APAM

Overview and Recent Highlights We are a global multi-asset investment platform focused on providing a broad range of high-value added investment strategies in growing asset classes to sophisticated clients around the world. As of June 30, 2026, our 12 autonomous investment teams managed a total of 27 investment strategies across multiple asset classes and investment styles. We focus on attracting, retaining and developing talented investment professionals and creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. We create new investment strategies when we identify opportunities to add value for clients, oftentimes through the use of a broad array of securities, instruments and techniques (which we call degrees of freedom) to differentiate returns and manage risk. We offer our investment management capabilities primarily to sophisticated investors that operate with institutional decision-making processes and longer-term investment horizons. We employ knowledgeable and investment focused relationship managers who are directly aligned with our investment teams, and we pair them with regional and distribution channel experts. We provide access to many of our investment strategies through multiple investment vehicles, including separate accounts and different types of pooled vehicles. As of June 30, 2026, approximately 73% of our assets under management (AUM) were managed for clients and investors domiciled in the U.S. and 27% of our AUM were managed for clients and investors domiciled outside of the U.S. As a high-value added investment manager we expect that long-term investment performance will be the primary driver of our long-term business and financial results. If we maintain and evolve existing investment strategies and launch new investment strategies that meet the needs of and generate attractive outcomes for sophisticated asset allocators, we believe that we will continue to generate strong business and financial results. Over shorter time periods, changes in our business and financial results are largely driven by market conditions and fluctuations in our AUM that may not necessarily be the result of our long-term investment performance or the long-term demand for our strategies. For this reason, we expect that our business and financial results will fluctuate over time. We strive to maintain a financial model that is transparent and predictable. We derive nearly all of our revenues from investment management fees, most of which are based on a specified percentage of clients’ AUM. A majority of our expenses, including most of our compensation expense, vary directly with changes in our revenues. We invest thoughtfully to support our investment teams and future growth, while also paying out to stockholders and partners a majority of the cash that we generate from operations through dividends and distributions. We expect to continue to invest in the growth of the business, with a focus on adding new investment capabilities and more degrees of freedom in areas where both opportunity and client demand exist, and in which we can differentiate our active management and add value for clients. Financial highlights for the quarter included the following: •During the three months ended June 30, 2026, our AUM increased to $183.4 billion, an increase of $10.4 billion, or 6%, compared to $173.0 billion at March 31, 2026, primarily due to $21.2 billion of market appreciation, partially offset by $10.5 billion of net client cash outflows. •Average AUM for the three months ended June 30, 2026 was $181.9 billion, a decrease of 0.3% from the average of $182.4 billion for the three months ended March 31, 2026, and an increase of 9% from the average of $166.8 billion for the three months ended June 30, 2025. •We earned $307.9 million in revenue for the three months ended June 30, 2026, an increase of 9% from revenues of $282.8 million for the three months ended June 30, 2025. •Our GAAP operating margin was 27.5% for the three months ended June 30, 2026, compared to 28.2% for the three months ended June 30, 2025. Adjusted operating margin was 32.9% for the three months ended June 30, 2026, compared to 31.7% for the three months ended June 30, 2025. •We generated $1.11 of earnings per basic and diluted share and $0.94 of adjusted EPS. •We declared and distributed dividends of $0.77 per share of Class A common stock during the three months ended June 30, 2026. •We declared, effective July 28, 2026, a quarterly dividend with respect to the three months ended June 30, 2026, of $0.80 per share of Class A common stock. •Following the loss of two large institutional mandates in the U.S. Value team’s strategies and a comprehensive review of the long term prospects of the franchise, we determined the prudent decision was to wind down the team's business, which we expect to complete during the quarter ending September 30, 2026. 24 Table of Contents Organizational Structure Organizational Structure Our operations are conducted through Artisan Partners Holdings LP (“Holdings”) and its subsidiaries. On March 12, 2013, Artisan Partners Asset Management Inc. (“APAM”) and Holdings completed a series of transactions (the “IPO Reorganization”) to reorganize their capital structures in connection with the initial public offering (“IPO”) of APAM’s Class A common stock. The IPO Reorganization and IPO were completed on March 12, 2013. Limited partners of Holdings, some of whom are employees, held approximately 12% of the equity interests in Holdings as of June 30, 2026, which is reflected as noncontrolling interest. We operate our business in a single segment. Holdings Unit Exchanges During the six months ended June 30, 2026, certain limited partners of Holdings exchanged 167,614 common units (along with a corresponding number of shares of Class B or Class C common stock of APAM, as applicable) for 167,614 shares of Class A common stock. In connection with the exchanges, APAM received 167,614 GP units of Holdings increasing its ownership interest in Holdings. APAM’s equity ownership interest in Holdings was 88% and 87% at June 30, 2026 and December 31, 2025, respectively. Financial Overview Economic Environment Global market conditions can materially impact our financial performance. Because the revenue we earn is based on the value of our AUM, fluctuations in our AUM due to changes in the economic environment and financial markets will result in fluctuations in our revenue and earnings. The following table presents the total returns of relevant market indices for the three and six months ended June 30, 2026 and 2025: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 S&P 500 Index 15.2 % 10.9 % 10.2 % 6.2 % MSCI All Country World Index 14.9 % 11.5 % 11.2 % 10.0 % MSCI EAFE Index 10.8 % 11.8 % 9.4 % 19.4 % Russell® Midcap Index 13.8 % 8.5 % 15.3 % 4.8 % MSCI Emerging Markets Index 24.1 % 12.0 % 23.8 % 15.3 % ICE BofA US High Yield Index 2.5 % 3.6 % 1.9 % 4.5 % 25 Table of Contents Key Performance Indicators When we review our business and financial performance we consider, among other things, the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (unaudited; dollars in millions) Assets under management at period end $ 183,389 $ 175,545 $ 183,389 $ 175,545 Average assets under management (1) $ 181,874 $ 166,774 $ 182,187 $ 166,782 Net client cash flows (2) $ (10,499) $ (1,863) $ (13,616) $ (4,703) Total revenues $ 307.9 $ 282.8 $ 610.9 $ 559.9 Weighted average fee (3) 67.9 bps 68.1 bps 67.7 bps 67.8 bps Operating margin 27.5 % 28.2 % 29.3 % 29.7 % Adjusted operating margin (4) 32.9 % 31.7 % 32.0 % 31.9 % (1) We compute average AUM by averaging day-end AUM for the applicable period. (2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders as well as realizations, which represent the distribution of realized proceeds from the disposition of assets. (3) We compute our weighted average fee by dividing annualized investment advisory fees, including performance fees, by average AUM for the applicable period. AUM within our consolidated investment products, and investment advisory fees earned thereon, are excluded from our weighted average fee calculations and total revenues, since any such revenues are eliminated upon consolidation. (4) Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in “Supplemental Non-GAAP Financial Information” below. AUM and Investment Performance Changes to our operating results from one period to another are primarily caused by changes in the amount of our AUM. A key driver of changes in our AUM over time is the long-term investment performance of our investment strategies. Changes in the relative composition of our AUM among our investment strategies and vehicles and the effective fee rates on our products also impact our operating results. The amount and composition of our AUM are, and will continue to be, influenced by a variety of factors including, among others: •investment performance, including fluctuations in both the financial markets and foreign currency exchange rates and the quality of our investment decisions as assessed relative to applicable third-party benchmarks and peer groups, as appropriate; •flows of client assets into and out of our various strategies and investment vehicles; •our decision to close strategies or limit the growth of assets in a strategy or a vehicle when we believe it is in the best interest of our clients, as well as our decision to re-open strategies, in part or entirely; •our ability to attract and retain qualified investment, management, and marketing and client service professionals; •industry trends towards products, strategies, vehicles or services that we do not offer; •competitive conditions in the investment management and broader financial services sectors; and •investor sentiment and confidence. 