Investment performance

		Return (net of fees)			Annualised return (net of fees)
		3 months to 31 Dec 2025	12 months to 31 Dec 2025		3 years to 31 Dec 2025	5 years to 31 Dec 2025	Inception to 31 Dec 2025
Absolute return
AHL Alpha	1	6.3%	5.5%		3.2%	5.0%	9.7%
AHL Dimension	2	4.4%	-1.4%		1.9%	4.5%	4.3%
AHL Evolution	3	10.4%	4.9%		0.7%	4.6%	10.6%
Man Alpha Select Alternative	4	4.1%	5.1%		5.8%	6.2%	4.8%
Man Event Driven Alternative	5	2.5%	9.7%		5.9%	5.2%	6.3%
Man Strategies 1783	6	3.7%	14.0%		10.5%	10.5%	8.1%
Total return
Man TargetRisk	7	5.4%	8.2%		9.8%	4.8%	7.6%
Man Alternative Risk Premia	8	6.4%	12.9%		8.8%	10.2%	5.6%
Multi-manager
FRM Diversified II	9	4.0%	9.2%		6.1%	6.3%	4.3%
Systematic long-only
Numeric Global Core	10	3.4%	25.4%		24.5%	15.2%	12.4%
Relative return		0.3%	4.3%		3.3%	3.0%	1.3%
Numeric Emerging Markets Core	11	5.4%	37.2%		20.6%	7.8%	7.8%
Relative return		0.7%	3.7%		4.2%	3.7%	2.6%
Numeric Europe Core	12	5.0%	24.3%		18.7%	13.9%	9.5%
Relative return		-1.3%	4.9%		4.1%	2.7%	2.4%
Discretionary long-only
Man High Yield Opportunities	13	0.3%	9.1%		11.9%	7.4%	9.5%
Relative return		-1.0%	0.6%		1.7%	3.3%	4.0%
Man Global Investment Grade Opportunities	14	1.4%	10.4%		15.3%	-	8.6%
Relative return		0.5%	3.4%		8.7%	-	7.7%
Man Japan CoreAlpha Equity	15	12.1%	32.4%		28.6%	26.5%	7.9%
Relative return		3.2%	6.9%		3.9%	10.2%	2.2%
Man Undervalued Assets	16	7.3%	16.5%		14.3%	12.2%	8.2%
Relative return		0.9%	-7.6%		0.7%	0.5%	1.0%
Man Continental European Growth	17	0.6%	3.2%		6.8%	1.9%	8.6%
Relative return		-5.9%	-24.7%		-8.3%	-8.8%	1.9%
Indices
HFRX Global Hedge Fund Index	18	1.4%	7.1%		5.2%	2.9%
HFRI Fund of Funds Conservative Index	18	2.4%	8.2%		6.7%	5.5%
HFRI Equity Hedge (Total) Index	18	2.9%	16.9%		13.4%	7.9%
HFRX EH: Equity Market Neutral Index	18	1.9%	6.4%		5.9%	3.7%
Barclay BTOP 50 Index	19	2.6%	3.1%		2.2%	6.2%
SG Trend Index	20	4.8%	2.4%		0.3%	7.0%

 

 

Past or projected performance is no indication of future results. Financial indices are used for illustrative purposes only and are provided for the purpose of making a comparison to general market data as a point of reference and should not be construed as a true comparison to the strategy.

 

The information herein is being provided solely in connection with this press release and is not intended to be, nor should it be construed or used as, investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment or strategy, or an offer to sell, or a solicitation of an offer to buy, an interest in any security, including an interest in any fund or pool described herein.

1.     Represented by AHL Alpha plc from 17 October 1995 to 30 September 2012, and by AHL Strategies PCC Limited: Class Y AHL Alpha USD Shares from 1 October 2012 to 30 September 2013. The representative product was changed at the end of September 2012 due to the provisioning of fund liquidation costs in October 2012 for AHL Alpha plc, which resulted in a tracking error compared with other Alpha Programme funds. Both funds are valued weekly; however, for comparative purposes, statistics have been calculated using the best quality price that is available at each calendar month end, using estimates where a final price is unavailable. Where a price, either estimate or final is unavailable on a calendar month end, the price on the closest date prior to the calendar month end has been used. Both track records have been adjusted to reflect the fee structure of AHL Alpha (Cayman) Limited - USD Shares. From 30 September 2013, the actual performance of AHL Alpha (Cayman) Limited - USD Shares is displayed.

2.     Represented by AHL Strategies PCC Limited: Class B AHL Dimension USD Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension (Cayman) Ltd - F USD Shares Class from 1 June 2014 until 28 February 2015 when AHL Dimension (Cayman) Ltd - A USD Shares Class is used. Representative fees of 1.5% Management Fee and 20% Performance Fee have been applied.

3.     Represented by AHL Evolution Limited adjusted for the fee structure (2% p.a. management fee and 20% performance fee) from September 2005 to 31 October 2006; and by AHL Strategies PCC: Class G AHL Evolution USD from 1 November 2006 to 30 November 2011; and by the performance track record of AHL Investment Strategies SPC: Class E AHL Evolution USD Notes from 1 December 2011 to 30 November 2012. From 1 December 2012, the track record of AHL (Cayman) SPC: Class A1 Evolution USD Shares has been shown. All returns shown are net of fees.

4.     Represented by Man Alpha Select Alternative IL GBP; AUM included within Discretionary equity under the absolute return product category.

5.     Represented by Man Event Driven Alternative IN USD; AUM included within Discretionary equity under the absolute return product category.

6.     Represented by Man Strategies 1783 Class F1 USD from 31 January 2020 to 31 December 2021 (0.50% p.a. management fee and 20% performance fee); and by Man Strategies 1783 Class A USD from 1 January 2022 to 31 August 2024 (2% p.a. management fee and 20% performance fee). From 1 September 2024 the performance of Man Strategies 1783 CL B2 USD is used, this has a 1.0% management fee and a performance fee of 15%, plus additional talent passthrough costs included within the underlying portfolio; AUM included within the corresponding underlying product category.

7.     Represented by Man TargetRisk Class I USD.

8.     Represented by Man Alternative Risk Premia SP - Class A USD.

9.     Represented by FRM Diversified II Fund SPC - Class A USD ('the fund') until April 2018 then Class A JPY hedged to USD thereafter. However, prior to Jan 2004, FRM has created the FRM Diversified II pro forma using the following methodology: i) for the period Jan 1998 to Dec 2003, by using the returns of Absolute Alpha Fund PCC Limited - Diversified Series Share Cell ('AA Diversified - USD') adjusted for fees and/or currency, where applicable. For the period Jan 2004 to Feb 2004, the returns of the fund's master portfolio have been used, adjusted for fees and/or currency, where applicable. Post Feb 2004, the fund's actual performance has been used, which may differ from the calculated performance of the track record. There have been occasions where the 12-months' performance to date of FRM Diversified II has differed materially from that of AA Diversified. Strategy and holdings data relates to the composition of the master portfolio; AUM included within Diversified and thematic FoHF under the multi-manager product category.

10.    Performance relative to the MSCI World. This reference index is intended to best represent the strategy's universe. Investors may choose to compare returns for their accounts to different reference indices, resulting in differences in relative return information. Comparison to an index is for informational purposes only, as the holdings of an account managed by Numeric will differ from the securities which comprise the index and may have greater volatility than the holdings of an index.

11.    Performance relative to MSCI Emerging Markets. This reference index is intended to best represent the strategy's universe. Investors may choose to compare returns for their accounts to different reference indices, resulting in differences in relative return information. Comparison to an index is for informational purposes only, as the holdings of an account managed by Numeric will differ from the securities which comprise the index and may have greater volatility than the holdings of an index.

