# EDGAR Filing Document

**Accession Number:** 0001274173
**File Stem:** 0001437749-26-021464
**Filing Date:** 2026-6
**Character Count:** 40882
**Document Hash:** 0b5e3e710f30c1b6e5def53127858fbf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-021464.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001437749-26-021464

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS HENDERSON GROUP PLC
- **CENTRAL INDEX KEY:** 0001274173
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38103
- **FILM NUMBER:** 261112331

**BUSINESS ADDRESS:**
- **STREET 1:** 201 BISHOPSGATE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 3AE
- **BUSINESS PHONE:** 442078181818

**MAIL ADDRESS:**
- **STREET 1:** 201 BISHOPSGATE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 3AE

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON GROUP PLC
- **DATE OF NAME CHANGE:** 20050511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HHG PLC
- **DATE OF NAME CHANGE:** 20031223

?xml version='1.0' encoding='ASCII'? jhg20261231_11k.htm

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**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

**☒** **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**for the year ended December 31, 2025 or**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to**

**Commission File No. 001-38103**

**JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**

(Full title of the plan)

**Janus Henderson Group plc**

**201 Bishopsgate**

**EC2M 3AE**

**United Kingdom**

(Name of issuer of the securities held pursuant to the plan and

the address of its principal executive office)

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**JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN** 

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| Report of Independent Registered Public Accounting Firm | 1–2 |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024 | 3 |
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025 | 4 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements as of December 31, 2025 and 2024, and for the Year Ended December 31, 2025 | 5–11 |
| Supplemental Schedules: |  |
| &nbsp;&nbsp;&nbsp;Schedule H, Line 4a —Schedule of Delinquent Participant Contributions as of December 31, 2025 and for the year then ended | 13 |
| Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2025 | 14–16 |
| Index to Exhibits | 17 |
| Signature Page | 18 |

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| | |
|:---|:---|
| NOTE: | All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosures under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. |

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**Report of Independent Registered Public Accounting Firm**

To the Administrator and Plan Participants of Janus 401(k) and Employee Stock Ownership Plan

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of Janus 401(k) and Employee Stock Ownership Plan (the "Plan") as of December 31, 2025 and 2024 and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Supplemental Information***

The supplemental Schedule H, line 4a - Schedule of Delinquent Participant Contributions as of December 31, 2025 and for the year then ended and Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025 ("supplemental schedules") have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedules are the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.

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/s/ PricewaterhouseCoopers LLP

Denver, Colorado

June 23, 2026

We have served as the Plan's auditor since 2018.

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| |
|:---|
| **JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**  |
| **STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS** |

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Cash and investments: |  |  |
| Participant-directed investments | $590899630 | $521523853 |
| Nonparticipant-directed investments | 20901785 | 19740148 |
| Cash | 136026 | 10010 |
| Total cash and investments | 611937441 | 541274011 |
| Receivables: |  |  |
| Sponsor contributions | 18298 | 1704459 |
| Notes receivable from participants | 1622180 | 1791484 |
| Total receivables | 1640478 | 3495943 |
| Net assets available for benefits | $613577919 | $544769954 |

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The accompanying notes are an integral part of these financial statements.

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| |
|:---|
| **JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**  |
| **STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS** |

---

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| | |
|:---|:---|
|  | **Year ended** |
|  | **December 31, 2025** |
| Additions to net assets attributed to: |  |
| Net appreciation in fair value of participant-directed investments | $46872243 |
| Net appreciation in fair value of nonparticipant-directed investments | 2182749 |
| Dividends and interest | 36317032 |
| Net investment income | 85372024 |
| Interest income on notes receivable from participants | 135847 |
| Contributions to net assets attributed to: |  |
| Participants | 17662056 |
| Sponsor | 10850160 |
| Participant rollovers | 4841889 |
| Total contributions | 33354105 |
| Deductions from net assets attributed to: |  |
| Plan expenses | (290726) |
| Benefits paid to participants | (49763285) |
| Total deductions | (50054011) |
| Net increase in net assets | 68807965 |
| Net assets available for benefits: |  |
| Beginning of year | 544769954 |
| End of year | $613577919 |

---

The accompanying notes are an integral part of these financial statements.

