Jupiter Fund Management Plc · LSE:JUP
Jupiter Fund Management — FY2025 Earnings Presentation
29 slides from Jupiter Fund Management's earnings presentation, February 2026
Slide 1: Full Year Results 2025
JUPITER FUND MANAGEMENT PLC Full Year Results 2025 February 2026
Slide 2: Matthew Beesley, Chief Executive Officer
MATTHEW BEESLEY CHIEF EXECUTIVE OFFICER
Slide 3: Disciplined focus driving positive momentum
Disciplined focus driving positive momentum Management actions driving AUM (2025: £54.0bn) ↑19% strategic progress and positive flows ↑18% Many leading indicators Net revenue moving in the right direction (2025: £431m) Strong position moving ↑42% into 2026 and beyond Underlying PBT1 (2025: £138m) 1.
Slide 4: Improvement in investment performance across all periods
Improvement in investment performance across all periods One year Three years Five years 4% 5% 11% 16% 68% 28% 15% 84% 48% 9% 75% above median above median above median (2024: 42%) 62% (2024: 61%) 13% (2024: 58%) 69% 20% 1st quartile 2nd quartile 3rd quartile 4th quartile Performance figures show mu
Slide 5: Very strong gross flows
Very strong gross flows Gross inflows (£bn) 20 £16.9bn 15 10 5 0 2021 2022 2023 2024 2025 Retail, Wholesale & Inv. Trusts Institutional ● Strong gross inflows across both channels ● All regions increased gross inflows from prior year 4
Slide 6: Very strong gross flows with positive net flows across both channels
Very strong gross flows…with positive net flows across both channels Gross inflows (£bn) Net flows (£bn) 20 2 £1.3bn £16.9bn 0 15 -2 10 -4 -6 5 -8 0 -10 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Retail, Wholesale & Inv. Trusts Institutional Retail, Wholesale & Inv. Trusts Institutional ● Str
Slide 7: A diversified business with growth across most capabilities
A diversified business with growth across most capabilities £bn AUM AUM ∆ Net flows 13% 13% UK equities 6.9 + 21% 0.2 6% European equities 3.2 + 1% (0.4) 12% Global equities 7.8 + 67% 1.2 14% Systematic equities 16.2 + 64% 4.0 Asian and EM equities 6.2 (6)% (1.0) 12% Multi-manager 6.7 + 4% (0.7) Fix
Slide 8: CCLA joining the Jupiter group
CCLA joining the Jupiter group Liquidity, 6% Multi-asset, Market leading in non-profit 13% client channel 10% 22% 5% Real estate, 2% 11% Complementary investment expertise Global 10% equities, 1% 10% 23% Compelling financial 9% rationale UK equities European equities Global equities Systematic equit
Slide 9: Wayne Mepham, Chief Financial and Operating Officer
WAYNE MEPHAM CHIEF FINANCIAL AND OPERATING OFFICER
Slide 10: Good performance across key metrics
Good performance across key metrics Net revenue ex pfees £310.7m (2024: £332.9m) Performance fees £120.3m Average AUM (2024: £50.7bn) £48.1bn (2024: £31.2m) Underlying profit before tax £138.3m Cost:income ratio 82% (2024: £97.5m) Underlying EPS 19.4p (2024: 78%) (2024: 13.4p) Ordinary dividend 4.4p
Slide 11: Movement in AUM
Movement in AUM… £bn 7.4 3.4 1.3 (10.3) 52.2 54.0 45.3 2024 Net flows Markets 2024 Net flows Markets 2025 opening AUM closing AUM closing AUM £54.0bn closing up 19% AUM £48.1bn average down 5% AUM 10
Slide 12: Net revenues excluding performance fees of £311m
Net revenues excluding performance fees of £311m £m 120.3 2.9 (25.1) 431.0 332.9 310.7 2024 revenue Net flows Markets & other 2025 revenue 2025 2025 revenue (ex-pfees) (ex-pfees) performance fees 65bps £120m FY 2025 net man. fee Performance fees margin (2024: £31m) (2024: 66bps1) 1. Re-presented 11
Slide 13: Effective and strategic cost management
Effective and strategic cost management Expenses (£m) Staff costs1 2025 200.8 2024 163.7 2023 157.3 £15m Initial cost savings target ahead of schedule4 – ex. performance fees 156.6 151.0 150.9 – performance fee related 44.2 12.7 6.4 Non-compensation costs 98.9 109.5 107.3 Total expenses1 299.7 273.2
Slide 14: Compelling financial rationale to CCLA acquisition
Compelling financial rationale to CCLA acquisition AUM Net man. fee margin at completion at completion £15bn 43bps Expected synergies1 Costs to achieve2 £4m in 2026 Net of tax £16m £17m 1. Initial target for run-rate cost synergies on a fully integrated basis per annum, expected to be fully realised
