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Q2 2025 Investor Overview
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AMG: Strategic Partner to Industry-Leading Independent Investment Firms Industry-Leading Independent Managers Attractive partnership model self-selects entrepreneurial, growing firms and enables access to specialist capabilities at scale High-Quality, Diverse Product Set Excellent breadth and quality of products managed by independent firms with superior alpha generating capabilities Multi-Faceted Growth Strategy Unique combination of growth drivers provide ability to scale and evolve to meet client demand trends Strong Recurring Cash Flow Significant recurring cash flow available to fund growth investments and return capital to shareholders All data as of 6/30/2025. ~40 independent Affiliates offering diverse suite of investment products 30+ years of partnering with leading investment specialists ~$771B Assets Under Management Creating long-term value by investing in high-quality independent partner-owned firms, and allocating resources to areas of highest growth and return 2
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Strategic Expansion of AMG’s Exposure to Alternative Asset Classes All items as of 6/30/2025. Figures above exclude the impact of Qualitas Energy and Montefiore Investment. Liquid Alternatives ~$182B AUM Differentiated Long-Only ~$440B AUM Private Markets ~$149B AUM 3 2025 New Investments
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LTM EBITDA Contribution by Strategy Differentiated Long-Only 50% 43% 7% 22% 28% Alternatives 50% Private Markets Organic Growth Aligned With Key Client Demand Trends Diverse Affiliate Group Operating Across Areas of High Growth and Secular Demand Percentages may not add to 100% due to rounding. All EBITDA percentage data calculated as of 6/30/2025 LTM and adjusted for full-year impact of NorthBridge Partners and Verition Fund Management, minority investments in Q1 and Q2 2025, respectively, and excluding impact of Peppertree Capital Management, sold in Q3 2025. Liquid Alternatives Wealth Management Multi-Asset and Fixed Income Liquid Alternatives Equities Private Markets >50% of EBITDA from High-Growth Areas 4
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Strategy Supports Compounding of Earnings Growth at Industry -Leading Rate Mid-Teens Annualized Long-Term Earnings Growth Opportunity Affiliate Performance Share Repurchases Partnering with high- quality businesses to enhance earnings and organic growth Organic Growth Affiliate Investments Committed to returning excess capital primarily through share repurchases Net client cash flows driven by secular growth areas and distribution Diversified market exposures and alpha generation Illustrative Annual Growth Significant Opportunities to Drive Growth and Compound Earnings at a High Rate of Return Over Time 55
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Disciplined Capital Allocation: Disciplined allocation of cash flow supports significant growth investment and efficient return of excess capital Enhanced Stability Through Structure: Diversified asset base and partnership structure enhance business stability and flexibility to invest for growth Multiple Growth Drivers: Diversified market exposures and alpha generation, organic growth, and investments in new and existing Affiliates all drive growth Uniquely Positioned to Deliver Long-T erm Growth and Shareholder Value Economic Earnings Per Share Growth and Shareholder Value Creation Partnership Structure Diversified Business and Product Set Flexible Capital Resources Growth Investments and Capital Return Affiliate Investments Organic Growth Affiliate Investment Performance 6 AMG’s unique business model positions the firm for long- term growth and shareholder value creation
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Affiliate Investment Performance: Competitive Advantages in Generating Alpha All EBITDA percentage data calculated as of 6/30/2025 LTM and adjusted for full-year impact of NorthBridge Partners and Verition Fund Management, minority investments in Q1 and Q2 2025, respectively, and excludingimpact of Peppertree Capital Management, sold in Q3 2025. Past performance is not indicative of future results. Performance and AUM information is as of 6/30/2025 and is based on data available at the time of calculation. Product returns are sourced from Affiliates, while benchmark returns are generally sourced via third-party subscriptions. For information on the methodology for determining performance of private markets, liquid alternative, and equity products, as well as the related benchmarks, see the Appendix. 7 Proven track record of preserving advantages Independent partner-owned firms have unique competitive advantages that drive sustained alpha generation Alignment of Interests Multi- Generational Management Entrepreneurial Cultures Investment- Centric Organizations Enduring Franchises Strong Long -Term Investment Performance (AUM Ahead of Benchmark) 82% 97% 89% 3-Year 5-Year 10-Year 91% 88% IRR Latest Vintage IRR Last Three Vintages Private Markets: 22% of EBITDA Liquid Alternatives: 28% of EBITDA 35% 47% 72% 3-Year 5-Year 10-Year Equities: 43% of EBITDA
