Man Group (EMG) H2 2025 earnings summary

Executive summary

• Ended 2025 with AUM of $227.6 billion, up nearly $60 billion year-over-year, driven by $21.4 billion positive investment performance and $28.7 billion net inflows, validating the diversified business strategy and global client relationships.

• Achieved record gross and net inflows, nearly 20% ahead of industry, and took market share for the sixth consecutive year.

• Diversification across strategies and geographies enabled resilience amid volatile markets and trend-following headwinds.

• Completed Bardin Hill acquisition, expanded credit capabilities, and launched new active ETFs.

• Maintained strong client engagement with over 16,000 meetings and record new client additions.

Financial highlights

• Net revenue reached almost $1.4 billion, including $281 million in performance fees, mostly from non-AHL strategies.

• Core profit before tax was $407 million; core management fee profit before tax was $294 million.

• Core earnings per share were $0.276; core management fee EPS was $0.196.

• Proposed final dividend of $0.115 per share, total dividend for the year $0.172, flat year-over-year.

• Net tangible assets stood at $723 million, including $173 million in cash and equivalents and $603 million in seed investments.

Outlook and guidance

• Moving to a core PBT margin range of 30%-40% from 2026, replacing fixed cost and comp ratio guidance.

• Median simulated performance fee outcome for 2026 is $471 million, up 35% from 2021.

• Entered 2026 with strong momentum, diversified earnings, and a supportive market environment for active management.

• Well positioned for an evolving landscape where active management is increasingly valuable.

• Confident in the ability to drive sustainable growth and deliver long-term value for shareholders.