Slides
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Thursday, October 30, 2025 Q3 2025 RESULTS Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer
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2 Key metrics – Q3 2025 vs Q2 2025 Solid long-term investment performance AUM up 6% to $483.8 billion Net inflows of $7.8 billion U.S. GAAP diluted EPS of $0.92 and adjusted diluted EPS of $1.09 Dividend of $0.40 per share declared and 1.5 million shares repurchased Q3 2025 Q2 2025 Investment outperformance1 3-/5-/10-year 74/64/65% 76/67/72% Total AUM $483.8bn $457.3bn Net flows2 $7.8bn $46.7bn U.S. GAAP diluted EPS $0.92 $0.95 Adjusted diluted EPS3 $1.09 $0.90 Dividend per share $0.40 $0.40 Q3 2025 RESULTS 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 23. 2 Q2 2025 net flows include $46.5 billion of investment grade public fixed income assets from Guardian’s general account. 3 See adjusted financial measures reconciliation on slides 29 and 30 for additional information.
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3 Q3 2025 UPDATE We continue to make meaningful progress across the business Strategy Returned nearly $130 million to shareholders through dividends and share buybacks; total cumulative share reduction now at 23% since Q3 2018 Strong liquidity profile supports both capital return to shareholders and growing the business through M&A Protect & Grow / Amplify: Further broadened organic growth with 21 strategies generating greater than $100 million in net inflows compared to 11 strategies a year ago Amplify: Partnered with CNO Financial Group to further accelerate the growth of Victory Park Capital (VPC) and expand and scale its investment capabilities for the benefit of our clients Diversify: Announced successful first closing of a direct lending vehicle by our Emerging Markets Private Investments team (formerly NBK Capital Partners) Capital Stewardship Execution Delivered sixth consecutive quarter of positive net flows Generated positive organic net new revenue in Q3 2025 Initiated transition of investment management platform to Aladdin to deliver an enhanced integrated technology infrastructure and investment platform
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4 Note: Full performance disclosures detailed in the appendix on slides 23 and 24. The top two Morningstar quartiles represent funds in the top half of their category based on total return. Refer to slide 24 for the percent of funds in the top two quartiles for all periods and description and quantity of funds included in the analysis; refer to slides 25 to 27 for distribution across first and second quartiles. Past performance is no guarantee of future results. % of mutual fund AUM in top 2 Morningstar quartiles As of September 30, 2025 % of AUM outperforming benchmark As of September 30, 2025 Long-term investment performance remains solid Capability 1-year 3-year 5-year 10-year Equities 50% 81% 69% 81% Fixed Income 87% 83% 70% 61% Multi-Asset 94% 97% 94% 95% Alternatives 87% 40% 89% 96% Total 65% 83% 74% 82% Capability 1-year 3-year 5-year 10-year Equities 37% 63% 50% 52% Fixed Income 91% 90% 85% 94% Multi-Asset 96% 94% 98% 97% Alternatives 99% 99% 100% 100% Total 59% 74% 64% 65% INVESTMENT PERFORMANCE
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5 11.8 14.4 15.9 18.1 16.1 20.4 22.9 71.8 29.9 (14.4) (17.5) (18.9) (16.4) (15.7) (17.1) (20.9) (25.1) (22.1) (2.6) (3.1) (3.0) 1.7 0.4 3.3 2.0 46.7 7.8 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total flows ($ in billions) Redemptions Sales Net sales / (redemptions) QUARTERLY FLOWS Net inflows for the sixth consecutive quarter supported by a strong year-over- year increase in gross sales
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6 2.3 3.9 4.3 53.5 8.5 (2.8) (3.0) (3.5) (4.5) (5.4) (0.5) 0.9 0.8 49.0 3.1 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 13.3 16.1 16.5 16.6 19.5 (11.5) (12.6) (15.0) (17.8) (14.4) 1.8 3.5 1.5 (1.2) 5.1 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0.5 0.4 2.1 1.7 1.9 (1.4) (1.5) (2.4) (2.8) (2.3) (0.9) (1.1) (0.3) (1.1) (0.4) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Intermediary ($ in billions) Institutional ($ in billions) Self-Directed ($ in billions) FLOWS BY CLIENT TYPE Flows reflect strength in Intermediary and Institutional channels Redemptions Sales Net sales / (redemptions) Note: Beginning in Q1 2025, ETF flow activity is included in each client type. Prior to Q1 2025, ETF flow activity is included in Intermediary.
