AMG — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported diluted earnings per share (EPS) of $6.64 for the third quarter of 2026, down from $6.87 in the same period in 2025; year-to-date diluted EPS was $17.38 compared to $11.83 in 2025.
• Reported economic EPS of $9.50 for the third quarter of 2026, a 56% increase year-over-year from $6.10; year-to-date economic EPS was $26.00 compared to $16.68 in 2025.
• Net income (controlling interest) was $173.3 million for the quarter, down from $212.4 million in 2025; year-to-date net income was $469.6 million compared to $369.0 million in 2025.
• Adjusted EBITDA (controlling interest) was $353.7 million for the quarter, a 41% increase year-over-year from $250.9 million; year-to-date Adjusted EBITDA was $987.0 million compared to $698.8 million in 2025.
• Economic net income (controlling interest) was $247.9 million for the quarter, up from $179.7 million in 2025; year-to-date economic net income was $694.0 million compared to $497.6 million in 2025.
• Consolidated revenue was $595.2 million for the quarter, up from $528.0 million in 2025; year-to-date consolidated revenue was $1,780.8 million compared to $1,517.8 million in 2025.
• Aggregate fees were $1,757.6 million for the quarter, up from $1,346.0 million in 2025; year-to-date aggregate fees were $5,329.0 million compared to $3,789.8 million in 2025.
• Total assets were $9,605.6 million as of September 30, 2026, compared to $9,207.4 million as of December 31, 2025.
• Total debt was $3,179.4 million as of September 30, 2026, compared to $2,691.3 million as of December 31, 2025.

Business Segments and Product Lines:

• Assets under management (AUM) reached a record $973.9 billion at period end, up from $803.6 billion in the prior year period.
• Net client cash flows were $20.7 billion for the quarter, up from $8.9 billion in 2025; year-to-date net client cash flows were $56.2 billion compared to $16.6 billion in 2025.
• Alternative strategies generated record net inflows of more than $31 billion in the quarter and $89 billion in the first nine months of 2026.
• Private Markets AUM increased to $161.1 billion at period end from $153.3 billion at June 30, 2026, driven by net client cash inflows of $9.6 billion.
• Liquid Alternatives AUM increased to $337.8 billion at period end from $293.2 billion at June 30, 2026, driven by net client cash inflows of $21.9 billion.
• Differentiated Long-Only Equities AUM decreased to $303.6 billion at period end from $321.9 billion at June 30, 2026, due to net client cash outflows of $11.9 billion.
• Differentiated Long-Only Multi-Asset & Fixed Income AUM increased to $171.4 billion at period end from $174.0 billion at June 30, 2026, driven by net client cash inflows of $1.1 billion.

Other Key Points:

• Repurchased approximately $400 million in common stock during the third quarter of 2026, bringing year-to-date repurchases to $775 million.
• Announced a third-quarter cash dividend of $0.01 per share of common stock, payable December 3, 2026, to stockholders of record as of November 19, 2026.
• Completed the divestment of equity interest in Vesterra Capital Partners, LP (formerly Comvest Private Equity) in the third quarter of 2026, resulting in affiliate transaction outflows of $1.3 billion in the quarter.
• Completed the myCIO Transaction in the second quarter of 2026, contributing to affiliate transaction outflows of $5.6 billion in the first nine months of 2026.
• Sold all TPG Class A common shares received from the prior year sale of Peppertree Capital Management, Inc., resulting in no affiliate transaction gains in the current quarter compared to $127.6 million in 2025.
• Settled all obligations under junior convertible securities in cash in January 2026.