Jupiter Fund Management H1 2026 Earnings Report

Jupiter Fund Management EPS Results

• Actual EPS: GBX 7.20
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Jupiter Fund Management Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Jupiter Fund Management Announcement Details

• Quarter: H1 2026
• Date: 7/23/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, July 23, 2026
• Conference Call Time: 4:00AM ET

Jupiter Fund Management (LON:JUP) is a publicly owned investment manager. The firm manages mutual funds, hedge funds, client focused portfolios, and multi-manager products for its clients. It invests in the public equity markets across U.K., Europe and global emerging markets. The firm also invests in fixed income markets, fund of funds products, hedge funds, and absolute return funds. Jupiter Fund Management Plc was founded in 1985 and is based in London, United Kingdom.

Jupiter Fund Management H1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Jupiter reported a strong first half with record AUM of GBP 73.7 billion, helped by continued business momentum and the CCLA acquisition. Management said the group is becoming more scaled, diversified, and resilient.
• Positive Sentiment: The firm generated just under GBP 11 billion of gross inflows in the half, up 45% from the first half of last year, and delivered its second consecutive six-month period of positive net inflows. Retail and wholesale were the main drivers, with Europe also contributing strongly.
• Positive Sentiment: Investment performance remains a key strength, with 77% of pre-existing Jupiter assets outperforming over three years and 80% over one year. Management highlighted particularly strong momentum in systematic equities, as well as improving performance in UK and European equities following recent team additions.
• Positive Sentiment: The CCLA integration is progressing ahead of plan, and Jupiter raised its minimum annualized synergy target from GBP 16 million to GBP 17 million. The company said it has already locked in the original savings target and now expects around GBP 8 million of those savings to appear in 2026.
• Neutral Sentiment: Financially, underlying profit before tax excluding performance fees rose to GBP 52 million, while the cost-income ratio improved to 77% and surplus capital stood at GBP 173 million. Jupiter said capital is strong enough to support growth investments, M&A, or future shareholder returns.

Presentation

[Matthew Beesley, CEO at Jupiter]

Good morning, everyone. Welcome to Jupiter's 2026 interim results. I am Matthew Beesley, Chief Executive here at Jupiter. I am joined as ever by Wayne Mepham, our Chief Financial and Operating Officer. Today, we will give you a run-through of our financial results and an update on our strategic progress, including the success we are having with the CCLA integration. Overall, we are very happy this morning to be reporting a strong set of results. It has been a positive start to the year. We have continued to build on the momentum that was so evident towards the end of 2025. Financially, we have seen material year-on-year increases across almost all of our key metrics. Gross flows are increasing. We have reported another positive period of net inflows despite a more challenging geopolitical environment in the second quarter. Overall, investment performance remained strong.

[Matthew Beesley, CEO at Jupiter]

We have built scale in the business. We are continuing to take complexity out, in some cases at a greater level or pace than we had previously thought. All of this leads to another positive step towards our 70% cost-income ratio target as we build an increasingly scaled and diversified and resilient business. Investment performance, as ever, remains critical to our ongoing success. I am pleased to report that these numbers continue to look strong. They have improved over the key three-year period. The figures on the chart, including the prior year comparators, show mutual fund performance for the preexisting Jupiter business. Over three years, 77% of those assets are outperforming, with that nine percentage point increase from the full year being driven in part by the turnaround in Dynamic Bond performance. Over one year, the figure is 80%. Over five years, it is 68%.

[Matthew Beesley, CEO at Jupiter]

Across each of those time periods, more than 60% of those assets are top quartile. While there is always room for improvement, these are really strong numbers. They are key to driving the inflows that we have all been seeing. We also know that the performance in the CCLA funds is not where we want it to be for both stylistic and specific stock-picking reasons, albeit consistent with our expectations. With the integration process proceeding at pace, there is now greater collaboration between the wider group. Some initial changes have already been made to the investment process. With that, the composition of these funds. It is early days. We are already seeing the positive impact from these changes. As we all know, active management can lead to periods of underperformance. We remain confident in the team's approach and investment capability.