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**JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**1.** **DESCRIPTION OF THE PLAN**

Janus 401(k) and Employee Stock Ownership Plan (the "Plan") is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

The following brief description of the Plan is for general information purposes only. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

**Eligibility** — Substantially all U.S. based employees of Janus Henderson Group plc ("JHG", the "Company" or the "Sponsor") and affiliated employers who have adopted the Plan are eligible to participate in the Plan beginning on their date of employment.

**Contributions** — The Plan consists of a Roth 401(k) and a 401(k) component. Participants may contribute up to 75% of their annual compensation, as defined in the Plan, subject to certain limitations as set forth by the IRS. Participants may also contribute up to 25% of their annual base salary in after-tax contributions. Participants direct the investment of their contributions into various registered mutual funds offered by the Plan. Participants may also direct their investments through a trustee sponsored brokerage account.

The Sponsor contributes to the 401(k) portion of the Plan a matching contribution equal to 100% of each participant's eligible contribution up to 6% of the participant's compensation. Employees that work at least 1,000 hours during the year and remain employed on the last day of the Plan year are also eligible for an annual discretionary contribution to the Plan.

Eligible employees may receive matching contributions based on Qualified Student Loan Payments (QSLPs) rather than traditional salary deferrals. The plan matches 100% of the employee's QSLPs up to the first 6% of their eligible compensation (subject to the IRS annual contribution limits). Employees must provide annual self-certification of their loan repayments. Matching contributions for QSLPs are subject to the same vesting schedule and eligibility requirements as traditional employer matching contributions.

The Sponsor contributions to the profit-sharing portion are invested based on the direction of the participant. Contributions to the Employee Stock Ownership Plan ("ESOP") are invested directly in JHG common stock. After three years of service, employees may transfer 100% of their ESOP balance and any future contributions to participant-directed investments. Contributions are subject to certain limitations.

Participants can reinvest dividends earned on JHG common stock to purchase additional shares of JHG common stock or elect to receive dividends in cash.

A participant who is age 50 or older may make catch-up deferral contributions of $7,500 in 2025. Effective 2025, per the 2022 Secure 2.0 Act, participants who are ages 60-63 during the calendar year, are eligible to contribute an additional $3,750 for a super catch-up contribution.

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Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Contributions are subject to certain Internal Revenue Code ("IRC") limitations.

**Participant Accounts** — Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contributions, the Sponsor's contributions and may also include an allocation of Plan earnings and participant forfeitures. Plan losses, withdrawal fees and administrative expenses may be charged to participant's accounts. Allocations are based on account balances, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account.

**Vesting** — Participants are always 100% vested in their own contributions. Vesting in discretionary employer contributions, discretionary ESOP stock bonus contributions and in employer matching contributions are based on years of service with JHG or a subsidiary of JHG. Participants earn one year of service for each calendar year that they work at least 1,000 hours and the vesting percentage for the majority of participants is calculated as follows:

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| | |
|:---|:---|
|  | **Cumulative**  |
|  | **Percentage** |
| **Years of Service** | **Vested** |
| After 1 | &nbsp;&nbsp;&nbsp;20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 | 100% |

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A participant becomes 100% vested in all contributions if employed when the participant reaches normal retirement date (age 65), loses his or her job due to job elimination (as defined by the Plan), or leaves employment due to disability (as defined by the Plan) or death, even if the participant has not yet completed five years of service.

**Distribution of Benefits** — Distributions generally will be made in the event of retirement, death, disability, resignation, or dismissal. The Plan also provides for early distribution at age 59 1/2 in specific circumstances.

