Acadian Asset Management : Reports Financial and Operating Results for the Second Quarter Ended June 30, 2026 (Presentation)

About this update from Accenture Plc

Q2 2026 EARNINGS PRESENTATION July 30, 2026 Acadian Q2'26: Strong Outperformance Key Performance Metrics Q2'25 Q2'26 Increase (Decrease) Net income attributable to controlling 170% interests ($m) $10.1 $27.3 U.S. GAAP diluted EPS ($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) $13.8 $4.3 n/m* EOP AUM ($b) $151.1 $232.7 54% Highlights U.S. GAAP Net Income attributable to controlling interests increased 170% and EPS increased 171%, driven by increased management fees, partially offset by non-cash expenses representing changes in the value of Acadian LLC equity and profit interests ENI increased 107% to $47.5 million, driven by revenue growth, and ENI EPS was up 108% to $1.33 Adjusted EBITDA was up 79% primarily driven by increase in recurring management fees Net flows of $4.3 billion, representing a 9% annualized organic growth rate, led by Enhanced and Extension equity strategies AUM grew to $232.7 billion, up 54% from Q2'25, another quarter of record-high assets in Acadian's history, driven by market appreciation and continued positive net flows Please see Supplemental Information, Reconciliations and Disclosures Please see Definitions and Additional Notes *Q2'26 NCCF reflects 9% annualized organic growth rate 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 Enhanced Equity 100% 100% 100% 100% 100% 100% 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year Data as of June 30, 2026 Figures calculated using gross of fee strategy composite returns. Global, Emerging, and Non-US Equity groupings reflect similar composites focused on common geographies. Enhanced and Small Cap Equity mandates are separately reflected. See Definitions and Additional Notes for additional information on the methodology used to calculate investment performance. 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. Investment Performance: Firmwide Long-Term Alpha Generation Consolidated Firmwide Investment Performance Revenue Weighted Asset Weighted +4.3% 5-year annualized return in excess of benchmark +3.6% 5-year annualized return in excess of benchmark 96% 96% 96% 94% 95% 94% 3-Year 5-Year 10-Year 3-Year 5-Year 10-Year Data as of June 30, 2026 Note: As of June 30, 2026, Acadian's assets representing 77% of revenue were outperforming benchmarks on a 1-year basis, compared to 85% as of June 30, 2025 and 67% as of March 31, 2026 Please see Definitions and Additional Notes for additional information on the methodology used to calculate investment performance. 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. 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 $4.3 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 $4.3 billion Q2'26 Net flows +9% annualized organic growth rate Q2 2026 FINANCIAL RESULTS Key Performance Metrics Increase Outstanding Performance Metrics U.S. GAAP Basis ($ 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 attributable to controlling interests 10.1 27.3 170.3 % Diluted shares outstanding 35.9 35.7 Diluted earnings per share, $ $ 0.28 $ 0.76 171.4 % U.S. GAAP operating margin 12.7 % 17.5 % 479 bps Economic Net Income Basis (Non-GAAP measure used by management) ENI revenue $ 124.9 $ 183.2 46.7 % ENI operating earnings 38.4 73.9 92.4 % Pre-tax economic net income 31.4 63.3 101.6 % Economic net income 22.9 47.5 107.4 % ENI diluted earnings per share, $ $ 0.64 $ 1.33 107.8 % Adjusted EBITDA 39.1 69.9 78.8 % ENI operating margin 30.7 % 40.3 % 959 bps Please see Definitions and Additional Notes Please see Supplemental Information, Reconciliations and Disclosures ENI Revenue: Growth Driven by Recurring Management Fees ENI Revenue ($ in millions) Financial Highlights $183.2 47% 158% $124.9 $2.6 44% $122.3 $176.5 $6.7 Total ENI revenue of $183.2 million increased 47% from Q2'25, primarily due to recurring management fee growth and an increase in performance fees Q2'26 management fees increased 44% from Q2'25 reflecting a 66% increase in average AUM driven by market appreciation and continued positive NCCFs Q2'25 Q2'26 