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LTM Net Client Cash Flows by Asset Class ($B) LTM Organic Growth: Strategic Focus on Secular Growth Areas Liquid AlternativesPrivate Markets LTM Net Client Cash Flows Multi-Asset and Fixed IncomeEquities Strong Private Markets Fundraising and Improving Liquid Alternative Flows, Offset by Continued Headwinds in Equities 8 ($60) ($40) ($20) $0 $20 $40 $60 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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$0.0 $0.4 $0.8 $1.2 2015 2018 2021 2024 $86 $84 $131 $49 $72 $86 $184 $227 $161 $126 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Annual Net Performance Fees ($mm)1 Significant cash generated by performance fee earnings to support our strategy Cumulative 10-Year Net Performance Fees1 $1.2 (In billions) Affiliate Investment Performance: Source of Earnings Stability AUM data as of 6/30/2025. 1. Represents the performance fee earnings component of Aggregate Fees, net of certain expenses and before taxes. 2. Featured Affiliates represent top performance fee earnings contributors and is not an exhaustive list of contributors to performance fee earnings. Private Markets Absolute Return Beta-Sensitive 3-Year Rolling Average Last 5 Year Average: $157mm Diversified group of contributors to performance fee earnings manages ~$220 billion in AUM eligible to generate performance fee earnings2 Absolute Return2 Eligible AUM: $84B Private Markets2 Eligible AUM: $86B Beta-Sensitive2 Eligible AUM: $49B 78% of AUM eligible to generate performance fee earnings is in strategies with low or negative correlation to public beta Track Record of Consistently Delivering Performance Fee Earnings Across Market Cycles 9
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Organic Growth: Capital Formation Capabilities Enhance Affiliate Reach Data as of 6/30/2025. $125B+ Institutional Gross Sales Since 2009 $145B+ Wealth Gross Sales Since 2005 50+ AMG Distribution Professionals 500+ Affiliate-Level Sales and Marketing Specialists We Provide a Highly Customized Partnership Approach Tailored to Each Affiliate’s Needs AMG Client Solutions Executes distribution strategy that supports Affiliates’ opportunities across platform, field, and internal sales in the U.S. Wealth and Global Institutional channels AMG Affiliate Partnerships Team Collaborates with Affiliates to magnify their advantages and long-term success by delivering AMG’s strategic capabilities and expertise AMG Product Strategy and Development Provides data-driven strategic advice to Affiliates, product structuring expertise, and product strategy to enhance growth AMG Operations Platform Supports all aspects of the product lifecycle, including structuring, administration, and business analytics across client-facing teams 10
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Affiliate Investments: Drive Growth and Enhance Diversification Access to Growth Capital Invest capital and resources to drive next phase of success Facilitate M&A / team lift-outs Provide seed capital Offer strategic capabilities, including product development and global distribution Partial Liquidity Provide financial diversification for principals Establish firm value to facilitate broader equity incentive plans Readily available partner for future capital needs Succession Plan Solution Industry-leading solution for building enduring franchises across generations Complete solution for firm equity with no requirement for future transactions Fulfill client, partner, and key employee objectives Investment Independence and Operational Autonomy Economic Alignment with Clients Flexibility to Partner on Evolving Growth Opportunities Access to Strategic Value-Add Capabilities Client and Consultant Recognition of 30+ Year Track Record as a Partner Enhanced Ability to Deliver Differentiated Return Streams AMG Partners with Leading Independent Firms to Magnify Their Advantages… …While Preserving Their Unique Entrepreneurial Cultures 11
