Core Viewpoint - AMG announces the retirement of Karen L. Alvingham from its Board of Directors and the appointment of G. Staley Cates, effective April 1, 2026, highlighting a transition in leadership and continued commitment to long-term value creation [2][4]. Group 1: Board Changes - G. Staley Cates will join AMG's Board of Directors on April 1, 2026, bringing extensive experience from his tenure at Southeastern Asset Management [2][3]. - Karen L. Alvingham, who has served on the Board since January 2018, will retire on the same date, with appreciation expressed for her contributions during a significant growth period for AMG [2][4]. Group 2: Leadership and Strategy - Jay C. Horgen has been re-appointed as President, effective April 1, 2026, and will continue in his role as Chief Executive Officer, indicating stability in leadership [4]. - AMG's strategy focuses on generating long-term value by investing in high-quality independent partner-owned firms, with a reported aggregate assets under management of approximately $813 billion as of December 31, 2025 [5].

Amsterdam, 25 February 2026 --- AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) acquired AURA Technologie GmbH in Germany for €10 million in a transaction consisting of 34% cash and 66% AMG shares. The acquisition represents a major strategic step in AMG’s expansion into high-purity molybdenum and strengthens its position in circular critical materials processing. AURA is an established processor of spent hydrodesulfurization (HDS) catalysts, which contain molybdenum as a key active component ...

Amsterdam, 25 February 2026 (Regulated Information) --- AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports full year adjusted EBITDA of $235 million in 2025, a 40% increase compared to the 2024 adjusted EBITDA of $168 million, driven primarily by our Antimony and Engineering businesses. We ended the year with a strong balance sheet highlighted by our $484 million of total liquidity as of December 31, 2025. Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “In 2025, ...

Company Overview - AMG Critical Materials N.V. focuses on providing critical materials and related process technologies aimed at advancing a less carbon-intensive world, particularly in energy storage materials like lithium, vanadium, and tantalum [3][4] - The company operates globally with approximately 3,600 employees and has production facilities in multiple countries including Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka [5] Financial Results Announcement - AMG will release its fourth quarter and full year 2025 financial results on February 25, 2026, at approximately 18:00 CET [1] - A conference call to discuss these financial results is scheduled for February 26, 2026, at 15:00 CET [1] Business Segments - AMG's Lithium segment aims to reduce the CO2 footprint across the lithium value chain [4] - The Vanadium segment is a market leader in recycling vanadium from oil refining residues and encompasses the company's vanadium, titanium, and chrome businesses [4] - The Technologies segment is recognized as a leader in advanced metallurgy, providing engineering solutions for the aerospace engine sector and includes operations related to LIVA batteries and nuclear fuel [4]