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7 Q3 2025 flows by capability ($ in billions) 7.8 17.8 2.0 2.3 (11.1) (8.1) (2.0) (0.9)(3.3) 9.7 - 1.4 Equities Fixed Income Multi-Asset Alternatives RedemptionsSales Net sales / (redemptions) Fixed Income and Alternatives flows were positive, and Multi-Asset improved quarter over quarter FLOWS BY CAPABILITY
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8 Note: See U.S. GAAP Statement of Income on slide 28 for detail. U.S. GAAP FINANCIAL RESULTS ($ in millions, except per share data) Q3 2025 Q2 2025 Change Q3 2025 vs Q2 2025 Q3 2024 Change Q3 2025 vs Q3 2024 Revenue Management fees 563.1 507.0 11% 502.8 12% Performance fees 15.8 14.8 7% 8.6 84% Shareowner servicing fees 66.7 60.0 11% 61.4 9% Other revenue 54.8 51.4 7% 52.0 5% Total revenue 700.4 633.2 11% 624.8 12% Operating expens es Employee compensation and benefits 205.4 179.0 15% 177.0 16% Long-term incentive plans 47.8 39.7 20% 40.5 18% Distribution expenses 145.6 132.9 10% 133.7 9% Investment administration 16.8 16.9 (1%) 17.7 (5%) Marketing 10.7 12.0 (11%) 8.3 29% General, administrative and occupancy 84.6 80.4 5% 77.4 9% Impairment of assets 8.1 – nm – nm Depreciation and amortization 9.4 8.5 11% 5.5 71% Total operating expenses 528.4 469.4 13% 460.1 15% Operating income 172.0 163.8 5% 164.7 4% Operating margin 24.6% 25.9% (1.3ppt) 26.4% (1.8ppt) Diluted EPS (in $) 0.92 0.95 (3%) 0.17 nm
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9 ADJUSTED FINANCIAL RESULTS Note: See adjusted financial measures reconciliation on slides 29 and 30 for additional information. ($ in millions, except as noted) Q3 2025 Q2 2025 Change Q3 2025 vs Q2 2025 Q3 2024 Change Q3 2025 vs Q3 2024 Revenue Management fees 505.5 454.1 11% 451.4 12% Performance fees 15.8 14.8 7% 8.6 84% Shareowner servicing fees 12.8 10.9 17% 11.5 11% Other revenue 20.7 18.1 14% 16.6 25% Total adjusted revenue 554.8 497.9 11% 488.1 14% Operating expens es Employee compensation and benefits 193.8 176.3 10% 172.7 12% Long-term incentive plans 46.2 38.7 19% 38.8 19% Investment administration 16.8 16.9 (1%) 17.7 (5%) Marketing 10.7 12.0 (11%) 8.3 29% General, administrative and occupancy 77.2 81.2 (5%) 74.7 3% Depreciation and amortization 5.6 5.8 (3%) 5.4 4% Less total adjusted operating expenses 350.3 330.9 6% 317.6 10% Adjusted operating income 204.5 167.0 22% 170.5 20% Adjusted operating margin 36.9% 33.5% 3.4ppt 34.9% 2.0ppt Adjusted diluted EPS ($) 1.09 0.90 21% 0.91 20% Adjusted compensation ratio 43.3% 43.2% 0.1ppt 43.3% 0.0ppt Average AUM ($ in billions) 469.5 383.2 23% 369.9 27% Average net mgmt fee margin (bps) 42.7 47.5 (4.8) 48.5 (5.8)
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10 Adjusted Revenue Increase from Q2 2025 adjusted revenue driven primarily by growth in the business, AUM, and improved performance fees As previously guided, the successful integration of lower fee Guardian AUM resulted in 4.8bp lower net management fee margin in Q3 2025Adjusted Operating Income & Adjusted Diluted EPS Increase in adjusted operating income compared to Q2 2025 and Q3 2024 primarily due to higher average AUM, performance fees, and operating leverage Adjusted diluted EPS increased from Q2 2025 and Q3 2024 due to higher operating income and accretive share repurchases Adjusted Expenses Expenses in line with guidance, with increase over Q2 2025 reflecting higher profit-based compensation, LTI expense, and investments supporting strategic initiatives Full-year 2025 expense expectations Adjusted compensation ratio range of 43-44% Adjusted non-compensation annual growth of high-single digits from 2024 Tax rate of approximately 23-25% Q3 2025 ADJUSTED FINANCIAL HIGHLIGHTS
