Coronation Fund Managers (CML) H1 2025 earnings summary

Executive summary

• Delivered strong financial results with record-high AUM of R676bn and resilient business performance amid global and local economic headwinds.

• Maintained a long-term, valuation-driven investment approach, generating multi-decade alpha and 92% of funds outperforming benchmarks since inception.

• Achieved 52% black ownership through a B-BBEE transaction, aligning with transformation goals and earning industry recognition.

• Outflows have moderated to 3% of average AUM but are expected to persist until South Africa's economic growth improves.

• Recognised as Emerging Markets Manager of the Year at the 2025 Pensions Age Awards.

Financial highlights

• Revenue increased 8% to R2.0bn for the six months ended 31 March 2025; fund management profit up 10% to R946m.

• Average AUM rose 9% to R677bn; closing AUM at R676bn, up 1% year-over-year.

• Fund management earnings per share (FMEPS) up 8% to 200.2cps; basic and diluted EPS at 205.1c, up 2% year-over-year.

• Interim dividend of 200.0cps declared, up from 185.0cps in the prior period.

• Operating expenses rose 7% to R1.15bn, reflecting investment in talent and technology.

Outlook and guidance

• Outflows expected to continue until significant economic growth returns to South Africa, driven by high interest rates, unemployment, and policy uncertainty.

• Management remains optimistic about opportunities amid global volatility, emphasizing long-term investment philosophy.

• Continued focus on expense management, operational resilience, and strategic investment to maintain market leadership.