Financial Performance - As of December 31, 2025, the aggregate assets under management reached approximately $813.3 billion, representing a 15% increase from $707.9 billion in 2024[159][169]. - For the fiscal year 2025, average assets under management increased to $764.2 billion, a 9% rise from $700.5 billion in 2024[169]. - Aggregate fees for 2025 totaled $6,167.5 million, an 18% increase compared to $5,236.0 million in 2024[169][170]. - Net income for 2025 was $904.0 million, reflecting a 22% increase from $740.6 million in 2024[182]. - Adjusted EBITDA (controlling interest) rose to $1,076.8 million in 2025, an 11% increase from $973.1 million in 2024[184]. - Economic net income (controlling interest) increased by 10% to $769.3 million in 2025, up from $701.6 million in 2024[187]. - Consolidated revenue reached $2,074.4 million in 2025, a 2% increase from $2,040.9 million in 2024, attributed to a 1% rise in asset-based fees and performance-based fees[190]. - Total consolidated expenses for 2025 were $1,805.4 million, up from $1,507.8 million in 2024, indicating an increase of about 19.7%[300]. - Earnings per share (diluted) for 2025 was $22.74, an increase from $15.13 in 2024, representing a growth of approximately 50.5%[300]. Investments and Partnerships - In 2025, the company entered into four new partnerships with independent firms managing approximately $23 billion in alternative strategies[160]. - The company completed minority investments in NorthBridge Partners and Verition Fund Management, enhancing its portfolio in private markets and multi-strategy investments[161]. - Client cash inflows and commitments for 2025 amounted to $160.9 billion, with net client cash flows of $28.7 billion[173]. - Client demand for alternative strategies continued to grow, with significant net inflows into liquid alternatives and private markets fundraising[171]. - The company expects its business mix to evolve further, expanding exposure to in-demand strategies in both private markets and liquid alternatives[172]. Cash Flow and Capital Management - Cash and cash equivalents stood at $586.0 million as of December 31, 2025, supported by cash generated from operations and proceeds from affiliate transactions totaling approximately $490 million[228]. - For the year ended December 31, 2025, operating cash flow was $973.2 million, primarily from net income of $904.0 million adjusted for non-cash items of $424.5 million and distributions of earnings from equity method investments of $467.8 million[232]. - Cash flows used in investing activities for 2025 were $206.1 million, mainly due to $776.0 million of investments in affiliates and $103.8 million of purchases of investment securities, partially offset by $403.8 million of cash proceeds from affiliate transactions[233]. - Financing cash flows for 2025 were $1,148.7 million, primarily due to repayment of senior bank debt and matured senior notes of $826.1 million, and $706.3 million of common stock repurchases[234]. - The company plans to continue investing in new and existing affiliates, return capital through share repurchases, and manage debt repayment and distributions to equity holders[229]. Debt and Equity Management - As of December 31, 2025, the total carrying value of outstanding indebtedness was $2,728.7 million, with a weighted average maturity of 22 years for senior and junior subordinated notes[238]. - The company had a $1.25 billion revolver maturing on November 15, 2029, with the ability to increase commitments by up to $500.0 million[239]. - The company repurchased 3.3 million shares of common stock at an average price of $212.92 per share in 2025, with a total of 6.0 million shares available for repurchase under authorized programs[237]. - The company issued $425.0 million of 2036 senior unsecured notes on December 11, 2025, with interest payable beginning August 15, 2026[242]. Impairments and Valuation - The Company recorded an impairment expense of $70.0 million in total for indefinite-lived acquired client relationships in 2025 due to declines in assets under management[264][265]. - In the first quarter of 2025, an impairment expense of $59.2 million was recorded for indefinite-lived acquired client relationships due to a decline in fair value, with revenue growth rates projected between (21)% to 0%[264][265]. - In the fourth quarter of 2025, an additional impairment expense of $37.0 million was recorded for certain mutual fund assets, with revenue growth rates projected between (34)% to 0%[265]. - The carrying value of acquired client relationships (net) decreased from $1,777.8 million in 2024 to $1,639.3 million in 2025, reflecting a decline of about 7.8%[304]. Tax and Regulatory Matters - Income tax expense rose by $99.7 million or 55% in 2025, with an effective tax rate of 27.5%, up from 25.5% in 2024, due to unrecognized tax benefits and non-deductible compensation expenses[212][214]. - Management assessed the effectiveness of internal control over financial reporting as of December 31, 2025, and determined it was effective[279]. - The Company maintained effective internal control over financial reporting as confirmed by an independent audit[280]. Currency and Interest Rate Sensitivity - A 1% change in the value of assets under management would result in a $17.2 million change in asset-based fees for consolidated revenue and a $27.0 million change for equity method revenue[272]. - A 1% change in interest rates would have resulted in a $205.9 million net change in the fair value of fixed-rate securities as of December 31, 2025[273]. - A 1% change in foreign currency exchange rates would have resulted in an $8.4 million change to stockholders' equity for the pound sterling, $1.9 million for the Canadian dollar, and $4.8 million for the euro[275].

