MGRD

• Affiliated Managers Group, Inc. delivered outstanding 2025 results with record annual economic earnings per share of $26.50, a 22% year-over-year increase. • Affiliates generated $29,000,000,000 in annual net client cash flows, the highest since 2013. • Added $97,000,000,000 in alternative AUM in 2025, including $74,000,000,000 in net inflows from existing affiliates and $23,000,000,000 from new affiliates. • Made new investments in Northbridge, Verition, Montefiore, Qualitas Energy, and announced a strategic collaboration with Brown Brothers Harriman. • Thomas M. Wojcik announced his departure to pursue other leadership opportunities after seven years with the company.

• Expect Q1 adjusted EBITDA to be in the range of $310,000,000 to $330,000,000, including net performance fees of $40,000,000 to $60,000,000. • First-quarter economic earnings per share expected to be between $7.98 and $8.52. • Newly announced transactions are expected to add an incremental $20,000,000 to adjusted EBITDA on a full-year basis. • Plan to repurchase at least $400,000,000 in shares in 2026, subject to market conditions.

Affiliated Managers Group, Inc. saw alternatives AUM reach $373,000,000,000, contributing approximately 60% of EBITDA. Liquid alternatives had full-year net inflows of $51,000,000,000 with a 36% annualized organic growth rate. Private markets affiliates raised $24,000,000,000 full-year with an 18% annualized organic growth rate. Equities had net outflows of $45,000,000,000 for the year.

Q: Dive deeper into the outlook for 2026, specifically on AQR's growth and competition A: Jay Horgen and Dava Elaine Ritchea discussed AQR's strong growth, tailwinds from alternatives and U.S. wealth channel, innovation, and unique position with decades-long track record. Mentioned AQR contributes over 30% of AUM and adjusted EBITDA, growing rapidly with significant momentum.

Q: Frame the pipeline of larger funds from private or liquid alternatives in 2026 and organic growth contribution A: Thomas M. Wojcik and Jay Horgen talked about Pantheon's specialist role in secondaries across private equity, credit, and infrastructure with wealth products for U.S. and non-U.S. investors. Discussed new product development with Brown Brothers Harriman, including the AMG BBH Asset-Backed Credit Fund, and seeding innovative products to scale and drive ROI.

Q: Zoom out on global wealth management, focusing on the $100,000,000,000 global wealth and growth beyond U.S.

A: Thomas M. Wojcik and Dava Elaine Ritchea mentioned significant growth in wealth, primarily in alternatives, with interest in liquid alternatives outside U.S. wealth. Highlighted holistic approach with support for long-only business in wealth channel and collaboration with affiliates on product innovation, including ETFs for long-only managers.

Q: Part two on AQR contribution, wealth channel distribution, and performance fees outlook A: Dava Elaine Ritchea stated AQR was a double-digit EBITDA contributor in 2025 and expected over 20% contribution in 2026. Talked about performance fee guidance of $170,000,000 for 2026 as through-the-cycle number, diverse strategy mix for stable earnings, and future growth from private markets carry eligible AUM.