Trading Update and Notice of Results

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 March 2026.

Total assets under management (AUM) increased by 27% since year end to close at £68.4bn, driven by the completion of the CCLA Investment Management (CCLA) acquisition and another quarter of positive net inflows, partially offset by the impact of geopolitical events on market levels in March 2026.

Key points:

• Group AUM increased by £14.4bn over the quarter to close at a reporting period-end record of £68.4bn.
• During the period the Group completed the acquisition of CCLA, introducing £15bn of AUM on the completion date of 2 February 2026.
• We continued to generate positive net inflows, with £1.5bn in the first quarter. Retail & Wholesale and Institutional client channels generated £1.7bn of net inflows which, in line with our expectations, was partly offset by small net outflows in CCLA managed strategies (excluding Money Market Funds (MMFs)).
• Although the first two months of the year saw strong positive market movements and good flow momentum, this was inevitably impacted by geopolitical events. Nonetheless, we are pleased to have generated small positive net inflows in March across both the Retail & Wholesale and Institutional client channels.

The positive momentum we saw through the latter half of 2025 continued into the first quarter of 2026, despite the increasingly uncertain geopolitical environment towards the end of the period. We generated total positive net inflows of £1.5bn in the quarter.

January and February saw higher levels of client demand along with strong market returns. Geopolitical events in the Middle East materially impacted both markets and client risk appetite through March, although we still generated positive net inflows in our Retail & Wholesale and Institutional client channels in each month of the quarter.

Across the quarter, we saw ongoing momentum in the Retail & Wholesale channel resulting in net inflows of £1.4bn. We also saw a return to positive inflows in the Institutional client channel. Net inflows of £0.3bn from Institutional clients were well diversified across five of our core investment capabilities.

In line with our expectations, and as we highlighted at our full year 2025 results, we saw small outflows of £0.2bn from CCLA strategies (excluding MMFs) in the first quarter1.

From a capability perspective, four of our core investment capabilities generated positive net inflows in the first quarter. Whilst there was ongoing demand for Systematic equities, we also delivered continued positive net inflows for Global equities, driven by Gold & Silver, and UK equities, with flows into UK Dynamic strategies. Our European equities capability also returned to positive net flow for the first time since 2018, with strong investment performance from the recently joined team.

Market sentiment has clearly shifted materially in recent weeks in response to geopolitical events. It is too early to tell if this represents a sustained change in client appetite towards risk assets or whether it will be more short-term and transitory. Despite the external environment, Jupiter remains in a stronger position today than we have been for a number of years and, with a broader, more diversified set of investment capabilities, are well-placed to take advantage of the opportunities that lie ahead.

• Note that given the potentially large and volatile nature of gross in- and outflows, CCLA money market funds are excluded from our reporting of flows. Their £4.1bn of AUM is, however, included in total CCLA AUM of £14.2bn.

Movement in AUM by client channel

• From completion of acquisition on 2 February 2026
• Of which £4.2bn is in MMFs
• Includes AUM movements of MMFs
• Of which £4.1bn is in MMFs

Notice of results

Jupiter will be issuing Interim results for the period to 30 June 2026 on 23 July 2026 and will host an analyst presentation to discuss the results.

Historic quarterly net flows and AUM

Flows and AUM by quarter