12.    Performance relative to the MSCI Europe (EUR). This reference index is intended to best represent the strategy's universe. Investors may choose to compare returns for their accounts to different reference indices, resulting in differences in relative return information. Comparison to an index is for informational purposes only, as the holdings of an account managed by Numeric will differ from the securities which comprise the index and may have greater volatility than the holdings of an index; AUM included within International equity under the systematic long-only product category.

13.    Represented by Man High Yield Opportunities I H USD. Relative return is shown vs ICE BofA Global High Yield Index (USD, TR) Hedged benchmark; AUM included within Credit and convertibles under the discretionary long-only product category.

14.    Represented by Man Global Investment Grade Opportunities I USD. Relative return is shown vs ICE BofA Global Large Cap Corporate Index (USD, TR) Hedged; AUM included within Credit and convertibles under the discretionary long-only product category.

15.    Represented by Man Japan CoreAlpha Fund - Class C converted to JPY until 28 January 2010. From 1 February 2010 Man Japan CoreAlpha Equity Fund - Class I JPY is displayed. Relative return shown vs TOPIX (JPY, GDTR); AUM included within Japan equity under the discretionary long-only product category.

16.    Represented by Man Undervalued Assets Fund - C Accumulation Shares. Relative return shown vs FTSE All Share (GBP, NDTR); AUM included within UK equity under the discretionary long-only product category.

17.    Represented by Man Continental European Growth Fund Class C Accumulation Shares. Relative return shown vs FTSE World Europe Ex UK (GBP, GDTR); AUM included within Europe ex-UK equity under the discretionary long-only product category.

18.    HFRI and HFRX index performance over the past 4 months is subject to change.

19.    The historical Barclay BTOP 50 Index data is subject to change.

20.    Formally known as Newedge Trend Index. Index performance is net of all fees.

 

 

 

 

 

Chief Executive Officer's review

Overview of the year

2025 was a year of pronounced peaks and troughs for markets, where periods of volatility tested investor resolve before conditions eventually stabilised. We navigated shifting sentiment and, at times, unprecedented reversals, absorbing shocks from the DeepSeek mini-crash in January, tariff announcements in April, ongoing geopolitical tensions, and debate regarding the sustainability of AI infrastructure investment and fiscal spending. Though the path was far from smooth, this marked the first year since the pandemic where all major asset classes delivered positive returns.

In equities, the narrative of US exceptionalism began to fade as market leadership broadened to banks and industrials across Europe and Asia. Value indices matched their growth-oriented counterparts for the first time in years, underpinned by robust corporate earnings. Fixed income markets also rebounded, delivering their best performance since 2020 as central banks pivoted to policy easing. This shift contributed to a 7% decline in the US dollar on a trade-weighted basis, while precious metals reached record highs. Markets demonstrated a remarkable capacity to withstand stress, delivering a strong result by year-end.

Given these circumstances, I am pleased to report a resilient set of results that underscore the continued demand for our differentiated offering, the depth of our global client relationships, the quality of our outstanding talent and, crucially, the value of the diversified business we have built.

During the year, we delivered positive investment performance of $21.4 billion for our clients. Overall performance for our absolute return strategies was 3.8%, with particularly strong returns once again from our multi-strat, Man 1783 (+14.0%). With unconstrained access to the alternative investment capabilities across our firm, this strategy demonstrates the power of the Man Group platform. By dynamically allocating capital across a broad range of uncorrelated discretionary and systematic strategies, we have been able to deliver consistent, high-quality performance for our clients since launch in 2020.

The first half of the year was undoubtedly testing for trend-following strategies, continuing the run of underwhelming performance that began in Q2 2024. The reversal of the 'Trump trade' in Q1, combined with the administration's stop-start approach to tariffs, created whipsawing market conditions where sustained trends were hard to find. However, investor sentiment moved on from the lows of early April, and August proved to be the inflection point. As risk-on sentiment took hold, several trends finally began to emerge and persist. Our strategies adjusted positioning to capture these moves, delivering strong gains into year-end. In that context, it was great to see AHL Alpha (+5.5%) and AHL Evolution (+4.9%) finish the year in positive territory.

Our total return and long-only strategies performed well, aided by positive equity momentum. Man TargetRisk (+8.2%) demonstrated its ability to navigate uncertainty through a balanced, diversified framework grounded in rigorous risk management, while Man Alternative Risk Premia (+12.9%) delivered solid returns owing to its systematic exposure to multiple risk factors. Effective security selection also drove significant gains of 20.6% across our systematic long-only strategies and 14.8% across our discretionary long-only strategies.

On an asset-weighted basis, relative investment performance was positive in 2025, driven primarily by our long-only strategies (+4.9%). The results from the systematic long-only range were particularly impressive; over the past three years, these strategies have delivered returns 3-4% above their respective benchmarks. Our credit strategies also continue to generate consistent outperformance, with Man High Yield Opportunities and Man Global Investment Grade Opportunities returning 0.6% and 3.4% above their benchmarks during the year. Considering the dispersion we have experienced in markets recently, these outcomes highlight the value of active management and why our clients continue to partner with us. Within alternatives, the overall relative underperformance was largely attributable to AHL Evolution, which differs significantly from the more traditional trend-followers that form part of the index as it trades harder-to-access markets; it performed broadly in line with its alternative trend-following peers over the same period. The breadth of our outperformance not only highlights the skill of our investment teams but also emphasises the value of our increasingly diversified range of strategies.

Our clients face increasingly complex challenges that require tailored solutions. Our distribution network remains a critical competitive advantage in meeting this demand, and it drove exceptional client-led growth in 2025. We delivered total net inflows of $28.7 billion, 19.3% ahead of the industry. This is a record for Man Group and a very strong outcome, particularly in the context of the challenging fundraising environment during the year. Our long-only offering contributed $34.5 billion in net flows, serving as a powerful endorsement of our differentiated proposition. While alternative strategies faced some headwinds, engagement on downside protection and crisis alpha remains robust as we head into 2026, reinforcing the continued relevance of our uncorrelated content. I was also pleased to see clients commit over $680 million of capital to our US direct lending business, a clear demonstration of our ability to commercialise new capabilities.

This sales momentum, combined with positive investment performance and tailwinds from FX, drove our AUM to a new high of $227.6 billion as at 31 December 2025, a 35% increase on the previous year. Core net management fee revenue¹ was 2% lower than in 2024 reflecting a shift in the underlying mix of business, while core performance fees were $281 million despite a well-below-average contribution from our trend-following strategies. This resilience validates the underlying performance fee earnings potential of the diversified business we have built over recent years. Through continued cost discipline, we delivered core earnings per share (diluted) of 27.6 cents (2024: 32.1 cents) and statutory earnings per share (diluted) of 15.0 cents (2024: 25.1 cents).

There is no escaping the fact that, at times, 2025 tested our business. The first half was demanding, but we navigated the challenges to emerge stronger and finish the year with positive momentum. This reflects the underlying quality of our business, driven by exceptional talent and technology. It is also a powerful validation of our strategy; the diversification we have built over the past two years is delivering for us. I have absolute conviction that our multi-year strategic priorities are the right ones and will continue to drive our success in the future.

 

 

 

 

 

1.     Man Group's alternative performance measures are outlined on pages 58 to 64.

Progress against our priorities

Strong client relationships

Our approach to client service remains grounded in the belief that longstanding partnerships are built through consistent dialogue and transparency. In a year of volatile markets, we prioritised being present with our clients, holding over 16,000 meetings to better understand their evolving needs and leverage our global perspective to help them navigate this complex environment.

It is a well-known trend that large allocators are seeking to do more with fewer managers, consolidating their relationships to focus on true strategic partnerships. This shift plays directly to one of our core strengths: the breadth of our offering and our ability to deliver customised solutions at scale. Whether I am speaking with a pension fund in North America or a sovereign wealth fund in the Middle East, the feedback I receive is clear: investors come to us because we can solve their most significant challenges. This ability to deepen relationships is proven by the numbers, with our top 50 clients invested in more than four strategies on average across the firm.

