Man Group Plc · LSE:EMG
Man — Man Group Plc New — H1 2025 Earnings Presentation
27 slides from Man's earnings presentation, Jul 30, 2025
Slide 1: Half year results 2025
Half year results 2025 Announced 30 July 2025
Slide 2: Business update
Business update Robyn Grew Chief Executive Officer © Man 2025 1
Slide 3: H1 2025 results underscore the value of diversification
H1 2025 results underscore the value of diversification Overview Strong net inflows demonstrate the benefits of our diversified investment strategies and solutions $193.3bn • Record net inflows of $17.6 billion, 11.5%1 ahead of the industry Assets under management • Positive investment performance o
Slide 4: Strong outperformance from long-only strategies in a challenging market environment for trend-following
Strong outperformance from long-only strategies in a challenging market environment for trend-following Investment performance Absolute Relative1 Selected strategies2 • 1783: +6.0% Alternative $(3.7)bn -4.0% $(3.4)bn -4.7% • Evolution: -10.4% • Alternative Risk Premia: +4.2% • Global Core: +4.0% Lon
Slide 5: Trend-following strategies have a valuable role to play in allocators' portfolios
Trend-following strategies have a valuable role to play in allocators' portfolios Exceptionally volatile market conditions have resulted in an The intrinsic properties of trend-following strategies make abnormally high frequency of monthly returns in the left tail them highly relevant in today’s env
Slide 6: Record net inflows highlight deepening client trust in Man Group's range of capabilities
Record net inflows highlight deepening client trust in Man Group’s range of capabilities Net flows H1 2024 H1 2025 Key drivers • $1.5 billion of net outflows from absolute return, reflecting a challenging market environment for trend following strategies Alternative $(2.6)bn $(3.5)bn • $1.3 billion
Slide 7: Broad-based client demand highlights the need for differentiated liquid solutions
Broad-based client demand highlights the need for differentiated liquid solutions Gross flows by region ($bn) Gross flows by channel ($bn) Gross flows by category ($bn) 2023 – H1 2025 2023 – H1 2025 2023 – H1 2025 32.1 31.6 29.1 27.6 26.3 23.3 20.1 18.4 17.6 13.1 14.8 10.1 16.3 8.7 10.1 7.5 8.5 9.0
Slide 8: Positioned for sustained future growth
Positioned for sustained future growth Our solutions-oriented approach is increasingly valuable to clients as they navigate today's complex market environment We continue to deliver strong investment performance across several investment capabilities (e.g. 1783, credit, quant equity) Recent trend-fo
Slide 9: Financial results
Financial results Antoine Forterre Chief Financial Officer © Man 2025 8
Slide 10: $146 million of core profit before tax
$146 million of core profit before tax Financial highlights • Core net management fee revenue of $517 million, 6% lower than H1 2024 $604m • Core performance fees of $67 million demonstrate continued progress in diversifying the business Core net revenue • Core gains on investments of $19 million •
Slide 11: $193.3 billion of assets under management
$193.3 billion of assets under management AUM, $bn AUM at Investment AUM at 31 Dec 2024 Net flows performance Other1 30 Jun 2025 Absolute return 45.3 (1.5) (3.1) (1.0) 39.7 $2.5bn Total return Investment performance 41.5 (0.7) (0.6) 0.9 41.1 Multi-manager 14.4 (1.3) 0.0 0.0 13.1 Alternative 101.2 (3
Slide 12: $1,055 million of run-rate net management fees
$1,055 million of run-rate net management fees Actual and run-rate core net management fees (NMF) Actuals, $m1 Run-rate, $m (six months to) $517m Core NMF in H1 2025 63 55 551 517 1,058 1,055 -4bps owing to the $13.2bn subscription into systematic long-only $1,055m Run-rate NMF at Jun-25 55bps Run-r
Slide 13: $51.8 billion of performance fee eligible AUM
$51.8 billion of performance fee eligible AUM Core performance fees (PF), core gains on investments and PF eligible AUM 284 404 32 170 67 62.2 62.1 $51.8bn 57.1 54.4 PF eligible AUM 12.7 14.5 51.8 5.6 17.3 10.6 $17.3bn 49.5 47.6 48.8 39.8 41.2 AUM at high-water mark H1 2021 H1 2022 H1 2023 H1 2024 H
Slide 14: $222 million of fixed cash costs
