GQG Partners (GQG) investor relations material

Executive summary

• Funds under management reached $172.4 billion as of June 30, 2025, up 10.8% year-over-year, with $8.0 billion in net flows for the half year.

• Net revenue increased 11% to $403.0 million, and net income attributable to shareholders rose 14.4% to $230.2 million, with diluted EPS up to $0.08.

• Board declared a Q2 2025 dividend of $0.0356 per share, representing a 90% payout ratio of distributable earnings.

• All four primary strategies have outperformed benchmarks since inception, with top quintile alpha and Sharpe ratios.

• Positive net flows continued, though H1 2025 flows were down 28% from the prior year.

Financial highlights

• Net operating income increased 12.3% to $306.8 million.

• Operating margin expanded to 76.1%–76.7%, up from 75.2% in the prior year.

• Management fees comprised 96.6% of net revenue, providing earnings stability.

• Average management fee declined to 48.2 bps from 49.6 bps, mainly due to strategy and vehicle mix.

• Compensation and benefits as a percentage of net revenue decreased to 13.7%.

Outlook and guidance

• Continued expansion in retail managed accounts and ETF offerings, with the first active ETF launched in July 2025.

• Margin expected to remain stable if assets stay flat; no significant margin expansion or contraction anticipated.

• Management remains focused on sustainable high-performance outcomes, product diversification, and disciplined, risk-managed investment approach.

• Effective tax rate guidance is to extrapolate the most recent print forward, acknowledging unpredictability.

• Ongoing investment in talent and technology to support business growth.