Annual Financial Report

About this update from Jupiter Fund Management Plc

[{"type":"text","content":"\n \n Jupiter Fund Management plc \n \n \n \n \n Results for the year ended 31 December 2025 \n \n \n \n \n 26 February 2026 \n   \n Material progress with an encouraging outlook \n   \n n Underlying profit before tax of £138.3m (2024: £97.5m), driven by performance fees of £120.3m (2024: £31.2m). \n   \n n Statutory profit before tax of £131.9m (2024: £88.3m). \n   \n n Administrative expenses, before the impact of performance fees and exceptional items, down 2% to £255.5m (2024: £260.5m). \n   \n n Assets under management (AUM) increased by 19% to £54.0bn (31 December 2024: £45.3bn). \n   \n n Net inflows of £1.3bn (2024: net outflows of £10.3bn), the first calendar year of positive net inflows since 2017. \n   \n n CCLA Investment Management (CCLA) acquisition completed on 2 February, adding £15bn to the Group's AUM . \n   \n n Cost saving targets being delivered ahead of schedule and cost synergy targets on the CCLA acquisition reconfirmed. \n   \n n Final ordinary dividend of 2.3p per share, bringing total ordinary dividends for the year to 4.4p per share (2024: 5.4p per share). \n   \n n Share buyback programme of up to £30m and special dividend amounting to 5.7p per share, together representing a 50% distribution of the Group's 2025 performance fee revenue. \n   \n \n \n \n \n   \n \n \n   \n \n \n Year ended \n 31 December 2025 \n \n \n Year ended \n 31 December 2024 \n \n \n % change \n \n \n \n \n AUM (£bn) \n \n \n \n \n \n 54.0 \n \n \n 45.3 \n \n \n 19% \n \n \n \n \n Net flows (£bn) \n \n \n \n \n \n 1.3 \n \n \n (10.3) \n \n \n \n \n \n \n \n Net revenue 1 (£m) \n \n \n \n \n \n 431.0 \n \n \n 364.1 \n \n \n 18% \n \n \n \n \n Statutory profit before tax 2 (£m) \n \n \n \n \n \n 131.9 \n \n \n 88.3 \n \n \n 49% \n \n \n \n \n Basic earnings per share (EPS) 2 (p) \n \n \n \n \n \n 19.2 \n \n \n 12.5 \n \n \n 54% \n \n \n \n \n Underlying profit before tax 1 (£m) \n \n \n \n \n \n 138.3 \n \n \n 97.5 \n \n \n 42% \n \n \n \n \n Underlying EPS 1 (p) \n \n \n \n \n \n 19.4 \n \n \n 13.4 \n \n \n 45% \n \n \n \n \n Total dividends per share (p) 3 \n \n \n \n \n \n 10.1 \n \n \n 5.4 \n \n \n 87 % \n \n \n \n \n Cost:income ratio 1 \n \n \n \n \n \n 82% \n \n \n 78% \n \n \n \n \n \n \n \n   \n 1 The Group's use of alternative performance measures (APMs) is explained on pages 30 to 32. \n 2 IFRS measures. \n 3 Including special dividend. \n   \n Matthew Beesley, Chief Executive, commented: \n   \n \"Jupiter delivered a strong set of results in 2025. During the year, we generated net positive inflows across both client channels for the first time since 2017, supported by a marked shift in client sentiment with improved investment performance across all time periods. \n   \n Against a challenging market environment at the start of the year, careful planning and deliberate management actions helped us make meaningful progress towards our strategic objectives. We remained focused on what we can control. Across cost savings, capital allocation and revenue generation, we have done what we said we were going to do, and in many cases, quicker than we suggested we might. \n   \n As we move into 2026, we are in a demonstrably stronger position than we were twelve months ago, with a broader and more balanced set of differentiated investment capabilities. We have announced and completed two acquisitions, broadening our investment expertise and opening up a new client channel. With leading indicators improving and momentum building across the business, we have increased confidence in being able to deliver on our targeted 70% cost:income ratio in the medium term.\" \n   \n   \n Analyst presentation \n   \n There will be an analyst presentation at 10.00am GMT on 26 February 2026. \n   \n The presentation will be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ and will also be accessible via a live webcast. The webcast is available at https://secure.emincote.com/client/jupiter/jfm043 . Please note that questions can be asked either in-person at the presentation or via the webcast. \n   \n The results announcement and the presentation will be available at https://www.jupiteram.com/investor-relations . Copies may also be obtained from the registered office of the Company at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. \n   \n The Annual Report will be published in March 2026 and will be available at https://www.jupiteram.com/investor-relations . \n   \n For further information please contact: \n \n \n \n \n \n \n \n   \n Investors \n \n \n   \n Media \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Jupiter \n \n \n Alex James \n +44 (0)20 3817 1636 \n \n \n Victoria Howley \n +44 (0)20 3817 1657 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Edelman Smithfield \n \n \n Hastings Tarrant \n +44 (0)7813 407 665 \n \n \n Andrew Wilde \n +44 (0)7786 022 022 \n \n \n \n \n   \n LEI Number: 5493003DJ1G01IMQ7S28 \n   \n   \n Forward-looking statements \n   \n This announcement 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 and objectives. Statements containing the words \"believes\", \"intends\", \"expects\", \"plans\", \"seeks\" and \"anticipates\", and words of similar meaning, are forward looking. \n   \n Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this announcement. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Jupiter's control including, among other things, UK domestic and global economic and business conditions; market-related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities; the impact of competition, inflation and deflation; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Jupiter and its affiliates operate. \n   \n As a result, Jupiter's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Jupiter's forward-looking statements. Jupiter undertakes no obligation to update or revise any forward-looking statements contained in this presentation or any other forward-looking statements it may make. Nothing in this presentation should be construed as a profit forecast. \n \n \n   \n \n \n \n \n Management statement \n \n \n \n \n We are pleased to report a strong set of results for 2025. \n   \n After a number of years of hard work from all of our employees, we are delighted that the momentum we have anticipated is now becoming more visible externally, and even more so that it is beginning to be recognised by the market and other stakeholders. We finish the year having made significant progress towards each of our strategic objectives, many leading indicators moving in a positive direction, and with a clear path to our target 70% cost:income ratio in the medium term. \n   \n We have increased scale through positive flows, market movements and the completion of two acquisitions. We acquired the team and assets of Origin Asset Management (Origin) and also announced the acquisition of CCLA Investment Management (CCLA), which completed in February 2026. The latter opens up a new client channel for Jupiter, that of non-profit organisations, as well as being materially accretive even before the delivery of synergies.  We have continued to be disciplined on cost management, having announced new targets for cost savings in May, and we are now on track to deliver these savings ahead of our original schedule. Investment performance is strong across all time periods, our employee base is more engaged than ever and we have delivered meaningful returns for shareholders. \n   \n At our interim results in July, we wrote about the improvement in client sentiment and the case for cautious optimism for an improving external environment. This has proven to be well-founded and sentiment continued to improve in the second half of the year, with growing demand for risk assets and early signs of a potential shift in client allocations away from US equities. \n   \n We generated net inflows of £1.3bn across the year (2024: outflows of £10.3bn), our first calendar year of positive net inflows since 2017. Importantly, both the Institutional and the Retail & Wholesale client channels saw positive net flows, of £1.0bn and £0.3bn respectively, the latter seeing a marked improvement in sentiment through the second half. Our Systematic equities investment capability was the strongest contributor, but there was also demand for Global equities and UK equities. This positive momentum has continued into the start of 2026, and we continue to be net positive across both of these client channels as of today. \n   \n Driven by both these flows and positive market movements, AUM increased by 19% during the period to close at £54.0bn (31 December 2024: £45.3bn). Net revenue increased by 18% to £431.0m (2024: £364.1m), driven by performance fees of £120.3m (2024: £31.2m). Given the outflows in 2024 and the impact of a lower average AUM, net management fee revenues decreased to £310.7m (2024: £332.9m). \n   \n Our focus on cost discipline remains unwavering. We announced a new £15m initial target for cost savings in May, which we now expect to achieve in 2026, a year ahead of schedule. Administrative expenses, excluding the impact of performance fees and exceptional items, were £255.5m, down 2% on the prior period. Non-compensation costs of £98.9m were 10% lower than the prior year (2024: £109.5m), despite the inflationary environment. \n   \n This combination of growing total revenues and judicious cost management led to a 42% increase in underlying profit before tax to £138.3m (2024: £97.5m). Statutory profit before tax was £131.9m (2024: £88.3m). Underlying EPS was 19.4p per share (2024: 13.4p) and was 8.7p per share excluding the impact of performance fees (2024: 10.9p per share). \n   \n Our capital base remains strong, even after completion of the acquisition of CCLA. In line with our commitments to capital allocation of distributing 50% of underlying EPS excluding performance fees, we have today announced a final ordinary dividend of 2.3p per share. We have also announced a special dividend of 5.7p per share and a share buyback programme of the lower of £30m or 3% of issued share capital, together honouring our commitment of returning 50% of performance fee revenues generated in the year. \n   \n Improved client