26 Table of Contents The table below sets forth changes in our total AUM: For the Three Months Ended June 30, Period-to-Period 2026 2025 $ % (unaudited; in millions) Beginning assets under management $ 172,981 $ 162,390 $ 10,591 6.5 % Gross client cash inflows 8,797 6,233 2,564 41.1 % Gross client cash outflows (19,296) (8,096) (11,200) (138.3) % Net client cash flows (1) (10,499) (1,863) (8,636) (463.6) % Acquisitions (2) — — — N/M Realizations (3) (58) — (58) N/M Artisan Funds’ distributions not reinvested (4) (231) (194) (37) (19.1) % Investment returns and other (5) 21,196 15,212 5,984 39.3 % Ending assets under management $ 183,389 $ 175,545 $ 7,844 4.5 % Average assets under management $ 181,874 $ 166,774 $ 15,100 9.1 % For the Six Months Ended June 30, Period-to-Period 2026 2025 $ % (unaudited; in millions) Beginning assets under management $ 179,928 $ 161,208 $ 18,720 11.6 % Gross client cash inflows 17,985 13,247 4,738 35.8 % Gross client cash outflows (31,601) (17,950) (13,651) (76.1) % Net client cash flows (1) (13,616) (4,703) (8,913) (189.5) % Acquisitions (2) 880 — 880 N/M Realizations (3) (58) — (58) N/M Artisan Funds’ distributions not reinvested (4) (365) (310) (55) (17.7) % Investment returns and other (5) 16,620 19,350 (2,730) (14.1) % Ending assets under management $ 183,389 $ 175,545 $ 7,844 4.5 % Average assets under management $ 182,187 $ 166,782 $ 15,405 9.2 % (1) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. (2) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. (3) Represents the distribution of realized proceeds from the disposition of assets. (4) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. (5) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. 27 Table of Contents Our credit and alternative asset classes generated combined net inflows of $1.0 billion in the second quarter of 2026, while our equity strategies experienced net outflows of $11.5 billion. Although our equity strategies experienced net outflows overall, approximately $9.2 billion were concentrated in the Growth and U.S. Value teams, including $2.8 billion from the Growth team’s strategies and $6.4 billion attributable to client account terminations within our U.S. Value strategies. Following the U.S. Value outflows, the Company began an orderly wind-down of the team’s strategies, which is expected to continue through the third quarter. While net flows are inherently difficult to predict, if recent performance and market trends persist, we could continue to experience net inflows in our credit and alternative strategies and net outflows in our equity strategies during the remainder of 2026. Over the long term, we expect investment returns to be the primary driver of AUM growth, consistent with our historical experience. We monitor the availability of attractive investment opportunities relative to the amount of assets we manage in each of our investment strategies and the velocity at which the strategies are experiencing inflows. When appropriate, we will close a strategy to new investors or otherwise take action to slow or restrict its growth, even though our aggregate AUM may be negatively impacted in the short term. We may also re-open a strategy, widely or selectively, to fill available capacity or manage the diversification of our client base in that strategy. We believe that management of our investment capacity protects our ability to manage assets successfully, which protects the interests of our clients and, in the long term, protects our ability to retain client assets and maintain our profit margins. When we close or otherwise restrict the growth of a strategy, we typically continue to allow additional investments in the strategy by existing clients and certain related entities. We may also permit new investments by other eligible investors in our discretion. As a result, during a given period we may have net client cash inflows in a closed strategy. However, when a strategy is closed or its growth is restricted we generally expect there to be periods of net client cash outflows. The unaudited table on the following page sets forth the average annual total returns (gross of fees) for each composite and its respective benchmark (and style benchmark, if applicable) over a multi-horizon time period as of June 30, 2026. Returns for periods less than one year are not annualized. 28 Table of Contents Average AnnualValue-Added (3)Since Inception(bps) Composite Inception Strategy AUM (1) Average Annual Total Returns (Gross) (%) (2) Investment Team and Strategy Date (in $MM) 1 YR 3 YR 5 YR 10 YR Inception Growth Team Global Opportunities Strategy 2/1/2007 $ 13,441 11.23% 14.02% 5.37% 13.21% 11.14% 323 MSCI All Country World Index 23.67% 19.68% 10.98% 12.78% 7.91% Global Discovery Strategy 9/1/2017 $ 1,885 18.04% 16.81% 6.24% --- 14.15% 486 MSCI All Country World Small Mid Cap Index 23.24% 16.58% 7.22% --- 9.29% U.S. Mid-Cap Growth Strategy 4/1/1997 $ 10,359 21.83% 16.06% 3.97% 13.55% 14.51% 449 Russell® Midcap Index 21.63% 16.50% 8.49% 11.99% 10.67% Russell® Midcap Growth Index 6.17% 15.59% 6.02% 13.04% 10.02% U.S. Small-Cap Growth Strategy 4/1/1995 $ 2,981 39.55% 16.74% 2.89% 13.91% 11.12% 261 Russell® 2000 Index 40.78% 18.58% 6.98% 11.62% 9.62% Russell® 2000 Growth Index 38.74% 18.42% 5.56% 11.96% 8.51% Franchise Strategy 10/1/2024 $ 1,112 6.18% --- --- --- 10.59% (802) MSCI All Country World Index 23.67% --- --- --- 18.61% Global Equity Team Global Equity Strategy 4/1/2010 $ 420 22.67% 27.67% 11.49% 15.50% 13.85% 352 MSCI All Country World Index 23.67% 19.68% 10.98% 12.78% 10.33% Non-U.S. Growth Strategy 1/1/1996 $ 16,465 22.38% 22.62% 11.22% 11.46% 10.51% 463 MSCI EAFE Index 20.23% 16.42% 9.04% 9.65% 5.88% U.S. Value Team Value Equity Strategy 7/1/2005 $ 473 11.32% 13.87% 10.35% 12.58% 9.89% 95 Russell® 1000 Index 22.01% 20.44% 12.65% 15.29% 11.22% Russell® 1000 Value Index 27.09% 17.76% 11.16% 11.51% 8.94% U.S. Mid-Cap Value Strategy 4/1/1999 $ 1,298 8.58% 7.40% 5.00% 8.60% 11.46% 142 Russell® Midcap Index 21.63% 16.50% 8.49% 11.99% 10.06% Russell® Midcap Value Index 26.62% 16.49% 9.47% 10.62% 10.04% Value Income Strategy 3/1/2022 $ 8 14.36% 12.71% --- --- 7.76% (713) S&P 500 Index 22.33% 20.59% --- --- 14.89% International Value Group International Value Strategy 7/1/2002 $ 57,099 24.61% 17.59% 12.36% 12.64% 12.33% 519 MSCI EAFE Index 20.23% 16.42% 9.04% 9.65% 7.14% International Explorer Strategy 11/1/2020 $ 1,230 21.86% 18.78% 10.76% --- 17.43% 590 MSCI All Country World Index Ex USA Small Cap 19.83% 16.40% 6.30% --- 11.53% Global Special Situations Strategy 4/1/2025 $ 39 15.57% --- --- --- 14.65% 636 ICE BofA Global High Yield Index 5.43% --- --- --- 8.29% Global Value Team Global Value Strategy 7/1/2007 $ 38,967 25.16% 22.19% 13.47% 13.42% 10.48% 287 MSCI All Country World Index 23.67% 19.68% 10.98% 12.78% 7.61% Select Equity Strategy 3/1/2020 $ 1,068 29.17% 22.97% 13.21% --- 16.60% (98) S&P 500 Index 22.33% 20.59% 13.40% --- 17.58% Sustainable Emerging Markets (“SEM”) Team Sustainable Emerging Markets Strategy 7/1/2006 $ 3,508 38.12% 23.63% 7.58% 11.69% 7.61% 86 MSCI Emerging Markets Index 43.51% 23.00% 7.19% 10.07% 6.75% Credit Team High Income Strategy 4/1/2014 $ 14,288 5.40% 9.74% 5.61% 7.55% 7.15% 221 ICE BofA US High Yield Index 5.74% 8.78% 4.13% 5.70% 4.94% Credit Opportunities Strategy 7/1/2017 $ 417 8.32% 15.28% 11.48% --- 13.09% 1,037 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.07% 4.83% 3.60% --- 2.72% Floating Rate Strategy 1/1/2022 $ 290 6.00% 8.64% --- --- 7.09% 91 S&P UBS Leveraged Loan Index 4.29% 7.57% --- --- 6.18% Custom Credit Solutions (4) 7/1/2025 $ 1,515 --- --- --- --- --- --- 29 Table of Contents Developing World Team Developing World Strategy 7/1/2015 $ 3,292 (8.87)% 13.14% (1.69)% 12.18% 10.59% 274 MSCI