[Matthew Beesley, CEO at Jupiter]

Moving on to the flow picture, it is worth a look first at the gross inflows. Unsurprisingly, given global events, we saw a slight decline from the first to the second quarter. Nonetheless, we generated gross inflows of just under GBP 11 billion, which is a 45% increase on the first half of the year. That really speaks to the ongoing and diversified turnaround we have been seeing, particularly in our retail and wholesale business. We generated over GBP 9 billion of gross inflows in the first half through the retail channel, which is more than 75% greater than this time last year. From a net perspective, we generated our second six-monthly period of positive net inflows. As with the gross picture, the retail and wholesale channel was the largest driver of this positive result.

[Matthew Beesley, CEO at Jupiter]

At the full year results in February, we talked about the improved investor sentiment we'd seen through the second half of 2025, which continued into the first quarter of 2026. Although that sentiment was inevitably impacted by the conflict in the Middle East, we continued to see positive retail inflows through April and May. It was only in June that we saw one large redemption from a U.K. equity segregated mandate, which had been well signposted to us and was not due to performance reasons. A positive half, and indeed two positive quarters in the retail channel only impacted in the last month by one redemption. The institutional channel likewise saw a shift in sentiment from the first quarter to the second, and again, one client-specific redemption. Once again, this was not performance related, but an asset allocation decision following LGPS consolidation here in the U.K.

[Matthew Beesley, CEO at Jupiter]

We were delighted that we retained a good portion of those assets and that we continue to serve clients in that area of the market. This redemption was partially offset by positive net inflows across fixed income, U.K., European, and systematic equities. In terms of CCLA, we said in February that we'd likely see outflows as a result of both the acquisition and current weaker performance. As such, the figures we've reported today are entirely within our expectations. Total AUM for CCLA is relatively unchanged as the outflows were largely offset by significant client assets flowing into their money market funds. While, of course, we do not include these within our group flow figures, they are good opportunities to engage with new and developing existing relationships across the wider non-profit sector, but especially with U.K. local authorities. Overall, pleasingly, another reporting period in which we have generated positive flows.

[Matthew Beesley, CEO at Jupiter]

There are signs that sentiments begin to recover and improve. Looking at our asset allocation, asset split over our investment capabilities, you can see that with the inclusion of CCLA, we are now a much more diversified, more resilient business. From a growth perspective, all the preexisting Jupiter investment capabilities saw a material increase in gross inflows compared to the same period last year. Most notably, our European and U.K. equities, which are up nearly 100% and 200% respectively. From a net flow perspective, you can see that the really strong performance of systematic equities continue to drive client demand. This is not just in Global Equity Absolute Return or GEAR, as it's known, but across the range, including World equity, North American equity and GEARx, which is the higher risk offshore version of GEAR.

[Matthew Beesley, CEO at Jupiter]

The smaller net positions for many of the other capabilities belie some interesting and diversified underlying momentum, while inevitably being impacted by the hiatus on client demand. European equities returned to positive flows, as did U.K. dynamic equity, and both India equities and Asia-Pacific equities, too. In fixed income, gross outflows from Strategic and Dynamic Bond continue to reduce, while Monthly Income Bond, Global High Yield and CoCos all saw net positive inflows. To reiterate a statement I've made many times before, we believe that all of our individual investment capabilities have the potential to grow. With our investment performance so strong, when client demand returns, we are well-placed to capitalize on that demand. From a regional perspective, again, the picture was encouragingly diversified. The U.K. was, of course, impacted by those two redemptions I previously mentioned. Without them, we'd have been in positive territory for this, our largest market.

[Matthew Beesley, CEO at Jupiter]

All of our other regions generated net positive sales over the period. Europe was the largest contributor, with nearly GBP 1.6 billion of net inflows. Every European country in which we operate generated positive flows across Systematic Equities and European equities. Overall, European AUM is up some 70% over the last 12 months. Our Latin American and Asia-Pacific businesses also continue to grow, with flows and prospects diversified across investment capabilities and client channels. Taken together, the business is looking increasingly diversified. The relative proportion of investment capabilities will shift as client demand varies through the cycle, but the business has been actively positioned to perform over time.

