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Man Group (EMG) investor relations material
Man Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Record net inflows of $17.6B in H1 2025, 11.5% ahead of industry, drove AUM to $193.3B, up 15% from December 2024, with a notable $13.2B single-client subscription.
Long-only strategies delivered strong returns (+8.1%), while alternative strategies, especially trend-following, faced significant headwinds and negative performance.
Strategic acquisition of Bardin Hill advanced credit and US ambitions, expanding opportunistic and performing credit capabilities.
Interim dividend of 5.7¢ per share declared, with disciplined capital return policy and $100M share buyback.
Streamlined operations and cost management initiatives implemented to protect talent and invest in growth.
Financial highlights
Net revenue was $604M, with net management fees of $517M, down 6% year-over-year due to lower AUM in higher margin strategies.
Core profit before tax was $146M; core management fee PBT was $130M, both lower year-over-year.
Performance fees totaled $67M, split between alternative ($32M) and long-only ($35M) strategies.
Fixed cash costs rose to $222M, with a compensation ratio at 50%, the top of the guided range.
Statutory EPS (diluted) fell to 4.4¢; core EPS (diluted) dropped to 9.7¢, both down year-over-year.
Outlook and guidance
Revised 2025 fixed cash cost guidance to $432M, reflecting cost savings and FX assumptions.
Management remains cost conscious, with further flexibility if market conditions remain challenging.
Continued focus on diversification, technology investment (including generative AI), and solutions-oriented approach to support future growth.
Trend-following expected to recover as policy-driven disruptions subside; conviction remains in its long-term value.
Restructuring program underway in H2 2025, with estimated cash costs of $20–25M and non-cash costs of $10–15M.
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