Janus Henderson Group Plc · NYSE:JHG
Janus Henderson — Q2 2025 Earnings Presentation
38 slides from Janus Henderson's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 Results
Q2 2025 RESULTS Thursday, July 31, 2025 Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer
Slide 2: Key metrics – Q2 2025 vs Q1 2025
Q2 2025 RESULTS Key metrics – Q2 2025 vs Q1 2025 Investment performance remains solid Q2 2025 Q1 2025 AUM increased 23% to $457.3 billion1 Investment outperformance3 76/67/72% 77/65/73% 3-/5-/10-year Net inflows of $46.7 billion2 Total AUM1 $457.3bn $373.2bn U.S. GAAP diluted EPS of $0.95 an
Slide 3: Investment performance remains solid
INVESTMENT PERFORMANCE Investment performance remains solid % of AUM outperforming benchmark % of mutual fund AUM in top 2 Morningstar quartiles As of June 30, 2025 As of June 30, 2025 Capability 1-year 3-year 5-year 10-year Capability 1-year 3-year 5-year 10-year Equities 59% 67% 54% 61% Equities 6
Slide 4: Quarterly flows
QUARTERLY FLOWS Net inflows include the Guardian partnership; excluding Guardian, net flows remained positive, reflecting continued growth in gross sales Total flows ($ in billions) 71.8 46.7 20.4 22.9 18.1 16.1 15.2 14.4 15.9 11.8 1.7 0.4 3.3 2.0 (0.5) (2.6) (3.1) (3.0) (15.7) (14.4) (16.4) (15.7)
Slide 5: Flows by client type
FLOWS BY CLIENT TYPE Flows reflect strength in Institutional and April drawdown in Retail Intermediary Institutional Self-Directed ($ in billions) ($ in billions) ($ in billions) 53.5 16.1 16.5 16.6 49.0 13.2 13.3 3.5 4.4 3.9 4.3 2.4 1.8 1.5 2.3 2.1 1.7 0.2 0.9 0.8 0.5 0.5 0.4 (0.5) (1.2) (0.9) (0.9
Slide 6: Flows by capability
FLOWS BY CAPABILITY Fixed Income and Alternatives flows were positive, and Equities improved quarter over quarter Q2 2025 flows by capability ($ in billions) 60.5 49.7 8.2 2.0 1.1 0.7 (2.6) (1.1) (1.3) (10.8) (10.8) (2.2) Equities Fixed Income Multi-Asset Alternatives Sales Redemptions Net sales / (
Slide 7: U.S. GAAP financial results
U.S. GAAP FINANCIAL RESULTS Change Change Q2 2025 vs Q2 2025 vs ($ in millions, except per share data) Q2 2025 Q1 2025 Q1 2025 Q2 2024 Q2 2024 Revenue Management fees 507.0 513.0 (1%) 472.8 7% Performance fees 14.8 (3.6) nm 7.4 nm Shareowner servicing fees 60.0 61.4 (2%) 58.5 3% Other revenue 51.4 5
Slide 8: Adjusted financial results
ADJUSTED FINANCIAL RESULTS Change Change Q2 2025 vs Q2 2025 vs ($ in millions, except as noted) Q2 2025 Q1 2025 Q1 2025 Q2 2024 Q2 2024 Revenue Management fees 454.1 462.4 (2%) 424.6 7% Performance fees 14.8 (3.6) nm 7.4 nm Shareowner servicing fees 10.9 11.5 (5%) 11.2 (3%) Other revenue 18.1 16.2 1
Slide 9: Q2 2025 adjusted financial highlights
Q2 2025 ADJUSTED FINANCIAL HIGHLIGHTS Increase from Q1 2025 adjusted revenue driven primarily by improved performance fees Adjusted Revenue Net management fee margin declined 1bp primarily due to mix shift; with the Guardian partnership AUM, we expect an approximately 4.5bps decline beginning in
Slide 10: Capital resources
CAPITAL RESOURCES Strong liquidity position Balance sheet profile – carrying value Cash and investment securities1 totaled March 31, 2025 vs. June 30, 2025 ($ in millions) $1.6 billion compared to outstanding debt of $395 million 1,613.4 1,565.7 Decrease in cash primarily due to share repurchase
Slide 11: Capital management
CAPITAL MANAGEMENT Commitment to return of capital Q3 2023 to Q2 2025 quarterly capital return ($ in millions) Dividends Share repurchases 144.5 126.6 115.1 113.3 102.0 81.3 96.7 61.9 88.3 53.1 49.5 34.1 39.7 64.7 26.8 64.7 63.2 62.6 62.3 62.0 61.5 63.8 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 202
Slide 12: Pillars of strategic vision
3 PILLARS OF STRATEGIC VISION We continue to execute on our strategic vision DESCRIPTION EXAMPLES We have identified existing opportunities to PROTECT & GROW better align resources to protect and grow U.S. Intermediary Our core businesses our core businesses Institutional (e.g., Insurance includ
