Jupiter: H1 overall mixed (some + / some -), but generally trending as expected

Research evidence excerpt

Jupiter: H1 overall mixed (some + / some -), but generally trending as expected

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Jupiter 23 July 2026

Results

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (GBP) 163.40

JUP.L JUP LN LSE JUP

Price Target (GBP) 180.00

Diversified Financials

195.20 -

Asset Managers 52-week range (GBP) 115.60

H1 overall mixed (some + / some -), but

Valuation & Risks generally trending as expected

David McCann

Overall, we think the H1 results were mixed versus expectations. AuM was broadly

Research Analyst

in line, although Q2 saw a return to net outflows driven by slightly weaker than +44-20-754-11564

expected retail flows (mainly a single UK equities mandate redeemed), higher than

expected CCLA outflows and unexpected institutional net outflows reflecting a Jonas Dohlen

Research Associate

LGPS consolidation related mandate loss (in Global Equities, stated as non-

+44-20-7541-1561

performance related). Management fee EBIT was slightly lower than expected

(reflective of the small AuM difference), but performance fee revenue/EBIT and

Key changes

balance sheet related PBT were better than our expectations. FY26 cost and

190.00 to

revenue margin guidance is unchanged versus management's expectations set at TP ↓ -5.3%

180.00

the FY25 results (except that management now expect an extra £1m CCLA cost

Adj. EPS (GBP) 15.25 to 15.85 ↑ 3.9%

synergy, and some synergies to be delivered earlier). Company definition

Total Revenue

investment performance in legacy Jupiter mutual funds was reported to have 457 to 463 ↑ 1.3%

(GBPm)

improved to 77% outperforming over 3Y vs. 68% at FY25 (driven by Dynamic Bond),

Source: Deutsche Bank

although the 5Y figure weakened (68% vs. 75%) and CCLA remains weak.