Emerging Markets Index 43.51% 23.00% 7.19% 10.07% 7.85% Antero Peak Group Antero Peak Strategy 5/1/2017 $ 2,562 20.58% 25.33% 13.91% --- 19.92% 473 S&P 500 Index 22.33% 20.59% 13.40% --- 15.19% Antero Peak Hedge Strategy 11/1/2017 $ 254 16.89% 22.45% 11.82% --- 14.86% (12) S&P 500 Index 22.33% 20.59% 13.40% --- 14.98% International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 1/1/2019 $ 4,309 10.60% 9.67% 1.81% --- 10.96% 58 MSCI All Country World Index Ex USA Small Mid Cap 20.64% 17.08% 6.72% --- 10.38% EMsights Capital Group Global Unconstrained Strategy 4/1/2022 $ 1,825 12.43% 10.86% --- --- 11.07% 693 ICE BofA 3-month Treasury Bill Index 3.84% 4.63% --- --- 4.14% Emerging Markets Debt Opportunities Strategy 5/1/2022 $ 1,506 16.00% 13.27% --- --- 13.76% 669 J.P. Morgan EMB Hard Currency/Local Currency 50-50 8.59% 8.26% --- --- 7.07% Emerging Markets Local Opportunities Strategy 8/1/2022 $ 1,941 13.99% 10.95% --- --- 12.55% 414 J.P. Morgan GBI-EM Global Diversified Index 7.85% 7.30% --- --- 8.41% Grandview Property Partners (5) Grandview Property Partners --- $ 837 --- --- --- --- --- --- Total Assets Under Management $ 183,389 (1) AUM includes $381.8 million in the aggregate for which Artisan Partners provides model portfolios to managed account sponsors (generally reported on a lag not exceeding one quarter). (2) We measure investment performance based upon the results of our “composites”, which represent the aggregate performance of all discretionary client accounts, including pooled investment vehicles, invested in the same strategy except those accounts with respect to which we believe client-imposed restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 19% of our assets under management at June 30, 2026, are maintained in separate composites, which are not presented in these materials). Returns for periods less than one year are not annualized. (3) Value-added is the amount, in basis points, by which the average annual gross composite return of each of our strategies has outperformed or underperformed its respective benchmark. The benchmark used is generally the market index most commonly used by our clients to compare the performance of the relevant strategy. For certain strategies that are managed for absolute return, the benchmark used is the index used by the Company’s management to evaluate the performance of the strategy. Value-added for periods less than one year is not annualized. (4) Custom Credit Solutions represents assets managed by the Credit team within custom, investor-driven mandates for which there is no combined performance track record. A portion of these assets under management was previously reported under the High Income strategy. (5) Grandview Property Partners’ AUM reflects assets managed across Grandview’s flagship fund and co-investment program. Performance information for the Grandview Funds is not reported. 30 Table of Contents The tables below set forth changes in our AUM by investment team: By Investment Team Three Months Ended Growth Global Equity U.S. Value Int’l Value Group Global Value SEM Credit Developing World Antero Peak Group Int’l Small-Mid EMsights Capital Group Grandview Total June 30, 2026 (unaudited; in millions) Beginning AUM $ 28,283 $ 15,849 $ 7,506 $ 51,743 $ 35,804 $ 2,781 $ 15,530 $ 3,145 $ 2,346 $ 4,332 $ 4,763 $ 899 $ 172,981 Gross client cash inflows 1,844 491 126 2,580 842 463 1,279 266 291 116 499 — 8,797 Gross client cash outflows (4,630) (1,077) (6,483) (3,193) (1,431) (227) (591) (681) (318) (520) (145) — (19,296) Net client cash flows (1) (2,786) (586) (6,357) (613) (589) 236 688 (415) (27) (404) 354 — (10,499) Acquisitions (2) — — — — — — — — — — — — — Realizations (3) — — — — — — — — — — — (58) (58) Artisan Funds’ distributions not reinvested (4) — — — (115) — — (110) — — — (6) — (231) Investment returns and other (5) 4,281 1,622 630 7,353 4,820 491 402 562 497 381 161 (4) 21,196 Ending AUM $ 29,778 $ 16,885 $ 1,779 $ 58,368 $ 40,035 $ 3,508 $ 16,510 $ 3,292 $ 2,816 $ 4,309 $ 5,272 $ 837 $ 183,389 Average AUM $ 28,535 $ 17,231 $ 5,675 $ 56,112 $ 38,820 $ 3,316 $ 16,099 $ 3,303 $ 2,627 $ 4,249 $ 5,037 $ 870 $ 181,874 June 30, 2025 Beginning AUM $ 34,669 $ 13,442 $ 7,540 $ 47,486 $ 30,256 $ 1,625 $ 12,434 $ 4,147 $ 2,121 $ 5,353 $ 3,317 $ — $ 162,390 Gross client cash inflows 770 220 65 2,297 886 202 1,027 196 147 110 313 — 6,233 Gross client cash outflows (2,714) (763) (134) (1,883) (1,008) (56) (729) (175) (146) (447) (41) — (8,096) Net client cash flows (1) (1,944) (543) (69) 414 (122) 146 298 21 1 (337) 272 — (1,863) Artisan Funds’ distributions not reinvested (4) — — — (101) — — (91) — — — (2) — (194) Investment returns and other (5) 4,023 2,262 294 3,072 2,772 276 455 616 418 840 184 — 15,212 Ending AUM $ 36,748 $ 15,161 $ 7,765 $ 50,871 $ 32,906 $ 2,047 $ 13,096 $ 4,784 $ 2,540 $ 5,856 $ 3,771 $ — $ 175,545 Average AUM $ 34,785 $ 14,272 $ 7,372 $ 49,017 $ 31,191 $ 1,769 $ 12,559 $ 4,452 $ 2,261 $ 5,518 $ 3,578 $ — $ 166,774 (1) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. (2) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. (3) Represents the distribution of realized proceeds from the disposition of assets. (4) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. (5) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. 31 Table of Contents By Investment Team Six Months Ended Growth Global Equity U.S. Value Int’l Value Group Global Value SEM Credit Developing World Antero Peak Group Int’l Small-Mid EMsights Capital Group Grandview Total June 30, 2026 (unaudited; in millions) Beginning AUM $ 31,259 $ 15,907 $ 7,880 $ 54,010 $ 37,264 $ 2,537 $ 15,051 $ 4,283 $ 2,446 $ 4,913 $ 4,378 $ — $ 179,928 Gross client cash inflows 3,728 1,040 307 4,714 2,162 865 2,651 524 652 305 1,037 — 17,985 Gross client cash outflows (8,025) (2,112) (6,730) (6,796) (2,901) (377) (1,202) (1,324) (675) (1,129) (330) — (31,601) Net client cash flows (1) (4,297) (1,072) (6,423) (2,082) (739) 488 1,449 (800) (23) (824) 707 — (13,616) Acquisitions (2) — — — — — — — — — — — 880 880 Realizations (3) — — — — — — — — — — — (58) (58) Artisan Funds’ distributions not reinvested (4) — — — (144) — — (211) — — — (10) — (365) Investment returns and other (5) 2,816 2,050 322 6,584 3,510 483 221 (191) 393 220 197 15 16,620 Ending AUM $ 29,778 $ 16,885 $ 1,779 $ 58,368 $ 40,035 $ 3,508 $ 16,510 $ 3,292 $ 2,816 $ 4,309 $ 5,272 $ 837 $ 183,389 Average AUM (6) $ 29,442 $ 16,988 $ 6,767 $ 55,570 $ 38,265 $ 3,076 $ 15,755 $ 3,599 $ 2,557 $ 4,452 $ 4,847 $ 880 $ 182,187 June 30, 2025 Beginning AUM $ 38,445 $ 12,934 $ 7,597 $ 44,295 $ 28,679 $ 1,552 $ 11,942 $ 4,100 $ 2,211 $ 6,544 $ 2,909 $ — $ 161,208 Gross client cash inflows 2,055 401 130 5,205 1,493 291 2,050 414 244 264 700 — 13,247 Gross client cash outflows (5,623) (1,597) (337) (3,869) (2,543) (130) (1,304) (412) (294) (1,717) (124) — (17,950) Net client cash flows (1) (3,568) (1,196) (207) 1,336 (1,050) 161 746 2 (50) (1,453) 576 — (4,703) Artisan Funds’ distributions not reinvested (4) — — — (125) — — (182) — — — (3) — (310) Investment returns and other (5) 1,871 3,423 375 5,365 5,277 334 590 682 379 765 289 — 19,350 Ending AUM $ 36,748 $ 15,161 $ 7,765 $ 50,871 $ 32,906 $ 2,047 $ 13,096 $ 4,784 $ 2,540 $ 5,856 $ 3,771 $ — $ 175,545 Average AUM $ 36,731 $ 13,994 $ 7,535 $ 47,765 $ 30,793 $ 1,692 $ 12,406 $ 4,371 $ 2,261 $ 5,890 $ 3,344 $ — $ 166,782 (1) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. (2) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. (3) Represents the distribution of realized proceeds from the disposition of assets. (4) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. (5) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. (6) For Grandview Property Partners, average assets under management is for the period beginning January 2, 2026, when the team was acquired. 32 Table of Contents The goal of our marketing, distribution and client services efforts is to establish and maintain a client base that is diversified by investment strategy, client type and distribution channel. As distribution channels have evolved to have more institutional-like decision-making processes and longer-term investment horizons, we have expanded our distribution efforts into those areas. The table below sets forth our AUM by distribution channel: As of June 30, 2026 As of June 30, 2025 $ in Millions % of Total $ in Millions % of Total Distribution Channel (1) (unaudited) (unaudited) Intermediated Wealth (2) $ 113,151 61.7 % $ 105,702 60.2 % Institutional (2) 70,238 38.3 % 69,843 39.8 % Ending Assets Under Management $ 183,389 100.0 % $ 175,545 100.0 % (1) The allocation of AUM by distribution channel involves the use of estimates and the exercise of judgment. (2) In the first quarter of 2025, we combined our intermediary and retail distribution channels, renamed the intermediated wealth channel, and recategorized certain client AUM to better reflect how management considers and utilizes this information in the management of the business. Our institutional channel includes AUM sourced from defined contribution plan clients, which made up approximately 7% of our total AUM as of June 30, 2026. 