Jupiter Fund Management plc

Results for the six months ended 30 June 2026

23 July 2026

Strong financial results with ongoing strategic momentum¹

 

§ We have had a strong first half of 2026, building on recent positive momentum across the business.

 

§ We reported another period of positive flows, generating £0.7bn of net new business.

 

§ Investment performance in the pre-existing Jupiter business remained strong.

 

§ Combined with the completion of the CCLA acquisition, these positive flows and strong investment performance led to a 36% increase in assets under management (AUM) to £73.7bn (31 December 2025: £54.0bn).

 

§ Underlying profit before tax increased 67% to £50.7m (H1 2025: £30.4m) and statutory profit before tax was up 29% to £35.4m (H1 2025: £27.5m). Our cost:income ratio improved by five percentage points to 77%.

 

§ We continued to deliver on our cost commitments and have increased our minimum synergy target arising from the CCLA acquisition, where the integration is progressing well.

 

§ In line with our capital allocation policy, we announce an ordinary dividend of 3.7p per share.

	Six months ended 30 June 2026	Six months ended 30 June 2025	Year ended 31 December 2025
AUM (£bn)	73.7	47.1	54.0
Net flows (£bn)	0.7	(0.2)	1.3
Net revenue1 (£m)	213.3	153.9	431.0
Statutory profit before tax2 (£m)	35.4	27.5	131.9
Basic earnings per share (EPS)2 (p)	4.8	4.1	19.2
Underlying profit before tax1 (£m)	50.7	30.4	138.3
Underlying EPS1 (p)	7.2	4.2	19.4
Total dividends per share (p)	3.7	2.1	10.1
Cost:income ratio1	77%	82%	82%

1.   The Group's use of alternative performance measures (APMs) is explained on pages 27 to 29.

2.   IFRS measures.

Matthew Beesley, Chief Executive Officer, commented:

 

"Jupiter has had a strong first half of 2026, building on the momentum across the business. We have again delivered positive net flows, investment performance remains strong and most of our key financial metrics have materially improved.

 

We have delivered another positive six-month period of net inflows, with gross inflows more than 45% higher than the same period last year, despite a more challenging geopolitical environment in the second quarter. Investment performance, which remains a prerequisite for sustained client flows, remained strong with 77% of pre-existing Jupiter mutual fund AUM outperforming their peer group median over a three year period.

 

The integration of CCLA is proceeding well and we have made material progress on identifying and realising cost synergies. Throughout our business, we are building scale in a diversified and profitable way which gives us confidence in our continued growth across our client channels and in achieving our medium term cost:income target of 70%.

 

We are optimistic for an improvement in client sentiment through the remainder of 2026. The Group is more resilient and more diversified today and is well-positioned to deliver for clients and shareholders."

 

Analyst presentation

 

There will be a virtual analyst presentation at 9:00am (BST) on 23 July 2026. The presentation will be accessible via a live webcast, which will be available here. Please note that questions can be asked via the webcast.

 

The results announcement and the presentation will be available at: https://www.jupiteram.com/global/en/corporate/investor-relations/results-and-reports/. Copies may also be obtained from the registered office of the Company at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.

 

For further information please contact:
	Investors	Media
Jupiter	Alex James +44 (0)20 3817 1636	Victoria Howley +44 (0)20 3817 1657
Edelman Smithfield		Andrew Wilde +44 (0)7786 022 022

LEI Number: 5493003DJ1G01IMQ7S28

 

Forward-looking statements

This announcement may contain certain "forward-looking statements" with respect to certain plans of Jupiter Fund Management plc (Jupiter) and its current goals and expectations relating to its future financial condition, performance, operations, results, business, strategy and objectives. Statements containing the words "believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward looking.

 

Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this announcement. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Jupiter's control including, among other things, UK domestic and global economic and business conditions; market-related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities; the impact of competition, inflation and deflation; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Jupiter and its affiliates operate.

 

As a result, Jupiter's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Jupiter's forward-looking statements. Jupiter undertakes no obligation to update or revise any forward-looking statements contained in this presentation or any other forward-looking statements it may make. Nothing in this presentation should be construed as a profit forecast.

 

 

Management statement

We are pleased to report that we have had a strong first half of 2026, reporting a significant improvement in most of our financial metrics and another period of positive net inflows. The positive momentum that we saw through the second half of 2025 continued through H1 2026, despite the more challenging geopolitical environment in the second quarter.

 

Investment performance remains strong, CCLA integration is progressing well and we have been able to improve upon both the timing and quantum of our synergy targets. Many financial metrics continue to trend positively and we have a clear path to achieving our target 70% cost:income ratio in the medium term.

 

In total we generated net inflows in the first half of £0.7bn, supported by exceptionally strong gross inflows of £10.8bn. The turnaround in momentum in the retail, wholesale and investment trust channel continued with £1.5bn of net inflows over the six month period. While the geopolitical challenges in the second quarter created significant market volatility and had an impact on client sentiment, the greater effect on the net flow picture was the redemption of two segregated mandates, one in the retail & wholesale client channel and one in the institutional client channel, neither of which were related to investment performance.

 

Jupiter is a high-conviction truly active asset manager and delivering positive investment performance for our clients remains critical to our ongoing success. We are pleased to report that investment performance remains strong across each of our key time periods. Over three years, 77% of pre-existing Jupiter mutual fund AUM (excluding CCLA mutual fund AUM) was outperforming their peer group median net of all fees, a nine percentage point increase since end December 2025. Where there are challenges with performance, such as with some CCLA strategies, actions are being taken to address these.

 

As a result of these positive net inflows, strong investment performance and the CCLA acquisition, total AUM increased by 36% to £73.7bn at 30 June 2026 (31 December 2025: £54.0bn).

 

As a result of the increase in AUM, net revenue increased by 39% to £213.3m (H1 2025: £153.9m). We continue to take a disciplined approach towards taking complexity out of the wider group, which has led to us today being able to announce some improvements in both the quantum and timings of acquisition-related synergies.

 

Underlying profit before tax increased 67% to £50.7m (H1 2025: £30.4m) and statutory profit before tax was up 29% to £35.4m (H1 2025: £27.5m). Underlying earnings per share, excluding the impact of performance fees, was up 80% to 7.4 pence per share (H1 2025: 4.1 pence per share) and our cost:income ratio, also excluding performance fee impact, saw a five percentage point improvement to 77% (H1 2025: 82%).

 

Our capital base remains strong, even after the impact of the all-cash acquisition of CCLA. In line with our capital allocation policy, we have today announced an ordinary dividend of 3.7 pence per share, which represents 50% of our underlying pre-performance fee earnings.

 

Direct management actions have resulted in an increasingly diversified and resilient business, able to withstand periods of geopolitical disruption and softer client sentiment. This has helped deliver a strong start to 2026 and, particularly if we see an easing of global tensions and the expected improvement in sentiment, provides optimism for a positive second half of the year.

 

Continued positive inflows

 

We reported another period of positive net inflows in the first half of the year.

 

We generated £10.8bn of gross flows in the first half, a 46% increase on the first half of 2025 (H1 2025: £7.4bn). This was primarily driven by the continued momentum from retail and wholesale clients, through which channel we generated over £9bn of gross flows, a more than 75% increase from this time last year.

 

Supported by this strong gross flow position, we generated £0.7bn of positive net flows in the first half. The retail, wholesale and investment trust channel was the largest contributor to this with £1.5bn of net inflows, led by demand for Systematic, Global and European equities capabilities. Although both the first and second quarters were net positive, the overall number was impacted by the redemption of a segregated mandate in June. This had been well signposted to us and was not due to investment performance.

 

Despite a positive first quarter, the institutional channel saw small net outflows of £0.1bn in the first half. Net inflows into Fixed Income, UK and Systematic equities were offset by a redemption from a Global equities mandate. Again, this was not performance related but an asset allocation decision following local government pension scheme consolidation. We were pleased to retain a good portion of the assets and we continue to serve clients in that area of the market.

