Solid investment performance, with 77%, 65%, and 73% of assets under management ("AUM") outperforming relevant benchmarks on a three-, five-, and 10-year basis, respectively, as of March 31, 2025

AUM of US$373 billion as of March 31, 2025, an increase of 6% year over year

First quarter 2025 net inflows of US$2.0 billion reflect net inflows in both Intermediary and Institutional

First quarter 2025 diluted EPS of US$0.77; adjusted diluted EPS of US$0.79, an increase of 11% year over year

Announced strategic partnership with The Guardian Life Insurance Company of America® ("Guardian") in April 2025, which includes Janus Henderson managing the US$45 billion investment grade public fixed income asset portfolio for Guardian's general account, up to US$400 million in seed capital, and Park Avenue Securities partnership

Board of Directors ("Board") declared a 3% increase of the quarterly dividend to US$0.40 per share and approved authorization of US$200 million of buybacks through April 2026

Janus Henderson Group plc (NYSE:JHG, "JHG, ", ", Janus Henderson, " or the "Company")) published its first quarter 2025 results for the period ended March 31, 2025. First quarter 2025 operating income was US$153.6 million compared to US$197.5 million in the fourth quarter 2024 and US$119.2 million in the first quarter 2024. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$156.6 million in the first quarter 2025 compared to US$204.7 million in the fourth quarter 2024 and US$128.2 million in the first quarter 2024.

First quarter 2025 diluted earnings per share of US$0.77 compared to US$0.77 in the fourth quarter 2024 and US$0.81 in the first quarter 2024. Adjusted diluted earnings per share of US$0.79 in the first quarter 2025 compared to US$1.07 in the fourth quarter 2024 and compared to US$0.71 in the first quarter 2024.

Ali Dibadj, Chief Executive Officer, stated:

"Our first quarter results are solid, with year-over-year improvements in net flows, operating revenues, operating income, and EPS. The new buyback authorization and increase to our dividend reflect our excellent cash flow and our continued commitment to capital return. Our strong balance sheet continues to provide us the flexibility needed to return cash to shareholders and to reinvest in our business both organically and inorganically.

"We are further executing our strategic vision with the previously announced multifaceted, strategic partnership with Guardian, which we believe will amplify several areas of our business. Importantly, the agreement with Guardian demonstrates that we are a destination for the most sophisticated assets in the world, and we plan to continue identifying ways to meet our current and future clients' needs and support the growth of Janus Henderson.

"As a global firm, the diversity of our AUM, clients, geographies, and investment capabilities forms a broad foundation that helps enable us to manage this uncertain environment effectively. We are focused on providing our clients—and their clients—with our differentiated insights, disciplined investments, and world-class service. Our efforts remain steadfast on what we can control, positioning Janus Henderson to deliver superior outcomes for our clients, employees, shareholders, and other stakeholders."

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
	31 Mar			31 Dec			31 Mar
	2025			2024			2024
GAAP basis:
Revenue		621.4			708.3			551.7
Operating expenses		467.8			510.8			432.5
Operating income		153.6			197.5			119.2
Operating margin		24.7	%		27.9	%		21.6	%
Net income attributable to JHG		120.7			121.8			130.1
Diluted earnings per share		0.77			0.77			0.81

Adjusted basis:
Revenue		486.5			567.6			426.8
Operating expenses		329.9			362.9			298.6
Operating income		156.6			204.7			128.2
Operating margin		32.2	%		36.1	%		30.0	%
Net income attributable to JHG		124.6			169.4			114.4
Diluted earnings per share		0.79			1.07			0.71

SHARE REPURCHASE AND DIVIDEND

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 first quarter, for a total outlay of approximately US$27 million.

On April 30, 2025, the Board declared a dividend of US$0.40 per share for the quarter ended March 31, 2025. Shareholders on the register on the record date of May 12, 2025, will be paid the dividend on May 29, 2025. Additionally, on April 30, 2025, the Board authorized a new on-market share repurchase program under which JHG may repurchase, from time to time, up to US$200 million of the Company's common shares. This share repurchase program may be suspended, modified, or discontinued at any time, but any repurchases under the program must be made prior to the date of JHG's 2026 Annual General Meeting of Shareholders. We are not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors.