sentiment and positive flows across client channels \n   \n After a number of periods of subdued demand, 2025 saw a marked improvement in client sentiment. For some time, equity markets have been narrow and highly correlated and returns have been driven by a small number of large-cap, predominantly technology-focused, US companies. There are early signs that we are seeing this shift, with a greater disparity in valuations both across and within asset classes. If this trend persists and correlations continue to fall, this should continue to be positive for active asset managers such as Jupiter. Concurrently, client risk appetite has improved and client interactions suggest that many are reconsidering the size of their exposure to the US. With Jupiter's broad array of investment expertise, we could be well positioned to benefit from such a trend going forward. \n   \n Our flows in 2025 reflected this improvement in sentiment and we generated net positive flows across both of our client channels. \n   \n Gross flows saw a meaningful uptick across both the Retail & Wholesale and the Institutional client channels. In total we generated £16.9bn of gross flows (2024: £14.1bn). All of our regions saw an increase on the prior year's gross flows. \n   \n We generated total net flows of £1.3bn in the year (2024: net outflows of £10.3bn), which represents the first calendar year of positive net flows since 2017. \n   \n The Institutional client channel generated £1.0bn of net flows, with mandates funding into our Fixed Income, Global equities and UK equities investment capabilities. We also generated £0.3bn of net inflows from retail, wholesale & investment trusts clients. Sentiment and risk appetite amongst retail, wholesale & investment trust clients had been particularly weak at the start of 2025, with outflows of £1.5bn in the first quarter. However, this improved throughout the year, and we generated £2.1bn of net flows in the second half, largely driven by demand for Systematic equities and Global equities capabilities. \n   \n Across our seven investment capabilities, five increased their AUM through the period while three generated positive net flows. This was led by Systematic equities with net inflows of over £4.0bn. Global Equity Absolute Return (GEAR) once again generated very strong performance, supported by sustained client demand. However, there were positive inflows across much of the Systematic range, with World Equity generating just under £0.7bn of flows and tripling its AUM to over £1.1bn. Global equities was also a positive contributor, including demand for Gold & Silver and Global Leaders. We also generated positive flows into our UK equity capabilities across both client channels, notably into Dynamic and Growth strategies. \n   \n These positive inflows were partly offset by outflows in other capabilities, most notably Fixed Income and Asian and Emerging Market equities. Improvements in short-term performance across our unconstrained fixed income strategies have led to a reduction in outflows over the year, with more than three quarters of the net outflows from these strategies taking place in the first half. Within Asian and Emerging Markets equities, both our Indian equity and Asian Income strategies saw some client redemptions to crystallise investment gains, despite ongoing good performance, after a number of periods of strong inflows. \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Movement in AUM by client channel \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n   \n \n \n 31 December \n 2024 \n £bn \n \n \n   \n          Q1 net \n flows \n      £bn \n \n \n   \n Q2 net \n flows \n £bn \n \n \n   \n Q3 net \n  flows \n £bn \n \n \n   \n Q4 net \n flows \n £bn \n \n \n   \n      Full-year net \n flows \n   £bn \n \n \n Market returns \n £bn \n \n \n 31 December \n 2025 \n £bn \n \n \n \n \n Retail, wholesale & investment trusts \n \n \n 38.9 \n \n \n (1.5) \n \n \n (0.3) \n \n \n 0.8 \n \n \n 1.3 \n \n \n 0.3 \n \n \n 5.4 \n \n \n 44.6 \n \n \n \n \n Institutional \n \n \n 6.4 \n \n \n 1.0 \n \n \n 0.6 \n \n \n (0.5) \n \n \n (0.1) \n \n \n 1.0 \n \n \n 2.0 \n \n \n 9.4 \n \n \n \n \n Total \n \n \n 45.3 \n \n \n (0.5) \n \n \n 0.3 \n \n \n 0.3 \n \n \n 1.2 \n \n \n 1.3 \n \n \n 7.4 \n \n \n 54.0 \n \n \n \n \n Of which is invested in mutual funds \n \n \n 37.2 \n \n \n (1.7) \n \n \n (0.1) \n \n \n 0.5 \n \n \n 1.2 \n \n \n (0.1) \n \n \n 5.5 \n \n \n 42.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Material strategic progress \n   \n We continue to make meaningful progress towards each of our four key strategic objectives of increasing scale, decreasing undue complexity, broadening appeal to clients and deepening relationships across all stakeholders. \n   \n We have consistently stated that increasing scale remains the most important of our four objectives, in absolute terms but also relative to an increasingly efficient and leveraged operating model. Combining top line revenue growth with our now well-established cost management approach will drive us towards our target 70% cost:income ratio. Our overall AUM increased by 19% to £54.0bn at the end of 2025, through a combination of market movements and positive net inflows. Having acquired the team and assets of Origin earlier in the year, we also announced in July that we had reached agreement to acquire CCLA. \n   \n CCLA is one of the market-leading asset managers focused on the non-profit sector, actively managing assets on behalf of charities, religious organisations and local authorities. It represents a new client channel for Jupiter and there is no client overlap between the two firms. We remain committed to maintaining and, where we can, amplifying all that makes CCLA unique. Its well-respected brand will remain, the investment teams remain unimpacted and there will be no change to the way they interact with their clients. We have also identified at least £16m of cost synergies, which will be delivered on a run rate basis by the end of 2027. The acquisition will have a materially accretive impact on earnings from day one and will increase as synergies are realised. The deal completed in February 2026 and, upon completion, the wider group was entrusted to manage over £70bn of our clients' assets at that date. \n   \n We continued to reduce undue complexity across the business, with a focus on cost discipline. Both non-compensation costs and overall headcount decreased again in 2025, for the latter this was the fourth consecutive year of reductions. We also continued to review our operating model, with the most material impact being the consolidation and outsourcing of some middle- and back-office operations functions to BNY, which will help us deliver improved service to our clients. \n   \n In addition to entering the non-profit client channel through the CCLA acquisition, this year we have explored new ways in which clients can gain access to our investment expertise. We have launched two active ETFs, one a global fixed income strategy and one an equity strategy focused on global smaller companies. We have also launched our first fund on our Cayman-domiciled platform, a leveraged version of GEAR. Both of these initiatives will allow us to take existing investment expertise into new client segments. \n   \n Finally, we have continued to deepen relationships with all of our stakeholders. We exist to help our clients achieve their financial objectives through truly active investment management and we have delivered improved investment performance across all time periods. We strive to create a client-centric culture based on high performance, with a committed and engaged employee base. In our most recent employee opinion survey, we saw an engagement score of 88%, which is up nine percentage points on both the prior year and on the financial services benchmark. \n   \n For our shareholders, we are pleased that they have been rewarded for their patience and support over the last twelve months, in which we have generated a total shareholder return of 92% through the year and before the distributions we have announced today. \n   \n Solid financial performance \n   \n Following significant outflows in the prior year, and the resulting lower average AUM compared with 2024, 2025 was always expected to be challenging from an underlying financial perspective. Against that backdrop, we delivered a solid set of financial results. \n   \n Underlying profit before tax was up 42% to £138.3m (2024: £97.5m) and statutory profit before tax for the year was £131.9m, an increase of £43.6m. This was driven by strong performance fees of £120.3m (2024: £31.2m), primarily from our Systematic equities capability. Underlying EPS was 19.4p per share (2024: 13.4p) and was 8.7p per share excluding the impact of performance fees (2024: 10.9p per share). \n   \n Closing AUM was up 19% over the twelve-month period to close at £54.0bn (31 December 2024: £45.3bn), driven by positive net inflows of £1.3bn and market movements of £7.4bn. Despite this, average AUM of £48.1bn was lower than the prior year (2024: £50.7bn), resulting in management fee revenues down 7% to £310.7m (2024: £332.9m). However, the high levels of performance fees saw total net revenue increase by 18% to £431.0m (2024: £364.1m). With strong net flows and market performance in the final quarter of 2025, we are well-placed for 2026 and we have continued to see momentum on flows and market performance since the year end. Our average net management fee margin reduced by 1bp to 65bps, driven by changes in business mix. \n   \n In an environment of ongoing fee margin attrition, good cost management is a continual focus. Total administrative expenses (excluding exceptional items) were £299.7m, up 10% from £273.2m in 2024, of which £44.2m related to performance fees (2024: £12.7m). Excluding the impact of performance fees, administrative expenses decreased by £5.0m, or 2%. Non-compensation costs decreased 10% to £98.9m (2024: £109.5m), despite the inflationary environment. Similarly, headcount reduced for a fourth consecutive year from 492 to 442 at 31 December 2025 on a full-time equivalent basis, the lowest level since 2014. The total compensation ratio (excluding performance fees and