# EDGAR Filing Document

**Accession Number:** 0001274173
**File Stem:** 0001437749-25-032286
**Filing Date:** 2025-10
**Character Count:** 241381
**Document Hash:** 8d56c603aa1266dc52c1b8b67ee32287
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-032286.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001437749-25-032286

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 98

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38103
- **FILM NUMBER:** 251432227

**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'? jhg20250930_10q.htm

[**Table of Contents**](#toc)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

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

**Commission File Number 001-38103**

![jlogo.jpg](jlogo.jpg)

**JANUS HENDERSON GROUP PLC**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Jersey, Channel Islands**<br> (State or other jurisdiction of<br> incorporation or organization) | **98-1376360**<br> (I.R.S. Employer<br> Identification No.) |
| **201 Bishopsgate** <br> London, United Kingdom<br> (Address of principal executive offices) | **EC2M3AE**<br> (Zip Code) |

---

**+44 (0) 20 7818 1818**

(Registrant's telephone number, including area code)

**N/A**

(Former name, former address and former fiscal year, if changed since last report)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, $1.50 Per Share Par Value<br> JHG | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 28, 2025, there were 154,476,408 shares of the registrant's common stock, $1.50 par value per share, issued and outstanding.

------

[**Table of Contents**](#toc)

**JANUS HENDERSON GROUP PLC**

**2025 FORM 10**-**Q QUARTERLY REPORT**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**PART I. Financial Information**](#p1) | [**PART I. Financial Information**](#p1) | [**PART I. Financial Information**](#p1) |
| Item 1. | [Financial Statements (unaudited)](#finstate) | [1](#finstate) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Balance Sheets](#bs) | [1](#bs) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Comprehensive Income](#inc) | [2](#inc) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Cash Flows](#cf) | [3](#cf) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Changes in Equity](#equity) | [4](#equity) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the Condensed Consolidated Financial Statements](#notes) | [6](#notes) |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda) | [19](#mda) |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#qq) | [32](#qq) |
| Item 4. | [Controls and Procedures](#cp) | [32](#cp) |
| [**PART II. Other Information**](#p2) | [**PART II. Other Information**](#p2) | [**PART II. Other Information**](#p2) |
| Item 1. | [Legal Proceedings](#legal) | [33](#legal) |
| Item 1A. | [Risk Factors](#rixk) | [33](#rixk) |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#unreg) | [33](#unreg) |
| Item 3. | [Defaults Upon Senior Securities](#a34) | [34](#a34) |
| Item 4. | [Mine Safety Disclosures](#a34) | [34](#a34) |
| Item 5. | [Other Information](#item5) | [34](#item5) |
| Item 6. | [Exhibits](#exs) | [35](#exs) |
|  | [Signatures](#sigs) | [36](#sigs) |

---

------

[**Table of Contents**](#toc)

**PART I** — **FINANCIAL INFORMATION** 

**Item 1. Financial Statements**

**JANUS HENDERSON GROUP PLC**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**(U.S. Dollars in Millions, Except Share Data)**

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | $996.9 | $1217.2 |
| Investments | 395.9 | 337.1 |
| Fees and other receivables | 335.1 | 356.6 |
| OEIC and unit trust receivables | 135.2 | 68.7 |
| Assets of consolidated VIEs: |  |  |
| Cash and cash equivalents | 44.0 | 17.6 |
| Investments | 1067.5 | 502.1 |
| Other current assets | 30.3 | 5.7 |
| Other current assets | 148.5 | 134.5 |
| Total current assets | 3153.4 | 2639.5 |
| **Non-current assets:** |  |  |
| Property, equipment and software, net | 34.6 | 39.4 |
| Intangible assets, net | 2531.0 | 2473.3 |
| Goodwill | 1621.5 | 1550.4 |
| Retirement benefit asset, net | 77.3 | 70.3 |
| Other non-current assets | 197.1 | 190.2 |
| Total assets | $7614.9 | $6963.1 |
| **LIABILITIES** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable and accrued liabilities | $312.2 | $266.1 |
| Current portion of accrued compensation, benefits and staff costs | 301.2 | 388.6 |
| OEIC and unit trust payables | 134.8 | 75.6 |
| Liabilities of consolidated VIEs: |  |  |
| Accounts payable and accrued liabilities | 36.1 | 4.7 |
| Total current liabilities | 784.3 | 735.0 |
| **Non-current liabilities:** |  |  |
| Accrued compensation, benefits and staff costs | 36.0 | 38.8 |
| Long-term debt | 395.4 | 395.0 |
| Deferred tax liabilities, net | 575.3 | 569.3 |
| Other non-current liabilities | 144.6 | 141.9 |
| Total liabilities | 1935.6 | 1880.0 |
| **Commitments and contingencies (See Note 16)** |  |  |
| **REDEEMABLE NONCONTROLLING INTERESTS** | 771.3 | 365.0 |
| **EQUITY** |  |  |
| Common stock, $1.50 par value; 480,000,000 shares authorized, and 154,683,308 and 158,126,855 shares issued and outstanding as of September 30, 2025, and December 31, 2024, respectively | 232.0 | 237.2 |
| Additional paid-in capital | 3711.9 | 3745.3 |
| Treasury shares, 45,325 and 36,171 shares held at September 30, 2025, and December 31, 2024, respectively | (1.2) | (0.9) |
| Accumulated other comprehensive loss, net of tax | (348.1) | (485.2) |
| Retained earnings | 1182.4 | 1095.1 |
| Total shareholders' equity | 4777.0 | 4591.5 |
| Nonredeemable noncontrolling interests | 131.0 | 126.6 |
| Total equity | 4908.0 | 4718.1 |
| Total liabilities, redeemable noncontrolling interests and equity | $7614.9 | $6963.1 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

------

[**Table of Contents**](#toc)

**JANUS HENDERSON GROUP PLC**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)**

**(U.S. Dollars in Millions, Except Per Share Data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **Revenue:** |  |  |  |  |
| Management fees | $563.1 | $502.8 | $1583.1 | $1435.0 |
| &nbsp;&nbsp;&nbsp; Performance fees | 15.8 | 8.6 | 27.0 | 2.9 |
| &nbsp;&nbsp;&nbsp; Shareowner servicing fees | 66.7 | 61.4 | 188.1 | 177.1 |
| &nbsp;&nbsp;&nbsp; Other revenue | 54.8 | 52.0 | 156.8 | 149.9 |
| Total revenue | 700.4 | 624.8 | 1955.0 | 1764.9 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Employee compensation and benefits | 205.4 | 177.0 | 565.9 | 509.1 |
| &nbsp;&nbsp;&nbsp; Long-term incentive plans | 47.8 | 40.5 | 131.6 | 127.3 |
| &nbsp;&nbsp;&nbsp; Distribution expenses | 145.6 | 133.7 | 410.6 | 382.7 |
| &nbsp;&nbsp;&nbsp; Investment administration | 16.8 | 17.7 | 49.8 | 42.7 |
| &nbsp;&nbsp;&nbsp; Marketing | 10.7 | 8.3 | 32.6 | 26.1 |
| &nbsp;&nbsp;&nbsp; General, administrative and occupancy | 84.6 | 77.4 | 240.6 | 212.9 |
| Impairment of assets | 8.1 |  | 8.1 |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 9.4 | 5.5 | 26.4 | 15.9 |
| Total operating expenses | 528.4 | 460.1 | 1465.6 | 1316.7 |
| **Operating income:** | 172.0 | 164.7 | 489.4 | 448.2 |
| &nbsp;&nbsp;&nbsp; Interest expense | (6.3) | (4.5) | (18.1) | (10.8) |
| &nbsp;&nbsp;&nbsp; Investment gains, net | 55.1 | 35.0 | 102.2 | 63.9 |
| &nbsp;&nbsp;&nbsp; Other non-operating income (expense), net | 5.2 | (101.6) | 32.7 | (59.4) |
| Income before taxes | 226.0 | 93.6 | 606.2 | 441.9 |
| &nbsp;&nbsp;&nbsp; Income tax provision | (45.0) | (43.6) | (124.8) | (117.8) |
| Net income | 181.0 | 50.0 | 481.4 | 324.1 |
| &nbsp;&nbsp;&nbsp; Net income attributable to noncontrolling interests | (38.9) | (22.7) | (68.7) | (37.0) |
| **Net income attributable to JHG** | $142.1 | $27.3 | $412.7 | $287.1 |
| **Earnings per share attributable to JHG common shareholders:** |  |  |  |  |
| Basic | $0.92 | $0.17 | $2.64 | $1.80 |
| Diluted | $0.92 | $0.17 | $2.63 | $1.80 |
| **Other comprehensive income (loss), net of tax:** |  |  |  |  |
| Foreign currency translation gains (losses) | $(51.0) | $108.4 | $145.0 | $88.3 |
| &nbsp;&nbsp;&nbsp; Reclassification of foreign currency translation to net income | (0.6) | 111.9 | (0.6) | 95.4 |
| &nbsp;&nbsp;&nbsp; Actuarial gains | 0.7 | 0.4 | 2.0 | 1.2 |
| Other comprehensive income (loss), net of tax | (50.9) | 220.7 | 146.4 | 184.9 |
| Other comprehensive loss (income) attributable to noncontrolling interests | 24.3 | (7.2) | (9.3) | (6.5) |
| Other comprehensive income (loss) attributable to JHG | $(26.6) | $213.5 | $137.1 | $178.4 |
| Total comprehensive income | $130.1 | $270.7 | $627.8 | $509.0 |
| Total comprehensive income attributable to noncontrolling interests | (14.6) | (29.9) | (78.0) | (43.5) |
| **Total comprehensive income attributable to JHG** | $115.5 | $240.8 | $549.8 | $465.5 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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[**Table of Contents**](#toc)

**JANUS HENDERSON GROUP PLC**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**(U.S. Dollars in Millions)**

---

| | | |
|:---|:---|:---|
|  | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** |
| **CASH FLOWS PROVIDED BY (USED FOR):** |  |  |
| **Operating activities:** |  |  |
| Net income | $481.4 | $324.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 26.4 | 15.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 0.3 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation plan expense | 58.6 | 51.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification of foreign currency translation to net income | (0.6) | 95.4 |
| Investment gains, net | (102.2) | (63.9) |
| Other, net | (1.9) | (6.9) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEIC and unit trust receivables and payables | (7.3) | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 30.9 | 45.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accruals and liabilities | (88.8) | (16.9) |
| Net operating activities | 396.8 | 447.3 |
| **Investing activities:** |  |  |
| Purchases of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, net | (140.2) | (94.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, equipment and software | (6.3) | (6.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments by consolidated seeded investment products, net | (257.3) | (179.0) |
| &nbsp;&nbsp;&nbsp; Seed capital hedges, net | (60.5) | (33.7) |
| Acquisitions, net of cash acquired | (5.3) | (17.2) |
| &nbsp;&nbsp;&nbsp; Other, net | (9.1) | 0.7 |
| Net investing activities | (478.7) | (329.7) |
| **Financing activities:** |  |  |
| Purchase of common stock for stock-based compensation plans | (96.8) | (80.0) |
| Purchase of common stock for the share buyback program | (142.8) | (155.1) |
| Dividends paid to shareholders | (187.7) | (188.1) |
| Issuance of long-term debt |  | 396.2 |
| &nbsp;&nbsp;&nbsp; Third-party capital invested into consolidated seeded investment products, net | 271.9 | 221.8 |
| &nbsp;&nbsp;&nbsp; Other, net | 4.1 | (0.3) |
| Net financing activities | (151.3) | 194.5 |
| **Cash and cash equivalents:** |  |  |
| &nbsp;&nbsp;&nbsp; Effect of foreign exchange rate changes | 39.3 | 24.6 |
| Net change | (193.9) | 336.7 |
| At beginning of period | 1234.8 | 1168.1 |
| At end of period | $1040.9 | $1504.8 |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for interest | $21.8 | $14.6 |
| &nbsp;&nbsp;&nbsp; Cash paid for income taxes, net of refunds | $128.7 | $95.0 |
| **Reconciliation of cash and cash equivalents:** |  |  |
| Cash and cash equivalents | $996.9 | $1483.8 |
| Cash and cash equivalents held in consolidated VIEs | 44.0 | 21.0 |
| Total cash and cash equivalents | $1040.9 | $1504.8 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

------

[**Table of Contents**](#toc)

**JANUS HENDERSON GROUP PLC**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)**

**(Amounts in Millions)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | ***Accumulated*** | | | |
|  | ***Number*** | | ***Additional*** | | ***other*** | | ***Nonredeemable*** | |
|  | ***of*** | ***Common*** | ***paid-in*** | ***Treasury*** | ***comprehensive*** | ***Retained*** | ***noncontrolling*** | ***Total*** |
| **Three months ended September 30, 2025** | ***shares*** | ***stock*** | ***capital*** | ***shares*** | ***loss*** | ***earnings*** | ***interests*** | ***equity*** |
| Balance at July 1, 2025 | 156.2 | $234.3 | $3689.9 | $(1.1) | $(321.5) | $1167.0 | $131.3 | $4899.9 |
| Net income (loss) | *—* |  |  |  |  | 142.1 | (0.3) | 141.8 |
| Other comprehensive loss | *—* |  |  |  | (26.0) |  |  | (26.0) |
| Reclassification of foreign currency translation to net income | *—* |  |  |  | (0.6) |  |  | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to shareholders ($0.40 per share) | *—* |  | 0.1 |  |  | (62.5) |  | (62.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of common stock for the share buyback program | (1.5) | (2.3) |  |  |  | (64.2) |  | (66.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of common stock for stock-based compensation plans | *—* |  | 0.2 | (0.6) |  |  |  | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vesting of stock-based compensation plans | *—* |  | (0.5) | 0.5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation plan expense | *—* |  | 21.7 |  |  |  |  | 21.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from stock-based compensation plans | *—* |  | 0.5 |  |  |  |  | 0.5 |
| **Balance at September 30, 2025** | 154.7 | $232.0 | $3711.9 | $(1.2) | $(348.1) | $1182.4 | $131.0 | $4908.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | ***Accumulated*** |  |  |  |
|  | ***Number*** | | ***Additional*** | | ***other*** | | ***Nonredeemable*** | |
|  | ***of*** | ***Common*** | ***paid-in*** | ***Treasury*** | ***comprehensive*** | ***Retained*** | ***noncontrolling*** | ***Total*** |
| **Three months ended September 30, 2024** | ***shares*** | ***stock*** | ***capital*** | ***shares*** | ***loss*** | ***earnings*** | ***interests*** | ***equity*** |
| **Balance at July 1, 2024** | 159.6 | $239.5 | $3675.4 | $(1.1) | $(598.7) | $1159.5 | $0.2 | $4474.8 |
| Net income | *—* |  |  |  |  | 27.3 |  | 27.3 |
| Other comprehensive income | *—* |  |  |  | 101.6 |  |  | 101.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification of foreign currency translation to net income | *—* |  |  |  | 111.9 |  |  | 111.9 |
| Dividends paid to shareholders ($0.39 per share) | *—* |  | (0.1) |  |  | (62.2) |  | (62.3) |
| Purchase of common stock for the share buyback program | (1.0) | (1.7) |  |  |  | (38.0) |  | (39.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of common stock for stock-based compensation plans | *—* |  | 0.6 | (0.2) |  |  |  | 0.4 |
| Vesting of stock-based compensation plans | *—* |  | (0.4) | 0.3 |  |  |  | (0.1) |
| Stock-based compensation plan expense | *—* |  | 18.1 |  |  |  |  | 18.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from stock-based compensation plans | *—* |  | 1.2 |  |  |  |  | 1.2 |
| **Balance at September 30, 2024** | 158.6 | $237.8 | $3694.8 | $(1.0) | $(385.2) | $1086.6 | $0.2 | $4633.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

------

[**Table of Contents**](#toc)

**JANUS HENDERSON GROUP PLC**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)**

**(Amounts in Millions)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | ***Accumulated*** |  |  |  |
|  | ***Number*** | | ***Additional*** | | ***other*** | | ***Nonredeemable*** | |
|  | ***of*** | ***Common*** | ***paid-in*** | ***Treasury*** | ***comprehensive*** | ***Retained*** | ***noncontrolling*** | ***Total*** |
| **Nine months ended September 30, 2025** | ***shares*** | ***stock*** | ***capital*** | ***shares*** | ***loss*** | ***earnings*** | ***interests*** | ***equity*** |
| Balance at January 1, 2025 | 158.1 | $237.2 | $3745.3 | $(0.9) | $(485.2) | $1095.1 | $126.6 | $4718.1 |
| Net income (loss) | *—* |  |  |  |  | 412.7 | (3.8) | 408.9 |
| Other comprehensive income | *—* |  |  |  | 137.7 |  |  | 137.7 |
| Reclassification of foreign currency translation to net income | *—* |  |  |  | (0.6) |  |  | (0.6) |
| Dividends paid to shareholders ($1.19 per share) | *—* |  | 0.1 |  |  | (187.8) |  | (187.7) |
| Purchase of common stock for the share buyback program | (3.5) | (5.2) |  |  |  | (137.6) |  | (142.8) |
| Acquisition of TCM | 0.1 |  | 2.2 |  |  |  | 8.2 | 10.4 |
| Purchase of common stock for stock-based compensation plans | *—* |  | (95.0) | (1.8) |  |  |  | (96.8) |
| Vesting of stock-based compensation plans | *—* |  | (1.3) | 1.5 |  |  |  | 0.2 |
| Stock-based compensation plan expense | *—* |  | 58.6 |  |  |  |  | 58.6 |
| Proceeds from stock-based compensation plans | *—* |  | 2.0 |  |  |  |  | 2.0 |
| **Balance at September 30, 2025** | 154.7 | $232.0 | $3711.9 | $(1.2) | $(348.1) | $1182.4 | $131.0 | $4908.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | ***Accumulated*** |  |  |  |
|  | ***Number*** | | ***Additional*** | | ***other*** | | ***Nonredeemable*** | |
|  | ***of*** | ***Common*** | ***paid-in*** | ***Treasury*** | ***comprehensive*** | ***Retained*** | ***noncontrolling*** | ***Total*** |
| **Nine months ended September 30, 2024** | ***shares*** | ***stock*** | ***capital*** | ***shares*** | ***loss*** | ***earnings*** | ***interests*** | ***equity*** |
| **Balance at January 1, 2024** | 163.3 | $245 | $3722.3 | $(1.1) | $(563.6) | $1135.5 | $0.2 | $4538.3 |
| Net income | *—* |  |  |  |  | 287.1 |  | 287.1 |
| Other comprehensive income | *—* |  |  |  | 83 |  |  | 83 |
| Reclassification of foreign currency translation to net income | *—* |  |  |  | 95.4 |  |  | 95.4 |
| Dividends paid to shareholders ($1.17 per share) | *—* |  |  |  |  | (188.1) |  | (188.1) |
| Purchase of common stock from share buyback program | (4.7) | (7.2) |  |  |  | (147.9) |  | (155.1) |
| Purchase of common stock for stock-based compensation plans | *—* |  | (79.1) | (0.9) |  |  |  | (80.0) |
| Vesting of stock-based compensation plans | *—* |  | (1.1) | 1 |  |  |  | (0.1) |
| Stock-based compensation plan expense | *—* |  | 51.3 |  |  |  |  | 51.3 |
| Proceeds from stock-based compensation plans | *—* |  | 1.4 |  |  |  |  | 1.4 |
| **Balance at September 30, 2024** | 158.6 | $237.8 | $3694.8 | $(1.0) | $(385.2) | $1086.6 | $0.2 | $4633.2 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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**JANUS HENDERSON GROUP PLC**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**Note *1*** — **Basis of Presentation**

***Basis of Presentation***

In the opinion of management of Janus Henderson Group plc ("JHG," "the Company," "we," "us," "our" and similar terms), the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state our financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Such financial statements have been prepared in accordance with the instructions to Form *10*-Q pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP are *not* required for interim reporting purposes and have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in our Annual Report on Form *10*-K for the year ended *December 31, 2024*. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date. Certain prior year amounts have been reclassified to conform to current year presentation with *no* effect on our consolidated net income or cash flows.

***Recent Accounting Pronouncements***

*Recently issued accounting pronouncements *not* yet adopted*

In *September 2025,* the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") *2025*-*06,* "Intangibles — Goodwill and Other — Internal-Use Software (Subtopic *350*-*40*): Targeted Improvements to the Accounting for Internal-Use Software," which removes all references to software development project stages so that the guidance is neutral to different software development methods. Therefore, under the ASU, software capitalization will begin when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function. ASU *2025*-*06* is effective for our annual periods beginning *January 1, 2028,* and interim reporting periods within that period. The guidance is to be applied on a prospective basis, on a modified transition approach, or a retrospective transition approach. Early adoption is permitted as of the beginning of an annual reporting period. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

In *December 2023,* the FASB issued ASU *2023*-*09,* "Income Taxes (Topic *740*): Improvements to Income Tax Disclosures," to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU *2023*-*09* is effective for our annual periods beginning *January 1, 2025.* We do *not* expect the adoption of this new guidance to have a material impact on the consolidated financial statements.

