GQG Partners (GQG) H1 2025 earnings summary

Executive summary

• Funds under management (FUM) reached $172.4 billion as of June 30, 2025, up 10.8% year-over-year, with $8 billion in net inflows for H1 2025 and a global client base.

• Net revenue rose 11% year-over-year to $403 million, and net operating income increased 12.3% to $306.8 million.

• Net income attributable to shareholders increased 14.4% to $230.2 million, with diluted EPS up 14.3% to $0.08.

• All primary investment strategies outperformed benchmarks since inception, with top quintile alpha and Sharpe ratios, despite short-term underperformance.

• Dividend of $0.0356 per share declared for 2Q 2025, representing a 90% payout ratio of distributable earnings.

Financial highlights

• FUM grew 10.8% year-over-year from $155.6 billion to $172.4 billion.

• Net income attributable to shareholders was $230.2 million, up 14.4% year-over-year.

• Net operating income increased 12.3% to $306.8 million, and operating margin improved to 76.7%.

• Dividend payout totaled $224.1 million, a 33.6% increase from H1 2024, with over 90% of distributable earnings paid as dividends.

• No debt and cash on hand exceeded $100 million at period end.

Outlook and guidance

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

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

• Margin expected to remain stable if assets stay flat; expansion possible with asset growth.

• Effective tax rate best estimated by carrying forward the most recent print due to unpredictability.

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