Slide 15: Maintaining a strong capital position
Maintaining a strong capital position Regulatory capital (£m) 2 Feb 20261 31 Dec 2024 ● Regulatory capital more than 2.5x requirement Available resources 365 324 Final ordinary dividend (12) (12) ● 4.4p per share total ordinary dividend Special dividend (30) - ● 5.7p per share special dividend and £
Slide 16: An improved outlook with positive momentum
An improved outlook with positive momentum Direct management actions driving growth opportunities Cost savings to be delivered ahead of schedule Material improvement in AUM leaves us well positioned into 2026 15
Slide 17: Matthew Beesley, Chief Executive Officer
MATTHEW BEESLEY CHIEF EXECUTIVE OFFICER
Slide 18: Increase scale, decrease undue complexity, broaden our appeal, deepen relationships
INCREASE DECREASE BROADEN DEEPEN SCALE UNDUE OUR APPEAL RELATIONSHIPS COMPLEXITY TO CLIENTS WITH ALL STAKEHOLDERS - Material increase in - Ahead of schedule on - Brand new non-profit - Record employee AUM latest cost savings client channel engagement score - Acquisitions of CCLA - Middle and back of
Slide 19: Building on positive momentum
Building on positive momentum Significant strategic progress Positive leading indicators build optimism Growth opportunities against an improving backdrop 18
Slide 20: Questions
QUESTIONS JUPITER FUND MANAGEMENT PLC
Slide 21: Appendix
APPENDIX JUPITER
Slide 22: Larger mutual funds performing well
Larger mutual funds performing well 3-year performance: Equities Fixed Income Multi-Asset Alternatives 5-year performance: Equities Fixed Income Multi-Asset Alternatives AUM at AUM at 4th 3rd 2nd 1st Dec 2025 Dec 2024 Quartile Quartile Quartile Quartile Global Equity Absolute Return £6.2bn £2.2bn Dy
Slide 23: Strategies with potential performance fees
Strategies with potential performance fees Illustrative example AUM of all share classes Earned Strategies with performance fee with performance fee Performance Performance performance High Water vs. Benchmark/Hurdle potential potential Share class Share class NAV fee rate fee at 31/12/25 (£m) Mark
Slide 24: Long-term incentive compensation
Long-term incentive compensation Amount remaining £m to expense 20261 2027 2028 2029 In relation to 2022 performance fees 0.1 0.1 - - - In relation to 2023 performance fees 0.6 0.5 0.1 - - In relation to 2024 performance fees 3.9 2.5 1.2 0.2 - In relation to 2025 performance fees 25.1 12.4 8.2 3.8 0
Slide 25: Non-compensation costs
Non-compensation costs (£m) 2025 2024 2023 AUM-related costs 51 52 48 Infrastructure 34 40 40 Other 14 17 19 Total non-compensation costs 99 109 107 24
Slide 26: Proactive seeding portfolio
Proactive seeding portfolio Seed size and length of investment Merlin Moderate Select 100% GOVE 80% Systematic Funds % of fund held 60% 40% 20% GEARx 0% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Time since investment (years) Total seed portfolio at market value as of 31 December 2025 is £73m 25
Slide 27: Management expectations for 2026
Management expectations for 2026 Jupiter ex CCLA 2026 Net management fee margin 63bps 1 Total compensation ratio (before performance fees) 48% Non-compensation costs £106m CCLA 11 months of cost Synergies Compensation costs £32m £(3.8)m £28m Non-compensation costs £20m £(0.6)m £19m Jupiter Group Exc
Slide 28: Forward looking statements
Forward looking statements This presentation may contain certain “forward-looking statements” with respect to certain plans of Jupiter Fund Management plc (Jupiter) and its current goals and expectations relating to its future financial condition, performance, operations, results, business, strategy
Slide 29: Jupiter Fund Management plc
Jupiter Fund Management plc The Zig Zag Building, 70 Victoria Street London, SW1E 6SQ, United Kingdom T: +44 (0)20 3817 1000 F: +44 (0)20 3817 1820 @jupiterAM_UK Jupiter Asset Management Jupiteram.com
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