In *November 2024,* the FASB issued ASU *2024*-*03,* "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses," to expand disclosure requirements about specific expense categories within the notes to the financial statements. ASU *2024*-*03* is effective for our annual period beginning *January 1, 2027,* and interim periods beginning *January 1, 2028.* Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. We are currently evaluating the impact this guidance will have on the disclosures included in the Notes to the Condensed Consolidated Financial Statements.

**Note *2*** — **Acquisitions and Strategic Partnerships**

*Guardian Life Insurance Company of America*

On *June 30, 2025,* JHG entered into a strategic partnership with Guardian Life Insurance Company of America ("Guardian"), pursuant to which JHG will manage Guardian's public fixed income asset portfolio, which consists of predominantly investment-grade public fixed income assets.

In connection with the transaction, Guardian received consideration comprising 1.6 million equity warrants of JHG and the right to participate economically in other certain strategic initiatives. The equity warrants vest over a 10-year period, with 30% vesting immediately and the remaining 70% vesting in 10% annual increments beginning in *2029* and ending in *2035.*

Upon closing, JHG recognized a $41.1 million definite-lived intangible asset related to an investment management agreement with Guardian and corresponding liabilities for equity warrants and other economic consideration.

*Victory Park Capital Advisors, LLC* 

On *October 1, 2024,* JHG completed the acquisition of Victory Park Capital Advisors, LLC ("VPC"), a global private credit manager. VPC expands our capabilities into the private markets for our clients.

JHG acquired 55% of the voting equity interests for $114.0 million, using existing cash resources, and 824,208 shares of JHG common stock, which had a closing market price of $37.74 on *October 1, 2024.* In addition, subject to achieving certain revenue targets, JHG will deliver earnout consideration to be payable in *2027.* As of *September 30, 2025,* the fair value of the contingent consideration related to the acquisition of VPC was $19.8 million. The maximum total contingent consideration per the agreement is $111.4 million.

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The purchase price for the VPC acquisition was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is primarily attributable to anticipated growth opportunities and synergies from the transaction. The amount of goodwill expected to be deductible for tax purposes is approximately $130 million. A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows:

---

| | |
|:---|:---|
|  | ***Fair Value*** |
| Fees and other receivables | $20.8 |
| Other current assets | 0.8 |
| Property, equipment and software, net | 2.8 |
| Intangible assets, net<sup>(1)</sup> | 54.0 |
| Goodwill | 251.3 |
| Other non-current assets | 3.6 |
| Accounts payable and other liabilities | (26.8) |
| Current portion of accrued compensation | (8.5) |
| Other non-current liabilities | (4.3) |
| Noncontrolling interest<sup>(2)</sup> | (127.3) |
| Total consideration, net of cash acquired | $166.4 |

---

---

| | |
|:---|:---|
| **Summary of consideration, net of cash acquired:** |  |
| Cash paid | $114.0 |
| Common stock issued | 31.1 |
| Contingent consideration recorded | 25.5 |
| Cash acquired | (4.2) |
| Total consideration, net of cash acquired | $166.4 |

---

(*1*) The fair value of the intangible assets comprises investment management contracts with a fair value of $28.0 million, client relationships with a fair value of $20.5 million and a trademark with a fair value of $5.5 million as of the acquisition date. The fair value of the investment management contracts was determined based on the multi-period excess earnings method (a Level *3* input) and has a useful life of approximately four years. The fair value of the client relationships was determined based on the multi-period excess earnings method (a Level *3* input) and has a useful life of approximately four to 10 years. The fair value of the trademark was determined based on the relief-from-royalty method (a Level *3* input) and has a useful life of nine years. The useful lives are based on the individual contractual terms and the period over which the majority of cashflows would be realized. The definite-lived intangible assets are amortized on a straight-line basis over the useful life and have a weighted-average useful life of approximately six years.

(*2*) The fair value of the noncontrolling interest was determined based on an extrapolation of consideration method.

In addition to our acquisition of VPC, on *February 3, 2025,* JHG completed the acquisition of a 55% voting equity interest in Triumph Capital Markets Holdco, LP ("TCM"), which represents VPC's broker-dealer business. As part of the acquisition, the revenues related to TCM will be considered in the calculation of the earnout consideration payable, which was initially recorded as part of the VPC acquisition. The TCM acquisition is *not* material to the consolidated financial statements.

*Tabula Investment Management* 

On *July 1, 2024,* JHG completed the acquisition of Tabula Investment Management ("Tabula"), a leading independent exchange-traded fund ("ETF") provider in Europe with an existing focus on fixed income and sustainable investment solutions. JHG acquired 98.8% of the voting equity interests of Tabula. Before the acquisition, we held a 1.2% investment in Tabula. The Tabula acquisition is *not* material to the consolidated financial statements.

*NBK Capital Partners* 

On *September 19, 2024,* JHG completed the acquisition of NBK Capital Partners ("NBK"), the wealth management arm of the National Bank of Kuwait Group, whereby NBK's private investments team joined JHG as the firm's new emerging markets private capital division. JHG has acquired 100% of the voting equity interests of NBK. Following the closing of the acquisition, NBK was rebranded as Janus Henderson Emerging Markets Private Investments Limited. The NBK acquisition is *not* material to the consolidated financial statements.

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**Note *3*** — **Consolidation**

***Variable Interest Entities***

*Consolidated Variable Interest Entities*

Our consolidated variable interest entities ("VIEs") as of *September 30, 2025*, and *December 31, 2024*, include certain consolidated seeded investment products in which we have an investment and act as the investment manager. Third-party assets held in consolidated VIEs are *not* available to us or to our creditors. We *may not,* under any circumstances, access *third*-party assets held by consolidated VIEs to use in our operating activities or otherwise. In addition, the investors in these consolidated VIEs have *no* recourse to the credit of JHG.

*Unconsolidated Variable Interest Entities*

The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VIEs as of *September 30, 2025*, and *December 31, 2024* (in millions):

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| Unconsolidated VIEs | $26.6 | $53.6 |

---

Our total exposure to unconsolidated VIEs represents the value of our economic ownership interest in the investments.

***Voting Rights Entities***

*Consolidated Voting Rights Entities*

The following table presents the balances related to consolidated voting rights entities ("VREs") that were recorded in our Condensed Consolidated Balance Sheets, including our net interest in these products, as of *September 30, 2025*, and *December 31, 2024* (in millions):

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| Investments | $157.8 | $132.5 |
| Cash and cash equivalents | 14.5 | 26.3 |
| Other current assets | 2.1 | 2.7 |
| Accounts payable and accrued liabilities | (2.1) | (0.9) |
| Total | $172.3 | $160.6 |
| Redeemable noncontrolling interests in consolidated VREs | (38.7) | (22.7) |
| JHG's net interest in consolidated VREs | $133.6 | $137.9 |

---

Third-party assets held in consolidated VREs are *not* available to us or to our creditors. We *may not,* under any circumstances, access *third*-party assets held by consolidated VREs to use in our operating activities or otherwise. In addition, the investors in these consolidated VREs have *no* recourse to the credit of JHG.

Our total exposure to consolidated VREs represents the value of our economic ownership interest in these seeded investment products.

*Unconsolidated Voting Rights Entities*

The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VREs as of *September 30, 2025*, and *December 31, 2024* (in millions):

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| Unconsolidated VREs | $123.2 | $73.5 |

---

Our total exposure to unconsolidated VREs represents the value of our economic ownership interest in the investments.

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**Note *4*** — **Investments**

Our investments as of *September 30, 2025*, and *December 31, 2024*, are summarized as follows (in millions):

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| Current investments: |  |  |
| Seeded investment products: |  |  |
| Consolidated VIEs | $1067.5 | $502.1 |
| Consolidated VREs | 157.8 | 132.5 |
| Unconsolidated VIEs and VREs | 149.8 | 127.1 |
| Separately managed accounts | 33.4 | 41.9 |
| Total seeded investment products | 1408.5 | 803.6 |
| Investments related to deferred compensation plans | 47.8 | 29.8 |
| Other investments | 7.1 | 5.8 |
| Total current investments | $1463.4 | $839.2 |
| Non-current investments: |  |  |
| Equity method investments | 17.8 | 23.1 |
| &nbsp;&nbsp;&nbsp; Other non-current investments | 8.8 |  |
| Total investments | $1490.0 | $862.3 |

---

***Investment Gains, Net***

Investment gains, net in our Condensed Consolidated Statements of Comprehensive Income included the following for the *three* and *nine* months ended *September 30, 2025* and *2024* (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Seeded investment products and seed hedges, net | $8.3 | $10.8 | $27.9 | $27.3 |
| Third-party ownership interests in seeded investment products | 39.0 | 22.7 | 72.4 | 37.0 |
| Equity method investments | (1.1) | (1.0) | (4.4) | (4.5) |
| Other | 8.9 | 2.5 | 6.3 | 4.1 |
| Investment gains, net | $55.1 | $35.0 | $102.2 | $63.9 |

---

As of *September 30, 2025* and *2024,* cumulative net unrealized gains on seeded investment products and associated derivative instruments held at period end, excluding noncontrolling interests, were $73.1 million and $61.9 million, respectively.

Gains and losses attributable to *third*-party ownership interests in seeded investment products are noncontrolling interests and are *not* included in net income attributable to JHG. Although the gains and losses are unrealized because the investments have *not* been sold, we adjust their fair value monthly through investments gains, net on our Condensed Consolidated Statements of Comprehensive Income.

***Equity Method Investments***

Our equity method investments (other than investments in seeded investment products) include a 49% interest in Privacore Capital Advisors LLC and a 20% interest in Long Tail Alpha LLC.

***Cash Flows***

Cash flows related to our investments for the *nine* months ended *September 30, 2025* and *2024*, are summarized as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** |
|  | ***2025*** | ***2025*** | ***2025*** | ***2024*** | ***2024*** | ***2024*** |
|  | ***Purchases*** | ***Sales,*** |  | ***Purchases*** | ***Sales,*** |  |
|  | ***and*** | ***settlements and*** | ***Net*** | ***and*** | ***settlements and*** | ***Net*** |
|  | ***settlements*** | ***maturities*** | ***cash flow*** | ***settlements*** | ***maturities*** | ***cash flow*** |
| Investments by consolidated seeded investment products | $(397.8) | $140.5 | $(257.3) | $(230.2) | $51.2 | (179.0) |
| Investments | (361.5) | 221.3 | (140.2) | (178.1) | 83.9 | (94.2) |

---

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**Note *5*** — **Derivative Instruments**

***Derivative Instruments Used to Hedge Seeded Investment Products***

We maintain an economic hedge program that uses derivative instruments to mitigate against market exposure of certain seeded investments by using index and commodity futures ("futures"), contracts for difference, total return swaps, credit default swaps and To-Be-Announced securities ("TBAs"). Certain foreign currency exposures associated with our seeded investment products are also hedged by using foreign currency forward contracts.

We were party to the following derivative instruments as of *September 30, 2025*, and *December 31, 2024* (in millions):

---

| | | |
|:---|:---|:---|
|  | ***Notional value*** | ***Notional value*** |
|  | ***September 30, 2025*** | ***December 31, 2024*** |
| Futures and contracts for difference | $1471.3 | $789.0 |
| Credit default swaps | 159.5 | 148.5 |
| Total return swaps | 59.4 | 69.7 |
| Foreign currency forward contracts | 296.6 | 328.2 |
| TBAs | 42.6 | 9.1 |

---

The derivative instruments are *not* designated as hedges for accounting purposes. Changes in fair value of the derivatives are recognized in investment gains, net in our Condensed Consolidated Statements of Comprehensive Income. The changes in fair value of the derivative instruments for the *three* and *nine* months ended *September 30, 2025* and *2024*, are summarized as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Futures and contracts for difference | $(19.0) | $(16.6) | $(42.1) | $(22.4) |
| Credit default swaps | (0.8) | (1.0) | (1.4) | (2.5) |
| Total return swaps | (1.8) | (3.4) | (7.3) | (9.3) |
| Foreign currency forward contracts and swaps | (5.2) | 9.7 | 0.2 | 10.6 |
| TBAs | (0.3) |  | (0.7) |  |
| Total gains (losses) from derivative instruments | $(27.1) | $(11.3) | $(51.3) | $(23.6) |

---

Derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets. The derivative liabilities as of *September 30, 2025*, and *December 31, 2024*, are summarized as follows (in millions):

---

| | | |
|:---|:---|:---|
|  | ***Fair value*** | ***Fair value*** |
|  | ***September 30, 2025*** | ***December 31, 2024*** |
| Derivative liabilities | $10.3 | $8.5 |

---

As of *September 30, 2025*, and *December 31, 2024*, the derivative assets in our Condensed Consolidated Balance Sheets were insignificant.

In addition to using derivative instruments to mitigate against market exposure of certain seeded investments, we also engage in short sales of securities to mitigate against market exposure of certain seed investments. As of *September 30, 2025*, and *December 31, 2024*, the fair value of securities sold but *not* yet purchased was insignificant. The cash received from the short sale and the obligation to repurchase the shares are classified in other current assets and in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets, respectively. Fair value adjustments are recognized in investment gains, net in our Condensed Consolidated Statements of Comprehensive Income.

***Derivative Instruments Used in Consolidated Seeded Investment Products***

Certain of our consolidated seeded investment products use derivative instruments to contribute to the achievement of defined investment objectives. These derivative instruments are classified within other current assets or in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment gains, net in our Condensed Consolidated Statements of Comprehensive Income.

Our consolidated seeded investment products were party to the following derivative instruments as of *September 30, 2025*, and *December 31, 2024* (in millions):

---

| | | |
|:---|:---|:---|
|  | ***Notional value*** | ***Notional value*** |
|  | ***September 30, 2025*** | ***December 31, 2024*** |
| Futures and contracts for difference | $711.9 | $160.5 |
| Credit default swaps | 12.7 | 4.3 |
| Total return swaps | 32.5 | 10.3 |
| Interest rate swaps | 15.0 | 13.9 |
| Foreign currency forward contracts | 286.4 | 196.6 |
| Other | 1.6 |  |

---

As of *September 30, 2025*, and *December 31, 2024*, the derivative assets and liabilities used in consolidated seeded investment products in our Condensed Consolidated Balance Sheets were insignificant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *10*

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***Derivative Instruments*** — ***Foreign Currency Hedging Program***

We maintain a foreign currency hedging program to take reasonable measures to minimize the income statement effects of foreign currency remeasurement of monetary balance sheet accounts. The program uses foreign currency forward contracts and swaps to achieve its objectives, and it is considered an economic hedge for accounting purposes.

The notional value of the foreign currency forward contracts and swaps as of *September 30, 2025*, and *December 31, 2024*, is summarized as follows (in millions):

---

| | | |
|:---|:---|:---|
|  | ***Notional value*** | ***Notional value*** |
|  | ***September 30, 2025*** | ***December 31, 2024*** |
| Foreign currency forward contracts and swaps | $36.9 | $38.4 |

---

The derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets. As of *September 30, 2025*, and *December 31, 2024*, the derivative assets and liabilities, related to foreign currency hedging, were insignificant.

Changes in fair value of the derivatives are recognized in other non-operating income (expense), net in our Condensed Consolidated Statements of Comprehensive Income. Foreign currency remeasurement is also recognized in other non-operating income (expense), net in our Condensed Consolidated Statements of Comprehensive Income. For the *three* and *nine* months ended *September 30, 2025* and *2024*, the change in fair value of the foreign currency forward contracts and swaps was insignificant.

***Derivative Instruments*** — ***Warrants***

Equity warrants issued as part of the strategic partnership with Guardian are classified as derivative instruments and included in other non-current liabilities in our Condensed Consolidated Balance Sheets. As of *September 30, 2025*, the derivative liability was $26.0 million. Fair value adjustments associated with the warrant liability will be recognized in other non-operating income (expense), net, in our Condensed Consolidated Statements of Comprehensive Income.

**Note *6*** — **Fair Value Measurements**

The following table presents assets and liabilities reflected in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of *September 30, 2025* (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Fair value measurements using:*** | ***Fair value measurements using:*** | ***Fair value measurements using:*** |  |  |
|  | ***Quoted prices*** |  |  |  |  |
|  | ***in active*** | ***Significant*** |  |  |  |
|  | ***markets for*** | ***other*** | ***Significant*** | ***Investments*** |  |
|  | ***identical assets*** | ***observable*** | ***unobservable*** | ***valued at*** |  |
|  | ***and liabilities*** | ***inputs*** | ***inputs*** | ***practical*** |  |
|  | ***(Level 1)*** | ***(Level 2)*** | ***(Level 3)*** | **expedient<sup>(1)</sup>** | ***Total*** |
| **Assets:** |  |  |  |  |  |
| Cash equivalents | $657.3 | $— | $— | $— | $657.3 |
| Current investments: |  |  |  |  |  |
| Consolidated VIEs | 515.8 | 551.7 |  |  | 1067.5 |
| Other investments | 322.4 | 24.5 | 28.6 | 20.4 | 395.9 |
| Total current investments | 838.2 | 576.2 | 28.6 | 20.4 | 1463.4 |
| Other |  | 2.3 | 2.8 |  | 5.1 |
| Total assets | $1495.5 | $578.5 | $31.4 | $20.4 | $2125.8 |
| **Liabilities:** |  |  |  |  |  |
| Seed hedge derivatives | $— | $10.3 | $— | $— | $10.3 |
| Long-term debt<sup>(2)</sup> |  | 404.8 |  |  | 404.8 |
| Deferred bonuses |  |  | 92.6 |  | 92.6 |
| Contingent consideration |  |  | 24.5 |  | 24.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  | 26.0 |  |  | 26.0 |
| Other | 4.6 | 2.5 | 18.6 |  | 25.7 |
| Total liabilities | $4.6 | $443.6 | $135.7 | $— | $583.9 |

---

(*1*) Certain seeded investment products that do *not* have a readily determinable fair value have been measured at fair value using the net asset value ("NAV") as a practical expedient and have *not* been categorized in the fair value hierarchy.

(*2*) Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

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The following table presents assets and liabilities reflected in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of *December 31, 2024* (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Fair value measurements using:*** | ***Fair value measurements using:*** | ***Fair value measurements using:*** |  |  |
|  | ***Quoted prices*** |  |  |  |  |
|  | ***in active*** | ***Significant*** |  |  |  |
|  | ***markets for*** | ***other*** | ***Significant*** | ***Investments*** |  |
|  | ***identical assets*** | ***observable*** | ***unobservable*** | ***valued at*** |  |
|  | ***and liabilities*** | ***inputs*** | ***inputs*** | ***practical*** |  |
|  | ***(Level 1)*** | ***(Level 2)*** | ***(Level 3)*** | **expedient<sup>(1)</sup>** | ***Total*** |
| **Assets:** |  |  |  |  |  |
| Cash equivalents | $821.7 | $— | $— | $— | $821.7 |
| Current investments: |  |  |  |  |  |
| Consolidated VIEs | 260.6 | 241.5 |  |  | 502.1 |
| Other investments | 273.8 | 33.7 | 2.0 | 27.6 | 337.1 |
| Total current investments | 534.4 | 275.2 | 2.0 | 27.6 | 839.2 |
| Other |  | 10.2 | 2.5 |  | 12.7 |
| Total assets | $1356.1 | $285.4 | $4.5 | $27.6 | $1673.6 |
| **Liabilities:** |  |  |  |  |  |
| Seed hedge derivatives | $— | $8.5 | $— | $— | $8.5 |
| Long-term debt<sup>(2)</sup> |  | 383.3 |  |  | 383.3 |
| Deferred bonuses |  |  | 115.7 |  | 115.7 |
| Contingent consideration |  |  | 30.4 |  | 30.4 |
| Other | 1.9 | 3.2 |  |  | 5.1 |
| Total liabilities | $1.9 | $395.0 | $146.1 | $— | $543.0 |

---

(*1*) Certain seeded investment products that do *not* have a readily determinable fair value have been measured at fair value using the NAV as a practical expedient and have *not* been categorized in the fair value hierarchy.

(*2*) Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.

***Level *1* Fair Value Measurements***

Our Level *1* fair value measurements consist mostly of investments held by consolidated and unconsolidated seeded investment products and cash equivalents with quoted market prices in active markets. The fair value level of consolidated investments held by seeded investment products is determined by the underlying securities of the product. The fair value level of most unconsolidated investments held in seeded investment products is determined by the NAV, which is considered a quoted price in an active market.

***Level *2* Fair Value Measurements***

Our Level *2* fair value measurements consist mostly of investments held by consolidated investment products and our long-term debt. The fair value level of consolidated investments held by seeded investment products is determined by the underlying securities of the product. The fair value level of our long-term debt is determined using recent trading activity, which is considered a Level *2* input.