Slide 13: Deeper client connections
DEEPER CLIENT CONNECTIONS Our client approach has evolved, and we believe strategically partnering with clients delivers better outcomes for all parties FROM TO EXAMPLES Deepened client Sales-driven relationship Firm-to-firm partnership relationships through JHG sponsored conferences and events in
Slide 14: Brand profile and activation
BRAND PROFILE AND ACTIVATION Our strengthening brand profile and updated global branding reflect our commitment to Investing in a Brighter Future Together Global Intermediary U.S. Europe #26 #30 Broadridge Fund #37 #40 Brand 50 2023 to 2025 Global Institutional #37 NMG Global Asset #69 Management St
Slide 15: Our MVP (Mission, Values, and Purpose) remains who we are
OUR MVP (MISSION, VALUES, AND PURPOSE) REMAINS WHO WE ARE Demonstrating our values and executing our strategic vision provides the foundation for our mission and purpose Investing in a brighter future together Clients come first—always 15
Slide 16: Wrap-up
WRAP-UP We continue to make meaningful progress across the business We are executing on the three pillars of our strategic vision, including closing on the multi-faceted strategic partnership with Guardian in June Investment performance is solid with at least two-thirds of AUM beating respective
Slide 17: Q&A
Q&A
Slide 18: Appendix
APPENDIX
Slide 19: Assets under management
ASSETS UNDER MANAGEMENT AUM as of June 30, 2025: $457.3 billion By client type By capability By client location 4% 9% 20% 12% 25% 49% 53% 31% 66% 31% Intermediary $224.3bn Equities $243.6bn North America $303.2bn Institutional $139.8bn Fixed Income $142.2bn EMEA & LatAm $115.4bn Self-Directed $93.2b
Slide 20: Investment management capabilities
INVESTMENT MANAGEMENT CAPABILITIES Diversified product range Alternatives $15.9bn Equities Wide range of equity strategies Multi-Asset encompassing different geographic $55.6bn focuses and investment styles Intermediary Fixed Income Intermediary Innovative and differentiated techniques designed
Slide 21: Largest strategies by capability
LARGEST STRATEGIES BY CAPABILITY AUM ($bn) Capability Strategy 30 Jun 25 US Concentrated Growth 32.8 US Mid Cap Growth 31.8 Equity US Research Growth Equity 27.9 Global Technology and Innovation 10.2 Global Life Sciences 10.0 US Buy & Maintain Credit 52.8 AAA CLO 21.7 Fixed Income Australian Fixed I
Slide 22: Quarterly flows by capability: Equities and Fixed Income
QUARTERLY FLOWS BY CAPABILITY Equities and Fixed Income Equities Fixed Income 60.5 ($ in billions) ($ in billions) 12.0 49.7 8.1 8.2 8.3 9.3 7.0 7.9 7.2 6.1 5.6 5.2 3.3 2.2 (1.4) (1.5) (2.5) (2.6) (4.2) (3.9) (4.1) (5.0) (6.4) (8.4) (9.4) (10.6) (11.4) (10.8) (10.8) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q
Slide 23: Quarterly flows by capability: Multi-Asset and Alternatives
QUARTERLY FLOWS BY CAPABILITY Multi-Asset and Alternatives Multi-Asset Alternatives ($ in billions) ($ in billions) 2.2 2.0 1.2 0.7 1.0 1.6 1.4 2.0 1.5 1.2 0.7 1.1 0.6 0.1 0.5 0.1 (0.4) (0.6) (0.6) (0.5) (1.0) (1.3) (0.8) (1.9) (0.6) (1.1) (2.4) (1.8) (2.1) (2.2) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2
Slide 24: Net flows by capability
NET FLOWS BY CAPABILITY Total net flows by capability ($ in billions) Equities Fixed Income Multi-Asset Alternatives 46.7 2.0 3.3 1.7 0.4 (0.5) (2.6) (3.0) (3.1) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 24
Slide 25: Investment performance: % of AUM outperforming benchmark
INVESTMENT PERFORMANCE % of AUM outperforming benchmark Q3 2024 Q4 2024 Q1 2025 Q2 2025 Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 63% 61% 54% 80% 50% 62% 37% 62% 20% 69% 49% 63% 59% 67% 54% 61% Fixed Income 98% 81% 89% 93% 91% 84% 86% 94% 89% 84% 90% 87%
Slide 26: Investment performance: % in top Morningstar quartiles
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles Q3 2024 Q4 2024 Q1 2025 Q2 2025 Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 77% 73% 80% 87% 70% 71% 70% 80% 57% 65% 66% 83% 65% 68% 68% 88% Fixed Income 81% 57% 67% 71% 84% 74% 71%
