Affiliated Managers Group Stock Earnings Reports

AMG reported a strong third quarter driven by accelerating alternative strategies and active capital deployment. Key financials: adjusted EBITDA of $251 million (up 17% YoY) and economic earnings per share of $6.10 (up 27% YoY). Firmwide net inflows were $9 billion in Q3 and $17 billion year-to-date, delivering a ~3% annualized organic growth rate. Alternatives AUM has grown meaningfully (affiliates now manage $353 billion in alternative AUM and alternatives contribute ~55% of run-rate EBITDA), with AQR and Pantheon highlighted as major drivers. AMG continues to execute its affiliate-investment model: ~ $1–$1.5 billion committed to growth investments year-to-date, sale proceeds from Peppertree and Comvest (roughly $260M and ~$285M) enhancing capital flexibility, and a strategic collaboration with BBH Credit Partners to bring structured/alternative credit to the U.S. wealth channel. Management expects a meaningful increase in full-year 2026 economic EPS driven by organic alternative growth, margin expansion at large affiliates, new affiliate contributions (full-year effect in 2026), and continued share repurchases. Q4 guidance: adjusted EBITDA $325–$370 million (including $75–$120 million in net performance fees for the quarter) and Q4 economic EPS $8.10–$9.26 (assumes 28.9M weighted average diluted shares). Capital allocation: repurchased ~$77M in Q3 and ~$350M YTD, and management now expects at least $500M in share repurchases for 2025, subject to market conditions. AMG emphasizes disciplined deployment (targeting mid- to high-teens returns), continued pipeline of affiliate opportunities focused on private markets and liquid alternatives, and the strategic role of AMG’s capital formation/distribution capabilities in driving future growth.