Through our strategic priorities, we are also targeting the regions and channels where we are currently underweight relative to the size of the opportunity. This focus is delivering results. 2025 was a record year for adding new clients, with 36% of our gross sales coming from relationships that are entirely new to the firm. Our investments in the US and wealth are driving this momentum and gaining real traction. For example, we successfully launched four new active ETFs this year, spanning discretionary and systematic styles across equity and credit. This is a tangible demonstration of how we are bringing institutional investment and product development capabilities to new, fast-growing markets. The agility we have shown in adapting to client needs has served us well, and that will not change. We have taken market share for the sixth consecutive year and we remain focused on maintaining that edge as we grow.

Innovative investment strategies

We can only continue to be successful for our clients if we maintain the quality of what we offer. That means we are continuously innovating to improve our investment processes, knowing that innovation is not just about launching the next flagship product; it is about making everything we do better, every single day. For example, in 2025, our efforts in quant focused on expanding our universe of trading opportunities and alternative data sources, investing heavily in our ability to dynamically adapt to changing market conditions, and enhancing our best-in-class execution platform. To drive innovation and strengthen collaboration between teams, I was delighted to announce in July that Greg Bond would take on the new role of Chief Investment Officer for Man Group.

Staying relevant to our clients also means expanding our offering. Our mindset of innovation and technology edge are powerful draws for talent, helping us hire five new hedge fund investment teams in 2025 and enriching our range of solutions. Our seed capital programme continues to play a key role in supporting innovation and we seeded 12 new strategies across the business during the year. In October, we also completed the acquisition of Bardin Hill, a New York-based opportunistic credit and CLO manager. This addition deepens our range of credit capabilities, reinforcing a platform that continues to go from strength to strength. We now manage $53.1 billion across the liquid and private credit spectrum, positioning us as a broad-based partner in the credit space.

The benefits of having a diversified range of investment content were highlighted clearly in 2025. The strength we saw in Man 1783, liquid credit and quant equity enabled us to successfully navigate a significant period of stress for our trend-following strategies. We continue to believe that these are the right areas to invest in for the future. I am very pleased with the progress we have made so far, and the way our clients continue to engage and commit capital to us is a powerful reflection of that confidence.

Efficient and effective operations

Looking back, 2025 was a year of consolidation. To match the pace of change in our industry and deliver on our long-term strategy, we took the opportunity to simplify, streamline and strengthen our platform. These actions position Man Group to operate with greater focus and agility, ensuring we remain well positioned for future growth. As part of this process, we brought the AHL and Numeric businesses closer together under a Systematic division, enabling greater collaboration, product development and operational synergies. This aligns two highly complementary systematic teams to enhance our research and technology expertise for future growth initiatives and to strengthen our ability to develop cutting-edge solutions for our clients.

More broadly, we reviewed our operating model to ensure resources were aligned with our multi-year priorities, and we responded thoughtfully and decisively when market conditions impacted our business during the first half of the year. We took action to protect high-performing talent, maintain investment in core and strategic areas of long-term growth, and preserve the foundations that underpin our success. We have always run this firm with discipline and efficiency, and that commitment will not change.

Our focus on operational discipline and efficiency extends directly to how we view technology. We have spent considerable time evaluating how AI will reshape our industry and, specifically, its potential to drive productivity gains across the board. We are actively dedicating resources to our AI capabilities to enhance research, deliver scalability and increase automation - a comprehensive effort spanning our entire organisation. Central to this is our specialist AI team, which is translating advanced data and intelligent agents into practical tools that deliver measurable impact. Our heritage in technology and ethos of constant improvement mean we approach this opportunity from a position of strength, having made meaningful advances in 2025 on both the investment and operational fronts. With over 85% of our people using these tools regularly, we are not just keeping pace with change; we are leading it.

 

 

People and culture

Delivering for our clients requires the very best people and we work hard to ensure Man Group remains an exceptional place to build a career. We have fostered a collaborative and dynamic environment, with a genuine sense of community, where high performers can thrive. This distinct culture gives us our edge and continues to be a differentiator as we seek to attract and elevate talent.

We have always believed that difference is our differentiator. There is no 'typical' person who succeeds here; finding excellent minds requires casting the net wide and looking beyond traditional backgrounds. Whether in our established locations or our growing office in Sofia, we are committed to finding the best person for every role and ensuring we have the broad perspectives necessary to challenge conventional thinking and deliver superior results for our clients.

We have made substantial progress this year in widening our talent pipeline. Through our 'Paving the Way' initiative and UK apprenticeship programme, we are actively engaging with schools and youth organisations to promote careers in finance. A particular highlight was our new partnership with Bard College's Displaced Student Program, welcoming refugee students into our Boston office to gain experience in investment management. Alongside these early-career initiatives, we continue to attract experienced talent from across the financial sector and beyond, particularly as we expand our capabilities in credit, wealth and technology.

Outlook

We enter 2026 with a more diversified business, strong momentum and much improved performance fee optionality. After a decade defined by US exceptionalism, we are seeing a complex, shifting landscape emerge across the globe, exactly the environment in which active management thrives. Our ability to help clients navigate this environment with a partnership-led approach and a broad range of alpha-focused strategies has never been more relevant. This is supported by a platform powered by technology, where our commitment to innovation gives us the agility to evolve as markets do.

I am incredibly proud of what we have achieved this year; we have been tested, and we have emerged stronger. Looking forward, I am energised by the opportunities ahead and confident that we have the right strategy, the right team, and the right culture to deliver for our clients and our shareholders.

 

Robyn Grew

Chief Executive Officer

 

 

Key performance indicators

Financial KPIs

Our financial KPIs illustrate and measure the relationship between the investment experience of our clients, our financial performance and the creation of shareholder value over time.

Relative investment performance

Why it matters

The asset-weighted performance of Man Group's strategies in comparison with peers gives an indication of the competitiveness of our investment performance compared with similar strategies offered by other investment managers.

How we performed

Relative investment outperformance of 1.3% in 2025 was driven by our long-only strategies, which delivered 4.9% above their benchmarks.

Relative net flows

Why it matters

Relative net flows are a measure of our ability to attract and retain investor capital in comparison with our industry peers. Growth in the assets we manage for clients drives our financial performance via our ability to earn management and performance fees.

How we performed

Relative net flows in 2025 were 19.3%, a record for Man Group and a very strong outcome in the context of the challenging fundraising environment during the year.

Core management fee EPS (diluted) growth¹

Why it matters

Core management fee EPS (diluted) growth in the year measures the overall effectiveness of our business model and reflects the value creation for shareholders from our earnings, excluding performance fees.

How we performed

Core management fee EPS (diluted) decreased by 9% to 19.6 cents. This was driven by lower core net management fees, reflecting a shift in the underlying mix of business, partially offset by continued fixed cost discipline.

Core EPS (diluted)¹

Why it matters

Core EPS (diluted) is a measure of the earnings that drive our cash flows. This metric includes core performance fee profits, which are generated through outperformance for our clients and a significant driver of total value creation for shareholders over time.

How we performed

Core EPS (diluted) decreased by 14% to 27.6 cents. This is primarily attributable to challenging market conditions for trend-following strategies during the first half, which led to a below-average contribution to core performance fees.

 

 

 

1.     Details of the calculation of our alternative performance measures are provided on pages 58 to 64.

Non-financial KPIs

Our non-financial KPIs reflect our core values; they demonstrate our commitment to our people, and to running our firm in a sustainable and responsible way as we grow.

Carbon footprint

Why it matters

In order to monitor our carbon footprint, we measure total market-based greenhouse gas emissions (tCO₂e) using the GHG Protocol guidance for the Scope 1, Scope 2, Scope 3 travel and Scope 3 (upstream) leased asset categories.

How we performed

We made positive progress during the year with total market-based emissions falling 37% in 2025. This was primarily driven by lower business travel emissions following a reduction in DEFRA emissions factors.