 

There were total net outflows from CCLA clients of £0.7bn during the first half. At the full year 2025 results, we stated that we expected to see some outflows as a result of softer performance and the corporate event of the acquisition. The flows we have seen are in line with those expectations. Total AUM for CCLA remains broadly unchanged as those outflows have largely been offset by inflows into money market funds (MMFs), which are not included within our reported Group flows.

 

From a regional point of view, net inflows were encouragingly diversified. Although the UK was impacted by the two segregated mandate redemptions referenced above, all other regions generated net positive inflows in the first half. Continental Europe was the largest contributor to this, with £1.6bn of net inflows principally across Systematic equities, European equities and Gold & Silver.

 

Although the second quarter was inevitably impacted by geopolitical events, underlying client sentiment remained relatively robust, with strong and diversified gross flows.

 

	31 December 2025 £bn	Q1 acquisition £bn1	Q1 net flows £bn	Q2 net flows £bn	H1 net flows £bn	Market and other movements £bn	30 June 2026 £bn
Retail, wholesale & investment trusts	44.6	-	1.4	0.1	1.5	2.7	48.8
Institutional	9.4	-	0.3	(0.4)	(0.1)	1.0	10.3
CCLA	-	15.01,2	(0.2)	(0.5)	(0.7)	0.33	14.64
Total	54.0	15.0	1.5	(0.8)	0.7	4.0	73.7

1.   From completion of acquisition on 2 February 2026.

2.   Of which £4.2bn is in MMFs.

3.   Includes AUM movements of MMFs.

4.   Of which £4.6bn is in MMFs.

 

Financial performance improved across most measures

 

Positive net inflows, strong investment performance and the CCLA acquisition resulted in closing AUM up 36% to £73.7bn. Average AUM, from which we derive management fee revenue, increased by 44% compared to FY 2025 to £69.1bn (FY 2025: £48.1bn).

 

For the pre-existing Jupiter business, the average fee margin fell by one basis point from full year 2025 to 64bps. The average fee margin for CCLA was 42bps. The total average fee margin for the Group fell to 60bps, largely as a result of the combination of both businesses¹.

 

The decline in average fee margin was more than offset by greater average AUM from both organic growth and the acquired business, resulting in net management fee revenue of £204.4m (H1 2025: £148.6m). Performance fee revenue of £8.9m (H1 2025: £5.3m) resulted in an increase in total net revenue of 39% to £213.3m (H1 2025: £153.9m)¹.

 

We continue to maintain a thoughtful and disciplined approach towards our cost base, driving efficiencies where we can while investing in areas that will drive future growth.

 

Our total compensation ratio, excluding the impact of performance fees, was 48% (H1 2025: 49%), in line with management expectations¹. Likewise, non-compensation costs of £60.2m (£52.1m of which related to the pre-existing Jupiter business) are in line with our expectations. Despite the material increase in AUM and the proportion

of our cost base which moves broadly in line with it, there is no change to our full year expectation of pre-existing Jupiter non-compensation costs of £106m.

 

Including the impact of both CCLA and performance fee-related costs, total administration expenses excluding exceptional items were £168.3m (H1 2025: £125.4m), in line with management expectations¹, notwithstanding the improved synergies from the acquisition.

 

The integration programme for CCLA is well progressed and we are already ahead of our original schedule. Upon completion, we announced a target of at least £16m of annualised savings to be fully delivered on a run rate basis by the end of 2027 with £4m of those costs savings to be achieved through 2026. Today, we can update on both the quantum and timing of those synergies. We now expect a minimum synergy target of at least £17m, with around an £8m reduction to pre-synergy costs to be realised in 2026, £2.5m of which have been achieved in the first half.

 

The increase in total revenue and the continued focus on cost discipline resulted in underlying profit before tax increasing by 67% to £50.7m (H1 2025: £30.4m). Statutory profit before tax was up 29% to £35.4m (H1 2025: £27.5m) and underlying earnings per share, excluding the impact of performance fees, was up 80% to 7.4p per share (H1 2025: 4.1p per share). Basic statutory EPS was 4.8p (H1 2025: 4.1p)¹.

 

Our cost:income ratio, excluding performance fee impact, saw a five percentage point improvement to 77% (H1 2025: 82%)¹. We continue to target at least a 70% cost:income target over the medium term.

 

There were exceptional items of £15.3m (H1 2025: £2.9m) which mainly comprise transaction-related compensation and non-compensation costs and the amortisation of acquired intangible assets (see footnotes 1, 2 and 4 respectively to the table below). It also includes, within 'Other gains', the impact of a forward contract for 25.9m shares used to hedge the Group's deferred share-based awards (see footnote 3 to the table below).

 

1.     The Group's use of alternative performance measures (APMs) is explained on pages 27 to 29.

 

Six months ended				30 June 2026						30 June 2025
£m				Jupiter		CCLA			Group	Group
Net revenue excluding performance fees				179.0		25.4			204.4	148.6
Compensation costs excluding performance fees1				(85.9)		(12.3)			(98.2)	(73.5)
Non-compensation costs2				(52.1)		(8.1)			(60.2)	(47.8)
Administrative expenses				(138.0)		(20.4)			(158.4)	(121.3)
Other gains3				4.0		-			4.0	1.9
Amortisation of intangible assets4				(1.3)		-			(1.3)	(1.4)
Operating profit before exceptional items and performance fees				43.7		5.0			48.7	27.8
Net finance income				2.5		0.5			3.0	1.4
Profit before tax, exceptional items and performance fees				46.2		5.5			51.7	29.2
Performance fee net revenue				8.9		-			8.9	5.3
Performance fee compensation costs				(9.9)		-			(9.9)	(4.1)
Underlying profit before tax and exceptional items				45.2		5.5			50.7	30.4
Exceptional items									(15.3)	(2.9)
Statutory profit before tax									35.4	27.5

1.   Compensation costs exclude expenses of £5.4m (H1 2025: £3.9m) classified as exceptional.

2.   Non-compensation costs exclude a net debit of £3.5m (H1 2025: net credit of £0.5m) classified as exceptional.

3.   Other gains exclude a net debit of £4.9m (H1 2025: net credit of £0.5m) classified as exceptional.

4.   Amortisation of intangible assets excludes £1.5m (H1 2025: nil) classified as exceptional.

Delivering active investment performance for our clients

 

We have continued to deliver positive, actively managed investment outcomes for our clients over all key time periods.

 

At 30 June 2026, 77% of pre-existing Jupiter mutual fund AUM had outperformed their peer group median over three years, net of all fees (31 December 2025: 68% of pre-existing Jupiter mutual fund AUM). Of this, 62% had delivered first quartile performance. The increase from full year 2025 was, in part, driven by the turnaround in the Dynamic Bond fund performance, which has now delivered above-median performance over three years.

 

Over one year, 80% of pre-existing mutual fund AUM had outperformed (31 December 2025: 84% of pre-existing Jupiter mutual fund AUM) with 69% in the top quartile. Over five years, the figure was 68% (31 December 2025: 75% of pre-existing mutual fund AUM), with 64% in the top quartile.

 

At our full year 2025 results, we stated that the CCLA funds had been experiencing a period of weaker performance. With a smaller number of funds across similar investment strategies, out-performance is likely to be highly correlated across the product range but, at 30 June 2026, 44% of their mutual fund AUM was outperforming their peer group median net of fees over a three year period. Although some of this is due to investment style, initial changes have now been made to the investment process and, with the integration process successfully taking place, there is now greater collaboration between the wider Group. We remain confident in the team's approach and investment philosophy.

 

A strong capital base

 

The Group continues to maintain a strong capital base, even after the impact of the CCLA acquisition.

 

Our capital resources were £244m at 30 June 2026, which is in excess of three times our regulatory requirement.

 

Our capital allocation policy remains to pay out 50% of underlying EPS before performance fees. In line with this, the Board have declared an interim ordinary dividend of 3.7p per share. The dividend will be paid on 4 September 2026 to shareholders on the register at the close of business on 7 August 2026.

 

We continue to actively and effectively manage our capital and continue to explore opportunities to deliver long term shareholder growth, both by organically investing in the business and in inorganic opportunities. In the absence of opportunities to deploy capital accretively, we will continue to consider returning excess capital to shareholders, on a periodic basis.