33 Table of Contents The following tables set forth the changes in our AUM by vehicle type: Three Months Ended Artisan Funds & Artisan Global Funds Separate Accounts and Other (1) Total June 30, 2026 (unaudited; in millions) Beginning assets under management $ 84,459 $ 88,522 $ 172,981 Gross client cash inflows 5,831 2,966 8,797 Gross client cash outflows (6,858) (12,438) (19,296) Net client cash flows (2) (1,027) (9,472) (10,499) Acquisitions (3) — — — Realizations (4) — (58) (58) Artisan Funds’ distributions not reinvested (5) (231) — (231) Investment returns and other (6) 10,274 10,922 21,196 Net transfers (7) (28) 28 — Ending assets under management $ 93,447 $ 89,942 $ 183,389 Average assets under management $ 90,469 $ 91,405 $ 181,874 June 30, 2025 Beginning assets under management $ 79,220 $ 83,170 $ 162,390 Gross client cash inflows 4,467 1,766 6,233 Gross client cash outflows (4,648) (3,448) (8,096) Net client cash flows (2) (181) (1,682) (1,863) Artisan Funds’ distributions not reinvested (5) (194) — (194) Investment returns and other (6) 6,781 8,431 15,212 Net transfers (7) — — — Ending assets under management $ 85,626 $ 89,919 $ 175,545 Average assets under management $ 81,406 $ 85,368 $ 166,774 (1) Separate accounts and other consists of AUM we manage in or through vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as certain assets managed by the Credit team within custom, investor-driven mandates and assets under advisement for certain strategies for which we provide model portfolios to managed account sponsors. (2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. (3) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. (4) Represents the distribution of realized proceeds from the disposition of assets. (5) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. (6) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. (7) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy, investment vehicle or account and into another strategy, vehicle or account. 34 Table of Contents Six Months Ended Artisan Funds & Artisan Global Funds Separate Accounts and Other (1) Total June 30, 2026 (unaudited; in millions) Beginning assets under management $ 87,875 $ 92,053 $ 179,928 Gross client cash inflows 12,184 5,801 17,985 Gross client cash outflows (14,282) (17,319) (31,601) Net client cash flows (2) (2,098) (11,518) (13,616) Acquisitions (3) — 880 880 Realizations (4) — (58) (58) Artisan Funds’ distributions not reinvested (5) (365) — (365) Investment returns and other (6) 8,063 8,557 16,620 Net transfers (7) (28) 28 — Ending assets under management $ 93,447 $ 89,942 $ 183,389 Average assets under management $ 89,853 $ 92,334 $ 182,187 June 30, 2025 Beginning assets under management $ 77,614 $ 83,594 $ 161,208 Gross client cash inflows 9,486 3,761 13,247 Gross client cash outflows (10,236) (7,714) (17,950) Net client cash flows (2) (750) (3,953) (4,703) Artisan Funds’ distributions not reinvested (5) (310) — (310) Investment returns and other (6) 9,099 10,251 19,350 Net transfers (7) (27) 27 — Ending assets under management $ 85,626 $ 89,919 $ 175,545 Average assets under management $ 80,938 $ 85,844 $ 166,782 (1) Separate accounts and other consists of AUM we manage in or through vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as certain assets managed by the Credit team within custom, investor-driven mandates and assets under advisement for certain strategies for which we provide model portfolios to managed account sponsors. (2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. (3) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. (4) Represents the distribution of realized proceeds from the disposition of assets. (5) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. (6) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. (7) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy, investment vehicle or account and into another strategy, vehicle or account. 35 Table of Contents The following tables set forth our AUM by asset class: Three Months Ended Equity (1) Credit (1) Alternative (1) Total June 30, 2026 (unaudited; in millions) Beginning assets under management $ 149,407 $ 18,398 $ 5,176 $ 172,981 Gross client cash inflows 6,729 1,328 740 8,797 Gross client cash outflows (18,242) (631) (423) (19,296) Net client cash flows (2) (11,513) 697 317 (10,499) Acquisitions (3) — — — — Realizations (4) — — (58) (58) Artisan Funds’ distributions not reinvested (5) (115) (111) (5) (231) Investment returns and other (6) 20,136 556 504 21,196 Ending assets under management $ 157,915 $ 19,540 $ 5,934 $ 183,389 Average assets under management $ 157,205 $ 19,040 $ 5,629 $ 181,874 June 30, 2025 Beginning assets under management $ 144,401 $ 14,586 $ 3,403 $ 162,390 Gross client cash inflows 4,726 1,221 286 6,233 Gross client cash outflows (7,058) (755) (283) (8,096) Net client cash flows (2) (2,332) 466 3 (1,863) Artisan Funds’ distributions not reinvested (5) (101) (92) (1) (194) Investment returns and other (6) 14,149 623 440 15,212 Ending assets under management $ 156,117 $ 15,583 $ 3,845 $ 175,545 Average assets under management $ 148,244 $ 14,908 $ 3,622 $ 166,774 (1) Equity includes the following investment strategies: U.S. Mid-Cap Growth, U.S. Small-Cap Growth, U.S. Mid-Cap Value, Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity, Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, Value Income and Franchise. Credit includes the following investment strategies: High Income, Floating Rate, Custom Credit Solutions, Emerging Markets Debt Opportunities and Emerging Markets Local Opportunities. Alternative includes the following investment strategies: Antero Peak, Antero Peak Hedge, Credit Opportunities, Global Unconstrained, Global Special Situations and Grandview Property Partners. (2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. (3) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. (4) Realizations represents the distribution of realized proceeds from the disposition of assets. (5) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. (6) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. 36 Table of Contents Six Months Ended Equity (1) Credit (1) Alternative (1) Total June 30, 2026 (unaudited; in millions) Beginning assets under management $ 158,018 $ 17,877 $ 4,033 $ 179,928 Gross client cash inflows 13,644 2,827 1,514 17,985 Gross client cash outflows (29,394) (1,311) (896) (31,601) Net client cash flows (2) (15,750) 1,516 618 (13,616) Acquisitions (3) — — 880 880 Realizations (4) — — (58) (58) Artisan Funds’ distributions not reinvested (5) (144) (213) (8) (365) Investment returns and other (6) 15,791 360 469 16,620 Ending assets under management $ 157,915 $ 19,540 $ 5,934 $ 183,389 Average assets under management $ 158,122 $ 18,684 $ 5,381 $ 182,187 June 30, 2025 Beginning assets under management $ 143,969 $ 13,877 $ 3,362 $ 161,208 Gross client cash inflows 10,226 2,432 589 13,247 Gross client cash outflows (16,044) (1,383) (523) (17,950) Net client cash flows (2) (5,818) 1,049 66 (4,703) Artisan Funds’ distributions not reinvested (5) (125) (183) (2) (310) Investment returns and other (6) 18,091 840 419 19,350 Ending assets under management $ 156,117 $ 15,583 $ 3,845 $ 175,545 Average assets under management $ 148,618 $ 14,590 $ 3,574 $ 166,782 (1) Equity includes the following investment strategies: U.S. Mid-Cap Growth, U.S. Small-Cap Growth, U.S. Mid-Cap Value, Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity, Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, Value Income and Franchise. Credit includes the following investment strategies: High Income, Floating Rate, Custom Credit Solutions, Emerging Markets Debt Opportunities and Emerging Markets Local Opportunities. Alternative includes the following investment strategies: Antero Peak, Antero Peak Hedge, Credit Opportunities, Global Unconstrained, Global Special Situations and Grandview Property Partners. (2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. (3) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. (4) Realizations represents the distribution of realized proceeds from the disposition of assets. (5) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. (6) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. 