Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $251 million for Q3 2025, reflecting a 17% year-over-year increase [20] - Economic earnings per share grew 27% year-over-year to $6.10, benefiting from share repurchases [21] - The company anticipates fourth-quarter adjusted EBITDA to range between $325 million and $370 million, with expected economic earnings per share between $8.10 and $9.26 [21][22] Business Line Data and Key Metrics Changes - The company achieved $9 billion in net client cash inflows for Q3 2025, bringing year-to-date total net inflows to $17 billion, representing a 3% annualized organic growth rate [12][20] - Affiliates generated $18 billion in net inflows in alternatives, offsetting $9 billion in outflows from active equities [13] - Liquid alternatives saw record net inflows of $14 billion, driven by tax-aware solutions [13][56] Market Data and Key Metrics Changes - The company’s affiliates manage $353 billion in alternative assets under management (AUM), contributing 55% of EBITDA on a run-rate basis [6] - Approximately $76 billion in alternative AUM was added through organic growth and new affiliate investments, marking a nearly 30% increase in total alternative AUM [5][6] Company Strategy and Development Direction - The company is focused on expanding its investment in growth by partnering with new and existing affiliates, particularly in alternative strategies [7][10] - A strategic collaboration with Brown Brothers Harriman aims to develop innovative products and deliver structured credit solutions to the wealth channel [8][17] - The company has committed over $1 billion across five new growth investments in 2025, enhancing its participation in areas of secular growth [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate long-term earnings growth, driven by strong organic growth and capital allocation strategies [10][22] - The company anticipates a meaningful increase in full-year economic earnings per share in 2026, supported by strong organic growth and new investments [7][22] - Management highlighted the ongoing demand for alternative strategies and the potential for margin expansion at key affiliates [22][46] Other Important Information - The company repurchased approximately $77 million in shares during Q3 2025, with year-to-date repurchases totaling approximately $350 million [24] - The company expects to repurchase at least $500 million in shares for the full year, subject to market conditions [24] Q&A Session Summary Question: Inquiry about franchise momentum and BBH collaboration - Management acknowledged the strong momentum in both organic and inorganic growth, highlighting the strategic collaboration with BBH as a significant opportunity [28][30] Question: Contextualizing growth expectations for 2026 - Management indicated that the combination of new investments, share repurchases, and net inflows from alternatives will significantly impact 2026 earnings per share [42][45] Question: Details on liquid alternatives flows and AQR strategies - Management noted that AQR's diverse strategies and focus on after-tax outcomes have contributed to strong inflows, with a significant opportunity for future growth [51][60]

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Company Overview - AMG has ~$804 billion in Assets Under Management [2] - AMG partners with ~40 independent Affiliates [2] - Liquid Alternatives AUM is ~$205 billion, Differentiated Long-Only AUM is ~$451 billion, and Private Markets AUM is ~$148 billion [5] Financial Performance & Growth - AMG's LTM EBITDA contribution by strategy shows Differentiated Long-Only at 48%, Alternatives at 52% (Liquid Alternatives 29% and Private Markets 23%) [7] - The company has a mid-teens annualized long-term earnings growth opportunity [10] - The company has returned ~$28 billion in excess capital over the last 5 years [54] - The company has repurchased ~10% of shares annually over the last 5 years at an average repurchase price of $146 [54] - Adjusted EBITDA increased from $795 million in 2020 to $973 million in 2024 [57] - Economic Earnings Per Share increased from $1330 in 2020 to $2136 in 2024 [57] Investment Performance - 91% of products outperformed benchmarks over 3 years, 99% over 5 years, and 89% over 10 years [15] - Private Markets IRR for the latest vintage is 86%, and for the last three vintages is 84% [15]

