Victory Capital achieved a record high in gross flows and adjusted EBITDA in Q3 2025, signaling strong operational momentum while effectively integrating recent acquisitions.

• Long-term gross flows increased by 10% quarter-over-quarter to $17 billion, demonstrating improved distribution efforts, particularly in the U.S. and international markets.
• Adjusted EBITDA reached a record $191 million, with a robust margin of 52.7%, reflecting effective cost management post-acquisition.
• The company repurchased 1.8 million shares during the quarter, with $355 million remaining on its repurchase authorization, indicating a commitment to return value to shareholders.
• Positive net flows from international markets with $52 billion in AUM from clients across 60 countries, showcasing strong demand for Victory’s products globally.
• The integration of Pioneer Investments is ahead of schedule, with $86 million in net expense synergies achieved, positioning the firm for further operational efficiencies.