Jupiter Fund Management Plc · LSE:JUP
Jupiter Fund Management — H1 2025 Earnings Presentation
28 slides from Jupiter Fund Management's earnings presentation, July 2025
Slide 1: Jupiter Fund Management Plc Interim Results 2025
JUPITER FUND MANAGEMENT PLC INTERIM RESULTS 2025 July 2025
Slide 2: Matthew Beesley, Chief Executive Officer
MATTHEW BEESLEY CHIEF EXECUTIVE OFFICER
Slide 3: Strong start to 2025 with growing momentum
Strong start to 2025 with growing momentum Client sentiment improving across both channels Resolute focus on driving efficiencies Material progress on strategic execution 2
Slide 4: Good performance across key metrics
Good performance across key metrics Net revenue £153.9m (H1 2024: £173.7m) £125.4m Net flows (H1 2024: £(3.4)bn) £(0.2)bn Operating costs1 (H1 2024: £129.1m) Underlying profit £30.4m AUM before tax (H1 2024: £47.9m) (30 Jun 2024: £51.3bn) £47.1bn Underlying EPS 4.2p (H1 2024: 6.6p) Investment Ordina
Slide 5: Improving investment performance across all periods
Improving investment performance across all periods Three-year mutual fund performance 1 year 16% (55% top quartile) (31 Dec 2024: 42%) 62% 64% 48% 20% above median 68% (31 Dec 24: 61%) 5 years (50% top quartile) (31 Dec 2024: 58%) 16% 1st quartile 2nd quartile 3rd quartile 4th quartile Performance
Slide 6: Normalised gross flows
Normalised gross flows Gross inflows (£bn) 10 £7.4bn 8 6 4 2 0 H1 23 H2 23 H1 24 H2 24 H1 25 Retail, Wholesale & Inv. Trusts Institutional ● Gross flows again improved to a normalised level ● Driven by a pick up in fundings through the Institutional channel 5
Slide 7: Normalised gross flows…with improvement in net flows
Normalised gross flows…with improvement in net flows Gross inflows (£bn) Net flows (£bn) 10 2 £7.4bn 0 8 -2 6 £(0.2)bn -4 4 -6 2 -8 0 -10 H1 23 H2 23 H1 24 H2 24 H1 25 H1 23 H2 23 H1 24 H2 24 H1 25 Retail, Wholesale & Inv. Trusts Institutional Retail, Wholesale & Inv. Trusts Institutional ● Gross fl
Slide 8: Systematic and global equities driving inflows
Systematic and global equities driving inflows £bn AUM Net flows 16% 12% UK equities 5.9 (0.4) 7% European equities 3.1 (0.3) Global equities 6.1 1.0 13% 13% Systematic equities 12.4 2.0 Asian and EM equities 5.9 (0.8) 13% Multi-manager 6.3 (0.3) Fixed Income 7.4 (1.4) 26% 47.1 (0.2) 7
Slide 9: Wayne Mepham, Chief Financial and Operating Officer
WAYNE MEPHAM CHIEF FINANCIAL AND OPERATING OFFICER
Slide 10: Movements in underlying profit before tax
Movements in underlying profit before tax £m 32.4 12.7 1.2 30.4 29.2 (1.4) 27.5 (2.9) (14.5) H2 24 underlying Revenue Costs Other 1 H1 25 underlying H1 25 H1 25 Exceptional items H1 25 PBT (ex pfees) PBT (ex pfees) performance underlying PBT statutory PBT fee impact 1. Other includes gains/(losses)
Slide 11: Movement in AUM
Movement in AUM… …June 2025 closing AUM up 4% over December 2024 closing at £47.1bn £bn 0.9 2.0 (6.9) (0.2) 51.3 45.3 47.1 June 2024 Net flows Markets 2024 Net flows Markets June 2025 closing AUM closing AUM closing AUM £49.6bn H2 2024 average AUM £45.7bn H1 2025 average AUM 10
Slide 12: Net revenues excluding performance fees of £149m
Net revenues excluding performance fees of £149m £m 0.2 5.3 (14.7) 163.1 153.9 148.6 H2 2024 revenue Net flows Markets & other H1 2025 revenue H1 2025 H1 2025 revenue (ex-pfees) (ex-pfees) performance fees 66bps H1 2025 net man. fee margin (H2 2024: 65bps) £5m H1 2025 performance fees (H2 2024: £27m
Slide 13: Disciplined and effective cost management
Disciplined and effective cost management Expenses (£m) H1 2025 H2 2024 H1 2024 £15m Cost savings by the end of 2026 4 Staff costs1 77.6 83.9 79.8 – performance fee related 4.1 10.1 2.6 Non-compensation costs1 47.8 60.2 49.3 Total expenses1 125.4 144.1 129.1 £4m Fixed staff costs Total compensation
