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- **17% EBITDA Growth**: Q3 2025 EBITDA up 17% YoY to $251M, driven by $9B net inflows and 30% YoY alternative AUM growth.
- **Alternative Dominance**: 55% of EBITDA from alternatives, with AQR and Pantheon contributing double-digit earnings growth.
- **BBH Collaboration**: Strategic partnership to expand structured credit in U.S. wealth, supported by $1.5B in new investments.
- **2026 Outlook**: Full-year EBITDA and EPS growth expected, with $17B YTD net inflows and 55% alternative contribution.
- **Share Buybacks**: $500M+ target in 2025, reducing share count by 40% over 6 years.

**【CEO Summary Section】**
- **Record EBITDA Growth**: Q3 2025 EBITDA increased 17% YoY to $251 million, driven by $9 billion in net inflows and alternative AUM growth to $353 billion (55% of EBITDA). Full-year 2026 EBITDA is expected to rise meaningfully.
- **Alternative Strategy Momentum**: $17 billion year-to-date net inflows (3% annualized organic growth) and $76 billion in alternative AUM additions (30% YoY growth). AQR and Pantheon contribute double-digit earnings growth.
- **Strategic Collaborations**: Announced BBH Credit Partners collaboration to expand structured credit solutions in U.S. wealth channel, with $1.5 billion invested in new affiliates and share buybacks.
- **Capital Deployment**: Sold minority stakes in Comvest and Peppertree, generating $545 million in proceeds, supporting $500+ million share repurchases in 2025.

**【COO Strategic Initiatives】**
- **Liquid Alternatives Dominance**: Q3 2025 liquid alternatives inflows hit $14 billion (record high), driven by AQR's tax-aware strategies and 14% YoY fee-related EBITDA growth.
- **Private Markets Strength**: $4 billion in private markets fundraising (Pantheon, EIG, Abacus) and 27% YoY economic EPS growth to $6.10.
- **BBH Collaboration Details**: AMG provides $100+ million seed capital and distribution expertise to expand BBH's structured credit franchise, targeting U.S. wealth channel demand.
- **Pipeline Activity**: 4 new affiliate investments in 2025 (Northbridge, Verition, Montefiore, Qualitas Energy) and active dialogue on 20+ potential deals.

**【CFO Financial Highlights】**
- **Q3 2025 Results**: Adjusted EBITDA $251 million (+17% YoY), Economic EPS $6.10 (+27% YoY), $77 million share buybacks (total $350M YTD).
- **Q4 2025 Guidance**: EBITDA $325-370 million, EPS $8.10-9.26, with $1.5 billion allocated to growth investments and buybacks.
- **2026 Outlook**: Full-year EBITDA and EPS growth driven by $17 billion YTD net inflows, 55% alternative EBITDA contribution, and $1.5 billion capital deployment.
- **Balance Sheet**: $260M+ from affiliate sales, $500M+ buyback target, and strong cash generation supporting disciplined capital allocation.

**【Q&A Highlights】**
- **BBH Collaboration**: BBH chose AMG for structured credit expansion due to AMG's capital formation capabilities and alignment with U.S. wealth channel trends.
- **Pipeline Confidence**: 20+ active deals in private markets and liquid alternatives, targeting mid-teen returns or shareholder value creation.
- **AQR Growth**: $166 billion AUM (vs. $100B in 2024), 2-year head start in tax-aware strategies, and 14% YoY fee-related EBITDA growth.
- **Risk Management**: Diversified alternative AUM (55% of EBITDA) and disciplined capital allocation reduce volatility.

Affiliated Managers Group, Inc. (AMG) Q3 2025 Earnings Call Transcript

Revenue

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AMG

AMG fundamentals

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