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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.
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H1 2025 earnings summary30 Jul, 2025

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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Q3 2025 TU17 Oct, 2025
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Frequently asked questions

Man Group Plc is an active investment management firm that specializes in alternative investments, including hedge funds, quantitative strategies, and private markets. The company offers a range of investment products and services to institutional and private clients globally, focusing on areas such as equity, fixed income, and multi-asset strategies. Man Group employs advanced quantitative research and technology to drive its investment decisions, offering clients tailored solutions aimed at achieving specific financial objectives. Its expertise spans across both traditional and alternative asset classes, leveraging data-driven techniques to optimize portfolio performance. The company is headquartered in London, England, and its shares are listed on the LSE.

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