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- **Q3 Record Performance**: $313B AUM, 10% QoQ gross flows, $191M EBITDA, 4% EPS growth.
- **Integration Success**: $86M of $110M synergies achieved, ahead of schedule.
- **Global Expansion**: $52B non-U.S. AUM, 53% ETF growth, UCITS top quartile performance.
- **M&A Ambition**: $1T AUM goal, strategic $50-200B deals, cautious alternatives approach.
- **Financial Strength**: 52.7% EBITDA margin, $163M shareholder returns, strong balance sheet.

**【CEO Summary Section】**
- **Record-Q3 Performance**: Total assets reached $313 billion, with long-term gross flows up 10% QoQ to $17 billion. Adjusted EBITDA hit $191 million, margin of 52.7%, and EPS rose 4% to $1.63.
- **Pioneer Integration Success**: Achieved $86 million of $110 million net expense synergies, ahead of schedule. U.S. distribution teams fully integrated, with no client impact.
- **Global Expansion Momentum**: $52 billion AUM from 60 countries, launching new UCITS products. Victory Shares ETFs saw $5.4B net flows YTD, 53% growth.
- **M&A Ambition**: Targeting $1T AUM, focusing on $50-200B AUM firms. Selective in alternatives, prioritizing income strategies.

**【CFO Financial Commentary】**
- **Revenue Growth**: $361.2M (+3% QoQ), fee rate 47.2bps. Adjusted EBITDA $190.5M (+6%), net income $141.3M (+6%).
- **Capital Returns**: Repurchased 1.8M shares, $163M returned to shareholders (record high). Balance sheet strong: $116M cash, 1.1x leverage.
- **Expense Efficiency**: Compensation 22.8% of revenue. Synergies on track for $100M by Q1 2026, final $10M over next 12 months.

**【Q&A Highlights】**
- **M&A Strategy**: Focus on strategic, accretive deals. Open to mega-deals but prioritizing $50-200B targets. Alternatives interest in curated income strategies.
- **Non-U.S. Growth**: 2026 sales ramp-up via Amundi network. UCITS performance top quartile, 11th percentile ranking.
- **Risks & Pipeline**: Integration risks mitigated via structuring. Pipeline active, with no immediate constraints on execution.
- **Fee Rate Stability**: 46-47bps expected, stable despite mix shifts. Performance fees minimal (~1-2bps annualized).

Victory Capital Holdings, Inc. (VCTR) Q3 2025 Earnings Call Transcript

Investment Management

Fund Administration and Distribution

VCTR

VCTR fundamentals

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