Distributions after termination of employment are made in a lump-sum payment in an amount equal to the value of the participant's vested interest in his or her account. Terminated participants with an account balance of $1,000 or less are paid a lump-sum distribution without the request or approval of the participant. If a terminated participant's account is greater than $1,000 but not more than $7,000, and the terminated participant does not elect to have a direct rollover to an eligible retirement plan or to receive a distribution directly, then the Administrator of the Automatic Portability ("AP") program, the Portability Services Network, LLC ("PSN"), will attempt to transfer the account to another employer's plan through the AP program; if no match is found, the PSN will process a distribution in a direct rollover to an individual retirement account designated by the PSN.

Distributions may also be made in the event of the financial hardship of the participant, as defined in the Plan.

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**Notes Receivable from Participants** — Participants may only have one loan outstanding at any given time and may borrow an aggregate amount of $50,000 or 50% of their account balance, whichever is less. The loans are secured by the balance in the participant's account and bear interest at the prime rate plus 1%. Principal and interest are paid ratably through payroll deductions.

**Trustee and Recordkeeper** — Fidelity Management Trust Company ("Fidelity") holds and administers all assets of the Plan in accordance with the provisions of the Plan agreement.

**Administration of the Plan** — The Sponsor has appointed an Advisory Committee to the Plan (the "Advisory Committee") to serve as fiduciary with the authority and responsibility to administer the Plan.

**Plan Termination** — Although it has not expressed any intent to do so, the Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination or partial termination, participants will become 100% vested.

**Forfeitures** — When certain terminations of participation in the Plan occur, the nonvested portion of the participant's account, as defined by the Plan, represents a forfeiture. Nonvested profit sharing, ESOP and employer matching contributions amounts forfeited by employees are first applied against Plan administration expenses. Any forfeiture amounts remaining after Plan expenses have been paid will be applied against any employer contribution obligation. Should the forfeiture amounts exceed Plan expenses and the Sponsor's contribution obligations, the excess amount will be allocated to the other participants as a part of and in the same manner as the Sponsor's contributions for the Plan year in which the forfeitures occurred. During 2025, forfeited amounts applied against Plan expenses totaled $183,015. There were $175,000 of forfeitures applied against employer contributions for the year ended December 31, 2025. As of December 31, 2025 and 2024, forfeited nonvested accounts totaled $170,197 and $122,343, respectively.

**2.** **SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Accounting** — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

**Use of Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes in net assets available for benefits. Actual results could differ from those estimates.

**Risks and Uncertainties** — The Plan provides for various investment options as set forth in the Plan agreement. Investment securities are exposed to various risks such as interest rate, market, concentration and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes could materially affect participant account balances and the amounts reported in the statements of net assets available for benefits. Approximately 3% and 4% of net assets available for benefits as of December 31, 2025 and 2024, respectively, were invested in JHG common stock, representing the ESOP portion of the Plan.

**Investment Valuation and Income Recognition** — The Plan's investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Shares of mutual funds and money market funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan on December 31, 2025. Common stock is valued at quoted market prices. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

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Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

**Notes Receivable from Participants** — Notes receivable from participants are measured at their unpaid principal balance plus any accrued interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan agreement. Notes receivable from participants have various maturity dates and interest rates ranging from 2026 to 2038 and 4.25% to 9.50%, respectively.

**Administrative Expenses** — Plan expenses include loan, distribution and administration fees paid to Fidelity. Other plan expenses include audit, legal and advisory fees. Nonvested profit sharing and ESOP amounts forfeited by employees are used to pay administration fees. Loan and distribution fees are charged against individual participant accounts. The Plan Sponsor may pay Plan expenses at its sole discretion but is not obligated to pay Plan expenses. Unless paid by the Plan Sponsor, such costs and expenses are charged against Plan assets at the participant account level and deducted by the trustee.

Administrative fees paid to Fidelity may be reduced to the extent Plan assets are invested in certain Fidelity and non-Fidelity investment products. Plan expenses were reduced by $40,073 and $66,098 during the years ended December 31, 2025 and 2024, respectively, as a result of such investment.

**Payment of Benefits** — Benefit payments to participants are recorded upon distribution. There were no participants who have elected to withdraw from the Plan, but have not yet been paid, as of December 31, 2025 and 2024.

