Silvercrest Asset Management Group (SAMG) investor relations material

Executive summary

• Discretionary AUM decreased 1.2% in Q4 to $24.0B but rose 3% year-over-year, driven by organic new client accounts and supportive markets.

• Total AUM decreased 1.6% in Q4 to $37.0B, up 2% year-over-year.

• Strategic investments in intellectual capital, talent, and headcount led to higher compensation ratios and lower near-term earnings, reflecting a focus on long-term growth.

• International expansion advanced with new offices in London, Australia, Singapore, and Dublin, and regulatory approval expected in Europe.

• New business pipeline is robust, especially in Global and International Equity strategies, with growing institutional recognition.

Financial highlights

• Q4 revenue was $32.0M, flat year-over-year; reported consolidated net loss was $0.1M.

• Adjusted EBITDA for Q4 was $2.9M (8.9% of revenue); adjusted net income was $2.3M ($0.19 per adjusted basic EPS).

• Full-year revenue increased 1.3% to $131.7M; net income attributable to shareholders was $4.9M ($0.56 per share).

• Adjusted EBITDA for the year was $19.6M (15.7% of revenue); adjusted net income was $11.8M ($1.91 per adjusted EPS).

• Expenses rose 9.4% year-over-year, mainly due to compensation and general/admin costs.

Outlook and guidance

• Compensation ratio expected to remain elevated in the near term due to ongoing hiring and international expansion; future reduction depends on revenue growth from new client flows.

• Regulatory approval for European operations via Dublin office anticipated in Q2 2026.

• Anticipates significant AUM growth in global and international strategies, with flows expected to materialize in 2026.

• Future reporting changes will lower non-discretionary AUM on a one-time basis without revenue impact.