 

Building on positive momentum

 

We have delivered a strong first half of 2026, building on the positive momentum that we saw through the latter half of 2025.

 

We have continued to make material progress towards our strategic objectives, which are now firmly visible within our results, and many financial metrics continue to trend positively.

 

We have again delivered a period of positive net inflows and, in a period in which we saw significant market volatility and a potential softening of client risk appetite, the business has proved to be resilient. Investment performance remains strong and there are high levels of client engagement with some of our newer investment teams.

 

The business is increasingly scaled and we continue to remove undue complexity.

 

As we move through 2026, Jupiter remains well placed to continue to deliver for our clients and our shareholders.

 

 

 

 

Matthew Beesley

Chief Executive Officer
22 July 2026

Consolidated income statement for the six months ended 30 June 2026

 

	Notes	Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
		£m		£m		£m
Revenue	1	230.7		171.0		465.7
Fee and commission expenses	1	(17.4)		(17.1)		(34.7)
Net revenue	1	213.3		153.9		431.0
Administrative expenses	3	(177.2)		(128.8)		(306.7)
Other (losses)/gains	4	(0.9)		2.4		6.6
Amortisation of intangible assets	9	(2.8)		(1.4)		(2.8)
Operating profit		32.4		26.1		128.1
Finance income	5	3.8		3.5		7.2
Finance costs	5	(0.8)		(2.1)		(3.4)
Profit before taxation		35.4		27.5		131.9
Income tax expense	6	(10.3)		(6.0)		(31.5)
Profit for the period		25.1		21.5		100.4
Earnings per share
Basic	7	4.8p		4.1p		19.2p
Diluted	7	4.5p		3.9p		17.9p

 

 

Consolidated statement of comprehensive income

for the six months ended 30 June 2026

 

		Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
		£m		£m		£m
Profit for the period		25.1		21.5		100.4
Items that may be reclassified subsequently to profit or loss
Exchange movements on translation of subsidiary undertakings		(0.2)		(1.0)		-
Other comprehensive loss for the period net of tax		(0.2)		(1.0)		-
Total comprehensive income for the period net of tax		24.9		20.5		100.4

 

Consolidated balance sheet at 30 June 2026
		Notes	30 June  2026		30 June  2025		31 December  2025
			£m		£m		£m
Non-current assets
Goodwill		8	523.6		494.4		494.4
Intangible assets		9	61.3		12.1		11.7
Property, plant and equipment		10	35.7		33.9		31.2
Investment in associates			1.7		1.5		1.7
Deferred tax assets			34.9		19.5		31.0
Trade and other receivables			0.5		0.4		0.4
			657.7		561.8		570.4
Current assets
Financial assets		11	171.8		301.9		134.8
Trade and other receivables			151.4		142.1		216.9
Cash and cash equivalents		12	345.3		195.5		318.7
Current tax asset			10.2		6.5		1.8
			678.7		646.0		672.2
Total assets			1,336.4		1,207.8		1,242.6
Equity attributable to shareholders
Share capital		15	10.4		10.9		10.9
Own share reserve		16	(0.4)		(0.7)		(0.9)
Other reserves		16	239.5		244.6		239.0
Foreign currency translation reserve		16	0.5		(0.3)		0.7
Retained earnings		16	638.5		586.5		656.4
Total equity			888.5		841.0		906.1
Non-current liabilities
Trade and other payables			59.9		58.0		63.1
Deferred tax liabilities			12.6		-		-
			72.5		58.0		63.1
Current liabilities
Financial liabilities at fair value through profit or loss (FVTPL)		11	101.8		105.9		42.0
Trade and other payables			265.2		200.7		215.2
Provisions		14	3.2		0.5		0.6
Current tax liability			5.2		1.7		15.6
			375.4		308.8		273.4
Total liabilities			447.9		366.8		336.5
Total equity and liabilities			1,336.4		1,207.8		1,242.6

 

 

 

Consolidated statement of changes in equity for the six months ended 30 June 2026
		Share capital	Own share reserve	Other  reserves	Foreign currency translation reserve	Retained earnings	Total
		£m	£m	£m	£m	£m	£m
At 1 January 2025		10.9	(0.5)	244.6	0.7	578.3	834.0
Profit for the period		-	-	-	-	21.5	21.5
Exchange movements on translation of subsidiary undertakings		-	-	-	(1.0)	-	(1.0)
Other comprehensive loss		-	-	-	(1.0)	-	(1.0)
Total comprehensive (loss)/income		-	-	-	(1.0)	21.5	20.5
Vesting of ordinary shares and options		-	0.1	-	-	(0.1)	-
Dividends paid		-	-	-	-	(11.5)	(11.5)
Purchase of treasury shares		-	(0.3)	-	-	(10.4)	(10.7)
Purchase of shares by EBT		-	-	-	-	(1.0)	(1.0)
Share-based payments		-	-	-	-	8.4	8.4
Deferred tax		-	-	-	-	1.3	1.3
Total transactions with owners		-	(0.2)	-	-	(13.3)	(13.5)
At 30 June 2025		10.9	(0.7)	244.6	(0.3)	586.5	841.0
Profit for the period		-	-	-	-	78.9	78.9
Exchange movements on translation of subsidiary undertakings		-	-	-	1.0	-	1.0
Other comprehensive profit		-	-	-	1.0	-	1.0
Total comprehensive income		-	-	-	1.0	78.9	79.9
Vesting of ordinary shares and options		-	0.1	-	-	0.6	0.7
Dividends paid		-	-	-	-	(10.8)	(10.8)
Purchase of treasury shares		-	-	-	-	(3.0)	(3.0)
Purchase of shares by EBT		-	(0.3)	-	-	(22.3)	(22.6)
Share-based payments		-	-	-	-	15.1	15.1
Current tax		-	-	-	-	0.3	0.3
Deferred tax		-	-	-	-	5.5	5.5
Transfers		-	-	(5.6)	-	5.6	-
Total transactions with owners		-	(0.2)	(5.6)	-	(9.0)	(14.8)
At 31 December 2025		10.9	(0.9)	239.0	0.7	656.4	906.1
Profit for the period		-	-	-	-	25.1	25.1
Exchange movements on translation of subsidiary undertakings		-	-	-	(0.2)	-	(0.2)
Other comprehensive loss		-	-	-	(0.2)	-	(0.2)
Total comprehensive (loss)/income		-	-	-	(0.2)	25.1	24.9
Vesting of ordinary shares and options		-	0.3	-	-	(0.3)	-
Dividends paid		-	-	-	-	(41.1)	(41.1)
Purchase and cancellation of treasury shares and shares purchased for cancellation		(0.5)	0.2	0.5	-	(12.6)	(12.4)
Purchase of shares by EBT		-	-	-	-	(5.2)	(5.2)
Share-based payments		-	-	-	-	13.8	13.8
Current tax		-	-	-	-	2.1	2.1
Deferred tax		-	-	-	-	0.3	0.3
Total transactions with owners		(0.5)	0.5	0.5	-	(43.0)	(42.5)
At 30 June 2026		10.4	(0.4)	239.5	0.5	638.5	888.5
Notes		15	16	16	16	16

 

Consolidated statement of cash flows for the six months ended 30 June 2026

 

