Coronation Fund Managers (CML) H2 2025 earnings summary

Executive summary

• Achieved excellent financial results for FY2025, with strong asset growth and outperformance across global and domestic fund ranges amid a volatile environment.

• Maintains a compelling 32-year track record, managing approximately US$44 billion globally, with a focus on client-first service and judicious cost management.

• Recognized as the largest independent majority black-owned asset manager in South Africa, with significant progress in transformation and inclusion.

Financial highlights

• Average AUM increased 12% to R705bn; closing AUM reached a record R761bn, up 14% year-over-year.

• Revenue rose 10% to R4.3bn; fund management earnings per share (FMEPS) up 12% to 452.2cps.

• Final dividend increased 11% to 254cps; total ordinary dividend for the year at 454cps.

• Total operating expenses up 4% to R2.3bn; cost-to-income ratio improved to 52.9% from 56.6%.

• Net fee margin remained resilient at 60bps despite industry fee pressures.

Outlook and guidance

• Confidence in economic growth is improving, but structural headwinds in South Africa persist.

• Local investment industry faces pressure from global entrants, skills shortages, regulatory changes, and cost pressures.

• Active managers continue to face challenges from low growth, passive alternatives, and net outflows.