[Matthew Beesley, CEO at Jupiter]

Over the last couple of years, we've strategically repositioned our client proposition, initially through sharpening our focus across those capabilities where we can be really differentiated, and latterly, in bringing top quality investment teams to ensure that we can continue to deliver for our clients. I wanted to take a look at some of these teams that we've brought in the last couple of years. The U.K. is, of course, our home market, and we want to ensure that when clients think of the U.K., and think of U.K. equities, that they think of Jupiter. However material the much-discussed end of U.S. exceptionalism turns out to be, we strongly believe in the revival of the U.K. active asset management industry, and we are making sure that Jupiter is at the heart of that.

[Matthew Beesley, CEO at Jupiter]

Having a strong U.K. equities capability is central to this, and having brought in a new income team led by Adrian Gosden and a dynamic team led by Alex Savvides, I believe we have one of the leading lineups in the industry. The income team now run over GBP 2 billion of client assets and have outperformed their benchmark and peer group since they took over the portfolios. The dynamic strategies reversed outflows in less than a year after the new team joined and have seen almost GBP half a billion of net inflows since from both retail and institutional clients. We are ambitious to grow our U.K. business and expect to capture more than our fair share of any flows into the category. If we do continue to see clients tilt their allocations away from the U.S., European equities is another area that is likely to benefit.

[Matthew Beesley, CEO at Jupiter]

Just over a year ago, Niall Gallagher and his team joined Jupiter and have transformed our European equities capability since. Performance since arrival has been top quartile. Client engagement has been very high, and we've just seen the first six-month period of positive flow in over six years. As with our U.K. equities business, when client demand returns to European equities, which it will, I would expect us to gather a disproportionate amount of the assets, given the strength and differentiated nature of this capability. Finally, we acquired the team and assets of Origin early in 2025. The team have an exceptional track record, being ahead of their benchmark after fees across one, three, five and 10-year periods for all of their EF, EM, and global smaller company strategies.

[Matthew Beesley, CEO at Jupiter]

The team's AUM has increased by 60% since they joined Jupiter. We are actively exploring ways in which we can bring their investment expertise to as wide a range of clients as possible. For that reason, we launched an active ETF for them to manage towards the end of 2025. Jupiter has always been the home to truly active, idiosyncratic investment management. These four teams are great examples of this. All four have clear, repeatable investment processes. All are performing well. All are in areas with strong growth potential. In order to ensure that we can support our investment teams and to ensure that we can deliver for both clients and shareholders, it is crucial that we have an efficient operating platform in place. We've talked a lot in the past about taking complexity out of the business, which in many cases means finding cost efficiencies.

[Matthew Beesley, CEO at Jupiter]

These are not savings for savings sake. They're rather providing us with the opportunity to invest in areas that will drive future growth. Our operating platform and the technology behind it has been a key area of investment over recent years. We've built an efficient and leveraged operating model. We've consolidated the number of suppliers that we work with. We've outsourced our middle office and consolidated many of our back office activities to BNY, which brings greater efficiency to our business and an improved experience for our clients. We've invested in technology across the group. Perhaps most notable in the client group, where our teams now have deeper insights into our clients' emerging investment needs and are able to connect them more efficiently the information required to make asset allocation decisions.

[Matthew Beesley, CEO at Jupiter]

We've recognized some time ago that the way in which clients invest is changing. We acted decisively to enhance the client experience. Of course, we've been exploring the opportunities that AI presents, investing across the business to ensure that all of our teams have access to the most appropriate tools to drive efficiency and to add value. Where we've been reviewing and making changes to organizational design and business processes bottom-up, our journey has now evolved to a more strategic focus with investment in broader projects and data enablement. Productivity and efficiency are being improved across the group. From using these tools to further enhance those strong client experience foundations I just mentioned, to investment teams using AI tools to more efficiently analyze earnings releases. We're seeing high levels of take-up when it comes to using AI.

[Matthew Beesley, CEO at Jupiter]

Nearly 90% of our people have adopted an AI tool. More than three-quarters of our people actively engage with them each week. It isn't just a technology play, either. It's making sure we have the right people in place with the right skills to unlock these opportunities.