**Contributions** — Contributions are recognized in the year to which they relate.

**Income Tax Status** — The IRS has determined and informed the Company by a letter dated October 14, 2014, that the Plan was designed in accordance with the applicable regulations of the IRC requirements. The Plan Sponsor believes the Plan has maintained its tax-exempt status. Therefore, no provision for income taxes has been included in the Plan's financial statements. The plan was last amended on November 12, 2025, for operational and regulatory matters. The amendments were not impactful to the Plan's tax-exempt status.

**Subsequent Events** — Subsequent events were evaluated through the date the financial statements were issued.

On December 21, 2025, JHG entered into a Merger Agreement under which the company will be acquired by a private investor group which is expected to close subsequent to the issuance of these financial statements. Any shares of JHG common stock owned by the Plan at the time the transaction is complete will be liquidated. As a result of this change, the Plan will cease to qualify as an 11-K filer under SEC rules.

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**3.** **FAIR VALUE MEASUREMENTS**

Measurements of fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan classifies its investments into Level 1, which refers to securities valued using quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. The Plan's policy is to recognize significant transfers between levels at the end of the reporting period. The following tables set forth by level within the fair value hierarchy a summary of the Plan's investments measured at fair value on a recurring basis as of December 31, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measurements** | **Fair value measurements** | **Fair value measurements** | **Fair value measurements** |
|  | **as of December 31, 2025, using:** | **as of December 31, 2025, using:** | **as of December 31, 2025, using:** | **as of December 31, 2025, using:** |
|  | **Quoted prices in** <br> **active markets for** <br> **identical assets**<br> **(Level 1)** | **Significant**<br> **other** <br> **observable** <br> **inputs** <br> **(Level 2)** | **Significant**<br> **unobservable** <br> **inputs<br> (Level 3)** | **Total** |
| Mutual funds | $556075039 | $- | $- | $556075039 |
| Common stock | 20901785 |  |  | 20901785 |
| Money market funds | 17415320 |  |  | 17415320 |
| Participant-directed brokerage accounts | 17409271 |  |  | 17409271 |
| Total | $611801415 | $- | $- | $611801415 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measurements** | **Fair value measurements** | **Fair value measurements** | **Fair value measurements** |
|  | **as of December 31, 2024, using:** | **as of December 31, 2024, using:** | **as of December 31, 2024, using:** | **as of December 31, 2024, using:** |
|  | **Quoted prices in** <br> **active markets for**<br> **identical assets** <br> **(Level 1)** | **Significant**<br> **other** <br> **observable**<br> **inputs** <br> **(Level 2)** | **Significant** <br> **unobservable**<br> **inputs<br> (Level 3)** | **Total** |
| Mutual funds | $494289154 | $- | $- | $494289154 |
| Common stock | 19740148 |  |  | 19740148 |
| Money market funds | 15219032 |  |  | 15219032 |
| Participant-directed brokerage accounts | 12015667 |  |  | 12015667 |
| Total | $541264001 | $- | $- | $541264001 |

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**4.** **NONPARTICIPANT-DIRECTED INVESTMENTS**

Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments for the year ended December 31, 2025, are as follows:

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| | |
|:---|:---|
| Janus Henderson Group plc common stock–at December 31, 2024 | $19740148 |
| Changes in net assets: |  |
| Net appreciation in fair value of investments | 2182749 |
| Dividends reinvested | 710572 |
| Benefits paid to participants | (1214513) |
| Forfeitures | (6999) |
| Transfers to participant-directed investments | (510172) |
| Net change | 1161637 |
| Janus Henderson Group plc common stock–at December 31, 2025 | $20901785 |

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**5.** **EXEMPT PARTY-IN-INTEREST TRANSACTIONS**

Certain Plan investments are shares of mutual funds managed by JHG and mutual funds and brokerage accounts managed by Fidelity. Certain Plan expenses include loan, distribution and administrative fees paid to Fidelity. JHG is the sponsoring employer of the Plan and Fidelity is the trustee and, therefore, these transactions qualify as exempt party-in-interest transactions.