Financial Performance - AMG reported a diluted EPS of $6.87 and an economic EPS of $6.10 for Q3 2025, reflecting a 27% growth in economic EPS compared to the prior-year quarter [2][6]. - The company achieved a 17% increase in Adjusted EBITDA year-over-year, amounting to $250.9 million for Q3 2025 [2][4]. - AMG's net income (controlling interest) for Q3 2025 was $212.4 million, which includes a gain of approximately $100 million from the sale of Peppertree Capital Management [4][6]. - The company reported a total consolidated revenue of $528 million for Q3 2025, a slight increase from $516.4 million in Q3 2024 [14]. - Consolidated revenue for the nine months ended September 30, 2025, was $1,517.8 million, a slight increase from $1,516.6 million in the same period of 2024 [17]. - Net income attributable to controlling interest rose to $369.0 million for the nine months ended September 30, 2025, compared to $349.5 million in 2024, reflecting a growth of about 5.3% [17]. - Economic net income for controlling interest was $497.6 million in 2025, slightly up from $495.8 million in 2024 [18]. - Earnings per share (diluted) increased to $11.83 in 2025 from $10.25 in 2024, marking a growth of approximately 15.4% [17]. Assets and Liabilities - Assets Under Management (AUM) increased to $803.6 billion as of September 30, 2025, up from $728.4 billion a year earlier [4][8]. - Cash and cash equivalents decreased to $476.1 million as of September 30, 2025, down from $950.0 million at the end of 2024 [19]. - Total assets increased to $8,928.2 million as of September 30, 2025, compared to $8,830.9 million at the end of 2024 [19]. - Total liabilities rose to $4,388.2 million in 2025 from $4,182.2 million in 2024, indicating an increase of about 4.9% [19]. Shareholder Actions - Year-to-date share repurchases reached approximately $350 million, including $77 million in Q3 2025 [7][6]. - Average shares outstanding (diluted) decreased to 33.0 million in 2025 from 35.2 million in 2024 [18]. - Average diluted shares outstanding decreased from 35.0 million in Q3 2024 to 32.9 million in Q3 2025, representing a decline of 6.0% [26]. - The average adjusted diluted shares outstanding decreased from 33.3 million in the nine months ended Q3 2024 to 29.8 million in Q3 2025, a reduction of 10.5% [26]. Strategic Initiatives - The company announced a strategic collaboration with BBH to develop new products for the U.S. wealth marketplace, enhancing its position in alternative strategies [3][6]. - The company anticipates continued growth in financial results and liquidity, with a focus on strategic investments and acquisitions [27]. - Forward-looking statements indicate potential changes in market conditions and competition for acquisitions may impact future performance [27]. - The company plans to maintain transparency by regularly updating investors through its website and SEC filings [28]. Other Financial Metrics - AMG experienced net client cash inflows of approximately $9 billion in Q3 2025, totaling about $17 billion year-to-date [2][6]. - AMG's aggregate fees for the nine months ended September 30, 2025, were $3.79 billion, compared to $3.73 billion for the same period in 2024 [4]. - Total consolidated expenses increased to $1,278.8 million in 2025 from $1,115.4 million in 2024, representing a rise of approximately 14.6% [17]. - Adjusted EBITDA for controlling interest was $698.8 million in 2025, up from $691.4 million in 2024 [18]. - Pre-tax equity method earnings increased from $79.1 million in Q3 2024 to $118.2 million in Q3 2025, a growth of 49.3% [26]. - Equity method income (net) rose from $52.6 million in Q3 2024 to $88.5 million in Q3 2025, reflecting a 68.2% increase [26]. - The company recognized affiliate transaction gains of $127.6 million in Q3 2025, compared to none in Q3 2024 [26]. - For the nine months ended September 30, 2025, the company reported an expense of $30.5 million due to a modification of Affiliate equity, which was added back to Economic net income [26]. - The impact of the sale of equity interest in Peppertree Capital Management resulted in realized gains of $6.2 million from TPG shares in Q3 2025 [26].

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Core Insights - AMG reported a 17% growth in Adjusted EBITDA and a 27% increase in Economic Earnings per share for Q3 2025 compared to the same quarter last year, driven by a focus on alternative strategies and disciplined capital allocation [2][5] - The company achieved approximately $9 billion in net inflows during Q3 and $17 billion year-to-date, indicating strong client demand for alternative strategies [2][5] - AMG announced new partnerships and collaborations, including a strategic collaboration with BBH to develop new products for the U.S. wealth market, enhancing its position in alternative strategies [3][5] Financial Highlights - As of September 30, 2025, AMG's Assets Under Management (AUM) reached approximately $804 billion, up from $728.4 billion a year earlier [4] - Net income for Q3 2025 was $212.4 million, including a gain of approximately $100 million from the Peppertree transaction [5][18] - Economic earnings per share for Q3 2025 were $6.10, reflecting a 27% growth compared to the prior-year quarter [5][18] Capital Management - The company repurchased approximately $77 million in common stock during Q3 2025, bringing total year-to-date repurchases to approximately $350 million [7] - A cash dividend of $0.01 per share was announced for Q3 2025, payable on November 28, 2025 [7] Strategic Initiatives - AMG has expanded its participation in areas of secular growth, including four new partnerships with firms managing alternative strategies since the beginning of the year [3] - The collaboration with BBH is expected to leverage BBH's expertise in structured and alternative credit investments, enhancing AMG's product development and distribution capabilities [3]