[Wayne Mepham, CFO and COO at Jupiter]

As Matt has outlined, we've continued to build momentum across the business during the first half. We've delivered strong investment outcomes for clients, generated positive net flows, completed the acquisition of CCLA, which is progressing well, and as a result, reached new highs in AUM. Against that backdrop, the financial results reflect a business that is growing whilst maintaining strong cost discipline. Revenue has benefited from higher average AUM. Underlying management fee profitability has improved, and our balance sheet remains strong. I'll now take you through those results in more detail, beginning with the key movements in profit. Underlying profit before tax, excluding performance fees, was up compared with the second half of 2025. As usual, there are a few moving parts behind that result. Revenue, excluding both performance fees and CCLA, increased by nearly GBP 17 million, driven by a 12% increase in average AUM.

[Wayne Mepham, CFO and COO at Jupiter]

Costs, again excluding performance fees and CCLA, are up, but by around 3% at less than GBP 4 million, despite AUM related variable costs going up with average AUM and broader inflationary impacts. For five months in 2026, since completion of the acquisition, CCLA has contributed over GBP 5 million to underlying profits this half year. Together, we delivered underlying profit before tax, excluding performance fees, of GBP 52 million. There was GBP 9 million of performance fee revenue, but we have made a small loss for performance fees in the period, which simply reflects deferred compensation costs from prior year earnings, together with some costs relating to this year's fees. As a result, total underlying profit before tax, including performance fees, was nearly GBP 51 million. Exceptional items for the first half were GBP 15 million.

[Wayne Mepham, CFO and COO at Jupiter]

That mainly reflects the first half charge towards the full year cash integration costs and the amortization of acquired intangible assets, which is slightly lower than previously indicated. It also includes a loss on a forward contract used to hedge our deferred share-based compensation awards. We've used this as an efficient economic hedge, but it does create income statement volatility. There is an accounting mismatch with the underlying liability, but there is no cash flow impact compared with the cost of the awards. It is essentially a capital item, and we're treating it as exceptional. Aside from that, there is no change to the underlying cash costs, and I'll explain the non-cash amortization of acquired intangibles later in this presentation. With that overview of the results, let's now look at the details starting with AUM. Here, we're showing AUM movement across the last two six-month periods.

[Wayne Mepham, CFO and COO at Jupiter]

As you know, the second half of last year saw strong growth, driven by both market performance and positive net flows. In the first half of this year, we reached a record high in AUM and ended June up 36% on the year end at GBP 73.7 billion. That reflects the addition of CCLA, but also continued growth in the preexisting Jupiter business. The average AUM for the preexisting business increased to nearly GBP 57 billion and closed at over GBP 59 billion. That's up nearly 10% from the year end. CCLA AUM has remained broadly stable, ending the period at GBP 14.6 billion. Although the mix has shifted slightly towards money market funds, modestly reducing the average fee rate. Let's see what impact this has had on revenues for the first half. I'm going to cover revenue in three parts today.

[Wayne Mepham, CFO and COO at Jupiter]

First, management fees excluding CCLA, then CCLA revenues, finally, performance fees. Excluding CCLA, management fees were up over 10% compared with the second half of last year. That's driven by that higher average AUM. Partly offsetting this, average fee rates have softened slightly due to business mix. CCLA contributed five months of revenue this year. AUM was broadly unchanged, that change in business mix means the average fee rate is now 42 basis points. Looking ahead, fee rates for the business as a whole will continue to depend largely on mix. Based on current expectations, I am still forecasting around 63 basis points for the preexisting Jupiter business, with CCLA unchanged at 42 basis points for the full year. Finally, performance fees. That GBP 9 million for the half year is almost half the fees I estimated in February for the full year.

[Wayne Mepham, CFO and COO at Jupiter]

That's principally mandates that crystallized in March. With the potential for more fees in the second half, there is no need to update my full year estimate today. Turning to costs. As we completed the acquisition of CCLA this year, I'm showing costs relating to that business separately, aligned with my guidance in February. Looking first at the preexisting Jupiter business, costs are as expected. The compensation ratio, excluding performance fee related costs, was 48%. Non-compensation costs were GBP 52 million, only slightly higher than the second half of last year, despite average AUM increasing by around 12%. About a third of our costs moved broadly in line with AUM, this is another example of good cost management as we grow the business. Of course, CCLA costs are new and reflect five months of ownership following the completion. Included within those costs are over GBP 2 million of realized synergies.