37 Table of Contents Results of Operations Three months ended June 30, 2026, compared to three months ended June 30, 2025 For the Three Months Ended June 30, For the Period-to-Period 2026 2025 $ % Statements of operations data: (unaudited; in millions, except share and per-share data) Revenues Management fees $ 307.7 $ 282.8 $ 24.9 9 % Performance fees 0.2 — 0.2 — % Total revenues 307.9 282.8 25.1 9 % Operating Expenses Total compensation and benefits 182.0 165.8 16.2 10 % Other operating expenses 41.3 37.2 4.1 11 % Total operating expenses 223.3 203.0 20.3 10 % Total operating income 84.6 79.8 4.8 6 % Non-operating income (expense) Interest expense (2.2) (2.1) (0.1) (5) % Other non-operating income (expense) 44.3 43.2 1.1 3 % Total non-operating income (expense) 42.1 41.1 1.0 2 % Income before income taxes 126.7 120.9 5.8 5 % Provision for income taxes 25.9 24.9 1.0 4 % Net income before noncontrolling interests 100.8 96.0 4.8 5 % Less: Noncontrolling interests - Artisan Partners Holdings 15.1 13.4 1.7 13 % Less: Noncontrolling interests - consolidated investment products 4.8 15.0 (10.2) (68) % Net income attributable to Artisan Partners Asset Management Inc. $ 80.9 $ 67.6 $ 13.3 20 % Share Data Basic earnings per share $ 1.11 $ 0.94 Diluted earnings per share $ 1.11 $ 0.94 Basic weighted average number of common shares outstanding 66,355,850 65,645,108 Diluted weighted average number of common shares outstanding 66,355,850 65,645,108 Investment Advisory Revenues Essentially all of our revenues consist of fees earned from managing clients’ assets. Investment advisory fees, which are comprised of management fees and performance fees (including incentive allocations), fluctuate based on a number of factors, including the total value of our AUM, the composition of AUM among investment vehicles and our investment strategies, changes in the investment management fee rates on our products, the extent to which we enter into fee arrangements that differ from our standard fee schedules, which can be affected by custom and the competitive landscape in the relevant market and, for the accounts on which we earn performance fees, the investment performance of those accounts. The different fee structures associated with Artisan Funds, Artisan Global Funds, and separate accounts and other vehicles, and the different fee schedules applicable to each of our investment strategies, make the composition of our AUM an important determinant of the investment management fees we earn. Historically, we have received higher effective rates of investment management fees from Artisan Funds and Artisan Global Funds than from traditional separate accounts reflecting, among other things, the different and broader array of services we provide to Artisan Funds and Artisan Global Funds. Our investment management fees also differ by investment strategy, with higher-capacity strategies having lower standard fee rates than strategies with more limited capacity. Certain separate account clients pay us fees based on the performance of their accounts relative to agreed-upon benchmarks, which typically results in a lower base fee but allows us to earn higher fees if the performance we achieve for that client is superior to the performance of the agreed-upon benchmark. We may also receive performance fees or incentive allocations from Artisan Private Funds. Approximately 4% of our $183.4 billion of AUM as of June 30, 2026 are subject to performance fee billing arrangements, of which substantially all performance fees are recognized in the fourth quarter. 38 Table of Contents The increase in revenues of $25.1 million, or 9%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was driven primarily by a $15.1 billion, or 9% increase in our average AUM. The weighted average fee rate, inclusive of performance fees, was 67.9 basis points for the three months ended June 30, 2026, compared to 68.1 basis points for the three months ended June 30, 2025. The following table sets forth investment advisory fees and the weighted average fee by investment vehicle. The weighted average fee rate for Artisan Funds and Artisan Global Funds reflects the additional services we provide to these pooled vehicles. Separate Accounts and Other (1) Artisan Funds and Artisan Global Funds For the Three Months Ended June 30, 2026 2025 2026 2025 (unaudited; dollars in millions) Investment advisory fees $ 109.9 $ 103.2 $ 198.0 $ 179.6 Weighted average fee (2) 48.2 bps 48.6 bps 87.9 bps 88.6 bps Percentage of ending AUM 49 % 51 % 51 % 49 % (1) Separate accounts and other consists of assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. (2) We compute our weighted average fee by dividing annualized investment advisory fees, inclusive of performance fees, by average AUM for the applicable period. Operating Expenses Compensation and Benefits For the Three Months Ended June 30, Period-to-Period 2026 2025 $ % (unaudited; in millions) Salaries, incentive compensation and benefits (1) $ 145.3 $ 136.5 $ 8.8 6 % Long-term incentive compensation awards 36.7 29.3 7.4 25 % Total compensation and benefits $ 182.0 $ 165.8 $ 16.2 10 % (1) Excluding long-term incentive compensation awards The increase in total compensation and benefits was primarily due to a $7.4 million increase in long-term incentive compensation largely driven by market valuation changes, a $4.5 million increase in incentive compensation primarily attributable to higher revenues and a $3.0 million increase in employee separation related costs including those associated with the wind down of the U.S. Value Team. Total compensation and benefits was 59% of our revenues for the three months ended June 30, 2026 and 2025. Other operating expenses Other operating expenses increased $4.1 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in general and administrative costs, most notably increases in professional fees. 39 Table of Contents Non-Operating Income (Expense) Non-operating income (expense) consisted of the following: For the Three Months Ended June 30, Period-to-Period 2026 2025 $ % (unaudited; in millions) Net investment gain (loss) of consolidated investment products $ 12.7 $ 22.7 $ (10.0) (44) % Net investment gain (loss) on nonconsolidated seed investments 1.4 2.7 (1.3) (48) % Net investment gain (loss) on nonconsolidated franchise capital investments 28.1 15.9 12.2 77 % Total net investment gain (loss) $ 42.2 $ 41.3 $ 0.9 2 % Interest expense (2.2) (2.1) (0.1) (5) % Interest income on cash and cash equivalents and other 2.3 1.9 0.4 21 % Change in fair value of contingent consideration (0.2) — (0.2) — % Total non-operating income (expense) $ 42.1 $ 41.1 $ 1.0 2 % Total net investment gain increased $0.9 million in aggregate for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, due to market conditions partially offset by a lower average invested balance during the 2026 period. Artisan's share of the $42.2 million total investment gains for the three months ended June 30, 2026 was comprised of $30.3 million of gains on investments to hedge compensation plans and $7.0 million of gains on seed investments. $4.9 million of the total investment gains for the three months ended June 30, 2026 were attributable to noncontrolling interests. Provision for Income Taxes The provision for income taxes primarily represents APAM’s U.S. federal, state and local income taxes on its allocable portion of Holdings’ income, as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate for the three months ended June 30, 2026 and 2025 was 20.4% and 20.6%, respectively. APAM’s effective income tax rate was less than the U.S. federal statutory rate of 21% as (i) the rate benefit attributable to the fact that, for the three months ended June 30, 2026, approximately 14% of Artisan Partners Holdings’ full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes and (ii) the rate benefit from tax deductible dividends paid on unvested restricted share-based awards, which was partially offset by the incremental impact to the rate from state and local taxes and limits on executive compensation. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes. Earnings Per Share Weighted average basic and diluted shares of Class A common stock outstanding were higher for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, as a result of equity award grants. See Note 13, “Earnings Per Share” in the Notes to the unaudited consolidated financial statements for discussion of earnings per share. 