Man Group

Website: Man Group
Index: FTSE 250
EPIC: EMG
Supersector: Financial Services
Sector: Financial Services
Subsector: Asset Managers
Market Cap: £3.08B
Payout Frequency: Semi-Annual

Man Group Dividend Analysis and Summary

Dividend summary (for year ended 31 Dec 2025)

Coverage and cash backing

Core EPS (diluted): 27.6¢ ? dividend covered ~1.6x
Core management fee EPS (diluted): 19.6¢ ? coverage ~1.1x (indicates the dividend is largely supported by the steadier fee base)
Statutory EPS (diluted): 15.0¢ ? not fully covered by statutory earnings (~0.9x)
Cash generation: Core operating cash flow (ex-WC) $418m vs dividends paid in 2025 $198m
Balance sheet/liquidity: Available cash $173m, undrawn RCF $800m (matures Dec 2030), net tangible assets $723m

Context and policy

Policy remains to grow the dividend progressively over time, aligned to underlying earnings and free cash flow.
DPS held flat at 17.2¢ in 2025 despite strong AUM growth, reflecting lower EPS and margin mix shift.
$100m share repurchase was completed in 2025 alongside dividends (total announced returns for 2025: $293m).

Short analysis: sustainability and growth outlook

Sustainability: The dividend is well covered on a core basis (1.6x) and narrowly covered by core management fee EPS (1.1x), suggesting the payout can be maintained from the recurring fee base even if performance fees are softer. Cash conversion remains solid.
Growth trajectory: DPS was flat YoY. With run-rate net management fees rising to $1,182m and AUM at a record $227.6bn, dividend growth could resume, but near-term headroom is moderated by lower fee margins (run-rate margin down to 52 bps) and lower core EPS YoY.
Earnings support: Core EPS fell to 27.6¢ (from 32.1¢) and statutory EPS to 15.0¢. The mix shift toward lower-margin long-only strategies dilutes margins, though it broadens and stabilises the fee base, which is supportive for a sustainable, if measured, dividend path.
Capital allocation: Board reiterates a progressive dividend policy; continued seeding and the Bardin Hill acquisition support long-term earnings breadth. Completed buybacks enhance per-share metrics but also consume capital; future buybacks aren’t guided here.

Structural/strategic developments relevant to future dividends

M&A: Acquisition of Bardin Hill (opportunistic and performing credit) completed 1 Oct 2025; adds ~$2.7bn AUM and deepens credit franchise. Includes contingent consideration (earn-outs) capped at $70m and carried interest receivable/payable balances, which may influence future cash flows/capital returns timing.
Platform initiatives: Alignment of systematic teams (AHL and Numeric), launch of four new active ETFs, and AI partnership initiatives—intended to drive product innovation and scale; supportive of longer-term fee growth.
Buybacks: $100m repurchase completed in 2025; no new programme announced in this RNS.
No share consolidation or demerger activity disclosed.

Risks and flags for dividend stability

Coverage sensitivity: Dividend is not covered by statutory EPS; reliance on “core” measures and cash generation remains key.
Margin pressure: Net management fee margin fell to 56 bps (run-rate 52 bps) due to mix shift toward lower-margin long-only; sustained pressure could constrain dividend growth unless volumes offset.
Performance fee volatility: Core performance fees $281m (down YoY); while diversified, fee variability remains a swing factor for coverage and cash.
Legal overhang: Kuwait PIFSS claim (seeking $156m plus interest); $32m legal costs expensed in 2025. Outcome uncertain; an adverse ruling could impact future cash deployment.
FX and cost base: Stronger GBP vs USD increased costs (~$10m); translation and conversion effects can influence reported earnings and GBP dividends (given USD-to-GBP rate set on 8 May).
Capital commitments: Bardin Hill earn-outs/contingent consideration and ongoing seed capital may modestly compete with capital returns in certain periods.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
10/04/2025	21/05/2025	Final	11.60¢	USX
07/08/2025	19/09/2025	Interim	5.70¢	USX

Total (Annual Dividends Per Share): 12.75p (Using exchange rate on 17/04/2026 $ = £0.73692)

Dividend Yield = Annual Dividends Per Share (12.75p) ÷ Share Price (260.8p) = 4.89%

Ex Dividend Date	Payment Date	Type	Amount	Currency
09/04/2026	20/05/2026	Final	11.50¢	USX
07/08/2025	19/09/2025	Interim	5.70¢	USX
10/04/2025	21/05/2025	Final	11.60¢	USX
08/08/2024	20/09/2024	Interim	5.60¢	USX
11/04/2024	22/05/2024	Final	10.70¢	USX
10/08/2023	22/09/2023	Interim	5.60¢	USX
06/04/2023	19/05/2023	Final	10.10¢	USX
11/08/2022	09/09/2022	Interim	5.60¢	USX
07/04/2022	20/05/2022	Final	8.40¢	USX
05/08/2021	03/09/2021	Interim	5.60¢	USX
08/04/2021	21/05/2021	Final	5.70¢	USX
06/08/2020	02/09/2020	Interim	4.90¢	USX
02/04/2020	15/05/2020	Final	5.10¢	USX
08/08/2019	04/09/2019	Interim	4.70¢	USX
04/04/2019	17/05/2019	Final	5.40¢	USX
09/08/2018	05/09/2018	Interim	6.40¢	USX
26/04/2018	18/05/2018	Final	5.80¢	USX
17/08/2017	06/09/2017	Interim	5.00¢	USX
20/04/2017	12/05/2017	Final	4.50¢	USX
11/08/2016	31/08/2016	Interim	4.50¢	USX
21/04/2016	13/05/2016	Final	4.80¢	USX
13/08/2015	02/09/2015	Interim	5.40¢	USX
23/04/2015	15/05/2015	Final	6.10¢	USX
13/08/2014	03/09/2014	Interim	4.00¢	USX
23/04/2014	16/05/2014	Final	5.30¢	USX
14/08/2013	04/09/2013	Interim	2.60¢	USX

Year	Interim	Final	Currency	Total	Change
2024	5.600	10.700	USX	16.300	3.820
2023	5.600	10.100	USX	15.700	12.140
2022	5.600	8.400	USX	14.000	23.890
2021	5.600	5.700	USX	11.300	13.000
2020	4.900	5.100	USX	10.000	-0.990
2019	4.700	5.400	USX	10.100	-17.210
2018	6.400	5.800	USX	12.200	28.420
2017	5.000	4.500	USX	9.500	2.150
2016	4.500	4.800	USX	9.300	-19.130
2015	5.400	6.100	USX	11.500	23.650
2014	4.000	5.300	USX	9.300	257.690
2013	2.600		USX	2.600

Number of Shares:

Payment	Paid	Amount
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