• Solid long-term investment performance, with 60%, 69%, and 71% of assets under management (“AUM”) outperforming relevant benchmarks on a three-, five-, and 10-year basis, respectively, as of December 31, 2023
• AUM increased 9% quarter over quarter and 17% year over year to US$334.9 billion as of December 31, 2023
• US$(0.7) billion of net outflows in 2023 compared to US$(30.8) billion of net outflows in 2022¹
• US$(3.1) billion of net outflows in fourth quarter 2023 compared to US$(11.0) billion of net outflows in fourth quarter 2022
• Fourth quarter 2023 diluted EPS of US$0.74, or US$0.82 on an adjusted basis
• Strong balance sheet and cash generation, with over US$1.0 billion in cash and cash equivalents and US$442 million of cash provided from operating activities in 2023
• Board declared a quarterly dividend of US$0.39 per share; returned US$321 million in capital through dividends and share buybacks in 2023

Janus Henderson Group plc (NYSE: JHG; “JHG” or the “Company”) published its fourth quarter and full-year 2023 results for the period ended December 31, 2023. Fourth quarter 2023 operating income was US$143.7 million compared to US$121.7 million in the third quarter 2023 and US$67.8 million in the fourth quarter 2022. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$156.2 million in the fourth quarter 2023 compared to US$125.4 million in the third quarter 2023 and US$123.2 million in the fourth quarter 2022.

Fourth quarter 2023 diluted earnings per share of US$0.74 compared to US$0.56 in the third quarter 2023 and US$0.39 in the fourth quarter 2022. Adjusted diluted earnings per share of US$0.82 in the fourth quarter 2023 compared to US$0.64 in the third quarter 2023 and compared to US$0.61 in the fourth quarter 2022.

Ali Dibadj, Chief Executive Officer, stated:

"The year ended strongly with fourth quarter results that delivered year-over-year improvement in net flows, a stable management fee rate, solid core revenues, continued cost management, growth in operating income and EPS, and an AUM tailwind entering 2024.

"The tremendous amount of work that began in 2022 to reposition Janus Henderson for greater success is paying off, as evidenced in our 2023 results. During 2023, we executed on our strategy, implemented cost efficiencies to facilitate strategic reinvestment in the business, simplified our operating model, and reinforced our culture through articulating our Mission, Values, and Purpose—all while keeping our clients, and their clients, at the heart of everything we do.

"The current environment remains uncertain, geopolitical tensions are heightened, and we continue to face industry headwinds. Throughout, our focus remains the same—we will control what we can control and position Janus Henderson for growth. We have a fortress balance sheet, strong cash generation, disciplined investment teams and processes, and efficient cost management.

"As we enter 2024, and mark Janus Henderson’s 90^th anniversary of providing a world-class investment experience, we are encouraged by many signs of clear progress, which we believe has us squarely on the path to achieving our ambitions of organic growth and delivering superior outcomes for our clients, their clients, colleagues, 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.

DIVIDEND AND SHARE REPURCHASE

On January 31, 2024, the Board declared a fourth quarter dividend in respect of the three months ended December 31, 2023, of US$0.39 per share. Shareholders on the register on the record date of February 12, 2024, will be paid the dividend on February 28, 2024.

As part of the US$150 million on-market share repurchase program approved by the Board in October 2023, JHG purchased approximately 2.3 million of its ordinary shares on the New York Stock Exchange (NYSE) in the fourth quarter, for a total outlay of approximately US$62 million.

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 switches.

Total comparative AUM and flows

Quarterly AUM and flows by capability

Average AUM by capability

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (as of December 31, 2023)

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, Managed CDOs, Private Equity funds, and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Performance across all time periods excludes Intech, the sale of which was completed March 31, 2022. Excluded assets represent 3% of AUM. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (as of December 31, 2023)

Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (U.S. Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs, and Australian Managed Investment Schemes. Performance across all time periods excludes Intech, the sale of which was completed March 31, 2022. 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 December 31, 2023, 51%, 50%, 53%, and 64% of the 182, 173, 164, and 151 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 A 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.

ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2023 Morningstar, Inc. All Rights Reserved.

FOURTH QUARTER AND FULL-YEAR 2023 RESULTS BRIEFING INFORMATION

Chief Executive Officer Ali Dibadj and Chief Financial Officer Roger Thompson will present these results on February 1, 2024, on a conference call and webcast to be held at 9:00 a.m. ET.

Those wishing to participate should call:

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 December 31, 2023, Janus Henderson had approximately US$335 billion in assets under management, more than 2,000 employees, and offices in 24 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)

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.