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11 1 Cash and cash equivalents exclude cash associated with consolidated VIEs and VREs, and investment securities exclude non-controlling interests. 870.4 982.4 695.3 692.1 1,565.7 1,674.5 395.2 395.4 Cash and investments Debt Cash and investments Debt September 30, 2025 Cash and investment securities1 totaled $1.7 billion compared to outstanding debt of $395 million Increase in cash due to strong cash flow generation partially offset by capital return Board declared a dividend of $0.40 per share to be paid on November 26 to shareholders as of the record date of November 10 Repurchased 1.5 million shares in Q3 2025 for approximately $67 million Balance sheet profile – carrying value June 30, 2025 vs. September 30, 2025 ($ in millions) Investment securities¹ Cash and cash equivalents¹ June 30, 2025 CAPITAL RESOURCES Strong liquidity position 2034 maturity
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12 Q4 2023 to Q3 2025 quarterly capital return ($ in millions) Note: JHG purchases shares on market for the annual share grants associated with variable compensation, which is not included in the above share repurchases. Numbers may not foot due to rounding. 1 Total shares outstanding reflect amounts disclosed on Form 10-Q or 10-K. As part of the consideration for the VPC acquisition, approximately 0.8 million and 0.1 million shares were issued by the company in the fourth quarter 2024 and first quarter 2025, respectively. 2 Cumulative decrease from commencement of buyback program in Q3 2018. CAPITAL MANAGEMENT Commitment to return of capital Dividend paid / share ($) 0.39 0.39 0.39 0.39 0.39 0.39 0.40 0.40 Shares repurchased (millions) 2.3 2.7 1.1 1.1 1.3 0.6 1.3 1.5 Total shares outstanding1 (millions) 163.4 160.7 159.6 158.6 158.1 157.6 156.2 154.7 Cumulative decrease in shares2 18.5% 19.8% 20.3% 20.9% 21.1% 21.4% 22.1% 22.8% 64.7 63.2 62.6 62.3 62.0 61.5 63.8 62.4 61.9 81.3 34.1 39.7 53.1 26.8 49.5 66.5 126.6 144.5 96.7 102.0 115.1 88.3 113.3 128.9 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Dividends Share repurchases
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13 Announced first closing of $300m Shariah−compliant fund, Janus Henderson MENA Private Credit Fund IV, with $125.5m committed Anchored by SIDF Investment Company, Abu Dhabi Catalyst Partners, and Saudi Venture Capital Seeks to address a $250bn financing gap for sm./med. MENA enterprises Second close planned for year-end 2025, with the final close mid-2026 Highlights JHG’s commitment to ME market; this is the team’s third Shariah-compliant vehicle Demonstrates confidence in growth potential of private credit in the region Strong track record: 39 investments and 31 exits across nine countries CNO acquired a minority equity interest in VPC and Triumph Capital Markets, VPC’s private origination affiliate CNO will provide over $600m in long- term capital for VPC investment strategies Supports launching an insurance- centric, private, investment grade-only strategy leveraging VPC’s existing origination engine Provides seed capital for VPC’s interval fund AltsABF in partnership with JHG’s Privacore team Reinforces belief in long-term potential of asset-backed private credit markets; further deepens JHG’s and VPC’s insurance presence Raised $1.4bn1 year to date in alternatives for private wealth Selling on five wirehouse / bank / broker-dealer platforms with planned expansion into RIAs Marketing and servicing on leading technology and AI-focused tender offer vehicle by Coatue, CTEK, and leading core Infrastructure vehicle by I Squared, ISQ OpenInfra Launched two proprietary funds: Privacore VPC Asset Backed Credit Fund (AltsABF) subadvised by JHG- affiliated Victory Park Capital Privacore PCAAM Alternative Growth Fund (AltsGrow), subadvised by Partners Capital UPDATE ON PRIVATE MARKETS We are seeing progress across our strategic acquisitions and partnerships Middle East Limited 1 As of October 1, 2025. Global Asset-Backed Private CreditDemocratization of Alternatives Non-U.S. Direct Lending