***Level *3* Fair Value Measurements***

*Investments*

As of *September 30, 2025*, and *December 31, 2024*, certain investments within consolidated VIEs and VREs were valued using significant unobservable inputs, resulting in Level *3* classification.

*Deferred Bonuses*

Deferred bonuses represent liabilities to employees over the vesting period that will be settled by investments in our products or cash. Upon vesting, employees receive the value of the investment product selected by the participant, adjusted for gains or losses attributable to the product. The significant unobservable inputs used to value the liabilities are investment designations and vesting periods.

*Changes in Fair Value*

Changes in fair value of our Level *3* assets for the *three* and *nine* months ended *September 30, 2025* and *2024*, were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Beginning of period fair value | $25.3 | $4.0 | $4.5 | $1.1 |
| Fair value adjustments | 2.5 | (2.0) | 3.0 | 0.2 |
| &nbsp;&nbsp;&nbsp; Transfers from Level 1 |  |  |  | 0.7 |
| Transfers from practical expedient |  |  | 9.4 |  |
| Purchases (sales) of securities, net | 3.6 | 11.8 | 14.5 | 11.8 |
| End of period fair value | $31.4 | $13.8 | $31.4 | $13.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *12*

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Changes in fair value of our Level *3* liabilities for the *three* and *nine* months ended *September 30, 2025* and *2024*, were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Beginning of period fair value | $110.3 | $76.3 | $146.1 | $117.6 |
| Fair value adjustments | 9.3 | 3.9 | 5.2 | 11.6 |
| Settlements | (1.0) |  | (1.6) |  |
| Vesting of deferred bonuses | (1.0) | 0.1 | (88.6) | (84.2) |
| Amortization of deferred bonuses | 18.2 | 18.4 | 51.3 | 53.9 |
| Foreign currency translation | (0.1) | 2.2 | 2.7 | 2.0 |
| Additions |  | 4.4 | 20.6 | 4.4 |
| End of period fair value | $135.7 | $105.3 | $135.7 | $105.3 |

---

***Nonrecurring Fair Value Measurements***

Nonrecurring Level *3* fair value measurements include goodwill, intangible assets and contingent consideration liabilities. We measure the fair value of goodwill and intangible assets on initial recognition based on the present value of estimated future cash flows. Significant assumptions used to determine the estimated fair value include assets under management ("AUM"), investment management fee rates, discount rates and expenses. We measure the fair value of contingent consideration liabilities on initial recognition using the Monte Carlo method, which requires assumptions regarding projected future earnings and the discount rate. Because of the significance of the unobservable inputs in the fair value measurements of these assets and liabilities, such measurements are classified as Level *3.*

***Investments Valued at Practical Expedient***

As a practical expedient to value certain investments that do *not* have a readily determinable fair value and have attributes of an investment, we use the NAV as the fair value. As such, investments in private investment funds with a fair value of $20.4 million are excluded from the fair value hierarchy as of *September 30, 2025*. Further, the respective fund's investment portfolio *may* contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of *September 30, 2025*, the investments valued at the practical expedient had $3.5 million of associated unfunded commitments.

**Note *7*** — **Goodwill and Intangible Assets**

The following tables present activity in our intangible assets and goodwill balances during the *nine* months ended *September 30, 2025* and *2024* (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | ***Foreign*** |  |
|  | ***December 31,*** |  |  | ***currency*** | ***September 30,*** |
|  | ***2024*** | ***Amortization*** | ***Additions*** | ***translation*** | ***2025*** |
| Indefinite-lived intangible assets: |  |  |  |  |  |
| Investment management agreements | $2056.5 | $*—* | $*—* | $25.5 | $2082.0 |
| Trademarks | 360.0 | *—* | *—* |  | 360.0 |
| Definite-lived intangible assets: |  |  |  |  |  |
| Client relationships | 86.1 |  |  | 4.3 | 90.4 |
| Investment management agreements | 28.0 | *—* | 41.1 |  | 69.1 |
| Trademarks | 5.5 | *—* |  |  | 5.5 |
| Accumulated amortization | (62.8) | (9.3) | *—* | (3.9) | (76.0) |
| Net intangible assets | $2473.3 | $(9.3) | $41.1 | $25.9 | $2531.0 |
| Goodwill | $1550.4 | $*—* | $17.9 | $53.2 | $1621.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Foreign** |  |
|  | ***December 31,*** |  |  | ***currency*** | ***September 30,*** |
|  | ***2023*** | ***Amortization*** | ***Additions*** | ***translation*** | ***2024*** |
| Indefinite-lived intangible assets: |  |  |  |  |  |
| Investment management agreements | $2064.8 | $*—* | $*—* | $17.3 | $2082.1 |
| Trademarks | 360.0 | *—* | *—* |  | 360.0 |
| Definite-lived intangible assets: |  |  |  |  |  |
| Client relationships | 68.6 |  |  | 2.3 | 70.9 |
| Accumulated amortization | (62.1) | (0.3) | *—* | (2.3) | (64.7) |
| Net intangible assets | $2431.3 | $(0.3) | $— | $17.3 | $2448.3 |
| Goodwill | $1290.3 | $*—* | $24.8 | $36.4 | $1351.5 |

---

As detailed in Note *2* — Acquisitions and Strategic Partnerships, we recognized a definite-lived intangible asset of $41.1 million related to the investment management agreement with Guardian. See Note *2* — Acquisitions and Strategic Partnerships, for additional information on the additions of intangible assets and goodwill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

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***Future Amortization***

Expected future amortization expense related to definite-lived intangible assets is summarized below (in millions):

---

| | |
|:---|:---|
| **Future amortization** | ***Amount*** |
| 2025 (remainder of year) | $3.8 |
| 2026 | 15.2 |
| 2027 | 15.2 |
| 2028 | 13.1 |
| 2029 | 6.7 |
| Thereafter | 35.0 |
| Total | $89.0 |

---

**Note *8*** — **Debt**

Our debt as of *September 30, 2025*, and *December 31, 2024*, consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
|  | ***Carrying value*** | ***Carrying value*** |
|  | ***September 30, 2025*** | ***December 31, 2024*** |
| 5.450% Senior Notes due 2034 | $395.4 | $395.0 |

---

***5.450%* Senior Notes Due *2034***

The *5.450%* Senior Notes due *2034* (*"2034* Senior Notes") have a principal amount of $400.0 million as of *September 30, 2025*, pay interest at 5.450% semiannually on *March 10* and *September 10* of each year, and mature on *September 10, 2034.* The *2034* Senior Notes include unamortized debt discount and issuance costs of $4.6 million at *September 30, 2025*, which will be accreted over the remaining life of the notes. The unamortized debt discount and issuance costs are recorded as a non-current contra liability in long-term debt in our Condensed Consolidated Balance Sheets.

***Credit Facility***

At *September 30, 2025*, we had a $200 million, unsecured, revolving credit facility ("Credit Facility"). The Credit Facility includes an option for us to request an increase to our borrowing capacity under the Credit Facility of up to an additional $50.0 million. The Credit Facility had a maturity date of *June 30, 2028,* with *two one*-year extension options that could be exercised at the discretion of JHG with the lender's consent on the *first* and *second* anniversary of the date of the agreement. We exercised the options to extend the term of the Credit Facility on the *first* and *second* anniversary of the agreement. The revised maturity date of the Credit Facility is *June 30, 2030.* JHG and its subsidiaries *may* use the Credit Facility for general corporate purposes. The rate of interest for each interest period is the aggregate of the applicable margin, which is based on our long-term credit rating and the Secured Overnight Financing Rate ("SOFR") in relation to any loan in U.S. dollars ("USD"), the Sterling Overnight Index Average ("SONIA") in relation to any loan in British pounds ("GBP"), the Euro Interbank Offered Rate ("EURIBOR") in relation to any loan in euros ("EUR") or the Bank Bill Swap Rate ("BBSW") in relation to any loan in Australian dollars ("AUD"). We are also required to pay a quarterly commitment fee on any unused portion of the Credit Facility, which is based on our long-term credit rating. If our credit rating falls below a certain threshold, as defined in the Credit Facility, our financing leverage ratio cannot exceed 3.00x EBITDA. At *September 30, 2025*, our credit rating was at or above the threshold established by the Credit Facility, and there were no borrowings under the Credit Facility.

**Note *9*** — **Income Taxes**

Our effective tax rates for the *three* and *nine* months ended *September 30, 2025* and *2024*, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Effective tax rate | 20.0% | 46.6% | 20.6% | 26.6% |

---

The change in the effective tax rate for the *three* and *nine* months ended *September 30, 2025,* compared to the corresponding periods in *2024,* was primarily attributable to the absence of certain non-deductible items recognized in the prior year. The *2024* effective tax rate included the impact of the reclassification of accumulated foreign currency translation adjustments to net income from liquidated JHG entities, which were treated as non-deductible for tax purposes. The *2025* effective tax rate was further impacted by disallowed noncontrolling interest associated with seeded investment products.

As of *September 30, 2025*, the Company had $27.8 million of unrecognized tax benefits held for uncertain tax positions.

On *July 4, 2025,* U.S. President Donald Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA includes several changes to corporate income tax provisions, including modifications to the capitalization of research and development expenditures, limitation on the deductibility of interest expense, and accelerated depreciation for certain fixed assets. The Company has assessed the income tax effects of the OBBBA and does *not* expect the enactment of this legislation to have a material impact on its consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

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**Note *10*** — **Noncontrolling Interests**

***Redeemable Noncontrolling Interests***

Redeemable noncontrolling interests as of *September 30, 2025*, and *December 31, 2024*, consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| Consolidated seeded investment products | $771.3 | $365.0 |

---

*Consolidated Seeded Investment Products*

Noncontrolling interests in consolidated seeded investment products are classified as redeemable noncontrolling interests when there is an obligation to repurchase units at the investor's request.

Redeemable noncontrolling interests in consolidated seeded investment products *may* fluctuate from period to period and are impacted by changes in our relative ownership, changes in the amount of *third*-party investment in seeded products and volatility in the market value of the seeded products' underlying securities. Third-party redemption of investments in any particular seeded product is redeemed from the respective product's net assets and cannot be redeemed from the net assets of our other seeded products or from our other net assets.

The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the *three* and *nine* months ended *September 30, 2025* and *2024* (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Opening balance | $744.7 | $346.7 | $365.0 | $317.2 |
| Changes in market value | 39.0 | 22.7 | 72.4 | 37.0 |
| Changes in ownership | 11.9 | 116.9 | 324.5 | 132.8 |
| Foreign currency translation | (24.3) | 7.2 | 9.4 | 6.5 |
| Closing balance | $771.3 | $493.5 | $771.3 | $493.5 |

---

***Nonredeemable Noncontrolling Interests***

Nonredeemable noncontrolling interests as of *September 30, 2025*, and *December 31, 2024*, consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
|  | ***September 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| Nonredeemable noncontrolling interests in: |  |  |
| VPC | $121.0 | $126.5 |
| TCM | 10.0 |  |
| Other |  | 0.1 |
| Total nonredeemable noncontrolling interests | $131.0 | $126.6 |

---

**Note *11*** — **Long-Term Incentive Compensation**

The following table presents restricted stock and mutual fund awards granted during the *three* and *nine* months ended *September 30, 2025* (in millions):

---

| | | |
|:---|:---|:---|
|  | ***Three months ended*** | ***Nine months ended*** |
|  | ***September 30, 2025*** | ***September 30, 2025*** |
| Restricted stock | $2.8 | $99.3 |
| Mutual fund awards | 0.4 | 74.8 |
| Total | $3.2 | $174.1 |

---

Restricted stock and mutual fund awards generally vest and will be recognized using a graded vesting method over a three- or five-year period.

**Note *12*** — **Retirement Benefit Plans**

We operate defined contribution retirement benefit plans and defined benefit pension plans.

Our primary defined benefit pension plan is the defined benefit section of the Janus Henderson Group UK Pension Scheme ("JHGPS").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *15*

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*Net Periodic Benefit Cost*

The components of net periodic benefit cost in respect of defined benefit plans for the *three* and *nine* months ended *September 30, 2025* and *2024*, include the following (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Interest cost | $(7.8) | $(6.9) | $(24.3) | $(20.4) |
| Amortization of prior service cost | (0.1) | (0.1) | (0.3) | (0.3) |
| Amortization of net gain | (0.6) | (0.3) | (1.7) | (0.9) |
| Expected return on plan assets | 7.6 | 6.9 | 24.0 | 20.3 |
| Net periodic benefit cost | $(0.9) | $(0.4) | $(2.3) | $(1.3) |

---

**Note *13*** — **Accumulated Other Comprehensive Loss**

Changes in accumulated other comprehensive loss, net of tax for the *three* and *nine* months ended *September 30, 2025* and *2024*, were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** |
|  | ***2025*** | ***2025*** | ***2025*** | ***2024*** | ***2024*** | ***2024*** |
|  |  | ***Retirement*** |  |  | ***Retirement*** |  |
|  | ***Foreign*** | ***benefit*** |  | ***Foreign*** | ***benefit*** |  |
|  | ***currency*** | ***asset, net*** | ***Total*** | ***currency*** | ***asset, net*** | ***Total*** |
| Beginning balance | $(225.5) | $(96.0) | $(321.5) | $(514.8) | $(83.9) | $(598.7) |
| Other comprehensive income (loss) | (51.0) |  | (51.0) | 108.4 |  | 108.4 |
| Reclassifications to net income<sup>(1)</sup> | (0.6) | 0.7 | 0.1 | 111.9 | 0.4 | 112.3 |
| Total other comprehensive income (loss) | (51.6) | 0.7 | (50.9) | 220.3 | 0.4 | 220.7 |
| Less: other comprehensive loss (income) attributable to noncontrolling interests | 24.3 |  | 24.3 | (7.2) |  | (7.2) |
| Ending balance | $(252.8) | $(95.3) | $(348.1) | $(301.7) | $(83.5) | $(385.2) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** |
|  | ***2025*** | ***2025*** | ***2025*** | ***2024*** | ***2024*** | ***2024*** |
|  |  | ***Retirement*** |  |  | ***Retirement*** |  |
|  | ***Foreign*** | ***benefit*** |  | ***Foreign*** | ***benefit*** |  |
|  | ***currency*** | ***asset, net*** | ***Total*** | ***currency*** | ***asset, net*** | ***Total*** |
| Beginning balance | $(387.9) | $(97.3) | $(485.2) | $(478.9) | $(84.7) | $(563.6) |
| Other comprehensive income | 145.0 |  | 145.0 | 88.3 |  | 88.3 |
| Reclassifications to net income<sup>(1)</sup> | (0.6) | 2.0 | 1.4 | 95.4 | 1.2 | 96.6 |
| Total other comprehensive income | 144.4 | 2.0 | 146.4 | 183.7 | 1.2 | 184.9 |
| Less: other comprehensive income attributable to noncontrolling interests | (9.3) |  | (9.3) | (6.5) |  | (6.5) |
| Ending balance | $(252.8) | $(95.3) | $(348.1) | $(301.7) | $(83.5) | $(385.2) |

---

(*1*) Foreign currency reclassifications to net income are primarily related to the release of accumulated foreign currency translation reserves during the period in which a JHG entity liquidated.

The components of other comprehensive income (loss), net of tax for the *three* and *nine* months ended *September 30, 2025* and *2024*, were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** | ***Three months ended September 30,*** |
|  | ***2025*** | ***2025*** | ***2025*** | ***2024*** | ***2024*** | ***2024*** |
|  | ***Pre-tax*** | ***Tax*** | ***Net*** | ***Pre-tax*** | ***Tax*** | ***Net*** |
|  | ***amount*** | ***impact*** | ***amount*** | ***amount*** | ***impact*** | ***amount*** |
| Foreign currency translation adjustments | $(51.2) | $0.2 | $(51.0) | $109.8 | $(1.4) | $108.4 |
| Reclassifications to net income<sup>(1)</sup> | 0.1 |  | 0.1 | 112.3 |  | 112.3 |
| Total other comprehensive income (loss) | $(51.1) | $0.2 | $(50.9) | $222.1 | $(1.4) | $220.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** | ***Nine months ended September 30,*** |
|  | ***2025*** | ***2025*** | ***2025*** | ***2024*** | ***2024*** | ***2024*** |
|  | ***Pre-tax*** | ***Tax*** | ***Net*** | ***Pre-tax*** | ***Tax*** | ***Net*** |
|  | ***amount*** | ***impact*** | ***amount*** | ***amount*** | ***impact*** | ***amount*** |
| Foreign currency translation adjustments | $143.5 | $1.5 | $145.0 | $87.0 | $1.3 | $88.3 |
| Reclassifications to net income<sup>(1)</sup> | 1.4 |  | 1.4 | 96.6 |  | 96.6 |
| Total other comprehensive income | $144.9 | $1.5 | $146.4 | $183.6 | $1.3 | $184.9 |

---

(*1*) Foreign currency reclassifications to net income are primarily related to the release of accumulated foreign currency translation reserves during the period in which a JHG entity liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *16*

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**Note *14*** — **Earnings and Dividends Per Share**

***Earnings Per Share***

The following is a summary of the earnings per share calculation for the *three* and *nine* months ended *September 30, 2025* and *2024* (in millions, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Nine months ended*** | ***Nine months ended*** |
|  | ***September 30,*** | ***September 30,*** | ***September 30,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Net income attributable to JHG | $142.1 | $27.3 | $412.7 | $287.1 |
| Allocation of earnings to participating stock-based awards | (3.3) | (0.7) | (8.9) | (6.8) |
| Net income attributable to JHG common shareholders | $138.8 | $26.6 | $403.8 | $280.3 |
| Weighted-average common shares outstanding — basic | 150.6 | 154.4 | 152.8 | 155.8 |
| Dilutive effect of nonparticipating stock-based awards | 0.7 | 0.3 | 0.6 | 0.2 |
| Weighted-average common shares outstanding — diluted | 151.3 | 154.7 | 153.4 | 156.0 |
| Earnings per share: |  |  |  |  |
| Basic | $0.92 | $0.17 | $2.64 | $1.80 |
| Diluted | $0.92 | $0.17 | $2.63 | $1.80 |

---

***Dividends Per Share***

The payment of cash dividends is within the discretion of our Board of Directors and depends on many factors, including, but *not* limited to, our results of operations, financial condition, capital requirements, legal requirements and general business conditions.

The following is a summary of cash dividends declared and paid during the *nine* months ended *September 30, 2025*:

---

| | | | |
|:---|:---|:---|:---|
| ***Dividend*** | ***Date*** | ***Dividends paid*** | ***Date*** |
| ***per share*** | ***declared*** | ***(in millions)*** | ***paid*** |
| $0.39 | *January 30, 2025* | $61.5 | *February 27, 2025* |
| $0.40 | *April 30, 2025* | $63.8 | *May 29, 2025* |
| $0.40 | *July 30, 2025* | $62.4 | *August 28, 2025* |

---

On *October 29, 2025*, our Board of Directors declared a cash dividend of $0.40 per share for the *third* quarter *2025*. The quarterly dividend will be paid on *November 26, 2025*, to shareholders of record at the close of business on *November 10, 2025*.

**Note *15*** — **Segment Information**

We are a global asset manager and manage a range of investment products, operating across various product lines, distribution channels and geographic regions. However, information is reported to the chief operating decision-maker ("CODM"), our Chief Executive Officer ("CEO"), on an aggregated basis. Strategic and financial management decisions are determined centrally by our CEO and, on this basis, we operate as a single-segment investment management business.

Our investment management segment primarily derives revenues from management fees. Clients pay a management fee, which is usually calculated as a percentage of AUM. Certain investment products are also subject to performance fees, which vary based on when performance hurdles or other specified criteria are achieved. The level of assets subject to such fees can positively or negatively affect our revenue. Management and performance fees are generated from a diverse group of funds and other investment products and are the primary drivers of our revenue.

The accounting policies of the investment management segment are the same as those described in Note *2* — Summary of Significant Accounting Policies, in Part II, Item *8,* Financial Statements and Supplementary Data, in our Annual Report on Form *10*-K for the year ended *December 31, 2024.* The CODM assesses performance for the investment management segment and decides how to allocate resources based on net income attributable to JHG on the Condensed Consolidated Statements of Comprehensive Income. Refer to the Condensed Consolidated Statements of Comprehensive Income for information on our significant segment expenses. All of our revenue is earned from external customers.

The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets. Segment assets are identical to the total assets on our Condensed Consolidated Balance Sheets. Significant noncash items include depreciation and amortization, stock-based compensation plan expense and investment gains and losses. Refer to our Condensed Consolidated Statements of Cash Flows for a comprehensive listing of our noncash adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *17*

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**Note *16*** — **Commitments and Contingencies**

Commitments and contingencies *may* arise in the normal course of business.

***Investment Commitments***

As of *September 30, 2025*, the Company had capital commitments totaling $15.0 million to fund our seeded investment product in a private market strategy. These commitments are callable on demand at any time prior to their respective expiration date, and the timing of the funding is uncertain. The unfunded capital commitments are *not* recorded on the Company's Condensed Consolidated Balance Sheets. The Company intends to make additional capital commitments periodically to support the launch and growth of new investment products.

