Man Group Plc · LSE:EMG
Man — Man Group Plc New — H1 2026 Earnings Presentation
23 slides from Man's earnings presentation, Jul 28, 2026
Slide 1: Half year results 2026
Half year results 2026 Announced 28 July 2026 This document is intended as a shareholder update only and does not constitute a marketing communication. It is not intended to promote or solicit investment in any fund or financial product.
Slide 2: Business update
Business update Robyn Grew Chief Executive Officer © Man 2026 1
Slide 3: Strong growth highlights the benefits of diversification
Strong growth highlights the benefits of diversification Broad-based investment performance demonstrates the power of our diversified platform Significant client-led growth reflects our differentiated offering and status as a trusted partner to allocators Continued success across our strategic prior
Slide 4: Consistent alpha generation across the platform
Consistent alpha generation across the platform Sustained investment outperformance Broad-based strength in liquid alternative Long-term track record in active long-only Relative investment performance1 H1 2026 investment performance2 Relative investment performance (3 year)3 Relative Peer group ret
Slide 5: Differentiated offering drives continued client demand
Differentiated offering drives continued client demand Consistent market share gains Strong growth across channels Solutions remain a competitive advantage Relative net flows (%)1 Gross flows by channel ($bn) Customised AUM ($bn) 629 792 75.7 H1 2026 3.4% 19.3 2025 19.3% 45.6 43.9 2024 0.2% 41.1 36.
Slide 6: Financial results
Financial results Antoine Forterre Chief Financial Officer and Chief Operating Officer © Man 2026 5
Slide 7: Another strong period of financial performance
Another strong period of financial performance Financial highlights $253.6bn • Positive investment performance of $19.8 billion, 0.4%1 ahead of peers, driven by our long-only range Assets under management • Net inflows of $7.1 billion, 3.4%2 ahead of the industry $853m • Run-rate net management fees
Slide 8: $253.6 billion of assets under management
$253.6 billion of assets under management AUM, $bn AUM at Investment AUM at Dec-25 Net flows performance Other1 Jun-26 Liquid alternative 86.8 0.1 4.2 1.8 92.9 +3.4% Private market 17.1 0.7 0.6 (0.8) 17.6 Relative net flows2 Alternative 103.9 0.8 4.8 1.0 110.5 Long-only equity 90.0 1.5 13.9 (1.2) 10
Slide 9: $1,303 million of run-rate net management fees
$1,303 million of run-rate net management fees Net management fees (NMF) Actual core NMF, $m Run-rate NMF, $m $627m Core NMF in H1 2026 52 51 1,303 627 1,182 517 549 $1,303m 251 448 Run-rate NMF as at Jun-26 145 370 376 734 754 51bps Run-rate NMF margin H1 2025¹ H1 2026 Dec-25 Jun-26 Alternative Lon
Slide 10: $69.2 billion of performance fee eligible AUM
$69.2 billion of performance fee eligible AUM Core performance fees (PF) and performance fee eligible AUM Actual core PF, $m PF eligible AUM, $bn $207m Core PF in H1 2026 61% 77% 69.2 207 59.6 17.7 19 13.0 $53.3bn PF eligible AUM at HWM 188 51.5 67 46.6 35 c.$290m 32 PF accrued as at Jul-261 H1 2025
Slide 11: $297 million of core profit before tax
$297 million of core profit before tax Core profit before tax (PBT), $m Includes negative FX impact of $6m - 35% (46) Core PBT margin3 139 (41) 2 297 (13) 111 110 43% 146 Core MF PBT growth 16 186 130 46% H1 2025 Change in Change in Change in Change in H1 2026 Compensation ratio profit before tax ne
Slide 12: 105% growth in core earnings per share to 19.9 cents
105% growth in core earnings per share to 19.9 cents Core earnings per share (EPS), ¢ 12.4¢ Core MF EPS 24.0 19.9 18.7 17.1 14.9 6.1 7.5 46% 11.3 Core MF EPS growth (1 year) 8.9 9.7 11.0 12.4 7.4 9.1 8.7 8.5 11% H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Core MF EPS CAGR (5 year) Core MF EPS, ¢
Slide 13: $557 million of seed investments
$557 million of seed investments Net tangible assets and seed investments, $m 758 $18m Seed investments (gross) Core gains on investments 186 557 By style in H1 2026 152 137 Alternative 67% Long-only 33% $758m By asset class Net tangible assets 420 420 Liquid 79% Private 21% Net tangible assets Seed
Slide 14: Consistent returns to shareholders
Consistent returns to shareholders Capital returns and shares outstanding 42% of market cap as at 30 June 2026 5.7¢ Proposed interim dividend 1,402 1.9 H1 2026 1.8 1.5 1,288 1.2 $114m 0.9 1,178 Shareholder returns 1,160 1,136 H1 20261 1,119 0.5 25% H2 2021 2022 2023 2024 2025 H1 2026 Increase in ear
Slide 15: Strategy update
Strategy update Robyn Grew Chief Executive Officer © Man 2026 14
Slide 16: H1 2026 results are a powerful validation of our strategy
H1 2026 results are a powerful validation of our strategy Diversify our investment Extend our reach with clients Leverage our strengths in capabilities around the globe talent and technology Credit North America Capital Quant equity Insurance Operating platform Solutions Wealth Technology Continue t
Slide 17: Sustaining momentum in Credit
Sustaining momentum in Credit Diversify our investment capabilities • Delivered strong investment performance with Global High Yield and Global Investment Grade both top decile 1 Liquid credit • Launched new liquid credit strategies without balance sheet seed support reflecting client demand • Furth
Slide 18: Driving growth in North America
Driving growth in North America Extend our reach with clients around the globe Scaling our local footprint Expanding client relationships Increasing strategic contribution AUM and headcount in the region AUM from clients domiciled in the region ($bn) AUM by client domicile Dec-21 29% 71% 54 126 13.5
Slide 19: Using AI to deliver value for clients and shareholders
Using AI to deliver value for clients and shareholders Leverage our strengths in talent and technology Capitalising on our technology edge to deploy AI across firmwide workflows AI presents a Technology is in our Building a cutting-edge Equipping all our people Accelerating AI generational DNA. Quan
Slide 20: Diversification is delivering broad-based growth
Diversification is delivering broad-based growth Jun-23 Jun-26 CAGR Deepening client partnerships 5-year trailing net flows ($bn) 22.4 +32% 51.1 Driving platform scale AUM ($bn) 151.7 +19% 253.6 Diversifying our investment capabilities AUM in credit, quant equity and solutions ($bn) 82.4 +31% 184.6
Slide 21: Positioned for long-term success
Positioned for long-term success Entering the second half of 2026 with real momentum, a highly diversified business, and greater earnings potential Delivering active management capabilities that are increasingly valuable for navigating rising dispersion and market uncertainty Acting as a core strate
Slide 22: 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 21
Slide 23: 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