40 Table of Contents Six months ended June 30, 2026, compared to six months ended June 30, 2025 For the Six Months Ended June 30, Period-to-Period 2026 2025 $ % Statements of operations data: (unaudited; in millions, except share and per share data) Revenues Management fees $ 610.5 $ 559.9 $ 50.6 9 % Performance fees 0.4 — 0.4 — % Total revenues 610.9 559.9 51.0 9 % Operating Expenses Total compensation and benefits 350.7 321.0 29.7 9 % Other operating expenses 81.4 72.6 8.8 12 % Total operating expenses 432.1 393.6 38.5 10 % Total operating income 178.8 166.3 12.5 8 % Non-operating income (expense) Interest expense (4.3) (4.2) (0.1) (2) % Other non-operating income (expense) 38.6 56.1 (17.5) (31) % Total non-operating income (expense) 34.3 51.9 (17.6) (34) % Income before income taxes 213.1 218.2 (5.1) (2) % Provision for income taxes 44.7 44.9 (0.2) — % Net income before noncontrolling interests 168.4 173.3 (4.9) (3) % Less: Noncontrolling interests - Artisan Partners Holdings 26.2 25.3 0.9 4 % Less: Noncontrolling interests - consolidated investment products 3.3 19.3 (16.0) (83) % Net income attributable to Artisan Partners Asset Management Inc. $ 138.9 $ 128.7 $ 10.2 8 % Share Data Basic earnings per share $ 1.90 $ 1.78 Diluted earnings per share $ 1.90 $ 1.78 Basic weighted average number of common shares outstanding 66,241,557 65,509,947 Diluted weighted average number of common shares outstanding 66,241,557 65,509,947 Investment Advisory Revenues The increase in revenues of $51.0 million, or 9%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was driven primarily by a $15.4 billion, or 9%, increase in our average AUM. The weighted average fee rate, inclusive of performance fees, was 67.7 basis points for the six months ended June 30, 2026, compared to 67.8 basis points for the six months ended June 30, 2025. 41 Table of Contents The following table sets forth the investment advisory fees and the weighted average fee earned by investment vehicles. The weighted average fee rate for Artisan Funds and Artisan Global Funds reflects the additional services we provide to these pooled vehicles. Separate Accounts and Other (1) Artisan Funds and Artisan Global Funds For the Six Months Ended June 30, 2026 2025 2026 2025 (unaudited; dollars in millions) Investment advisory fees $ 220.0 $ 205.6 $ 390.9 $ 354.3 Weighted average fee (2) 48.1 bps 48.4 bps 87.8 bps 88.4 bps Percentage of ending AUM 49 % 51 % 51 % 49 % (1) Separate accounts and other consists of assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. (2) We compute our weighted average fee by dividing annualized investment advisory fees, inclusive of performance fees, by average AUM for the applicable period. Operating Expenses Compensation and Benefits For the Six Months Ended June 30, Period-to-Period 2026 2025 $ % (unaudited; in millions) Salaries, incentive compensation and benefits (1) $ 292.1 $ 270.5 $ 21.6 8 % Long-term incentive compensation awards 58.6 50.5 8.1 16 % Total compensation and benefits $ 350.7 $ 321.0 $ 29.7 9 % (1) Excluding long-term incentive compensation awards The increase in total compensation and benefits was primarily driven by a $13.3 million increase in incentive compensation largely driven by higher revenue, an $8.1 million increase in long-term incentive compensation including $4.3 million driven by market valuation changes, and a $3.6 million increase in employee separation related costs including those associated with the wind down of the U.S. Value Team. Total compensation and benefits was 57% of our revenues for the six months ended June 30, 2026, and 2025. Other operating expenses Other operating expenses increased $8.8 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase in general and administrative costs, most notably increases in professional fees. 42 Table of Contents Non-Operating Income (Expense) Non-operating income (expense) consisted of the following: For the Six Months Ended June 30, Period-to-Period 2026 2025 $ % (unaudited; in millions) Net investment gain (loss) of consolidated investment products $ 10.2 $ 29.8 $ (19.6) (66) % Net investment gain (loss) on nonconsolidated seed investments 2.7 4.4 (1.7) (39) % Net investment gain (loss) on nonconsolidated franchise capital investments 21.7 18.0 3.7 21 % Total net investment gain (loss) $ 34.6 $ 52.2 $ (17.6) (34) % Interest expense (4.3) (4.2) (0.1) (2) % Interest income on cash and cash equivalents and other 4.2 3.9 0.3 8 % Change in fair value of contingent consideration (0.2) — (0.2) — % Total non-operating income (expense) $ 34.3 $ 51.9 $ (17.6) (34) % Total net investment gain decreased $17.6 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to lower average invested balances during the 2026 period. Artisan's share of the $34.6 million total investment gains for the six months ended June 30, 2026, was comprised of $24.0 million of gains on investments to hedge compensation plans and $7.2 million of gains on seed investments. $3.4 million of the total investment gains for the six months ended June 30, 2026, were attributable to noncontrolling interests. Provision for Income Taxes The provision for income taxes primarily represents APAM’s U.S. federal, state and local income taxes on its allocable portion of Holdings’ income, as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate was 21.0% and 20.6% for the six months ended June 30, 2026 and 2025, respectively. Several factors contribute to APAM's effective income tax rate. For the six months ended June 30, 2026, the incremental impact of state and local taxes and limits on executive compensation was effectively offset by (i) a rate benefit attributable to the fact that approximately 14% of Artisan Partners Holdings' full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes and (ii) a rate benefit from tax deductible dividends paid on unvested restricted share-based awards. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes. Earnings Per Share Weighted average basic and diluted shares of Class A common stock outstanding were higher for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, as a result of Holdings’ unit exchanges and equity award grants. See Note 13, “Earnings Per Share” in the Notes to the unaudited consolidated financial statements for further discussion of earnings per share. 43 Table of Contents Supplemental Non-GAAP Financial Information Our management uses non-GAAP measures (referred to as “adjusted” measures) of net income to evaluate the profitability and efficiency of the underlying operations of our business and as a factor when considering net income available for distributions and dividends. These adjusted measures remove the impact of (1) net gain (loss) on the tax receivable agreements (if any), (2) compensation expense (reversal) related to market valuation changes in compensation plans, (3) net investment gain (loss) of investment products, (4) change in fair value of contingent consideration, (5) non-recurring expenses (if any) and (6) adjustments to deferred taxes as a result of the enactment of tax laws (if any). These adjusted measures also remove the non-operational complexities of our structure by adding back noncontrolling interests and assuming all income of Artisan Partners Holdings is allocated to APAM. Management believes these non-GAAP measures provide more meaningful information to analyze our profitability and efficiency between periods and over time. We have included these non-GAAP measures to provide investors with the same financial metrics used by management to manage the Company. Non-GAAP measures should be considered in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. Our non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures. Our non-GAAP measures are as follows: •Adjusted net income represents net income excluding the impact of (1) net gain (loss) on the tax receivable agreements (if any), (2) compensation expense (reversal) related to market valuation changes in compensation plans, (3) net investment gain (loss) of investment products, (4) change in fair value of contingent consideration, (5) non-recurring expenses (if any) and (6) adjustments to deferred taxes as a result of the enactment of tax laws (if any). Adjusted net income also reflects income taxes assuming the vesting of all unvested Class A share-based awards and as if all outstanding limited partnership units of Artisan Partners Holdings had been exchanged for Class A common stock of APAM on a one-for-one basis. Assuming full vesting and exchange, all income of Artisan Partners Holdings is treated as if it were allocated to APAM, and the adjusted provision for income taxes represents an estimate of income tax expense at an effective rate reflecting APAM’s current federal, state and local income statutory tax rates. The adjusted tax rate was 24.7% for all periods presented. •Adjusted net income per adjusted share is calculated by dividing adjusted net income by adjusted shares. The number of adjusted shares is derived by assuming the vesting of all unvested Class A share-based awards and the exchange of all outstanding limited partnership units of Artisan Partners Holdings for Class A common stock of APAM on a one-for-one basis. •Adjusted operating income represents the