Victory Capital (VCTR) investor relations material

Executive summary

• Total client assets reached $301.6B, with AUM at $298.6B as of June 30, 2025, up over 76% sequentially, mainly from the Amundi US acquisition and market appreciation.

• Closed Amundi US/Pioneer Investments acquisition, adding $114.6B in AUM, expanding global reach to 60 countries, and reintroducing the Pioneer brand.

• Achieved $70M of $110M targeted net expense synergies within the first 90 days post-acquisition; integration is on track.

• Launched new ETFs, boosting ETF AUM to $15B, and closed three subscale franchises representing less than 0.3% of AUM.

• 64% of AUM in mutual funds and ETFs rated four or five stars by Morningstar; strong investment performance over 3-, 5-, and 10-year periods.

Financial highlights

• Q2 2025 revenue rose 60% year-over-year to $351.2M, driven by the Amundi US acquisition.

• Adjusted EBITDA for Q2 2025 was $178.5M, up 53% sequentially, with a margin of 50.8%.

• Adjusted net income with tax benefit for Q2 2025 was $132.8M, or $1.57 per diluted share.

• GAAP net income for Q2 2025 was $58.7M, down 21% year-over-year, impacted by $53M in acquisition-related restructuring and integration costs.

• Operating margin contracted to 26.8% in Q2 2025 from 50.4% a year ago due to higher variable and acquisition-related expenses.

Outlook and guidance

• Long-term adjusted EBITDA margin guidance maintained at 49%.

• Fee rate expected to normalize to 46–47 bps in future quarters.

• Remaining $40M of net expense synergies from the Amundi deal to be realized over the next 21 months.

• Board increased share repurchase authorization to $500M through 2027 and approved a $0.49 per share quarterly dividend.

• Continued focus on organic growth, global expansion, and strategic acquisitions.