Acadian Asset Management Inc. · NYSE:AAMI
Acadian Asset Management — Q3 2026 Earnings Presentation
26 slides from Acadian Asset Management's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 EARNINGS PRESENTATION October 29, 2026
Slide 2: Acadian Q3'26: Strong Outperformance
Acadian Q3'26: Strong Outperformance Key Performance Metrics Highlights Increase Q3'25 Q3'26 (Decrease) ▪ U.S. GAAP Net Income attributable to Net income attributable to controlling controlling interests increased 135% and interests ($m) $15.1 $35.5 135% EPS increased 138%, driven by 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% 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 4: Investment Performance: Firmwide Long-Term Alpha Generation
Investment Performance: Firmwide Long-Term Alpha Generation Consolidated Firmwide Investment Performance Revenue Weighted Asset Weighted +4.8% +3.9% 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 ▪ Net flows of $2.6 billion, representing a 4% annualized organic growth ▪ Eleven consecutive quarters of positive net flows ▪ Enhanced and Extension Equity strategies continued to lead gross inflows, while client rebalancing drove the majority of
Slide 6: Q3 2026 Financial Results
Q3 2026 FINANCIAL RESULTS /® ACADIAN ASSET MANAGEMENT INC.
Slide 7: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics Increase U.S. GAAP Basis ($ in millions, unless otherwise noted) Q3'25 Q3'26 (Decrease) Revenue $ 144.2 $ 191.2 32.6 % Operating income 26.6 50.5 89.8 % Pre-tax income attributable to controlling interests 22.5 49.9 121.8 % Net income attributa
Slide 8: ENI Revenue: Recurring Management Fee Growth
ENI Revenue: Recurring Management Fee Growth ENI Revenue ($ in millions) Financial Highlights ▪ Total ENI revenue of $189.1 million increased 39% y/y, primarily driven by 39% $189.1 growth in recurring management fees $1.3 ▪ Management fees increased 38% y/y, reflecting higher average AUM driven by
Slide 9: ENI Expenses and Variable Compensation: Margin Expansion
ENI Expenses and Variable Compensation: Margin Expansion ENI Operating Expenses and Variable Compensation ($ millions) Financial Highlights $108.6 ▪ ENI Operating Expenses increased 18% 19% y/y, primarily driven by higher G&A $91.0 expenses, including continued investment in technology and infrastru
Slide 10: Capital Resources: Strong Balance Sheet
Capital Resources: Strong Balance Sheet Balance Sheet Profile ($ in millions) September 30, 2026 Cash Seed Investments Term loan Revolver • Cash and cash-equivalents of $150.0 million, and $112.6 million of seed investments ▪ Debt reflects $200.0 million balance on term loan credit facility and no o
Slide 11: Capital Management: Shareholder Returns
Capital Management: Shareholder Returns Quarterly Diluted Shares Outstanding (in millions) Financial Highlights (59)% ▪ $1.5 billion in excess capital returned to stockholders since the end of 2019 through dividends and share repurchases, contributing to a 59% reduction in diluted shares outstanding
Slide 12: Closing: Acadian Compelling Investment Opportunity
Closing: Acadian Compelling Investment Opportunity ■ Only pure-play, publicly traded systematic manager ■ 40-year track record with competitive edge in systematic investing Competitive Position ■ Strong performance track record with 96% of strategies by revenue outperforming benchmarks over 3- / 5-
Slide 13: Supplemental Information, Reconciliations and Disclosures
Supplemental Information, Reconciliations and Disclosures 13
Slide 14: U.S. GAAP Statement of Operations
U.S. GAAP Statement of Operations ($ in millions, unless otherwise noted) Q3'25 Q3'26 Q2'26 Q3'26 vs. Q3'25 Management fees $ 136.1 $ 187.8 $ 176.5 ▪ Total revenue increased 32.6% y/y Performance fees 0.2 1.3 6.7 driven by higher management fees Consolidated Funds’ revenue 7.9 2.1 1.9 reflecting an
Slide 15: ENI Operating Expenses and ENI Variable Compensation
ENI Operating Expenses and ENI Variable Compensation ENI Operating Expenses ($ in millions) Q3'25 Q3'26 Q2'26 $M % of MFs(1) $M % of MFs(1) $M % of MFs(1) Fixed compensation and benefits $ 28.0 20.6 % $ 29.5 15.7 % $ 27.5 15.6 % G&A expenses (excl. sales-based compensation) 23.4 17.2 % 27.9 14.9 % 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 14.2% due to gr
Slide 17: Balance Sheet
Balance Sheet ($ in millions) December 31, 2025 September 30, 2026 Assets Cash and cash equivalents $ 101.2 $ 150.0 Investment advisory fees receivable 178.5 215.7 Right of use assets 47.6 42.9 Investments 51.2 68.0 Other assets 160.0 200.6 Assets of consolidated Funds 138.5 221.9 Total assets $ 677
Slide 18: Assets Under Management Rollforward
Assets Under Management Rollforward ($ in billions, unless otherwise noted) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Beginning balance $ 151.1 $ 166.4 $ 177.5 $ 195.7 $ 232.7 Gross inflows 11.9 15.6 29.6 14.5 11.1 Gross outflows (6.5) (11.2) (9.3) (11.5) (10.0) Reinvested income and distributions 1.0 1.0 1.1 1
Slide 19: Assets Under Management by Strategy & Client Location
Assets Under Management by Strategy & Client Location AUM by Strategy ($ in billions) Q3'26 Q2'26 Enhanced Equity $ 75.1 31.3 % $ 71.6 30.8 % Non-U.S. Equity 49.1 20.5 % 47.3 20.3 % Small Cap Equity 36.2 15.1 % 35.4 15.2 % Emerging Markets Equity 32.1 13.4 % 31.7 13.6 % Global Equity 29.4 12.3 % 29.
Slide 20: Outstanding Performance Metrics
Outstanding Performance Metrics Key Performance Metrics Increase Increase U.S. GAAP Basis ($ in millions, unless otherwise noted) Q3'25 Q3'26 (Decrease) Q2'26 (Decrease) Revenue $ 144.2 $ 191.2 32.6 % $ 185.1 3.3 % Operating income 26.6 50.5 89.8 % 32.4 55.9 % Pre-tax income attributable to controll
Slide 21: Reconciliations from U.S. GAAP to Non-GAAP Measures
Reconciliations from U.S. GAAP to Non-GAAP Measures(1) ($ in millions) Q3'25 Q3'26 Q2'26 ENI Adjustments U.S. GAAP net income attributable to controlling interests $ 15.1 $ 35.5 $ 27.3 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 ($) Q3'25 Q3'26 Q2'26 U.S. GAAP net income per share $ 0.42 $ 1.00 $ 0.76 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-own
Slide 23: Segment Reconciliation
Segment Reconciliation ($ in millions) Q3'25 Q3'26 Q2'26 U.S. GAAP Consolidated Revenue $ 144.2 $ 191.2 $ 185.1 Exclude revenue from consolidated Funds (a) 7.9 2.1 1.9 Quant & Solutions Segment ENI Revenue 136.3 189.1 183.2 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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