operating income of the consolidated company excluding compensation expense related to market valuation changes in compensation plans. •Adjusted operating margin is calculated by dividing adjusted operating income by total revenues. •Adjusted EBITDA represents adjusted net income before interest expense, income taxes, depreciation and amortization expense. Net gain (loss) on the tax receivable agreements represents the income (expense) associated with the change in estimate of amounts payable under the tax receivable agreements entered into in connection with APAM’s initial public offering and related reorganization. Compensation expense (reversal) related to market valuation changes in compensation plans represents the expense (income) associated with the change in the long-term incentive award liability resulting from investment returns of the underlying investment products. Because the compensation expense impact of the investment market exposure is economically hedged, management believes it is useful to reflect the expected net income offset in the calculation of adjusted operating income, adjusted net income, and adjusted EBITDA. The related investment gain (loss) on the underlying investments is included in the adjustment for net investment gain (loss) of investment products. Net investment gain (loss) of investment products represents the non-operating income (expense) related to the Company’s investments, in both consolidated sponsored investment products and nonconsolidated sponsored investment products, including investments in sponsored investment products held to economically hedge compensation plans. Excluding these non-operating market gains or losses on investments provides greater transparency to evaluate the profitability and efficiency of the underlying operations of the business. Interest income generated on cash and cash equivalents is considered part of normal operations, and therefore, is not excluded from adjusted net income. Change in fair value of contingent consideration represents the income (expense) associated with the change in fair value of acquisition-related contingent consideration. Non-recurring expenses (if any) represents non-recurring professional fees that are not reflective of core operations. Adjustments to income tax expense as a result of the enactment of tax laws (if any) relates to the remeasurement of deferred tax assets upon enactment. 44 Table of Contents The following table sets forth, for the periods indicated, a reconciliation from GAAP financial measures to non-GAAP measures: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Reconciliation of non-GAAP financial measures: (unaudited; in millions, except per share data) Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 80.9 $ 67.6 $ 138.9 $ 128.7 Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings 15.1 13.4 26.2 25.3 Add back: Provision for income taxes 25.9 24.9 44.7 44.9 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 16.8 9.8 16.8 12.3 Add back: Change in fair value of contingent consideration 0.2 — 0.2 — Add back: Net investment (gain) loss of investment products attributable to APAM (37.3) (26.1) (31.2) (32.6) Less: Adjusted provision for income taxes 25.1 22.1 48.3 44.1 Adjusted net income (Non-GAAP) $ 76.5 $ 67.5 $ 147.3 $ 134.5 Average shares outstanding Class A common shares 66.4 65.6 66.2 65.5 Assumed vesting or exchange of: Unvested Class A restricted share-based awards 5.2 5.4 5.2 5.4 Artisan Partners Holdings units outstanding (noncontrolling interests) 10.1 10.2 10.1 10.3 Adjusted shares 81.7 81.2 81.5 81.2 Basic earnings per share (GAAP) $ 1.11 $ 0.94 $ 1.90 $ 1.78 Diluted earnings per share (GAAP) $ 1.11 $ 0.94 $ 1.90 $ 1.78 Adjusted net income per adjusted share (Non-GAAP) $ 0.94 $ 0.83 $ 1.81 $ 1.66 Operating income (GAAP) $ 84.6 $ 79.8 $ 178.8 $ 166.3 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 16.8 9.8 16.8 12.3 Adjusted operating income (Non-GAAP) $ 101.4 $ 89.6 $ 195.6 $ 178.6 Operating margin (GAAP) 27.5 % 28.2 % 29.3 % 29.7 % Adjusted operating margin (Non-GAAP) 32.9 % 31.7 % 32.0 % 31.9 % Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 80.9 $ 67.6 $ 138.9 $ 128.7 Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings 15.1 13.4 26.2 25.3 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 16.8 9.8 16.8 12.3 Add back: Change in fair value of contingent consideration 0.2 — 0.2 — Add back: Net investment (gain) loss of investment products attributable to APAM (37.3) (26.1) (31.2) (32.6) Add back: Interest expense 2.2 2.1 4.3 4.2 Add back: Provision for income taxes 25.9 24.9 44.7 44.9 Add back: Depreciation and amortization 2.2 2.5 4.5 5.0 Adjusted EBITDA (Non-GAAP) $ 106.0 $ 94.2 $ 204.4 $ 187.8 45 Table of Contents Liquidity and Capital Resources Our working capital needs, including accrued incentive compensation payments, have been and are expected to be met primarily through cash generated by our operations. The assets and liabilities of consolidated investment products attributable to third-party investors do not impact our liquidity and capital resources. We have no right to the benefits from, nor do we bear the risks associated with, the assets and liabilities of consolidated investment products, beyond our direct equity investment and any investment advisory fees earned. Accordingly, assets and liabilities of consolidated investment products attributable to third-party investors are excluded from the amounts and discussions below. The following table shows our liquidity position as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 (unaudited; in millions) Cash and cash equivalents $ 334.5 $ 214.4 Accounts receivable 122.6 154.5 Seed investments (1) 96.2 151.6 Undrawn commitment on revolving credit facility 100.0 100.0 (1) Seed investments include Artisan’s direct equity investments in consolidated and nonconsolidated Artisan-sponsored investment products. The balance excludes $259.6 million and $219.4 million of hedge investments made related to long-term incentive compensation plans as of June 30, 2026 and December 31, 2025, respectively. We manage our cash balances in order to fund our day-to-day operations. We mitigate concentration risk through the diversification of financial institutions holding daily operating cash balances and by investing excess operating cash in various money market funds. $312.2 million of our cash and cash equivalents balance was invested in money market funds as of June 30, 2026. Accounts receivable primarily represent investment advisory fees that have been earned, but not yet received from our clients. We perform a review of our receivables on a monthly basis to assess collectability. As of June 30, 2026, none of our receivables were considered uncollectible. We utilize cash to make seed investments in Artisan-sponsored investment products to support the development of new investment strategies and vehicles. As of June 30, 2026, the balance of all seed investments, including investments in consolidated investment products, was $96.2 million. The seed investments are generally redeemable at our discretion, though subject to certain monthly or quarterly timing restrictions for certain Artisan Private Funds. We monitor for opportunities to redeem our seed investments as sufficient scale in each investment strategy, vehicle and class, as applicable, is achieved. During the six months ended June 30, 2026, we made investments of $50.6 million related to funded long-term incentive compensation plans. As of June 30, 2026, the value of investments held in connection with funded long-term incentive compensation plans was $259.6 million. Pursuant to the terms of the Grandview Property Partners acquisition agreement, we agreed to make up to $50 million of capital commitments across Grandview’s next two flagship funds. We expect our investment portfolio to continue to grow as we grant additional annual franchise capital awards and make additional seed capital investments in new strategies and vehicles to support our growth. We have $190 million in unsecured notes outstanding and a $100 million revolving credit facility with a five-year term ending in August 2027. The notes are comprised of three series, Series E, Series F and Series G, each with a balloon payment at maturity. The $100 million revolving credit facility was unused as of and for the six months ended June 30, 2026. The fixed interest rate on each series of unsecured notes is subject to a 100 basis point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received. These borrowings contain various covenants. Our failure to comply with any of the covenants could result in an event of default under the agreements, giving our lenders the ability to accelerate repayment of our obligations. We were in compliance with all debt covenants as of June 30, 2026. 