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New Affiliate Investments: Focus on Growth Investments AMG Partners with High-Quality Independent Firms Positioned for Growth Investments in New Affiliates Deliver Substantial Benefits to Key Stakeholders Positioned for Growth High Quality Business New Affiliates Clients Shareholders High-Quality Business Desire to Maintain Independence Positioned for Growth Entrepreneurial Culture Multi-Generational Leadership Strong Alignment of Incentives Investment-Centric Diversified and Stable Client Base Preserves unique entrepreneurial culture Ability to access capital and resources to achieve long-term strategic goals Opportunity to leverage AMG’s expertise in long-term strategic planning and incentive alignment Access to capital formation capabilities to enhance business development initiatives Preserves Affiliates’ autonomy Maintains significant management economic alignment Enhances long-term stability of investment AMG’s choice to partner with a firm indicates its quality Brings strategic capabilities to address various stages of Affiliates’ development Immediate earnings contribution and organic growth as well as diversification benefits Enhanced long-term growth and free cash flow generation profile Structured exposure to diversified array of high-quality independent firms Proven Long-Term Track Record Differentiated and Sustainable Investment Process Products in Areas of Secular Growth Strong Underlying Asset Class Fundamentals Affiliate 12
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Partnership Approach: Enhances Affiliates’ Future Prospects Stable and Recurring Free Cash Flow Strong Affiliate Growth Incentives Preserve Entrepreneurial Culture Enhance Long-Te r m Stability Attractive Economic Alignment Strategic Engagement Preserve Entrepreneurial Culture Significant long-term equity incentives Maintain investment focus and client alignment Operational autonomy Attractive Economic Alignment Long-term alignment enhances growth and stability AMG structure provides downside stability Enhance Long-Term Stability Robust succession plans Long-term employment commitments No requirement for future transactions Strategic Engagement Business development support Product development Capital formation capabilities Growth capital Strategic insights and resources AMG Partnership Approach 13
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Strong and Stable Cash Flows: Significant Capital Available to Deploy into Growth Investments Data as of 6/30/2025. 1. See the Appendix for more information about this non-GAAP measure, including a reconciliation to GAAP. Combination of flexible balance sheet and significant cash flows enables deployment of capital to generate growth and attractive shareholder returns Strong and recurring free cash flow and significant deployment flexibility Debt structured to match long- dated assets (~20-year average duration) $1.25 billion credit facility maturing in 2029 Strong investment-grade rating (Moody’s / S&P: A3 / BBB+) Proven ability to access capital markets Significant Capital Available to Deploy ~$2 billion 2024 Annual Economic Net Income1 Revolver Capacity Capital Available to Deploy Flexible Balance Sheet and Cash Flow Stability 14
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Capital Allocation: Returning Excess Capital to Shareholders Highest priority is to invest in growth opportunities to create shareholder value, and then to return excess capital to shareholders Significant share repurchases have resulted in adjusted diluted share count reduction of 38%, or ~18 million shares, since Q2 2020 1. Includes share repurchases and dividends from 6/30/2020 to 6/30/2025. 2. Average percentage of shares repurchased annually from 6/30/2020 to 6/30/2025. 3. Average price of shares repurchased from 6/30/2020 to 6/30/2025. 6/30/2020 6/30/2025 ~47 million shares outstanding (adjusted diluted) ~29 million shares outstanding (adjusted diluted) Proven commitment to return excess capital through share repurchases and dividends (38%) Significant Capital Return ~$2.8B in excess capital returned over last 5 years1 ~10% of shares repurchased annually over last 5 years2 $140 average repurchase price over last 5 years3 15
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$795 $973 2020 2024 Adjusted EBITDA ($mm) Earnings Growth and Shareholder Value Creation See the Appendix for more information about the non-GAAP measures presented above, including reconciliations to GAAP. $13.30 $21.36 2020 2024 Economic Earnings Per Share CAGR: 13% 16 Evolving Business Mix Leading to Greater EBITDA Contribution from Alternatives CAGR: 5% Alternatives Differentiated Long-Only
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Appendix