Management fees Performance fees Notes: ENI revenue includes management fees and performance fees; Please see Definitions and Additional Notes Please see Supplemental Information, Reconciliations and Disclosures ENI Expenses and Variable Compensation: Margin Expansion ENI Operating Expenses and Variable Compensation ($ millions) 26% $44.4 $109.3 39% $54.6 $64.9 $86.5 $31.9 19% Q2'25 Q2'26 Variable Compensation Operating Expenses % Operating Margin 30.7% 40.3% % OpEx Ratio (1) 44.6% 36.8% % VC Ratio (2) 45.4% 37.5% Financial Highlights Q2'26 ENI Operating Expenses increased 19%, primarily driven by higher G&A expenses, including continued investment in technology and infrastructure, as well as AUM-driven servicing costs, increased sales-based compensation, and higher fixed compensation and benefits Q2'26 ENI Operating Margin expanded 959 bps y/y to 40.3% mainly driven by increased ENI management fees Q2'26 Operating Expenses (OpEx) Ratio (1) fell 8%pts y/y to 36.8% reflecting improved operating leverage Q2'26 Variable Compensation (VC) increased 39% y/y primarily driven by higher profit before variable compensation Q2'26 VC Ratio (2) decreased 785 bps y/y to 37.5% from 45.4% in Q2'25 Assuming revenue mix and levels similar to Q2'26, contractual allocations would imply a full year 2026 VC Ratio of 38%-42% Notes: ENI operating expenses reflect the Company's operating expenses (excluding variable compensation); Variable compensation is primarily comprised of a contractual percentage of ENI earnings before variable compensation and a contractual split of performance fees, which is awarded to employees and recognized over a contractual vesting period; Variable compensation also includes non-cash compensation in the form of Acadian LLC equity provided through recycling and AAMI equity; (1) Operating Expense (OpEx) Ratio reflects total ENI operating expenses as a percent of management fees and is subject to fluctuations as AUM and ENI management fees change; (2) Variable Compensation (VC) Ratio is calculated as variable compensation divided by ENI earnings before variable compensation. Capital Resources: Strong Balance Sheet Balance Sheet Profile ($ 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 outstanding balance on the revolving credit facility as of June 30, 2026 - Strong cash flow generation supported repayment of seasonal revolver borrowings during the second quarter Leverage ratio (1) of 0.8x and net leverage ratio (2) of 0.5x $64.6 $109.8 $200.0 $101.2 $97.2 $200.0 December 31, 2025 June 30, 2026 Leverage ratio (1) Net leverage ratio (2) 1.0x 0.5x 0.8x 0.5x Please see Definitions and Additional Notes Represents the Company's total debt, divided by last twelve months Adjusted EBITDA Represents the Company's total debt, net of total cash and cash equivalents, divided by last twelve months Adjusted EBITDA Capital Management: Shareholder Returns Quarterly Diluted Shares Outstanding (in millions) Financial Highlights Q4'19 Q2'26 $1.5 billion in excess capital returned to stockholders since the end of 2019 through share buybacks and dividends (58)% 35.7 86.0 Repurchased 0.2 million shares of common stock during the second quarter of 2026, at a volume-weighted average price of $69.92 per share, for an aggregate total of $10.6 million Board declared a quarterly interim dividend of $0.10 per share to be paid on September 25, 2026 to shareholders of record as of the close of business on September 11, 2026 Expect to continue generating strong free cash flow, prioritizing organic growth and balance sheet flexibility, and then returning excess capital through dividends and share repurchases Closing: Acadian Compelling Investment Opportunity Competitive Position Business Momentum Q2'26 Financial Results Capital Management Only pure-play, publicly traded systematic manager 40-year track record with competitive edge in systematic investing Strong performance track record with more than 96% of strategies by revenue outperforming benchmarks over 3- / 5- / 10- year periods (1) Ten consecutive quarters of positive net flows, with $4.3 billion in Q2'26 (9% annualized organic growth rate) AUM of $232.7 billion, up 