Slide 14: Maintaining a strong capital position
Maintaining a strong capital position Provides investment opportunities and supports returns to shareholders Regulatory capital CCLA acquisition £m 30 Jun 2025 31 Dec 2024 • Acquisition of CCLA for £100m offset by £26m of tangible assets Available resources 312 324 Interim ordinary dividend (11) (12
Slide 15: Matthew Beesley, Chief Executive Officer
MATTHEW BEESLEY CHIEF EXECUTIVE OFFICER
Slide 16: Increase scale, decrease undue complexity, broaden appeal, deepen relationships
INCREASE DECREASE BROADEN DEEPEN SCALE UNDUE OUR APPEAL RELATIONSHIPS COMPLEXITY TO CLIENTS WITH ALL STAKEHOLDERS …in select geographies …with costs managed …with a curated product …with our purpose and channels carefully through a offering, while also embedded in all we do relentless pursuit explor
Slide 17: Strategic progress across four pillars
INCREASE DECREASE BROADEN DEEPEN SCALE UNDUE OUR APPEAL RELATIONSHIPS COMPLEXITY TO CLIENTS WITH ALL STAKEHOLDERS - Improving flow picture - Additional target of - GEARx launch - Consistent with positive £15m of cost savings - First active ETF improvement in momentum - Ongoing investment - New non-p
Slide 18: An improved outlook with positive momentum
An improved outlook with positive momentum Client sentiment improving across both channels Resolute focus on driving efficiencies Material progress on strategic execution 17
Slide 19: Questions
QUESTIONS JUPITER FUND MANAGEMENT PLC
Slide 20: Appendix
APPENDIX JUPITER
Slide 21: Larger mutual funds performing well
Larger mutual funds performing well A more diversified, less concentrated business 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 Jun 20251 Dec 20241 Quartile Quartile Quartile Quarti
Slide 22: Funds with performance fees
Funds with performance fees Driven by strong investment performance Illustrative example High Water Performance Estimated AUM of all share classes with Funds with performance fee Mark/NAV vs. Performance performance performance fee potential Share class Share class NAV Benchmark/Hurdle potential pre
Slide 23: Long-term incentive compensation
Long-term incentive compensation Amount remaining £m to expense 2025 H2 2026 2027 2028 In relation to 2022 performance fees 0.2 0.1 0.1 - - In relation to 2023 performance fees 1.0 0.4 0.5 0.1 - In relation to 2024 performance fees 5.3 1.7 2.3 1.1 0.2 Total 6.5 2.2 2.9 1.2 0.2 Estimated future long-
Slide 24: Non-compensation costs
Non-compensation costs £m H1 2025 H2 2024 H1 2024 AUM-related costs 24 26 26 Infrastructure 17 21 20 Other 7 13 3 Total non-compensation costs 48 60 49 23
Slide 25: Proactive seeding portfolio
Proactive seeding portfolio Focused use of our balance sheet to support organic growth Seed size and length of investment (ex. pipeline) Merlin Moderate Select 100% 80% Systematic Funds GOVE % of fund held 60% GEARX 40% 20% 0% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Time since investment (years) Total seed port
Slide 26: Management expectations
Management expectations 2025 Net management fee margin 66bps 1 Total compensation ratio (before performance fees) 49% Non-compensation administrative expenses £105m Exceptional items £6m 2 Ordinary dividend pay-out ratio 50% 3 Performance fee pay-out ratio 50% 1. Total compensation ratio (before per
Slide 27: 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 28: Jupiter Fund Management plc contact details
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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