Some JHG executives and employees obtain rights to receive shares of JHG common stock as part of their remuneration arrangements and employee entitlements. In order to satisfy these entitlements in a manner that is not dilutive to shareholders, the Board separately approved the repurchase of up to six million additional shares of common stock for the purpose of making grants to these executives and employees.

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 Mar			31 Dec			31 Mar
	2025			2024			2024
Opening AUM		378.7			382.3			334.9
Sales	22.9			20.4				15.9
Redemptions		(20.9	)		(17.1	)		(18.9	)
Net sales / (redemptions)		2.0			3.3			(3.0	)
Market / FX		(7.5	)		(10.1	)		20.7
Acquisitions		—			3.2			—
Closing AUM		373.2			378.7			352.6

Quarterly AUM and flows by capability

				Fixed
	Equities			Income			Multi-Asset			Alternatives			Total
AUM 31 Mar 2024		222.3			70.6			51.1			8.6			352.6
Sales		7.0			8.3			1.6			1.2			18.1
Redemptions		(8.4	)		(5.0	)		(2.4	)		(0.6	)		(16.4	)
Net sales / (redemptions)		(1.4	)		3.3			(0.8	)		0.6			1.7
Market / FX		5.3			0.5			1.3			—			7.1
Reclassifications		—			0.1			(0.1	)		—			—
AUM 30 Jun 2024		226.2			74.5			51.5			9.2			361.4
Sales		7.9			6.1			1.4			0.7			16.1
Redemptions		(9.4	)		(3.9	)		(1.8	)		(0.6	)		(15.7	)
Net sales / (redemptions)		(1.5	)		2.2			(0.4	)		0.1			0.4
Market / FX		12.4			3.8			2.4			0.8			19.4
Acquisitions		—			0.8			—			0.3			1.1
AUM 30 Sep 2024		237.1			81.3			53.5			10.4			382.3
Sales		8.1			9.3			2.0			1.0			20.4
Redemptions		(10.6	)		(4.1	)		(1.9	)		(0.5	)		(17.1	)
Net sales / (redemptions)		(2.5	)		5.2			0.1			0.5			3.3
Market / FX		(5.2	)		(3.8	)		(0.5	)		(0.6	)		(10.1	)
Acquisitions		—			—			—			3.2			3.2
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

Average AUM by capability

	Three months ended
	31 Mar		31 Dec		31 Mar
	2025		2024		2024
Equities		231.1		235.5		212.7
Fixed Income		87.8		81.4		70.6
Multi-Asset		53.4		53.8		50.0
Alternatives		14.1		13.5		8.6
Total		386.4		384.2		341.9

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (as of March 31, 2025)

Capability	1-year			3-year			5-year			10-year
Equities		20	%		69	%		49	%		63	%
Fixed Income		89	%		84	%		90	%		87	%
Multi-Asset		3	%		94	%		98	%		97	%
Alternatives		74	%		83	%		100	%		100	%
Total		34	%		77	%		65	%		73	%

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 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 4% of AUM. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (as of March 31, 2025)

Capability	1-year			3-year			5-year			10-year
Equities		57	%		65	%		66	%		83	%
Fixed Income		91	%		80	%		72	%		70	%
Multi-Asset		94	%		94	%		96	%		96	%
Alternatives		98	%		83	%		66	%		100	%
Total		71	%		73	%		72	%		84	%

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 March 31, 2025, 47%, 56%, 52%, and 58% of the 185, 176, 161, and 144 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.

FIRST QUARTER 2025 RESULTS BRIEFING INFORMATION

Chief Executive Officer Ali Dibadj and Chief Financial Officer Roger Thompson will present these results on May 1, 2025, on a conference call and webcast to be held at 9:00 a.m. ET.

