Man Group (EMG) H1 2026 earnings summary

Executive summary

• Record AUM of $253.6bn as of June 2026, up 11% since December 2025, driven by $19.8bn investment performance and $7.1bn net inflows, both ahead of industry benchmarks.

• Broad-based investment performance across alternative (+8.2%) and long-only (+11.8%) strategies, with both contributing positively.

• Exceptional client demand, with $37bn gross flows and positive net flows across all product categories.

• Strategic investments in AI, technology, and talent, with 96% of staff using AI tools daily, driving productivity and innovation.

• Significant progress in North America, with AUM and headcount growing and deepening client relationships.

Financial highlights

• Core net revenue rose to $853m, with net management fees up 21% year-over-year to $627m and core performance fees more than tripling to $207m.

• Core profit before tax increased to $297m, with a core PBT margin of 35%.

• Core management fee EPS rose 46% to 12.4¢ per share; statutory EPS (diluted) increased to 17.5¢ from 4.4¢ year-over-year.

• Interim dividend declared at 5.7¢ per share; $114m returned to shareholders in H1 2026 through dividends and buybacks.

• Net tangible assets at $758m, including $152m in cash and equivalents and $557m in seed investments.

Outlook and guidance

• Strategy focused on multi-year growth, diversification, and resilience, with positive net flows expected across all product categories.

• Core PBT margin guidance remains at 30%-40% annually, with performance fee mix influencing position within the range.

• Continued investment in AI and technology to drive long-term value and competitive edge.

• Entering H2 2026 with strong momentum, broad-based investment performance, and net inflows across all product categories.

• Cautious outlook due to persistent inflation uncertainty, elevated geopolitical risk, and concentrated equity market leadership.