H1 26 result: PBT 7% ahead and c. $9bn of inflows in Q2 puts AUM >3% ahead

研报英文原文证据摘录

H1 26 result: PBT 7% ahead and c. $9bn of inflows in Q2 puts AUM >3% ahead

Equity Research

European Diversified Financials

28 July 2026

Man Group PLC

H1 26 result: PBT 7% ahead and c.

$9bn of inflows in Q2 puts AUM

EMG.L/EMG LN OVERWEIGHT>3% ahead

Unchanged

Man Group reported H1 AUM 3.5% and EPS 9% ahead of European Diversified POSITIVE Financials

Unchangedconsensus. Q2 inflow was very strong at $8.7bn (H1: +$7.1bn)

with inflows into alternatives and long only. H1 core PBT was Price Target GBP 3.65 raised 6% from GBP 3.45

7% ahead with mgt fee PBT +5% and perf fee PBT +11% Price (27-Jul-26) GBP 3.00

Potential Upside/Downside +21.7%ahead. We raise FY26e and FY27e EPS 7% and 5%,

Source: Bloomberg, Barclays Research

respectively. Call: 8.30am.

Market Cap (GBP mn) 3435

H1 26 comfortably ahead of consensus – AUM 3.5% ahead; PBT 7% ahead: Man Group Shares Outstanding (mn) 1145.33

reported H1 26 closing AUM of $253.6bn, 3.5% above the company-compiled consensus of Free Float (%) 96.28

$245.1bn (Barclays: $241.2bn). AUM was up 11% over H1 26 (FY25: $227.6bn), attributable to 52 Wk Avg Daily Volume (mn) 2.4

positive investment performance (+$19.8bn/+c.9%) and net inflows (+$7.1bn/+c.3%) with small Dividend Yield (%) 4.27

offsets by FX & other effects (-$0.9bn/-c.0%). H1 26 Group PBT of $291m was 7% better than Return on Equity TTM (%) 10.77

consensus ($277m), with management fee PBT 5% ahead and performance fee PBT 11% ahead Current BVPS (GBP) 1.41

of consensus (see Results review). Following the H1 26 flow and performance fee Source: Bloomberg

outperformance, we increase FY26e and FY27e headline EPS estimates by c.7% and 5%

respectively (see Figure 6). Price Performance Exchange-LSE

52 Week range GBP 3.11-1.54