Artisan Partners Asset Management (APAM) investor relations material

Executive summary

• AUM reached $181.3 billion as of September 30, 2025, up 8% year-over-year, driven by $8.3 billion in market appreciation, despite $7.0 billion in net client outflows and $0.2 billion in distributions not reinvested.

• Over 70% of AUM outperformed benchmarks over three years, and all 12 strategies with 10+ year track records beat benchmarks since inception.

• The firm focuses on high value-added, active investment strategies, expanding its platform with new strategies, investment teams, and talent, including 1,800 interviews and 9 new strategies in five years.

• Reported financial results for Q3 2025 and declared a quarterly dividend, with a conference call scheduled to discuss results.

Financial highlights

• Q3 2025 revenue was $301.3 million, up 8% year-over-year, with adjusted operating margin at 36.2% and GAAP operating margin at 33.8%.

• Adjusted net income for Q3 2025 was $82.7 million, with adjusted EPS of $1.02; net income attributable to shareholders was $66.8 million, with basic and diluted EPS of $0.93.

• Year-to-date 2025 revenues were $861.2 million, up 6% year-over-year; adjusted operating income was $287.8 million, up 8% year-over-year.

• Weighted average management fee for Q3 2025 was 67.5 bps, down from 68.5 bps in Q3 2024.

• Compensation and benefits expense was 54% of revenue in Q3 2025.

Outlook and guidance

• Management expects continued investment in new strategies and growth initiatives, with a focus on differentiated active management and sustainable long-term growth.

• Fourth quarter 2025 distributions are expected to result in about $900 million of net client cash outflows from non-reinvested mutual fund distributions.

• Expense growth for 2025 is expected to be mid-single digits or slightly better, with continued cost discipline.

• The company anticipates a 1–3% increase in effective tax rates beginning in 2027 due to new compensation deduction limitation rules.