Employee engagement

Why it matters

Each year, we conduct a staff survey to help us monitor and understand employee engagement and identify any areas for action. Alongside our engagement survey, we continue to provide various other mechanisms for our people to provide their feedback.

How we performed

Our 2025 staff survey recorded an engagement score of 75%, with a completion rate of 73%.

Women in senior management roles

Why it matters

As part of our efforts to encourage greater diversity across the investment management industry, we measure the number of women in senior management positions at the firm. This is defined as those who are, or report directly to, members of our Executive Committee.

How we performed

The number of women in senior management roles increased to 40% as at 31 December 2025.

ESG-integrated AUM

Why it matters

We understand that investors have their own views on ESG matters and, in line with our clients' needs, we seek to identify innovative responsible investment solutions to support their objectives. We calculate ESG-integrated AUM in line with the GSIA definition.

How we performed

In 2025, ESG-integrated AUM increased by 75% to $109.5 billion as at 31 December 2025.

 

Chief Financial Officer's review

Overview

2025 was a year of two halves. The record net inflows and recovery of our trend-following strategies during the second half of the year partially mitigated the impact of the exceptional market conditions on AUM and performance fee revenues in the first half, enabling us to deliver a resilient set of results for the full year. Man Group generated statutory profits of $175 million in the year to 31 December 2025 compared with $298 million in 2024. Core management fee profit before tax too was down 9%, at $294 million.

We completed the acquisition of Bardin Hill during the year. Bardin Hill's opportunistic and performing credit platforms complement Man Group's existing private credit strategies, further diversifying our offering to investors. The acquisition also further expands Man Group's footprint in the US, with our global distribution capabilities providing Bardin Hill with access to new investors.

We ended the year with record AUM of $227.6 billion, up from $168.6 billion at the end of 2024. The increase was driven by net inflows of $28.7 billion and positive investment performance of $21.4 billion, with the acquisition of Bardin Hill in the second half of the year contributing a further $2.7 billion. The weakening of the US dollar during the year also led to positive FX movements of $6.7 billion, as a significant portion of our AUM is denominated in other currencies.

The average net management fee margin decreased to 56 basis points for the year compared with 63 basis points in 2024, primarily driven by large inflows into lower margin strategies during the year, and the shift towards lower margin long-only strategies in our business mix. As a result, management and other fees on a statutory basis were broadly in line with the prior year, as lower margins offset the impact of the increase in AUM. Similarly, the run rate net management fee margin decreased from 63 basis points at the end of 2024 to 52 basis points at 31 December 2025. Run rate core net management fee revenue of $1,182 million at the end of the year increased from $1,058 million at the end of 2024, reflecting the significant growth in AUM.

	Year ended 31 December	Year ended 31 December
$m	2025	2024
Core net management fee revenue	1,077	1,097
Core performance fees	281	310
Core gains on investments	38	50
Core rental income	2	2
Core net revenue	1,398	1,459
Asset servicing costs	(73)	(67)
Core compensation costs	(675)	(684)
Core other costs	(215)	(199)
Net finance expense	(18)	(23)
Core other employment-related expenses	(7)	(10)
Third-party share of post-tax profits	(3)	(3)
Core profit before tax	407	473
Core management fee profit before tax	294	323
Core performance fee profit before tax	113	150
Non-core items (before tax)	(150)	(75)
Core profit	321	381
Statutory profit	175	298
Statutory EPS (diluted)	15.0¢	25.1¢
Core EPS (diluted)	27.6¢	32.1¢
Core management fee EPS (diluted)	19.6¢	21.5¢
Proposed dividend per share	17.2¢	17.2¢

 

Core performance fees of $281 million decreased from $310 million in 2024 ($279 million and $308 million respectively on a statutory basis). Both alternative and long-only strategies generated performance fees during the year, with our trend-following strategies recovering well from the market turbulence seen in the first half of the year.

Our overall asset-weighted relative investment outperformance was 1.3%, compared with 1.0% in 2024. Core gains on investments of $38 million, compared with $50 million in 2024, were generated by mark-to-market gains across our seed book. An increase in core costs to $973 million from $963 million in 2024 was driven by an increase in asset servicing costs as a result of the significant growth in AUM and an increase in depreciation and amortisation as we continue to invest in the business, together with the impact of the strengthening of sterling against the US dollar in the year.

Restructuring costs of $30 million were incurred in 2025 as we undertook a reorganisational exercise to reduce fixed costs and better align resources towards our strategic priorities. These costs have been classified as non-core as they are non-recurring in nature. Certain costs incurred as part of this exercise will be recognised in the consolidated income statement in 2026, as they relate to retention payments for employees who remain in service beyond the end of 2025. These costs will continue to be classified as non-core, given their connection to the same restructuring exercise.

Total non-core items (excluding tax) increased from a net expense of $75 million in 2024 to $150 million in 2025, driven by an increase of $41 million in the revaluation of acquisition-related payables associated with the acquisition of Asteria following stronger than forecast performance of the joint venture. In addition, costs associated with legal claims increased by $28 million, restructuring costs were $8 million higher than in the prior year and $6 million of costs associated with the acquisition of Bardin Hill were incurred. FX gains of $3 million were lower than the $6 million recognised in 2024. These movements were partially offset by decreases in the amortisation and impairment of acquired intangibles and other employment-related expenses of $7 million and $10 million respectively.

We continue to be strongly cash-generative, with core cash flows from operations (excluding working capital movements) of $418 million in the year. Our strong and liquid balance sheet allows us to continue to invest in the business in line with our strategic priorities to support our long-term growth prospects while enabling us to navigate periods of stress.

At 31 December 2025, we had net tangible assets of $723 million, including $173 million of cash and cash equivalents (excluding amounts held by consolidated fund entities) and net of $167 million of acquisition-related payables which crystallise between 2028 and 2034. We continue to invest heavily in technology to ensure we remain at the forefront of alternative investment management, allocate capital to seed new strategies and support innovation across the firm, and return capital surplus to our requirements to shareholders via dividends and share repurchases. Our total proposed dividend for the year of 17.2¢ per share is in line with 2024. We also completed the $100 million share repurchase that we announced in February, taking the total announced returns to shareholders for 2025 to $293 million, and $1.8 billion over the last five years.

Impact of foreign exchange rates

The weakening of the US dollar during the year positively impacted the portion of our AUM which is not denominated in US dollars, increasing our reported AUM by $6.7 billion. This also had a positive impact on our core net management fee revenue. However, the strengthening of sterling against the US dollar resulted in an increase in core costs of around $10 million compared with 2024.

Assets under management

							Change
$bn		31 December 2024	Net inflows/ (outflows)	Investment performance	Other	31 December 2025	$bn	%
Alternative	Absolute return	45.3	(3.8)	0.9	0.1	42.5	(2.8)	(6)
	Total return	41.5	(0.5)	1.7	3.9	46.6	5.1	12
	Multi-manager solutions	14.4	(1.5)	1.0	0.6	14.5	0.1	1
	Total	101.2	(5.8)	3.6	4.6	103.6	2.4	2
Long-only	Systematic	38.6	22.5	13.0	2.1	76.2	37.6	97
	Discretionary	28.8	12.0	4.8	2.2	47.8	19.0	66
	Total	67.4	34.5	17.8	4.3	124.0	56.6	84
Total		168.6	28.7	21.4	8.9	227.6	59.0	35

Absolute return

The decrease in absolute return AUM was driven by net outflows of $3.8 billion, primarily from trend-following strategies, partially offset by continued inflows into Institutional solutions. Positive investment performance of $0.9 billion was driven by a number of strategies in the category, as well as the recovery of our alternative trend-following.

Total return

Total return AUM increased by $5.1 billion, driven by the Bardin Hill acquisition which added $2.7 billion to the category. Strong absolute investment performance of $1.7 billion, primarily from alternative risk premia and TargetRisk, was partially offset by net outflows of $0.5 billion.