exceptional items) increased to 50%. This was a short-term increase outside of our target range, primarily due to the accounting impact of the rise in the share price, with the economic impact of such exposures being hedged by the Group through capital reserves. \n   \n The Group's cost:income ratio increased from 78% to 82%, largely driven by lower management fees. However, with management actions already in progress, we see a clear and credible path to achieving our target 70% cost:income ratio in the medium term. \n   \n Other gains before exceptional items of £6.0m (2024: £6.9m) relate to gains on our seed capital investments, net of hedging. We also generated net finance income of £3.8m (2024: £1.9m) as we continued to actively manage the Group's cash balances. \n   \n Exceptional items of £6.4m in 2025 principally related to administrative expenses of £7.0m, comprising restructuring costs of £7.7m, offset by other non-compensation cost movements of £0.7m. \n   \n \n \n \n \n   \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n £m \n \n \n   \n \n \n Before performance fees \n \n \n Performance fee profits \n \n \n               Total \n \n \n Before performance fees \n \n \n Performance fee profits \n \n \n Total \n \n \n \n \n Net revenue \n \n \n   \n \n \n               310.7 \n \n \n 120.3 \n \n \n 431.0 \n \n \n 332.9 \n \n \n 31.2 \n \n \n 364.1 \n \n \n \n \n Compensation costs 1, 2 \n \n \n \n \n \n              (156.6) \n \n \n (44.2) \n \n \n (200.8) \n \n \n (151.0) \n \n \n (12.7) \n \n \n (163.7) \n \n \n \n \n Non-compensation costs 2 \n \n \n \n \n \n                (98.9) \n \n \n - \n \n \n (98.9) \n \n \n (109.5) \n \n \n - \n \n \n (109.5) \n \n \n \n \n Administrative expenses \n \n \n   \n \n \n              (255.5) \n \n \n (44.2) \n \n \n (299.7) \n \n \n (260.5 ) \n \n \n (12.7) \n \n \n (273.2) \n \n \n \n \n Other gains 2 \n \n \n \n \n \n                   6.0 \n \n \n - \n \n \n 6.0 \n \n \n 6.9 \n \n \n - \n \n \n 6.9 \n \n \n \n \n Amortisation of intangible assets 2 \n \n \n \n \n \n                  (2.8) \n \n \n - \n \n \n (2.8) \n \n \n (2.2) \n \n \n - \n \n \n (2.2) \n \n \n \n \n Operating profit before exceptional items \n \n \n   \n \n \n                 58.4 \n \n \n 76.1 \n \n \n 134.5 \n \n \n 77.1 \n \n \n 18.5 \n \n \n 95.6 \n \n \n \n \n Net finance income \n \n \n \n \n \n                   3.8 \n \n \n - \n \n \n 3.8 \n \n \n 1.9 \n \n \n - \n \n \n 1.9 \n \n \n \n \n Profit before taxation and exceptional items \n \n \n   \n \n \n                 62.2 \n \n \n 76.1 \n \n \n 138.3 \n \n \n 79.0 \n \n \n 18.5 \n \n \n 97.5 \n \n \n \n \n Exceptional items \n \n \n \n \n \n                  (6.4) \n \n \n - \n \n \n (6.4) \n \n \n (9.2) \n \n \n - \n \n \n (9.2) \n \n \n \n \n Statutory profit before tax \n \n \n   \n \n \n                 55.8 \n \n \n 76.1 \n \n \n 131.9 \n \n \n 69.8 \n \n \n 18.5 \n \n \n 88.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1 Compensation costs in respect of performance fee profits in 2025 mainly relate to the accounting charge for bonus awards made in respect of 2025 performance fee revenues (2024: mainly in respect of 2024 performance fee revenues). \n 2 Compensation costs and Non-compensation costs exclude £7.7m and £(0.7)m respectively classified as exceptional (2024: £nil). Other gains excludes £0.6m classified as exceptional (2024: £nil). In 2024, Amortisation of intangible assets excluded £9.2m classified as exceptional. \n   \n Strong investment performance across all time periods \n   \n As an active manager, delivering strong investment outcomes for our clients is critical to our ongoing success. \n   \n As at 31 December 2025, 68% of our mutual fund AUM had delivered above-median performance, net of all fees, relative to their peer group over three years, which is our KPI (31 December 2024: 61%). In many cases, there was exceptional performance with nearly half of the AUM in the top quartile. \n   \n Over the longer term, 75% of mutual fund AUM outperformed their peer group over five years, up from 58% twelve months ago, with over 60% in the top quartile. Over one year, the figure was 84% of assets outperforming, with 69% in the top quartile. There was strong shorter-term performance from Dynamic Bond and Strategic Bond, both of which are now in the top quartile. Although the one-year number is inherently more volatile, it is encouraging to see improvement in this leading indicator. \n   \n Our larger funds also continue to perform well. We have 15 funds with over £1bn under management, of which 11 outperformed across each time period, with six funds being top quartile across one, three and five year periods. \n   \n A strong capital base with further distribution to shareholders \n   \n The Group continues to maintain a strong capital base. \n   \n We estimate that the acquisition of CCLA has reduced the surplus above the Group's regulatory capital requirement by around £85m. Despite this, we continue to maintain a strong balance sheet, enabling us to invest in the growth of the business and maintain inorganic optionality. Following the completion of that acquisition on 2 February 2026, we estimate that the capital surplus of the Group is £146m based on Jupiter's 31 December 2025 position, adjusted for the impact of the acquisition . \n   \n In line with our capital allocation policy of returning 50% of pre-performance fee earnings, the Board have proposed a final ordinary dividend of 2.3p per share, bringing the total ordinary dividend for the year to 4.4p per share. We also committed to returning 50% of revenues generated by performance fees in 2025. A special dividend has therefore been proposed of 5.7p per share, along with a share buyback programme of the lower of £30m and 3% of issued share capital, which we expect to start in April 2026. The dividends will be paid on 19 May 2026 to shareholders on the register at the close of business on 17 April 2026. \n   \n We continue to actively and effectively manage our capital and continue to explore opportunities to deliver long-term shareholder growth, both by organically investing in the business and in inorganic opportunities. In the absence of opportunities to deploy capital accretively, we will continue to consider returning excess capital to shareholders, on a periodic basis. \n   \n An encouraging outlook \n   \n Having started the year with materially lower AUM through 2024 and subdued client sentiment, it was always apparent that 2025 would be a challenging year from an underlying financial perspective. However, we have remained focused on the aspects of our business that are within our control. Careful planning and targeted management actions have allowed us to navigate these challenges, to keep to commitments and to deliver meaningful progress towards each of our strategic objectives. \n   \n As we move into 2026, we are encouraged that a number of leading indicators have moved in a positive direction. Investment performance has improved across all time periods and short-term performance is particularly strong. Client sentiment has shown signs of improving and, after positive flows across both client channels in 2025, we are also net positive year to date. We have continued to build scale, most notably with the completion of the CCLA acquisition, which brings a brand new client channel to the wider group. Our focus on disciplined cost management remains resolute and we are ahead of schedule in delivering our latest rounds of cost savings. \n   \n Against this encouraging backdrop, there is also the potential for a more positive external environment, both for active asset management generally and for Jupiter specifically. If we do see markets become less correlated, then this could create a more fertile environment for active managers. Further, if clients do continue to re-evaluate and rebalance portfolios then we are also well positioned to benefit, given our broad range of investment expertise. \n   \n While we are not yet where we want to be and many geopolitical uncertainties remain, we are demonstrably in a stronger position than we were twelve months ago and are better placed to take advantage of the opportunities ahead. We are encouraged by positive leading indicators and that the building momentum we have seen internally for some time has now become more apparent externally and has continued into the early part of 2026. \n   \n   \n   \n   \n Matthew Beesley \n Chief Executive Officer \n 25 February 2026 \n \n \n   \n Consolidated income statement \n for the year ended 31 December 2025 \n   \n   \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n \n \n \n                                  2025 \n \n \n   \n \n \n                            2024 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n                                     £m \n \n \n   \n \n \n                              £m \n \n \n \n \n Revenue \n \n \n \n \n \n 1, 2 \n \n \n \n \n \n 465.7 \n \n \n \n \n \n 402.5 \n \n \n \n \n Fee and commission expenses \n \n \n \n \n \n 1 \n \n \n \n \n \n (34.7) \n \n \n \n \n \n (38.4) \n \n \n \n \n Net revenue \n \n \n \n \n \n 1 \n \n \n \n \n \n 431.0 \n \n \n   \n \n \n 364.1 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Administrative expenses \n \n \n \n \n \n 3 \n \n \n \n \n \n (306.7) \n \n \n \n \n \n (273.2) \n \n \n \n \n Other gains \n \n \n \n \n \n 4 \n \n \n \n \n \n 6.6 \n \n \n \n \n \n 6.9 \n \n \n \n \n Amortisation of intangible assets \n \n \n \n \n \n 9 \n \n \n \n \n \n (2.8) \n \n \n \n \n \n (11.4) \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n \n \n \n 128.1 \n \n \n   \n \n \n 86.4 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance income \n \n \n \n \n \n 5 \n \n \n \n \n \n 7.2 \n \n \n \n \n \n 8.0 \n \n \n \n \n Finance costs \n \n \n \n \n \n 5 \n \n \n \n \n \n (3.4) \n \n \n \n \n \n (6.1) \n \n \n \n \n Profit before taxation \n \n \n \n \n \n \n \n \n \n \n \n 131.9 \n \n \n   \n \n \n 88.