***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 Janus *401*(k) and Employee Stock Ownership Plan (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.*

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 *September 29, 2025,* the district court entered an order scheduling an *eight*-day trial starting on *July 20, 2026.* Janus US Holdings believes that it has substantial defenses and intends to vigorously defend against these claims.

**Note *17*** — **Subsequent Event**

On *October 27, 2025,* the Company issued a press release announcing the Company has received a letter outlining a non-binding acquisition proposal submitted jointly by Trian Fund Management, L.P. and its affiliated funds ("Trian") and General Catalyst Group Management, LLC and its affiliated funds ("General Catalyst") (the "Proposal").

The Company's board of directors has appointed a special committee to consider the Proposal, which was received by letter on *October 26* and contemplates the acquisition of all of the outstanding ordinary shares of the Company *not* already owned or controlled by Trian for $46.00 per share in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *18*

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**Item 2. Management**'**s Discussion and Analysis of Financial Condition and Results of Operations**

**Forward-Looking Statements**

*Certain statements in this Quarterly Report on Form 10-Q 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 (*"*Exchange Act*"*), and Section 27A of the Securities Act of 1933, as amended (*"*Securities Act*"*). 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. 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 on forward-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 Quarterly Report on Form 10-Q include, but are not limited to, changes in interest rates and inflation, changes in trade policies, including the imposition of new or increased tariffs, the duration of the U.S. government shutdown, 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 withdrawals from the funds and accounts we manage, and other risks, uncertainties, assumptions and factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, and this Quarterly Report on Form 10-Q under headings such as "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk," and in other filings or furnishings made by the Company with the SEC from time to time.*

**Business Overview**

We are an independent global asset manager, specializing in active investment across all major asset classes. We actively manage a broad range of investment products for institutional and retail investors across four capabilities: Equities, Fixed Income, Multi-Asset and Alternatives. Our strategy is based on three strategic pillars — Protect & Grow, Amplify and Diversify — and is centered on the belief that a combination of relentless focus and disciplined execution across our core business will drive future success as a global active asset manager. Specifically, our strategy lays a strong foundation for sustained organic growth and opportunistic inorganic growth to create value for all of our stakeholders, including clients, shareholders and employees. We serve a diverse clientele worldwide, comprising intermediaries, institutional investors and self-directed clients. To cater to regional needs effectively, we maintain local presence across most markets and provide investment materials tailored to local customs, preferences and languages supported by our global distribution team.

***Revenue***

Revenue primarily consists of management fees, shareowner servicing fees and performance fees. Management fees are generally based on a percentage of the market value of our AUM and are calculated using either the daily, month-end or quarter-end average asset balance in accordance with contractual agreements. Accordingly, fluctuations in the financial markets have a direct effect on our operating results. Additionally, our AUM may outperform or underperform the financial markets and, therefore, may fluctuate in varying degrees from that of the general market.

Performance fees are specified in certain fund and client contracts and are based on investment performance either on an absolute basis or compared to an established index over a specified period of time. These fees are often subject to a high-water mark. Performance fees are recognized at the end of the contractual period (typically monthly, quarterly or annually) if the stated performance criteria are achieved. Certain fund contracts allow for negative performance fees where there is underperformance against the relevant index.

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**THIRD QUARTER 2025 SUMMARY**

***Third Quarter 2025 Highlights***

● We achieved solid long-term investment performance, with 74%, 64% and 65% of our AUM outperforming relevant benchmarks on a three-, five- and 10-year basis, respectively, as of September 30, 2025.

● AUM increased to $483.8 billion, up 6% from June 20, 2025, and 27% from September 30, 2024.

● We recognized six consecutive quarters of positive net inflows, with third quarter 2025 net inflows of $7.8 billion, reflecting net inflows in both Intermediary and Institutional.

● Third quarter 2025 diluted earnings per share was $0.92, or $1.09 on an adjusted basis. Refer to the Non-GAAP Financial Measures section below for information on adjusted non-GAAP figures.

● On October 29, 2025, our Board of Directors declared a $0.40 per share dividend for the third quarter 2025.

● We returned $128.9 million in capital to shareholders through dividends and share buybacks during the third quarter 2025.

***Financial Summary***

Results are reported on a U.S. GAAP basis. Adjusted non-GAAP figures are presented in the Non-GAAP Financial Measures section below.

Revenue for the third quarter 2025 was $700.4 million, an increase of $75.6 million, or 12%, compared to the third quarter 2024. The key driver of the increase was:

● An increase of $60.3 million in management fees primarily due to an improvement in average AUM.

Total operating expenses for the third quarter 2025 were $528.4 million, an increase of $68.3 million, or 15%, compared to the third quarter 2024. Key drivers of the increase included:

● An increase of $28.4 million in employee compensation and benefits primarily due to an increase in fixed compensation costs due to higher average headcount following acquisitions completed in 2024.

● An increase of $11.9 million in distribution expenses primarily driven by an increase in average AUM.

Operating income for the third quarter 2025 was $172.0 million, an increase of $7.3 million, or 4.4%, compared to the third quarter 2024. Our operating margin was 24.6% in the third quarter 2025 compared to 26.4% in the third quarter 2024.

Net income attributable to JHG for the third quarter 2025 was $142.1 million, an increase of $114.8 million, or 421%, compared to the third quarter 2024. In addition to the aforementioned factors affecting revenue and operating expenses, key drivers of the variance included:

● An improvement of $106.8 million in other non-operating income (expense), net, primarily due to a $112.5 million benefit in the year-over-year change in the reclassification of accumulated foreign currency translation adjustments to net income from liquidated JHG entities.

● A favorable movement of $20.1 million in investment gains, net, partially offset by an improvement of $16.2 million in net income attributable to noncontrolling interests. Movements in investment gains, net and net income attributable to noncontrolling interests are primarily due to market movements in relation to our seeded investment products and derivative instruments and the consolidation and deconsolidation of third-party ownership interests in seeded investment products.

**Investment Performance of Assets Under Management**

The following table is a summary of investment performance as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Percentage of AUM outperforming benchmark<sup>(1)</sup>** | **1 year** | **3 years** | **5 years** | **10 years** |
| 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%** |

---

<sup>(1)</sup> 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, legacy Tabula passive ETFs, Fixed Income Buy & Maintain mandates, legacy NBK and VPC funds, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 14% of AUM for the period ended September 30, 2025.

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**Assets Under Management** 

Our AUM as of September 30, 2025, was $483.8 billion, an increase of $105.1 billion, or 28%, from December 31, 2024, driven primarily by the addition of $46.5 billion of predominantly investment-grade public fixed income assets from Guardian's general account and favorable market performance of $40.5 billion. AUM includes assets for which we provide services and earn an asset-based fee, even though we do not act as the investment advisor.

Our non-USD AUM is primarily denominated in GBP, EUR and AUD. During the three months ended September 30, 2025, the USD strengthened against GBP and weakened against EUR and AUD, resulting in a $0.7 billion decrease in our AUM. During the nine months ended September 30, 2025, the USD weakened against GBP, EUR, and AUD, resulting in an $8.1 billion increase in our AUM. As of September 30, 2025, approximately 23% of our AUM was non-USD-denominated.

Our AUM and flows by capability for the three and nine months ended September 30, 2025 and 2024, were as follows (in billions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** | | | | | |  | **Closing AUM** |
|  | **June 30,** | | | **Net sales** | | |  | **September 30,** |
|  | **2025** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)** | **Markets** | **FX<sup>(2)</sup>** | **Reclassifications** | **2025** |
| **By capability:** |  |  |  |  |  |  |  |  |
| Equities | $243.6 | $7.8 | $(11.1) | $(3.3) | $14.5 | $(0.6) | $— | $254.2 |
| Fixed Income | 142.2 | 17.8 | (8.1) | 9.7 | 1.2 |  |  | 153.1 |
| Multi-Asset | 55.6 | 2.0 | (2.0) |  | 2.5 | (0.1) |  | 58.0 |
| Alternatives | 15.9 | 2.3 | (0.9) | 1.4 | 1.2 |  |  | 18.5 |
| Total | $457.3 | $29.9 | $(22.1) | $7.8 | $19.4 | $(0.7) | $— | $483.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** | | | | | |  | **Closing AUM** |
|  | **December 31,** | | | **Net sales** | |  |  | **September 30,** |
|  | **2024** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)<sup>(3)</sup>** | **Markets** | **FX<sup>(2)</sup>** | **Reclassifications** | **2025** |
| **By capability:** |  |  |  |  |  |  |  |  |
| Equities | $229.4 | $23.2 | $(33.3) | $(10.1) | $30.1 | $4.8 | $— | $254.2 |
| Fixed Income | 82.7 | 90.3 | (25.3) | 65.0 | 3.1 | 2.3 |  | 153.1 |
| Multi-Asset | 53.1 | 4.6 | (6.3) | (1.7) | 6.2 | 0.4 |  | 58.0 |
| Alternatives | 13.5 | 6.5 | (3.2) | 3.3 | 1.1 | 0.6 |  | 18.5 |
| Total | $378.7 | $124.6 | $(68.1) | $56.5 | $40.5 | $8.1 | $— | $483.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** | | | | | |  | **Closing AUM** |
|  | **June 30,** | | | **Net sales** | | |  | **September 30,** |
|  | **2024** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)** | **Markets** | **FX<sup>(2)</sup>** | **Acquisitions<sup>(4)</sup>** | **2024** |
| **By capability:** |  |  |  |  |  |  |  |  |
| Equities | $226.2 | $7.9 | $(9.4) | $(1.5) | $9.2 | $3.2 | $— | $237.1 |
| Fixed Income | 74.5 | 6.1 | (3.9) | 2.2 | 2.2 | 1.6 | 0.8 | 81.3 |
| Multi-Asset | 51.5 | 1.4 | (1.8) | (0.4) | 2.1 | 0.3 |  | 53.5 |
| Alternatives | 9.2 | 0.7 | (0.6) | 0.1 | 0.5 | 0.3 | 0.3 | 10.4 |
| Total | $361.4 | $16.1 | $(15.7) | $0.4 | $14.0 | $5.4 | $1.1 | $382.3 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** |  |  |  |  |  |  | **Closing AUM** |
|  | **December 31,** |  |  | **Net sales** |  |  | **Acquisitions and** | **September 30,** |
|  | **2023** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)** | **Markets** | **FX<sup>(2)</sup>** | **reclassifications<sup>(4)</sup>** | **2024** |
| **By capability:** |  |  |  |  |  |  |  |  |
| Equities | $205.1 | $23 | $(27.0) | $(4.0) | $33.6 | $2.4 | $— | $237.1 |
| Fixed Income | 71.5 | 20.2 | (14.6) | 5.6 | 2.5 | 0.8 | 0.9 | 81.3 |
| Multi-Asset | 48.9 | 4.3 | (6.3) | (2.0) | 6.5 | 0.2 | (0.1) | 53.5 |
| Alternatives | 9.4 | 2.6 | (3.1) | (0.5) | 1 | 0.2 | 0.3 | 10.4 |
| Total | $334.9 | $50.1 | $(51.0) | $(0.9) | $43.6 | $3.6 | $1.1 | $382.3 |

---

(1) Redemptions include the impact of client transfers.

(2) FX reflects movements in AUM resulting from changes in foreign currency rates as non-USD-denominated AUM is translated into USD.

(3) Net sales (redemptions) include impact of predominantly investment-grade public fixed income assets from Guardian's general account.

(4) Acquisitions relate to the acquisition of Tabula and NBK, both completed in the third quarter 2024. Reclassifications relate to the reclassification of existing funds between capabilities.

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Our AUM and flows by client type for the three and nine months ended September 30, 2025 and 2024, were as follows (in billions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** |  |  |  |  |  |  | **Closing AUM** |
|  | **June 30,** |  |  | **Net sales** |  |  |  | **September 30,** |
|  | **2025** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)** | **Markets** | **FX<sup>(2)</sup>** | **Reclassifications** | **2025** |
| **By client type:** |  |  |  |  |  |  |  |  |
| Intermediary | $224.3 | $19.5 | $(14.4) | $5.1 | $9.8 | $(0.4) | $— | $238.8 |
| Institutional | 139.8 | 8.5 | (5.4) | 3.1 | 4.0 | (0.2) |  | 146.7 |
| Self-directed | 93.2 | 1.9 | (2.3) | (0.4) | 5.6 | (0.1) |  | 98.3 |
| Total | $457.3 | $29.9 | $(22.1) | $7.8 | $19.4 | $(0.7) | $— | $483.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** |  |  |  |  |  |  | **Closing AUM** |
|  | **December 31,** |  |  | **Net sales** |  |  |  | **September 30,** |
|  | **2024** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)<sup>(3)</sup>** | **Markets** | **FX<sup>(2)</sup>** | **Reclassifications<sup>(4)</sup>** | **2025** |
| **By client type:** |  |  |  |  |  |  |  |  |
| Intermediary | $211.0 | $52.6 | $(47.2) | $5.4 | $21.1 | $4.3 | $(3.0) | $238.8 |
| Institutional | 81.2 | 66.3 | (13.4) | 52.9 | 8.4 | 3.5 | 0.7 | 146.7 |
| Self-directed | 86.5 | 5.7 | (7.5) | (1.8) | 11.0 | 0.3 | 2.3 | 98.3 |
| Total | $378.7 | $124.6 | $(68.1) | $56.5 | $40.5 | $8.1 | $— | $483.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** |  |  |  |  |  |  | **Closing AUM** |
|  | **June 30,** |  |  | **Net sales** |  |  |  | **September 30,** |
|  | **2024** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)** | **Markets** | **FX<sup>(2)</sup>** | **Acquisitions<sup>(4)</sup>** | **2024** |
| **By client type:** |  |  |  |  |  |  |  |  |
| Intermediary | $200.1 | $13.3 | $(11.5) | $1.8 | $8.3 | $2.8 | $0.8 | $213.8 |
| Self-directed | 85.0 | 0.5 | (1.4) | (0.9) | 3.0 | 0.3 |  | 87.4 |
| Institutional | 76.3 | 2.3 | (2.8) | (0.5) | 2.7 | 2.3 | 0.3 | 81.1 |
| Total | $361.4 | $16.1 | $(15.7) | $0.4 | $14.0 | $5.4 | $1.1 | $382.3 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Closing AUM** |  |  |  |  |  |  | **Closing AUM** |
|  | **December 31,** |  |  | **Net sales** |  |  | **Acquisitions and** | **September 30,** |
|  | **2023** | **Sales** | **Redemptions<sup>(1)</sup>** | **(redemptions)** | **Markets** | **FX<sup>(2)</sup>** | **reclassifications<sup>(4)</sup>** | **2024** |
| **By client type:** |  |  |  |  |  |  |  |  |
| Intermediary | $183.4 | $38.9 | $(33.7) | $5.2 | $22.6 | $1.9 | $0.7 | $213.8 |
| Self-directed | 76.1 | 1.6 | (4.3) | (2.7) | 13.7 | 0.3 |  | 87.4 |
| Institutional | 75.4 | 9.6 | (13.0) | (3.4) | 7.3 | 1.4 | 0.4 | 81.1 |
| Total | $334.9 | $50.1 | $(51.0) | $(0.9) | $43.6 | $3.6 | $1.1 | $382.3 |

---

(1) Redemptions include the impact of client transfers.

(2) FX reflects movements in AUM resulting from changes in foreign currency rates as non-USD-denominated AUM is translated into USD.

(3) Net sales (redemptions) include impact of predominantly investment-grade public fixed income assets from Guardian's general account.

(4) Reclassifications relate to the reclassification of existing funds between client types. Acquisitions relate to the acquisition of Tabula and NBK, both completed in the third quarter 2024.

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***Average Assets Under Management***

The following table presents our average AUM by capability for the three and nine months ended September 30, 2025 and 2024 (in billions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Three months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025 vs. 2024** | **2025 vs. 2024** |
| **Average AUM by capability:** |  |  |  |  |  |  |
| Equities | $249.1 | $229.6 | $235.1 | $221.1 | 8% | 6% |
| Fixed Income | 147.6 | 78.5 | 108.8 | 73.6 | 88% | 48% |
| Multi-Asset | 56.8 | 52.1 | 54.2 | 50.9 | 9% | 6% |
| Alternatives | 16.0 | 9.7 | 15.0 | 9.1 | 65% | 65% |
| Total | $469.5 | $369.9 | $413.1 | $354.7 | 27% | 16% |

---

***Closing Assets Under Management***

The following table presents the closing AUM by client location as of September 30, 2025 and 2024 (in billions):

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025 vs. 2024** |
| **Closing AUM by client location:** |  |  |  |
| North America | $322.1 | $232.5 | 39% |
| EMEA and Latin America | 120.9 | 111.8 | 8% |
| Asia Pacific | 40.8 | 38.0 | 7% |
| Total | $483.8 | $382.3 | 27% |

---

***Valuation of Assets Under Management***

The fair value of our AUM is based on the value of the underlying cash and investment securities of our funds, trusts and segregated mandates. A significant proportion of these securities is listed or quoted on a recognized securities exchange or market and is regularly traded thereon; these investments are valued based on unadjusted quoted market prices. However, for non-U.S. equity securities held by U.S. mutual funds, excluding ETFs, the quoted market prices may be adjusted to capture market movement between the time the local market closes and the NYSE closes. Other investments, including over-the-counter derivative contracts (which are dealt in or through a clearing firm, exchanges or financial institutions), are valued by reference to the most recent official settlement price quoted by the appointed market vendor, and in the event no price is available from this source, a broker quotation may be used. Physical property held is valued monthly by a specialist independent appraiser.

When a readily ascertainable market value does not exist for an investment, the fair value is calculated using a variety of methodologies, including the expected cash flows of its underlying net asset base, taking into account applicable discount rates and other factors; comparable securities or relevant indices; recent financing rounds; revenue multiples; or a combination thereof. Judgment is used to ascertain if a formerly active market has become inactive and to determine fair values when markets have become inactive. Our Fair Value Pricing committees are responsible for determining or approving these unquoted prices, which are reported to those charged with governance of the funds and trusts. For funds that invest in markets that are closed at their valuation point, an assessment is made daily to determine whether a fair value pricing adjustment is required to the fund's valuation. This may be due to significant market movements in other correlated open markets, scheduled market closures or unscheduled market closures as a result of natural disaster or government intervention.

Our private credit investments are valued using a variety of methodologies and approaches, including the market approach and the income approach, which in many cases leverage unobservable inputs and assumptions, depending on the nature of the investment.

Third-party administrators hold a key role in the collection and validation of prices used in the valuation of the securities. Daily price validation is completed using techniques such as day-on-day tolerance movements, invariant prices, excessive movement checks and intra-vendor tolerance checks. Our data management team performs oversight of this process and completes annual due diligence on the processes of third parties.

In other cases, we and the sub-administrators perform a number of procedures to validate the pricing received from third-party providers. For actively traded equity and fixed income securities, prices are received daily from both a primary and secondary vendor. Prices from the primary and secondary vendors are compared to identify any discrepancies. In the event of a discrepancy, a price challenge may be issued to both vendors. Securities with significant day-to-day price changes require additional research, which may include a review of all news pertaining to the issue and issuer, and any corporate actions. All fixed income prices are reviewed by our fixed income trading desk to incorporate market activity information available to our traders. In the event the traders have received price indications from market makers for a particular issue, this information is transmitted to the pricing vendors.

We leverage the expertise of our fund management teams across the business to cross-invest assets and create value for our clients. Where cross investment occurs, assets and flows are identified, and the duplication is removed.

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**Results of Operations**

***Foreign Currency Translation***

Foreign currency translation impacts our results of operations. Revenue is impacted by foreign currency translation, but the impact is generally determined by the primary currency of the individual funds. Expenses are also impacted by foreign currency translation, primarily driven by the translation of GBP to USD. The GBP weakened against the USD during the three months ended September 30, 2025, and strengthened against the USD during the nine months ended September 30, 2025, compared to the same periods in 2024. Meaningful foreign currency translation impacts to our revenue and operating expenses are discussed below.

***Revenue***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025 vs. 2024** | **2025 vs. 2024** | **2025 vs. 2024** |
| **Revenue (in millions):** |  |  |  |  |  |  |  |
| Management fees | $563.1 | $502.8 | $1583.1 | $1435.0 | 12% |  | 10% |
| Performance fees | 15.8 | 8.6 | 27.0 | 2.9 | 84% | \*n/m | \*n/m |
| Shareowner servicing fees | 66.7 | 61.4 | 188.1 | 177.1 | 9% | 6 | 6% |
| Other revenue | 54.8 | 52.0 | 156.8 | 149.9 | 5% | 5 | 5% |
| Total revenue | $700.4 | $624.8 | $1955.0 | $1764.9 | 12% | 11 | 11% |

---

\* n/m — Not meaningful.

*Management fees*

Management fees increased by $60.3 million and $148.1 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were primarily driven by higher average AUM, partially offset by a reduction in our management fee margin due to product mix shift.

