Acadian Asset Management (AAMI) investor relations material

Executive summary

• AUM reached a record $239.6B at September 30, 2026, up 44% YoY, supported by market appreciation and positive net client flows.

• Q3 net inflows were $2.6B, marking the 11th consecutive quarter of positive flows; 9M net inflows were $28.3B, equal to 21% annualized organic growth.

• Record Q3 ENI diluted EPS of $1.36 rose 79% YoY; investment performance remained strong, with 96% of revenue-weighted strategies outperforming over 3-, 5- and 10-year periods.

Financial highlights

• U.S. GAAP revenue rose 32.6% YoY to $191.2M; operating income increased 89.8% to $50.5M.

• ENI revenue increased 38.7% to $189.1M, including record management fees of $187.8M, up 38% YoY, primarily on higher average AUM.

• Q3 ENI rose 77.6% to $48.3M; ENI diluted EPS increased 78.9% to $1.36, and Adjusted EBITDA rose 66.5% to $75.1M.

• GAAP net income attributable to controlling interests increased 135.1% to $35.5M; diluted EPS rose 138.1% to $1.00.

• 9M ENI more than doubled to $133.4M from $70.4M; Adjusted EBITDA was $206.8M.

Outlook and guidance

• FY2026 variable compensation ratio is estimated at 34%-38%, depending on performance-fee levels and timing and deferred compensation; the range is not necessarily recurring annually.

• The near-term aspirational ENI operating-margin target remains 38%-40%; management said FY2026 could reach it earlier than expected and may revisit the target after full-year results.

• First external institutional funding for Systematic Credit is expected later in 2026; awarded mandates across Extension, Enhanced Equity and core strategies await client-directed funding.

• Cash generation is expected to support organic investment and disciplined shareholder returns; available cash and expected operating cash generation were expected to fund operations and capital requirements for at least 12 months.