Those wishing to participate should call:

	United States		833 470 1428
	United Kingdom		0808 189 6484
	All other countries		+1 929 526 1599
	Conference ID		646609

Access to the webcast and accompanying slides 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 March 31, 2025, Janus Henderson had approximately US$373 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
	31 Mar			31 Dec			31 Mar
(in US$ millions, except per share data or as noted)	2025			2024			2024
Revenue:
Management fees		513.0			522.7			459.4
Performance fees		(3.6	)		67.5			(13.1	)
Shareowner servicing fees		61.4			63.6			57.2
Other revenue		50.6			54.5			48.2
Total revenue		621.4			708.3			551.7

Operating expenses:
Employee compensation and benefits		181.5			207.0			165.8
Long-term incentive plans		44.1			39.3			50.4
Distribution expenses		132.1			138.2			122.4
Investment administration		16.1			15.5			12.2
Marketing		9.9			14.3			8.0
General, administrative and occupancy		75.6			87.9			68.6
Depreciation and amortization		8.5			8.6			5.1
Total operating expenses		467.8			510.8			432.5

Operating income		153.6			197.5			119.2

Interest expense		(5.9	)		(7.2	)		(3.1	)
Investment gains, net		(5.5	)		6.9			22.5
Other non-operating income (expense), net		6.4			(27.2	)		34.6
Income before taxes		148.6			170.0			173.2
Income tax provision		(32.6	)		(48.5	)		(32.6	)
Net income		116.0			121.5			140.6
Net loss (income) attributable to noncontrolling interests		4.7			0.3			(10.5	)
Net income attributable to JHG		120.7			121.8			130.1
Less: allocation of earnings to participating stock-based awards		(2.4	)		(3.1	)		(3.0	)
Net income attributable to JHG common shareholders		118.3			118.7			127.1

Basic weighted-average shares outstanding (in millions)		153.9			154.2			157.5
Diluted weighted-average shares outstanding (in millions)		154.5			154.8			157.7

Diluted earnings per share (in US$)		0.77			0.77			0.81

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
	31 Mar			31 Dec			31 Mar
(in US$ millions, except per share data or as noted)	2025			2024			2024
Reconciliation of revenue to adjusted revenue
Revenue		621.4			708.3			551.7
Management fees¹		(50.6	)		(53.8	)		(45.5	)
Shareowner servicing fees¹		(49.9	)		(51.3	)		(45.9	)
Other revenue¹		(34.4	)		(35.6	)		(33.5	)
Adjusted revenue		486.5			567.6			426.8

Reconciliation of operating expenses to adjusted operating expenses
Operating expenses		467.8			510.8			432.5
Employee compensation and benefits²		(2.8	)		(2.5	)		(8.5	)
Long-term incentive plans²		—			(2.9	)		(1.8	)
Distribution expenses¹		(132.1	)		(138.2	)		(122.4	)
General, administration and occupancy²		(0.2	)		(1.5	)		(1.1	)
Depreciation and amortization³		(2.8	)		(2.8	)		(0.1	)
Adjusted operating expenses		329.9			362.9			298.6

Adjusted operating income		156.6			204.7			128.2

Operating margin		24.7	%		27.9	%		21.6	%
Adjusted operating margin		32.2	%		36.1	%		30.0	%

Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG
Net income attributable to JHG		120.7			121.8			130.1
Employee compensation and benefits²		—			—			6.0
Long-term incentive plans²		—			2.9			1.8
General, administration and occupancy²		0.2			1.5			1.1
Depreciation and amortization³		2.8			2.8			0.1
Interest expense⁴		0.1			0.2			—
Other non-operating income (expense), net⁴		3.1			42.5			(22.6	)
Income tax provision⁵		(1.1	)		(1.1	)		(2.1	)
Net income attributable to noncontrolling interests⁶		(1.2	)		(1.2	)		—
Adjusted net income attributable to JHG		124.6			169.4			114.4
Less: allocation of earnings to participating stock-based awards		(2.5	)		(4.3	)		(2.6	)
Adjusted net income attributable to JHG common shareholders		122.1			165.1			111.8

Weighted-average diluted common shares outstanding – diluted (in millions)		154.5			154.8			157.7
Diluted earnings per share (in US$)		0.77			0.77			0.81
Adjusted diluted earnings per share (in US$)		0.79			1.07			0.71

JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product's prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and servicing fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue. In addition to the adjustments related to distribution and servicing activities, other revenue also includes an adjustment related to an employee secondment arrangement with a joint venture. The arrangement is pass-through in nature, and we believe the costs do not represent our ongoing operations.

