Jupiter Fund Management Plc · LSE:JUP
Jupiter Fund Management — H1 2026 Earnings Presentation
31 slides from Jupiter Fund Management's earnings presentation, July 2026
Slide 1: Interim Results 2026
JUPITER FUND MANAGEMENT PLC Interim Results 2026 July 2026
Slide 2: Matthew Beesley, Chief Executive Officer
MATTHEW BEESLEY CHIEF EXECUTIVE OFFICER
Slide 3: A positive start to the year
A positive start to the year ↑36% AUM (H1 2026: £73.7bn) Ongoing positive net inflows ↑39% Material improvements in Net revenue most key financial metrics (H1 2026: £213.3m) Further progress towards ↑67% cost:income target Underlying PBT1 (H1 2026: £50.7m) 1. Before exceptional items. AUM comparator
Slide 4: Continued strong investment performance
Continued strong investment performance One year Three years Five years 4% 5% 5% 15% 19% 77% 27% 11% 80% 68% above median above median above median (31 Dec 2025: 84%) (31 Dec 2025: 68%) (31 Dec 2025: 75%) 64% 69% 15% 62% 4% 1st quartile 2nd quartile 3rd quartile 4th quartile Performance figures show
Slide 5: Persistently strong gross flows
Persistently strong gross flows Gross inflows (£bn) £10.8bn 12 10 8 6 4 2 0 H1 24 H2 24 H1 25 H2 25 H1 26 Retail, Wholesale & Inv. Trusts Institutional CCLA ● Ongoing trend of increasing gross inflows, driven by retail ● Increase in gross flows across existing Jupiter capabilities 4
Slide 6: Persistently strong gross flows…with another period of positive net flows
Persistently strong gross flows…with another period of positive net flows Gross inflows (£bn) Net flows (£bn) £10.8bn 12 4 £0.7bn 10 2 8 0 6 (2) 4 (4) 2 (6) 0 (8) H1 24 H2 24 H1 25 H2 25 H1 26 H1 24 H2 24 H1 25 H2 25 H1 26 Retail, Wholesale & Inv. Trusts Institutional CCLA Retail, Wholesale & Inv. T
Slide 7: An increasingly diversified & resilient business
An increasingly diversified & resilient business Gross Net £bn AUM flows flows 9% UK equities 6.5 0.8 (0.5) 20% 5% European equities 3.8 0.3 0.1 10% Global equities 7.8 2.2 (0.4) Systematic equities 20.4 4.8 2.9 9% Asian and EM equities 6.7 1.3 (0.2) Multi-manager 7.1 0.3 (0.2) 10% 28% Fixed Income
Slide 8: High quality investment teams in areas of growing demand
High quality investment teams in areas of growing demand UK Income UK Dynamic £2.0bn AUM £1.9bn AUM - Strong investment performance - High levels of client interest - Ongoing demand for sector - Driving net inflows European equities Origin £3.8bn AUM £1.2bn AUM - Top quartile performance1 - Strong r
Slide 9: An efficient operating platform
An efficient operating platform Cost efficiencies used to invest in technology across the group AI adoption Middle office outsourcing and supplier consolidation (Employees actively using at least one AI tool) 89% Strategic focus on AI with high levels of adoption 8
Slide 10: Wayne Mepham, Chief Financial and Operating Officer
WAYNE MEPHAM CHIEF FINANCIAL AND OPERATING OFFICER
Slide 11: Movements in underlying profit before tax
Movements in underlying profit before tax £m Excluding CCLA 5.5 51.7 50.7 16.9 (1.0) (3.7) 35.4 33.0 (15.3) H2 25 underlying Revenue Costs CCLA H1 26 underlying H1 26 H1 26 Exceptional H1 26 PBT (ex pfees) PBT (ex pfees) performance underlying PBT items statutory PBT fee result impact 10
Slide 12: Movement in AUM
Movement in AUM… £bn 15.0 4.0 5.4 0.7 1.5 73.7 54.0 47.1 June 2025 Net flows Markets 2025 Net flows Markets CCLA acquisition June 2026 closing AUM closing AUM closing AUM £50.6bn H2 2025 avg AUM £56.8bn H1 2026 avg AUM – ex CCLA £14.7bn1 H1 2026 avg AUM – CCLA 1. Based on 5-month average since acqui
Slide 13: Net revenues excluding performance fees of £204.4m
Net revenues excluding performance fees of £204.4m £m 8.9 25.4 9.3 7.6 204.4 213.3 179.0 162.1 H2 2025 revenue Net flows Markets & other H1 2026 revenue CCLA H1 2026 revenue H1 2026 H1 2026 revenue (ex-pfees) (pre-existing Jupiter (ex-pfees) performance fees ex-pfees) 64bps 42bps Jupiter ex CCLA net
Slide 14: Effective and strategic cost management
Effective and strategic cost management Expenses £m Jupiter CCLA H1 2026 H2 2025 H1 2025 Staff costs1 95.8 12.3 108.1 123.2 77.6 – ex. performance fees 85.9 12.3 98.2 83.1 73.5 Continued cost management – performance fee related 9.9 - 9.9 40.1 4.1 and automation focus Non-compensation costs1 52.1 8.