[Wayne Mepham, CFO and COO at Jupiter]

There is no change to our full year cost guidance. That's before synergies and is GBP 32 million of compensation costs and GBP 20 million of non-compensation costs for 11 months of ownership. I'll return to the integration program and an update on synergy delivery shortly. With that, we are at 77% cost-income ratio against my medium-term target of 70%, excluding performance fees. Clearly, still some way to go, a six percentage point improvement on H2 2025. Of course, the target will be achieved through both cost management, including seeing that synergy saving come through and revenue growth, which makes the timeline predict that some of that is outside of our control.

[Wayne Mepham, CFO and COO at Jupiter]

I've already touched on our strong cost management delivering the benefits of operational leverage as the business grows, I will shortly cover the CCLA synergies. As a reminder, I have previously highlighted that I expect our compensation ratio, excluding CCLA, to be no more than 47% for 2027.

[Wayne Mepham, CFO and COO at Jupiter]

With strong growth in AUM and revenue already this year, combined with identified cost savings and ongoing work, I remain very confident we have a plan that can deliver on that cost-income target in the medium term. Now that many of the CCLA acquisition and integration numbers are more settled, let's cover a few of the important financial metrics. Firstly, the purchase price and acquired balance sheet. The GBP 100 million purchase price is unchanged, in exchange, we received just under GBP 44 million of cash through the acquired balance sheet. That GBP 44 million partly covers other net working capital means we acquired net assets of GBP 32 million.

[Wayne Mepham, CFO and COO at Jupiter]

The net assets are higher than the GBP 26 million of net tangible assets we announced, which is now simply cash. The difference reflects future costs funded through the balance sheet. That is standard acquisition accounting. Those funded costs are still flowing through, and this balance sheet funding covers some of those deal and integration costs, which I will come onto. The opening balance sheet, GBP 32 million, against the GBP 100 million purchase price, results in GBP 68 million of goodwill and net intangible assets. We have now finalized the purchase accounting, and the split is GBP 29 million of goodwill, GBP 52 million of intangible assets, and GBP 13 million of deferred tax liabilities. The high proportion of intangible assets simply reflects the long-term nature of CCLA's client relationships. It means amortization will be GBP 3.3 million this year and GBP 3.6 million a year from 2027.

[Wayne Mepham, CFO and COO at Jupiter]

That charge will continue over the next 10-15 years, but of course, it is non-cash. Before turning to synergies, the final transaction delivery item is deal and integration costs. That is the GBP 17 million of net cash costs we announced, net of tax and the funding I just mentioned. That is the cash we received in exchange. There is no change here. I still expect GBP 14 million of cash costs through exceptional items in 2026 and around GBP 5 million in 2027, by which point, integration will be complete and the costs largely recognized. We remain on track for GBP 17 million of net cash costs overall across mainly 2025, 2026, and 2027. To be clear, for exceptional items in your models this year, that is GBP 14 million of cash costs plus GBP 3.3 million of amortization and add the forward result I mentioned earlier, which is non-cash and unrelated to the acquisition.

[Wayne Mepham, CFO and COO at Jupiter]

Those cash costs are being incurred to deliver the integrated business and realize those synergy savings. As a reminder, our original target was at least GBP 16 million of annualized savings, fully delivered on a run-rate basis by the end of 2027 at the latest. We have made very strong progress, having already locked in our full original savings target, but to emerge across 2026 and 2027. Around GBP 8 million of those savings will now come through in the 2026 results, almost double the level I indicated in February, with most of the rest in 2027. I am also increasing our minimum target from GBP 16 million to GBP 17 million, again, on a run-rate basis by the end of 2027. As with efficiencies across our existing business, we will continue challenging every cost, ensuring every GBP earns its place or is removed.

[Wayne Mepham, CFO and COO at Jupiter]

All of these details are set out alongside our other guidance at the back of your packs. To repeat, the integration program is progressing well, giving me confidence to raise our target while keeping clients' interests at the center of our approach. My final update is on capital and shareholder distributions. The interim dividend remains fully aligned with our policy of distributing 50% of underlying EPS, excluding performance fees. With underlying EPS of GBP 0.074, the board has approved an interim dividend of GBP 0.037 per share. After allowing for the dividend and the remaining share buyback program, which we announced in February and where we have already acquired around GBP 15 million of shares, our capital position remains very strong. We have now finalized our regulatory capital requirement following the acquisition, which is lower than the pro forma estimate I provided at the year-end.