In addition to mutual funds managed by JHG, the Plan also holds JHG common stock. As of December 31, 2025 and 2024, the Plan held 439,352 and 464,108 shares of JHG common stock with a cost basis of $12,065,158 and $12,417,969 and a market value of $20,901,785 and $19,740,148, respectively. During the year ended December 31, 2025, the Plan recorded dividend income attributable to JHG common stock of $710,572.

Certain employees of JHG perform administrative work and financial reporting for the Plan and are not compensated by the Plan.

**6.** **LITIGATION AND OTHER REGULATORY MATTERS**

We are periodically involved in various legal proceedings and other regulatory matters.

*Sandra Schissler v. Janus Henderson US (Holdings) Inc., Janus Henderson Advisory Committee, and John and Jane Does 1-30*

On September 9, 2022, a class action complaint, captioned *Schissler v. Janus Henderson US (Holdings) Inc., et al.,* was filed in the United States District Court for the District of Colorado. Named as defendants are Janus Henderson US (Holdings) Inc. ("Janus US Holdings") and the Advisory Committee to the Plan. The complaint purports to be brought on behalf of a class consisting of participants and beneficiaries of the Plan that invested in Janus Henderson funds on or after September 9, 2016. On January 10, 2023, an amended complaint was filed against the same defendants, naming two additional plaintiffs, Karly Sissel and Derrick Hittson. As amended, the complaint alleges that for the period since September 9, 2016, among other things, the defendants breached fiduciary duties of loyalty and prudence by (i) selecting higher-cost Janus Henderson funds over less expensive investment options, (ii) retaining Janus Henderson funds despite their alleged underperformance and (iii) failing to consider actively managed funds outside of Janus Henderson to add as investment options. The amended complaint also alleges that Janus US Holdings failed to monitor the Advisory Committee with respect to the foregoing. The amended complaint seeks various declaratory, equitable and monetary relief in unspecified amounts. On January 22, 2024, the district court entered an order granting in part and denying in part Janus US Holdings' motion to dismiss. The parties thereafter conducted fact and expert discovery, which was completed on May 27, 2025.

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On July 11, 2025, the defendants filed a motion for summary judgment with respect to all of the claims asserted in the complaint, as well as a motion to exclude certain opinions offered by the plaintiffs' experts. Also on July 11, 2025, the plaintiffs filed a motion for partial summary judgment with respect to one element of their fiduciary duty claim, and a motion to exclude certain opinions offered by the defendants' damages expert. Those motions have been fully briefed, but no decision has been issued.

On February 18, 2026, and without admitting any liability, fault or wrongdoing, Janus US Holdings reached an agreement in principle with plaintiffs to settle the matter for an immaterial amount. On February 24, 2026, the parties filed a Notice of Settlement with the district court. On April 29, 2026, plaintiffs filed a motion for preliminary approval. On May 4, 2026, the district court entered an order preliminarily approving the settlement. A fairness hearing for final approval of the settlement is set for September 4, 2026.