$222 million of fixed cash costs Core costs, $m H1 2024 H1 2025 Change Fixed compensation 134 141 5% Variable compensation 224 161 (28)% 50% Compensation ratio Other cash costs 68 81 19% Core costs Asset servicing 33 35 6% D&A 25 29 16% Other 1 20 11 (45)% 24% Total 504 458 (9)% Core PBT margin3 Fix
Slide 15: Core management fee EPS of 8.5 cents
Core management fee EPS of 8.5 cents Income statement, $m H1 2024 H1 2025 Change Net management fees 551 517 (6)% Core net revenue Performance fees 170 67 (61)% $604m Core net revenue 1 Total 761 604 (21)% Management fees 163 130 (20)% Core PBT Performance fees 94 16 (83)% $130m Total 257 146 (43)%
Slide 16: Taking action in this environment
Taking action in this environment Streamlined • Reviewing team structures and accelerating nearshoring plans organisational structure • Deprioritising non-core initiatives that have limited potential or near-term impact • Actions taken above allow us to protect and retain high-performing talent Rigo
Slide 17: $677m of seed investments across liquid and private markets
$677m of seed investments across liquid and private markets Net tangible assets and seed investments at 30 June 2025, $m 674 677 59 $674m 188 Net tangible assets 126 By style Alternative 79% Long-only 21% $126m 489 489 By asset class Cash and cash equivalents1 Liquid markets 78% Private markets 22%
Slide 18: Consistent capital returns to shareholders
Consistent capital returns to shareholders Interim dividend and shares outstanding 73% of market cap as at 30 June 2025 2.0 5.7¢ 1,454 1.8 Proposed interim dividend 1,402 H1 2025 1.6 1.2 $165m 1,288 0.8 1,178 Shareholder returns 1,160 1,148 H1 20251 0.3 27% 2020 2021 2022 2023 2024 H1 2025 Increase
Slide 19: Strategy update
Strategy update Robyn Grew Chief Executive Officer © Man 2025 18
Slide 20: Another period of significant progress against our multi-year strategic priorities
Another period of significant progress against our multi-year strategic priorities 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 Wea
Slide 21: Continued growth of our credit business, which is now a cornerstone of the firm
Continued growth of our credit business, which is now a cornerstone of the firm Credit AUM of $14.7bn at 30 June 2023 2.9x growth (organic and inorganic) to $42.7bn1 at 30 June 2025 Liquid Credit Private Credit $27.2bn $14.4bn Liquid Credit Private Credit $9.4bn $4.4bn Investment Grade & HY & Credit
Slide 22: The acquisition of Bardin Hill enhances our opportunistic and performing credit capabilities
The acquisition of Bardin Hill enhances our opportunistic and performing credit capabilities Expands private • $2bn1 opportunistic credit platform focused on US distressed, special sits and non-sponsor backed lending credit capabilities • High-quality investment process that is complementary to our
Slide 23: A differentiated long-only quant equity capability with a clear value proposition
A differentiated long-only quant equity capability with a clear value proposition Track-record of delivering alpha Scalable for large institutional clients Significant operating leverage Net relative return1 3 month Global 3.2% Europe 5.2% EM 2.3% $13.2bn 53 52 56 61.3 subscription into systematic l
Slide 24: Investing in our technology platform to drive faster growth and increase operating leverage
Investing in our technology platform to drive faster growth and increase operating leverage Advanced technology platform Committed to extending our edge 10+ years of expertise in AI $130m+ $8tn+ notional volume IdeaGPT 900+ markets traded $100m+ ~25m orders executed AI Agent 200+ datasets onboarded
Slide 25: Confidence in the quality of our business and our ability to deliver for clients and shareholders
Confidence in the quality of our business and our ability to deliver for clients and shareholders Global alternative investment management firm focused on pursuing outperformance for clients Competitive edge from combining exceptional talent and market-leading technology Track record of delivering s
Slide 26: 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 (0)20 7144 1000 shareholder.relations@man.com © Man 2025 25
Slide 27: 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