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax expense \n \n \n \n \n \n 6 \n \n \n \n \n \n (31.5) \n \n \n \n \n \n (23.1) \n \n \n \n \n Profit for the year \n \n \n \n \n \n \n \n \n   \n \n \n 100.4 \n \n \n   \n \n \n 65.2 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic \n \n \n \n \n \n 7 \n \n \n \n \n \n 19.2p \n \n \n \n \n \n 12.5p \n \n \n \n \n Diluted \n \n \n \n \n \n 7 \n \n \n \n \n \n 17.9p \n \n \n \n \n \n 12.2p \n \n \n \n \n   \n   \n   \n Consolidated statement of comprehensive income \n for the year ended 31 December 2025 \n   \n   \n \n \n \n \n \n \n \n \n \n \n   \n                         2025 \n \n \n   \n \n \n   \n                            2024 \n \n \n \n \n \n \n \n \n \n \n                            £m \n \n \n   \n \n \n                               £m \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Profit for the year net of tax \n \n \n \n \n \n 100.4 \n \n \n   \n \n \n 65.2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified subsequently to profit or loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Exchange movements on translation of subsidiary undertakings \n \n \n \n \n \n - \n \n \n \n \n \n (1.3) \n \n \n \n \n Other comprehensive loss for the year net of tax \n \n \n \n \n \n - \n \n \n   \n \n \n (1.3) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income for the year net of tax \n \n \n   \n \n \n 100.4 \n \n \n    \n \n \n 63.9 \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Consolidated balance sheet \n at 31 December 2025 \n   \n   \n \n \n \n \n \n \n \n \n \n \n   \n   \n Notes \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n 2025 \n \n \n   \n \n \n   \n   \n 2024 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n £m  \n \n \n   \n \n \n £m  \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Non-current assets \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Goodwill \n \n \n \n \n \n 8 \n \n \n \n \n \n \n \n \n \n \n \n 494.4 \n \n \n \n \n \n 494.4 \n \n \n \n \n Intangible assets \n \n \n \n \n \n 9 \n \n \n \n \n \n \n \n \n \n \n \n 11.7 \n \n \n \n \n \n 12.3 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 10 \n \n \n \n \n \n \n \n \n \n \n \n 31.2 \n \n \n \n \n \n 34.8 \n \n \n \n \n Investment in associates \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.7 \n \n \n \n \n \n 1.8 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 31.0 \n \n \n \n \n \n 15.6 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.4 \n \n \n \n \n \n 0.4 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 570.4 \n \n \n   \n \n \n 559.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financial assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 134.8 \n \n \n \n \n \n 288.6 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 216.9 \n \n \n \n \n \n 145.9 \n \n \n \n \n Cash and cash equivalents \n Current tax asset \n \n \n \n \n \n 12 \n \n \n \n \n \n \n \n \n \n \n \n 318.7 \n 1.8 \n \n \n \n \n \n 261.1 \n 1.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 672.2 \n \n \n   \n \n \n 697.2 \n \n \n \n \n Total assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,242.6 \n \n \n   \n \n \n 1,256.5 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity attributable to shareholders \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n \n \n \n 14 \n \n \n \n \n \n \n \n \n \n \n \n 10.9 \n \n \n \n \n \n 10.9 \n \n \n \n \n Own share reserve \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n (0.9) \n \n \n \n \n \n (0.5) \n \n \n \n \n Other reserves \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n 239.0 \n \n \n \n \n \n 244.6 \n \n \n \n \n Foreign currency translation reserve \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n 0.7 \n \n \n \n \n \n 0.7 \n \n \n \n \n Retained earnings \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n 656.4 \n \n \n \n \n \n 578.3 \n \n \n \n \n TOTAL EQUITY \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 906.1 \n \n \n   \n \n \n 834.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n   \n   \n   \n   \n \n \n \n \n \n   \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans and borrowings \n \n \n \n \n \n 13 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 49.9 \n \n \n \n \n Trade and other payables \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 63.1 \n \n \n \n \n \n 61.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 63.1 \n \n \n   \n \n \n 111.4 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financial liabilities at fair value through profit or loss (FVTPL) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 42.0 \n \n \n \n \n \n 100.5 \n \n \n \n \n Trade and other payables \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 215.2 \n \n \n \n \n \n 201.1 \n \n \n \n \n Provisions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.6 \n \n \n \n \n \n 5.1 \n \n \n \n \n Current tax liability \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15.6 \n \n \n \n \n \n 4.4 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 273.4 \n \n \n   \n \n \n 311.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 336.5 \n \n \n   \n \n \n 422.5 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total equity and liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 1,242.6 \n \n \n   \n \n \n 1,256.5 \n \n \n \n \n   \n \n \n   \n Consolidated statement of changes in equity \n for the year ended 31 December 2025 \n   \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n   \n   \n Share \n capital \n \n \n   \n   \n         Own \n        share \n     reserve \n \n \n   \n   \n   \n Other  \n reserves \n \n \n   \n Foreign  \n currency  \n translation  \n reserve  \n \n \n   \n   \n   \n   Retained earnings  \n \n \n     Total \n \n \n \n \n   \n \n \n   \n \n \n £m  \n \n \n           £m  \n \n \n £m  \n \n \n £m  \n \n \n            £m  \n \n \n       £m \n \n \n \n \n At 1 January 2024 \n \n \n \n \n \n 10.9 \n \n \n (0.7) \n \n \n 250.3 \n \n \n 2.0 \n \n \n 527.0 \n \n \n 789.5 \n \n \n \n \n Profit for the year after tax \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 65.2 \n \n \n 65.2 \n \n \n \n \n Exchange movements on translation of subsidiary undertakings \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.3) \n \n \n - \n \n \n (1.3) \n \n \n \n \n Other comprehensive loss net of tax \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.3) \n \n \n - \n \n \n (1.3) \n \n \n \n \n Total comprehensive (loss)/income net of tax \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.3) \n \n \n 65.2 \n \n \n 63.9 \n \n \n \n \n Vesting of ordinary shares and options \n \n \n \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n - \n \n \n (0.2) \n \n \n - \n \n \n \n \n Dividends paid \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (34.2) \n \n \n (34.2) \n \n \n \n \n Purchase of shares by EBT \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.0) \n \n \n (1.0) \n \n \n \n \n Share-based payments \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 17.2 \n \n \n 17.2 \n \n \n \n \n Transfers \n \n \n \n \n \n - \n \n \n - \n \n \n (5.7) \n \n \n - \n \n \n 5.7 \n \n \n - \n \n \n \n \n Other movements \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.4) \n \n \n (1.4) \n \n \n \n \n Total transactions with owners \n \n \n \n \n \n - \n \n \n 0.2 \n \n \n (5.7) \n \n \n - \n \n \n (13.9) \n \n \n (19.4) \n \n \n \n \n At 31 December 2024 \n \n \n \n \n \n 10.9 \n \n \n (0.5) \n \n \n 244.6 \n \n \n 0.7 \n \n \n 578.3 \n \n \n 834.0 \n \n \n \n \n Profit for the year after tax \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 100.4 \n \n \n 100.4 \n \n \n \n \n Total comprehensive income net of tax \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 100.4 \n \n \n 100.4 \n \n \n \n \n Vesting of ordinary shares and options \n \n \n \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n - \n \n \n 0.5 \n \n \n 0.7 \n \n \n \n \n Dividends paid \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (22.3) \n \n \n (22.3) \n \n \n \n \n Purchase of treasury shares \n \n \n \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n - \n \n \n (13.4) \n \n \n (13.7) \n \n \n \n \n Purchase of shares by EBT \n \n \n \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n - \n \n \n (23.3) \n \n \n (23.6) \n \n \n \n \n Share-based payments \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 23.5 \n \n \n 23.5 \n \n \n \n \n Current tax \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.3 \n \n \n 0.3 \n \n \n \n \n Deferred tax \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 6.8 \n \n \n 6.8 \n \n \n \n \n Transfers \n \n \n \n \n \n - \n \n \n - \n \n \n (5.6) \n \n \n - \n \n \n 5.6 \n \n \n - \n \n \n \n \n Total transactions with owners \n \n \n \n \n \n - \n \n \n (0.4) \n \n \n (5.6) \n \n \n - \n \n \n (22.3) \n \n \n (28.3) \n \n \n \n \n At 31 December 2025 \n \n \n \n \n \n 10.9 \n \n \n (0.9) \n \n \n 239.0 \n \n \n 0.7 \n \n \n 656.4 \n \n \n 906.1 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n \n \n \n 14 \n \n \n 15 \n \n \n 15 \n \n \n 15 \n \n \n 15 \n \n \n \n \n \n \n \n \n \n   \n Consolidated statement of cash flows \n for the year ended 31 December 2025 \n   \n   \n \n \n \n \n   \n   \n \n \n Notes \n \n \n \n \n \n                                 2025 \n                                          \n \n \n   \n \n \n                       2024 \n                                \n \n \n \n \n   \n \n \n \n \n \n \n \n \n                                    £m \n \n \n   \n \n \n                          £m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Cash generated from operations \n \n \n 17 \n \n \n \n \n \n 88.4 \n \n \n \n \n \n 95.5 \n \n \n \n \n Income tax paid \n \n \n \n \n \n \n \n \n (29.1) \n \n \n \n \n \n (21.6) \n \n \n \n \n Net cash inflows from operating activities \n \n \n \n \n \n \n \n \n 59.3 \n \n \n   \n \n \n 73.9 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Purchase of intangible assets \n \n \n 9 \n \n \n \n \n \n (2.2) \n \n \n \n \n \n (6.2) \n \n \n \n \n Purchase of property, plant and equipment \n \n \n 10 \n \n \n \n \n \n (0.5) \n \n \n \n \n \n (1.4) \n \n \n \n \n Purchase of financial assets 1 \n \n \n \n \n \n \n \n \n (306.2) \n \n \n \n \n \n (478.7) \n \n \n \n \n Proceeds from disposals of financial assets 1 \n \n \n \n \n \n \n \n \n 390.2 \n \n \n \n \n \n 302.1 \n \n \n \n \n Cash movement from funds and subsidiaries at the date they are no longer consolidated 2 \n \n \n \n \n \n \n \n \n (1.3) \n \n \n \n \n \n (6.8) \n \n \n \n \n Interest income received \n \n \n \n \n \n \n \n \n 7.3 \n \n \n \n \n \n 7.9 \n \n \n \n \n Dividend income received \n \n \n \n \n \n \n \n \n 1.0 \n \n \n \n \n \n 0.9 \n \n \n \n \n Net cash inflows/(outflows) from investing activities \n \n \n \n \n \n \n \n \n 88.3 \n \n \n   \n \n \n (182.2) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividends paid \n \n \n 16 \n \n \n \n \n \n (22.3) \n \n \n \n \n \n (34.2) \n \n \n \n \n Purchase of shares by EBT \n \n \n \n \n \n \n \n \n (23.6) \n \n \n \n \n \n (1.0) \n \n \n \n \n Purchase of shares for cancellation \n \n \n 15 \n \n \n \n \n \n (13.7) \n \n \n \n \n \n - \n \n \n \n \n Cash inflows from exercise of share options \n \n \n \n \n \n \n \n \n 0.7 \n \n \n \n \n \n - \n \n \n \n \n Finance costs paid \n \n \n \n \n \n \n \n \n (5.1) \n \n \n \n \n \n (4.6) \n \n \n \n \n Cash paid in respect of lease arrangements \n \n \n \n \n \n \n \n \n (5.7) \n \n \n \n \n \n (5.6) \n \n \n \n \n Third-party subscriptions into consolidated funds \n \n \n \n \n \n \n \n \n 71.1 \n \n \n \n \n \n 248.8 \n \n \n \n \n Third-party redemptions from consolidated funds \n \n \n \n \n \n \n \n \n (43.2) \n \n \n \n \n \n (101.5) \n \n \n \n \n Redemption of subordinated debt \n \n \n \n \n \n \n \n \n (50.0) \n \n \n \n \n \n - \n \n \n \n \n Net cash (outflows)/inflows from financing activities \n \n \n \n \n \n \n \n \n (91.8) \n \n \n   \n \n \n 101.9 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase/(decrease) in cash and cash equivalents \n \n \n \n \n \n \n \n \n 55.8 \n \n \n   \n \n \n (6.4) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at beginning of year \n \n \n \n \n \n \n \n \n 261.1 \n \n \n \n \n \n 268.2 \n \n \n \n \n Effects of exchange rates on cash and cash equivalents \n \n \n \n \n \n \n \n \n 1.8 \n \n \n \n \n \n (0.7) \n \n \n \n \n Cash and cash equivalents at end of year \n \n \n 12 \n \n \n \n \n \n 318.7 \n \n \n   \n \n \n 261.1 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n 1 Includes purchases/proceeds from disposals of seed investments, fund units used as a hedge against compensation awards linked to the value of those funds, derivative instruments and, where the Group's investment in seed is judged to give it control of a fund, purchases/disposals of financial assets by that fund. \n 2 During the year, the gross amounts of financial assets and liabilities, other than cash or cash equivalents, over which control was lost were £112.6m and £113.9m respectively (2024: £232.4m and £239.3m respectively). The gross amounts of financial assets and liabilities, other than cash or cash equivalents, over which control was obtained were £nil for both assets and liabilities (2024: £127.2m for both). \n \n \n   \n Notes to the Group financial statements \n   \n   \n Introduction \n   \n Jupiter Fund Management plc (the Company) and its subsidiaries (together, the Group) offer a range of asset management products. Through its subsidiaries, the Group acts as an investment manager to authorised unit trusts, SICAVs, ICVCs, OEICs, investment trust companies, pension funds and other specialist funds. At 31 December 2025, the Group had offices in the United Kingdom, Ireland, Germany, Hong Kong, Italy, Luxembourg, Singapore, Spain, Sweden and Switzerland. \n   \n Basis of preparation and other accounting policies \n   \n The financial information set out does not constitute the Company's statutory accounts for the years ended 31 December 2025 or 2024, but is derived from those accounts. The Auditors have reported on the 2025 accounts; their report was unqualified, unmodified and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered in due course. \n   \n The Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. \n   \n Going concern \n   \n After reviewing the Group's current trading activities, plans, forecasts and financing arrangements, including in stressed scenarios, the Directors have not identified any material uncertainties to the Group's ability to continue to adopt the going concern basis. As a consequence, the Directors have a reasonable expectation that the Group has adequate resources to continue operating for a period of at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements. \n   \n Climate change \n   \n In preparing the financial statements, we have considered the impact of climate change. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. \n   \n Changes in the composition of the Group \n   \n The Group is required to consolidate seed capital investments if it is deemed to control them. The following changes have been made to the consolidation of the Group since 31 December 2024: \n   \n \n \n \n \n Included in consolidation (as a result of investments) \n \n \n Excluded from consolidation \n \n \n \n \n Jupiter GEARx Fund Limited \n Jupiter Global Government Bond Active UCITS ETF \n \n \n Jupiter Global Fund SICAV: Asia Pacific Income \n Jupiter Global Emerging Markets Focus ex China Fund \n \n \n \n \n   \n Changes in accounting policies \n   \n The International Accounting Standards Board and IFRS Interpretations Committee (IC) have issued a number of new accounting standards and interpretations and amendments to existing standards and interpretations. Other than IFRS 18, there are no IFRSs or IFRS IC interpretations that are not yet effective that would be expected to have a material impact on the Group. \n   \n The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024. The standard, which is effective for periods beginning on or after 1 January 2027, aims to improve comparability and transparency of communication in financial statements, and replaces IAS 1 Presentation of Financial Statements . The Group has not applied IFRS 18 in these financial statements. \n \n IFRS 18 introduces new presentational requirements within the income statement, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and notes to the accounts. The new requirements are expected to impact the presentation, but not the recognition or measurement, of items in the income statement, the cash flow statement and relevant notes to the accounts, including what the Group currently reports as its 'Operating profit'. \n   \n 1.  Revenue and fee and commission expenses \n   \n The Group's primary source of recurring revenue is management fees. Management fees are stated net of rebates and are charged for investment management or administrative services and are normally based on an agreed percentage of AUM. Performance fees may be earned from some funds and segregated mandate contracts when agreed performance conditions are met. Net revenue is stated after fee and commission expenses to intermediaries for ongoing services under distribution agreements. \n   \n The Group can earn performance fees on some of the segregated and fund accounts that it manages. In some cases, a proportion of the fee earned is deferred until the next performance fee is payable or offset against future underperformance on that account. As there is no certainty that such deferred fees will be collectable in future years, the Group's accounting policy is to include performance fees in revenue only when they become due and collectable and therefore the element (if any) deferred beyond 31 December 2025 has not been recognised in the results for the year. \n   \n \n \n \n \n \n \n \n                      2025 \n      £m \n \n \n   \n \n \n                      2024 \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Management fees 1 \n \n \n 345.4 \n \n \n \n \n \n 371.3 \n \n \n \n \n Performance fees \n \n \n 120.3 \n \n \n \n \n \n 31.2 \n \n \n \n \n Revenue \n \n \n 465.7 \n \n \n   \n \n \n 402.5 \n \n \n \n \n Fee and commission expenses 2 \n \n \n (34.7) \n \n \n \n \n \n (38.4) \n \n \n \n \n Net revenue \n \n \n 431.0 \n \n \n     \n \n \n 364.1 \n \n \n \n \n   \n 1 In previous periods, 'Management fees' was disaggregated between 'Management fees' and 'Initial charges and commissions'. The amounts reclassified are not material and prior period data has been re-presented accordingly. \n \n \n \n \n 2 In previous periods, 'Fee and commission expenses' was disaggregated between 'Fee and commission expenses relating to management fees' and 'Fee and commission expenses relating to initial charges and commissions'. The amounts reclassified are not material and prior period data has been re-presented accordingly. \n   \n \n \n \n \n Disaggregation of revenue \n   \n The Group disaggregates revenue on the basis of product type and geographical region, as this best depicts how the nature, amount, timing and uncertainty of the Group's revenue and cash flows are affected by economic factors. \n   \n The Group's product types can be broadly categorised into pooled funds and segregated mandates. Pooled funds, which include both mutual funds and investment trusts, are established by the Group, with the risks, exposures and investment approach defined via a prospectus which is provided to potential investors. In contrast, segregated mandates are generally established in accordance with the requirements of a specific institutional investor. Institutional clients may invest in segregated mandates or pooled vehicles. \n   \n \n \n \n \n \n \n \n                     2025 \n      £m \n \n \n   \n \n \n                      2024 \n       £m \n \n \n \n \n Revenue by product type \n \n \n \n \n \n \n \n \n \n \n \n \n \n Pooled funds \n \n \n 423.0 \n \n \n \n \n \n 368.3 \n \n \n \n \n Segregated mandates \n \n \n 42.7 \n \n \n \n \n \n 34.2 \n \n \n \n \n Revenue \n \n \n 465.7 \n \n \n   \n \n \n 402.5 \n \n \n \n \n   \n \n \n   \n 2.  