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14 WRAP-UP We are executing on the three pillars of our strategic vision Long-term investment performance is solid with a majority of AUM beating respective benchmarks over 3-, 5-, and 10-year periods Net flows were positive for the sixth consecutive quarter, and we delivered positive organic net new revenue in the quarter Q3 2025 adjusted diluted EPS increased 20% and adjusted operating margin improved +200 basis points compared to the prior year Financial performance and strong balance sheet continue to provide us the flexibility to invest in the business—both organically and inorganically—and return cash to shareholders We continue to make meaningful progress across the business, and we believe there is additional room to grow Past performance is no guarantee of future results.
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Q&A
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APPENDIX
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17 ASSETS UNDER MANAGEMENT AUM as of September 30, 2025: $483.8 billion 52% 32% 12% 4% Equities Fixed Income Multi-Asset Alternatives 50% 30% 20% Intermediary Institutional Self-Directed 67% 25% 8% North America EMEA & LatAm Asia Pacific By client type By capability By client location $254.2bn $153.1bn $58.0bn $18.5bn $238.8bn $146.7bn $98.3bn $322.1bn $120.9bn $40.8bn
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18 Equities $254.2bn AUM September 30, 2025 $483.8bn Fixed Income $153.1bn Multi-Asset $58.0bn Self-Directed Intermediary Intermediary Institutional Institutional Intermediary Equities Wide range of equity strategies encompassing different geographic focuses and investment styles Fixed Income Innovative and differentiated techniques designed to support clients as they navigate each unique economic cycle Multi-Asset Provides a range of diversified core investment solutions with the aim of delivering attractive returns over the long term with lower levels of volatility Alternatives Investment solutions aimed at delivering specific outcomes tailored to meet the needs and constraints of clients Diversified product range INVESTMENT MANAGEMENT CAPABILITIES Alternatives $18.5bn
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19 LARGEST STRATEGIES BY CAPABILITY Note: Numbers may not foot due to rounding. Capability Strategy AU M ($bn) 30 Sep 25 US Concentrated Growth 34.9 US Mid Cap Growth 32.9 US Research Growth Equity 30.3 Global Technology and Innovation 11.0 Global Life Sciences 10.4 US Buy & Maintain Credit 54.2 AAA CLO 26.6 Australian Fixed Income 12.3 Global Short Duration and Liquidity 7.2 Multi-Sector Credit 6.9 Balanced 51.0 UK Cautious Managed 0.9 Global Adaptive Tail Risk Hedge 0.8 Global Responsible Managed 0.7 Protective Life Dynamic Allocation Series - Moderate 0.7 Absolute Return Equity 5.4 Biotechnology Innovation 3.7 ABOC (Asset-Backed Opportunistic Credit) 2.3 Global Commodities Enhanced Index 2.1 Multi Strategy 1.3 Total 295.6 Equity Fixed Income Multi-Asset Alternatives