Multi-manager

AUM was broadly in line with 31 December 2024, as net outflows of $1.5 billion, largely from low net management fee margin Infrastructure mandates, were offset by positive absolute performance of $1.0 billion and other movements of $0.6 billion.

Systematic long-only

AUM increased by $37.6 billion, with very strong net inflows of $22.5 billion, including a single client subscription of $13.2 billion. Positive absolute performance of $13.0 billion was across all strategies in the category.

Discretionary long-only

AUM increased by $19.0 billion during the year. Net inflows of $12.0 billion were primarily into credit and convertibles strategies. Positive performance of $4.8 billion was driven by multiple strategies, reflecting strong security selection across our investment teams.

Revenue

Statutory net revenue decreased to $1,405 million from $1,477 million in 2024, driven by lower performance fee revenues and an increase in distribution costs. Similarly, core net revenue decreased from $1,459 million to $1,398 million.

	Core net management fees ($m)		Net management fee margin (bps)		Run rate core net management fees ($m)		Run rate net management fee margin (bps)
	2025	2024	2025	2024	31 December 2025	31 December 2024	31 December 2025	31 December 2024
Absolute return	426	525	105	110	411	498	97	110
Total return	269	285	63	66	288	265	62	64
Multi-manager solutions	28	27	20	18	31	28	21	19
Systematic long-only	136	106	24	27	175	102	23	27
Discretionary long-only	215	151	57	57	277	165	58	57
Other service income	3	3	n/a	n/a	n/a	n/a	n/a	n/a
Total	1,077	1,097	56	63	1,182	1,058	52	63

 

 

Management fees

Core net management fee revenue decreased by 2% to $1,077 million in 2025 (2024: $1,097 million), driven by a change in product mix, with strong inflows into low-margin systematic long-only strategies, and an increase in distribution costs as a proportion of revenue. The change in product mix resulted in the net management fee margin decreasing from 63 to 56 basis points.

The absolute return net management fee margin decreased to 105 basis points from 110 basis points due to lower average AUM in higher margin trend-following strategies following the large drawdown in the first half of the year. The total return net management fee margin decreased by 3 basis points to 63 basis points, primarily driven by slower activity in our US Direct Lending business in the first half of the year. The multi-manager net management fee margin increased to 20 basis points in 2025 from 18 basis points in 2024, driven by outflows from low margin Infrastructure and direct access mandates. The net management fee margin of systematic long-only strategies decreased from 27 basis points to 24 basis points due to large inflows at a lower margin. Discretionary long-only net management fee margins remained in line with 2024 at 57 basis points.

Run rate core net management fee revenue increased to $1,182 million at 31 December 2025 from $1,058 million at the end of 2024, driven by the significantly higher AUM at the end of the year.

Performance fees

Core performance fees for the year of $281 million (2024: $310 million) comprised $180 million from alternative strategies (2024: $264 million) and $101 million from long-only strategies (2024: $46 million). A broad range of strategies contributed to our performance fee earnings in the year. At 31 December 2025, we had $60 billion of performance-fee-eligible AUM.

Investment gains and rental income

Core gains on investments of $38 million (2024: $50 million) were generated by mark-to-market gains across our seed book. Core rental income of $2 million was in line with the prior year.

Costs

Our core PBT margin, defined as the ratio of core profit before tax to core net revenue, was 29% for the year, compared with 32% in 2024. The decrease was driven by lower core net management fee revenue, reflecting a shift in the underlying mix of business, as well as lower core performance fees due to the challenging conditions for our trend-following strategies in the first half of the year. The impact of this reduction in core net revenue was partially offset by our continued cost discipline.

Asset servicing

Asset servicing costs vary depending on transaction volumes, the number and mix of funds, and fund NAVs. Asset servicing costs for the year were $73 million compared with $67 million in 2024, which equated to around 5 (2024: 5) basis points of average AUM, excluding systematic long-only strategies. The year-on-year increase of $6 million was primarily driven by AUM growth.

Compensation costs

Core compensation costs of $675 million for the year were slightly lower than the $684 million recognised in 2024. The overall compensation ratio increased to 48% in 2025 from 47% in 2024, reflecting the decrease in management and performance fee revenue generated in the year.

We undertook a restructuring programme during the year, incurring cash costs of $20 million and non-cash costs of $10 million relating to the accelerated vesting of deferred compensation. These costs are classified as non-core items as they are non-recurring in nature.

Other costs

Core other costs, which exclude acquisition-related costs and amounts incurred by consolidated fund entities, increased to $215 million in 2025 from $199 million in 2024, driven by an increase in computer software amortisation as we continue to invest in technology. This was further negatively impacted by the strengthening of sterling against the US dollar, as the majority of our cost base is denominated in sterling.

Tax

The majority of our profits are earned in the UK, with significant profits also arising in the US and in Australia, which have lower/higher rates of tax respectively compared with the UK. Tax on statutory profit for the year was $82 million compared with $100 million in 2024. The statutory effective tax rate of 32% increased from 25% in 2024 as a result of the derecognition of a portion of the available US deferred tax assets associated with accumulated state tax losses following a change in the allocation of income between states, together with the revaluation of acquisition-related liabilities not being tax deductible. The core tax rate increased from 19% in 2024 to 21% in 2025 as we are now paying federal taxes on profits generated in the US, having utilised all of our accumulated federal tax losses.

In the US, we have accumulated tax losses and tax-deductible goodwill and intangibles of $78 million (2024: $78 million) that can be offset against future taxable profits. We have recognised $64 million of the available $78 million of US deferred tax assets at 31 December 2025 (2024: $76 million and $78 million respectively), with the unrecognised portion relating to state and city tax losses expected to expire before utilisation. As noted above, a change in the apportionment of forecast taxable profits by state resulted in the derecognition of $11 million of the available US deferred tax assets during the year.

The principal factors influencing our future underlying tax rate are the mix of profits by tax jurisdiction and changes to applicable statutory tax rates. The global minimum tax rate, which came into effect in 2024, has not resulted in significant top-up taxes becoming due.

Profit

Statutory profit decreased from $298 million in 2024 to $175 million in 2025, with core profit decreasing from $381 million to $321 million over the same period. Statutory EPS (diluted) decreased from 25.1¢ in 2024 to 15.0¢ in 2025 (32.1¢ and 27.6¢ respectively on a core basis), with the decrease in profitability partially offset by a decrease in share count as a result of the $100 million of shares repurchased during the year.

 

Cash earnings

We believe that core profit is an appropriate measure of our cash flow generation due to our strong conversion of profits into cash, although the timing of cash conversion is impacted by the cyclicality of our working capital position and the size of our net seed book. Core cash flows from operations excluding working capital movements were $418 million for the year (2024: $502 million).

As at 31 December 2025, our cash balance, excluding amounts held by consolidated fund entities, was $173 million.

$m	Year ended 31 December 2025	Year ended 31 December 2024
Opening available cash and cash equivalents	225	180
Core cash flows from operations excluding working capital movements	418	502
Working capital movements (excluding seeding)	(152)	(65)
Working capital movements - seeding	84	78
Acquisition of subsidiaries, net of cash acquired	(38)	-
Dividends paid	(198)	(192)
Share repurchases (including costs)	(100)	(50)
Repayment of borrowings	-	(140)
Other movements	(66)	(88)
Closing available cash and cash equivalents	173	225
Balance sheet
$m	31 December 2025	31 December 2024
Available cash and cash equivalents	173	225
Seeding investments portfolio	470	532
Other tangible assets and liabilities	80	110
Net tangible assets	723	867
Goodwill and intangibles	851	809
Shareholders' equity	1,574	1,676

 

Our balance sheet remains strong and liquid. Available cash and cash equivalents decreased to $173 million at 31 December 2025 from $225 million at the end of 2024, with no amounts drawn under our revolving credit facility at the end of the year.