54% from Q2'25 Record quarterly management fees of $176.5 million, up 44% from Q2'25 ENI EPS of $1.33, up 108% from Q2'25 ENI Operating Margin expanded 959 bps to 40.3%, up from 30.7% in Q2'25 Strong balance sheet with conservative leverage ratios Seasonal revolver borrowings repaid during Q2'26 Strong free cash flow positions us to continue to invest in organic growth and return excess capital to shareholders Positioned to continue to drive growth through targeted distribution initiatives and new product offerings Data as of June 30, 2026. Past performance is no guarantee of future results. This is not investment advice and may not be construed as sales or 12 marketing material for any financial product or service sponsored or provided by Acadian. Supplemental Information, Reconciliations and Disclosures U.S. GAAP Statement of Operations Q2'26 vs. Q2'25 ($ 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 administrative 21.8 27.0 24.9 Depreciation and amortization 4.2 3.7 3.6 Consolidated Funds' expense 1.4 0.8 0.6 Total operating expenses Operating income 111.2 152.7 125.1 16.2 32.4 41.9 Investment income (loss) (0.2) 2.0 0.1 Interest income 0.8 0.8 0.9 Interest expense (5.3) (3.6) (3.4) Net consolidated Funds' investment gains (losses) 12.1 7.2 (1.9) Income before income taxes 23.6 38.8 37.6 Income tax expense 4.5 9.4 13.2 Net income 19.1 29.4 24.4 Net income attributable to non-controlling interests 9.0 2.1 0.1 Net income attributable to controlling interests $ 10.1 $ 27.3 $ 24.3 Earnings per share, basic, $ $ 0.28 $ 0.77 $ 0.68 Earnings per share, diluted, $ $ 0.28 $ 0.76 $ 0.68 Average basic shares outstanding (in millions) 35.9 35.6 35.7 Average diluted shares outstanding (in millions) 35.9 35.7 35.8 U.S. GAAP operating margin 13 % 18 % 25 % Pre-tax income attributable to controlling interests $ 14.6 $ 36.7 $ 37.5 Net income attributable to controlling interests $ 10.1 $ 27.3 $ 24.3 Total revenue increased 45.3% from Q2'25 driven by higher management fees reflecting an increase in average AUM in Q2'26 compared to Q2'25 Operating expenses increased 37.3% from Q2'25 driven by an increase in compensation and benefits expense primarily due to an increase in the value of the equity plan liability and an increase in variable compensation in Q2'26 compared to Q2'25 Income tax expense increased 108.9% from Q2'25 primarily as a result of an increase in pre-tax income attributable to controlling interests U.S. GAAP net income attributable to controlling interests increased 170.3% from Q2'25 primarily due to the increase in management fee revenue Diluted earnings per share increased 171.4% from Q2'25 due to higher net income attributable to controlling interests in Q2'26 and lower diluted shares outstanding Please see Definitions and Additional Notes 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 G&A expenses (excl. sales-based compensation) Depreciation and amortization $ 25.0 21.9 4.2 20.4 % 17.9 % 3.4 % $ 27.5 26.8 3.7 15.6 % 15.2 % 2.1 % $ 26.6 24.9 3.6 16.7 % 15.6 % 2.3 % Core operating expense subtotal $ 51.1 41.8 % $ 58.0 32.9 % $ 55.1 34.6 % Sales-based compensation 3.5 2.9 % 6.9 3.9 % 6.1 3.8 % Total ENI operating expenses $ 54.6 44.6 % $ 64.9 36.8 % $ 61.2 38.4 % Note: ENI management fees $ 122.3 $ 176.5 $ 159.3 ENI Operating Margin 30.7 % 40.3 % 38.1 % ENI Variable Compensation ($ in millions) Q2'25 Q2'26 Q1'26 Cash variable compensation $ 30.5 $ 41.9 $ 38.6 Add: Non-cash equity-based award amortization 1.4 2.5 2.3 Variable compensation 31.9 44.4 40.9 Earnings before variable compensation $ 70.3 $ 118.3 $ 103.8 Variable Compensation Ratio (VC as % of earnings before variable comp.) 45.4 % 37.5 % 39.4 % Reconciliation of U.S. GAAP Operating Income to ENI Operating Earnings ($ in millions) Q2'25 Q2'26 Q1'26 U.S. GAAP operating income Exclude the impact of: Acadian LLC key employee-owned equity and profit interest revaluations $ 16.2 19.7 $ 32.4 33.3 $ 41.9 16.1 Restructuring costs (0.4) 0.2 - Acadian LLC key employee distributions 4.0 9.1 6.3 Variable compensation 31.9 44.4 40.9 Consolidated Funds' operating income (1.1) (1.1) (1.4) ENI earnings before variable compensation 70.3 118.3 103.8 Less: ENI variable compensation (31.9) (44.4) (40.9) ENI operating earnings $ 38.4 $ 73.9 $ 62.9 Please see Definitions and Additional Notes (1) Represents reported ENI management fee revenue. 