*Performance fees*

Performance fees are derived across a number of product ranges. U.S. mutual fund performance fees are recognized on a monthly basis, while all other performance fees are recognized on a quarterly or annual basis. The investment management fees paid by each U.S. mutual fund subject to a performance fee is the base management fee plus or minus a performance fee adjustment, as determined by the relative investment performance of the fund, over a 36-month rolling period, compared to a specified benchmark index. Performance fees by product type consisted of the following for the three and nine months ended September 30, 2025 and 2024 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Performance fees (in millions):** |  |  |  |  |
| SICAVs | $9.9 | $13.8 | $15.7 | $25.8 |
| UK OEICs and unit trusts |  | 0.2 | 6.4 | 5.8 |
| Hedge funds and other funds | 1.4 | 3.3 | 1.5 | 3.3 |
| Segregated mandates | 1.2 | 0.2 | 0.9 | 0.9 |
| Investment trusts |  |  | 2.4 | 0.7 |
| U.S. mutual funds | 3.3 | (8.9) | 0.1 | (33.6) |
| Total performance fees | $15.8 | $8.6 | $27.0 | $2.9 |

---

Performance fees increased by $7.2 million and $24.1 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were primarily driven by improved performance of U.S. mutual funds, partially offset by weaker performance in certain Société d'Investissement À Capital Variable ("SICAV") products.

*Shareowner servicing fees*

Shareowner servicing fees, which primarily consist of U.S. mutual fund servicing fees tied to AUM, increased by $5.3 million and $11.0 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were primarily driven by higher average mutual fund AUM, partially offset by a reduction in fee margins driven by product mix shift.

*Other revenue*

Other revenue is primarily composed of 12b-1 distribution fees, general administration charges and other fee revenue. General administration charges include reimbursements from funds for various fees and expenses paid for by the investment manager on behalf of the funds. Other revenue increased by $2.8 million during the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by an improvement in average AUM, partially offset by a reduction in fee margins driven by product mix shift.

Other revenue increased by $6.9 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to an improvement in average AUM, partially offset by a reduction in fee margins driven by product mix shift.

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***Operating Expenses***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025 vs. 2024** | **2025 vs. 2024** | **2025 vs. 2024** |
| **Operating expenses (in millions):** |  |  |  |  |  |  |  |
| Employee compensation and benefits | $205.4 | $177.0 | $565.9 | $509.1 | 16% |  | 11% |
| Long-term incentive plans | 47.8 | 40.5 | 131.6 | 127.3 | 18% | 3 | 3% |
| Distribution expenses | 145.6 | 133.7 | 410.6 | 382.7 | 9% | 7 | 7% |
| Investment administration | 16.8 | 17.7 | 49.8 | 42.7 | (5)% | 17 | 17% |
| Marketing | 10.7 | 8.3 | 32.6 | 26.1 | 29% | 25 | 25% |
| General, administrative and occupancy | 84.6 | 77.4 | 240.6 | 212.9 | 9% | 13 | 13% |
| &nbsp;&nbsp;&nbsp; Impairment of assets | 8.1 |  | 8.1 |  | \*n/m | \*n/m | \*n/m |
| Depreciation and amortization | 9.4 | 5.5 | 26.4 | 15.9 | 71% | 66 | 66% |
| Total operating expenses | $528.4 | $460.1 | $1465.6 | $1316.7 | 15% | 11 | 11% |

---

\* n/m — Not meaningful.

*Employee compensation and benefits*

Employee compensation and benefits increased by $28.4 million for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily attributable to a $15.7 million increase in variable compensation, mainly driven by higher profitability and redundancy expense, an $11.8 million increase in fixed compensation costs, driven by higher average headcount following acquisitions completed in 2024, and $2.9 million in base pay increases. These increases were partially offset by a decrease of $2.3 million due to an increase in the capitalization of internal labor costs related to certain projects.

Employee compensation and benefits increased by $56.8 million for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily attributable to a $30.7 million increase in fixed compensation costs, driven by higher average headcount following acquisitions completed in 2024, and a $20.0 million increase in variable compensation, mainly driven by higher profitability and redundancy expense. Additional contributing factors included base pay increases of $8.7 million and unfavorable foreign currency translation of $6.1 million. These increases were partially offset by a $5.5 million reduction resulting from higher capitalization of internal labor costs related to certain projects and a $3.2 million decrease in temporary staffing.

*2025 compensation expenses*

For the year ending December 31, 2025, we anticipate an adjusted compensation to revenue ratio in the range of 43% to 44%.

*Long-term incentive plans*

Long-term incentive plan expenses increased by $7.3 million for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by a $3.6 million increase for the roll-on of new awards and the accelerated recognition of expense related to departed employees, which exceeded the impact of vested award roll-offs and forfeitures. Additionally, market appreciation of mutual fund share awards contributed $3.5 million.

Long-term incentive plan expenses increased by $4.3 million for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due a $5.2 million increase related to the roll-on of new awards and accelerated expense recognition for departed employees, which exceeded the impact of vested award roll-offs and forfeitures. This increase was partially offset by a $1.8 million reduction from changes in the estimated performance of certain other long-term incentive awards.

*Distribution expenses*

Distribution expenses are paid to financial intermediaries for distributing and servicing our retail investment products and are typically calculated based on the amount of the intermediary-sourced AUM. Distribution expenses increased by $11.9 million for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by higher average AUM subject to distribution expenses and unfavorable foreign currency translation.

Distribution expenses increased by $27.9 million for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by higher average AUM subject to distribution expenses, partially offset by an improvement in distribution fee margins driven by product mix shift.

*Investment administration*

Investment administration expenses, which represent fund administration and fund accounting, decreased by $0.9 million for the three-month period ended September 30, 2025, compared to the same period in 2024. There were no significant movements contributing to the year-over-year variance.

Investment administration expenses increased by $7.1 million for the nine-month period ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to contractual changes with a third-party vendor.

*Marketing*

Marketing expenses increased by $2.4 million and $6.5 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were primarily driven by higher spending on sponsored events and advertising campaigns.

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*General, administrative and occupancy*

General, administrative and occupancy expenses increased by $7.2 million for the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to $6.8 million of accelerated amortization related to the strategic decision in the third quarter of 2025 to transition our investment management platform to Aladdin.

General, administrative and occupancy expenses increased by $27.7 million for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to $6.8 million of accelerated amortization related to the strategic decision in the third quarter of 2025 to transition our investment management platform to Aladdin, and a $4.7 million insurance reimbursement recognized in the second quarter 2024, compared to a $1.1 million insurance reimbursement recognized in the second quarter 2025. Other contributing factors include higher market data costs ($4.2 million), rent-related expenses ($2.6 million) and software costs ($2.7 million). The remaining variance was not driven by any individually significant factors.

*Impairment of assets*

Asset impairment charges increased by $8.1 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. Certain capitalized costs were impaired as a result of a strategic decision in the third quarter of 2025 to transition our investment management platform to Aladdin.

*Depreciation and amortization*

Depreciation and amortization expenses increased by $3.9 million and $10.5 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were primarily driven by the amortization of intangible assets related to the acquisition of a controlling interest in VPC in the fourth quarter of 2024.

*2025 non-compensation operating expenses*

For the year ending December 31, 2025, we anticipate adjusted non-compensation expense annual growth in the high-single digits compared to 2024. The anticipated growth in our non-compensation expense is due to planned investments supporting our strategic initiatives and operational efficiencies, as well as anticipated inflation, changes in foreign currency rates and the full-year impact of the consolidation of VPC, TCM, NBK and Tabula.

***Non-Operating Income and Expenses***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Non-operating income and expenses (in millions):** |  |  |  |  |
| Interest expense | $(6.3) | $(4.5) | $(18.1) | $(10.8) |
| Investment gains, net | 55.1 | 35.0 | 102.2 | 63.9 |
| Other non-operating income (expense), net | 5.2 | (101.6) | 32.7 | (59.4) |
| Income tax provision | (45.0) | (43.6) | (124.8) | (117.8) |

---

*Interest expense*

Interest expense increased by $1.8 million and $7.3 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The increase was primarily due to higher interest expense on the 5.45% Senior Notes, which were issued in the fourth quarter 2024, compared to interest expense on the 4.875% Senior Notes due 2025, which were redeemed in the fourth quarter 2024.

*Investment gains, net*

The components of investment gains, net for the three and nine months ended September 30, 2025 and 2024, were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment gains, net (in millions):** |  |  |  |  |
| Seeded investment products and seed hedges, net | $8.3 | $10.8 | $27.9 | $27.3 |
| Third-party ownership interests in seeded investment products | 39.0 | 22.7 | 72.4 | 37.0 |
| Equity method investments | (1.1) | (1.0) | (4.4) | (4.5) |
| Other | 8.9 | 2.5 | 6.3 | 4.1 |
| Investment gains, net | $55.1 | $35.0 | $102.2 | $63.9 |

---

Investment gains, net improved by $20.1 million and $38.3 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. These changes were primarily driven by the consolidation and deconsolidation of third-party ownership interests in seeded investment products, as well as fair value adjustments related to those products.

Gains and losses attributable to third-party ownership interests in seeded investment products are noncontrolling interests and are not included in net income attributable to JHG.

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*Other non-operating income (expense), net*

Other non-operating income (expense), net increased by $106.8 million during the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by a $112.5 million benefit in the year-over-year change in the reclassification of accumulated foreign currency translation adjustments to net income from liquidated JHG entities. This gain was partially offset by a $3.9 million unfavorable fair value adjustment on a warrant and a $3.8 million decline in interest income primarily due to lower interest rates on cash balances.

Other non-operating income (expense), net increased by $92.1 million during the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to a $96.0 million benefit in the year-over-year change in the reclassification of accumulated foreign currency translation adjustments to net income from liquidated JHG entities, and a $9.2 million favorable fair value adjustment on acquisition-related contingent consideration. These impacts were partially offset by a $6.0 million decrease in interest income, primarily due to lower interest rates on cash balances, and a $3.9 million unfavorable fair value adjustment on a warrant.

*Income tax provision*

Our effective tax rates for the three and nine months ended September 30, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Effective tax rate | 20.0% | 46.6% | 20.6% | 26.6% |

---

The change in the effective tax rate for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024, was primarily attributable to the absence of certain non-deductible items recognized in the prior year. The 2024 effective tax rate included the impact of the reclassification of accumulated foreign currency translation adjustments to net income from liquidated JHG entities, which were treated as non-deductible for tax purposes. The 2025 effective tax rate was further impacted by disallowed noncontrolling interest associated with seeded investment products.

On July 4, 2025, U.S. President Donald Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA includes several changes to corporate income tax provisions, including modifications to the capitalization of research and development expenditures, limitation on the deductibility of interest expense, and accelerated depreciation for certain fixed assets. The Company has assessed the income tax effects of the OBBBA and does not expect the enactment of this legislation to have a material impact on its consolidated financial statements.

For the year ending December 31, 2025, we expect our tax rate on adjusted net income attributable to JHG to be in the range of 23% to 25%.

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**Non-GAAP Financial Measures**

We report our financial results in accordance with GAAP. However, we evaluate our profitability and our ongoing operations using additional non-GAAP financial measures that exclude costs that are not part of our ongoing operations. 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. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. We have provided a reconciliation below of our non-GAAP financial measures to the most directly comparable GAAP measures.

*Alternative performance measures*

The following is a reconciliation of 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, respectively, for the three months ended September 30, 2025 and 2024 (in millions, except per share and operating margin data):

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| **Reconciliation of revenue to adjusted revenue** |  |  |
| Revenue | $700.4 | $624.8 |
| Management fees | (57.6) | (51.4) |
| Shareowner servicing fees | (53.9) | (49.9) |
| Other revenue | (34.1) | (35.4) |
| Adjusted revenue<sup>(1)</sup> | $554.8 | $488.1 |
| **Reconciliation of operating expenses to adjusted operating expenses** |  |  |
| Operating expenses | $528.4 | $460.1 |
| Employee compensation and benefits<sup>(2)</sup> | (11.6) | (4.3) |
| Long-term incentive plans<sup>(2)</sup> | (1.6) | (1.7) |
| Distribution expenses<sup>(1)</sup> | (145.6) | (133.7) |
| General, administrative and occupancy<sup>(2)</sup> | (7.4) | (2.7) |
| Impairment of assets<sup>(3)</sup> | (8.1) |  |
| Depreciation and amortization<sup>(3)</sup> | (3.8) | (0.1) |
| Adjusted operating expenses | $350.3 | $317.6 |
| Adjusted operating income | 204.5 | 170.5 |
| Operating margin<sup>(4)</sup> | 24.6% | 26.4% |
| Adjusted operating margin<sup>(5)</sup> | 36.9% | 34.9% |
| **Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG** |  |  |
| Net income attributable to JHG | $142.1 | $27.3 |
| Employee compensation and benefits<sup>(2)</sup> | 11.6 | 1.3 |
| Long-term incentive plans<sup>(2)</sup> | 1.6 | 1.7 |
| General, administrative and occupancy<sup>(2)</sup> | 7.4 | 2.7 |
| Impairment of assets<sup>(3)</sup> | 8.1 |  |
| Depreciation and amortization<sup>(3)</sup> | 3.8 | 0.1 |
| &nbsp;&nbsp;&nbsp; Interest expense<sup>(6)</sup> | 0.4 | 0.1 |
| Other non-operating income, net<sup>(6)</sup> | 4.6 | 113.3 |
| Income tax provision<sup>(7)</sup> | (8.8) | (1.8) |
| Net income attributable to noncontrolling interests<sup>(8)</sup> | (1.2) |  |
| Adjusted net income attributable to JHG | 169.6 | 144.7 |
| Less: allocation of earnings to participating stock-based awards | (4.0) | (3.6) |
| Adjusted net income attributable to JHG common shareholders | $165.6 | $141.1 |
| Weighted-average common shares outstanding — diluted | 151.3 | 154.7 |
| Diluted earnings per share<sup>(9)</sup> | $0.92 | $0.17 |
| Adjusted diluted earnings per share<sup>(10)</sup> | $1.09 | $0.91 |

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(1) We contract with third-party intermediaries to distribute and service certain of our 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 us and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees we collect 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, we perform the distribution and servicing activities and retain the applicable fee. Revenues for distribution and servicing activities performed by us are not deducted from GAAP revenue. In addition to the adjustments related to distribution and servicing activities, other revenue for the three months ended 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) Adjustments for the three months ended September 30, 2025 and 2024, include acquisition-related expenses, redundancy expense and the acceleration of long-term incentive plan expense related to the departure of certain employees. In addition, 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. JHG management believes these costs are not representative of our ongoing operations. Adjustments for the three months ended September 30, 2024, also include 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.

(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. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations. 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 this impairment cost is not representative of our ongoing operations.

(4) Operating margin is operating income divided by revenue.

(5) Adjusted operating margin is adjusted operating income divided by adjusted revenue.

(6) Adjustments for the three months ended September 30, 2025, include fair value adjustments of acquisition-related contingent consideration, warrants and options. The adjustments for the three months ended September 30, 2024, includes 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.

(7) 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.

(8) Adjustments for the three months ended September 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.

(9) Diluted earnings per share is net income attributable to JHG common shareholders divided by weighted-average diluted common shares outstanding.

(10) Adjusted diluted earnings per share is adjusted net income attributable to JHG common shareholders divided by weighted-average diluted common shares outstanding.

**LIQUIDITY AND CAPITAL RESOURCES**

Our capital structure, together with available cash balances, cash flows generated from operations, and further capital and credit market activities, if necessary, provides us with sufficient resources to meet present and future cash needs, including operating and other obligations as they fall due and anticipated future capital requirements.

The following table summarizes key balance sheet data relating to our liquidity and capital resources as of September 30, 2025, and December 31, 2024 (in millions):

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Cash and cash equivalents held by the Company | $982.4 | $1190.9 |
| Investments held by the Company | $692.1 | $474.1 |
| Fees and other receivables | $335.1 | $356.6 |
| Long-term debt | $395.4 | $395.0 |

---

Cash and cash equivalents primarily consist of cash held at banks, on-demand deposits, investments in money market instruments, highly liquid short-term debt securities and commercial paper with a maturity date of three months or less. Cash and cash equivalents exclude cash held by consolidated VIEs and consolidated VREs, and investments exclude noncontrolling interests as these assets are not available for general corporate purposes.

Investments held by us represent seeded investment products (exclusive of noncontrolling interests), investments related to deferred compensation plans and other less significant investments classified as current assets in our Condensed Consolidated Balance Sheets.

We believe that existing cash and cash from operations should be sufficient to satisfy our short-term capital requirements. Expected short-term uses of cash include ordinary operating expenditures, seed capital investments, interest expense, dividend payments, income tax payments and common stock repurchases. We may also use available cash for other general corporate purposes and acquisitions.

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**Regulatory Capital**

We are subject to regulatory oversight by the SEC, the Financial Industry Regulatory Authority ("FINRA"), the U.S. Commodity Futures Trading Commission ("CFTC"), the Financial Conduct Authority ("FCA") and other international regulatory bodies. We strive to ensure that we are compliant with our regulatory obligations at all times. Our primary capital requirement relates to the FCA-supervised regulatory group (a sub-group of our company), comprising Janus Henderson (UK) Holdings Limited, all of its subsidiaries and Janus Henderson Investors International Limited ("JHIIL"). JHIIL is included as a connected undertaking to meet the requirements of the Investment Firm Prudential Regime ("IFPR") for Markets in Financial Instruments Directive ("MiFID") investment firms ("MIFIDPRU"). The combined capital requirement is £155.1 million ($208.8 million), resulting in £301.6 million ($406.0 million) of capital above the requirement as of September 30, 2025, based upon internal calculations, and taking into account the effect of foreseeable dividends. Capital requirements in other jurisdictions are not significant in aggregate. The FCA-supervised regulatory group is also subject to liquidity requirements and holds a sufficient surplus above these requirements.

**Short-Term Liquidity Considerations**

*Common Stock Purchases* — *Corporate Buyback Program*

On May 1, 2024, our Board of Directors approved the 2024 Corporate Buyback Program under which we were authorized to repurchase up to $150.0 million of our common stock, and on October 30, 2024, our Board of Directors approved an incremental share buyback authorization to repurchase up to an additional $50.0 million of our common stock at any time prior to the date of our 2025 Annual General Meeting of Shareholders, which was held on April 30, 2025. As of April 30, 2025, cumulative shares repurchased under the 2024 Corporate Buyback Program were 3,778,622 for $146.8 million.

On April 30, 2025, our Board of Directors approved the 2025 Corporate Buyback Program under which we are authorized to repurchase up to $200.0 million of our common stock at any time prior to the date of our 2026 Annual General Meeting of Shareholders. As of September 30, 2025, cumulative shares repurchased under the 2025 Corporate Buyback Program were 2,874,504 for $116.1 million.

*Common Stock Purchases* — *Share Plan Repurchases*

On May 1, 2024, our Board of Directors approved the repurchase of up to five million additional shares of common stock to make grants to executives and employees at any time prior to the date of our 2025 Annual General Meeting of Shareholders, which was held on April 30, 2025. As of April 30, 2025, cumulative shares repurchased under the 2024 Share Plan Repurchases were 250,001 shares for $8.6 million.

On April 30, 2025, our Board of Directors approved the repurchase of up to six million additional shares of common stock to make grants to executives and employees at any time prior to the date of our 2026 Annual General Meeting of Shareholders. As of September 30, 2025, cumulative shares repurchased under the 2025 Share Plan Repurchases were 2,500,200 shares for $92.3 million.

*Dividends*

The payment of cash dividends is within the discretion of our Board of Directors and depends on many factors, including our results of operations, financial condition, capital requirements, general business conditions and legal requirements.

Dividends declared and paid during the nine months ended September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Dividend** | **Date** | **Dividends paid** | **Date** |
| **per share** | **declared** | **(in millions)** | **paid** |
| $0.39 | January 30, 2025 | $61.5 | February 27, 2025 |
| $0.40 | April 30, 2025 | $63.8 | May 29, 2025 |
| $0.40 | July 30, 2025 | $62.4 | August 28, 2025 |

---

On October 29, 2025, our Board of Directors declared a $0.40 per share dividend for the third quarter 2025. The quarterly dividend will be paid on November 26, 2025, to shareholders of record at the close of business on November 10, 2025.

***Long-Term Liquidity Considerations***

Expected long-term commitments as of September 30, 2025, include principal and interest payments related to our 2034 Senior Notes, operating and finance lease payments, and acquisition-related contingent consideration. We expect to fund our long-term commitments with existing cash and cash generated from operations or by accessing capital and credit markets as necessary.

***Other Sources of Liquidity***

At September 30, 2025, we had a $200 million unsecured, revolving Credit Facility. The Credit Facility includes an option for us to request an increase to our borrowing capacity under the Credit Facility of up to an additional $50.0 million. The maturity date of the Credit Facility is June 30, 2030.