Core Insights - The company achieved record annual economic earnings per share of $26.50, driven by a shift towards private markets and liquid alternatives [1] - Annual net client cash flows reached $29 billion, the highest since 2013, reflecting a 4% organic growth rate [1] - The business mix has successfully pivoted to alternatives, now contributing approximately 60% of EBITDA, up from one-third six years ago [1] Financial Performance - The company deployed over $1 billion in capital across five new affiliate investments and strategic collaborations, focusing on industrial logistics, energy transition, and structured credit [1] - Realized over $730 million in proceeds from strategic liquidity events with an average IRR of more than 35%, indicating strong underlying value of affiliate stakes [1] Strategic Initiatives - The company leveraged a differentiated partnership model that maintains affiliate independence while providing strategic resources for product innovation and distribution expansion [1] - Compounded shareholder value through a disciplined capital allocation strategy, reducing share count by more than 40% over the past six years [1]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year over year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year over year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year over year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's alternative AUM reached $373 billion, contributing approximately 60% of EBITDA on a run rate basis [9] - In liquid alternatives, AMG posted record net inflows of $51 billion for the year, representing a 36% annualized organic growth rate [17] - Private markets affiliates raised $24 billion in total for the year, with an annualized organic growth rate of 18% [18] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to high-quality affiliate partnerships [6][12] - The company aims to continue investing in areas of secular growth and product innovation to enhance affiliate success and drive organic growth [12][36] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to returning capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum entering 2026 [13][36] - The company anticipates ongoing growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings [30][31] - AMG's reputation and capital flexibility are at an all-time high, positioning the company well for future opportunities [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5][24] - The company announced a new partnership with Highbrook and a follow-on investment in Garda, both expected to be accretive to earnings in 2026 [7][35] - AMG's global wealth AUM now totals over $100 billion, growing organically at more than 100% in 2025 [23] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][66] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon’s expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive growth [47][49] Question: Growth in Global Wealth Management - Management acknowledged significant growth in the U.S. wealth management platform while also recognizing opportunities for growth outside the U.S. [57][60] Question: Performance Fees Outlook - Management indicated that AQR was a double-digit contributor to EBITDA in 2025 and is expected to grow further in 2026, with a stable and predictable earning stream from performance fees [64][68]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year-over-year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year-over-year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year-over-year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's private markets affiliates raised $9 billion in the fourth quarter, bringing full-year fundraising to $24 billion, representing an 18% annualized organic growth rate [18] - In liquid alternatives, AMG posted record net inflows of $15 billion in the fourth quarter and $51 billion for the full year, reflecting a 36% annualized organic growth rate [17] - The company experienced net outflows of approximately $12 billion in equities for the quarter and $45 billion for the year, indicating industry headwinds [20] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to invest in high-quality affiliates and innovative product development [12][19] - The company aims to enhance its U.S. wealth platform, which has reached approximately $8 billion in alternative AUM, and continues to innovate in product offerings [21][22] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to return capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum in alternatives and the ongoing demand for liquid alternative strategies [12][16] - The company anticipates continued growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings in 2026 [30][66] - AMG's reputation and capital flexibility are at an all-time high, positioning the company for further success in the coming years [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5] - The company has committed over $1 billion in capital across five new investments, indicating a strong pipeline for growth [6][33] - The departure of Tom Wojcik, the CFO, was acknowledged, with management expressing confidence in the leadership team's ability to continue executing the company's strategy [14][15] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][40] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon's expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive organic growth [47][49] Question: Global Wealth Management Growth - Management discussed the significant growth in the U.S. wealth management platform and the potential for growth in international markets, emphasizing a holistic approach to wealth distribution [58][61] Question: Performance Fees Outlook - Management indicated that AQR contributed a double-digit percentage to EBITDA in 2025 and is expected to exceed 20% in 2026, with a stable and predictable earning stream from performance fees [64][66]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year-over-year, driven by strong organic growth and capital allocation strategy [5][29] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year-over-year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [28] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [29] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [5] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [6][11] - Fee-related earnings grew 20% year-over-year for the fourth quarter and 8% for the full year, driven by positive investment performance and organic growth [28] Market Data and Key Metrics Changes - AMG's alternatives business raised $23 billion in net inflows during the fourth quarter, contributing to a record total of $74 billion for the year, which offset $45 billion in outflows from active equities [20] - Private markets affiliates raised $9 billion in the fourth quarter, bringing full-year fundraising to $24 billion, reflecting an 18% annualized organic growth rate [21] - Global wealth AUM at AMG and affiliates exceeded $100 billion, growing organically at over 100% in 2025 [26] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to invest in high-quality affiliates and innovative product development [14][24] - The company aims to maintain a balance between growth investments and returning capital to shareholders, with plans to repurchase at least $400 million in shares in 2026 [37] - AMG's unique partnership approach is designed to enhance the long-term success of its affiliates while preserving their independence [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum entering 2026 and the expectation of continued growth from existing affiliates [15][19] - The company noted that it is still in the early stages of its growth story, with significant opportunities ahead [14] - Management emphasized the importance of product innovation and distribution expansion to drive organic growth [14][75] Other Important Information - The company repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5][6] - AMG's strategic engagement in liquidity events resulted in over $730 million in pre-tax distributions, highlighting the underlying value of its affiliates [10] - The company announced a new partnership with Highbrook and a follow-on investment in Garda, both expected to be accretive to earnings in 2026 [9][10] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and positive momentum dynamics [40][70] Question: Pipeline for Private Markets - Management discussed the strong pipeline for private markets and the innovative products being developed to attract both U.S. and non-U.S. investors [49][51] Question: Global Wealth Management Growth - Management highlighted significant growth in the U.S. wealth management platform, while also acknowledging opportunities for growth in international markets [60][62] Question: Performance Fees Outlook - Management indicated that performance fees are expected to grow over time, particularly as AUM from strategies that earn higher management fees increases [68][72]

Core Viewpoint - Affiliated Managers Group (AMG) reported strong quarterly earnings, exceeding expectations and showing significant year-over-year growth in both earnings per share (EPS) and revenues [1][2]. Earnings Performance - The company achieved quarterly earnings of $9.48 per share, surpassing the Zacks Consensus Estimate of $8.75 per share, and up from $6.53 per share a year ago, representing an earnings surprise of +8.34% [1] - Over the last four quarters, the company has consistently exceeded consensus EPS estimates [2]. Revenue Insights - AMG reported revenues of $556.6 million for the quarter ended December 2025, which exceeded the Zacks Consensus Estimate by 0.93% and was an increase from $524.2 million in the same quarter last year [2]. Stock Performance - Since the beginning of the year, Affiliated Managers shares have increased by approximately 6.9%, outperforming the S&P 500's gain of 1.4% [3]. Future Outlook - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $6.64 for the upcoming quarter and $30.16 for the current fiscal year [7]. - The Zacks Rank for the stock is currently 3 (Hold), indicating expected performance in line with the market in the near future [6]. Industry Context - The Financial - Investment Management industry, to which AMG belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [8].