[Wayne Mepham, CFO and COO at Jupiter]

As a result, we currently hold GBP 173 million of surplus capital, and we have a regulatory coverage ratio of 3.5x. If that had been a deduction at 30 June 2026, the coverage ratio would've been lower at about 2.9x. Still strong, but lower than reported today. For now, the key message on capital overall is simple. Our balance sheet is strong, and surplus capital will either be invested for growth or returned to shareholders at the appropriate time. To sum up, the business has continued to build momentum with record AUM and strong underlying growth. Cost discipline remains a key strength, supporting operational leverage as revenues grow.

[Wayne Mepham, CFO and COO at Jupiter]

The CCLA integration is progressing ahead of plan, with the original synergy saving target already secured and my announcement of an increase to the minimum target. Capital remains robust, providing flexibility to invest, grow, and create value for shareholders. Overall, we enter H2 of the year from a position of strength and with confidence in delivering on our strategic objectives.

[Matthew Beesley, CEO at Jupiter]

Thank you, Wayne. Before we move on to questions, I wanted to wrap up by taking a now customary look at our strategic objectives. I will not dwell on these today, but I did want to remind you that all the management decisions that we take are guided and are informed by these four objectives. Our increase to scale over the period is self-evident, improving not just our assets under management, but through our efficient operating platform, the profitability of those assets. We have a good track record of taking complexity out of the business, and we've again demonstrated that today with the further synergy savings. Again, a positive start to the year and one in which we have continued to build on that momentum across the group. Gross flows are exceptionally strong, and we've again reported positive net inflows.

[Matthew Beesley, CEO at Jupiter]

If the second quarter was a little more challenging in terms of client risk appetite, then the business has proved to be resilient and the signs that back end of the year, while tentative, are encouraging. Investment performance is looking strong, and so those newer teams are performing particularly well and are seeing high levels of client engagement. We've made progress towards our strategic objectives, building scale and removing complexity, which is evident in the improved financial results we published today. As we move into H2, Jupiter remains well-placed to continue to deliver for our clients and for our shareholders. With that, I'm gonna hand over to Alex James, our Head of Corporate Affairs, to help us answer any questions that you may have. Alex.

[Alex James, Head of Corporate Affairs at Jupiter]

Thank you, Matt and Wayne. We have a few questions come in already. Firstly, one for Wayne on CCLA and in terms of synergies. Could you outline where those additional synergies are coming from and how you've been able to accelerate these?

[Wayne Mepham, CFO and COO at Jupiter]

Yeah, of course. Good question. I mean, look, we obviously announced the transaction and the acquisition about this time last year, so a full year. Obviously, there's so much work that we can do prior to completion, which was on the 2nd of February. Since then, obviously, we've directed our resources to make sure that we integrate that business well. We've taken actions where we can, and some of those have happened ahead of schedule. It's across a number of areas, across suppliers that we've been able to integrate more quickly. Overall, savings across every aspect of the business, which obviously is a sign that we're bringing the businesses together quicker than we originally anticipated. I think overall, a very strong financial outcome, but representative of how we're integrating the businesses.

[Alex James, Head of Corporate Affairs at Jupiter]

Thank you very much. Matt, on capital, there's clearly significant surplus capital. Your views on the use of that in terms of potential M&A, or whether should shareholders anticipate a further capital return with the full year results?

[Matthew Beesley, CEO at Jupiter]

Well, our position there remains consistent as we previously articulated. Look, we're very excited by the opportunities we have to grow our business organically. I think you're starting to see the benefits of that come through in today's results. We're also very open-minded to the opportunities that might come to supplement that organic growth with inorganic growth opportunities. We continue to evaluate a range of differentiated investment capabilities on a very regular basis. That we have only really made two acquisitions in recent years tells you how careful, thoughtful, and judicious we are in thinking about deploying that capital. Absent any opportunity to deploy that capital thoughtfully and accretively and to enhance us strategically, then as we demonstrated in recent years, we'll return that capital to our shareholders.

