[Financial and Operating Highlights](index=1&type=section&id=Financial%20and%20Operating%20Highlights) AMG achieved strong Q2 2025 results with a **15%** Economic EPS increase, record alternative strategy inflows, and four new partnerships - Economic Earnings per share (EPS) for Q2 2025 was **$5.39**, a **15% increase** compared to the same quarter in the previous year[2](index=2&type=chunk)[5](index=5&type=chunk) - The company experienced net client cash flows of **over $8 billion** in Q2 2025, primarily driven by record inflows into alternative strategies, including private markets and liquid alternatives[2](index=2&type=chunk) - In 2025, AMG has announced **four new partnerships** with firms managing a collective **$24 billion** in alternative strategies, including a new partnership with Montefiore Investment[3](index=3&type=chunk)[5](index=5&type=chunk) Q2 & H1 2025 Financial Highlights | (in millions, except per share data) | Three Months Ended 6/30/2025 | Three Months Ended 6/30/2024 | Six Months Ended 6/30/2025 | Six Months Ended 6/30/2024 | | :--- | :--- | :--- | :--- | :--- | | **AUM (at period end, in billions)** | $771.0 | $701.0 | $771.0 | $701.0 | | **Net client cash flows (in billions)** | $8.1 | $0.9 | $7.7 | $(2.9) | | **Net income (controlling interest, in millions)** | $84.3 | $76.0 | $156.6 | $225.8 | | **Earnings per share (diluted, in dollars)** | $2.80 | $2.26 | $5.01 | $6.49 | | **Adjusted EBITDA (controlling interest, in millions)** | $219.7 | $217.5 | $447.9 | $477.3 | | **Economic earnings per share (in dollars)** | $5.39 | $4.67 | $10.58 | $10.06 | [Capital Management](index=2&type=section&id=Capital%20Management) The company returned capital to shareholders through **$100 million** in Q2 stock repurchases and a **$0.01** per share quarterly dividend - In Q2 2025, the company repurchased approximately **$100 million** of its common stock[6](index=6&type=chunk) - Total share repurchases for the first half of 2025 amounted to approximately **$273 million**[6](index=6&type=chunk) - A cash dividend of **$0.01 per share** of common stock was announced for the second quarter, payable on August 25, 2025[6](index=6&type=chunk) [Detailed Financial Statements](index=3&type=section&id=Detailed%20Financial%20Statements) This section presents AMG's detailed financial position and performance, including AUM changes, income statements, and the consolidated balance sheet [Assets Under Management (AUM)](index=3&type=section&id=ASSETS%20UNDER%20MANAGEMENT%20-%20STATEMENTS%20OF%20CHANGES) This section details the changes in Assets Under Management, highlighting total AUM and net client cash flows across various investment strategies - Total AUM increased to **$771.0 billion** as of June 30, 2025, from **$712.2 billion** at the end of Q1 2025[11](index=11&type=chunk) Q2 2025 Net Client Cash Flows by Strategy | Strategy | Private Markets (in billions) | Liquid Alternatives (in billions) | Equities (in billions) | Multi-Asset & Fixed Income (in billions) | Total (in billions) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Flows** | $7.8 | $11.5 | $(10.5) | $(0.7) | $8.1 | Year-to-Date 2025 Net Client Cash Flows by Strategy | Strategy | Private Markets (in billions) | Liquid Alternatives (in billions) | Equities (in billions) | Multi-Asset & Fixed Income (in billions) | Total (in billions) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Flows** | $11.2 | $21.7 | $(24.2) | $(1.0) | $7.7 | [Consolidated Statements of Income](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) This section presents the company's consolidated income statements for quarterly and semi-annual periods, detailing revenue, expenses, and net income Q2 2025 vs Q2 2024 Income Statement Highlights | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | | :--- | :--- | :--- | | **Consolidated revenue** | $493.2 | $500.3 | | **Total consolidated expenses** | $412.7 | $359.4 | | **Net income (controlling interest, in millions)** | $84.3 | $76.0 | | **Earnings per share (diluted, in dollars)** | $2.80 | $2.26 | H1 2025 vs H1 2024 Income Statement Highlights | Metric | H1 2025 (in millions) | H1 2024 (in millions) | | :--- | :--- | :--- | | **Consolidated revenue** | $989.8 | $1,000.3 | | **Total consolidated expenses** | $869.6 | $740.7 | | **Net income (controlling interest, in millions)** | $156.6 | $225.8 | | **Earnings per share (diluted, in dollars)** | $5.01 | $6.49 | [Consolidated Balance Sheets](index=6&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025 Balance Sheet Highlights | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | **Total assets** | $8,807.6 | $8,830.9 | | **Cash and cash equivalents** | $361.0 | $950.0 | | **Debt** | $2,621.2 | $2,620.2 | | **Total equity** | $4,138.7 | $4,298.2 | [Supplemental Information and Reconciliations](index=4&type=section&id=Supplemental%20Information%20and%20Reconciliations) This section reconciles GAAP to non-GAAP measures like Economic Net Income and Adjusted EBITDA, explaining adjustments and diluted EPS calculations [Reconciliation of Supplemental Performance Measures](index=4&type=section&id=RECONCILIATIONS%20OF%20SUPPLEMENTAL%20PERFORMANCE%20MEASURES) This section provides detailed reconciliations of GAAP net income to non-GAAP Economic Net Income for quarterly and semi-annual periods Q2 Reconciliation of Net Income to Economic Net Income | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | | :--- | :--- | :--- | | **Net income (controlling interest, in millions)** | $84.3 | $76.0 | | Intangible amortization and impairments (in millions) | $31.0 | $65.6 | | Intangible-related deferred taxes (in millions) | $14.6 | $14.7 | | Other economic items (in millions) | $29.3 | $(0.4) | | **Economic net income (controlling interest, in millions)** | $159.2 | $155.9 | H1 Reconciliation of Net Income to Economic Net Income | Metric | H1 2025 (in millions) | H1 2024 (in millions) | | :--- | :--- | :--- | | **Net income (controlling interest, in millions)** | $156.6 | $225.8 | | Intangible amortization and impairments (in millions) | $116.8 | $91.2 | | Intangible-related deferred taxes (in millions) | $13.9 | $30.9 | | Other economic items (in millions) | $30.6 | $(5.3) | | **Economic net income (controlling interest, in millions)** | $317.9 | $342.6 | - For Q2 and H1 2025, results include a one-time expense of **$30.5 million** from a modification of Affiliate equity, which is added back for non-GAAP calculations of Economic Net Income and Adjusted EBITDA[24](index=24&type=chunk) [Notes to Financial Statements](index=7&type=section&id=Notes%20to%20Financial%20Statements) This section explains the company's use of non-GAAP measures, their adjustments, and the methodology for diluted earnings per share calculation - The company uses non-GAAP measures like **Adjusted EBITDA** and **Economic Net Income** to assess performance, excluding certain non-cash expenses from acquisitions, and to improve comparability. Economic Net Income is a principal performance benchmark for determining executive compensation[20](index=20&type=chunk) - **Economic Net Income** adjusts **GAAP Net Income** for items such as pre-tax intangible amortization and impairments, related deferred taxes, gains/losses from Affiliate Transactions, and other economic items like unrealized gains/losses on seed capital[21](index=21&type=chunk) - The calculation for **diluted EPS** applies the if-converted method to junior convertible securities and adjusts for the potential issuance of shares to settle Redeemable non-controlling interests[18](index=18&type=chunk)[19](index=19&type=chunk) [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) This section provides disclaimers for forward-looking statements, noting potential material differences due to market and economic risks - The press release contains forward-looking statements that are subject to risks and uncertainties, including changes in financial markets, economic conditions, and the performance of Affiliates. The company undertakes no obligation to update these statements[25](index=25&type=chunk)