\*\*\*\*\*\*

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**SUPPLEMENTAL SCHEDULES**

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| |
|:---|
| **JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**  |
| **EIN 43-1804048, PLAN NO. 003** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **SCHEDULE H, LINE 4a** — **SCHEDULE OF DELIQUENT PARTICIPANT CONTRIBUTIONS** | **SCHEDULE H, LINE 4a** — **SCHEDULE OF DELIQUENT PARTICIPANT CONTRIBUTIONS** | **SCHEDULE H, LINE 4a** — **SCHEDULE OF DELIQUENT PARTICIPANT CONTRIBUTIONS** | **SCHEDULE H, LINE 4a** — **SCHEDULE OF DELIQUENT PARTICIPANT CONTRIBUTIONS** |  |
| **AS OF DECEMBER 31, 2025 AND FOR THE YEAR THEN ENDED** | **AS OF DECEMBER 31, 2025 AND FOR THE YEAR THEN ENDED** | **AS OF DECEMBER 31, 2025 AND FOR THE YEAR THEN ENDED** | **AS OF DECEMBER 31, 2025 AND FOR THE YEAR THEN ENDED** |  |
| <br> **Participant Contributions Transferred Late to Plan** | <br> **Total that Constitutes Nonexempt Prohibited Transactions** | <br> **Total that Constitutes Nonexempt Prohibited Transactions** | <br> **Total that Constitutes Nonexempt Prohibited Transactions** | <br> **Total that Constitutes Nonexempt Prohibited Transactions** |
| Check here if late participant loan repayments are included **☐** | Contributions not corrected | Contributions corrected outside VFCP | Contributions pending correction in VFCP | Total fully corrected under VFCP and PTE 2002-51 |
| $4123 | $- | $- | $- | $4123 |

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| |
|:---|
| **JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**  |
| **EIN 43-1804048, PLAN NO. 003** |

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| | | | |
|:---|:---|:---|:---|
| **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** |
| **Identity of issue, borrower, lessor, or similar party** | **Shares** | **Description of investment,**<br> **including maturity date,** <br> **rate of interest, collateral,** <br> **par or maturity date** | **Current value <sup>(2)</sup>** |
| Fidelity Freedom® Index 2010 Fund <sup>(1)</sup> | 12330 | Mutual Fund | $166583 |
| Fidelity Freedom® Index 2020 Fund <sup>(1)</sup> | 10984 | Mutual Fund | $185186 |
| Fidelity Freedom® Index 2025 Fund <sup>(1)</sup> | 34492 | Mutual Fund | $701228 |
| Fidelity Freedom® Index 2030 Fund <sup>(1)</sup> | 152030 | Mutual Fund | $3437408 |
| Fidelity Freedom® Index 2035 Fund <sup>(1)</sup> | 170234 | Mutual Fund | $4531633 |
| Fidelity Freedom® Index 2040 Fund <sup>(1)</sup> | 111573 | Mutual Fund | $3216653 |
| Fidelity Freedom® Index 2045 Fund <sup>(1)</sup> | 139730 | Mutual Fund | $4309272 |
| Fidelity Freedom® Index 2050 Fund <sup>(1)</sup> | 212008 | Mutual Fund | $6553177 |
| Fidelity Freedom® Index 2055 Fund <sup>(1)</sup> | 83186 | Mutual Fund | $2117072 |
| Fidelity Freedom® Index 2060 Fund <sup>(1)</sup> | 51304 | Mutual Fund | $1106618 |
| Fidelity Freedom® Index 2065 Fund <sup>(1)</sup> | 72040 | Mutual Fund | $1257819 |
| Fidelity Freedom® Index 2070 Fund <sup>(1)</sup> | 5511 | Mutual Fund | $68009 |
| Fidelity Freedom® Index Retirement Fund <sup>(1)</sup> | 484 | Mutual Fund | $5978 |
| Fidelity® Emerging Markets Index Fund <sup>(1)</sup> | 434027 | Mutual Fund | $5937483 |
| Fidelity® Extended Market Index Fund <sup>(1)</sup> | 61480 | Mutual Fund | $6189155 |
| Fidelity® 500 Index Fund <sup>(1)</sup> | 327766 | Mutual Fund | $77916501 |
| Fidelity® Inflation-Protected Bond Index Fund <sup>(1)</sup> | 218844 | Mutual Fund | $1995859 |
| Fidelity® International Index Fund <sup>(1)</sup> | 195482 | Mutual Fund | $11885321 |
| Fidelity® U.S. Bond Index Fund <sup>(1)</sup> | 637082 | Mutual Fund | $6727581 |
| Janus Henderson Absolute Return Income Opportunities Fund <sup>(1)</sup> | 40818 | Mutual Fund | $371448 |
| Janus Henderson Adaptive Global Allocation Fund <sup>(1)</sup> | 660080 | Mutual Fund | $7980363 |
| Janus Henderson Balanced Fund <sup>(1)</sup> | 455674 | Mutual Fund | $21986275 |
| Janus Henderson Contrarian Fund <sup>(1)</sup> | 688070 | Mutual Fund | $18405873 |
| Janus Henderson Developed World Bond Fund <sup>(1)</sup> | 85275 | Mutual Fund | $671116 |
| Janus Henderson Enterprise Fund <sup>(1)</sup> | 123035 | Mutual Fund | $17753939 |
| Janus Henderson European Focus Fund <sup>(1)</sup> | 23478 | Mutual Fund | $1424154 |
| Janus Henderson Flexible Bond Fund <sup>(1)</sup> | 721020 | Mutual Fund | $6784802 |
| Janus Henderson Forty Fund <sup>(1)</sup> | 627399 | Mutual Fund | $38221121 |