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 due to growth in management fee profit above contractual thresholds Given current levels of profits after variable compensation, contractual allocations would imply a 2026 full-year Distribution Ratio of 12%-14% Acadian LLC Key Employee Distributions A ($ 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% B Less: Acadian LLC key employee distributions (4.0) (9.1) 128% (6.3) 44% Earnings after Acadian LLC key employee distributions $ 34.4 $ 64.8 88% $ 56.6 14% Acadian LLC Key Employee Distribution Ratio ( B / A ) 10.4 % 12.3 % 190 bps 10.0 % 230 bps Please see Definitions and Additional Notes Balance Sheet ($ in millions) December 31, 2025 June 30, 2026 $ 101.2 $ 64.6 178.5 213.6 47.6 44.4 51.2 47.4 160.0 186.9 138.5 300.0 $ 677.0 $ 856.9 $ 167.5 $ 128.5 200.0 200.0 - - 61.4 57.5 133.0 181.0 31.1 156.7 $ 593.0 $ 723.7 60.6 92.0 23.4 41.2 84.0 133.2 $ 677.0 $ 856.9 35.8 1.0 x 0.5 x 35.7 0.8 x 0.5 x Assets Cash and cash equivalents Investment advisory fees receivable Right of use assets Investments Other assets Assets of consolidated Funds Total assets Liabilities and shareholders' equity Accounts payable and accrued expenses Third party borrowings Revolving credit facility Operating lease liabilities Other liabilities Liabilities of consolidated Funds Total liabilities Shareholders' equity Redeemable NCI of consolidated Funds Total equity Total liabilities and equity Weighted average quarterly diluted shares Leverage ratio (1) Net leverage ratio (2) Please see Definitions and Additional Notes Represents the Company's third party borrowings and revolving credit facility, divided by last twelve months Adjusted EBITDA. Represents the Company's third party borrowings and revolving credit facility, net of total cash and cash equivalents, divided by last twelve months Adjusted EBITDA. Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Beginning balance Gross inflows Gross outflows Reinvested income and distributions Net flows Market appreciation / (depreciation) Ending balance $ 121.9 18.7 (5.7) 0.8 $ 151.1 11.9 (6.5) 1.0 $ 166.4 15.6 (11.2) 1.0 $ 177.5 29.6 (9.3) 1.1 $ 195.7 14.5 (11.5) 1.3 13.8 15.4 6.4 8.9 5.4 5.7 21.4 (3.2) 4.3 32.7 $ 151.1 $ 166.4 $ 177.5 $ 195.7 $ 232.7 Average AUM ENI management fee rate (bps) $ 132.4 37 $ 156.5 35 $ 169.1 34 $ 189.5 34 $ 219.6 32 Assets Under Management by Strategy & Client Location AUM by Strategy $ 71.6 30.8 % $ 57.8 29.5 % 47.3 20.3 % 39.7 20.3 % 35.4 15.2 % 32.2 16.5 % 31.7 13.6 % 25.5 13.0 % 29.5 12.7 % 23.7 12.1 % 17.2 7.4 % 16.8 8.6 % $ 232.7 $ 195.7 ($ in billions) Q2'26 Q1'26 Enhanced Equity Non-U.S. Equity Small Cap Equity Emerging Markets Equity Global Equity Other Total AUM AUM by Client Location $ 117.3 50.4 % $ 99.3 50.7 % 63.3 27.2 % 55.1 28.2 % 41.0 17.6 % 31.7 16.2 % 11.1 4.8 % 9.6 4.9 % $ 232.7 $ 195.7 ($ in billions) Q2'26 Q1'26 U.S. EMEA Asia Pacific Other Total AUM Key Performance Metrics Increase Increase Outstanding Performance Metrics 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 controlling interests 14.6 36.7 151.4 % 37.5 (2.1)% Net income attributable to controlling interests 10.1 27.3 170.3 % 24.3 12.3 % Diluted shares outstanding 35.9 35.7 35.8 Diluted earnings per share, $ $ 0.28 $ 0.76 171.4 % $ 0.68 11.8 % U.S. GAAP operating margin 12.7 % 17.5 % 479 bps 25.1 % (759) bps Economic Net Income Basis (Non-GAAP measure used by management) ENI revenue $ 124.9 $ 183.2 46.7 % $ 165.0 11.0 % ENI operating earnings 38.4 73.9 92.4 % 62.9 17.5 % Pre-tax economic net income 31.4 63.3 101.6 % 55.5 14.1 % Economic net income 22.9 47.5 107.4 % 37.6 26.3 % ENI diluted earnings per share, $ $ 0.64 $ 1.33 107.8 % $ 1.05 26.7 % Adjusted EBITDA 39.1 69.9 78.8 % 61.8 13.1 % ENI operating margin 30.7 % 40.3 % 959 bps 38.1 % 222 bps Please see Definitions and Additional Notes Please see Supplemental Information, Reconciliations and Disclosures

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