Jupiter Fund Management (JUP) H2 2025 earnings summary

Executive summary

• Achieved first calendar year of net inflows since 2017, with GBP 1.3 billion net inflows in 2025, driven by both institutional and retail channels, and AUM up 19% year-over-year to GBP 54 billion at year-end.

• Underlying profit before tax rose 42% to GBP 138 million, with net revenue increasing 18% to GBP 431 million, supported by strong investment performance and positive net flows.

• Completed two acquisitions, notably CCLA, adding GBP 15 billion AUM and expanding into the nonprofit sector.

• Investment performance improved significantly, with 84% of AUM outperforming peers over one year and strong results across all time periods.

• Cost discipline and operational efficiency initiatives delivered targeted savings ahead of schedule.

Financial highlights

• Net revenues (excluding performance fees) were GBP 311 million, down 5% year-over-year, while performance fee revenues surged to GBP 120 million, resulting in total revenue of GBP 431 million.

• Underlying profits totaled GBP 138 million (GBP 62 million excluding performance fees); underlying EPS was 19.4p (8.7p excluding performance fees).

• Full year ordinary dividends of 4.4p per share, plus a special dividend of 5.7p per share and GBP 30 million buyback.

• Cost income ratio at 82%, with a target of 70% in sight.

• Average AUM for the year was GBP 48.1 billion, down 5% from the prior year.

Outlook and guidance

• Positive net inflows and AUM growth expected to continue into 2026, with strong leading indicators and further growth opportunities identified.

• Fee margins projected to decline to 63 basis points in 2026, reflecting business mix changes.

• Performance fees for 2026 guided at GBP 20 million, with significant variability possible.

• CCLA integration expected to deliver GBP 16 million in synergy savings by end 2027.

• Conservative budgeting for minor outflows from CCLA strategies in 2026.