	Notes	Six months ended 30 June 2026 £m		Six months ended 30 June 2025 £m		Year ended 31 December 2025 £m
Cash flows from operating activities
Cash generated from operations	18	142.6		36.7		88.4
Income tax paid		(31.6)		(16.2)		(29.1)
Net cash inflows from operating activities		111.0		20.5		59.3
Cash flows from investing activities
Net cash outflow from the acquisition of CCLA	22	(56.8)		-		-
Purchase of intangible assets	9	(0.5)		(1.2)		(2.2)
Purchase of property, plant and equipment	10	(3.6)		(0.3)		(0.5)
Purchase of financial assets at FVTPL1		(291.0)		(80.4)		(306.2)
Proceeds from disposal of financial assets at FVTPL1		282.1		72.7		390.2
Cash movement from funds and subsidiaries at the date they are no longer consolidated2		-		(0.1)		(1.3)
Interest income received		3.9		3.7		7.3
Dividend income received		0.4		0.3		1.0
Net cash (outflows)/inflows from investing activities		(65.5)		(5.3)		88.3
Cash flows from financing activities
Dividends paid	17	(41.1)		(11.5)		(22.3)
Purchase of shares by EBT		(5.2)		(1.0)		(23.6)
Purchase of shares for cancellation		(11.9)		(10.6)		(13.7)
Cash inflows from exercise of share options		-		-		0.7
Finance costs paid		(0.1)		(4.5)		(5.1)
Cash paid in respect of lease arrangements		(3.7)		(3.0)		(5.7)
Third-party subscriptions into consolidated funds		43.9		22.7		71.1
Third-party redemptions from consolidated funds		(2.6)		(19.8)		(43.2)
Redemption of subordinated debt		-		(50.0)		(50.0)
Net cash outflows from financing activities		(20.7)		(77.7)		(91.8)
Net increase/(decrease) in cash and cash equivalents		24.8		(62.5)		55.8
Cash and cash equivalents at beginning of period		318.7		261.1		261.1
Effects of exchange rates on cash and cash equivalents		1.8		(3.1)		1.8
Cash and cash equivalents at end of period	12	345.3		195.5		318.7

1.   Includes purchases/proceeds from disposal of seed investments, fund units used as a hedge against compensation awards linked to the value of those funds, derivative instruments and, where the Group's investment in seed is judged to give it control of a fund, purchases/disposals of financial assets by that fund.

2.   During the period, the gross amounts of assets and liabilities, other than cash or cash equivalents, over which control was lost were £nil and £nil respectively (H1 2025: £5.8m and £0.1m respectively; FY 2025: £112.6m and £113.9m respectively). The gross amounts of assets and liabilities, other than cash or cash equivalents, over which control was obtained were £nil for both assets and liabilities (H1 2025: £nil; FY 2025: £nil).

 

 

 

Notes to the Group financial statements

Introduction

 

Jupiter Fund Management plc (the Company) and its subsidiaries (together, the Group) offer a range of asset management products. Through its subsidiaries, the Group acts as an investment manager across a range of mutual funds, institutional mandates and specialist investment vehicles. At 30 June 2026, the Group had offices in the United Kingdom, Ireland, Germany, Hong Kong, Italy, Luxembourg, Singapore, Spain, Sweden and Switzerland.

 

Following the acquisition of CCLA Investment Management Limited (CCLA) on 2 February 2026 (see Note 22), the principal activities of the Group are unchanged, but the business combination has resulted in an expansion in the range of asset management products offered.

 

Basis of preparation and other accounting policies

 

Within this Interim Report and Accounts, all current and comparative data covering periods to (or as at) 30 June are unaudited. Data given in respect of the year ended 31 December 2025 is audited. Information which is the required content of the Interim Management Report can be found on pages 1 to 6, 25, and 27 to 29.

 

These condensed financial statements for the six months ended 30 June 2026 have been prepared in accordance with the Disclosure Guidance and Transparency Rules (DTR) sourcebook of the Financial Conduct Authority and with UK-adopted International Accounting Standard IAS 34 Interim Financial Reporting. The condensed financial statements should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2025, which were prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

 

The condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved by the Board on 25 February 2026 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006. The condensed financial statements have been reviewed, not audited.

 

Going concern

 

After reviewing the Group's current trading activities, plans, forecasts and financing arrangements, including in stressed scenarios, the Directors have not identified any material uncertainties to the Group's ability to continue to adopt the going concern basis. As a consequence, the Directors have a reasonable expectation that the Group has adequate resources to continue operating for a period of at least 12 months from the date of approval of the condensed financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.

 

New accounting standards

 

The International Accounting Standards Board (IASB) and IFRS Interpretations Committee (IC) have issued a number of new accounting standards and interpretations and amendments to existing standards and interpretations. Other than IFRS 18, there are no IFRSs or IFRS IC interpretations that are not yet effective that would be expected to have a material impact on the Group.

 

The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024. The standard, which is effective for periods beginning on or after 1 January 2027, aims to improve comparability and transparency of communication in financial statements, and replaces IAS 1 Presentation of Financial Statements. The Group has not applied IFRS 18 in these financial statements.

 

IFRS 18 introduces new presentational requirements within the income statement, including specified totals and sub-totals. It also requires disclosure of management-defined performance measures and requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and notes to the accounts. The new requirements are expected to impact the presentation, but not the recognition or measurement, of items in the income statement, the cash flow statement and relevant notes to the accounts.

 

Accounting policies

 

The accounting policies applied are consistent with those applied in the Group's annual financial statements for the year ended 31 December 2025.

 

1.         Net revenue

 

The Group's primary source of recurring revenue is management fees. Management fees are stated net of rebates and are charged for investment management or administrative services and are normally based on an agreed percentage of AUM. Performance fees may be earned from some funds and segregated mandate contracts when agreed performance conditions are met. Net revenue is stated after fee and commission expenses to intermediaries for ongoing services under distribution agreements.

 

The Group can earn performance fees on some of the segregated and fund accounts that it manages. For certain performance fees earned by the Group, the collectability of a proportion of the fee is contingent on future performance, in that it is deferred until the end of the subsequent performance measurement period, at which time it may become receivable in full, or be offset against underperformance in that subsequent measurement period. Because of the uncertainty around the collection of such fees in current and future years, the Group does not recognise any contingent assets in this respect, and only recognises revenues (and associated costs) when they become due for payment at the end of the subsequent performance measurement period.

 

	Six months ended                 30 June 2026 £m		Six months ended                 30 June 2025 £m		Year ended 31 December 2025 £m
Management fees	221.8		165.7		345.4
Performance fees	8.9		5.3		120.3
Revenue	230.7		171.0		465.7
Fee and commission expenses	(17.4)		(17.1)		(34.7)
Net revenue	213.3		153.9		431.0

2.         Segmental reporting

 

The Group offers a range of products and services through different distribution channels. All financial, business and strategic decisions are made centrally by the Board of Directors (the Board), which determines the key performance indicators of the Group. Information is reported to the Chief Operating Decision Maker, collectively the Board, on a single segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business.

 

3.         Administrative expenses

	Six months ended                 30 June 2026 £m		Six months ended                 30 June 2025 £m		Year ended 31 December 2025 £m
Staff costs	119.1		84.4		215.4
Depreciation of property, plant and equipment	3.5		2.5		6.3
Other administrative expenses	60.2		44.8		91.9
Administrative expenses before net gains arising from economic hedging of fund awards	182.8		131.7		313.6
Net gains on instruments held to provide an economic hedge for fund awards	(5.6)		(2.9)		(6.9)
Total administrative expenses	177.2		128.8		306.7

 

4.         Other (losses)/gains

 

Other (losses)/gains relate principally to net (losses)/gains made on the Group's seed investment portfolio and derivative instruments held either to provide economic hedges against that portfolio or to provide economic hedges against share-based compensation awards. The portfolio and derivatives are held at FVTPL (see Note 11). Gains and losses on these investments comprise both realised and unrealised amounts.

 

			2026		2025
	Six months ended                 30 June 2026 £m		Six months ended                 30 June 2025 £m		Year ended 31 December 2025 £m
Dividend income	0.4		0.3		1.0
Gains on financial instruments at FVTPL - seed	6.4		0.4		9.2
(Losses)/gains on financial instruments at FVTPL - derivatives	(7.7)		1.3		(4.2)
Other income	-		0.4		0.6
Other (losses)/gains	(0.9)		2.4		6.6

 

5.         Finance income and finance costs

 

Finance income comprises income earned on the Group's cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.

 

	Six months ended                 30 June 2026 £m		Six months ended                 30 June 2025 £m		Year ended 31 December 2025 £m
Interest on bank deposits	1.5		0.8		1.9
Interest on short-term money market fund investments	2.3		2.7		5.3
Total finance income	3.8		3.5		7.2

 

Finance costs principally relate to the unwinding of the discount applied to lease liabilities. The Group's Tier 2 subordinated debt notes were redeemed on 28 April 2025.  Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the revolving credit facility. Interest payable is charged on an accrual basis using the effective interest method.