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20 7.9 8.1 7.2 8.2 7.8 (9.4) (10.6) (11.4) (10.8) (11.1) (1.5) (2.5) (4.2) (2.6) (3.3) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Equities ($ in billions) Fixed Income ($ in billions) Redemptions Sales Net sales / (redemptions) QUARTERLY FLOWS BY CAPABILITY Equities and Fixed Income 6.1 9.3 12.0 60.5 17.8 (3.9) (4.1) (6.4) (10.8) (8.1) 2.2 5.2 5.6 49.7 9.7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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21 1.4 2.0 1.5 1.1 2.0 (1.8) (1.9) (2.1) (2.2) (2.0) (0.4) 0.1 (0.6) (1.1) - Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Multi-Asset ($ in billions) Alternatives ($ in billions) Redemptions Sales Net sales / (redemptions) QUARTERLY FLOWS BY CAPABILITY Multi-Asset and Alternatives 0.7 1.0 2.2 2.0 2.3 (0.6) (0.5) (1.0) (1.3) (0.9) 0.1 0.5 1.2 0.7 1.4 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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22 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Equities Fixed Income Multi-Asset Alternatives Total net flows by capability ($ in billions) (2.6) NET FLOWS BY CAPABILITY (3.1) (3.0) 1.7 0.4 3.3 2.0 46.7 7.8
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23 INVESTMENT PERFORMANCE % of AUM outperforming benchmark Note: Outperformance is measured based on composite performance gross of fees vs 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 vs zero for absolute return strategies, (2) fund net of fees vs primary index or (3) fund net of fees vs 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 Guardian, 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 14% for the periods ending September 30, 2025, and June 30, 2025, and 4% for the periods ending Mar ch 31, 2025, and December 31, 2024. Capabilities defined by Janus Henderson. Past performance is no guarantee of future results. Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 50% 62% 37% 62% 20% 69% 49% 63% 59% 67% 54% 61% 37% 63% 50% 52% Fixed Income 91% 84% 86% 94% 89% 84% 90% 87% 96% 88% 87% 93% 91% 90% 85% 94% Multi-Asset 93% 96% 97% 97% 3% 94% 98% 97% 93% 94% 97% 97% 96% 94% 98% 97% Alternatives 85% 85% 100% 100% 74% 83% 100% 100% 77% 86% 100% 100% 99% 99% 100% 100% Total 65% 72% 55% 73% 34% 77% 65% 73% 72% 76% 67% 72% 59% 74% 64% 65% Q4 2024 Q1 2025 Q2 2025 Q3 2025
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24 INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles Note: 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 September 30, 2025, 54%, 58%, 53%, and 56% of the 185, 173, 160, and 140 total mutual funds, respectively, were in the top 2 Morningstar quart iles. 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. Funds not ranked by Morningstar are excluded from the analysis. Historical performance updated to include ETFs. Capabilities defined by Janus Henderson. © 2025 Morningstar, Inc. All Rights Reserved. A fee was paid for the use of this data. Past performance is no guarantee of future results. Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 70% 71% 70% 80% 57% 65% 66% 83% 65% 68% 68% 88% 50% 81% 69% 81% Fixed Income 84% 74% 71% 75% 91% 80% 72% 70% 87% 79% 63% 70% 87% 83% 70% 61% Multi-Asset 93% 95% 94% 96% 94% 94% 96% 96% 95% 95% 95% 95% 94% 97% 94% 95% Alternatives 33% 86% 100% 100% 98% 83% 66% 100% 90% 41% 90% 94% 87% 40% 89% 96% Total 76% 76% 75% 83% 71% 73% 72% 84% 75% 74% 72% 88% 65% 83% 74% 82% Q4 2024 Q1 2025 Q2 2025 Q3 2025
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25 Group 52 30 39 37 48 48 55 57 43 32 56 43 54 47 50 47 24 41 36 29 28 26 20 26 32 40 16 31 29 37 38 35 76 71 75 65 76 73 74 83 75 72 72 74 83 84 88 82 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1-year 3-year 5-year 10-year 2nd quartile 1st quartile INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Note: Past performance is no guarantee of future results. Full performance disclosures detailed on slide 24. Numbers may not foot due to rounding.