The Credit Facility may be used for general corporate purposes and bears interest on borrowings outstanding at the relevant interbank offer rate plus a spread.

The Credit Facility contains a financial covenant related to our long-term credit rating and financial leverage. If our long-term credit rating falls below a predefined threshold, our financing leverage ratio cannot exceed 3.00x EBITDA. At the latest practicable date before the date of this report, our credit rating was at or above the threshold established by the Credit Facility, and there were no borrowings under the Credit Facility. Refer to Note 8 — Debt for further information on the Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30

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**Cash Flows**

A summary of cash flow data for the nine months ended September 30, 2025 and 2024, was as follows (in millions):

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| Cash flows provided by (used for): |  |  |
| Operating activities | $396.8 | $447.3 |
| Investing activities | (478.7) | (329.7) |
| Financing activities | (151.3) | 194.5 |
| Effect of exchange rate changes on cash and cash equivalents | 39.3 | 24.6 |
| Net change in cash and cash equivalents | (193.9) | 336.7 |
| Cash balance at beginning of period | 1234.8 | 1168.1 |
| Cash balance at end of period | $1040.9 | $1504.8 |

---

*Operating Activities*

Fluctuations in operating cash flows are attributable to changes in net income and working capital items, which can vary from period to period based on the amount and timing of cash receipts and payments.

*Investing Activities*

Cash used for investing activities for the nine months ended September 30, 2025 and 2024, was as follows (in millions):

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| Purchases of investments by consolidated seeded investment products, net | $(257.3) | $(179.0) |
| Purchases of investments, net | (140.2) | (94.2) |
| Seed capital hedges, net | (60.5) | (33.7) |
| Acquisitions, net of cash acquired | (5.3) | (17.2) |
| Other, net | (15.4) | (5.6) |
| Cash used for investing activities | $(478.7) | $(329.7) |

---

We consolidate certain seeded investment products into our group financial statements. The purchases and sales of investments within consolidated seeded investment products are disclosed separately from our capital contributions to seed a product. We also maintain an economic hedge program that uses derivative instruments to mitigate against market exposure of certain seeded investments. The cash received and paid as part of this program is reflected in the table above.

We periodically add new investment strategies to our investment product offerings by providing the initial cash investment, or seeding, in a product. The primary purpose of seeded investment products is to generate an investment performance track record in these products and leverage that track record to attract third-party investors. We may redeem our seed capital investments for a variety of reasons, including when third-party investments in the relevant product are sufficient to sustain the investment strategy. The cash associated with seeding and redeeming seeded investment products is reflected in the above table as purchases of investments, net.

The transactions discussed above represent a majority of the activity within investing activities on our Condensed Consolidated Statements of Cash Flows.

*Financing Activities*

Cash provided by (used for) financing activities for the nine months ended September 30, 2025 and 2024, was as follows (in millions):

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| Third-party capital invested into consolidated seeded investment products, net | $271.9 | $221.8 |
| Dividends paid to shareholders | (187.7) | (188.1) |
| Purchase of common stock for the share buyback program | (142.8) | (155.1) |
| Purchase of common stock for stock-based compensation plans | (96.8) | (80.0) |
| Issuance of long-term debt |  | 396.2 |
| Other, net | 4.1 | (0.3) |
| Cash provided by (used for) financing activities | $(151.3) | $194.5 |

---

The majority of cash flows within financing activities were driven by third-party capital invested into consolidated seeded investment products, net, payment of dividends to shareholders, and the purchase of common stock for stock-based compensation plans and as part of the 2024 and 2025 Corporate Buyback Programs. Third-party capital invested into consolidated seeded investment products, net represents the cash received from third-party investors in a seeded investment product that is consolidated into our group financial statements. When a third-party investor redeems the investment, a cash outflow is disclosed as a distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31

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**CRITICAL ACCOUNTING ESTIMATES**

We continually evaluate the accounting policies and estimates used to prepare the condensed consolidated financial statements. In general, management's estimates are based on historical experience, information from third-party professionals, as appropriate, and various other assumptions that are believed to be reasonable under current facts and circumstances. Actual results could differ from those estimates made by management. There were no material changes to our critical accounting estimates described in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

There were no material changes in our exposure to market risks from that previously reported in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 4. Controls and Procedures**

As of September 30, 2025, our management evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Disclosure controls and procedures are designed by us to ensure that we record, process, summarize and report within the time periods specified in the SEC's rule and forms the information we must disclose in reports that we file with or submit to the SEC. Ali Dibadj, our CEO, and Roger Thompson, our Chief Financial Officer, reviewed and participated in management's evaluation of the disclosure controls and procedures. Based on this evaluation, Mr. Dibadj and Mr. Thompson concluded that as of the date of their evaluation, our disclosure controls and procedures were effective.

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the third quarter 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32

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**PART II** — **OTHER INFORMATION**

**Item 1.**&nbsp;&nbsp;&nbsp;&nbsp;**Legal Proceedings**

See Part I, Item 1. Financial Statements, Note 16 — Commitments and Contingencies.

**Item 1A. Risk Factors**

We are subject to various risks and uncertainties that may affect our business, results of operations and financial condition. In addition to the other information set forth in this Quarterly Report on Form 10-Q, the risks discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, could have a material adverse effect on our financial condition, results of operations and value of our common stock. Except as set forth below, there have been no material changes to the Company's risk factors since our most recent Annual Report on Form 10-K.

***There can be no assurance that any definitive agreement will result from the non-binding acquisition proposal submitted jointly by Trian and General Catalyst or that any transaction will be consummated.***

On October 26, 2025, we received a non-binding acquisition proposal submitted jointly by Trian and General Catalyst. There can be no assurance that any definitive agreement will result from the proposal or that any transaction will be consummated with Trian, General Catalyst or any other third party. Uncertainty about the effect of the proposal or alternatives on our employees, customers and other parties may have an adverse effect on our business, financial condition, results of operation and share price. These risks include, but are not limited to:

● the impairment of our ability to attract, retain, and motivate our employees, including key personnel;

● the diversion of significant management time and resources;

● difficulties maintaining relationships with customers and other business partners;

● delays or deferments of certain business decisions by our customers and other business partners;

● the inability to pursue alternative business opportunities or make appropriate changes to our business;

● any litigation in connection with the proposal, which can result in substantial costs and divert management time and resources;

● any perceived uncertainties as to our future direction, strategy or leadership created as a result of the proposal; and

● the incurrence of significant costs, expenses and fees for any professional services or other transaction costs in connection with any proposed transaction or the process to evaluate such.

**Item 2.**&nbsp;&nbsp;&nbsp;&nbsp;**Unregistered Sales of Equity Securities and Use of Proceeds**

***Common Stock Purchases* — *Corporate Buyback Program***

On May 1, 2024, our Board of Directors approved the 2024 Corporate Buyback Program under which we were authorized to repurchase up to $150.0 million of our common stock, and on October 30, 2024, our Board of Directors approved an incremental share buyback authorization to repurchase up to an additional $50.0 million of our common stock at any time prior to the date of our 2025 Annual General Meeting of Shareholders, which was held on April 30, 2025. As of April 30, 2025, cumulative shares repurchased under the 2024 Corporate Buyback Program were 3,778,622 for $146.8 million.

On April 30, 2025, our Board of Directors approved the 2025 Corporate Buyback Program under which we are authorized to repurchase up to $200.0 million of our common stock at any time prior to the date of our 2026 Annual General Meeting of Shareholders. Repurchases under the 2025 Corporate Buyback Program may be effected through a variety of methods, including open market repurchases in compliance with Rule 10b-18 under the Exchange Act (including through the use of trading plans intended to comply with Rule 10b5-1 under the Exchange Act), privately-negotiated transactions, accelerated stock repurchase plans, block purchases or other similar purchase techniques. We are not obligated to repurchase any specific number of shares, and the timing and actual number of shares of common stock repurchased will depend on a variety of factors, including our stock price, general economic, business and market conditions and other relevant factors. There can be no assurance as to the timing or number of shares of any repurchases in the future. As of September 30, 2025, cumulative shares repurchased under the 2025 Corporate Buyback Program were 2,874,504 for $116.1 million.

***Common Stock Purchases* — *Share Plan Repurchases***

On May 1, 2024, our Board of Directors approved the repurchase of up to five million additional shares of common stock to make grants to executives and employees at any time prior to the date of our 2025 Annual General Meeting of Shareholders, which was held on April 30, 2025. As of April 30, 2025, cumulative shares repurchased under the 2024 Share Plan Repurchases were 250,001 shares for $8.6 million.

On April 30, 2025, our Board of Directors approved the repurchase of up to six million additional shares of common stock to make grants to executives and employees at any time prior to the date of our 2026 Annual General Meeting of Shareholders. As of September 30, 2025, cumulative shares repurchased under the 2025 Share Plan Repurchases were 2,500,200 shares for $92.3 million.

The following table summarizes our common stock repurchases by month during the three months ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Total number of** | **Approximate U.S. dollar** |
|  | **Total** | | **shares purchased** | **value of shares that may** |
|  | **number of** | **Average** | **as part of** | **yet be purchased** |
|  | **shares** | **price paid** | **publicly announced** | **under the programs** |
| **Period** | **purchased** | **per share** | **programs** | **(end of month, in millions)** |
| July 1, 2025, through July 31, 2025 | 258300 | $41.49 | 258300 | $140 |
| August 1, 2025, through August 31, 2025 | 781500 | $43.36 | 781500 | $106 |
| September 1, 2025, through September 30, 2025 | 490400 | $44.60 | 490400 | $84 |
| **Total** | **1530200** | **43.44** | 1530200 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33

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**Items 3 and 4.**

Not applicable.

**Item *5.* Other Information**

***Trading Plans of Directors and Officers***

During the quarter ended *September 30, 2025*, no director or Section *16* officer adopted, modified or terminated any Rule *10b5*-*1* trading arrangements or non-Rule *10b5*-*1* trading arrangements (in each case, as defined in Item *408*(a) of Regulation S-K).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *34*

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**Item 6.**&nbsp;&nbsp;&nbsp;&nbsp;**Exhibits**

***Filed with This Report:***

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Document** |
| 10.1 | [Retirement Agreement dated August 15, 2025, between Janus Henderson Administration UK Limited and Roger Thompson](ex_846404.htm) |
| 31.1 | [Certification of Ali Dibadj, Chief Executive Officer of Registrant](ex_846408.htm) |
| 31.2 | [Certification of Roger Thompson, Chief Financial Officer of Registrant](ex_846409.htm) |
| 32.1 | [Certification of Ali Dibadj, Chief Executive Officer of Registrant, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_846410.htm) |
| 32.2 | [Certification of Roger Thompson, Chief Financial Officer of Registrant, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_846411.htm) |
| 101.INS | XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: October 30, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group plc |
| /s/ Ali Dibadj |
| Ali Dibadj, |
| Chief Executive Officer |
| (Principal Executive Officer) |
| /s/ Roger Thompson |
| Roger Thompson, |
| Chief Financial Officer |
| (Principal Financial Officer) |
| /s/ Berg Crawford |
| Berg Crawford, |
| Chief Accounting Officer |
| (Principal Accounting Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36

## Exhibit 10.1

**Exhibit 10.1**

**WITHOUT PREJUDICE**

**SUBJECT TO CONTRACT**

**RETIREMENT AGREEMENT**

**DATE:** August 15, 2025

**PARTIES:**

**(1) *You***: Roger Thompson of [\*\*\*]

**(2)** The ***Company***: Janus Henderson Administration UK Limited (company number 00290577) whose registered office is at 201 Bishopsgate, London EC2M 3AE

**WHEREAS** 

 **(1)** The Company is duly authorised to enter into this Agreement on its own behalf and as agent for any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** Without admission of liability, the Company and you have agreed on the terms set out in this Agreement related to your retirement from the Company by way of settlement of all claims you have or may have against the Company (or any Group Company) arising out of your employment and the termination of your employment and (if relevant to you) any Directorships or their termination or cessation (also referred to as a settlement agreement). The Company also confirms that it is not aware of any claims it might have against you.

**IT IS AGREED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1 In this Agreement the following words and expressions will (unless they are inconsistent with the context) have the following meanings:

---

| | |
|:---|:---|
| ***Associated Company***  | An associated employer within the meaning of section 231 of the Employment Rights Act 1996. |
| ***Directorships and Offices***<br> ***Further Tax***<br> ***Janus Henderson Group*** | Directorships or offices of any Group Company and directorships, trusteeships and offices of, or partnerships in, any company, trust or entity (i) connected with the Janus Henderson Group or its business or (ii) which you hold at the request or instruction of the Janus Henderson Group.<br> Any income tax, employee National Insurance contributions, interest, penalties, charges and/or costs arising in respect of the Ex Gratia Payment (except where such income tax and/or employee National Insurance contributions are deducted by the Company under the terms of the Agreement and where such interest, penalties, charges and/or costs arise due to the delay or default of the Company) and/or any other taxable payments or benefits under this Agreement which you are liable to pay and/or which HMRC requires the Company to pay.<br> The Company, or any company which controls the Company from time to time, or any Subsidiary from time to time of the Company, or of any company which controls the Company, or any company having, whether directly or indirectly, a parent company in common with the Company, or any Associated Company of the Company (each, a ***Group Company***). |
| ***Pension Scheme*** | The Janus Henderson Group UK Pension Scheme. |
| ***Second Retirement Agreement*** | A retirement agreement in the form attached at Schedule 4. |
| ***Subsidiary*** | In relation to a company (a holding company) means a subsidiary (as defined in section 1159 of the Companies Act 2006) and any other company which is a subsidiary (as so defined) of a company which is itself a subsidiary of such holding company. |
| ***Termination Date*** | 31 March 2026. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Termination of Employment/Payment of Salary/Holiday Pay** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 After having worked three months of your contractual notice period from 1 January 2026 through 31 March 2026 (which includes, for the avoidance of doubt, any period of garden leave during which you will still have obligations as an employee), your employment will terminate on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;2.1 You will continue to carry out your normal role and duties as Chief Financial Officer ("CFO") and Head of Asia Pacific Client Group between the date of this Agreement and 31 December 2025 and satisfy (including assisting the Company with a successful transition of these aforementioned roles and responsibilities) the following through the Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You must maintain a satisfactory level of attendance (as required during periods through 31 December 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You maintaining a satisfactory standard of professional behaviour, including, but not limited to, ensuring continued demonstration of the Janus Henderson Investors Values; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You meeting, to the Company's satisfaction, all performance objectives as stipulated by the Company, including working on projects and / or additional responsibilities that may be required.

------

&nbsp;&nbsp;&nbsp;&nbsp;2.2 As of 1 January 2026, you will be placed on garden leave and you shall remain on garden leave until the Termination Date. During the Garden Leave period, (i) you are no longer required to work unless specifically requested to do so, (ii) you should refrain from attending the office or directly or indirectly contacting any of our clients, suppliers, employees, officer or representatives (except on a social basis), (iii) you must be reasonably available during normal working hours to answer any work-related inquiries, and (iv) you should not undertake any other business or profession without our prior written consent except with respect to assisting the Company with matters relating to finalizing its financial statements which will be delegated to you at the Company's direction and discretion, or be or become an employee, officer or agent of any other firm, company or person. Until your Termination Date, you remain employed by the Company and you will continue to be bound by your contract of employment, including for the avoidance of duty, your duty of trust and confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 You undertake to co-operate fully with the Company or any Group Company or its or their advisers in relation to the comprehensive, timely and accurate handover of your duties. The Company shall provide you with reasonable support to enable you to effect an orderly transition and hand over of your duties in accordance with SYSC 25.9.8.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 You agree to co-operate fully with the Company or any Group Company or its or their advisers in relation to any internal investigation or other internal enquiry or any investigation or other enquiry by the FCA, or any other law enforcement or regulatory authorities, clearing houses and exchanges, professional bodies, or government bodies or agencies in relation to the Company or any Group Company or its or their current or former employees, or any litigation brought by or against the Company or any Group Company or its or their current or former employees. The assistance you are required to provide under this clause includes, but is not limited to, meeting with and providing information and/or documents to employees, workers and/or agents of the Company or any Group Company, meeting with and providing information to any regulatory body and/or the professional advisers (including legal advisers) of the Company or any Group Company, co-operating in the preparation of witness statements, and attending any relevant regulatory, court or tribunal hearings to give evidence. The Company agrees to pay any reasonable expenses incurred by you in providing such cooperation.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 You will continue to receive your salary and benefits until the Termination Date and will be entitled to receive the sum of monies which represents payment for holiday which has accrued during the current holiday year but which remains untaken as at the Termination Date, less deductions for income tax and National Insurance contributions at appropriate rates and less any sums owed in respect of taken but unaccrued holiday and any sums authorised by you as deductions or reductions or otherwise owed by you to the Company as determined at the Company's discretion (together, **Deductions**). Any holiday taken by you in excess of your accrued entitlement as at the Termination Date shall be deducted from your final payment. Your P45 will be issued to you following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 If you have participated in the Company's holiday purchase scheme for the current year, the Company will make a payment in respect of any holiday paid for by you during the current holiday year but which remains untaken as at the Termination Date, less deductions for income tax and National Insurance contributions at appropriate rates, as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2.7 You and the Company will enter into the Second Retirement Agreement on, or within 5 days of, the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Termination Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject to your compliance with the terms of this Agreement, and the Second Retirement Agreement, within 28 days of the later of (i) receipt by the Company of this Agreement duly executed by you and completed by your solicitor; (ii) receipt by the Company of the Second Retirement Agreement duly executed by you and completed by your solicitor; and (iii) the Termination Date, the Company (having already considered any adjustment for mitigation) will pay to you:

&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 a payment in lieu of 3 months of your 6 month contractual notice period of £100,000 less deductions required by law, as determined by the Company. Post-Employment Notice Pay (as defined in section 402D of ITEPA) is taxable as earnings. The Company shall accordingly deduct income tax and National Insurance contributions from Post-Employment Notice Pay at the appropriate rate.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Bonus/Incentive** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 On or around 25 January 2026 (in line with the Company's annual bonus cycle), the Company will pay to you the sum representing an incentive bonus relating to the 2025 performance year from 1 January 2025 to 31 December 2025. The amount will reflect your contribution in 2025 and will be consistent with the 2025 bonus pool. This payment will be subject to mandatory deferral under the terms of the Company's current deferral scheme and may be paid in the form of shares in Janus Henderson Group plc or other instruments. It will also be subject to deductions required by law as determined by the Company. The deferred portion will be granted as soon as practicable in accordance with the Company's deferral process and timeframes.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 In addition to the above, and subject to and in accordance with clause 3.1, the Company will pay to you the sum representing a pro-rated incentive bonus relating to the 2026 performance year. Your 2026 incentive bonus will be equal to ¼ of your 2025 incentive bonus, further adjusted up or down in line with the Company's bonus pool as at 31 March 2026. This payment will be subject to mandatory deferral under the terms of the Company's current deferral scheme and may be paid in the form of shares in Janus Henderson Group plc or other instruments. It will also be subject to deductions required by law as determined by the Company. The deferred portion will be granted as soon as practicable in accordance with the Company's deferral process and timeframes.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company will account to HMRC for the income tax/National Insurance so deducted. Any liability for Further Tax will be yours alone.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 You undertake that if the Company is called upon to account to HMRC for any Further Tax and if the Company pays the Further Tax to HMRC and notifies you of the fact, you will without delay pay to the Company an amount equal to the Further Tax. No payment of Further Tax will be made to HMRC without particulars of any proposed payment being given to you.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Pension Arrangements and SIPP** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Shortly after the Termination Date, you will receive a statement of your preserved pension under the Pension Scheme *.* You will not be entitled to any other benefit under the Pension Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 If you pay contributions to the Group Self Invested Pension Plan ( ***SIPP***), any salary sacrifice will stop automatically with effect from the Termination Date and contributions by the Company into the SIPP will cease on the Termination Date, save that:

------

&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 if relevant, in respect of the Company's matching contribution of one twelfth of your annual contributions (the  ***Anniversary Contribution***), if an Anniversary Contribution has not fallen due by the Termination Date, the Company will contribute a proportion only, calculated by reference to the number of completed months between your entry to the Plan and the Termination Date. If you have already received an Anniversary Contribution, the pro-rated amount will be calculated by reference to the number of months between the last Anniversary Contribution and the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 if relevant, in respect of the Company's matching contribution of one twelfth of your bonus sacrifice, the Company will contribute a proportion only, calculated by reference to the number of completed months between the date of the bonus sacrifice and the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 With effect from the Termination Date the Company will no longer pay any of Hargreaves Lansdown's charges. The SIPP and your investments in it remain yours and you should contact Hargreaves Lansdown for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Secrecy** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 You agree to keep the terms of this Agreement confidential (until such time as the Agreement or its terms are publicly filed or made publicly available by the Company in accordance with regulatory requirements), and the terms on which your employment was terminated strictly confidential and agree not to disclose communicate or otherwise make public the same to anyone (save to your partner, professional advisers (including a medical practitioner or counsellor for the purpose of seeking or obtaining treatment) and the relevant tax and/or regulatory authorities and otherwise as may be required to be disclosed by law).