Segmental reporting \n   \n The Group offers a range of investment products and services through different distribution channels. All financial, business and strategic decisions are made centrally by the Board of Directors (the Board), which determines the key performance indicators of the Group. Information is reported to the chief operating decision maker, the Board, on a single-segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business. \n   \n Management monitors operating profit for the purpose of making decisions about resource allocation and performance assessment. \n   \n Geographical information \n \n \n \n \n \n \n \n                     2025 \n £m \n \n \n   \n \n \n                      2024 \n £m \n \n \n \n \n Revenue by location of clients \n \n \n \n \n \n \n \n \n   \n \n \n \n \n UK \n \n \n 293.4 \n \n \n \n \n \n 286.1 \n \n \n \n \n EMEA \n \n \n 123.5 \n \n \n \n \n \n 78.1 \n \n \n \n \n Asia \n \n \n 22.5 \n \n \n \n \n \n 19.0 \n \n \n \n \n Rest of the world \n \n \n 26.3 \n \n \n \n \n \n 19.3 \n \n \n \n \n Revenue by location \n \n \n 465.7 \n \n \n   \n \n \n 402.5 \n \n \n \n \n   \n The location of clients is determined using management information obtained from distribution partners and, where applicable, directly from client mandate information. Where management information is not available, the location of the distribution partner is used as a proxy for the location of the client. \n   \n Non-current assets for the Group (excluding financial instruments, prepayments and deferred tax assets) are domiciled as set out below: \n \n \n \n \n \n \n \n                     2025 \n £m \n \n \n   \n \n \n                     2024 \n    £m \n \n \n \n \n Non-current assets for the Group \n \n \n \n \n \n \n \n \n \n \n \n \n \n UK \n \n \n 534.7 \n \n \n \n \n \n 540.0 \n \n \n \n \n EMEA \n \n \n 1.6 \n \n \n \n \n \n 1.2 \n \n \n \n \n Asia \n \n \n 1.0 \n \n \n \n \n \n 0.3 \n \n \n \n \n Non-current assets by location \n \n \n 537.3 \n \n \n     \n \n \n 541.5 \n \n \n \n \n   \n 3.  Administrative expenses \n   \n Administrative expenses of £306.7m (2024: £273.2m) include staff costs of £208.5m (2024: £163.7m). Staff costs consist of: \n   \n \n \n \n \n \n \n \n                      2025 \n    £m \n \n \n   \n \n \n                      2024 \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Wages and salaries \n \n \n 149.2 \n \n \n \n \n \n 119.6 \n \n \n \n \n Share-based payments \n \n \n 23.5 \n \n \n \n \n \n 17.2 \n \n \n \n \n Social security costs \n \n \n 31.5 \n \n \n \n \n \n 18.4 \n \n \n \n \n Pension costs \n \n \n 7.6 \n \n \n \n \n \n 7.2 \n \n \n \n \n Redundancy costs \n \n \n 3.6 \n \n \n \n \n \n 3.7 \n \n \n \n \n Staff costs before net gains arising from the economic hedging of fund units \n \n \n 215.4 \n \n \n   \n \n \n 166.1 \n \n \n \n \n Net gains on instruments held to provide an economic hedge for fund awards \n \n \n (6.9) \n \n \n \n \n \n (2.4) \n \n \n \n \n Staff costs \n \n \n 208.5 \n \n \n   \n \n \n 163.7 \n \n \n \n \n   \n \n \n   \n 4.  Other gains \n   \n Other gains relate principally to net gains made on the Group's seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio and derivatives are held at FVTPL. Gains and losses on these investments comprise both realised and unrealised amounts. \n   \n \n \n \n \n \n \n \n                      2025 \n £m \n \n \n   \n \n \n                      2024   \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividend income \n \n \n 1.0 \n \n \n \n \n \n 0.9 \n \n \n \n \n Gains on financial instruments at FVTPL - seed \n \n \n 9.2 \n \n \n \n \n \n 9.8 \n \n \n \n \n Losses on financial instruments at FVTPL - derivatives \n \n \n (4.2) \n \n \n \n \n \n (3.8) \n \n \n \n \n Other income \n \n \n 0.6 \n \n \n \n \n \n - \n \n \n \n \n Other gains \n \n \n 6.6 \n \n \n   \n \n \n 6.9 \n \n \n \n \n   \n 5.  Finance income and finance costs \n   \n Finance income comprises income earned on the Group's cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method. \n   \n \n \n \n \n \n \n \n                      2025 \n   £m \n \n \n   \n \n \n                      2024 \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest on bank deposits \n \n \n 1.9 \n \n \n \n \n \n 2.5 \n \n \n \n \n Interest on short-term money market fund investments \n \n \n 5.3 \n \n \n \n \n \n 5.5 \n \n \n \n \n Finance income \n \n \n 7.2 \n \n \n   \n \n \n 8.0 \n \n \n \n \n   \n Finance costs principally relate to the unwinding of the discount applied to lease liabilities. In 2024, the Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes (see Note 13). These notes were redeemed on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the revolving credit facility (RCF). Interest payable is charged on an accrual basis using the effective interest method. \n   \n \n \n \n \n \n \n \n                      2025 \n    £m \n \n \n   \n \n \n                      2024 \n    £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest on subordinated debt \n \n \n 1.4 \n \n \n \n \n \n 4.5 \n \n \n \n \n Interest on lease liabilities \n \n \n 1.3 \n \n \n \n \n \n 1.4 \n \n \n \n \n Other interest charges \n \n \n 0.5 \n \n \n \n \n \n - \n \n \n \n \n Finance costs relating to the RCF \n \n \n 0.2 \n \n \n \n \n \n 0.2 \n \n \n \n \n Finance costs \n \n \n 3.4 \n \n \n   \n \n \n 6.1 \n \n \n \n \n   \n 6.  Income tax expense \n   \n \n \n \n \n   \n Analysis of charge in the year \n \n \n                     2025 \n     £m \n \n \n   \n \n \n                     2024 \n    £m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Current tax \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Tax on profits for the year \n \n \n 39.9 \n \n \n \n \n \n 24.7 \n \n \n \n \n Adjustments in respect of prior years \n \n \n 0.2 \n \n \n \n \n \n 0.2 \n \n \n \n \n Total current tax \n \n \n 40.1 \n \n \n   \n \n \n 24.9 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Deferred tax \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Origination and reversal of temporary differences \n \n \n (8.6) \n \n \n \n \n \n (1.8) \n \n \n \n \n Total deferred tax \n \n \n (8.6) \n \n \n   \n \n \n (1.8) \n \n \n \n \n Income tax expense \n \n \n 31.5 \n \n \n   \n \n \n 23.1 \n \n \n \n \n   \n \n \n   \n The UK corporation tax rate for 2025 was 25% (2024: 25%). The tax charge in the year is lower (2024: higher) than the standard rate of corporation tax in the UK and the differences are explained below: \n   \n \n \n \n \n   \n Factors affecting tax expense for the year \n \n \n                     2025 \n   £m \n \n \n   \n \n \n                      2024 \n       £m \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Profit before taxation \n \n \n 131.9 \n \n \n \n \n \n 88.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Taxation at the standard corporation tax rate (25.0%) \n \n \n 33.0 \n \n \n \n \n \n 22.1 \n \n \n \n \n Other permanent differences \n \n \n (1.2) \n \n \n \n \n \n 1.2 \n \n \n \n \n Adjustments in respect of prior years \n \n \n 0.2 \n \n \n \n \n \n 0.2 \n \n \n \n \n Effect of differences in overseas tax rates \n \n \n (0.5) \n \n \n \n \n \n (0.4) \n \n \n \n \n Total tax expense \n \n \n 31.5 \n \n \n   \n \n \n 23.1 \n \n \n \n \n   \n   \n 7.  Earnings per share (EPS) \n   \n Basic EPS is calculated by dividing the profit attributable to equity holders of Jupiter Fund Management plc (the parent company of the Group) by the weighted average number of ordinary shares outstanding and contingently issuable during the year, less the weighted average number of own shares held. Own shares comprise shares held for treasury purposes and shares held in an EBT for the benefit of employees. \n   \n As dilutive potential ordinary shares have or would have no impact on the Group's income statement, diluted EPS is calculated by dividing the profit for the year (as used in the calculation of basic EPS) by the weighted average number of ordinary shares outstanding during the year for the purpose of basic EPS, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares arising from the award of share options into ordinary shares. \n   \n The weighted average number of ordinary shares used in the calculation of EPS is as follows: \n   \n \n \n \n \n   \n   \n Weighted average number of shares \n \n \n                      2025 \n  Number \n       m \n \n \n   \n \n \n                      2024 \n  Number \n        m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issued share capital \n \n \n 545.0 \n \n \n \n \n \n 545.0 \n \n \n \n \n Add: Contingently issuable shares 1 \n \n \n 8.7 \n \n \n \n \n \n 7.5 \n \n \n \n \n Less: Time-apportioned own shares held \n \n \n (31.3) \n \n \n \n \n \n (29.1) \n \n \n \n \n Weighted average number of ordinary shares for the purpose of basic EPS \n \n \n 522.4 \n \n \n   \n \n \n 523.4 \n \n \n \n \n Add: Weighted average number of dilutive potential shares arising from share options \n \n \n 39.3 \n \n \n \n \n \n 10.3 \n \n \n \n \n Weighted average number of ordinary shares for the purpose of diluted EPS \n \n \n 561.7 \n \n \n   \n \n \n 533.7 \n \n \n \n \n   \n \n \n \n \n   \n Earnings per share \n \n \n                      2025 \n   p \n \n \n   \n \n \n                      2024 \n       p \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Basic \n \n \n 19.2 \n \n \n \n \n \n 12.5 \n \n \n \n \n Diluted \n \n \n 17.9 \n \n \n \n \n \n 12.2 \n \n \n \n \n   \n 1 Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date. \n   \n 8.  