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26 39 22 15 9 55 49 42 41 31 37 51 50 44 33 38 34 30 34 50 41 17 16 26 40 39 29 16 19 37 50 50 47 70 57 65 50 71 65 68 81 70 66 68 69 80 83 88 81 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 63 78 71 79 53 64 66 79 38 32 35 43 49 51 52 52 21 14 16 8 21 17 14 4 33 40 28 27 27 19 18 9 84 91 87 87 74 80 79 83 71 72 63 70 75 70 70 61 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Fixed IncomeEquities INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) 2nd quartile 1st quartile 1-year 3-year 5-year 10-year1-year 3-year 5-year 10-year Note: Past performance is no guarantee of future results. Full performance disclosures detailed on slide 24. Numbers may not foot due to rounding.
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27 92 92 92 18 19 93 94 93 19 92 22 95 95 95 95 0 94 3 1 77 75 2 3 0 77 3 73 1 0 0 0 93 94 95 94 95 94 95 97 94 96 95 94 96 96 95 95 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Alternatives 1-year 3-year 5-year 10-year1-year 3-year 5-year 10-year INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) 2nd quartile 1st quartile Multi-Asset 6 38 43 56 83 34 33 1 1 1 1 58 52 49 52 27 60 47 87 29 7 7 99 65 90 88 42 48 45 44 33 98 90 87 86 83 41 40 100 66 90 89 100100 94 96 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Note: Past performance is no guarantee of future results. Full performance disclosures detailed on slide 24. Numbers may not foot due to rounding.
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28 U.S. GAAP: STATEMENT OF INCOME ($m, except per share data or as noted) 30 Sep 25 30 Jun 25 30 Sep 24 Revenue Management fees 563.1 507.0 502.8 Performance fees 15.8 14.8 8.6 Shareowner servicing fees 66.7 60.0 61.4 Other revenue 54.8 51.4 52.0 Total revenue 700.4 633.2 624.8 Operating expens es Employee compensation and benefits 205.4 179.0 177.0 Long-term incentive plans 47.8 39.7 40.5 Distribution expenses 145.6 132.9 133.7 Investment administration 16.8 16.9 17.7 Marketing 10.7 12.0 8.3 General, administrative and occupancy 84.6 80.4 77.4 Impairment of assets 8.1 – – Depreciation and amortization 9.4 8.5 5.5 Total operating expenses 528.4 469.4 460.1 Operating income 172.0 163.8 164.7 Interest expense (6.3) (5.9) (4.5) Investment gains, net 55.1 52.6 35.0 Other non-operating income (expense), net 5.2 21.1 (101.6) Income before taxes 226.0 231.6 93.6 Income tax provision (45.0) (47.2) (43.6) Net income 181.0 184.4 50.0 Net income attributable to noncontrolling interests (38.9) (34.5) (22.7) Net income attributable to JHG 142.1 149.9 27.3 Less: allocation of earnings to participating stock-based awards (3.3) (3.4) (0.7) Net income attributable to JHG common shareholders 138.8 146.5 26.6 Diluted weighted-average shares outstanding (m) 151.3 154.4 154.7 Diluted earnings per share (in $) 0.92 0.95 0.17 Three months ended
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29 ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures Note: Reconciliation to be used in conjunction with slide 30. Footnotes included on slide 31. ($m, except per share data) 30 Sep 25 30 Jun 25 30 Sep 24 Reconciliation of revenue to adjusted revenue Revenue 1 700.4 633.2 624.8 Management fees (57.6) (52.9) (51.4) Shareowner servicing fees (53.9) (49.1) (49.9) Other revenue (34.1) (33.3) (35.4) Adjusted revenue 554.8 497.9 488.1 Reconciliation of operating expenses to adjusted operating expenses Operating expens es 528.4 469.4 460.1 Employee compensation and benefits2 (11.6) (2.7) (4.3) Long-term incentive plans2 (1.6) (1.0) (1.7) Distribution expenses1 (145.6) (132.9) (133.7) General, administrative and occupancy2 (7.4) 0.8 (2.7) Impairment of assets3 (8.1) – – Depreciation and amortization3 (3.8) (2.7) (0.1) Adjusted operating expenses 350.3 330.9 317.6 Adjusted operating income 204.5 167.0 170.5 Operating margin 24.6% 25.9% 26.4% Adjusted operating margin 36.9% 33.5% 34.9% Three months ended
