Company: MGRE
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001004434-25-000021
Chunk: 4

Company: AFFILIATED MANAGERS GROUP, INC.
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 4
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 fundamental competitive advantages in offering unique return streams to the marketplace. AMG’s distinctive partnership approach magnifies the existing advantages of our independent Affiliates and actively supports their ongoing independence and ownership culture. Our innovative model enables each Affiliate’s management team to retain autonomy and significant equity ownership in their firm, while Affiliates leverage our strategic capabilities and insight, including growth capital, product strategy and distribution through our capital formation capabilities, succession planning, and strategic advice, to expand their reach, diversify their businesses, and enhance their long-term success.

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| 2024 Performance Summary |

AMG achieved solid results in 2024, reflecting the positive impact of our strategic execution and our capital allocation discipline across both growth investments and share repurchases. In 2024, we continued to strategically evolve our business, increasing our exposure to alternatives through our focus on investing our capital and resources in and alongside our Affiliates, especially in collaboration to develop innovative products well-aligned with client demand trends. We actively engaged with and advanced our robust pipeline of prospective Affiliates, and, after year-end, successfully closed a partnership with NorthBridge Partners, a private markets manager specializing in industrial logistics real estate. In addition, we meaningfully enhanced our liquidity position and further strengthened our balance sheet, while also returning significant excess capital to shareholders through share repurchases. Our Economic earnings per share grew by 10% relative to the previous year, driven primarily by higher fee-related earnings, which more than offset a decline in performance fee earnings . We continue to focus on strategically evolving our business to expand our exposure to long-term secular growth areas, and exercise ongoing discipline in allocating capital to generate long-term earnings growth and shareholder value creation . $13.52 1 $14.52 1

| •Economic earnings per share (“EEPS”) of $21.36grew +10%relative to the prior year primarily due to higher fee-relatedearnings and share repurchase activity, with a CAGR of +13%since 2020 |     | •GAAP Earnings per share (diluted) of $15.13, grew +4%relative to the prior year, excluding the impact from gains fromAffiliate sales |
| •Adjusted EBITDA of $973.1 milliongrew +4% relative to prioryear primarily due to higher fee-related earnings, and a CAGR of+5% since 2020                                                  |     |                                                                                                                                       |

1. Reflects adjustment to exclude $11.83 and $2.