Goodwill \n   \n Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed. \n   \n \n \n   \n Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) and the 2020 acquisition of Merian Global Investors Limited (Merian). \n   \n \n \n \n \n   \n   \n \n \n            2025 \n     £m \n \n \n   \n \n \n           2024 \n   £m \n \n \n \n \n Cost \n At 1 January and 31 December \n \n \n 570.6 \n \n \n   \n \n \n 570.6 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Accumulated impairment \n At 1 January and 31 December \n \n \n ( 76.2) \n \n \n   \n \n \n ( 76.2) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net book value \n At 31 December \n \n \n   \n 494.4 \n \n \n   \n \n \n 494.4 \n \n \n \n \n   \n The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds in its day-to-day monitoring and management of the business. The businesses acquired to which the goodwill relates are fully integrated and are not separately measured or monitored. It is not possible to assign the Group's profitability between the acquired businesses, and therefore the Group adopts a single CGU and considers its impairment test based on Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use (VIU) and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU. \n   \n For the purposes of impairment testing, the recoverable amount for the goodwill asset has been determined using a VIU methodology. The VIU calculation is based on the present value of the Group's projected future cash flows, derived from a discounted cash flow model. As the acquisition of CCLA Investment Management Limited completed after the balance sheet date, the impairment assessment excludes any cash flows, synergies or other benefits arising from the acquisition . The acquisition is expected to result in the recognition of goodwill and separately identifiable intangible assets on completion (see Note 21). The following key assumptions have \n been applied in the impairment test: \n   \n n The Group's projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved by the Board in February 2026 and is aligned with the strategic focus set out in the Management statement; \n n Long-term growth rates of 2.2% (2024: 2.1%) were used to calculate terminal value; and \n n A post-tax discount rate of 13.8% (2024: 14.1%) was calculated using the capital asset pricing model and applied to post-tax cash flows. Using a pre-tax discount rate of 17.9% (2024: 18.0%) on pre-tax cash flows does not produce a materially different result. \n   \n The impairment test indicated that the VIU of the CGU of £724.7m (2024: £551.1m) exceeded its carrying value of £537.3m (2024: £541.5m). The VIU of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group's goodwill asset is not currently impaired. \n   \n The year-on-year movement in the headroom was as follows: \n   \n \n \n \n \n \n \n \n   \n \n \n                         £m \n \n \n \n \n Headroom at 1 January 2025 \n \n \n \n \n \n 9.6 \n \n \n \n \n Increase in VIU of CGU in 2025 \n \n \n \n \n \n 173.6 \n \n \n \n \n Decrease in carrying value of CGU in 2025 \n \n \n \n \n \n 4.2 \n \n \n \n \n Headroom at 31 December 2025 \n \n \n   \n \n \n 187.4 \n \n \n \n \n   \n The increase in the VIU of the CGU year-on-year was £173.6m. This arises from improvements in forecast cash flows, principally arising from the 19.2% increase in the Group's AUM in the year and a decrease in the post-tax discount rate. The decrease in the carrying value of the CGU was largely due to the amortisation of intangible assets. \n   \n \n \n   \n The sensitivity of the Group's current headroom position to reasonably possible changes in key assumptions used in the VIU calculation is shown in the table below: \n   \n \n \n \n \n   \n Key variable \n \n \n Reasonably possible adverse movement \n \n \n   \n \n \n Decrease in valuation \n £m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Discount rate \n \n \n +1% \n \n \n   \n \n \n 55 \n \n \n \n \n Terminal growth rate movement \n \n \n -0.1% \n \n \n \n \n \n 4 \n \n \n \n \n Decrease in revenue 1 \n \n \n -1% \n \n \n \n \n \n 27 \n \n \n \n \n   \n 1 The decrease in revenue represents a modelled percentage reduction in each year projected in the Group's base case forecast cashflows. \n   \n The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability. \n   \n 9.  Intangible assets \n   \n Intangible assets principally comprise computer software. During the year, the Group acquired computer software of £2.2m (2024: £6.2m). There were no disposals (2024: same). These assets are amortised on a straight-line basis over their estimated useful lives, which are estimated as being between five and ten years. The amortisation charge for intangible assets was £2.8m (2024: £11.4m). \n   \n The Directors have reviewed the intangible assets as at 31 December 2025 and 31 December 2024 and have concluded there are no indicators of impairment. \n   \n \n \n \n \n \n \n \n             2025 \n  £m \n \n \n   \n \n \n           2024 \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n 11.7 \n \n \n \n \n \n 12.3 \n \n \n \n \n                                                                              \n \n \n 11.7 \n \n \n   \n \n \n 12.3 \n \n \n \n \n   \n 10.        Property, plant and equipment \n   \n The net book value of property, plant and equipment at 31 December 2025 was £31.2m (2024: £34.8m). Additions to the right-of-use assets in 2025 were £0.8m (2024: £0.6m). The Group purchased other items of property, plant and equipment of £0.5m during the year (2024: £1.4m). Lease modifications resulted in a £1.4m increase in right-of-use assets (2024: £0.4m increase) arising from remeasurement. The depreciation charge was £6.3m (2024: £5.0m). \n \n \n   \n   \n 11.        Financial instruments \n   \n Financial instruments by category \n   \n The carrying value of the financial instruments of the Group at 31 December is shown below: \n   \n \n \n \n \n As at 31 December 2025 \n \n \n   \n \n \n Financial assets at FVTPL \n \n \n Financial assets at amortised cost and other \n \n \n Financial liabilities at FVTPL \n \n \n Financial liabilities at amortised cost \n \n \n Non-financial instruments \n \n \n Total \n \n \n \n \n   \n \n \n   \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Goodwill \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 494.4 \n \n \n 494.4 \n \n \n \n \n Intangible assets \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 11.7 \n \n \n 11.7 \n \n \n \n \n Property, plant and equipment \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 31.2 \n \n \n 31.2 \n \n \n \n \n Investment in associates 1 \n \n \n   \n \n \n - \n \n \n 1.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.7 \n \n \n \n \n Deferred tax assets \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 31.0 \n \n \n 31.0 \n \n \n \n \n Non-current trade and other receivables \n \n \n   \n \n \n - \n \n \n 0.4 \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n \n \n Financial assets \n \n \n   \n \n \n 117.9 \n \n \n 16.9 \n \n \n - \n \n \n - \n \n \n - \n \n \n 134.8 \n \n \n \n \n Current trade and other receivables 2 \n \n \n   \n \n \n - \n \n \n 204.8 \n \n \n - \n \n \n - \n \n \n 12.1 \n \n \n 216.9 \n \n \n \n \n Cash and cash equivalents \n \n \n   \n \n \n - \n \n \n 318.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n 318.7 \n \n \n \n \n Current tax asset 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.8 \n \n \n 1.8 \n \n \n \n \n Non-current trade and other payables 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (54.8) \n \n \n (8.3) \n \n \n (63.1) \n \n \n \n \n Financial liabilities at FVTPL \n \n \n   \n \n \n - \n \n \n - \n \n \n (42.0) \n \n \n - \n \n \n - \n \n \n (42.0) \n \n \n \n \n Current trade and other payables 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (194.3) \n \n \n (20.9) \n \n \n (215.2) \n \n \n \n \n Provisions \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.6) \n \n \n - \n \n \n (0.6) \n \n \n \n \n Current tax liability 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (15.6) \n \n \n (15.6) \n \n \n \n \n Total \n \n \n   \n \n \n 117.9 \n \n \n 542.5 \n \n \n (42.0) \n \n \n (249.7) \n \n \n 537.4 \n \n \n 906.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n As at 31 December 2024 \n \n \n   \n \n \n Financial assets at FVTPL \n \n \n Financial assets at amortised cost and other \n \n \n Financial liabilities at FVTPL \n \n \n Financial liabilities at amortised cost \n \n \n Non-financial instruments \n \n \n Total \n \n \n \n \n   \n \n \n   \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Goodwill \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 494.4 \n \n \n 494.4 \n \n \n \n \n Intangible assets \n \n \n   \n \n \n - \n \n \n - \n \n \n -   \n \n \n - \n \n \n 12.3 \n \n \n 12.3 \n \n \n \n \n Property, plant and equipment \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 34.8 \n \n \n 34.8 \n \n \n \n \n Investment in associates 1 \n \n \n   \n \n \n - \n \n \n 1.8 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.8 \n \n \n \n \n Deferred tax assets \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15.6 \n \n \n 15.6 \n \n \n \n \n Non-current trade and other receivables \n \n \n   \n \n \n - \n \n \n 0.4 \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n \n \n Financial assets \n \n \n   \n \n \n 271.9 \n \n \n 16.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n 288.6 \n \n \n \n \n Current trade and other receivables 2 \n \n \n   \n \n \n - \n \n \n 134.5 \n \n \n - \n \n \n - \n \n \n 11.4 \n \n \n 145.9 \n \n \n \n \n Cash and cash equivalents \n \n \n   \n \n \n - \n \n \n 261.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n 261.1 \n \n \n \n \n Current tax asset 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.6 \n \n \n 1.6 \n \n \n \n \n Non-current loans and borrowings \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (49.9) \n \n \n - \n \n \n (49.9) \n \n \n \n \n Non-current trade and other payables 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (56.2) \n \n \n (5.3) \n \n \n (61.5) \n \n \n \n \n Financial liabilities at FVTPL \n \n \n   \n \n \n - \n \n \n - \n \n \n (100.5) \n \n \n - \n \n \n - \n \n \n (100.5) \n \n \n \n \n Current trade and other payables 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (187.2) \n \n \n (13.9) \n \n \n (201.1) \n \n \n \n \n Provisions \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (5.1) \n \n \n - \n \n \n (5.1) \n \n \n \n \n Current tax liability 2 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (4.4) \n \n \n (4.4) \n \n \n \n \n Total \n \n \n   \n \n \n 271.9 \n \n \n 414.5 \n \n \n (100.5) \n \n \n (298.4) \n \n \n 546.5 \n \n \n 834.0 \n \n \n \n \n   \n 1 Investments in associates are initially recognised at cost and are adjusted subsequently to reflect any changes to the Group's share of the investee's net assets. \n 2 Prepayments, contract assets and liabilities, current tax asset and liability and social security and other taxes do not meet the definition of financial instruments. \n   \n   \n   \n 12.        Cash and cash equivalents \n   \n \n \n \n \n   \n   \n \n \n  2025 \n      £m \n \n \n   \n \n \n                     2024 \n         £m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Cash at bank and in hand \n \n \n 120.8 \n \n \n \n \n \n 113.4 \n \n \n \n \n Cash equivalents \n \n \n 145.2 \n \n \n \n \n \n 147.1 \n \n \n \n \n Cash held by the EBT and seed investment subsidiaries \n \n \n 52.7 \n \n \n   \n \n \n 0.6 \n \n \n \n \n Total cash and cash equivalents \n \n \n 318.7 \n \n \n   \n \n \n 261.1 \n \n \n \n \n   \n Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing daily bank rates. Cash equivalents are used for cash management purposes and comprise units in short-term money market funds that can readily be converted into known amounts of cash and which are subject to an insignificant risk of changes in value. \n   \n Cash held by the EBT and seed investment subsidiaries is not available for use by the Group. \n   \n 13.        