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30 ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures (continued) ($m, except per share data) 30 Sep 25 30 Jun 25 30 Sep 24 Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG Net income attributable to JHG 142.1 149.9 27.3 Employee compensation and benefits2 11.6 0.3 1.3 Long-term incentive plans2 1.6 1.0 1.7 General, administrative and occupancy2 7.4 (0.8) 2.7 Impairment of assets3 8.1 – – Depreciation and amortization3 3.8 2.7 0.1 Interest expense4 0.4 0.2 0.1 Other non-operating income (expense), net4 4.6 (11.6) 113.3 Income tax benefit (provision)5 (8.8) 2.1 (1.8) Net income attributable to noncontrolling interests6 (1.2) (1.2) – Adjusted net income attributable to JHG 169.6 142.6 144.7 Diluted earnings per share (in $) 0.92 0.95 0.17 Adjusted diluted earnings per share (in $) 1.09 0.90 0.91 Three months ended Note: Reconciliation to be used in conjunction with slide 29. Footnotes included on slide 31.
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31 1 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 for the three months ended June 30, 2025, and September 30, 2024, 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. 2 All periods presented include adjustments related to acquisition-related expenses, redundancy expense and the acceleration of long-term incentive plan expense related to the departure of certain employees. The three months ended September 30, 2025, includes an adjustment for accelerated amortization related to the strategic decision in the third quarter of 2025 to transition our investment management platform to Aladdin. The three months ended June 30, 2025, includes insurance reimbursements related to trade errors. Adjustments for the three months ended June 30, 2025, and September 30, 2024, include an adjustment related to an employee secondment arrangement with a joint venture. JHG management believes these costs are not representative of our ongoing operations. 3 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. Adjustments for the three months ended September 30, 2025, also include the impairment of certain capitalized costs related to the strategic decision in the third quarter of 2025 to transition our investment management platform to Aladdin. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations. 4 Adjustments for the three months ended September 30, 2025, include fair value adjustments of acquisition-related contingent consideration, warrants and options. Adjustments for the three months ended June 30, 2025, include the reclassification of accumulated foreign currency translation adjustments to net income from JHG liquidated entities and fair value adjustments of acquisition related contingent consideration. The adjustments for the three months ended September 30, 2024, include the reclassification of accumulated foreign currency translation adjustments to net income from JHG liquidated entities and a fair value adjustment on options. 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 September 30, 2025, and June 30, 2025, 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. Footnotes to reconciliation of adjusted financial measures ALTERNATIVE PERFORMANCE MEASURES
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32 Q3 2025 ($m) Q2 2025 ($m) Q3 2024 ($m) AUM generating Q3 2025 pfees ($bn) # of funds generating Q3 2025 pfees Frequency Timing SICAVs 9.9 4.9 13.8 2.3 2 19 annually 16 at June 30 3 at Sept. 30 UK OEICs and unit trusts – 6.3 0.2 – – annually May 31 Hedge funds and other 1.4 0.1 3.3 0.2 4 quarterly / annually various Segregated mandates 1.2 – 0.2 4.0 3 quarterly / annually various Investment trusts – 2.4 – – – annually various U.S. mutual funds1 3.3 1.1 (8.9) 74.0 14 monthly monthly Total 15.8 14.8 8.6 80.5 23 PERFORMANCE FEES Note: Performance fees may include prior quarter accrual true-ups and redemption-based fees. AUM generating performance fees may not foot due to rounding. 1 AUM data represent U.S. mutual fund AUM subject to performance fees as of September 30, 2025. Janus Investment Funds and Janus Aspen Series Portfolios are counted as distinct and separate funds.
