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- **Record Flows**: $7.8B net inflows, highest AUM on record, with 21 strategies >$100M inflows.
- **Strategic Growth**: CNO partnership adds $600M to VPC, MENA Fund IV first close of $125.5M.
- **Financial Strength**: Adjusted EPS up 20% YoY, $130M+ returned to shareholders.
- **AI Investment**: Aladdin transition to enhance efficiency, with 2028+ benefits offsetting 2026-2027 costs.
- **Expense Discipline**: 43-44% comp ratio, strategic spending in AI and client service.

**【CEO Summary Section】**
- Q3 2025 revenue growth driven by $7.8 billion net inflows, marking the sixth consecutive quarter of positive flows and the highest quarterly AUM on record at $483.8 billion.
- Emphasis on strategic pillars: Protect & Grow (6 ETFs with >$100M inflows), Amplify (partnerships with CNO Financial Group and Guardian), and Diversify (Victory Park Capital's $600M long-term capital commitment).
- AI-driven initiatives include transitioning to Aladdin platform, expected to improve operational efficiency from 2028 onwards, with $130M+ annualized cost impact in 2026-2027.
- Organic net new revenue growth achieved across 21 strategies, including ETFs (JHAI, JABS) and private credit (MENA Fund IV first close of $125.5M).

**【CFO Financial Commentary】
- Adjusted EPS of $1.09, up 20% YoY, driven by higher AUM and performance fees ($16M vs. -$9M YoY).
- Operating income growth of 22% QoQ, with non-comp expenses up 6% due to strategic investments (marketing, LTI).
- Compensation ratio stable at 43.3%, with guidance for 43-44% in 2025.
- Strong cash flow generation ($130M returned to shareholders via buybacks and dividends).

**【Q&A Highlights】**
- **Net Flows**: Intermediary channel (+$5.1B) and institutional (+$3.1B) both positive, driven by ETFs (JAAA, JMBS) and private credit wins.
- **Expense Management**: High single-digit non-comp growth (2025 guidance) balanced with ROI-focused investments in AI and client service.
- **Strategic Partnerships**: CNO's $600M capital commitment to VPC's Asset Backed Credit Fund and MENA Fund IV first close of $125.5M highlight private markets diversification.
- **Aladdin Transition**: 2026-2027 cost impact (~1% of expense base) expected to yield long-term efficiency gains.
- **Capital Allocation**: Buyback program continues (1.5M shares Q3) alongside M&A pipeline evaluation.

Janus Henderson Group plc (JHG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

JHG

JHG fundamentals

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