Core Insights - Affiliated Managers Group (AMG) is expected to report Q3 2025 earnings on November 3, 2025, with projected earnings of $5.75 per share and revenue of $543.39 million [2] - The company reported Q2 2025 earnings of $5.39 per share, exceeding the consensus estimate of $5.26, with revenue of $493.20 million, slightly below the expected $506.46 million [2] - Analysts forecast an EPS of $23 for the current fiscal year and $26 for the next fiscal year [2] Financial Performance - AMG's market capitalization is $6.77 billion, with a price-to-earnings ratio of 17.40 and a price-to-earnings-growth ratio of 0.61 [3] - The company has a 1-year low of $139.22 and a 1-year high of $250.15, indicating significant price volatility [3] Analyst Ratings - Bank of America raised its price target for AMG to $335.00 with a "buy" rating [4] - Cowen upgraded AMG from "hold" to "buy" [4] - Barrington Research increased its price target from $240.00 to $285.00, maintaining an "outperform" rating [4] - The average price target among analysts is $272.60, with a consensus rating of "Moderate Buy" [5] Insider Activity - COO Thomas M. Wojcik sold 16,000 shares at an average price of $231.03, totaling approximately $3.70 million, reducing his position by 9.16% [6] Institutional Holdings - Balyasny Asset Management increased its stake in AMG by 3,811.8%, acquiring 303,423 additional shares [7] - UBS Asset Management and Goldman Sachs also increased their holdings, indicating strong institutional interest [8] - Institutional investors and hedge funds collectively own 95.30% of AMG's stock [8] Company Overview - Affiliated Managers Group operates as an investment management company, providing services to mutual funds, institutional clients, and high-net-worth individuals in the U.S. [9]

Core Insights - Affiliated Managers Group Inc. (AMG) is expected to report improved third-quarter 2025 results on November 3, with earnings anticipated to rise by 21% year over year [1][9][11] AMG's Recent Developments - In August, AMG agreed to sell its interest in Comvest Partners' private credit business to Manulife Financial Corporation for approximately $285 million, expected to close in Q4 2025 [3] - In July, AMG announced a definitive agreement to acquire a minority stake in Montefiore Investment, enhancing its strategy to partner with leading independent asset managers [4] - Also in July, AMG completed the sale of its equity interest in Peppertree Capital Management for about $240 million, which included $102 million in cash and nearly 2.9 million TPG Class A common shares [5] Management Expectations for Q3 - Management projects adjusted EBITDA in the range of $230-$240 million, considering current AUM levels and lower net performance fees of up to $10 million [6] - Expected net income (controlling interest) is between $121 million and $129 million, with economic earnings per share projected between $5.62 and $5.87 [7][11] Earnings Projections - The Zacks Consensus Estimate for AMG's earnings is $5.83, reflecting a 21% increase from the previous year [11] - The consensus estimate for sales is $521.13 million, indicating nearly 1% growth [11] Earnings Surprise History - AMG has a strong earnings surprise history, surpassing consensus estimates in three of the last four quarters, with an average beat of 3.23% [2]

Group 1: Company Overview - AMG Critical Materials N.V. focuses on providing critical materials and related process technologies to promote a less carbon-intensive world, emphasizing energy storage materials like lithium, vanadium, and tantalum [2] - 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 [4] Group 2: Business Segments - AMG's Lithium segment aims to reduce the CO2 footprint across the lithium value chain, benefiting both suppliers and customers [3] - The Vanadium segment is a market leader in recycling vanadium from oil refining residues and encompasses the company's vanadium, titanium, and chrome businesses [3] - AMG's Technologies segment is recognized as a world leader in advanced metallurgy, providing engineering solutions for the aerospace engine sector and supporting the development of LIVA batteries and NewMOX SAS for the nuclear fuel market [3] Group 3: Upcoming Financial Results - AMG will release its third quarter 2025 financial results on November 5, 2025, and will host a conference call on November 6, 2025, to discuss these results [1][6]

Group 1 - AMG will report its financial and operating results for the third quarter ended September 30, 2025, on November 3, 2025 [2] - A conference call will be held at 8:30 a.m. Eastern Time on the same day to discuss the results [2][3] - The call will be hosted by CEO Jay C. Horgen, President and COO Thomas M. Wojcik, and CFO Dava E. Ritchea [3] Group 2 - The conference call will include discussions on management's expectations for future financial and operating results [3] - A replay of the conference call will be available approximately one hour after its conclusion [4] - The live call and replay, along with a presentation highlighting the company's performance, can be accessed via AMG's website [4]