Slide 27: Morningstar quartiles (continued)
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Group 1st quartile 2nd quartile 87 88 83 84 80 81 76 75 74 76 74 75 71 73 72 72 34 29 38 29 24 21 20 16 37 28 26 38 36 32 41 40 51 52 54 55 56 53 54 48 48 47 50 39 43 43 30 32 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 20
Slide 28: Morningstar quartiles: Equities and Fixed Income
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Equities Fixed Income 1st quartile 2nd quartile 91 87 88 87 84 80 80 83 81 14 80 79 77 75 73 71 16 74 70 70 71 72 71 70 70 68 66 68 21 17 14 67 65 65 23 63 17 44 50 57 21 57 26 37 27 19 18 38 16 26 16 50 24 49 30
Slide 29: Morningstar quartiles: Multi-Asset and Alternatives
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Multi-Asset Alternatives 1st quartile 2nd quartile 98 100 100100100 96 95 95 94 95 95 94 96 95 96 96 96 95 93 94 95 94 3 0 3 4 2 3 0 3 1 1 0 0 90 90 87 86 83 42 42 48 29 66 45 60 47 77 75 77 99 93 92 94 92 91 93 9
Slide 30: U.S. GAAP: Statement of income
U.S. GAAP: STATEMENT OF INCOME Three months ended ($m, except per share data or as noted) 30 Jun 25 31 Mar 25 30 Jun 24 Revenue Management fees 507.0 513.0 472.8 Performance fees 14.8 (3.6) 7.4 Shareowner servicing fees 60.0 61.4 58.5 Other revenue 51.4 50.6 49.7 Total revenue 633.2 621.4 588.4 Oper
Slide 31: Alternative performance measures: reconciliation
ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures Three months ended ($m, except per share data) 30 Jun 25 31 Mar 25 30 Jun 24 Reconciliation of revenue to adjusted revenue Revenue 633.2 621.4 588.4 Management fees 1 (52.9) (50.6) (48.2) Shareowner servicing fees 1 (49.1
Slide 32: Reconciliation of adjusted financial measures (continued)
ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures (continued) Three months ended ($m, except per share data) 30 Jun 25 31 Mar 25 30 Jun 24 Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG Net income attributable to JHG 149.9 120
Slide 33: Footnotes to reconciliation of adjusted financial measures
ALTERNATIVE PERFORMANCE MEASURES Footnotes to reconciliation of adjusted financial measures 1 JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an in
Slide 34: Performance fees
PERFORMANCE FEES AUM # of funds generating generating Q2 2025 Q1 2025 Q2 2024 Q2 2025 pfees Q2 2025 ($m) ($m) ($m) ($bn) pfees Frequency Timing 16 at June 30 SICAVs 4.9 0.9 11.8 9.7 7 18 annually 2 at Sept. 30 UK OEICs and unit trusts 6.3 0.1 5.6 1.5 2 annually May 31 quarterly / Absolute return fun
Slide 35: U.S. mutual funds with performance fees
U.S. MUTUAL FUNDS WITH PERFORMANCE FEES AUM Performance Q2 2025 P&L 30 Jun 25 Base Performance cap/(floor) vs impact Mutual funds with performance fees¹ ($m) Benchmark fee fee2 benchmark ($000s) Research Fund and Portfolio 26,862 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% 7,005 Forty Fund and
Slide 36: Long-term incentive compensation
LONG-TERM INCENTIVE COMPENSATION Estimated future long-term incentive compensation amortization Amount remaining to ($ in millions) expense 2025 2026 2027 2028 2029 2022 annual grant 4 4 – – – – 2023 annual grant 17 15 2 – – – 2024 annual grant 66 44 19 3 – – 2025 annual grant 146 73 48 22 3 – Other
Slide 37: Contacts
CONTACTS Investor enquiries Jim Kurtz Head of Investor Relations +1 303 336 4529 jim.kurtz@janushenderson.com Investor Relations investor.relations@janushenderson.com Media enquiries Candice Sun Global Head of Media Relations +1 303 336 5452 candice.sun@janushenderson.com Nicole Mullin Media Relatio
Slide 38: Contact us
Contact us 201 Bishopsgate London EC2M 3AE United Kingdom www.janushenderson.com Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Forward-looking information Certain statements in this presentation not bas
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