Core Insights - AMG reported a 15% growth in Economic Earnings per share for Q2 2025 compared to the same quarter last year, driven by effective capital allocation and strong business momentum [2][5] - The firm experienced net client cash flows exceeding $8 billion, primarily due to record inflows into alternative investments, reflecting robust private market fundraising and increasing demand for liquid alternative strategies [2][5] - AMG's Affiliates managing private markets and liquid alternative strategies generated approximately $33 billion in net client inflows in the first half of 2025, highlighting ongoing demand for specialized strategies [3][5] Financial Highlights - As of June 30, 2025, AMG's Assets Under Management (AUM) reached approximately $771 billion, up from $701 billion a year earlier [4][8] - For the three months ended June 30, 2025, AMG reported net income of $84.3 million, an increase from $76.0 million in the same period of 2024 [4][14] - Economic earnings per share for Q2 2025 were $5.39, reflecting a 15% increase from $4.67 in Q2 2024 [4][15] Capital Management - In Q2 2025, AMG repurchased approximately $100 million in common stock, bringing total share repurchases to about $273 million for the first half of the year [5][6] - The company announced a cash dividend of $0.01 per share, payable on August 25, 2025, to stockholders of record as of August 11, 2025 [6] Strategic Partnerships - AMG formed a new partnership with Montefiore, a leading European private equity firm, further diversifying its business and enhancing its presence in private markets [3][5] - In 2025, AMG announced four new partnerships with firms managing approximately $24 billion in alternative strategies, underscoring the demand for AMG's unique approach [3]