Adjustments for all periods presented include an adjustment related to an employee secondment arrangement with a joint venture. The arrangement is pass-through in nature, and we believe the costs do not represent our ongoing operations. Adjustments for the three months ended December 31, 2024, and March 31, 2024, also include acquisition-related expenses, redundancy expense and the acceleration of long-term incentive plan expense related to the departure of certain employees. JHG management believes these costs are not representative of our ongoing operations.

Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognized at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortized on a straight-line basis over the expected life of the contracts. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations.

⁴

Adjustments for all periods presented include the reclassification of accumulated foreign currency translation adjustments to net income from JHG liquidated entities. The adjustment for the three months ended March 31, 2025, also includes fair value adjustments of acquisition-related contingent consideration. JHG management believes these costs are not representative of our ongoing operations.

⁵

The tax impact of the adjustments is calculated based on the applicable U.S. or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible.

⁶

Adjustments for the three months ended March 31, 2025, and December 31, 2024, include the noncontrolling interest on amortization of acquisition-related intangible assets. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations.

Condensed consolidated balance sheets (unaudited)

	31 Mar		31 Dec
(in US$ millions)	2025		2024
Assets:
Cash and cash equivalents		1,083.6		1,217.2
Investments		362.7		337.1
Property, equipment and software, net		37.4		39.4
Intangible assets and goodwill, net		4,067.6		4,023.7
Assets of consolidated variable interest entities		754.3		525.4
Other assets		811.8		820.3
Total assets		7,117.4		6,963.1

Liabilities, redeemable noncontrolling interests and equity:
Long-term debt		395.2		395.0
Deferred tax liabilities, net		570.9		569.3
Liabilities of consolidated variable interest entities		28.1		4.7
Other liabilities		761.2		911.0
Redeemable noncontrolling interests		535.5		365.0
Total equity		4,826.5		4,718.1
Total liabilities, redeemable noncontrolling interests and equity		7,117.4		6,963.1

Condensed consolidated statements of cash flows (unaudited)

	Three months ended
	31 Mar			31 Dec			31 Mar
(in US$ millions)	2025			2024			2024
Cash provided by (used for):
Operating activities		2.8			247.3			(5.0	)
Investing activities		(227.3	)		44.3			(54.3	)
Financing activities		79.6			(518.9	)		(179.2	)
Effect of exchange rate changes		15.8			(42.7	)		(7.3	)
Net change during period		(129.1	)		(270.0	)		(245.8	)

Basis of preparation

In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations, and cash flows of JHG in accordance with GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson's Annual Report on Form 10‑K for the year ended December 31, 2024, filed with the SEC (Commission File No. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

Certain statements in this press release not based on historical facts are "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events, including with respect to the timing and anticipated benefits of pending and recently completed transactions and strategic partnerships, and expectations regarding opportunities that align with our strategy. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.

Various risks, uncertainties, assumptions, and factors that could cause our future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, changes in interest rates and inflation, changes in trade policies (including the imposition of new or increased tariffs), volatility or disruption in financial markets, our investment performance as compared to third-party benchmarks or competitive products, redemptions, and other risks, uncertainties, assumptions, and factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other filings or furnishings made by the Company with the SEC from time to time.

Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

The information, statements, and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Not all products or services are available in all jurisdictions.

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.

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Investor enquiries:

Jim Kurtz

Head of Investor Relations

+1 303 336 4529

jim.kurtz@janushenderson.com

Investor Relations

investor.relations@janushenderson.com

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Global Head of Media Relations

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Media Relations Director, UK, EMEA, LatAm & APAC

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Janus Henderson Group plc Reports First Quarter 2025 Results