We use our balance sheet to invest in new products, aiming to redeem as client AUM in the funds grows. We had seed investments of $470 million at 31 December 2025 (2024: $532 million), of which $4 million were financed via repos (2024: $16 million). In addition, we held $133 million of total return swap exposure at 31 December 2025 (2024: $232 million), allowing us to maintain our seed portfolio exposure in a cash-efficient way. During the year, we redeemed $395 million from the seed book and reinvested $185 million.

The statutory consolidation of some of our CLOs results in a significant gross-up of assets and liabilities in the consolidated balance sheet. Our maximum exposure to loss associated with interests in our CLOs is limited to our investment, as reflected in the seeding investments portfolio balance which excludes the impact of this gross-up.

Our robust balance sheet and liquidity position allow us to invest in the business, support our long-term growth prospects and maximise shareholder value. They also enable us to withstand periods of stress.

We actively manage our capital to maximise value to shareholders by either investing that capital to improve shareholder returns in the future or returning it through higher dividends or share repurchases. In 2025, we announced and completed a $100 million share repurchase.

The Board is proposing a final dividend for 2025 of 11.5¢ per share, which together with the interim dividend of 5.7¢ per share equates to a total dividend for the year of 17.2¢ per share, in line with the 2024 full year dividend. The proposed final dividend of around $129 million is adequately covered by our available liquidity and capital resources. Key dates relating to the proposed final dividend are provided on page 3.

Our business is highly cash-generative, with these cash flows supporting our progressive dividend policy, under which dividends per share are expected to grow over time. We ensure we maintain a prudent balance sheet at all times by taking into account liquidity requirements before investing capital, considering potential strategic opportunities or returning it to shareholders. Over the past five years, we have returned $0.9 billion to shareholders through dividends and announced $0.9 billion of share buybacks. As a result, our weighted average share count has decreased by 19% to 1,136 million over that same period.

Our revolving credit facility of $800 million provides additional liquidity as required. Following the exercise of the final extension option, the facility is scheduled to mature in December 2030. We have maintained prudent capital and available liquidity throughout the year, deploying our capital to support investment management operations and new investment products, utilising the revolving credit facility when appropriate. We monitor our capital requirements through continuous review of our regulatory and economic capital, including regular reporting to the Risk and Finance Committee and the Board.

 

Antoine Forterre

Chief Financial Officer

 

Risk management - principal and emerging risks

Risk				Mitigants		Status and trend		Change
Business risks
Investment performance and net redemptions		Fund underperformance, on an absolute basis, relative to a benchmark or relative to peer groups, may result in lower subscriptions and higher redemptions. This risk is heightened at times of disrupted and volatile markets, which could be triggered by geopolitical or climate factors. This may also result in dissatisfied clients, negative press and reputational damage. Absolute underperformance also reduces AUM, resulting in lower management and performance fees.		Man Group's investment divisions each have clearly defined investment processes with integrated risk management, designed to target and deliver on the investment mandate of each product. We focus on hiring and retaining highly skilled professionals who are incentivised to deliver alpha within the parameters of their mandate. Man Group's diversified range of products and strategies mitigates the risk to the business from underperformance of any particular strategy or market. Consistent with our strategy, we increased diversification in 2025 through AUM growth in systematic long-only and credit strategies, including the Bardin Hill acquisition. Man Group has an agile business model, so is well equipped to adjust to medium-term transition risks and also capture any opportunities. With a strong track record for innovation, the firm continues to focus on providing our sustainability-driven investors with products that incorporate ESG analytics.		2025 was marked by sharp volatility driven by tariff announcements, geopolitical tensions, and uncertainty around AI investment. Despite these challenges, all major asset classes delivered positive returns simultaneously for the first time in several years. These conditions initially challenged trend-following strategies, though they recovered strongly in the second half. Our systematic long-only and discretionary credit products performed well throughout the year, generally outperforming rising markets. Net inflows were strong, particularly for systematic long-only and discretionary credit. These were partially offset by outflows in absolute return strategies in response to the performance of trend-following strategies earlier in the year.		Unchanged
Credit risks
Counterparty		A counterparty with which the funds or Man Group have financial transactions, directly or indirectly, becomes distressed or defaults. Shareholders and investors in Man Group funds and products are exposed to credit risk of exchanges, prime brokers, custodians, sub-custodians, clearing houses and depository banks.		Man Group and its funds diversify exposures across a number of the strongest available financial counterparties, each of which is approved and regularly reviewed and challenged for creditworthiness by a firm-wide counterparty committee. The Risk teams monitor credit metrics on the approved counterparties daily. This includes credit default swap spreads and credit ratings.		After 2024 presented a calm year for counterparty concerns, 2025 continued the theme despite various market stresses. Ultimately no counterparty risk reduction intervention was required.		Unchanged
Liquidity risks
Corporate and fund		Man Group is exposed to having insufficient liquidity resources to meet its obligations. Adverse market moves and volatility may sharply increase the demands on the liquid resources in Man Group's funds. Market stress and increased redemptions could result in the deterioration of fund liquidity and in the severest cases this could lead to the gating of funds.		An $800 million revolving credit facility, maturing December 2030, provides Man Group with a robust liquidity backstop and flexibility to manage seasonal liquidity demands. Liquidity forecasting for Man Group and the UK/ EEA sub-group, including downside cases, facilitates planning and informs decision-making. The Financial Risk team conducts regular liquidity tests on Man Group's funds. We aim to manage resources in such a way as to meet all plausible demands for fund redemptions according to contractual terms.		The acquisition of Bardin Hill, the balance sheet seeding programme (including use of external financing) and completion of a $100 million share buyback in 2025 were planned and managed without issues. The asset liquidity distribution across funds remained broadly unchanged but growth of our credit strategies increased the quantity of lower liquidity assets. Our in-house liquidity analysis and reporting toolkit continued to evolve and now includes a fixed income limit framework. There were no material trading liquidity challenges.		Unchanged
Market risks
Investment book performance		Man Group uses capital to seed new funds to build our fund offering and expand product distribution. Man Group also holds CLO risk retention positions until product maturity. The firm is exposed to a decline in value of the investment book. Man Direct Lending loan origination and syndication is a shorter-term risk, exposed to sharp credit spread widening during the holding period.		A disciplined framework ensures that each request for seed capital is assessed based on its risk and return on capital. Approvals are granted by a Seed Investment Committee (SIC), which is comprised of senior management, Risk and Treasury. Investments are subject to risk limits and an exit strategy and are hedged to a benchmark where appropriate. The positions and hedges are monitored regularly by Financial Risk and reviewed by the SIC.		The investment book size reduced over 2025 as balance sheet risk-taking declined and some aged investments were redeemed. There were 12 new positions in 2025, managed by active recycling of existing investments. The investment book returns were positive with some losses in CLO equity offset by performance from across the other positions in the seed book (net of benchmark hedges).		Unchanged

 

 