Group 1 - The company, AMG Critical Materials N.V., has declared an interim dividend of €0.20 per ordinary share, which remains unchanged from the previous year [1][2] - The interim dividend is for the period from January 1, 2025, to June 30, 2025, and will be payable on August 15, 2025, to shareholders of record as of August 7, 2025 [2] - The ex-dividend date is set for August 6, 2025, and a Dutch withholding tax of 15% will be deducted from the dividend [2] Group 2 - AMG's mission focuses on providing critical materials and related process technologies to promote a less carbon-intensive world, emphasizing energy storage materials like lithium, vanadium, and tantalum [4] - The company is a leader in recycling vanadium from oil refining residues and operates in various segments including lithium, vanadium, and advanced metallurgy for aerospace engines [5] - AMG has a global presence with approximately 3,600 employees and production facilities in multiple countries including Germany, the United States, and China [6]

Core Insights - AMG Critical Materials N.V. reported a strong second quarter in 2025, with revenue of $439 million, a 20% increase from $364 million in the same period of 2024 [1] - Adjusted EBITDA reached $71 million, marking a 79% increase compared to $39 million in the second quarter of 2024, driven primarily by the AMG Technologies segment [1][5] Financial Performance - Revenue for Q2 2025 was $439 million, up 20% from $364 million in Q2 2024 [1][9] - Adjusted gross profit was $97 million, a 60% increase from $60 million in Q2 2024 [8][9] - Operating profit surged to $33.6 million, a 225% increase from $10.3 million in the same quarter last year [9] - Net income attributable to shareholders was $11.5 million, compared to a loss of $11 million in Q2 2024 [9] - Adjusted EBITDA margin improved to 16.1% from 10.8% year-over-year [9] Segment Performance - AMG Technologies segment achieved an adjusted EBITDA of $53 million, nearly tripling from $18 million in Q2 2024, driven by a high order backlog and strong profitability from AMG Antimony [5][20] - AMG Lithium's revenue decreased by 3% to $37 million, primarily due to a 38% decline in lithium market prices and a 22% decrease in lithium concentrate volumes [11][14] - AMG Vanadium's revenue fell by 4% to $161 million, attributed to lower volumes of ferrovanadium and titanium alloys, despite increased sales prices [14][15] Operational Developments - The lithium hydroxide refinery in Bitterfeld was successfully commissioned in May 2025, with production ramping up and qualification processes with customers advancing [3] - AMG Vanadium successfully bid for significant quantities of spent catalyst in Saudi Arabia and the Middle East, which will help stabilize supply deliveries [7][18] Liquidity and Financial Health - As of June 30, 2025, AMG had total liquidity of $462 million, including $262 million in unrestricted cash and $200 million available on its revolving credit facility [8][27] - The company recorded a net finance cost of $13 million, up from $8 million in Q2 2024, due to foreign exchange losses and decreased interest income [28] Outlook - The company raised its adjusted EBITDA outlook for 2025 from $170 million to $200 million or more, reflecting strong performance in the first half of the year despite low lithium and vanadium prices [29]

