-- Solid investment performance, with 65%, 65%, 65%, and 67% of assets
under management ("AUM") outperforming relevant benchmarks on a one-,
three-, five-, and 10-year basis, respectively, as of December 31, 2025
-- AUM of US$493 billion as of December 31, 2025, an increase of 30% year
over year
-- Fourth quarter 2025 breakeven net flows and US$56.5 billion of net
inflows in 2025 compared to US$2.4 billion of net inflows in 2024
-- Fourth quarter 2025 diluted EPS of US$2.62 and adjusted diluted EPS of
US$2.01 were impacted by extraordinary annual performance fee revenue
LONDON--(BUSINESS WIRE)--January 30, 2026--
Janus Henderson Group plc (NYSE: JHG; "JHG," "Janus Henderson," or the "Company") published its fourth quarter and full-year 2025 results for the period ended December 31, 2025. Fourth quarter 2025 operating income was US$487.4 million compared to US$172.0 million in the third quarter 2025 and US$197.5 million in the fourth quarter 2024. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$383.7 million in the fourth quarter 2025 compared to US$204.5 million in the third quarter 2025 and US$204.7 million in the fourth quarter 2024.
Fourth quarter 2025 diluted earnings per share of US$2.62 compared to US$0.92 in the third quarter 2025 and US$0.77 in the fourth quarter 2024. Adjusted diluted earnings per share of US$2.01 in the fourth quarter 2025 compared to US$1.09 in the third quarter 2025 and compared to US$1.07 in the fourth quarter 2024.
Ali Dibadj, Chief Executive Officer, stated:
"Despite a deceleration in inflows, we ended 2025 with solid fourth quarter results that delivered improvements in adjusted operating revenue, operating income, and EPS, driven mostly by markets and strong annual performance fees. In 2025, we demonstrated several signs of continued progress across the business thanks to our valued employees, who have worked together to execute our strategy to Protect and Grow, Amplify, and Diversify our business. Along these lines, the previously announced definitive agreement to acquire Richard Bernstein Advisors (RBA) will position Janus Henderson as a leading model portfolio and separately managed account $(SMA)$ provider. At the completion of the transaction, Janus Henderson will rank among the top 10 model portfolio providers in North America, placing it at the forefront of an industry that is well positioned for growth. In addition, RBA's deep expertise in model and SMA distribution will allow Janus Henderson to strengthen its distribution capabilities, including with wirehouses and Registered Investment Advisors. We look forward to welcoming the RBA team as new colleagues of Janus Henderson and look forward to growing the business for our clients, together. Going forward, we will continue to invest more in our brand, technology, and talented people, underscoring our unwavering commitment to deliver for our clients.
"In that context, the previously announced definitive merger agreement to be acquired by Trian and General Catalyst marks an important step forward for the Company. We believe this proposed transaction delivers compelling, immediate value to our shareholders while allowing us to invest further in our product offering, client services, technology, and talent. Our focus remains where it belongs--on delivering differentiated insights, disciplined investment excellence, and world-class service to our clients."
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)
The Company presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, JHG management evaluates the profitability of the Company and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See "Reconciliation of non-GAAP financial information" below for additional information.
Three months ended Year ended
---------------------------------- ------------------------
31 Dec 30 Sep 31 Dec 31 Dec 31 Dec
2025 2025 2024 2025 2024
------------ --------- --------- ----------- -----------
GAAP basis:
-------------
Revenue 1,142.3 700.4 708.3 3,097.3 2,473.2
Operating
expenses 654.9 528.4 510.8 2,120.5 1,827.5
Operating
income 487.4 172.0 197.5 976.8 645.7
Operating
margin 42.7% 24.6% 27.9% 31.5% 26.1%
Net income
attributable
to JHG 403.2 142.1 121.8 815.9 408.9
Diluted
earnings per
share 2.62 0.92 0.77 5.23 2.56
Adjusted
basis:
-------------
Revenue 996.6 554.8 567.6 2,535.8 1,940.8
Operating
expenses 612.9 350.3 362.9 1,624.0 1,272.7
Operating
income 383.7 204.5 204.7 911.8 668.1
Operating
margin 38.5% 36.9% 36.1% 36.0% 34.4%
Net income
attributable
to JHG 309.2 169.6 169.4 746.0 563.7
Diluted
earnings per
share 2.01 1.09 1.07 4.78 3.53
PROPOSED MERGER
As previously announced on December 22, 2025, the Company has entered into a definitive merger agreement to be acquired by an investor group led by funds and investment vehicles associated with Trian Fund Management, L.P. and General Catalyst Group Management, LLC (the "Proposed Transaction").
SHARE REPURCHASE AND DIVIDEND
As a result of the Proposed Transaction, the Company is suspending the payment of the regular quarterly dividend.
