Jupiter Fund Management (JUP) H1 2025 earnings summary

Executive summary

• Strong start to 2025 with positive business momentum, improved client sentiment, and tangible benefits from strategic actions and cost savings.

• Announced acquisition of CCLA for £100m, expected to add significant scale, new client channels, and reinforce UK market position.

• Improvements in investment performance, with 64% of mutual fund AUM outperforming peers over three years.

Financial highlights

• Net outflows of £0.2bn in H1 2025, with net positive flows in Q2; AUM rose 4% to £47.1bn as of June 2025.

• Net revenue for H1 2025 was £153.9m; underlying profit before tax was £30.4m; EPS at 4.2p.

• Operating costs reduced to £125.4m, down nearly £13m from H2 2024.

• Performance fees for H1 2025 were £5.3m.

• Ordinary interim dividend of 2.1p per share declared.

Outlook and guidance

• Positive net flows in July and strong institutional pipeline expected to support H2 2025 momentum.

• Average fee margin forecasted at 66bps for 2025; compensation ratio guidance at 49% for 2025.

• Non-compensation costs expected to be no more than £105m for 2025.

• Further cost savings targeted, with at least £15m to be fully implemented by end 2026.

• Targeting a 70% cost-income ratio.