Slide 15: CCLA integration well-progressed and ahead of schedule
CCLA integration well-progressed and ahead of schedule £m £m Purchase price 100 Purchase price 100 Net assets acquired (32) Cash acquired 44 Goodwill & net intangible 68 Other net working capital assets (12) Goodwill 29 liabilities Net assets acquired 32 Intangible assets 52 Expenses pre-funded by C
Slide 16: Maintaining a strong capital position
Maintaining a strong capital position Regulatory capital (£m) 30 Jun 2026 2 Feb 20261 Available resources 277 365 ● Acquisition of CCLA for £100m offset by £32m net assets acquired Interim/final ordinary dividend (19) (12) ● Regulatory capital in excess of 3x requirement Special dividend - (30) Shar
Slide 17: An improved outlook with positive momentum
An improved outlook with positive momentum Continuing to build momentum Cost discipline supported by CCLA synergies Flexibility to invest and grow and create value to shareholders 16
Slide 18: Matthew Beesley, Chief Executive Officer
MATTHEW BEESLEY CHIEF EXECUTIVE OFFICER
Slide 19: We create a better future for our clients with our active investment excellence
INCREASE DECREASE BROADEN DEEPEN SCALE UNDUE OUR APPEAL RELATIONSHIPS COMPLEXITY TO CLIENTS WITH ALL STAKEHOLDERS We create a better future for our clients with our active investment excellence 18
Slide 20: Building on positive momentum
Building on positive momentum Strong investment performance and positive net flows Management actions removing complexity from the business Growth opportunities across the group 19
Slide 21: Questions
QUESTIONS JUPITER FUND MANAGEMENT PLC
Slide 22: Appendix
APPENDIX JUPITER
Slide 23: Larger pre-existing Jupiter mutual funds performing well
Larger pre-existing Jupiter 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 Jun 2026 Dec 2025 Quartile Quartile Quartile Quartile Global Equity Absolute Re
Slide 24: Strategies with potential performance fees
Strategies with potential performance fees Illustrative example Fees based on AUM of all share classes Performance current Strategies with performance fee with performance fee Performance High Water vs. Benchmark/Hurdle performance potential potential Share class Share class NAV fee rate Mark Benchm
Slide 25: Long-term incentive compensation
Long-term incentive compensation Amount remaining £m to expense H2 2026 2027 2028 2029 In relation to 2023 performance fees 0.3 0.2 0.1 - - In relation to 2024 performance fees 2.5 1.1 1.2 0.2 - In relation to 2025 performance fees 20.5 6.7 8.8 4.2 0.8 Total 23.3 8.0 10.1 4.4 0.8 Estimated future lo
Slide 26: Non-compensation costs
Non-compensation costs £m H1 2026 H2 2025 H1 2025 AUM-related costs 30 27 24 Infrastructure 21 17 17 Other 9 7 7 Total non-compensation costs 60 51 48 Of which CCLA: 8 25
Slide 27: Proactive seeding portfolio
Proactive seeding portfolio Seed size and length of investment 100% GOVE % of AUM held in fund 80% Merlin Moderate Select Systematic Funds 60% 40% 20% GEARx 0% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Time since investment (years) Total seed portfolio at market value as of 30 June 2026 is £79.6m 26
Slide 28: 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 2 Intangible Jupiter Group Cash costs amortisation 2026 Exceptional items3 £14m £3m £17m 4 Ordinary dividend pay-out ratio 50% 1
Slide 29: Management expectations for 2026
Management expectations for 2026 CCLA 11 months of cost Synergies 2026 Compensation costs £32m £(6)m £26m Non-compensation costs £20m £(2)m £18m CCLA cost synergies1 2026 2027 2028 Total Compensation costs £6m £12m £14m £14m Non-compensation costs £2m £3m £3m £3m Total £8m £15m £17m £17m 1. Total sy
Slide 30: 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 31: 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 Jupiter Asset Management Jupiteram.com
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