Prior to the Proposed Transaction announcement, as part of the Company's Board-approved US$200 million on-market share repurchase program, JHG purchased approximately 0.6 million shares of its common stock on the New York Stock Exchange $(NYSE)$ in the fourth quarter 2025, for a total outlay of approximately US$27 million.
AUM AND FLOWS (in US$ billions)
FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client transfers.
Total comparative AUM and flows
Three months ended
----------------------
31 Dec 30 Sep 31 Dec
2025 2025 2024
------- ------ --------
Opening AUM 483.8 457.3 382.3
Sales 32.5 29.9 20.4
Redemptions (32.5) (22.1) (17.1)
------ ----- -----
Net sales / (redemptions) -- 7.8 3.3
Market / FX 9.4 18.7 (10.1)
Acquisitions and
reclassifications -- -- 3.2
------ ----- -----
Closing AUM 493.2 483.8 378.7
Quarterly AUM and flows by capability
Fixed
Equities Income Multi-Asset Alternatives Total
----------- ------ ------------- -------------- --------
AUM 31 Dec 2024 229.4 82.7 53.1 13.5 378.7
Sales 7.2 12.0 1.5 2.2 22.9
Redemptions (11.4) (6.4) (2.1) (1.0) (20.9)
------ ----- ------ ---- ------- ---- -----
Net sales /
(redemptions) (4.2) 5.6 (0.6) 1.2 2.0
Market / FX (7.8) 1.2 (0.9) -- (7.5)
------ ----- ------ ---- ------- ----- -----
AUM 31 Mar 2025 217.4 89.5 51.6 14.7 373.2
Sales 8.2 60.5 1.1 2.0 71.8
Redemptions (10.8) (10.8) (2.2) (1.3) (25.1)
------ ----- ------ ---- ------- ---- -----
Net sales /
(redemptions) (2.6) 49.7 (1.1) 0.7 46.7
Market / FX 28.8 3.0 5.1 0.5 37.4
------ ----- ------ ----- ------- ----- -----
AUM 30 Jun 2025 243.6 142.2 55.6 15.9 457.3
Sales 7.8 17.8 2.0 2.3 29.9
Redemptions (11.1) (8.1) (2.0) (0.9) (22.1)
------ ----- ------ ---- ------- ---- -----
Net sales /
(redemptions) (3.3) 9.7 -- 1.4 7.8
Market / FX 13.9 1.2 2.4 1.2 18.7
------ ----- ------ ----- ------- ----- -----
AUM 30 Sep 2025 254.2 153.1 58.0 18.5 483.8
Sales 8.6 18.5 2.4 3.0 32.5
Redemptions (12.5) (16.6) (2.3) (1.1) (32.5)
------ ----- ------ ---- ------- ---- -----
Net sales /
(redemptions) (3.9) 1.9 0.1 1.9 --
Market / FX 6.3 0.8 0.7 1.6 9.4
------ ----- ------ ----- ------- ----- -----
AUM 31 Dec 2025 256.6 155.8 58.8 22.0 493.2
Average AUM by capability
Three months ended Year ended
-------------------- ------------
31 30 31
Dec Sep 31 Dec Dec 31 Dec
2025 2025 2024 2025 2024
----- ----- ------ ----- -------
Equities 255.1 249.1 235.5 240.1 224.7
Fixed Income 154.4 147.6 81.4 120.4 75.6
Multi-Asset 58.5 56.8 53.8 55.3 51.6
Alternatives 18.7 16.0 13.5 16.0 10.2
----- ----- ------ ----- -----
Total 486.7 469.5 384.2 431.8 362.1
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (as of December 31, 2025)
Capability 1-year 3-year 5-year 10-year ------------- --------- -------- -------- --------- Equities 55% 46% 48% 54% Fixed Income 68% 93% 90% 92% Multi-Asset 96% 96% 98% 97% Alternatives 100% 100% 100% 100% Total 65% 65% 65% 67%
Outperformance is measured based on composite performance gross of fees versus primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees versus zero for absolute return strategies, (2) fund net of fees versus primary index, or (3) fund net of fees versus Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.
Cash management vehicles; ETF-enhanced beta strategies; legacy Tabula passive ETFs; Fixed Income Buy & Maintain mandates; legacy Guardian, NBK Capital Partners, and Victory Park Capital funds; Managed CDOs; Private Equity funds; and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 14% of AUM. Capabilities defined by Janus Henderson.
