Artisan Partners Asset Management (APAM) investor relations material

Executive summary

• Assets under management (AUM) ended Q1 2026 at $173.0 billion, down 4% sequentially due to net client outflows and market depreciation, but supported by the Grandview Property Partners acquisition.

• Achieved record average AUM of $182.4 billion, with strong long-term investment performance across strategies and multiple industry awards.

• Grandview Property Partners acquisition expanded the platform into U.S. middle market real estate private equity.

• Net outflows of $3.1 billion were concentrated in equity strategies, partially offset by robust inflows into credit and alternatives.

• Continued investment in talent, distribution, and platform expansion, including EMEA and intermediate wealth channels.

Financial highlights

• Q1 2026 revenue was $303.0 million, up 9% year-over-year, with adjusted operating income of $94.2 million and adjusted EBITDA of $98.4 million.

• Adjusted net income was $70.8 million, with adjusted EPS of $0.87; GAAP net income was $58.0 million, with diluted EPS of $0.76.

• Adjusted operating margin and GAAP operating margin were both 31.1%.

• Compensation and benefits expense was 55.7%–56% of revenue.

• Cash and cash equivalents increased to $271.1 million; leverage ratio remained low at 0.4x with $190 million in borrowings.

Outlook and guidance

• Management expects continued strong business development in credit and alternatives, while equities face a more challenging environment.

• Full-year 2026 expense guidance unchanged, with fixed expenses projected to increase at a low single-digit rate.

• Dividend policy targets approximately 80% of cash generated, with special dividends considered annually.