Man Group
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Man Group (EMG) investor relations material

Man Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Feb, 2026

Executive summary

  • Ended 2025 with AUM of $227.6 billion, up nearly $60 billion year-over-year, driven by $21.4 billion positive investment performance and $28.7 billion net inflows, validating the diversified business strategy and global client relationships.

  • Achieved record gross and net inflows, nearly 20% ahead of industry, and took market share for the sixth consecutive year.

  • Diversification across strategies and geographies enabled resilience amid volatile markets and trend-following headwinds.

  • Completed Bardin Hill acquisition, expanded credit capabilities, and launched new active ETFs.

  • Maintained strong client engagement with over 16,000 meetings and record new client additions.

Financial highlights

  • Net revenue reached almost $1.4 billion, including $281 million in performance fees, mostly from non-AHL strategies.

  • Core profit before tax was $407 million; core management fee profit before tax was $294 million.

  • Core earnings per share were $0.276; core management fee EPS was $0.196.

  • Proposed final dividend of $0.115 per share, total dividend for the year $0.172, flat year-over-year.

  • Net tangible assets stood at $723 million, including $173 million in cash and equivalents and $603 million in seed investments.

Outlook and guidance

  • Moving to a core PBT margin range of 30%-40% from 2026, replacing fixed cost and comp ratio guidance.

  • Median simulated performance fee outcome for 2026 is $471 million, up 35% from 2021.

  • Entered 2026 with strong momentum, diversified earnings, and a supportive market environment for active management.

  • Well positioned for an evolving landscape where active management is increasingly valuable.

  • Confident in the ability to drive sustainable growth and deliver long-term value for shareholders.

AI impact on alpha generation and competition?
Rationale for new PBT margin framework?
Scaling Man 1783 product for growth?
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Next Man Group earnings date

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H1 202629 Jul, 2026
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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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