Man Group Plc · LSE:EMG
Man — Man Group Plc New — FY2025 Earnings Presentation
28 slides from Man's earnings presentation, Feb 26, 2026
Slide 1: Full year results 2025
Full year results 2025 Announced 26 February 2026
Slide 2: Business update
Business update Robyn Grew Chief Executive Officer © Man 2026 1
Slide 3: 2025 proved the quality of our business and validated our strategy
2025 proved the quality of our business and served as a powerful validation of our strategy Strong investment performance and resilient earnings highlight the benefits of our increasingly diversified platform Record net flows reflect our differentiated offering and depth of our client relationships
Slide 4: Diversified investment platform delivered for our clients
Diversified investment platform delivered for our clients Trend-following recovered strongly Delivering across strategic priorities Sustained investment outperformance 2025 investment performance1 2025 investment performance2 2025 investment performance3 Absolute Relative Absolute Relative 10% Inv.
Slide 5: Record organic growth reflects the relevance of our offering
Record organic growth reflects the relevance of our offering Broad-based demand across regions Growing institutional reach Differentiated offering Gross flows by region ($bn) No. of institutional clients Customised AUM 48.3 $86.6bn non-customised AUM 23.3 13.1 19.7 16.3 694 670 769 62% 10.1 27.6 $14
Slide 6: Financial results
Financial results Antoine Forterre Chief Financial Officer © Man 2026 5
Slide 7: $407 million of core profit before tax
$407 million of core profit before tax Financial highlights $227.6bn • Positive investment performance of $21.4 billion, 1.3%1 ahead of peers Assets under management • Record net inflows of $28.7 billion, 19.3%2 ahead of the industry $1,398m • Core performance fees of $281 million despite challengin
Slide 8: $227.6 billion of assets under management
$227.6 billion of assets under management AUM, $bn AUM at Investment AUM at 31 Dec 2024 Net flows performance Other1 31 Dec 2025 Absolute return 45.3 (3.8) 0.9 0.1 42.5 +19.3% Total return Relative net flows2 41.5 (0.5) 1.7 3.9 46.6 Multi-manager 14.4 (1.5) 1.0 0.6 14.5 Alternative 101.2 (5.8) 3.6 4
Slide 9: New AUM reporting categories
New AUM reporting categories AUM, $bn AUM at Investment AUM at 31 Dec 2024 Net flows performance Other1 31 Dec 2025 Liquid alternative 86.6 (6.6) 3.4 3.4 86.8 Reflects the growth and evolution of our business Private market 14.8 0.8 0.2 1.3 17.1 Alternative 101.4 (5.8) 3.6 4.7 103.9 Long-only equity
Slide 10: $1,182 million of run-rate net management fees
$1,182 million of run-rate net management fees Actual and run-rate core net management fees (NMF) Actual, $m1 Run-rate, $m $1,077m Core NMF in 2025 63 52 1,182 1,097 1,077 1,058 $1,182m Run-rate NMF at Dec-25 52bps Run-rate NMF margin 2024 2025 2024 2025 NMF margin, bps © Man 2026 1. 2025 includes $
Slide 11: $59.6 billion of performance fee eligible AUM
$59.6 billion of performance fee eligible AUM Core performance fees (PF), core gains on investments and PF eligible AUM 569 779 180 310 281 60.2 57.9 59.6 $225m 56.7 Non-AHL PFs in 2025 51.2 17.6 11.8 8.3 13.0 5.8 $13.0bn 46.1 48.4 45.4 46.6 42.6 Long-only PF eligible AUM 2021 2022 2023 2024 2025 $3
Slide 12: Improved performance fee earnings potential
Improved performance fee earnings potential Next 12 month simulated performance fee probability distribution1 Frequency Dec-16: $162m Dec-21: $349m Dec-25: $471m $471m Median PF in 20262 +35% Increase since Dec-21 c.$350m 0 100 200 300 400 500 600 700 800 PF accrued as at Feb-263 Dec-16 Dec-21 Dec-2
Slide 13: $430 million of fixed cash costs
$430 million of fixed cash costs Core costs 2024 2025 Change Updated modelling Fixed compensation 264 273 3% framework: Core PBT margin3 will typically range Variable compensation 420 402 (4)% between 30% and 40%5, Other cash costs 148 157 6% varying based on the quantum and mix of revenue Asset ser
Slide 14: 19.6 cents of core management fee EPS
19.6 cents of core management fee EPS P&L 2024 2025 Change Net management fees 1,097 1,077 (2%) Core net revenue, $m Performance fees 310 281 (9%) $1,398m Core net revenue 1 Total 1,459 1,398 (4%) Management fees 323 294 (9%) Core PBT, $m Performance fees 150 113 (25%) $294m Total 473 407 (14%) Core
Slide 15: $603m of seed investments