&nbsp;&nbsp;&nbsp;&nbsp;7.2 You undertake that you will not (whether directly or indirectly) make public or otherwise communicate any disparaging or derogatory statements whether in writing or otherwise concerning the Company or any Group Company or any of its or their officers or employees.

&nbsp;&nbsp;&nbsp;&nbsp;7.3 In return, the Company will not authorise or encourage any of its employees or officers to make public or otherwise communicate any disparaging or derogatory statements whether in writing or otherwise concerning you.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Permitted Disclosures** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Nothing in this Agreement prevents the parties from making a disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 that your employment with the Company terminated by reason of retirement on the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 which amounts to a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996. This includes protected disclosures made about matters previously disclosed to another recipient;

&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 in order to report an offence to a law enforcement agency or to co-operate with a criminal investigation or prosecution;

&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 for the purposes of reporting misconduct, or a serious breach of regulatory requirements, to any body responsible for supervising or regulating the matters in question;

&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 if and to the extent required by law; or

&nbsp;&nbsp;&nbsp;&nbsp;8.1.6 to the Equality and Human Rights Commission.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 All other terms of this agreement are to be read subject to clause 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1 In consideration for the further payment of the bonus payment set out in clause 4 (from which the Company will deduct such income tax and employee National Insurance which it is by law obliged to deduct) you agree and acknowledge that you remain bound by and will continue to comply with your duty of confidentiality towards the Company and any Group Company as set out in your contract of employment (as amended from time to time) and will treat as trade secret all confidential and specialised data and information acquired by you during the course of your employment including but not limited to any information concerning:

&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 the Company's (or any Group Company's) products, product development, sales and marketing strategies, plans, training programmes, instructions, client care policies, pricing structures (whether for clients or in relation to client services provided by any Group Company or a third party), client details, proprietary trading and investment capabilities, employee information and related compensation, and management practice;

&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 any person who at the Termination Date or formerly was an employee or client of the Company or any Group Company, and will not at any time in the future use any such trade secrets or information for your own benefit nor divulge them to any individual, organisation, firm or company without the prior written consent of the Company. For the avoidance of doubt this clause does not apply to any information which has entered the public domain otherwise than as a result of a direct or indirect disclosure by you.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 You warrant and represent that:

&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 you have not at any time done or failed to do anything which act or omission amounts to a repudiatory breach of the express or implied terms of your contract of employment which would entitle the Company to terminate your employment without notice;

&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 on or before the Termination Date, you will return to the Company all property (including your Company identification), Company credit card, office keys, mobile telephone equipment, computer equipment, blackberry or other mobile records, correspondence, documents, files, client lists, client records and other information (whether originals copies or extracts and whether in written or in computer readable form) belonging to the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 you will not retain any copies (in any form) of any such records, correspondence, documents, files, client lists, client records or other information;

&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 you will erase and procure the erasure of all data relating to the business of the Company from any computer to which you have access and which is not under the custody or control of the Company and will destroy any paper copies made of such data; and

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&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 you have not and will not commence any action or issue any legal proceedings against the Company or any of its respective officers or employees in any court or Tribunal; and

&nbsp;&nbsp;&nbsp;&nbsp;10.1.6 you are not employed or self-employed in any capacity by a party other than the Company nor are you in discussions which are likely to lead to nor have you received such an offer of employment or self-employment.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Company is under no obligation to make the payments provided for in clause 3, 4 or 12 in the event that you are in breach of any of the warranties in this clause 10, or if on or before the Termination Date, you do or fail to do anything which amounts to a repudiatory breach of the express or implied terms of your employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Legal Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Subject to receipt of a signed copy of this Agreement from you, the Company will, on the production of an appropriate copy VAT invoice (addressed to you but marked payable by the Company) and subject to the terms of this Agreement, pay to your solicitors your legal expenses relating exclusively to advice on your rights in connection with this Agreement and the Second Retirement Agreement, up to a maximum of £900 plus VAT.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Share Schemes** 

&nbsp;&nbsp;&nbsp;&nbsp;12.1 Any shares, units, awards, options, or other rights in respect of shares or units that you may hold under any of the Company's employee share incentive arrangements ("Share Scheme") will be dealt with in accordance with the rules of the relevant Share Scheme plan or arrangement, including your complying with the obligations set forth in the Share Scheme documents. For the avoidance of doubt, performance-based share units granted to you shall be eligible to vest in accordance with the provisions in the applicable Share Scheme documents related to a termination of affiliation due to retirement. A summary of the provisions that will apply to you is set out in the applicable leaver factsheet which will be provided to you separately. For the avoidance of doubt, the leaver factsheet is a summary for guidance purposes only, and if there is any conflict between the leaver factsheet and the rules of the relevant plan or arrangement, the rules of the plan or arrangement will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;12.2 All provisions in this clause 12 are strictly subject to the rules of the relevant Share Scheme from time to time in force.

&nbsp;&nbsp;&nbsp;&nbsp;12.3 You agree that the provisions set out in this clause will take effect provided that you ensure that the Company has your up to date personal email address at all times so that the relevant Share Schemes' trustees and administrators can maintain contact with you.

&nbsp;&nbsp;&nbsp;&nbsp;12.4 Subject always to the rules of the relevant Share Scheme, an indicative statement of your entitlements under the Company's Share Scheme is contained in Schedule 2 to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;12.5 Subject to satisfaction of the Post-Employment Conditions and receipt by the Company of a Post-Employment Certificate in accordance with clause 12.5.1 below, the Company will request (but cannot compel) the Committee as defined in the relevant Share Scheme rules (or other authorised committee) to approve the release of your restricted shares or units on the scheduled vesting dates. Income tax and national insurance/social security contributions will be due on any restricted shares or units based on the share/unit price at the date the shares or units are released to you.

&nbsp;&nbsp;&nbsp;&nbsp;12.5.1 At least twenty-eight days prior to each vest date you agree to provide to the Company a certificate in the form contained in Schedule 3 to this Agreement to confirm your continued compliance with the Post-Employment Conditions (the  ***Post-Employment Certificate***) in the period from the date of this Agreement to the relevant vest date.

&nbsp;&nbsp;&nbsp;&nbsp;12.5.2 The  ***Post-Employment Condition*** is satisfied if, in the sole and unfettered opinion of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;12.5.2.1 you have indefinitely withdrawn from the workforce including from sitting on the board of directors of a competitor of the Company, as determined by the Human Capital and Compensation Committee of the Board of Janus Henderson Group plc, with this Committee exercising reasonable judgment that would not be considered a violation of this 12.5.2.1 in assessing future involvement with non-profit organisations or organisations that do not directly compete with the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;12.5.2.2 have not, whether directly or indirectly, on your own behalf or on behalf of or in conjunction with any other person, firm, company or other entity, for the period of 12 months following the Termination Date, for the purposes of any business which competes or is about to compete with any business carried on by the Company or any Group Company, canvassed, solicited, dealt with or accepted business or custom from or endeavoured to canvass, solicit, deal with or accept business or custom from any person, firm, company or other entity who is, or was, in the 12 month period immediately prior to the Termination Date, a customer of the Company or any Group Company with whom you had business dealings during the course of your employment in that 12 month period; and

&nbsp;&nbsp;&nbsp;&nbsp;12.5.2.3 have not, whether directly or indirectly, on your own behalf or on behalf of or in conjunction with any other person, firm, company or other entity, for the period of 12 months following the Termination Date, solicited or enticed away or endeavoured to solicit or entice away any individual who is employed or engaged by the Company or any Group Company as a director, fund manager or in a senior managerial or other specialist capacity and with whom you had business dealings during the course of your employment in the 12 month period immediately prior to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;12.5.2.4 The period during which the restrictions in clause 12.5.2.2 and clause 12.5.2.3 shall apply following the Termination Date shall be reduced by the amount of time during which, if at all, the Company places you on garden leave.

&nbsp;&nbsp;&nbsp;&nbsp;12.5.2.5 Each obligation under clause 12.5.2.2 and clause 12.5.2.3 will be treated as a separate obligation and will be severally enforceable as such. If any restriction contained in this clause is judged by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances but would be valid if part of the wording were deleted the said restriction will apply with such deletions as may be necessary to make it valid and effective.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Reference** 

&nbsp;&nbsp;&nbsp;&nbsp;13.1 Subject to (i) its obligations to any relevant regulatory body and (ii) any further information coming to the Company's attention which it considers should properly be reflected in the reference, the Company will, if requested by a potential employer, supply a reference in its standard form from time to time in use. A specimen of the Company's current standard reference is attached as (i) Schedule 1 Part A to this Agreement in respect of a role which would not require you to be a Senior Manager or Certified Person; and (ii) Schedule 1 Part B to this Agreement in respect of a role which would require you to be a Senior Manager or a Certified Person. For the avoidance of doubt, the Company reserves the right to:

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&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 make such disclosures about you; and

&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 issue an updated reference in respect of you,

as required by law or by any securities exchange or regulatory or governmental body having jurisdiction over the Company or any Group Company, whether or not the requirement has the force of law and notwithstanding the fact that any such disclosure or updated reference may deviate from the terms of any agreed reference.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Restrictive Covenants** 

&nbsp;&nbsp;&nbsp;&nbsp;14.1 In consideration for the payments set out in clause 4 and 12 (from which the Company will deduct such income tax and employee National Insurance which it is by law obliged to deduct) you covenant with the Company (for itself and as trustee and agent for each Group Company) that you will continue to be bound by the provisions of express confidentiality and post termination obligations contained in clauses 3, 20 and 21 of your employment contract.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Resignation from Directorships** 

&nbsp;&nbsp;&nbsp;&nbsp;15.1 Where you hold any Directorships and Offices, you confirm that you will sign a letter resigning your Directorships and Offices and/or execute any documents necessary to give effect to such resignation in a form prescribed by the Company and will return this/these to the Company together with the signed copies of this Agreement. You agree to take all actions deemed reasonably necessary by the Company to effect or evidence such resignations. To the extent such signatures for resignation were not received, your resignation of any such Directorships are confirmed as of the Termination Date or such earlier date deemed appropriate or necessary by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Claims against the Company or any Group Company** 

&nbsp;&nbsp;&nbsp;&nbsp;16.1 Without any admission of liability by the Company, you agree to accept the terms set out in this Agreement in full and final settlement of any and all claims, demands, costs, expenses or rights of action which you have or may have against the Company and/or any Group Company or any of its or their officers or employees, whether at common law, statutory, pursuant to European Union law or otherwise, however arising, in connection with your employment and/or its termination and (where relevant) your Directorships and/or your removal or resignation from them (the  ***Identified Issues***).

&nbsp;&nbsp;&nbsp;&nbsp;16.2 In particular, but without limitation, the waiver and release contained in clause 16.1 extends to:

&nbsp;&nbsp;&nbsp;&nbsp;16.2.1 any claim for damages for breach of contract or wrongful dismissal (whether brought before an Employment Tribunal or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;16.2.2 any claim for compensation for the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other similar scheme operated by the Company or any Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;16.2.3 any statutory claims which you have or may have as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a claim of unfair dismissal under the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a claim for a redundancy payment, under the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a claim in relation to equal terms under the Equal Pay Act 1970 and/or the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a claim in relation to pregnancy or maternity discrimination or discrimination related to sex, marital or civil partnership status or gender reassignment under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a claim for harassment based on unwanted conduct of a sexual nature under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in respect of any right, benefit or entitlement relating to maternity, paternity or adoption leave secured by Part VIII of the Employment Rights Act 1996 or any regulations made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a claim in relation to discrimination related to race, colour, nationality or ethnic or national origin under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a claim in relation to discrimination related to disability, disability –related discrimination and/or the failure to make adjustments under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a claim of unlawful deductions under the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a claim in relation to working time or holiday pay under the Working Time Regulations 1998;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a claim in relation to time off work under the Employment Rights Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a claim in relation to parental rights and/or flexible working under the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a claim of less favourable treatment on the grounds of part-time working under regulation 8 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a claim of less favourable treatment on the grounds of fixed-term status under regulation 7 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a claim in relation to discrimination relating to sexual orientation under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a claim in relation to discrimination relating to religion or belief under the Equality Act 2010;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) a claim under the Transnational Information and Consultation of Employees Regulations 1999;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) a claim under the Employment Rights Act 1996 in respect of detriment suffered in relation to making a protected disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) a claim under the Employment Rights Act 1996 in respect of detriment suffered in relation to the right to be accompanied, under the Employment Relations Act 1999;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) a claim of discrimination relating to age under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any civil claim for harassment under the Protection from Harassment Act 1997;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any civil claims for damages or compensation under applicable health and safety legislation, including the Health & Safety At Work Act 1974; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) any claim under the Data Protection Act 1998, EU General Data Protection Regulation (EU) 2016/679, UK General Data Protection Regulation or Data Protection Act 2018, as applicable.

The claims specified in these clauses 16.1 and 16.2 (together the ***Employee Claims***) are claims which it is recognised you have or may have arising out of the circumstances surrounding your employment and/or its termination.

For the avoidance of doubt, the term "discrimination" in this clause 16 shall include "victimisation" and "harassment".

&nbsp;&nbsp;&nbsp;&nbsp;16.3 In signing this Agreement, you confirm that you are not aware of any other claims other than those specified in clause 16 or facts or circumstances that may give rise to any claim against the Company or any Group Company or its or their employees in relation to any other matters.

&nbsp;&nbsp;&nbsp;&nbsp;16.4 By your signature of this Agreement you agree that you will not institute or commence any claims, actions or proceedings against the Company or any Group Company or any officer or employee of the Company or any Group Company in relation to the Identified Issues before any Employment Tribunal or court whether in respect of the Employee Claims or otherwise. For the avoidance of doubt, the Company acknowledges that nothing in this Agreement affects your accrued pension rights, or right to enforce this Agreement or the Second Retirement Agreement or right to bring a claim in respect of personal injury of which you are unaware and could not reasonably be expected to be aware at the date of this Agreement (except personal injury of any kind to the extent that such a claim arises out of or relies upon any alleged act of discrimination), and you represent and warrant that as at the date of signature of this Agreement, you are not aware of any circumstances which give rise or may give rise to any claim in relation to personal injury.

&nbsp;&nbsp;&nbsp;&nbsp;16.5 You represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;16.5.1 you have received independent legal advice from a relevant independent adviser (as defined by section 203 of the Employment Rights Act 1996) as to the terms and effect of this Agreement and in particular its effect on your ability to pursue a claim in relation to the Identified Issues and you have previously notified any and all potential claims of any nature you have or may have against the Company or any Group Company (or any of its or their officers or employees) to the Company in writing and that you have no other complaints or grounds for any claim whatsoever against the Company in relation to the Identified Issues, including without limitation the Employee Claims;

&nbsp;&nbsp;&nbsp;&nbsp;16.5.2 the name of the independent adviser referred to in clause 16.5.1 above is Matt Gingell of Lombards Law.

&nbsp;&nbsp;&nbsp;&nbsp;16.5.3 you are advised by the independent adviser that there is in force and was at the time you received the advice referred to above an insurance policy covering the risk of a claim by you in respect of loss arising in consequence of that advice. You acknowledge that the Company has acted in reliance on these warranties when entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;16.6 You agree and acknowledge that the conditions regulating settlement and compromise agreements contained in section 147 of the Equality Act 2010, the Employment Rights Act 1996, the Sex Discrimination Act 1975, the Race Relations Act 1976, the Disability Discrimination Act 1995, the Trade Union and Labour Relations (Consolidation) Act 1992, Regulation 35 of the Working Time Regulations 1998, Regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, Regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, Schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, Schedule 4 of the Employment Equality (Religion or Belief) Regulations 2003, Schedule 5 of the Employment Equality (Age) Regulations 2006, the National Minimum Wage Act 1998, the Employment Relations Act 1999, sub-paragraphs (a) to (e) of r39(4) of the European Public Limited-Liability Company (Employee Involvement) (Great Britain) Regulations 2009, the Posted Workers (Enforcement of Employment Rights) Regulations 2016, Regulation 40 of the Information and Consultation of Employees Regulations 2004, paragraph 12 of the schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, the Pensions Act 2008 and any other similar relevant statutory provisions relating to the compromising of statutory claims are intended to be and have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;16.7 You agree that if you materially breach any provision in this Agreement or pursue a claim against the Company or any Group Company relating to your employment or its termination, an amount equal to the loss (including consequential loss and any legal fees or costs) which the Company and/or any Group Company suffers or incurs as a result will be immediately payable to the Company upon demand and the Company will be released from any continuing obligation under this Agreement. The Company may also pursue other rights and remedies to enforce this Agreement, including seeking an injunction and/or suspending, terminating any remaining payments or vesting events, and recovery of any payments made.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Liability Coverage** 

Your coverage under all insurance policies that cover the Company and any parent company, affiliate or subsidiary of the Company, including those for directors and officers of such entities, shall remain in place through the Termination Date. Insurance coverage will extend to any future claims relating to your employment. The Company also agrees to indemnify you, to the extent covered in accordance with the terms and conditions of such insurance policies and subject to the Companies Act 2006, against any and all actions, claims, costs, proceedings or expenses brought against or incurred by you personally arising out of such directorships or other offices other than in relation to any wilful negligence, wilful default, fraud, wilful breach of duty or wilful breach of trust committed by you.

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&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;18.1 The headings to clauses are for convenience only and have no legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Whole Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;19.1 Each party for and on behalf of itself and, in the case of the Company, as agent for each Group Company, agrees with the other that (i) this Agreement sets out the entire agreement and understanding between you and the Company and each Group Company in relation to your employment with the Company and its termination, and supersedes all prior discussions between them or their advisers and all statements representations assurances or warranties whenever given and whether orally or in writing and (ii) neither party has relied on any statement, representation, assurance or warranty of any person (whether party to this Agreement or not and whether in writing or not) other than as expressly set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19.2 Nothing in this Agreement will, however, operate to limit or exclude any liability for fraud.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Applicable Law and Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;20.1 This Agreement will be construed in accordance with English law and the parties irrevocably submit to the exclusive jurisdiction of the English Courts to settle any dispute which may arise in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;21.1 This Agreement is entered into by the Company for itself and in trust for each Group Company with the intention that each such company will be entitled to enforce it directly. The parties agree that each Group Company will be entitled to enforce the benefit of this Agreement in accordance with the Contracts (Rights of Third Parties) Act 1999. Other than as stated in this clause 21.1, no person other than a party to this Agreement will have any rights to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;21.2 This Agreement although marked 'Without Prejudice' and 'Subject to Contract' will upon signature by both parties be treated as an open document evidencing an agreement binding on the parties. This Agreement must be signed by both parties and your independent adviser must have signed the adviser's certificate below by 18 August 2025 in order to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;21.3 This Agreement may consist of one or more counterparts, each signed by one or more parties to this Agreement. If so, the signed counterparts are treated as making up one document, the date on which the last counterpart is executed will be the date of the Agreement and when executed and delivered each counterpart is treated as an original and together will constitute one document.

**/s/ Roger Thompson**

………………………………………………

**SIGNED by You**

**/s/ Megan Podzorov**

………………………………………………

**SIGNED for and on behalf of the Company**

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**CERTIFICATE**

I, Matt Gingell of Lombards Law confirm that I have given independent legal advice to Roger Thompson as to the terms and effect of the above Agreement and in particular its effect on the ability of Roger Thompson to pursue his rights before an Employment Tribunal.

I confirm that I am a Solicitor of the Senior Courts of England & Wales holding a current Practising Certificate and that there is and was at the time I gave the advice referred to above in force a policy of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by Roger Thompson in respect of any loss arising in consequence of that advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**/s/ Matt Gingell**

**Signed** ………………………………………………

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 15, 2025**

**Dated** ………………………………………………

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**Schedule 1**

**PART A**

Our Reference:

Your Reference:

[Date]

**Private & Confidential**

Dear [NAME]

Thank you for your letter of [DATE]. It is Janus Henderson Group plc policy to issue a certificate of employment only in response to a reference request [if relevant: and I am therefore unable to provide all the information you requested.]

CERTIFICATE OF EMPLOYMENT

Name: <u> Roger Thompson </u>

Dates of employment: <u> 25 June 2013 – 31 March 2026 </u>

Last position held: <u> CFO & Head of APAC Client Group </u>

Under no circumstances must the information be divulged to the subject of the reference or any other third party without our consent.

**Yours sincerely/ faithfully**

**Janus Henderson People Department**

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**Schedule 1**

**PART B**

[Regulated Reference]

Our reference:

Your reference:

[Date]

**Private & Confidential**

Dear [Name]

Please find enclosed a Regulated Reference for Roger Thompson.

We confirm that Roger Thompson was employed by Janus Henderson Administration UK Limited from 25 June 2013 to 31 March 2026. The last position they held was CFO & Head of APAC Client Group. The attached reference will cover the required period for Regulatory References (in line with the FCA rules).