Core Insights - Affiliated Managers Group Inc. (AMG) is expected to report improved year-over-year earnings and revenues for Q2 2025, with a history of earnings surprises [1][2] - The company has made strategic moves, including acquisitions and divestitures, to enhance its portfolio and align with market trends [3][4][5] Financial Expectations - Management anticipates adjusted EBITDA in the range of $210-$225 million, with net income projected between $104 million and $115 million [6][7] - Earnings per share (EPS) is expected to be between $5.01 and $5.39, reflecting stronger assets under management (AUM) and new deals [9][11] - The Zacks Consensus Estimate for earnings is $5.25, indicating a 12.4% increase from the previous year, while sales are projected at $510.2 million, showing 2% growth [11] Recent Developments - AMG announced an agreement to acquire a minority equity interest in Verition Fund Management, managing approximately $12.6 billion in assets [3] - The company reached a definitive agreement to acquire a minority interest in Qualitas Energy, focusing on renewable energy, expected to close in Q4 2025 [4] - AMG is divesting its equity stake in Peppertree Capital Management for approximately $240 million, expected to close in Q3 2025 [5] Market Position - AMG's earnings surprise history shows that it has surpassed consensus estimates in three of the last four quarters, with an average beat of 2.99% [2] - The company currently holds a Zacks Rank 3, indicating a stable outlook [10]

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Core Viewpoint - Affiliated Managers Group (AMG) is anticipated to report a year-over-year increase in earnings driven by higher revenues for the quarter ended June 2025, with the actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The consensus estimate for AMG's quarterly earnings is $5.25 per share, reflecting a year-over-year increase of +12.4% [3]. - Expected revenues for the quarter are $510.15 million, which is a 2% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.82% higher in the last 30 days, indicating a positive reassessment by analysts [4]. - The Most Accurate Estimate for AMG is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.20% [12]. Earnings Surprise Prediction - A positive Earnings ESP reading suggests a likely earnings beat, especially when combined with a Zacks Rank of 2 (Buy) [10][12]. - AMG has a history of beating consensus EPS estimates, having surpassed expectations in three out of the last four quarters [14]. Industry Comparison - In the Zacks Financial - Investment Management industry, T. Rowe Price (TROW) is expected to report earnings of $2.11 per share for the same quarter, indicating a year-over-year decline of -6.6% [18]. - T. Rowe's expected revenue is $1.71 billion, down 1.4% from the previous year, with a consensus EPS estimate revised 9.6% higher recently [19].

WEST PALM BEACH, Fla. and PARIS, July 28, 2025 (GLOBE NEWSWIRE) -- AMG, a strategic partner to leading independent investment management firms globally, today announced that it has entered into a definitive agreement to acquire a minority equity interest in Montefiore Investment ("Montefiore"), a leading middle-market private equity firm in France and southern Europe. Under the terms of the transaction, Montefiore's management will retain a substantial majority of the firm's equity, continue to lead the org ...

Core Viewpoint - AMG is scheduled to report its financial and operating results for the second quarter ended June 30, 2025, on July 31, 2025, with a conference call to follow [2][3]. Group 1: Financial Reporting - The financial results will be discussed during a conference call hosted by key executives including the CEO, President, and CFO [3]. - The conference call will take place at 11:00 a.m. Eastern Time on July 31, 2025 [2]. Group 2: Accessing the Conference Call - Interested parties can join the call by dialing specific numbers for U.S. and non-U.S. calls [3]. - A replay of the conference call will be available approximately one hour after its conclusion, with specific dial-in numbers provided [4]. - The live call and replay, along with a presentation highlighting the company's performance, can be accessed via AMG's website [4].

Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage companies [1][2][3] Valuation Metrics - The P/S ratio compares a company's market capitalization to its revenues, providing a clearer picture of value when earnings are minimal or volatile [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is often preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7][10] Investment Opportunities - Companies with low P/S ratios, such as Affiliated Managers Group (AMG), The Greenbrier Companies, Inc. (GBX), Signet Jewelers (SIG), Cognizant Technology Solutions (CTSH), and PagSeguro Digital (PAGS), may offer compelling growth opportunities [4][10] - AMG is positioned for growth through partnerships and a robust balance sheet, currently holding a Zacks Rank 2 and a Value Score of A [12][13] - GBX benefits from a strong market position and ongoing success in its leasing business, also holding a Value Score of A and Zacks Rank 2 [14][15] - SIG demonstrates strength in key jewelry segments and has implemented cost-saving initiatives, maintaining a Value Score of A and Zacks Rank 2 [16][17] - CTSH is experiencing robust organic growth, particularly in Health Sciences and Financial Services, with a Value Score of B and Zacks Rank 2 [18][20] - PAGS is expanding its digital banking platform and adjusting credit offerings, well-positioned for long-term opportunities in Brazil's digital finance space, holding a Value Score of A and Zacks Rank 2 [21][22]