46 Table of Contents Distributions and Dividends Artisan Partners Holdings’ distributions, including distributions to APAM for the three and six months ended June 30, 2026 and 2025, were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (unaudited, in millions) Holdings Partnership Distributions to Limited Partners $ 15.8 $ 15.8 $ 21.8 $ 22.2 Holdings Partnership Distributions to APAM 101.4 100.7 143.3 143.6 Total Holdings Partnership Distributions $ 117.2 $ 116.5 $ 165.1 $ 165.8 On July 28, 2026, we, acting as the general partner of Artisan Partners Holdings, declared a distribution of $59.1 million, payable by Artisan Partners Holdings to holders of its partnership units, including APAM. APAM declared and paid the following dividends per share during the three and six months ended June 30, 2026 and 2025: Type of Dividend Class of Stock For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Quarterly Class A Common $ 0.77 $ 0.68 $ 1.78 $ 1.52 Special Annual Class A Common $ — $ — $ 0.57 $ 0.50 Our board of directors declared, effective July 28, 2026, a variable quarterly dividend of $0.80 per share of Class A common stock with respect to the June quarter of 2026, payable on August 31, 2026 to stockholders of record as of the close of business on August 17, 2026. The variable quarterly dividend represents approximately 80% of the cash generated in the June quarter of 2026 and a pro-rata portion of 2026 tax savings related to our tax receivable agreements. Subject to Board approval each quarter, we currently expect to pay a quarterly dividend of approximately 80% of the cash the Company generates each quarter. We expect our quarterly cash generation to approximate adjusted net income plus long-term incentive compensation award expense, less cash reserved for future franchise capital awards, with additional adjustments made for certain other sources and uses of cash, including capital expenditures. After the end of the year, our Board will consider payment of a special dividend from the 20% withheld each quarter plus any discrete sources and uses of cash throughout the year, which may include gains realized upon seed capital redemptions and investments redeemed in connection with forfeited franchise capital awards. Tax Receivable Agreements (“TRAs”) In addition to funding our normal operations, we will be required to fund amounts payable under the TRAs that we entered into in connection with the IPO, which resulted in the recognition of a $275.0 million liability as of June 30, 2026. The liability generally represents 85% of the tax benefits APAM expects to realize as a result of the merger of an entity into APAM as part of the IPO Reorganization, our purchase of partnership units from limited partners of Holdings and the exchange of partnership units (for shares of Class A common stock or other consideration). The estimated liability assumes no material changes in the relevant tax law and that APAM earns sufficient taxable income to realize all tax benefits subject to the TRAs. An increase or decrease in future tax rates will increase or decrease, respectively, the expected tax benefits APAM would realize and the amounts payable under the TRAs. Changes in the estimate of expected tax benefits APAM would realize and the amounts payable under the TRAs as a result of change in tax rates have been and will be recorded in net income. The liability will increase upon future purchases or exchanges of limited partnership units with the increase representing amounts payable under the TRAs equal to 85% of the estimated future tax benefits, if any, resulting from such purchases or exchanges. We intend to fund the payment of amounts due under the TRAs out of the reduced tax payments that APAM realizes in respect of the tax attributes to which the TRAs relate. The actual increase in tax basis, as well as the amount and timing of any payments under these agreements, will vary depending upon a number of factors, including the timing of sales or exchanges by the holders of limited partnership units, the price of the Class A common stock at the time of such sales or exchanges, whether such sales or exchanges are taxable, the amount and timing of the taxable income APAM generates in the future and the tax rate then applicable and the portion of APAM’s payments under the TRAs constituting imputed interest or depreciable basis or amortizable basis. In certain cases, payments under the TRAs may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the TRAs. In such cases, we intend to fund those payments with cash on hand, although we may have to borrow funds depending on 47 Table of Contents the amount and timing of the payments. In fiscal 2026, we expect to make TRA payments totaling approximately $40.4 million, $30.3 million of which was paid during the quarter ended June 30, 2026. Cash Flows For the Six Months Ended June 30, 2026 2025 (unaudited; in millions) Cash and cash equivalents as of January 1 $ 255.5 $ 268.2 Net cash provided by operating activities 297.6 208.8 Net cash provided by (used in) investing activities 22.8 (5.5) Net cash used in financing activities (195.6) (122.9) Net cash impact of deconsolidation of consolidated investment products (29.7) (37.0) Cash and cash equivalents as of June 30 $ 350.6 $ 311.6 Net cash provided by operating activities increased $88.8 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to changes in working capital of $46.8 million and a $12.5 million increase in operating income. Additionally, there was a $32.1 million increase in net sale activity within our consolidated investment products. Investing activities consist of the purchase and sale of investment securities, the acquisition of property and equipment, leasehold improvements, and cash paid for business acquisitions. Net cash provided by investing activities increased $28.3 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to a $51.6 million increase in cash provided by the purchase and sale activity within seed investments during the six months ended June 30, 2026. This was offset by $22.5 million of cash paid in connection with the acquisition of Grandview in the current year. Financing activities consist primarily of dividend payments to holders of our Class A common stock, partnership distributions to noncontrolling interests, contributions to and distributions from consolidated investment products, and payments owed under the tax receivable agreements. Net cash used in financing activities increased $72.7 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Dividend and distribution payments increased by $24.2 million and investment subscriptions into consolidated investment products decreased by $51.8 million. These were slightly offset by a $4.5 million decrease in taxes paid related to employee net share settlements. During each of the six months ended June 30, 2026 and June 30, 2025, the Company determined that it no longer had a controlling financial interest in investment products that were previously consolidated and therefore deconsolidated those products. The deconsolidation resulted in a decrease in cash and cash equivalents of $29.7 million and $37.0 million during the six months ended June 30, 2026 and 2025, respectively. Certain Contractual Obligations As of June 30, 2026, there have been no material changes to our contractual obligations outside the ordinary course of business from those disclosed in the “Liquidity, Capital Resources and Contractual Obligations” section and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 20, 2026. As previously discussed in this report, the TRA liability decreased from $303.4 million at December 31, 2025 to $275.0 million at June 30, 2026. Amounts payable under the TRAs will increase upon exchanges of Holdings units for our Class A common stock or sales of Holdings units to us, with the increase representing 85% of the estimated future tax benefits, if any, resulting from such exchanges or sales and decrease when payments are made. The actual amount and timing of payments associated with our existing payable under the TRAs or future exchanges or sales, and associated tax benefits, will vary depending upon a number of factors as described under “Liquidity and Capital Resources.” As a result, the timing of payments by period is currently unknown. In fiscal 2026, we expect to make TRA payments totaling approximately $40.4 million, $30.3 million of which was paid during the quarter ended June 30, 2026. Critical Accounting Policies and Estimates There have been no updates to our critical accounting policies from those disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the year ended December 31, 2025. New or Revised Accounting Standards None. 48 Table of Contents