Risk				Mitigants		Status and trend		Change
Operational risks
Internal process failure		Risk of losses or harm resulting from inadequate or failed corporate or fund operational processes within Man Group, including employee-related issues.		Man Group's risk management framework and internal control systems have continued to operate during the year. Risks and controls are reassessed periodically and in the event of material change, risk events or issues, to determine the adequacy of the control environment.		Man Group continues to prioritise improving systems and controls to minimise process failures. There has been no material change in the incidents in 2025 and where issues have arisen, tracking mechanisms have been in place to ensure remediation and preventative actions are completed. During 2025, acquisitions were managed in line with plans and AUM increased. Man Group announced organisational changes to streamline the structure and position it to deliver on the firm's strategic priorities including diversifying and growing the asset base. Whilst change, including operational change through AI can add risk in the short term, the aim to reduce organisational complexity, and the implementation of targeted solutions focused on offsetting any additional risk, will mitigate this longer-term. Man Group has continued to be able to attract and retain talented individuals across the firm and has refined the talent review process to deliver a sharper view of risk and replaceability.		Increased
External (third-party) process failures		Man Group continues to outsource several functions and manage critical third-party arrangements on behalf of its funds. Risks arise through the supplier life cycle from sourcing and selection, to contracting and onboarding, to service delivery and monitoring and finally, to exit and offboarding. The most material risk is that critical third-party service providers do not or are unable to perform services as required, including due to bankruptcy, resulting in knock-on implications for our business and processes.		Man Group's first line teams have implemented robust methodologies (including ongoing third-party due diligence and KPI monitoring) to confirm that critical third-party service providers are delivering as required. Business Continuity & Resilience assessments are performed to ensure the business can continue operating during disruptions. These assessments review critical third-party services and develop plans for maintaining operations if those services become unavailable.		The firm's key outsourcing providers remain intentionally concentrated, with a small group of carefully selected and proven names with which the Group has well-established and embedded working relationships. There has been no notable increase or decrease in the number of material issues caused by, or experienced by, our critical third party providers during 2025 and there have been no material losses or other impacts.		Unchanged
Systematic investment and model management		Man Group is a technology empowered active investment management firm which continues to make use of advanced quantitative trading strategies that necessitate a robust approach to data acquisition and consumption, model implementation and execution. Key risks include model/algorithm failures or issues with data upon which decisions are made.		Man Group has embedded systems, controls and operational change control processes for models and data. Change management controls are applied to new models, model changes and calibrations. Controls are both preventative and detective to minimise the potential consequences from such an event arising.		Man Group continues to source and provision new investment data sources and data analytics, and has reviewed the algorithmic trading process in response to events in the wider industry and performed assessments of our control environment as required by the MiFID II (Markets in Financial Instruments Directive II) Regulatory Technical Standards 6. Man Group has not observed an increase in material internal risk events in 2025.		Unchanged

 

 

Risk				Mitigants		Status and trend		Change
Information and cybercrime security		Risk of losses or harm resulting from the loss of information in electronic or hard copy form held by Man Group and arising as a result of sabotage, hacking, virus attack or other malicious disruption causing system failure.		Man Group has an established information security and cyber security programme with relevant policies and procedures, that are aligned with industry expectations and best practices. Man Group's CISO, together with the Information Security Steering Committee, ensure that our control environment is continuously reviewed and adjusted to keep pace with the evolving regulatory, legislative and cyber threat landscapes.		Man Group continues to improve its defence using state-of-the-art technologies and best practices, enabling us to detect, prevent and respond to malicious activities and complex cyber-attacks. Although we have not experienced any material issues in 2025, the cyber risk landscape continues to evolve, driven by factors including the rise of AI-driven cyberattacks and increasing vulnerabilities in the supply chain. However, our controls and defences have adapted in parallel, and we believe our overall cyber risk exposure remains stable.		Unchanged
Information technology and business continuity		Risk of losses or harm incurred by IT software and hardware failures resulting in system downtime, severely degraded performance or limited system functionality. Business continuity risks may arise from incidents such as a denial of access to a key site or a data centre outage or the physical and transition risk associated with climate change, which could lead to business disruption.		Technology plays a fundamental role in delivering our objectives. The single Technology team of over 420 professionals aligns with each business unit to ensure work is correctly prioritised. The firm's operational processes include mature risk, incident, problem management and prioritisation procedures to minimise the likelihood and impact of technology failures. Robust change control processes are one of our strongest mitigants against technology risk. Our software release management framework includes mandatory testing, approval gates and rollback procedures to minimise the risk and impact of software failures arising from code deployments. Business continuity and resiliency risk is mitigated through a comprehensive training and governance programme and detailed continuity plans that undergo severe but plausible scenario tests. We maintain tested contingency and recovery capabilities (including secure remote access) and conduct ongoing risk and threat assessments. Man Group has a small number of employees, a relatively limited physical footprint and can operate remotely - as it has done in the past.		Man Group continues to enhance its technology, with a focus on platform enrichment, centralising order management, and expanding capacity and developing controls around emerging technologies. In 2025, the firm reviewed and extended its UK disaster recovery data centre capability, completing the build of a new facility that became the main UK disaster recovery location. We have continued disaster recovery testing to portions of our estate for the duration of the movement to the new facility. The Business Continuity and Resilience (BCR) team focused on enhancing and maturing the programme including the identification and testing of scenarios to identify vulnerabilities and validate recovery solutions. Our operations and ability to work effectively were not materially impacted by the heatwaves in the US and Continental Europe, with the majority of employees working remotely.		Unchanged

 

 

Risk				Mitigants		Status and trend		Change
Criminal activities		Risk of losses or harm through wrongful, unauthorised activities or criminal deception intended to result in financial or personal gain; or incurred through failure to comply with (or have adequate procedures to ensure compliance with) laws and regulations relating to anti-money-laundering, counter-terrorist financing, tax evasion, anti-bribery and corruption, breach of economic sanctions, insider trading and market abuse and failure to prevent fraud.		Man Group operates a framework consisting of policies, procedures and regular training to staff to support compliance with applicable laws and regulations. Internal policies, processes and controls are subject to regular review and consultation internally and with external advisers to ensure we remain well placed to manage evolving requirements. Man Group has a dedicated KYC team. Independent oversight and challenge are also provided by Man Group's Compliance and Financial Crime teams.		Man Group continues to strengthen and adapt its control environment to monitor and meet the challenges of an evolving regulatory environment with heightened sanctions and enforcement actions. During 2025, the firm embedded enhanced fraud prevention governance and procedures in line with new legislative requirements. No material incidents were seen in 2025, and the firm complies with the evolving sanctions regime.		Unchanged
Legal, compliance and regulatory		The breadth and complexity of the regulations and legislative requirements that Man Group and its funds are, or were historically subject to, across multiple jurisdictions, represent significant operational risks, should the firm fail to comply with them. Man Group supports proportionate and thoughtful regulation and initiatives that develop the regulatory environment. However, change can also result in increased operational complexity and costs to Man Group or the sectors or markets in which it operates. Our operational risks also include any legal and reputational risk from any suggestion of greenwashing if the ESG credentials of a fund or our corporate behaviour does not meet client or regulatory expectations. Failure to comply with laws and regulations may put Man Group at risk of fines, lawsuits or reputational damage.		Man Group operates global legal and compliance frameworks which underpin all aspects of its business and are resourced by experienced teams. These teams are physically located in Man Group's key jurisdictions, helping them to understand the context and impact of any requirements. Emphasis is placed on proactively analysing new legal and regulatory developments and communications to assess likely impacts and mitigate risks. The governance framework includes ongoing proactive reporting and management of potential and actual legal and litigation risks. Man Group continues to liaise directly and indirectly with competent authorities e.g. FCA, SEC, FINMA, CBI, FINRA, CFTC, SFC. Man Group has specific policies and greenwashing controls which continue to evolve and are subject to robust review. We take a relatively low key and considered approach in our external communications with a focus on education and data as well as highlighting the challenges inherent in this area.		Man Group continues to experience new regulatory requirements and invest heavily in compliance, technology, and reporting infrastructure to meet the growing regulatory expectations. In 2025 key areas included significant regulatory changes in the US with a new SEC Chairman, rule withdrawals and postponements, cyber security and privacy reforms and developments in a regulatory framework for crypto assets. Man Group's engagement with the key regulators remains very active and work continues to support a number of regulatory initiatives. Man Group continues to robustly defend legal proceedings relating to matters arising in the ordinary course of the Group's business. Dedicated RI Compliance experts monitor our RI-related regulatory obligations, stewardship activities, and review RI strategy-related and marketing documentation. Our multi-layer controls minimise the risk of greenwashing. They also serve to enhance interaction and collaboration between the RI team and the investment teams.		Increased