$603m of seed investments Net tangible assets and seed investments at 31 December 2025, $m 723 80 Seed investments (gross) $723m 603 Net tangible assets By style 173 133 Alternative 74% Long-only 26% $173m By asset class Cash and cash equivalents1 470 470 Liquid markets 79% Private market 21% Net ta
Slide 16: Disciplined capital allocation policy
Disciplined capital allocation policy Categories Policy 2025 amount Dividend Progressive policy targeting DPS growth in line with earnings over the cycle Dividends: ~$200m payout Organic Capex: ~$40m Deployment of capital to support product development and technological innovation initiatives Net ch
Slide 17: Consistent returns to shareholders
Consistent returns to shareholders Capital returns and shares outstanding 52% of market cap as at 31 December 2025 1.8 17.2¢ Proposed final dividend 1.6 2025 1.3 1,402 1.0 1,288 $293m Shareholder returns 0.5 1,178 20251 1,160 1,136 23% 2021 2022 2023 2024 2025 Increase in earnings participation2 Cum
Slide 18: Strategy update
Strategy update Robyn Grew Chief Executive Officer © Man 2026 17
Slide 19: The benefits of a more diversified business are clear
The benefits of a more diversified business are clear New capabilities maintain Greater scale drives Increased earnings potential and relevance with clients operating leverage value creation for shareholders Correlation1 AUM ($bn) Core performance fees Quant Trend- Disc. liquid 1783 equity 779 2021-
Slide 20: Our strategy targets diversification and growth
Our strategy targets diversification and growth Diversify our investment Extend our reach with clients Leverage our strengths in capabilities around the globe talent and technology Credit North America Capital Quant equity Insurance Operating platform Solutions Wealth Technology Continue to invest i
Slide 21: We have made significant progress over the past two years
We have made significant progress over the past two years Diversify our investment capabilities $53.1bn AUM following strong organic growth in liquid credit and acquisition in private credit Credit • Continued product development efforts; launched new active ETFs and refreshed CLO platform • Acquire
Slide 22: We have made significant progress: extend our reach with clients
We have made significant progress over the past two years Extend our reach with clients around the globe North America: record flows Wealth: record flows Insurance: foundations laid North America gross flows ($bn) Wealth gross flows ($bn) Meiji Yasuda strategic 10.1 13.1 19.7 10.1 14.8 19.3 partners
Slide 23: We have made significant progress: talent and technology
We have made significant progress over the past two years Leverage our strengths in talent and technology Easier to navigate operating platform Forefront of AI technology Nimble capital allocators Reorganised investment teams Partnership to accelerate AI development Seed book recycled Systematic par
Slide 24: We enter 2026 with a stronger business
We enter 2026 with a stronger business A more diversified, resilient firm with good momentum Maintained our $86.8bn Enhanced our private Delivered 4.9% alpha Increased PF eligible Took action to ensure liquid alternative market capabilities, with and 84% growth in the AUM to $59.6bn, of cost and cap
Slide 25: We are well positioned to capture the opportunities ahead
We are well positioned to capture the opportunities ahead Rich environment for Growing allocations to Greater demand for customisation and alpha generation Man Group strategies strategic partnerships Dispersion of S&P 500, 2010-20251 2026 net allocation plans2 Capital allocated via SMA3 14% 12% 10%
Slide 26: We are confident in our ability to drive sustainable growth
We are confident in our ability to drive sustainable growth Entering 2026 with a more diversified business, strong momentum and greater performance fee optionality Well positioned for an evolving landscape where active management is increasingly valuable Relationship-driven approach and solutions ca
Slide 27: Q&A
Q&A Additional resources, including a data pack with financial information and modelling guidance, can be found on our website: www.man.com/shareholder-relations Karan Shirgaokar +44 20 7144 1434 shareholder.relations@man.com © Man 2026 26
Slide 28: Disclosures and other important information
Disclosures and other important information This document is not intended to, and does not constitute, or form part of, an offer This document is being distributed in the United Kingdom only to those (a) who have to sell or an invitation to purchase or subscribe for any securities, or a solicitation