Victory Capital Holdings Earnings Call Transcripts
Fiscal Year 2026
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Client allocations are shifting toward ETFs and multi-asset solutions, with active management gaining ground in global equities and fixed income. Recent acquisitions and expanded distribution, especially through Amundi, have driven growth and international reach. AI and technology investments are enhancing efficiency and distribution, supporting a path toward $1 trillion AUM.
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Q1 2026 set records for gross flows, adjusted EBITDA, and EPS, with total client assets at $313B and strong growth in ETFs and international channels. Pioneer integration is nearly complete, capital return remains robust, and strategic acquisitions are a top priority.
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Record revenue and assets were achieved, with global expansion through a major partnership. All proposals, including director elections, auditor ratification, and executive compensation, were approved by strong majorities.
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The firm is targeting $1 trillion in AUM through strategic M&A and organic growth, leveraging international expansion, innovative ETF offerings, and strong investment performance. Key partnerships, especially with Amundi, and a disciplined acquisition approach are central to its strategy.
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Record 2025 results were driven by successful M&A, international expansion, and product innovation. The path to $1 trillion AUM relies on continued acquisitions, global distribution, and operational efficiency, with a focus on differentiated ETFs and model portfolios.
Fiscal Year 2025
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Record annual revenue and earnings were achieved in 2025, driven by the Pioneer acquisition and global expansion. Industry-leading margins, strong cash generation, and robust ETF and international growth position the company for continued success in 2026.
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Record AUM of $313B, strong revenue and earnings growth, and robust ETF inflows marked the quarter. Integration of Pioneer Investments is ahead of schedule, with significant expense synergies realized. Capital returns and financial flexibility remain high.
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Record client assets surpassed $300 billion, driven by the Amundi US acquisition and strong ETF growth. Adjusted EBITDA margin reached 50.8%, with $70 million in expense synergies achieved and further cost savings expected. Share repurchase authorization increased to $500 million.
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Q1 2025 saw record ETF growth, strong margins, and higher year-over-year earnings, despite two large one-time redemptions. The Amundi acquisition doubled fixed income AUM, expanded global reach, and is expected to deliver $110 million in synergies.
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The partnership with Amundi has closed, resulting in increased synergies, expanded global distribution, and significant AUM growth. Integration is progressing, with a focus on international expansion, product launches, and continued organic and inorganic growth.
Fiscal Year 2024
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Record revenue and earnings were achieved in Q4 and full-year 2024, driven by strong ETF growth, robust net flows, and high investment performance. The Amundi acquisition is on track, expected to deliver significant synergies and further diversify assets.
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Q3 saw record earnings, adjusted EBITDA, and margin, with AUM reaching $181.1B and strong net flows in key franchises. The Amundi transaction is on track for Q1 2025, with $100M in expected synergies and expanded global distribution set to drive future growth.
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Announced record quarterly results with strong growth in EPS, EBITDA, and AUM, while progressing toward closing the Amundi acquisition and targeting $100 million in expense synergies. Continued positive flows in fixed income and ETFs, increased dividend, and maintained a strong balance sheet.
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A definitive partnership agreement was signed to expand global distribution, diversify assets, and drive growth. The deal brings $100 billion in new assets, targets $100 million in expense synergies, and expects closing by early 2025, pending approvals.