[Alex James, Head of Corporate Affairs at Jupiter]

Thank you. Two more for Wayne. Firstly, on CCLA. In terms of money market flows, money market we're not including within those group flows. Can we disclose how much of that CCLA AUM was in money market funds at the period end? Secondly, on performance fees, we said that we have no change to expectations of GBP 20 million of performance fees. There is a slide towards the end of the pack that said were they to have crystallized at the end of June, it would've been closer to GBP 30 million. I wonder if you can sort of explain the rationale behind that.

[Wayne Mepham, CFO and COO at Jupiter]

Yeah, of course. Yeah, I'm happy to take both of those. Firstly, the money market funds, I think it's disclosed in your packs actually. I think it's GBP 4.6 billion at the period end. You can see that. Obviously, as you've mentioned, we don't include the flows. That just reflects the movements you generally see within money market businesses. I think important to show the AUM at the end. I've just mentioned that number. In terms of performance fee, in February, I think I said something around extrapolating from historic performance based on the AUM we have today that can generate performance fees. That continues to be my approach. Through the first half of this year, we've obviously a large part of the crystallized fees comes from mandates, which crystallized in the first half. That's typically on a segregated mandate side.

[Wayne Mepham, CFO and COO at Jupiter]

In the second half, the fees generally come from our funds. Through the first half this year, we've had periods where the fees have been very high. That happens to be the case at the end of June. We've also had periods where they haven't been quite as high. It's very difficult for me to predict at any point in the year, specifically at the beginning or indeed at the half year. I still think that GBP 20 million is a reasonable expectation for this year. Of course, it could be higher. Indeed, it could be no more than we've earned to date.

[Alex James, Head of Corporate Affairs at Jupiter]

Thank you, Wayne. Matt, there's two more questions for you. One on performance. Clearly on investment performance. Clearly strong investment performance overall, but slightly softer on the CCLA side. I wonder if you'd go into a little bit more detail about what is happening, what the active steps to improve that is. Secondly, whether you can provide any sort of outlook for the second half of the year in terms of overall flows.

[Matthew Beesley, CEO at Jupiter]

Yeah. I'll take one by one. In terms of investment performance, obviously very strong across the pre-existing Jupiter range that we discussed. Softer, within the CCLA funds. That's not a surprise to us given the style of the investment team at CCLA. Very much consistent with our expectations at the time of the acquisition, and that's carried on through 2026. That all said, as the two groups have become closer together, we have made some changes to the CCLA investment approach. Increasing as the two teams are talking more, we're seeing increased collaboration across the group. Therefore, the composition of the CCLA funds has started to evolve as well, with some additional Jupiter and non-Jupiter-based investment expertise being reflected in those investment decisions. Otherwise, very early signs. There are positive signs that that is helping and improving investment performance.

[Matthew Beesley, CEO at Jupiter]

We're very optimistic about the opportunities to grow that business over time as performance inevitably recovers. In terms of flow outlook for the rest of the year, clearly very hard to predict at this stage. I think we all recognize the first two months of the year started very strongly with a very noticeable pause or certainly dampening of sentiment as the war in the Middle East took hold. I think there were some tentative signs of things looking a bit better in recent weeks. Obviously, the oil price has risen quite substantially in the last couple of weeks, to be very short term about things. Therefore, how that plays the second half of the year, given the very strong start to the year and the sort of dampened sentiment in recent months and then those tentative signs, it makes it very hard to tell.

[Matthew Beesley, CEO at Jupiter]

What I do know is across the business, our investment teams have been taking advantage of that volatility in marketplaces. Investment performance is strong. We know we have capabilities that do align with client needs. Look, we know that we're doing all the things that we can do to help set ourselves up for success the second half of the year. Clearly sentiment is going to be a big driver of the outcome.

[Alex James, Head of Corporate Affairs at Jupiter]

There's no more questions at this time. Thank you very much.

[Matthew Beesley, CEO at Jupiter]

Well, look, it just remains for me just to say, thank you very much to all of our shareholders for your ongoing support and engagement. Thank you for your time today. For those of you based in the northern hemisphere, I wish you an enjoyable, pleasant, and relaxing summer. Thank you.

Participants

Analysts

• Matthew Beesley, CEO at Jupiter
• Wayne Mepham, CFO and COO at Jupiter
• Alex James, Head of Corporate Affairs at Jupiter