GQG Partners (GQG) investor relations material

Executive summary

• Funds under management (FUM) stood at $156.0 billion as of June 30, 2026, with net outflows of $15.1 billion offset by $7.2 billion in investment performance for the half year.

• Net revenue for the half year was $397.2 million, down 1.4% year-over-year, and net operating income was $301.8 million, down 1.7% from the prior year.

• Net income attributable to shareholders was $228.4 million, a decrease of 0.8% compared to H1 2025.

• Declared a second quarter dividend of $0.0362 per share, representing a 90% payout ratio of distributable earnings.

• Maintained a strong balance sheet with $168.9 million in cash and no debt.

Financial highlights

• Management fees increased by 1.9% year-over-year, while performance fees dropped by 95.4%.

• Total operating expenses decreased by 0.5% year-over-year, with reductions in third-party and general/admin costs offset by higher IT and compensation expenses.

• Operating margin remained strong at 76% for H1.

• Distributable earnings for 1H26 were $234.9 million, with a declared dividend of $211.8 million.

• Diluted EPS for 1H26 was $0.08, unchanged from the prior year.

Outlook and guidance

• Management remains focused on long-term absolute returns and capital preservation, with strong three-year compounded returns and lower volatility.

• Portfolio positioning has shifted to overweight technology and semiconductors, reflecting improved outlook and valuation in these sectors.

• Plans to expand ETF offerings following the successful launch of the U.S. Equity ETF (NYSE: GQGU) and other active ETFs.

• No material fee pressure anticipated; current fee structure viewed as competitive.

• Expense management will remain disciplined, with margins expected to remain stable barring significant revenue changes.