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AMG-Selected Composites by Product Category1 18 Source: Bloomberg as of 7/29/2025 for 6/30/2025 performance. AMG AUM weight calculated as of 6/30/2025. 1. The publicly available data shown above is used by AMG as a convention to approximate the impact of market changes on AMG’s AUM. The market indices represent applicable AUM benchmarks for each strategy, as selected by AMG, and will not be updated intra-quarter to reflect any updates or adjustments by the relevant index providers after 7/29/2025. Generally, composites are assigned an equal weighting except for the multi-asset category which utilizes a 60% / 40% weighting to the S&P 500 / Barclays Capital Aggregate, respectively. These indices do not reflect AMG’s investment performance, or the actual performance of any of AMG’s Affiliates or their products, and are not indicative of past results or future performance. 2. AMG’s private markets AUM generally reflects committed capital, which is not impacted by market changes. Liquid Alternatives AUM Weight: 24% Private Markets AUM Weight: 19% Differentiated Long-Only Strategies AUM Weight: 57% Market Blend Category (AUM Weight) Relevant Indices Index Performance - 2025 Q1 Q2 YTD N/A2 N/A N/A N/A HFRI Fund Weighted Composite (0.4)% 4.3% 3.9% Global / Int'l Equities (23%) MSCI World (1.7)% 11.6% 9.8% MSCI EAFE 7.0% 12.1% 19.9% MSCI EM 3.0% 12.2% 15.6% U.S. Equities (19%) S&P 500 (4.3)% 10.9% 6.2% Russell 2000 (9.5)% 8.5% (1.8)% Multi-Asset & Fixed Income (15%) S&P 500 (4.3)% 10.9% 6.2% Barclays Capital Aggregate 2.8% 1.2% 4.0% (1.0)% 6.7% 5.6%
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Operating and Financial Performance Measures (Three and Six Months Ended) 19 See Notes for additional information. (in millions, except as noted and per share data) 6/30/2025 Operating Performance Measures AUM (at period end, in billions) $ 701.0 $ 771.0 $ 701.0 $ 771.0 Average AUM (in billions) 693.1 736.6 686.5 724.3 Consolidated Affiliate average AUM (in billions) 394.4 399.7 394.1 398.1 Equity method Affiliate average AUM (in billions) 298.7 336.9 292.4 326.2 Net client cash flows (in billions) 0.9 8.1 (2.9) 7.7 Aggregate fees 1,098.1 1,173.5 2,569.7 2,443.9 Financial Performance Measures Net income (controlling interest) $ 76.0 $ 84.3 $ 225.8 $ 156.6 Earnings per share (diluted) 1 2.26 2.80 6.49 5.01 Supplemental Performance Measures2 Adjusted EBITDA (controlling interest) $ 217.5 $ 219.7 $ 477.3 $ 447.9 Economic net income (controlling interest) 155.9 159.2 342.6 317.9 Economic earnings per share 4.67 5.39 10.06 10.58 6/30/2024 6/30/2024 6/30/2025 Six Months EndedThree Months Ended
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Assets Under Management by Strategy (in billions) 20 Statement of Changes - Quarter to Date Private Markets Liquid Alternatives Equities Multi-Asset & Fixed Income Total AUM, March 31, 2025 $ 140.3 $ 154.8 $ 302.1 $ 115.0 $ 712.2 Client cash inflows and commitments 7.8 16.8 10.7 5.0 40.3 Client cash outflows (0.0) (5.3) (21.2) (5.7) (32.2) Net client cash flows 7.8 11.5 (10.5) (0.7) 8.1 New investments — 12.4 — — 12.4 Market changes 1.3 1.3 24.0 3.8 30.4 Foreign exchange 0.7 2.9 5.4 1.1 10.1 Realizations and distributions (net) (0.7) (0.1) (0.0) (0.1) (0.9) Other — (1.1) (0.0) (0.2) (1.3) AUM, June 30, 2025 $ 149.4 $ 181.7 $ 321.0 $ 118.9 $ 771.0 Statement of Changes - Year to Date Private Markets Liquid Alternatives Equities Multi-Asset & Fixed Income Total AUM, December 31, 2024 $ 135.4 $ 140.7 $ 316.2 $ 115.6 $ 707.9 Client cash inflows and commitments 11.3 32.7 19.5 9.8 73.3 Client cash outflows (0.1) (11.0) (43.7) (10.8) (65.6) Net client cash flows 11.2 21.7 (24.2) (1.0) 7.7 New investments 1.7 12.4 — — 14.1 Market changes 1.8 3.6 22.0 3.5 30.9 Foreign exchange 0.9 4.4 7.1 1.4 13.8 Realizations and distributions (net) (1.6) (0.0) (0.1) (0.3) (2.0) Other — (1.1) 0.0 (0.3) (1.4) AUM, June 30, 2025 $ 149.4 $ 181.7 $ 321.0 $ 118.9 $ 771.0 Alternatives Differentiated Long-Only Alternatives Differentiated Long-Only
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Consolidated Statements of Income (Three and Six Months Ended) See Notes for additional information. 21 (in millions, except per share data) Consolidated revenue $ 500.3 $ 493.2 $ 1,000.3 $ 989.8 Consolidated expenses: Compensation and related expenses 215.3 263.7 455.7 494.1 Selling, general and administrative 89.4 95.7 181.1 190.4 Intangible amortization and impairments 7.3 6.3 14.5 89.6 Interest expense 33.5 34.5 63.4 68.6 Depreciation and other amortization 3.1 2.5 6.1 5.3 Other expenses (net) 10.8 10.0 19.9 21.6 Total consolidated expenses 359.4 412.7 740.7 869.6 Equity method income (net)3 18.1 65.6 135.7 140.9 Investment and other income 19.3 25.5 37.2 37.1 Income before income taxes 178.3 171.6 432.5 298.2 Income tax expense 43.3 35.7 98.7 63.1 Net income 135.0 135.9 333.8 235.1 Net income (non-controlling interests) (59.0) (51.6) (108.0) (78.5) Net income (controlling interest) $ 76.0 $ 84.3 $ 225.8 $ 156.6 Average shares outstanding (basic) 31.5 28.5 32.1 28.9 Average shares outstanding (diluted) 35.3 31.4 36.0 32.3 Earnings per share (basic) $ 2.42 $ 2.96 $ 7.02 $ 5.43 Earnings per share (diluted)1 $ 2.26 $ 2.80 $ 6.49 $ 5.01 6/30/2024 6/30/2025 6/30/2024 6/30/2025 Six Months EndedThree Months Ended
