GQG Partners (GQG) H2 2025 earnings summary

Executive summary

• Funds under management ended 2025 at $163.9 billion, up 7.1% year-over-year, with a record $172.4 billion reached by February 2026.

• Net revenues grew 6.3% to $808.3 million, and net income increased 7.3% to $463.3 million compared to 2024.

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

• Dividend payout for Q4 was $0.0365 per share, maintaining a 90% payout ratio of distributable earnings.

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

Financial highlights

• Average FUM for 2025 was $164.3 billion, up 10.8% year-over-year.

• Net revenues reached $808.3 million, with a compound annual growth rate of about 11%.

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

• Diluted EPS was $0.16 per share, up 6.7% year-over-year.

• Compensation and benefits rose 4.9%, while headcount increased 13.2% to 240.

Outlook and guidance

• Management expects continued resilience due to diversified strategies and client base, with positive flows anticipated if markets turn downward.

• Forward-looking strategy targets high single-digit to low double-digit compounding, emphasizing quality and adaptability.

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

• Management notes competitive fee structure and diversified strategies, reducing margin pressure risk.