% of mutual fund AUM in top 2 Morningstar quartiles (as of December 31, 2025)
Capability 1-year 3-year 5-year 10-year ------------- --------- -------- -------- --------- Equities 82% 65% 66% 79% Fixed Income 53% 49% 83% 74% Multi-Asset 96% 92% 94% 95% Alternatives 96% 41% 88% 58% Total 78% 66% 75% 81%
Includes Janus Investment Fund, Janus Aspen Series, Janus Henderson Detroit Street Trust (ETFs), and Clayton Street Trust (U.S. Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs, Australian Managed Investment Schemes, and legacy Tabula ICAVs (legacy Tabula passive ETFs are excluded). The top two Morningstar quartiles represent funds in the top half of their category based on total return. For the 1-, 3-, 5-, and 10-year periods ending December 31, 2025, 64%, 53%, 52%, and 54% of the 187, 173, 162, and 140 total mutual funds, respectively, were in the top 2 Morningstar quartiles.
Analysis based on "primary" share class (Class I Shares, Institutional Shares, or share class with longest history for U.S. Trusts; Class H Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
Funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. (c) 2025 Morningstar, Inc. All Rights Reserved. A fee was paid for the use of this data.
As previously announced, while the Proposed Transaction is pending, the Company will not hold conference calls or live webcasts to discuss its financial results. However, access to the slides accompanying this release will be available via the investor relations section of Janus Henderson's website (ir.janushenderson.com).
About Janus Henderson
Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of December 31, 2025, Janus Henderson had approximately US$493 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the NYSE.
FINANCIAL DISCLOSURES
Condensed consolidated statements of comprehensive income (unaudited)
Three months ended Year ended
------------------------ -----------------
31 Dec 30 Sep 31 Dec 31 Dec 31 Dec
(in US$ millions,
except per share
data or as noted) 2025 2025 2024 2025 2024
------------------ --------- ------ ------ -------- ----------
Revenue:
Management fees 585.2 563.1 522.7 2,168.3 1,957.7
Performance fees 433.0 15.8 67.5 460.0 70.4
Shareowner
servicing fees 69.2 66.7 63.6 257.3 240.7
Other revenue 54.9 54.8 54.5 211.7 204.4
------- ----- ----- ------- -------
Total revenue 1,142.3 700.4 708.3 3,097.3 2,473.2
Operating
expenses:
Employee
compensation and
benefits 306.2 205.4 207.0 872.1 716.1
Long-term
incentive plans 52.1 47.8 39.3 183.7 166.6
Distribution
expenses 145.7 145.6 138.2 556.3 520.9
Investment
administration 19.0 16.8 15.5 68.8 58.2
Marketing 14.3 10.7 14.3 46.9 40.4
General,
administrative
and occupancy 107.7 84.6 87.9 348.3 300.8
Impairment of
assets -- 8.1 -- 8.1 --
Depreciation and
amortization 9.9 9.4 8.6 36.3 24.5
------- ----- ----- ------- -------
Total
operating
expenses 654.9 528.4 510.8 2,120.5 1,827.5
Operating income 487.4 172.0 197.5 976.8 645.7
Interest expense (6.1) (6.3) (7.2) (24.2) (18.0)
Investment gains,
net 44.7 55.1 6.9 146.9 70.8
Other non-operating
income (expense),
net 21.1 5.2 (27.2) 53.8 (86.6)
------- ----- ----- ------- -------
Income before
taxes 547.1 226.0 170.0 1,153.3 611.9
Income tax provision (120.9) (45.0) (48.5) (245.7) (166.3)
------- ----- ----- ------- -------
Net income 426.2 181.0 121.5 907.6 445.6
Net loss (income)
attributable to
noncontrolling
interests (23.0) (38.9) 0.3 (91.7) (36.7)
------- ----- ----- ------- -------
Net income
attributable to
JHG 403.2 142.1 121.8 815.9 408.9
Less: allocation of
earnings to
participating
stock-based awards (9.2) (3.3) (3.1) (17.6) (9.9)
------- ----- ----- ------- -------
Net income
attributable to
JHG common
shareholders 394.0 138.8 118.7 798.3 399.0
Basic
weighted-average
shares outstanding
(in millions) 149.6 150.6 154.2 152.0 155.4
Diluted
weighted-average
shares outstanding
(in millions) 150.4 151.3 154.8 152.7 155.8
Diluted earnings per
share (in US$) 2.62 0.92 0.77 5.23 2.56
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of GAAP revenue, operating expenses, operating income, net income attributable to JHG, and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG, and adjusted diluted earnings per share.
Three months ended Year ended
-------------------------------- --------------------
31 Dec 30 Sep 31 Dec 31 Dec 31 Dec
(in US$ millions,
except per share
data or as noted) 2025 2025 2024 2025 2024
------------------- ------------ ---------- ---------- ----------- -----------
Reconciliation of
revenue to adjusted
revenue
Revenue(1) 1,142.3 700.4 708.3 3,097.3 2,473.2
Management fees (54.6) (57.6) (53.8) (215.7) (198.9)
Shareowner
servicing fees (56.7) (53.9) (51.3) (209.6) (194.4)
Other revenue (34.4) (34.1) (35.6) (136.2) (139.1)
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