Summary of AMG Q1 2026 Earnings Call

1Key Financial Results and Metrics

Adjusted EBITDA: $317 million, up 39% year-over-year.

Economic Earnings per Share: $8.23, a 58% increase from the previous year.

Net Client Cash Flows: Over $22 billion for the quarter, totaling $52 billion in the last 12 months, reflecting a 7% organic growth rate.

Assets Under Management (AUM): Reached a record $882 billion.

Share Repurchases: Approximately $186 million in Q1, with a total of over $700 million in the last 12 months, reducing shares outstanding by 10%.

2Strategic Updates and Business Highlights

AMG's diversified model has shown resilience amid market volatility, with strong growth in liquid alternatives and private markets.

Significant demand for infrastructure and secondary solutions, with $148 billion in private market assets managed across 11 affiliates.

Continued focus on alternative strategies, with $261 billion in liquid alternatives, driven by institutional demand for absolute return strategies and tax-aware long/short strategies.

Recent partnerships include investments in BBH Credit Partners and Highbrook Investors, enhancing AMG's capabilities in fixed income and private markets.

3Forward Guidance and Outlook

Q2 2026 Guidance: Expected adjusted EBITDA between $290 million and $305 million, with economic earnings per share projected between $7.60 and $8.01, representing approximately 45% growth compared to Q2 2025.

AMG anticipates continued organic growth in alternatives and a positive outlook for private markets, driven by strong institutional relationships and diversified strategies.

4Bad News, Challenges, or Points of Concern

Equity Outflows: Approximately $9 billion in net outflows from equities, reflecting ongoing industry headwinds.

Market Volatility: The current environment poses risks, particularly in private credit and equity markets, which could impact future fundraising and performance.

Competitive Pressures: The firm acknowledges increased competition in the M&A market due to lower public market valuations, which may affect future investment opportunities.

5Notable Q&A Insights

Diversification: Management emphasized AMG's diversified business model, with no single affiliate or strategy dominating inflows, which helps mitigate risks.

Tax-Aware Strategies: While tax-aware strategies account for less than 8% of AUM, they are growing and are seen as a long-term opportunity. Management noted that these strategies are part of a broader balanced growth story.

Wealth Channel: There is ongoing demand for innovative products in the wealth channel, particularly in credit secondaries, despite some market turbulence.

Capital Deployment: AMG's disciplined capital allocation strategy remains a focus, with expectations of generating significant cash flow that will be reinvested in growth and returned to shareholders. Overall, AMG reported strong financial results and strategic momentum, with a positive outlook for continued growth in alternative investments, despite facing challenges in equity markets and competitive pressures.