Loans and borrowings \n   \n The Group's £50.0m Tier 2 subordinated debt notes were redeemed on 28 April 2025. The notes bore interest at a rate of 8.875% per annum. \n \n \n \n \n   \n \n \n \n \n \n                       2025 \n \n \n   \n \n \n      2024 \n \n \n \n \n \n \n \n \n \n \n    £m \n \n \n   \n \n \n    £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Subordinated debt \n \n \n   \n \n \n - \n \n \n   \n \n \n 49.9 \n \n \n \n \n   \n The Group's RCF enables it to borrow up to £100.0m (2024: £40.0m). The current facility was agreed in December 2025 and expires in December 2027, with an option for the Group to extend the facility by up to a further three years. The Group's RCFs were undrawn throughout 2025 and 2024. \n   \n 14.        Share capital \n   \n \n \n \n \n Share capital \n \n \n 2025 \n Number of shares \n m \n \n \n 2024 \n Number of shares \n m \n \n \n 2025 \n Par value \n £m \n \n \n 2024 \n Par value \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ordinary shares of 2p each \n \n \n 545.0 \n \n \n 545.0 \n \n \n 10.9 \n \n \n 10.9 \n \n \n \n \n \n \n \n 545.0 \n \n \n 545.0 \n \n \n 10.9 \n \n \n 10.9 \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n   \n \n \n   \n   \n \n \n   \n   \n \n \n   \n   \n \n \n \n \n 15.        Reserves \n   \n i)   Own share reserve \n   \n The Group holds its own shares in an EBT and in treasury. These holdings are included as a deduction from equity. \n   \n The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares and are used to settle obligations that arise from the vesting of share-based awards. \n   \n The Company holds its own shares in treasury in order to provide additional hedging capabilities against share-based awards and to give the Group the option of reducing its issued share capital through the cancellation of such shares at a future date (see Note 21). \n   \n   \n On 9 May 2024, shareholder approval was given for the Company to purchase up to 3% of its issued share capital, and the Company commenced a buyback programme on 3 March 2025 for the full 3%, amounting to 16,349,385 shares. This buyback programme completed on 19 August 2025 at a total cost of £13.7m. \n   \n   \n \n \n \n \n \n \n \n Shares held in EBT \n \n \n Treasury shares \n \n \n Total own shares \n \n \n   \n \n \n \n \n \n \n \n Number of shares \n \n \n Nominal value of shares \n \n \n Number of shares \n \n \n Nominal value of shares \n \n \n Number of shares \n \n \n Nominal value of shares \n \n \n \n \n \n \n \n  m \n \n \n £m \n \n \n m \n \n \n £m \n \n \n m \n \n \n £m \n \n \n \n \n At 1 January 2024 \n \n \n 33.9 \n \n \n 0.7 \n \n \n - \n \n \n - \n \n \n 33.9 \n \n \n 0.7 \n \n \n \n \n Purchases \n \n \n 1.4 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.4 \n \n \n - \n \n \n \n \n Disposals \n \n \n (12.9) \n \n \n (0.2) \n \n \n - \n \n \n - \n \n \n (12.9) \n \n \n (0.2) \n \n \n \n \n At 31 December 2024 \n \n \n 22.4 \n \n \n 0.5 \n \n \n - \n \n \n - \n \n \n 22.4 \n \n \n 0.5 \n \n \n \n \n Purchases \n \n \n 17.7 \n \n \n 0.4 \n \n \n 16.3 \n \n \n 0.3 \n \n \n 34.0 \n \n \n 0.7 \n \n \n \n \n Disposals \n \n \n (13.4) \n \n \n (0.3) \n \n \n - \n \n \n - \n \n \n (13.4) \n \n \n (0.3) \n \n \n \n \n At 31 December 2025 \n \n \n 26.7 \n \n \n 0.6 \n \n \n 16.3 \n \n \n 0.3 \n \n \n 43.0 \n \n \n 0.9 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n ii)  Other reserves \n   \n Other reserves of £239.0m (2024: £244.6m) comprise the merger relief reserve of £230.8m (2024: £236.4m) formed on the acquisition of Merian in 2020, £8.0m (2024: £8.0m) that relates to the conversion of Tier 2 preference shares in 2010 and a capital redemption reserve of £0.2m (2024: £0.2m), representing transfers from share capital on the cancellation of shares repurchased. The movement of £5.6m in the reserve in the year related to the partial realisation of the merger relief reserve. \n   \n iii) Foreign currency translation reserve \n   \n The foreign currency translation reserve of £0.7m (2024: £0.7m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. \n   \n iv) Retained earnings \n   \n Retained earnings of £656.4m (2024: £578.3m) are the amount of earnings that are retained within the Group after dividend payments and other transactions with owners. \n   \n 16.        Dividends \n   \n \n \n \n \n   \n \n \n                      2025 \n  £m \n \n \n   \n \n \n                      2024 \n £m \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Prior year final dividend (2.2p per ordinary share) (2024: 3.4p per ordinary share) \n \n \n 11.5 \n \n \n \n \n \n 17.6 \n \n \n \n \n Interim dividend (2.1p per ordinary share) (2024: 3.2p per ordinary share) \n \n \n 10.8 \n \n \n \n \n \n 16.6 \n \n \n \n \n \n \n \n 22.3 \n \n \n   \n \n \n 34.2 \n \n \n \n \n   \n Final and special dividends are paid out of profits recognised in the year prior to the year in which the dividends are proposed, declared and reported. \n   \n The EBT has waived its right to receive future dividends on shares held in the trust. Dividends waived on shares held in the EBT in 2025 were £0.7m (2024: £1.8m). \n   \n A final dividend for 2025 of 2.3p per share (2024: 2.2p) and a special dividend of 5.7p per share (2024: nil) have been proposed by the Directors. These dividends amount to £12.2m and £30.1m respectively before adjusting for any dividends waived on shares held in the EBT and will be accounted for in 2026. Including the interim dividend for 2025 of 2.1p per share (2024: 3.2p), this gives a total dividend per share of 10.1p (2024: 5.4p). \n \n 17.        Cash flows from operating activities \n   \n \n \n \n \n   \n   \n \n \n Notes \n \n \n   \n \n \n    2025 \n    £m \n \n \n   \n \n \n  2024 \n £m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n                  128.1 \n \n \n \n \n \n                  86.4 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Adjustments for: \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Amortisation of intangible assets \n \n \n 9 \n \n \n \n \n \n 2.8 \n \n \n \n \n \n                  11.4 \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 10 \n \n \n \n \n \n 6.3 \n \n \n \n \n \n 5.0 \n \n \n \n \n Other net gains \n \n \n \n \n \n \n \n \n (8.3) \n \n \n \n \n \n 0.2 \n \n \n \n \n Gains on fund unit hedges \n \n \n 3 \n \n \n \n \n \n (6.9) \n \n \n \n \n \n (2.4) \n \n \n \n \n Share-based payments \n \n \n 3 \n \n \n \n \n \n                    23.5 \n \n \n \n \n \n                  17.2 \n \n \n \n \n Increase in trade and other receivables \n \n \n \n \n \n \n \n \n (70.3) \n \n \n \n \n \n (7.7) \n \n \n \n \n Increase/(decrease) in trade and other payables \n \n \n \n \n \n \n \n \n                    13.2 \n \n \n \n \n \n (14.6) \n \n \n \n \n Cash generated from operations \n \n \n   \n \n \n   \n \n \n                    88.4 \n \n \n   \n \n \n                  95.5 \n \n \n \n \n   \n 18.        Changes in liabilities arising from financing activities \n   \n \n \n \n \n   \n \n \n   \n \n \n 2025 \n \n \n   \n \n \n 2024 \n \n \n \n \n   \n \n \n   \n \n \n Financial liabilities at FVTPL \n \n \n Loans and borrowings 1 \n \n \n Leases 2 \n \n \n Total \n \n \n   \n \n \n Financial liabilities at FVTPL \n \n \n Loans and borrowings 1 \n \n \n Leases 2 \n \n \n Total \n \n \n \n \n   \n \n \n   \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n   \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Brought forward at 1 January \n \n \n 100.1 \n \n \n 49.9 \n \n \n 40.9 \n \n \n 190.9 \n \n \n \n \n \n 80.2 \n \n \n 49.7 \n \n \n 44.1 \n \n \n 174.0 \n \n \n \n \n   \n \n \n New leases \n \n \n - \n \n \n - \n \n \n 0.8 \n \n \n 0.8 \n \n \n \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n 0.6 \n \n \n \n \n   \n \n \n Changes from financing cash flows \n \n \n 27.9 3 \n \n \n - \n \n \n (5.7) \n \n \n 22.2 \n \n \n \n \n \n 147.3 3 \n \n \n - \n \n \n (5.6) \n \n \n 141.7 \n \n \n \n \n   \n \n \n Changes arising from obtaining or losing control of consolidated funds \n \n \n (113.0) \n \n \n - \n \n \n - \n \n \n (113.0) \n \n \n \n \n \n (160.9) \n \n \n - \n \n \n - \n \n \n (160.9) \n \n \n \n \n   \n \n \n Changes in fair value \n \n \n 27.0 \n \n \n - \n \n \n - \n \n \n 27.0 \n \n \n \n \n \n 33.5 \n \n \n - \n \n \n - \n \n \n 33.5 \n \n \n \n \n   \n \n \n Interest expense \n \n \n - \n \n \n 0.1 \n \n \n 1.3 \n \n \n 1.4 \n \n \n \n \n \n - \n \n \n 0.2 \n \n \n 1.4 \n \n \n 1.6 \n \n \n \n \n   \n \n \n Lease reassignment and modifications \n \n \n - \n \n \n - \n \n \n 1.4 \n \n \n 1.4 \n \n \n \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n 0.4 \n \n \n \n \n   \n \n \n Repayment of loans and borrowings \n \n \n - \n \n \n (50.0) \n \n \n - \n \n \n (50.0) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Liabilities arising from financing activities carried forward at 31 December \n \n \n 42.0 \n \n \n - \n \n \n 38.7 \n \n \n 80.7 \n \n \n   \n \n \n 100.1 \n \n \n 49.9 \n \n \n 40.9 \n \n \n 190.9 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n Notes \n \n \n 19 \n \n \n 13 \n \n \n \n \n \n \n \n \n \n \n \n 19 \n \n \n 13 \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n 1 Accrued interest on loans and borrowings is recorded within 'Trade and other payables' and is therefore not included in this analysis. The interest expense above comprises the charge arising from unwinding the discount that has been applied in calculating the amortised cost of the Group's subordinated debt. \n \n \n   \n \n \n \n \n 2 Leases are recorded within current and non-current trade and other payables in the Balance sheet. \n 3 Comprises cash flows from third-party subscriptions into consolidated funds, net of redemptions (see Cash flow statement). \n \n \n   \n \n \n \n \n \n \n \n \n \...

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