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&nbsp;&nbsp;&nbsp;&nbsp; (continued)

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| |
|:---|
| **JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**  |
| **EIN 43-1804048, PLAN NO. 003** |

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| | | | |
|:---|:---|:---|:---|
| **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** |
| **Identity of issue, borrower, lessor, or similar party** | **Shares** | **Description of investment,**<br> **including maturity date,**<br> **rate of interest, collateral,** <br> **par or maturity date** | **Current value <sup>(2)</sup>** |
| Janus Henderson Global Allocation Fund - Conservative <sup>(1)</sup> | 40101 | Mutual Fund | $513291 |
| Janus Henderson Global Allocation Fund - Growth <sup>(1)</sup> | 52525 | Mutual Fund | $755828 |
| Janus Henderson Global Allocation Fund - Moderate <sup>(1)</sup> | 22678 | Mutual Fund | $303664 |
| Janus Henderson Global Equity Income Fund <sup>(1)</sup> | 520682 | Mutual Fund | $3811390 |
| Janus Henderson Global Life Science Fund <sup>(1)</sup> | 258897 | Mutual Fund | $20926627 |
| Janus Henderson Global Real Estate Fund <sup>(1)</sup> | 155005 | Mutual Fund | $1878657 |
| Janus Henderson Global Research Fund <sup>(1)</sup> | 141475 | Mutual Fund | $17149601 |
| Janus Henderson Global Select Fund <sup>(1)</sup> | 331729 | Mutual Fund | $6425596 |
| Janus Henderson Global Sustainable Equity Fund <sup>(1)</sup> | 92142 | Mutual Fund | $1629076 |
| Janus Henderson Global Technology and Innovation Fund <sup>(1)</sup> | 396509 | Mutual Fund | $27398782 |
| Janus Henderson Growth and Income Fund <sup>(1)</sup> | 199209 | Mutual Fund | $14352984 |
| Janus Henderson High-Yield Fund <sup>(1)</sup> | 428197 | Mutual Fund | $3207194 |
| Janus Henderson International Dividend Fund <sup>(1)</sup> | 115312 | Mutual Fund | $2100990 |
| Janus Henderson Mid Cap Value Fund <sup>(1)</sup> | 440405 | Mutual Fund | $6544418 |
| Janus Henderson Multi-Sector Income Fund <sup>(1)</sup> | 1002575 | Mutual Fund | $8812635 |
| Janus Henderson Overseas Fund <sup>(1)</sup> | 289421 | Mutual Fund | $16528831 |
| Janus Henderson Research Fund <sup>(1)</sup> | 508135 | Mutual Fund | $45676228 |
| Janus Henderson Short Duration Flexible Bond Fund <sup>(1)</sup> | 801523 | Mutual Fund | $2316401 |
| Janus Henderson Small Cap Value Fund <sup>(1)</sup> | 270050 | Mutual Fund | $6319166 |
| Janus Henderson Small-Mid Cap Value Fund <sup>(1)</sup> | 196398 | Mutual Fund | $2942046 |
| Janus Henderson Triton Fund <sup>(1)</sup> | 376663 | Mutual Fund | $10275366 |
| Janus Henderson U.S. Dividend Income Fund <sup>(1)</sup> | 385418 | Mutual Fund | $5060540 |
| Janus Henderson Venture Fund <sup>(1)</sup> | 98526 | Mutual Fund | $8750130 |
| Vanguard Balanced Index Fund | 1709130 | Mutual Fund | $88550005 |
| Vanguard Short-Term Corporate Bond Index Fund | 89266 | Mutual Fund | $1937966 |

