Magellan Financial Group (MFG) H1 2025 earnings summary

Executive summary

• CEO transition completed with new executive hires, strengthening management stability and growth foundation.

• Performance fees rose to AUD 6.1 million for 1H25 from AUD 0.1 million in 1H24.

• Strategic partnerships, especially with Vinva and Barrenjoey, drove earnings diversification and contributed significantly to results.

• Employee engagement improved by 12 points year-over-year.

• AUM increased to AUD 38.6 billion as of 31 December 2024, up from AUD 35.8 billion a year earlier, driven by investment performance and FX.

Financial highlights

• Adjusted net profit after tax for the half was AUD 84.1 million, down 10% year-over-year.

• Adjusted diluted EPS was 46.8 cents, down 9% year-over-year; statutory diluted EPS was 52.3 cents.

• Adjusted revenue and other income were AUD 159.9 million, down 12% half-on-half, mainly due to lower non-fee revenue.

• Interim dividend declared at AUD 0.264 per share, franked at 85%, down 10% from prior year.

• Net tangible assets at AUD 927 million ($5.17 per share); no debt.

Outlook and guidance

• FY25 expense guidance remains at AUD 105–110 million for Investment Management.

• Focus on delivering strong investment performance, expanding global distribution, and leveraging Vinva and Airlie products.

• Capital management and dividend policy under review, with updates expected at FY25 full year results.

• U.S. market remains a priority for capital deployment, with a patient and disciplined approach.