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33 Mutual funds with performance fees¹ AUM 30 Sep 25 ($m) Benchmark Base fee Performance fee2 Performance cap/(floor) vs benchmark Q3 2025 P&L impact ($000s) Research Fund and Portfolio 29,323 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% 7,848 Forty Fund and Portfolio 25,882 Russell 1000® Growth Index 0.64% ± 15 bps ± 8.50% (2,778) Global Research Fund and Portfolio 5,490 MSCI World IndexSM 0.60% ± 15 bps ± 6.00% 1,599 Contrarian Fund 5,003 S&P 500® Index 0.64% ± 15 bps ± 7.00% (1,705) Overseas Fund and Portfolio 4,619 MSCI All Country World ex-U.S. IndexSM 0.64% ± 15 bps ± 7.00% (797) Mid Cap Value Fund and Portfolio 2,095 Russell Midcap® Value Index 0.64% ± 15 bps ± 4.00% (406) Small Cap Value Fund 1,243 Russell 2000® Value Index 0.72% ± 15 bps ± 5.50% (329) Global Real Estate Fund 303 FTSE EPRA / NAREIT Global Index 0.75% ± 15 bps ± 4.00% (171) Small-Mid Cap Value Fund 84 Russell 2500TM Value Index 0.70% ± 15 bps ± 5.00% 18 Total 74,042 3,279 U.S. MUTUAL FUNDS WITH PERFORMANCE FEES Note: Numbers may not foot due to rounding. 1 The funds listed have a performance-based investment advisory fee that adjusts up or down based on performance relative to a benchmark over 36-month rolling periods. Please see the funds’ Statements of Additional Information for more details and benchmark information. 2 Adjustment of ± 15 bps assumes constant assets and could be higher or lower depending on asset fluctuations.
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34 ($ in millions) Amount remaining to expense 2025 2026 2027 2028 2029 2022 annual grant 4 4 – – – – 2023 annual grant 19 17 2 – – – 2024 annual grant 71 48 20 3 – – 2025 annual grant 150 77 48 22 3 – Other1 72 22 20 14 9 7 Total long-term incentive compensation 316 168 90 39 12 7 LONG-TERM INCENTIVE COMPENSATION Estimated future long-term incentive compensation amortization Note: Annual grants generally vest over three years. Assumed no forfeitures in future periods. Assumed no change in future values related to market or currency, which would impact expense related to cash-based awards (MFSAs, DIP, and DEP funds) and social security expense upon vesting. 1 Includes retention and recruiting awards, other subsidiary grants, and social security expense. Social security expense is estimated based on amount of existing awards expected to vest in that year.
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35 Investor enquiries Jim Kurtz Head of Investor Relations +1 303 336 4529 jim.kurtz@janushenderson.com Investor Relations investor.relations@janushenderson.com Media enquiries Candice Sun Global Head of Corporate Communications +1 303 336 5452 candice.sun@janushenderson.com CONTACTS
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201 Bishopsgate London EC2M 3AE United Kingdom www.janushenderson.com Contact us Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. This press release provides general information about the first closing of the Janus Henderson MENA Private Credit Fund IV solely for informational purposes and should not be construed as an offer to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, residence, or the circumstances of any investor. Investing involves risk, including the possible loss of principal and fluctuation of value. Investing in alternative investments is only appropriate for investors who are willing to bear the high economic risks of such investment. Forward-looking information Certain statements in this presentation 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 expectations regarding the non-binding acquisition proposal submitted jointly by Trian Fund Management, L.P. and its affiliated funds and General Catalyst Group Management, LLC and its affiliated funds, the timing and benefits of completed or pending transactions and strategic partnerships. 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 onforward-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 presentation include, but are not limited to, changes in interest rates and inflation, changes in trade policies (including the imposition of new or increased tariffs), changes to tax laws, 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. No public offer The information, statements, and opinions contained in this presentation 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. Various account minimums or other eligibility qualifications apply depending on the investment strategy, vehicle, or investor jurisdiction. Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.