 

	Six months ended                 30 June 2026 £m		Six months ended                 30 June 2025 £m		Year ended 31 December 2025 £m
Interest on subordinated debt	-		1.4		1.4
Interest on lease liabilities	0.7		0.6		1.3
Other interest charges	0.1		0.1		0.7
Total finance costs	0.8		2.1		3.4

 

6.         Income tax expense

 

Analysis of charge in the period:

	Six months ended                 30 June 2026 £m		Six months ended                 30 June 2025 £m		Year ended 31 December 2025 £m
Current tax
Tax on profits for the period	12.4		8.5		39.9
Adjustments in respect of prior periods	0.4		-		0.2
Total current tax	12.8		8.5		40.1
Deferred tax
Origination and reversal of temporary differences	(2.5)		(2.5)		(8.6)
Total deferred tax	(2.5)		(2.5)		(8.6)
Income tax expense	10.3		6.0		31.5

 

The weighted average UK corporate tax rate in all periods was 25%. The effective tax rate used for the period to 30 June 2026 is 29.1%, compared to 21.8% for the six months ended 30 June 2025.

 

The increase in the effective tax rate is primarily attributable to permanent differences, including tax credits recognised directly in equity, resulting in an effective tax rate of 29.1% which is higher than the UK statutory rate of 25%.

7.         Earnings per share (EPS)   

 

Basic EPS is calculated by dividing the profit for the period attributable to equity holders of Jupiter Fund Management plc (the parent company of the Group) by the weighted average number of ordinary shares outstanding and contingently issuable during the period, less the weighted average number of own shares held. Own shares comprise shares held for treasury purposes, shares held in an EBT for the benefit of employees and shares purchased for cancellation.

 

As dilutive potential ordinary shares have or would have no impact on the Group's income statement, diluted EPS is calculated by dividing the profit for the period (as used in the calculation of basic EPS) by the weighted average number of ordinary shares outstanding during the period for the purpose of basic EPS, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares arising from the award of share options into ordinary shares.

 

The weighted average number of ordinary shares used in the calculation of EPS is as follows:

 

Weighted average number of shares	Six months ended                 30 June 2026 Number million		Six months ended                 30 June 2025 Number million		Year ended 31 December 2025 Number million
Issued share capital	526.8		545.0		545.0
Add: Contingently issuable shares1	13.7		4.2		8.7
Less: Time-apportioned own shares held	(21.2)		(26.2)		(31.3)
Weighted average number of ordinary shares for the purpose of basic EPS	519.3		523.0		522.4
Add: Weighted average number of dilutive potential shares	38.5		29.4		39.3
Weighted average number of ordinary shares for the purpose of diluted EPS	557.8		552.4		561.7

1.   Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.

 

 

EPS	Six months ended                 30 June 2026 Pence		Six months ended                 30 June 2025 Pence		Year ended 31 December 2025 Pence
Basic	4.8		4.1		19.2
Diluted	4.5		3.9		17.9

 

 

8.         Goodwill

 

Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed.

 

Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML), the 2020 acquisition of Merian Global Investors Limited (Merian), and the 2026 acquisition of CCLA (see also Note 22).

 

	30 June 2026 £m		30 June 2025 £m		31 December 2025 £m
Goodwill	523.6	5	494.4		494.4
	523.6		494.4		494.4

 

The Group operates as a single asset management business segment, providing investment management services across a range of strategies and client types from a shared operational and distribution platform. Following the acquisition of CCLA on 2 February 2026, the integration of CCLA into the Group's operating platform is ongoing. CCLA's investment management activities are conducted utilising the Group's shared infrastructure, distribution capabilities and support functions, and the Directors consider that the cash inflows generated across the combined business are not largely independent of one another given this shared platform and the interdependencies between the acquired and existing businesses. Accordingly, the Directors consider it appropriate to assess goodwill impairment on the basis of the Group as a single CGU.

 

For the impairment test, the recoverable amount of goodwill has been determined using a value in use (VIU) methodology, based on the present value of the Group's projected future cash flows, derived from a discounted cash flow model. The acquisition resulted in the recognition of additional goodwill of £29.2m in the period, together with separately identifiable intangible assets of £51.9m (see Note 22). The following key assumptions have been applied in the impairment test:

 

§ The Group's projected base case forecast cash flows over a period of four and a half years to the end of 2030, which included an assumption of annual revenue growth based on expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved by the Board in February 2026, updated for actual results to 30 June 2026;

§ Long-term growth rates of 2.2% (2025 FY: 2.2%) were used to calculate terminal value; and

§ A post-tax discount rate of 14.4% (2025 FY: 13.8%) was calculated using the capital asset pricing model and applied to post-tax cash flows. Using a pre-tax discount rate of 18.7% (2025 FY: 17.9%) on pre-tax cash flows does not produce a materially different result.

 

The impairment test indicated that the VIU of the CGU of £916.6m (2025 FY: £724.7m) exceeded its carrying value of £608.1m at 30 June 2026 (2025 FY: £537.3m). The VIU of the CGU is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group's goodwill asset is not currently impaired.

 

 

The sensitivity of the Group's current headroom position to reasonably possible changes in key assumptions used in the VIU calculation is shown in the table below.

 

Key variable	Reasonably possible adverse movement		Reduction in headroom £m
Discount rate	+1%		66
Terminal growth rate movement	-0.1%		4
Decrease in revenue1	-1%		32

1.   The decrease in revenue represents a modelled percentage reduction in each year projected in the Group's base case forecast cash flows.

 

The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability.

 

9.       Intangible assets

 

At 30 June 2026, intangible assets principally comprise investment management contracts and the brand value acquired through the acquisition of CCLA (see Note 22), together with computer software.

 

The investment management contracts and brand were recognised at fair value on acquisition. Their useful lives have been assessed as finite and they are being amortised on a straight-line basis over their useful economic lives, assessed at a maximum of 15 and 10 years respectively. Computer software is similarly amortised on a straight-line basis over estimated useful lives of between five and ten years. Amortisation expense on all intangible assets with finite lives is recognised as a separate line item in the consolidated income statement.

 

During the period, the Group recognised investment management contracts and brand values of £48.7m and £3.2m respectively (2025 H1 and 2025 FY: £nil), arising from the CCLA acquisition, and additions to computer software of £0.5m (2025 H1: £1.2m, 2025 FY: £2.2m). There were no disposals in the period (2025 H1 and 2025 FY: same). The amortisation charge for the period was £2.8m (2025 H1: £1.4m, 2025 FY: £2.8m).

	30 June 2026 £m		30 June 2025 £m		31 December 2025 £m
Investment management contracts	47.3		-		-
Brand	3.1		-		-
Software	10.9		12.1		11.7
Total intangible assets	61.3		12.1		11.7

 

The management statement refers to amortisation of acquisition-related intangible assets classified as an exceptional item in H1 2026 of £1.5m. This charge relates to the investment management contracts and brand assets recognised as part of the acquisition of CCLA on 2 February 2026.

10.       Property, plant and equipment

 

The net book value of property, plant and equipment at 30 June 2026 was £35.7m (2025 H1: £33.9m, 2025 FY: £31.2m). The increase from 31 December 2025 includes property, plant and equipment of £4.5m acquired through the CCLA acquisition (see Note 22). During the period, impairment losses of £3.5m were recognised against these assets and included within 'Administrative expenses'. The impairment followed the decision to assign the leased premises as part of the CCLA integration programme, resulting, after depreciation charges of £0.6m, in a carrying amount of £0.4m at 30 June 2026. Other additions to right-of-use assets during the period were £3.4m (2025 H1: £nil, 2025 FY: £0.8m). The Group purchased other items of property, plant and equipment of £3.6m during the period (2025 H1: £0.3m, 2025 FY: £0.5m). In the prior year, lease modifications resulted in increases in right-of-use assets of £1.3m (2025 H1) and £1.4m (2025 FY: £1.4m) arising from remeasurement. The total depreciation charge was £3.5m (2025 H1: £2.5m; FY 2025: £6.3m).

