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- **Record AUM Growth**: $2.1T AUM (+18% YoY), driven by $29B net inflows and 8% organic growth. 
- **Strategic Wins**: Hybrid platform transition on track, Barings partnership with $650M capital, and China JV AUM up 16% QoQ. 
- **Profitability Boost**: Operating margin 34.2% (300bps QoQ improvement), $260M debt repayment reducing interest costs. 
- **Liquidity Strength**: $1.2B net revenues, $412M operating income, and $25M share buybacks. 
- **Key Risks**: QQQ restructuring approval pending, fixed income outflows in developed markets.

**【CEO Summary Section】**
- **Strategic Initiatives**: Launched hybrid Alpha/Aladdin investment platform, transitioning 25% of equity AUM onto the platform by Q3. Sold Intelliflo for $100M+ and formed Barings private markets partnership with $650M capital backing. 
- **Asset Growth**: Record AUM of $2.1T (+6% QoQ, +18% YoY), driven by $29B net long-term inflows (8% annualized organic growth). 40% of AUM from non-U.S. clients, with 67% of Q3 inflows from EMEA/Asia Pacific.
- **Product Innovation**: Launched 12 new China JV products, including first fixed income ETF. Active ETF AUM reached $16B, with 65% of 2025 ETF launches being active strategies.
- **Performance**: 50% of fundamental equity funds beat benchmarks on 3-year basis. Fixed income funds showed 45% top quartile performance on 3-year basis.

**【CFO Financial Commentary】**
- **Financial Results**: Q3 net revenues $1.2B (+7% YoY), adjusted operating income $412M (+24% YoY). Operating margin improved 300bps QoQ to 34.2%. 
- **Leverage Reduction**: Repaid $260M of $1B term loans, reducing interest expense by $14.8M/Q3. Projected $0.13 annual EPS benefit from full term loan repayment. 
- **Capital Returns**: Repurchased $25M of shares (1.2M shares). Total payout ratio (dividends + buybacks) expected ~60% in 2025. 
- **Expense Management**: Variable costs tightly linked to revenue growth, with non-comp expenses modestly higher in Q4 due to seasonality.

**【Q&A Highlights】**
- **QQQ Restructuring**: Special shareholder meeting adjourned to Dec 5, with strong vote support. Marketing expenses reclassified but no impact on operating income. 
- **Fixed Income Strength**: $13B Q3 net inflows across fixed income products, driven by U.S. wealth management SMA platform ($34B AUM, 19% YoY growth). 
- **India JV Sale**: Expected $140-150M proceeds from Hinduja Group partnership, with 40% equity stake retained. China JV AUM up 16% QoQ to $122B. 
- **Private Markets Growth**: $600M Q3 net inflows in private credit (CLOs) and real estate, with INCREF AUM reaching $4B in 2 years.

Invesco Ltd. (IVZ) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IVZ

IVZ fundamentals

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