This reference is given in the strictest of confidence, solely for the purpose for which it was requested and without liability on the part of Janus Henderson Administration UK Limited or any employee of Janus Henderson Administration UK Limited except as required by FCA Rules. It is for you to assess the appropriateness or suitability of Roger Thompson for any position for which you may be considering him in light of the information supplied in this reference and Janus Henderson Administration UK Limited expresses no opinion in this regard.

**Yours sincerely / faithfully**

**Janus Henderson People Department**

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---

| | | |
|:---|:---|:---|
| **Regulated Reference Request** | **Regulated Reference Request** | **Regulated Reference Request** |
| Each question must be answered. Where there is nothing to disclose, this should be confirmed by answering 'No' for the relevant question. | Each question must be answered. Where there is nothing to disclose, this should be confirmed by answering 'No' for the relevant question. | Each question must be answered. Where there is nothing to disclose, this should be confirmed by answering 'No' for the relevant question. |
| **Information requested** | **Information requested** | **Response** |
| 1A | Name, contact details and firm reference number of firm providing reference; or | [NAME]<br> [ADDRESS]<br> [PHONE NUMBER]<br> [FIRM REFERENCE NUMBER] |
| 1B | Names, contact details and firm reference numbers (where applicable) of group firms providing a joint reference | AlphaGen Capital Limited 119304<br> Henderson Equity Partners Limited 194050<br> Henderson Fund Management Limited 149356<br> Janus Henderson Investors UK Limited 121857<br> Janus Henderson Fund Management UK Limited 121859<br> Janus Henderson Investors International Limited 189998<br> Gartmore Investment Limited 119236 |
| 2 | Individual's name (i.e. the subject of the reference) | Roger Thompson |
| 3 | Dates of employment (start dates and end dates) | 25 June 2013 – 31 March 2026 |
| 4 | Current/last job title | CFO & Head of APAC Client Group |
| 5 | Name, contact details and firm reference number of firm requesting the reference | [NAME]<br> [ADDRESS]<br> [PHONE NUMBER]<br> [FIRM REFERENCE NUMBER] |
| 6 | Date of request for reference | [DATE] |
| 7 | Date of reference | [DATE] |

---

---

| | | |
|:---|:---|:---|
| **The answers to Questions A to F cover the period beginning six years before the date of your request for a reference and ending on the date of this reference.**  | **The answers to Questions A to F cover the period beginning six years before the date of your request for a reference and ending on the date of this reference.**  | **The answers to Questions A to F cover the period beginning six years before the date of your request for a reference and ending on the date of this reference.**  |
| **Question** | **Question** | **Response** |
| A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Has the individual:<br> 1) Performed a certification function for our firm; or<br> 2) been an approved person for our firm. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 1) Yes<br> 2) Yes |
| B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Has the individual performed one or more of the following roles in relation to our firm:<br> 1) notified non-executive director;<br> 2) credit union non-executive director; or<br> 3) key function holder (other than a controlled function); or<br> 4) board director.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 1) No<br> 2) No<br> 3) No<br> 4) No |
| C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If we have answered 'yes' to either Question A or B above, we set out the details of each position held, including:<br> 1) what the controlled function, certification function or key function holder role is or was;<br> 2) (in the case of a controlled function) whether the approval is or was subject to a condition, suspension, limitation, restriction or time limit;<br> 3) whether any potential FCA governing function is or was included in a PRA controlled function; and<br> 4) the dates during which the individual held the position. | **Gartmore Investment Limited**<br> CF1 Director<br> No<br> N/A<br> 21 Aug 2013 to 11 Feb 2019<br> **Henderson Equity Partners Limited**<br> CF1 Director<br> No<br> N/A<br> 28 Aug 2013 to 08 Dec 2019<br> **Henderson Equity Partners Limited**<br> SMF3 Executive Director<br> No<br> N/A<br> 09 Dec 2019 to 09 Jun 2023<br> **Henderson Equity Partners Limited**<br> SMF9 Chair of the Governing Body<br> No<br> N/A<br> 26 May 2020 to 09 Jun 2023<br> **Henderson Fund Management Limited**<br> CF1 Director<br> No<br> N/A<br> 21 Aug 2013 to 28 Jul 2017<br> **Janus Henderson Fund Management UK Limited**<br> CF1 Director<br> No<br> N/A<br> 17 Jan 2019 to 08 Dec 2019 |

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**Janus Henderson Fund Management UK Limited**<br> SMF3 Executive Director<br> No<br> N/A<br> 09 Dec 2019 to 31 Dec 2019<br> **Janus Henderson Investors International Limited (Approved roles)**<br> CF1 Director<br> No<br> N/A<br> 30 May 2017 to 09 Dec 2019<br> **Janus Henderson Investors UK Limited** <br> CF1 Director<br> No<br> N/A<br> 01 Jul 2013 to 08 Dec 2019<br> **AlphaGen Capital Limited**<br> [FCA CF] Material risk taker<br> No<br> N/A<br> 17 Apr 2020 to 18 Mar 2021<br> **Janus Henderson Investors International Limited (Certified/assessed roles)**<br> [FCA CF] Manager of certification employee<br> No<br> N/A<br> 17 Apr 2020 to 10 Mar 2021<br> **Janus Henderson Investors UK Limited (Approved roles)**<br> SMF1 Chief Executive<br> No<br> N/A<br> 07 Jun 2023 to 31 Dec 2025<br>

**Janus Henderson Investors UK Limited (Approved roles)**<br> SMF2 Chief Finance<br> No<br> N/A<br> 09 Dec 2019 to 31 Dec 2025<br> **Janus Henderson Investors UK Limited (Approved roles)**<br> SMF3 Executive Director<br> No<br> N/A<br> 09 Dec 2019 to 31 Dec 2025<br> **Janus Henderson Fund Management UK Limited**<br> [FCA CF] Manager of certification employee<br> No<br> N/A<br> 17 Apr 2020 to 31 Dec 2025<br> **Janus Henderson Fund Management UK Limited**<br> [FCA CF] Material risk taker<br> No<br> N/A<br> 17 Apr 2020 to 31 Dec 2025<br> **Janus Henderson Investors International Limited**<br> [FCA CF] Manager of certification employee<br> No<br> N/A<br> 16 Jul 2022 to 31 Dec 2025<br> **Janus Henderson Investors International Limited**<br> [FCA CF] Material risk taker<br> No<br> N/A<br> 17 Apr 2020 to 31 Dec 2025<br>

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| | | |
|:---|:---|:---|
| | | **Janus Henderson Investors UK Limited (Certified/assessed roles)**<br> [FCA CF] Manager of certification employee<br> No<br> N/A<br> From 16 Jul 2022 to 31 Dec 2025<br> **Janus Henderson Investors UK Limited (Certified/assessed roles)**<br> [FCA CF] Material risk taker<br> No<br> N/A<br> From 17 Apr 2023 to 31 Dec 2025 |
| D | Has the individual performed a role for our firm other than the roles referred to in Questions A and B above:<br> If 'yes', we have provided summary details of the other role(s), e.g. job title, department and business unit. | Chief Financial Officer<br> Interim CEO / CFO |
| E | Have we concluded that the individual was not fit and proper to perform a function:<br> If 'yes', and associated disciplinary action was taken as a result, please refer to Question F below.<br> If 'yes', and no associated disciplinary action was taken as a result, we have set out below the facts which led to our conclusion. | No |
| F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have taken disciplinary action against the individual that:<br> 1) relates to an action, failure to act, or circumstances, that amounts to a breach of any individual conduct requirements that:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. apply or applied to the individual; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. (if the individual is or was a key function holder a notified non-executive director or a credit union non-executive director for your firm) the individual is or was required to observe under PRA rules (including if applicable, PRA rules in force before 7 March 2016); or<br> 2) relates to the individual not being fit and proper to perform a function<br> If 'yes', we have provided a description of the breaches (including dates of when they occurred) and the basis for, and outcome of, the subsequent disciplinary action. | 1) No<br> 2) No |
| G | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Are we aware of any other information that we reasonably consider to be relevant to your assessment of whether the individual is fit and proper? This disclosure is made on the basis that we shall only disclose something that:<br> 1) occurred or existed:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the six years before your request for a reference; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. between the date of your request for the reference and the date of this reference; or<br> 2) is serious misconduct<br> If yes, we have provided the relevant<br> information. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) No<br> 2) No |

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**Schedule 2**

**Indicative Statement of entitlements under the Company**'**s Share Schemes**

The information included in this Schedule is indicative only and is given as at the date of this Agreement. Any entitlement you have under a Company Share Scheme is subject to the rules of the relevant Share Scheme.

![exhibitcs.jpg](exhibitcs.jpg)

------

**Schedule 3**

**Certificate of Satisfaction of Post-Employment Conditions**

From: [●]

To: Janus Henderson Administration UK Limited

201 Bishopsgate

London

EC2M 3AE

[*Insert date*]

Dear Sir/Madam

**Certificate of satisfaction of Post-Employment Conditions**

I hereby certify that, with respect to the period from the date that my employment with Janus Henderson Administration UK Limited (the "**Company**") terminated (the "**Leave Date**") to the date hereof:

1) I have indefinitely withdrawn from the workforce including from sitting on the board of directors of a competitor of the Company, as determined by the Human Capital and Compensation Committee of the Board of Janus Henderson Group plc (Committee), and/or, I have limited any work activities to those granted by the Committee in exercising its reasonable judgment.

2) I have not, whether directly or indirectly, on my own behalf or on behalf of or in conjunction with any other person, firm, company or other entity, for the period of 12 months following the Leave Date, for the purposes of any business which competes or is about to compete with any business carried on by the Company or any Group Company, canvassed, solicited, dealt with or accepted business or custom from or endeavoured to canvass, solicit, deal with or accept business or custom from any person, firm, company or other entity who is, or was, in the 12 month period immediately prior to the Leave Date, a customer of the Company or any Group Company with whom I had business dealings during the course of my employment in that 12 month period.

3) I have not, whether directly or indirectly, on my own behalf or on behalf of or in conjunction with any other person, firm, company or other entity, for the period of 12 months following the Leave Date, solicited or enticed away or endeavoured to solicit or entice away any individual who is employed or engaged by the Company or any Group Company as a director, fund manager or in a senior managerial or other specialist capacity and with whom I had business dealings during the course of my employment in the 12 month period immediately prior to the Leave Date.

Words and expressions used in this letter but not otherwise defined herein shall have the meanings given to them in the retirement agreement made between us dated [●], or the second retirement agreement.

Yours faithfully,

……………………….

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**Schedule 4**

**WITHOUT PREJUDICE**

**SUBJECT TO CONTRACT**

**SECOND RETIREMENT AGREEMENT**

**DATE:**

**PARTIES:**

**(1) *You***: Roger Thompson of [\*\*\*]

**(2)** The ***Company***: Janus Henderson Administration UK Limited (company number 00290577) whose registered office is at 201 Bishopsgate, London EC2M 3AE

**IT IS AGREED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Capitalised terms used herein shall have the meaning given to them in the retirement agreement between you and the Company dated______________ (the  ***First Retirement Agreement***)

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the terms and conditions set out in the First Retirement Agreement, the Company will make the payment set out therein.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Claims against the Company or any Group Company** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Without any admission of liability by the Company, you agree to accept the terms set out in this Agreement in full and final settlement of any and all claims, demands, costs, expenses or rights of action which you have or may have against the Company and/or any Group Company or any of its or their officers or employees, whether at common law, statutory, pursuant to European Union law or otherwise, however arising, in connection with your employment and/or its termination (the  ***Identified Issues***).

&nbsp;&nbsp;&nbsp;&nbsp;3.2 In particular, but without limitation, the waiver and release contained in clause 3.1 extends to:

&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 any claim for damages for breach of contract or wrongful dismissal (whether brought before an Employment Tribunal or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 any claim for compensation for the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other similar scheme operated by the Company or any Group Company other than as set out in the First Retirement Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 any statutory claims which you have or may have as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a claim of unfair dismissal under the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a claim for a redundancy payment, under the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a claim in relation to equal terms under the Equal Pay Act 1970 and/or the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a claim in relation to pregnancy or maternity discrimination or discrimination related to sex, marital or civil partnership status or gender reassignment under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a claim for harassment based on unwanted conduct of a sexual nature under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a claim in respect of any right, benefit or entitlement relating to maternity, paternity or adoption leave secured by Part VIII of the Employment Rights Act 1996 or any regulations made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a claim in relation to discrimination related to race, colour, nationality or ethnic or national origin under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a claim in relation to discrimination related to disability, disability–related discrimination or the failure to make adjustments under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a claim of unlawful deductions under the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a claim in relation to working time or holiday pay under the Working Time Regulations 1998;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a claim in relation to time off work under the Employment Rights Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a claim in relation to parental rights and/or flexible working the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a claim of less favourable treatment on the grounds of part-time working under regulation 8 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a claim of less favourable treatment on the grounds of fixed-term status under regulation 7 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a claim in relation to discrimination relating to sexual orientation under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a claim in relation to discrimination relating to religion or belief under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) a claim under the Employment Rights Act 1996 in respect of detriment suffered in relation to making a protected disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) a claim under the Employment Rights Act 1996 in respect of detriment suffered in relation to the right to be accompanied, under the Employment Relations Act 1999;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) a claim under the Transnational Information and Consultation of Employees Regulations 1999;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any claim under the Data Protection Act 1998, EU General Data Protection Regulation (EU) 2016/679, UK General Data Protection Regulation or Data Protection Act 2018, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) a claim of discrimination relating to age under the Equality Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any civil claim for harassment under the Protection from Harassment Act 1997; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) any civil claims for damages or compensation under applicable health and safety legislation, including the Health & Safety At Work Act 1974.

The claims specified in these clauses 3.1 and 3.2 (together the ***Employee Claims***) are claims which it is recognised you have or may have arising out of the circumstances surrounding your employment and/or its termination.

For the avoidance of doubt, the term "discrimination" in this clause shall include "victimisation" and "harassment".

In signing this Agreement, you confirm that you are not aware of any other claims other than those specified in clause 3 or facts or circumstances that may give rise to any claim against the Company or any Group Company or its or their employees in relation to any other matters.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 By your signature of this Agreement you agree that you have not and you will not institute or commence any claims, actions or proceedings against the Company or any Group Company or any officer or employee of the Company or any Group Company in relation to the Identified Issues before any Employment Tribunal or court whether in respect of the Employee Claims or otherwise. For the avoidance of doubt, the Company acknowledges that nothing in this Agreement affects your accrued pension rights, or right to enforce this Agreement or right to bring a claim in respect of personal injury of which you are unaware and could not reasonably be expected to be aware at the date of this Agreement (except personal injury of any kind to the extent that such a claim arises out of or relies upon any alleged act of discrimination), and you represent and warrant that as at the date of signature of this Agreement, you are not aware of any circumstances which give rise or may give rise to any claim in relation to personal injury. Furthermore, nothing in this Second Retirement Agreement shall affect your right to enforce the terms of your First Retirement Agreement and any such action shall not be construed as a breach of either the First Retirement Agreement or the Second Retirement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 You represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 you have received independent legal advice from a relevant independent adviser (as defined by section 203 of the Employment Rights Act 1996) as to the terms and effect of this Agreement and in particular its effect on your ability to pursue a claim in relation to the Identified Issues and you have previously notified any and all potential claims of any nature you have or may have against the Company or any Group Company (or any of its or their officers or employees) to the Company in writing and that you have no other complaints or grounds for any claim whatsoever against the Company in relation to the Identified Issues, including without limitation the Employee Claims;

&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 the name of the independent adviser referred to in clause 3.4.1 above is

-----------------------------------------------------------------------------------------------

&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 you are advised by the independent adviser that there is in force and was at the time you received the advice referred to above an insurance policy covering the risk of a claim by you in respect of loss arising in consequence of that advice.

You acknowledge that the Company has acted in reliance on these warranties when entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3.5 You agree and acknowledge that the conditions regulating settlement and compromise agreements contained in section 147 of the Equality Act 2010, the Employment Rights Act 1996, the Sex Discrimination Act 1975, the Race Relations Act 1976, the Disability Discrimination Act 1995, the Trade Union and Labour Relations (Consolidation) Act 1992, Regulation 35 of the Working Time Regulations 1998, Regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, Regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, Schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, Schedule 4 of the Employment Equality (Religion or Belief) Regulations 2003, Schedule 5 of the Employment Equality (Age) Regulations 2006, the National Minimum Wage Act 1998, the Employment Relations Act 1999, sub-paragraphs (a) to (e) of r39(4) of the European Public Limited-Liability Company (Employee Involvement) (Great Britain) Regulations 2009, the Posted Workers (Enforcement of Employment Rights) Regulations 2016, Regulation 40 of the Information and Consultation of Employees Regulations 2004, paragraph 12 of the schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, the Pensions Act 2008 and any other similar relevant statutory provisions relating to the compromising of statutory claims are intended to be and have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;3.6 For the avoidance of doubt, you confirm that the First Retirement Agreement remains in full force and effect notwithstanding the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3.7 You agree that if you materially breach any provision in this Agreement or pursue a claim against the Company or any Group Company relating to your employment or its termination, an amount equal to the loss (including consequential loss and any legal fees or costs) which the Company and/or any Group Company suffers or incurs as a result will be immediately payable to the Company upon demand and the Company will be released from any continuing obligation under this Agreement. The Company may also pursue other rights and remedies to enforce this Agreement, including seeking an injunction and/or suspending, terminating any remaining payments or vesting events, and recovery of any payments made.

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 The headings to clauses are for convenience only and have no legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Applicable Law and Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 This Agreement will be construed in accordance with English law and the parties irrevocable submit to the exclusive jurisdiction of the English Courts to settle any dispute which may arise in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 If the amount of any payment or the vesting of any award under this Agreement exceeds any maximum pursuant to any relevant law or regulation or is in any other respect prohibited, your entitlement under this Agreement will be reduced to the maximum allowed under such law or regulation and the Company's obligations to make any such payment or vest any such award will be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 This Agreement is entered into by the Company for itself and in trust for each Group Company with the intention that each such company will be entitled to enforce it directly. The parties agree that each Group Company will be entitled to enforce the benefit of this Agreement in accordance with the Contracts (Rights of Third Parties) Act 1999. Other than as stated in this clause 6.2, no person other than a party to this Agreement will have any rights to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 This Agreement although marked 'Without Prejudice' and 'Subject to Contract' will upon signature by both parties be treated as an open document evidencing an agreement binding on the parties.

&nbsp;&nbsp;&nbsp;&nbsp;6.4 This Agreement may consist of one or more counterparts, each signed by one or more parties to this Agreement. If so, the signed counterparts are treated as making up one document, the date on which the last counterpart is executed will be the date of the Agreement and when executed and delivered each counterpart is treated as an original and together will constitute one document.

………………………………………………

**SIGNED by You**

………………………………………………

**SIGNED for and on behalf of the Company**

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**CERTIFICATE**

**I, ___________________________________________________________________**

**of __________________________________________________________________**

confirm that I have given independent legal advice to Roger Thompson as to the terms and effect of the above Agreement and in particular its effect on the ability of Roger Thompson to pursue his rights before an Employment Tribunal.

I confirm that I am a Solicitor of the Senior Courts of England & Wales holding a current Practising Certificate and that there is and was at the time I gave the advice referred to above in force a policy of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by Roger Thompson in respect of any loss arising in consequence of that advice.

**Signed** ………………………………………………

**Dated** ………………………………………………

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Ali Dibadj, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Janus Henderson Group plc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Ali Dibadj |
| Ali Dibadj |
| *Chief Executive Officer* |

---

Date: October 30, 2025

A signed original of this written statement required by Section 302 has been provided to Janus Henderson Group plc and will be retained by Janus Henderson Group plc and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Roger Thompson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Janus Henderson Group plc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Roger Thompson |
| Roger Thompson |
| *Chief Financial Officer* |

---

Date: October 30, 2025

A signed original of this written statement required by Section 302 has been provided to Janus Henderson Group plc and will be retained by Janus Henderson Group plc and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Janus Henderson Group plc on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "report"), I, Ali Dibadj, Chief Executive Officer of Janus Henderson Group plc, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Janus Henderson Group plc.

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| |
|:---|
| /s/ Ali Dibadj |
| Ali Dibadj |
| *Chief Executive Officer* |

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Date: October 30, 2025

A signed original of this written statement required by Section 906 has been provided to Janus Henderson Group plc and will be retained by Janus Henderson Group plc and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Janus Henderson Group plc on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "report"), I, Roger Thompson, Chief Financial Officer of Janus Henderson Group plc, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Janus Henderson Group plc.

---

| |
|:---|
| /s/ Roger Thompson |
| Roger Thompson |
| *Chief Financial Officer* |

---

Date: October 30, 2025

A signed original of this written statement required by Section 906 has been provided to Janus Henderson Group plc and will be retained by Janus Henderson Group plc and furnished to the Securities and Exchange Commission or its staff upon request.