 

11.       Financial instruments

 

At the balance sheet dates, the Group held the following classes of financial instruments, which principally comprise seed investments and assets held to hedge compensation awards:

	30 June 2026 £m		30 June 2025 £m		31 December 2025 £m
Financial assets
Direct seed investment at fair value	79.6		143.0		73.2
Adjustments to financial assets due to consolidation of funds	(11.7)		81.7		(5.8)
Derivatives and fund unit hedges	87.1		60.3		50.5
Financial assets at FVTPL	155.0		285.0		117.9
Financial assets at amortised cost	16.8		16.9		16.9
	171.8		301.9		134.8

 

	30 June 2026 £m		30 June 2025 £m		31 December 2025 £m
Financial liabilities at FVTPL
Financial liabilities at FVTPL - non-controlling interests in consolidated funds	(96.8)		(105.9)		(42.0)
Other financial liabilities at FVTPL - derivatives	(5.0)		-		-
	(101.8)		(105.9)		(42.0)

 

12.     Cash and cash equivalents

	30 June 2026 £m		30 June 2025 £m		31 December 2025 £m
Cash at bank and in hand	124.2		99.6		120.8
Cash equivalents	113.6		72.1		145.2
Cash held by the EBT and seed investment subsidiaries	107.5		23.8		52.7
Total cash and cash equivalents	345.3		195.5		318.7

 

Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing daily bank rates. Cash equivalents comprise units in short-term money market funds that can readily be converted into known amounts of cash and which are subject to an insignificant risk of changes in value.

Cash held by the EBT and seed investment subsidiaries is not available for use by the Group.

 

13.     Loans and borrowings

 

The Group has a revolving credit facility of up to £100.0m (2025: £100.0m), agreed in December 2025 and expiring in December 2027, with an option to extend by up to a further three years. The facility was undrawn throughout the period. The Group's £50.0m Tier 2 subordinated debt notes were redeemed on 28 April 2025.  

 

14.     Provisions

 

Provisions are liabilities of uncertain timing or amount arising from claims or regulatory action against the Group in connection with its activities through the normal course of its business. Where such claims and costs arise, there is often uncertainty over whether a payment will be required and the quantum and timing of that payment. Where a potential claim exists, it may either be recognised as a liability or disclosed if, in our judgement, a possible obligation exists.

 

Provisions for liabilities are recognised when, in the Group's judgement, it has a present legal or constructive obligation arising from a past event and it is probable that settlement will result in the recognition of a loss. Provisions are only recognised when a reliable estimate can be made of the amount of the obligation. Amounts recognised as provisions are included within 'Administrative expenses' and are based on the Group's best estimates of the expenditure required to settle the obligation. Differences between estimated amounts and final settlement amounts are recognised in the income statement.

 

Movements in the Group's provisions during the period were:

		30 June 2026 £m
At 1 January 2026		0.6
Provisions charged		3.0
Provisions utilised		(0.4)
At 30 June 2026		3.2

 

15.       Share capital

In February 2026, the Group cancelled 16.3m ordinary shares previously held in treasury. Between April and June 2026, the Group purchased and cancelled a further 7.4m ordinary shares as part of the share buyback and cancellation programme described in Note 16(i) below. On cancellation of the shares, an amount equal to their nominal value was transferred to a capital redemption reserve which forms part of 'Other reserves', as detailed in Note 16(ii).

 

	Number of ordinary shares of 2p each			Par value
	30 June 2026 m	30 June 2025 m	31 December 2025 m	30 June 2026 £m	30 June 2025 £m	31 December 2025 £m
At 1 January	545.0	545.0	545.0	10.9	10.9	10.9
Shares cancelled	(23.7)	-	-	(0.5)	-	-
At end of the period	521.3	545.0	545.0	10.4	10.9	10.9

 

16.       Reserves

(i)       Own share reserve

 

The Group holds its own shares in an EBT, in treasury and for cancellation.

 

The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in Jupiter Fund Management plc that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares and are used to settle obligations that arise from the vesting of share-based awards.

 

The Company holds its own shares in treasury in order to provide additional hedging capabilities against share-based awards and to give the Group the option of reducing its issued share capital through the cancellation of such shares at a future date.

 

On 8 May 2025, shareholder approval was given for the Company to purchase up to 3% of its issued share capital, and the Company commenced a buyback programme on 8 April 2026 for the full 3%, amounting to a maximum of 16,314,181 shares.

 

 

The buyback programme is continuing and, as at the close of business on 17 July 2026, the Group had completed the purchase and cancellation of 8.8m shares at a cost of £14.2m.

 

	Shares held in EBT			Treasury shares/ Shares held for cancellation			Total own shares
	Number of shares	Nominal value of shares	Number of shares		Nominal value of shares	Number of shares		Nominal value of shares
	m	£m	m		£m	m		£m
At 1 January 2025	22.4	0.5	-		-	22.4		0.5
Purchases	5.6	0.1	13.9		0.3	19.5		0.4
Disposals	(9.1)	(0.2)	-		-	(9.1)		(0.2)
At 30 June 2025	18.9	0.4	13.9		0.3	32.8		0.7
Purchases	12.1	0.3	2.4		-	14.5		0.3
Disposals	(4.3)	(0.1)	-		-	(4.3)		(0.1)
At 31 December 2025	26.7	0.6	16.3		0.3	43.0		0.9
Purchases	3.7	0.1	7.6		0.2	11.3		0.3
Disposals	(12.8)	(0.3)	(23.6)		(0.5)	(36.4)		(0.8)
At 30 June 2026	17.6	0.4	0.3		-	17.9		0.4

(ii)      Other reserves

 

Other reserves comprise the merger relief reserve of £230.8m (2025 H1: £236.4m, 2025 FY: £230.8m) formed on the acquisition of Merian in 2020, £8.0m (2025 H1 and 2025 FY: £8.0m) that relates to the conversion of Tier 2 preference shares in 2010, and £0.7m (2025 H1: £0.2m, 2025 FY: £0.2m) of capital redemption reserve arising from the cancellation of repurchased shares.

(iii)     Foreign currency translation reserve

 

The foreign currency translation reserve of £0.5m (2025 H1: £(0.3)m, 2025 FY: £0.7m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.

(iv)     Retained earnings

 

Retained earnings of £638.5m (2025 H1: £586.5m, 2025 FY: £656.4m) are the amount of earnings that are retained within the Group after dividend payments and other transactions with owners.

17.     Dividends

 

On 19 May 2026, the Group paid a final dividend for 2025 of 2.3p per ordinary share and a special dividend of 5.7p per ordinary share. This amounted to a total payment of £41.1m after taking into account the £1.2m dividends waived on shares held in the EBT.

 

The Board has declared an interim dividend for the period of 3.7p per ordinary share. This dividend will be paid on 4 September 2026 to ordinary shareholders on the register at close of business on 7 August 2026 and amounts to £19.3m before adjusting for any dividends waived on shares held in the EBT.

 

18.     Cash flows generated from operating activities

	Six months ended 30 June 2026 £m		Six months ended                 30 June 2025 £m		Year ended 31 December 2025 £m
Operating profit	32.4		26.1		128.1
Adjustments for:
Amortisation of intangible assets	2.8		1.4		2.8
Depreciation of property, plant and equipment	3.5		2.5		6.3
Impairment of property, plant and equipment	3.5		-		-
Other net gains	(5.3)		-		(8.3)
Gains on fund unit hedges	(5.6)		(2.9)		(6.9)
Share-based payments	13.8		8.4		23.5
Decrease/(increase) in trade and other receivables	76.7		3.3		(70.3)
Increase/(decrease) in trade and other payables	20.8		(2.1)		13.2
Cash generated from operations	142.6		36.7		88.4

 

19.       Changes in liabilities arising from financing activities

	Financial liabilities at FVTPL	Loans and borrowings1	Leases2	Total
	£m	£m	£m	£m
Brought forward at 1 January 2025	100.1	49.9	40.9	190.9
Changes from financing cash flows	2.93	-	(3.0)	(0.1)
Changes in fair value	2.9	-	-	2.9
Interest expense	-	0.1	0.6	0.7
Lease remeasurement and modifications	-	-	1.4	1.4
Repayment of loans and borrowings	-	(50.0)	-	(50.0)
Liabilities arising from financing activities carried forward at 30 June 2025	105.9	-	39.9	145.8
New leases	-	-	0.8	0.8
Changes from financing cash flows	25.03	-	(2.7)	22.3
Changes arising from obtaining or losing control of consolidated funds	(113.0)	-	-	(113.0)
Changes in fair value	24.1	-	-	24.1
Interest expense	-	-	0.7	0.7
Liabilities arising from financing activities carried forward at 31 December 2025	42.0	-	38.7	80.7
New leases	-	-	3.2	3.2
Changes from financing cash flows	41.33	-	(3.7)	37.6
Changes in fair value	18.5	-	-	18.5
Interest expense	-	-	0.7	0.7
Lease remeasurement and modifications	-	-	3.3	3.3
Liabilities arising from financing activities carried forward at 30 June 2026	101.8	-	42.2	144.0
Notes	11	13

1.   Accrued interest on loans and borrowings is recorded within 'Trade and other payables' and is therefore not included in this analysis. The interest expense above comprises the charge arising from unwinding the discount applied in calculating the amortised cost of the subordinated debt.