 

 

Risk				Mitigants		Status and trend		Change
Reputational risks
Negative publicity		The risk that an incident or negative publicity undermines our reputation as a leading investment manager and place to work. Reputational damage could result in significant redemptions from our funds, and could lead to difficulties with external financing, credit ratings, talent attraction/ retention and relations with regulators, core counterparties and outsourcing providers.		Our reputation is dependent on our operational and fund performance and the conduct of our employees. Our governance and control structure mitigates operational concerns, and our attention to people and investment processes are designed to comply with accepted standards of investment management practice. We encourage a culture of openness, inclusion and diversity.		Man Group maintains a strong and resilient reputation with key stakeholders, though reputational risk may arise from investment performance, share price volatility, strategic decisions, and organisational change. During the year, performance challenges in certain strategies, related share price movements and a number of organisational changes attracted media attention, which moderated following improved performance in the second half. The Group actively manages reputational risk through clear communication, disciplined execution and robust governance, while continuing to build its profile in priority markets, including North America and areas of strategic growth.		Unchanged
Emerging risks
Potential future threats		Emerging risks are complementary to the current principal risks and represent potential future threats to Man Group's performance, development or viability. By definition, these entail greater uncertainty about if or when the risk or an event may manifest. The emerging risk categories include natural disasters, pandemics, disruption to financial markets and business infrastructure, geopolitical risk and changes in the competitive landscape.		The Board, Executive Committee and Risk teams monitor emerging risks, trends and changes in the likelihood or impact following discussions with subject matter experts. This assessment informs the universe of principal risks managed and mitigated by the firm.		Emerging risks are assessed internally and discussed with the Board on a six-month cycle. The dominant theme this year was heightened geopolitical tensions (conflicts in Ukraine and the Middle East, US tension with China and the wholesale impact of a year of tariffs, particularly those imposed by the US). Whilst the likelihood of many of the risks has increased, no changes were made to Man Group's headline principal risks as a result of the emerging risks identified.		Unchanged

 

 

Directors' responsibility statement

 

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. The Annual Report will be published on the Company's website in mid-March and an announcement will be released to the market confirming when it is available.

The Companies (Jersey) Law 1991 requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing the Group financial statements, International Accounting Standard 1 requires that directors:

·   properly select and apply accounting policies;

·   present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

·   provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

·   make an assessment of the Company's ability to continue as a going concern.

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in Jersey, Channel Islands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each of the directors in office as at the date of this report, confirm that, to the best of each person's knowledge and belief:

·   the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;

·   the Strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face;

·   the Annual Report and the financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's and Group's position, performance, business model and strategy; and

·   there is no relevant audit information of which the Group's auditor is unaware, and that they have taken all steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that Man Group's auditor is aware of that information.

 

Consolidated income statement

For the year to 31 December

 

	Note	2025 $m	2024 $m
Management and other fees	4	1,126	1,126
Performance fees	4	279	308
Revenue		1,405	1,434
Net income or gains on investments and other financial instruments	5.1	84	88
Third-party share of gains relating to interests in consolidated funds	5.2	(27)	(10)
Rental income	5.2,8.1	2	3
Distribution costs	6	(59)	(38)
Net revenue		1,405	1,477
Asset servicing costs	6	(73)	(67)
Compensation costs	6.1	(707)	(706)
Other employment-related expenses	6.2	(25)	(38)
Other costs	6.3	(258)	(215)
Finance income	7	16	15
Finance expense	7	(34)	(38)
Gain on disposal of investment property - right-of-use lease assets		-	3
Amortisation and impairment of acquired intangibles	9	(17)	(24)
Share of post-tax loss of associates	11	(2)	(2)
Revaluation of acquisition-related liabilities		(45)	(4)
Third-party share of post-tax profits		(3)	(3)
Statutory profit before tax		257	398
Tax expense	12.1	(82)	(100)
Statutory profit attributable to owners of the Company		175	298
Statutory earnings per share	13
Basic		15.4¢	25.7¢
Diluted		15.0¢	25.1¢

 

 

 

Consolidated statement of comprehensive income

For the year to 31 December

	Note	2025 $m	2024 $m
Statutory profit attributable to owners of the Company		175	298
Other comprehensive income:
Remeasurements of defined benefit pension plans	14	-	2
Items that will not be reclassified to profit or loss		-	2
Cash flow hedges:
Valuation gains taken to equity		19	20
Realised gains transferred to consolidated income statement		(17)	(22)
Deferred tax on cash flow hedges	12.3	-	1
Net investment hedges		(4)	7
Foreign currency translation		6	(7)
Items that may be reclassified to profit or loss		4	(1)
Other comprehensive income		4	1
Total comprehensive income attributable to owners of the Company		179	299

 

 

Consolidated balance sheet At 31 December	Note	2025 $m	2024 $m
Assets
Cash and cash equivalents	15	291	454
Fee and other receivables	16	657	492
Investments in fund products and other investments	5	2,539	2,414
Investments in associates	11	6	8
Current tax assets	12.2	28	17
Finance lease receivable	8.1	84	77
Leasehold improvements and equipment	17	63	58
Leasehold property - right-of-use lease assets	8.2	108	90
Investment property - right-of-use lease assets	8.2	13	13
Investment property - consolidated fund entities	5.2	-	12
Software intangible assets	18	57	57
Deferred tax assets	12.3	106	117
Pension asset	14	14	13
Goodwill and acquired intangibles	9	794	752
Total assets		4,760	4,574
Liabilities
Trade and other payables	19	843	655
Current tax liabilities	12.2	4	3
Employment-related payables to sellers of businesses acquired	6.2	72	56
Provisions	20	36	16
Borrowings	15	13	-
CLO liabilities - consolidated funds	5.2	1,402	1,366
Third-party interest in consolidated funds	5.2	544	553
Third-party interest in other subsidiaries		1	1
Lease liability	8.2	271	248
Total liabilities		3,186	2,898
Net assets		1,574	1,676
Equity
Capital and reserves attributable to owners of the Company	21	1,574	1,676

The financial statements were approved by the Board of Directors on 25 February 2026 and signed on its behalf by:

 

Robyn Grew                               Antoine Forterre

Chief Executive Officer               Chief Financial Officer

 

Consolidated cash flow statement For the year to 31 December	Note	2025 $m	2024 $m
Operating activities
Cash generated from operations	22	338	769
Interest paid		(24)	(27)
Payment of lease interest	8.2	(10)	(11)
Tax paid	12.2	(65)	(83)
Cash flows from operating activities		239	648
Investing activities
Interest received		12	12
Receipt of sub-lease interest	8.1	1	-
Receipts of finance lease receivables principal	8.1	2	-
Purchase of leasehold improvements and equipment	17	(18)	(18)
Purchase of software intangible assets		(22)	(23)
Acquisition of subsidiaries, net of cash acquired	10	(38)	-
Cash flows used in investing activities		(63)	(29)
Financing activities
Repayments of lease liability principal	8.2	(27)	(22)
Proceeds from lease modification	8.2	15	-
Purchase of Man Group plc shares by the Employee Trust		(31)	(35)
Proceeds from sale of Treasury shares in respect of Sharesave		-	1
Share repurchase programmes (including costs)	21	(100)	(50)
Ordinary dividends paid to owners of the Company	23	(198)	(192)
Transactions with non-controlling shareholders		-	3
Payment of third-party share of post-tax profits		(3)	(4)
Net repayment of borrowings	15	-	(140)
Cash flows used in financing activities		(344)	(439)
Net (decrease)/increase in cash and cash equivalents		(168)	180
Cash and cash equivalents at beginning of the year		454	276
Effect of foreign exchange movements		5	(2)
Cash and cash equivalents at end of the year	15	291	454
Less: restricted cash held by consolidated fund entities	15	(118)	(229)
Available cash and cash equivalents at end of the year	15	173	225