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Reconciliations of Supplemental Performance Measures (Three and Six Months Ended) 22 See Notes for additional information. (in millions, except per share data) Net income (controlling interest) $ 76.0 $ 84.3 $ 225.8 $ 156.6 Intangible amortization and impairments 65.6 31.0 91.2 116.8 Intangible-related deferred taxes 14.7 14.6 30.9 13.9 Other economic items 4 (0.4) 29.3 (5.3) 30.6 Economic net income (controlling interest) $ 155.9 $ 159.2 $ 342.6 $ 317.9 Average shares outstanding (adjusted diluted) 33.4 29.5 34.0 30.0 Economic earnings per share $ 4.67 $ 5.39 $ 10.06 $ 10.58 Net income (controlling interest) $ 76.0 $ 84.3 $ 225.8 $ 156.6 Interest expense 33.5 34.4 63.4 68.5 Income taxes 42.3 35.1 99.7 65.4 Intangible amortization and impairments 65.6 31.0 91.2 116.8 Other items 4 0.1 34.9 (2.8) 40.6 Adjusted EBITDA (controlling interest) $ 217.5 $ 219.7 $ 477.3 $ 447.9 Three Months Ended 6/30/2024 6/30/2025 Six Months Ended 6/30/2024 6/30/2025
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Reconciliations of Supplemental Performance Measures (Y ears Ended) 23 See Notes for additional information. (in millions) Net income (controlling interest) $ 202.2 $ 565.7 $ 1,145.9 $ 672.9 $ 511.6 Intangible amortization and impairments 427.7 199.9 195.0 128.5 149.2 Intangible-related deferred taxes (9.9) 52.5 45.5 57.3 61.9 Affiliate Transactions 5 — — (576.0) (122.1) — Other economic items 1.7 (48.1) (13.2) (18.8) (21.1) Economic net income (controlling interest) $ 621.7 $ 770.0 $ 797.2 $ 717.8 $ 701.6 Net income (controlling interest) $ 202.2 $ 565.7 $ 1,145.9 $ 672.9 $ 511.6 Interest expense 92.3 111.4 114.4 123.8 133.3 Income taxes 69.5 229.6 347.4 185.2 187.9 Intangible amortization and impairments 427.7 199.9 195.0 128.5 149.2 Affiliate Transactions 5 — — (743.6) (162.7) — Other items 3.6 (61.0) (5.3) (12.0) (8.9) Adjusted EBITDA (controlling interest) $ 795.3 $ 1,045.6 $ 1,053.8 $ 935.7 $ 973.1 (in millions, except per share data) Average shares outstanding (diluted) 46.7 44.8 49.0 42.2 36.1 Hypothetical issuance of shares to settle Redeemable non- controlling interests — — (7.4) (3.7) (1.6) Junior convertible securities — (2.1) (1.8) (1.7) (1.7) Average shares outstanding (adjusted diluted) 46.7 42.7 39.8 36.8 32.8 Economic earnings per share $ 13.30 $ 18.05 $ 20.02 $ 19.48 $ 21.36 For the Years Ended December 31, 2020 2021 2022 2023 2024 For the Years Ended December 31, 2020 2021 2022 2023 2024
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Consolidated Balance Sheets, December 31, 2024 and June 30, 2025 24 (in millions) Assets Cash and cash equivalents $ 950.0 $ 361.0 Receivables 409.7 571.0 Investments 595.6 644.1 Goodwill 2,504.9 2,537.6 Acquired client relationships (net) 1,777.8 1,716.1 Equity method investments in Affiliates (net) 2,246.6 2,618.3 Fixed assets (net) 57.6 56.7 Other assets 288.7 302.8 Total assets $ 8,830.9 $ 8,807.6 Liabilities and Equity Payables and accrued liabilities $ 639.1 $ 692.4 Debt 2,620.2 2,621.2 Deferred tax liability (net) 520.5 544.3 Other liabilities 402.4 474.9 Total liabilities 4,182.2 4,332.8 Redeemable non-controlling interests 350.5 336.1 Equity: Common stock 0.6 0.6 Additional paid-in capital 733.1 701.2 Accumulated other comprehensive loss (163.6) (125.0) Retained earnings 6,899.8 7,055.9 7,469.9 7,632.7 Less: treasury stock, at cost (4,124.6) (4,394.0) Total stockholders’ equity 3,345.3 3,238.7 Non-controlling interests 952.9 900.0 Total equity 4,298.2 4,138.7 Total liabilities and equity $ 8,830.9 $ 8,807.6 Period Ended 12/31/2024 6/30/2025
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Notes 1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock. We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non -controlling interests would be anti-dilutive to diluted earnings per share. We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if- converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are c ontractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related i nterest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share. The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted e arnings per share: 25
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2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal perfor mance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC's website at www.sec.gov. Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non -income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strat egic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments. Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) beca use these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attr ibutable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losse s related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to conting ent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investment s. Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding ( adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non -controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our com mon stock) that occurs when these securities are converted and we are relieved of our debt obligation. Notes (Continued) 26