2.   Leases are recorded within current and non-current trade and other payables in the Balance sheet.

3.   Comprises cash flows from third-party subscriptions into consolidated funds, net of redemptions (see Cash flow statement).

20.       Financial instruments

 

Financial instruments held at fair value are carried at a value which represents the price to exit the instruments at the balance sheet date. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. Where a quoted market price is not available, the Group establishes the fair value using valuation techniques such as recent arm's length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models. For financial instruments not held at fair value, their carrying amount is a reasonable approximation of their fair value.

 

The Group used the following hierarchy for determining and disclosing the fair value of financial instruments:

 

§ Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

§ Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

§ Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs).

 

As at 30 June 2026, the Group held the following financial instruments measured at fair value:

 

	Level 1		Level 2		Level 3		Total
	£m		£m		£m		£m
Financial assets - investments in funds	138.2		16.6		-		154.8
Financial assets - derivatives	-		0.2		-		0.2
Financial liabilities - non-controlling interests in consolidated funds	(96.8)		-		-		(96.8)
Financial liabilities - derivatives	-		(5.0)		-		(5.0)
	41.4		11.8		-		53.2

 

As at 30 June 2025, the Group held the following financial instruments measured at fair value:

	Level 1		Level 2		Level 3		Total
	£m		£m		£m		£m
Financial assets - investments in funds	275.6		8.0		-		283.6
Financial assets - derivatives	-		1.4		-		1.4
Financial liabilities - non-controlling interests in consolidated funds	(105.9)		-		-		(105.9)
	169.7		9.4		-		179.1

 

As at 31 December 2025, the Group held the following financial instruments measured at fair value:

Other financial liabilities at FVTPL - derivatives
	Level 1		Level 2		Level 3		Total
	£m		£m		£m		£m
Financial assets - investments in funds	99.8		16.6		-		116.4
Financial assets - derivatives	-		1.5		-		1.5
Financial liabilities - non-controlling interests in consolidated funds	(42.0)		-		-		(42.0)
	57.8		18.1		-		75.9

 

 

21.       Related party transactions

 

The nature of the Group's related party transactions during the period is consistent with that disclosed in the Annual Report and Accounts for the year ended 31 December 2025 and all such transactions have taken place on an arm's length basis.

 

Following the acquisition of CCLA, the Group's related parties include the investment funds managed by CCLA, consistent with the Group's policy that collective investment vehicles managed by the Group may be considered related parties by virtue of the investment management arrangements in place. No related party transactions that materially affect the financial position or performance of the Group existed or occurred during the period.

 

22.       Acquisitions

 

CCLA Investment Management Limited

 

On 2 February 2026, the Group acquired 100% of the issued share capital of CCLA Investment Management Limited, an investment management company registered in England. CCLA is focused on the non-profit sector, actively managing assets on behalf of charities, religious organisations and local authorities. The acquisition represents a new client channel for Jupiter. The total consideration paid was £100.3m. Details of the purchase consideration and the net tangible and intangible assets acquired are as follows:

 

	Purchase consideration £m
Cash consideration paid on completion	76.4
Deferred cash consideration paid (post-closing adjustments)	23.9
Total purchase consideration	100.3

 

The assets and liabilities recognised as a result of the acquisition are as follows:

	Fair value recognised on acquisition £m
Cash and cash equivalents	43.5
Trade and other receivables	11.6
Investments	6.3
Property, plant and equipment (including right-of-use assets)	4.5
Deferred tax asset	1.5
Trade and other payables	(35.2)
Net identifiable assets acquired1	32.2
Goodwill arising on acquisition	29.2
Intangible assets arising on acquisition	51.9
Deferred tax liabilities arising on acquisition	(13.0)
Net assets acquired	100.3
1.   Net identifiable assets acquired of £32.2m are in excess of the £26m net tangible assets indicated in the acquisition announcement due to the retention of additional cash that will be applied to certain costs relating to the acquisition that are recognised post completion.

 

Goodwill of £29.2m was recognised as part of this acquisition (see Note 8), representing the expected synergies from combining the operations of CCLA with the Group's operations (to the extent that they are not already included within intangible assets) and the value of the workforce. Intangible assets of £51.9m were recognised (see Note 9) in respect of acquired investment management contracts and brand. None of the goodwill recognised is deductible for tax purposes.

 

Property, plant and equipment acquired included a right-of-use asset with a fair value of £3.3m at the acquisition date. Subsequent accounting for this asset, including impairment recognised during the period, is described in Note 10.

 

Revenue and profit contribution

 

The acquired business contributed net revenues of £25.4m and a loss of £3.1m after tax to the Group for the period from 2 February 2026 to 30 June 2026. The loss includes profit before tax of £5.5m before the amortisation of acquired intangible assets, acquisition and integration-related compensation and other costs, and the related taxation effects. If the acquisition had occurred on 1 January 2026, consolidated pro-forma net revenue and profit after tax for the six months ended 30 June 2026 would have been £218.8m and £26.4m respectively. These amounts have been calculated by aggregating the consolidated result for the combined Group, as reported within these financial statements, with the results of CCLA from 1 January 2026 to 1 February 2026 and adjusting for:

 

§ Additional amortisation of the acquired intangible assets that would have been applied from 1 January 2026;

§ Additional charges for compensation awards that formed part of the sale and purchase agreement;

§Lower finance income arising from earlier payment of the cash consideration; and

§ The consequential tax effects of the above.

 

Costs of the transaction

 

Costs of £0.7m relating to the transaction are included within 'Administrative expenses' in the income statement and in 'Operating cash flows' in the statement of cash flows.

 

Estimates and judgements

 

The fair value of assets acquired and liabilities assumed required the use of estimation techniques. In particular, the valuation of the acquired intangible assets required assumptions regarding the level of future management fees expected to be earned over the relevant period, the discount rate applied to those cash flows and the level of synergies expected to be realised from the acquisition. Had alternative assumptions been applied at the acquisition date, the fair values attributed to individual assets and liabilities would have differed, with a corresponding offset in the amount of goodwill recognised on acquisition.

 

Statement of Directors' responsibilities

Statements relating to the preparation of the Financial Statements

 

We confirm that to the best of our knowledge:

 

§ The condensed set of financial statements has been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' as required by the Companies Act 2006 and gives a true and fair view of the assets, liabilities, financial position and profits of the Group for the period ended 30 June 2026.

 

§ The interim report includes a fair review of the information required by:

a)       DTR 4.2.7R of the Guidance, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

b)       DTR 4.2.8R of the Guidance, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last Annual Report and Accounts that could have a material effect on the financial position or performance of the Group in the past six months of the current financial year.

 

A list of the Directors of Jupiter Fund Management plc can be found in the Annual Report and Accounts for the year ended 31 December 2025. A current list of Directors is maintained on the website at www.jupiteram.com.

 

On behalf of the Board

 

 

 

 

 

Wayne Mepham

Chief Financial & Operating Officer

22 July 2026

 

Principal risks and mitigations

 

The Group is exposed to various risk types in pursuing its business objectives, which can be driven by both internal and external factors. Understanding and managing these risks is a regulatory requirement but also imperative to the success of the business. Our principal risks, as disclosed in the Group's 2025 Annual Report and Accounts, remain unchanged and our risk profile has remained stable during the first half of 2026.

