weighted Average Fee (in bps) $1,196.7 $1,111.8 $735.8 $774.1 $422.6 $376.0 70 69 2024 2025 2024 2025 2024 2025 +8% +5% +12% Adjusted Operating Margin Adjusted Net Income Adju
Slide 9: Balance Sheet as of December 31, 2025
Balance Sheet as of December 31, 2025 ($ in millions) Cash and Cash Equivalents Seed Capital $214.4 $201.2 $154.9 $151.6 2024 2025 2024 2025 Borrowings & Leverage Ratio1 Stockholders' Equity $478.1 $422.0 $200.0 $190.0 0.5x 0.4x 2024 2025 2024 2025 ¹ Calculated in accordance with debt agreements. AR
Slide 10: Dividends
Dividends Total Dividends - Last Five Years Dividends - Last Five Quarters $4.70 $3.87 $1.01 $3.48 $0.88 $0.84 $2.82 $2.78 $0.73 $0.68 $0.57 $0.50 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly Special The historical dividend amounts shown represent dividends declared or paid with respe
Slide 11: Long-Term Incentive Compensation - Annual Expense Impact
Long-Term Incentive Compensation - Annual Expense Impact Our long-term incentive award program, which consists of annual equity and franchise capital awards, serves to align the interests of our key investment professionals with those of our clients and stockholders. Beginning in 2024, we added a re
Slide 12: Appendix
APPENDIX
Slide 13: Assets Under Management
Assets Under Management ($ in billions) AUM Average AUM $180.9 $177.4 $165.4 $166.7 $166.8 Quarter $175.5 $181.3 $179.9 $161.2 $162.4 4Q24 1Q25 2Q25 3Q25 4Q25 (1)% AUM; +2% Avg AUM +12% AUM; +9% Avg AUM $160.2 $173.0 $179.9 Year $161.2 2024 2025 +12% AUM; +8% Avg AUM ARTISAN PARTNERS ASSET MANAGEMEN
Slide 14: Assets Under Management By Asset Class
Assets Under Management By Asset Class ($ in billions) For the Three Months Ended For the Year Ended December 31, 2025 December 31, 2025 Asset Class Equity Credit Alternative Total Equity Credit Alternative Total Beginning AUM $160.7 $16.6 $4.0 $181.3 $143.9 $13.9 $3.4 $161.2 Gross client cash inflo
Slide 15: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions) Three Months Ended Year Ended Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2024 2025 2024 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 94.8 $ 66.8 $ 69.7 $ 290.3 $ 259.7 Add back: Net in
Slide 16: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions) Three Months Ended Year Ended Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2024 2025 2024 Operating income (GAAP) $ 131.5 $ 101.8 $ 109.1 $ 399.6 $ 366.6 Add back: Compensation expense (reversal) related to market va
Slide 17: Details of Compensation & Benefits Expense
Details of Compensation & Benefits Expense ($ in millions) For the Three Months Ended For the Years Ended December % of September % of December % of December % of December % of 31, 2025 Rev. 30, 2025 Rev. 31, 2024 Rev. 31, 2025 Rev. 31, 2024 Rev. Salary $ 25.0 7.5 % $ 25.0 8.3 % $ 25.0 8.4 % $ 100.9
Slide 18: Long-Term Investment Results (Gross of Fees)
Long-Term Investment Results (Gross of Fees) 1 Average Annual Total Returns (Gross) Average Annual Value-Added As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Growth Team Global Opportunities Strategy 10.14 % 16.73 % 5.25 % 14.00 % 12.42 % 11.00 % 348 MSCI All Count
Slide 19: Long-Term Investment Results (Gross of Fees) Continued
Long-Term Investment Results (Gross of Fees) Continued 1 Average Annual Total Returns (Gross) Average Annual Value-Added As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Global Value Team Global Value Strategy 35.45 % 24.71 % 14.65 % 15.09 % 12.46 % 10.22 % 301 MSCI
Slide 20: Long-Term Investment Results (Net of Fees)
Long-Term Investment Results (Net of Fees) 1 Average Annual Total Returns (Net) Average Annual Value-Added As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Growth Team Global Opportunities Strategy 9.22 % 15.77 % 4.37 % 13.06 % 11.49 % 10.08 % 256 MSCI All Country Wo
Slide 21: Long-Term Investment Results (Net of Fees) Continued
Long-Term Investment Results (Net of Fees) Continued 1 Average Annual Total Returns (Net) Average Annual Value-Added As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Global Value Team Global Value Strategy 34.21 % 23.55 % 13.58 % 14.02 % 11.40 % 9.17 % 196 MSCI All C
Slide 22: Notes & Disclosures
Notes & Disclosures Forward-Looking Statements Certain statements in this release, and other written or oral statements made by or on behalf of the Company, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and our future performan
Slide 23: Notes & Disclosures
Notes & Disclosures Investment Performance (continued from previous page) Composites / Indexes used for the comparison calculations described are: Non-U.S. Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Discovery Strategy-MSCI All Country World Small Mid Cap Index; Global Equ
Slide 24: Notes & Disclosures
Notes & Disclosures Trademark Notice (continued from previous page) The J.P. Morgan EMB Hard Currency/Local currency 50-50 Index and J.P. Morgan GBI-EM Global Diversified Index are trademarks of J.P. Morgan. J.P. Morgan is the owner of all copyrights relating to these indices and is the source of th
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