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Notes (Continued) The following table provides a reconciliation of Average shares outstanding (adjusted diluted): 3) The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equit y method income tax, which in aggregate form Equity method income (net): 4) For the three and six months ended June 30, 2025, other economic items and other items include a one- time expense of $30.5 million which resulted from a modification of Affiliate equity which, consistent with the definitions of our non-GAAP performance measures, has been added back to Economic net income (controlling interest) and Adjusted EBITDA (controlling interest). 5) The following table presents the impact of the completion of our previously announced sales of our equity interests in Ver itable, LP to a third party in the third quarter of 2023, and Baring Private Equity Asia to EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT ST), in t he fourth quarter of 2022, pursuant to which we received ordinary shares of EQT: 27
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Notes (Continued) Notes on Disclosed AMG Affiliate Investment Performance The following is additional information describing the methodology for determining performance of private markets, liquid alternative, and equity products and the related benchmarks disclosed in this presentation. Product returns are sourced from Affiliates while benchmark returns are generally sourced via third-party subscriptions. For private markets products, performance is reported as the percentage of assets that have outperformed benchmarks on a since-inception internal rate of return basis. Benchmarks utilized include a combination of public market equivalents, peer medians, and absolute returns where benchmarks are not available. For purposes of investment performance comparisons, the latest vintage comparison includes the most recent vehicles and strategies (traditional long-duration investment funds, customized vehicles, and other evergreen vehicles and product structures) where meaningful performance is available and calculable. In order to illustrate the performance of our private markets product category over a longer period of history, the last three vintages comparison incorporates the latest vintage vehicles and the prior two vintages for traditional long-duration investment funds, as well as additional vehicles and strategies launched during the equivalent time period as the last three vintages of traditional long-duration investment funds. Due to the nature of these investments and vehicles, reported performance is typically on a three- to six-month lag basis. For liquid alternative and equity products, performance is reported as the percentage of assets that have outperformed benchmarks across the indicated periods, and excludes market-hedging products. For purposes of investment performance comparisons, products are an aggregation of portfolios (separate accounts, investment funds, and other products) that each represent a particular investment objective, using the most representative portfolio for the performance comparison. Performance is presented for products with a three-, five-, and/or ten-year track record and is measured on a consistent basis relative to the most appropriate benchmarks. Benchmark appropriateness is generally reviewed annually to reflect any changes in how underlying portfolios/mandates are managed. Product and benchmark performance is reflected as total return and is annualized. Reported product performance is gross-of-fees for institutional and high- net-worth separate accounts, and generally net-of-fees across retail funds and other commingled vehicles such as hedge funds. Multi-asset and fixed income products are mainly our wealth management and solutions offerings. These investment products are primarily customized toward wealth preservation, estate planning, and liability and tax management, and therefore are typically not measured against a benchmark. Forward-Looking Statements and Other Matters Certain matters discussed in this presentation issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward- looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law. This presentation does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly. 28