GQG Partners (GQG) H2 2025 earnings summary

Executive summary

• Ended 2025 with $164 billion in funds under management, up 7% year-over-year, and reached $172 billion as of the most recent update, near record levels.

• Net revenues grew 6.3% to $808 million, net operating income rose 7.6% to $622.5 million, and net income increased 7.3% to $463.3 million compared to 2024.

• Net outflows of $3.9 billion for the year were offset by $14.8 billion in investment performance.

• The business remains highly diversified across four major strategies and geographies, with strong client retention despite short-term underperformance.

• Board declared a final Q4 2025 dividend of $0.0365 per share, maintaining a 90% payout ratio.

Financial highlights

• Average AUM for the year was $164.3 billion, a 10.8% increase over the prior year.

• Management fees rose to $794.5 million, up $58.7 million from 2024, while performance fees declined by $10.8 million.

• Operating margin improved to 81% in 2025 from 76% in 2024.

• Diluted EPS was $0.16 per share; total dividends paid for the year were $439.3 million, maintaining a 90% payout ratio.

• Cash and restricted cash at year-end totaled $134.9 million, up from $96.1 million.

Outlook and guidance

• Expectation to deliver high single-digit to low double-digit returns over a full market cycle, with lower volatility and better downside protection.

• No formal cost or margin guidance, but most hiring is complete and future hiring will be opportunistic or growth-driven.

• Anticipate continued resilience in client assets, with potential for positive flows if markets decline and strategies outperform.

• Management highlights barriers to entry and valuation discipline as key to future performance.