Jupiter Fund Management PLC: Performance fee driven PBT beat, AuM 3% ahead, Softer Flows

Research evidence excerpt

Jupiter Fund Management PLC: Performance fee driven PBT beat, AuM 3% ahead, Softer Flows

Update

July 23, 2026 06:15 AM GMT

Morgan Stanley & Co. International plc+MJupiter Fund Management PLC | Europe Marina Massuti

Equity Analyst

Performance fee driven PBT Marina.Massuti@morganstanley.comIshaan Gupta +44 20 7677-3647

Research Associate

Ishaan.Gupta@morganstanley.com +44 20 7425-2963

beat, AuM 3% ahead, Softer

Jupiter Fund Management PLC (JUP.L, JUP LN)

Diversified Financials | United KingdomFlows

Stock Rating Equal-weight

Industry View In-Line

Price target 185p

AlphaSignals Earnings Reaction Shr price, close (Jul 21, 2026) 170p

52-Week Range 207-109p

Unchanged Meaningful upside Modest revision higher Mkt cap, curr (mn) £908

Impact to our thesis Financial results versus consensus Direction of next 12-month Net debt (12/26e) (mn)* £0

consensus EPS

EV, curr (mn)* £908

Source: Company data, Morgan Stanley Research

* = GAAP or approximated based on GAAP

Key Takeaways

Solid >15% PBT beat vs. Cons with performance fees key delta at £8.9m vs. Cons

at £2-4m with £30m accrued unrealised perf fees as of Jun-26 providing upside

Management fees 2% ahead, given more favorable mix (retail/inst) and higher

AuM base (~3% ahead given stronger market performance)

Outflows £(0.8)bn were weaker than Cons, driven by Inst outflows £(0.4)bn and

£(0.5)bn at CCLA, while retail inflows were softer at £0.1bn vs. Cons £0.6b

CCLA cost synergies brought forward, with FY26 savings increased to £8m (vs.

£4.5m previously) and annualised savings raised to £17m (vs. £16m previously)

Expect +ve price reaction, given solid beat, upgraded synergies target and

performance fees upside despite softer flows in Q2 and underlying PBT more in

line

>15% Adj. PBT beat on stronger performance fees ~£9m vs.