Jupiter Fund Management (JUP) H1 2026 earnings summary

Executive summary

• Reported strong interim results for H1 2026, with AUM rising 36% year-over-year to £73.7bn, driven by organic growth and the CCLA acquisition.

• Net revenue increased up to 39% year-over-year to £213.3m, and underlying profit before tax rose 67% to £50.7m.

• Investment performance remained robust, with up to 77% of assets outperforming over three years and 80% over one year.

• CCLA integration is ahead of schedule, delivering increased synergy targets and strengthening business resilience.

• Strategic focus on building scale, removing complexity, and leveraging technology, including high adoption of AI tools by up to 90% of staff.

Financial highlights

• Gross inflows reached £10.8bn, up 46% year-over-year, with retail channel gross inflows up over 75%.

• Achieved second consecutive six-month period of positive net inflows, totaling £0.7bn despite Q2 mandate redemptions.

• Record AUM at £73.7bn, up from £54.0bn at end-2025, with preexisting business AUM up nearly 10%.

• Underlying profit before tax (excl. performance fees) was £52m; total underlying profit before tax (incl. performance fees) nearly £51m.

• Performance fee revenue for H1 2026 was £9m.

Outlook and guidance

• No change to full-year cost guidance; cost:income ratio at 77%, progressing toward 70% medium-term target.

• Management expects continued positive momentum, supported by cost discipline and CCLA synergies.

• 2026 guidance: net management fee margin of 63bps, total compensation ratio (excl. performance fees) of 48%, and ordinary dividend payout ratio of 50%.

• Flow outlook for H2 is uncertain due to market sentiment, but business is positioned to capitalize on recovery.

• Performance fee expectation for the year remains at £20m, with potential for upside.