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&nbsp;&nbsp;&nbsp;&nbsp; (continued)

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| |
|:---|
| **JANUS 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN**  |
| **EIN 43-1804048, PLAN NO. 003** |

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| | | | |
|:---|:---|:---|:---|
| **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4i** — **SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** | **AS OF DECEMBER 31, 2025** |
| **Identity of issue, borrower, lessor, or similar party** | **Shares** | **Description of investment,**<br> **including maturity date,** <br> **rate of interest, collateral,** <br> **par or maturity date** | **Current value <sup>(2)</sup>** |
| Fidelity Brokeragelink® Common Stock <sup>(13)</sup> | 2515682 | Fidelity Brokeragelink Common Stock | $2515682 |
| Fidelity Brokeragelink® External Funds <sup>(13)</sup> | 2275706 | Fidelity Brokeragelink Mutual Fund | $2275706 |
| Fidelity Brokeragelink® Fidelity Funds <sup>(13)</sup> | 4044884 | Fidelity Brokeragelink Mutual Fund | $4044884 |
| Fidelity Brokeragelink® Unit <sup>(13)</sup> | 6579091 | Fidelity Brokeragelink Mutual Fund | $6579091 |
| Fidelity Brokeragelink® Interest-Bearing Cash Reserves <sup>(13)</sup> | 1993908 | Fidelity Brokeragelink Interest-bearing Cash | $1993908 |
| Janus Henderson Group plc common stock <sup>(14)</sup> | 439352 | Common Stock | $20901785 |
| Janus Henderson Government Money Market Fund <sup>(1)</sup> | 3242900 | Money Market Fund | $3242900 |
| Vanguard Treasury Money Market Fund | 14172420 | Money Market Fund | $14172420 |
| Total investments |  |  | $611801415 |
| Notes receivable from participants <sup>(156)</sup> |  | Participant loans | $1622180 |
| Total investments and notes receivable from participants |  |  | $613423595 |

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| |
|:---|
| <sup>(1)</sup> Indicates a party-in-interest (Note 5). |
| <sup>(2)</sup> Cost information is not required for participant directed investments and is therefore not included. |
| <sup>(3)</sup> Fidelity Brokeragelink common stock, mutual funds and interest-bearing cash are participant-directed brokerage accounts. |
| <sup>(4)</sup> The cost basis of the Janus Henderson Group plc common stock is $12,065,158. |
| <sup>(5)</sup> With various maturity dates and interest rates ranging from 2026 to 2038 and 4.25% to 9.50%, respectively. |
| <sup>(6)</sup> The cost on notes receivable from participants is $0. |

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**INDEX TO EXHIBITS**

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| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| 23.1 | [Consent of Independent Registered Public Accounting Firm.](ex_977717.htm) |

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**SIGNATURES**

*The Plan*. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Janus 401(k) and Employee Stock Ownership Plan | Janus 401(k) and Employee Stock Ownership Plan |
| Date: June 23, 2026&nbsp;&nbsp;&nbsp;&nbsp;  | By:  | <u>/s/ Karlene Lacy</u> |
|  | Name: Karlene Lacy<br> Title: Global Head of Tax | Name: Karlene Lacy<br> Title: Global Head of Tax |

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## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-218365) of Janus Henderson Group plc of our report dated June 23, 2026 relating to the financial statements and supplemental schedules of Janus 401(k) and Employee Stock Ownership Plan, which appears in this Form 11-K.

/s/ PricewaterhouseCoopers LLP<br> Denver, Colorado<br> June 23, 2026