Coronation Fund Managers (CML) investor relations material

Executive summary

• Revenue for the six months ended 31 March 2026 increased 3% year-over-year to R2.1bn, with interim dividend up 2% to 203cps and AUM at R746bn, down 2% from the prior period but with average AUM up 15% year-over-year to R776bn.

• Fund management earnings per share rose 2% to 203.7cps; profit for the period increased 6% to R770m.

• Maintained a 33-year track record of investment outperformance and service excellence, with flagship funds celebrating 30-year anniversaries and top peer group rankings.

• Positive net client flows in H1-26, partially offsetting market volatility, but structural industry challenges and economic pressures persist.

• 52% black ownership and Level 1 B-BBEE status maintained, with significant progress in transformation and diversity.

Financial highlights

• Revenue rose 3% year-over-year to R2.1bn; management fees increased 10% to R2.03bn, while performance fees declined 68% to R61m.

• Fund management EPS grew 2% to 203.7cps; interim dividend increased 2% to 203cps.

• Profit for the period was R770m, up 6%; basic EPS at 218.0c, up 6%; headline EPS declined 5% to 195.1c.

• Total operating expenses rose 4% to R1.19bn, with fixed expenses up 6% and variable expenses stable.

• Highly cash-generative, capital-light business model with R865m in cash, R1.45bn in investments, and cash and cash equivalents at period end of R8,175m.

Outlook and guidance

• No structural change expected in the economy despite positive client flows; ongoing macroeconomic and geopolitical volatility anticipated.

• Continued focus on cost management and strategic investment to maintain competitiveness, with new products planned for launch.

• Cautious optimism for South Africa as reforms and improved governance take hold, but infrastructure and municipal conditions remain concerns.

• Expectation that industry flows will mirror broader economic trends; substantial economic growth needed for sustained positive flows.