 

We believe that the Group remains well positioned and equipped to respond to any further volatility in the markets in a way that continues to mitigate risk and protect our client interests. Looking forward to the second half of 2026 and beyond, we continue to leverage the Group's enterprise risk management framework as the business integrates CCLA and manages emerging risks, to remain in line with the Group's risk appetite.

 

 

Alternative performance measures

The use of alternative performance measures (APMs)

 

The Group uses APMs for two principal reasons:

 

§ We use ratios to provide metrics for users of the accounts; and

§ We use revenue, expense and profitability-based APMs to explain the Group's underlying profitability.

 

Ratios

 

The Group calculates ratios to provide comparable metrics for users of the accounts. These ratios are derived from other APMs that measure underlying revenue and expenditure data.

 

In this document, we have used the following ratios:

 

	APM	Six months ended 30 June 2026	Six months ended 30 June 2025	Year ended 31 December 2025	Definition	Reconciliation
1	Cost: income ratio	77%	82%	82%	Administrative expenses before exceptional items and performance fee costs divided by net revenue before performance fees	See table 1 below
2	Net management fee margin	60bps	66bps	65bps	Net management fees divided by average AUM
3	Total compensation ratio	51%	50%	47%	Compensation costs before exceptional items as a proportion of net revenue
4	Total compensation ratio before performance fees	48%	49%	50%	Compensation costs before exceptional items and performance fee costs as a proportion of net revenue before performance fees
5	Underlying EPS	7.2p	4.2p	19.4p	Underlying profit after tax attributable to equity holders of the parent divided by average issued share capital
6	Underlying EPS before performance fees	7.4p	4.1p	8.7p	Underlying profit after tax attributable to equity holders of the parent before performance fees divided by average issued share capital

 

 

Reconciliation of reported IFRS numbers to APMs: table 1

 

		5	4	4
	APM	Six months ended 30 June 2026 £m	Six months ended 30 June 2025 £m	Year ended 31 December 2025 £m
Administrative expenses (page 7)		177.2	128.8	306.7
Less: Performance fee costs (page 5)		(9.9)	(4.1)	(44.2)
Less: Exceptional items included in administrative expenses (page 5)		(8.9)	(3.4)	(7.0)
Administrative expenses before exceptional items and performance fee costs		158.4	121.3	255.5
Net revenue (page 7)		213.3	153.9	431.0
Less: Performance fee revenue (page 12)		(8.9)	(5.3)	(120.3)
Net revenue before performance fees		204.4	148.6	310.7
Cost: income ratio	1	77%	82%	82%
Management fees (page 12)		221.8	165.7	345.4
Less: Fees and commissions (page 12)		(17.4)	(17.1)	(34.7)
Net management fees		204.4	148.6	310.7
Average AUM (£bn) (page 4)		69.1	45.7	48.1
Net management fee margin	2	60bps	66bps	65bps
Compensation costs excluding performance fees before exceptional items (page 5)		98.2	73.5	156.6
Performance fee compensation costs (page 5)		9.9	4.1	44.2
Compensation costs before exceptional items		108.1	77.6	200.8
Net revenue (see above)		213.3	153.9	431.0
Total compensation ratio	3	51%	50%	47%
Compensation costs before exceptional items and performance fee costs (see above)		98.2	73.5	156.6
Net revenue before performance fees (see above)		204.4	148.6	310.7
Total compensation ratio before performance fees	4	48%	49%	50%
Statutory profit before tax (page 7)		35.4	27.5	131.9
Exceptional items (page 5)		15.3	2.9	6.4
Underlying profit before tax		50.7	30.4	138.3
Tax at average statutory rate of 25.0%1		(12.7)	(7.6)	(34.6)
Underlying profit after tax attributable to equity shareholders of the parent		38.0	22.8	103.7
Average issued share capital (m)2		526.8	539.5	534.2
Underlying EPS	5	7.2p	4.2p	19.4p
Underlying profit before tax (see above)		50.7	30.4	138.3
Less: Performance fee revenue (see above)		(8.9)	(5.3)	(120.3)
Add back: Performance fee compensation costs (see above)		9.9	4.1	44.2
Tax at average statutory rate of 25.0%3		(12.9)	(7.3)	(15.6)
Underlying profit after tax attributable to equity shareholders of the parent before performance fees		38.8	21.9	46.6
Average issued share capital (m) (see above)		526.8	539.5	534.2
Underlying EPS before performance fees	6	7.4p	4.1p	8.7p

 

1.   Actual effective tax rates applicable to underlying profit before tax were 27.5% in 2026 H1, 22.1% in 2025 H1 and 23.3% in 2025 FY.

2.   Comprises average number of shares in issue, net of average number of shares held in treasury and for cancellation during the period.

3.   Actual effective tax rates applicable to underlying profit before tax were 27.5% in 2026 H1, 22.0% in 2025 H1 and 21.3% in 2025 FY.

Revenue, expense and profit-related measures

 

1)    Asset managers commonly draw out subtotals of revenues less cost of sales, taking into account items such as fee expenses, including commissions payable, without which a proportion of the revenues would not have been earned. Such net subtotals can also be presented after deducting non-recurring exceptional items.

 

2)    The Group uses expense-based APMs to identify and separate out non-recurring exceptional items or recurring items that are of significant size in order to provide useful information for users of the accounts who wish to determine the underlying cost base of the Group. To further assist in this, we also provide breakdowns of administrative expenses between compensation and non-compensation expenditure before and after exceptional items and after accounting for the impact of performance fee pay-aways to fund managers.

 

3)    Profitability-based APMs are effectively the sum of the above revenue and expense-based APMs, together with adjustments for exceptional items recognised elsewhere in the income statement. They are provided for the same purpose - to separate out non-recurring exceptional items or recurring items that are of significant size in order to provide useful information for users of the accounts who wish to determine the underlying profitability of the Group.

 

4)    Underlying profit after tax is, in addition, used to calculate underlying EPS which determines the Group's ordinary dividend per share and is used in one of the criteria for measuring the vesting rates of share-based awards that have performance conditions attached.

 

In this document, we have used the following measures which are reconciled or cross-referenced in table 1:

 

Measure	Rationale for use of measure
Net management fees	1
Exceptional items1	2
Net revenue	1
Performance fees	2
Compensation costs before exceptional items	2
Underlying profit before tax	3
Underlying profit after tax	3, 4

1.     Defined as items of income or expenditure that are significant in size and which are not expected to repeat over the short to medium term.

Changes in the use of APMs

 

There have been no changes in the use of the Group's APMs compared to those used in 2025.

 

Independent Review Report to Jupiter Fund Management plc

Report on the condensed consolidated interim financial statements

Conclusion

 

We have been engaged by Jupiter Fund Management plc (the 'Group') to review the condensed consolidated set of financial statements in the Interim Report and Accounts for the six months ended 30 June 2026 which comprises the Consolidated income statement, Consolidated statement of comprehensive income, Consolidated balance sheet, Consolidated statement of changes in equity, Consolidated statement of cash flows and explanatory notes 1 to 22. We have read the other information contained in the Interim Report and Accounts and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed consolidated set of financial statements.

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated set of financial statements in the Interim Report and Accounts for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard 34, "Interim Financial Reporting", and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

As disclosed in the Basis of preparation and other accounting policies for the Interim Report and Accounts, the annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards. The condensed consolidated set of financial statements included in this Interim Report and Accounts has been prepared in accordance with UK-adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

 

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors

The directors are responsible for preparing the Interim Report and Accounts in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

In preparing the Interim Report and Accounts, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

 

In reviewing the Interim Report and Accounts, we are responsible for expressing to the Group a conclusion on the condensed consolidated set of financial statements in the Interim Report and Accounts. Our conclusion, including our Conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report.

Use of our report

This report is made solely to the Group in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group, for our work, for this report, or for the conclusions we have formed.

 

 

 

 

 

Ernst & Young LLP

London

22 July 2026