Craig Siegenthaler

John Dunn

Kenneth Worthington

Michael Cyprys

William Katz

Alexander Blostein

Daniel Fannon

Michael Brown

Bill Katz

Brennan Hawken

Dan Fannon

Ken Worthington

Patrick Davitt

- Janus Henderson (JHG) reported strong Q3 2025 results, with **Assets Under Management (AUM)** reaching a record **$483.8 billion**, a **27% increase** year-over-year, and achieving its **sixth consecutive quarter of positive net flows** totaling **$7.8 billion**.  **[0001274173_2216201_1]** **[0001274173_2216201_4]**  **Adjusted diluted EPS** was **$1.09**, up **20%** from the prior year, and the **adjusted operating margin** increased **200 basis points** to **36.9%**.  **[0001274173_2216201_1]** **[0001274173_2216201_7]** 
- The company is transitioning its investment management system to Aladdin, anticipating an approximately **1% increase in adjusted operating costs** for **2026 and 2027**, with expected operational improvements and efficiencies from **2028** onwards.  **[0001274173_2216201_4]** **[0001274173_2216201_7]** 
- A special committee has been appointed to consider a **non-binding proposal from Trian and General Catalyst** to acquire outstanding ordinary shares of Janus Henderson not already owned by Trian.  **[0001274173_2216201_1]**  In Q3 2025, JHG returned nearly **$130 million** to shareholders through dividends and share buybacks, including repurchasing **1.5 million shares** for approximately **$67 million**.  **[0001274173_2216201_4]** **[0001274173_2216201_7]**

Janus Henderson Reports Strong Q3 2025 Results and Addresses Takeover Proposal

- Janus Henderson Group (JHG) reported **Q3 2025 adjusted diluted EPS of $1.09**, a **21% increase** from Q2 2025 and **20% increase** from Q3 2024.  **[0001274173_2215308:0]** **[0001274173_2215308:3]**  Total GAAP revenue reached **$700.4 million**, up **11%** from Q2 2025, and adjusted operating income rose **22%** quarter-over-quarter to **$204.5 million**, resulting in an **adjusted operating margin of 36.9%**.  **[0001274173_2215308:2]** **[0001274173_2215308:3]** 
- Assets Under Management (AUM) increased **6%** to **$483.8 billion** in Q3 2025, driven by **$7.8 billion** in net inflows, marking the **sixth consecutive quarter of positive net flows**.  **[0001274173_2215308:0]** 
- The company returned nearly **$130 million** to shareholders in Q3 2025 through a declared dividend of **$0.40 per share** and the repurchase of **1.5 million shares**.  **[0001274173_2215308:0]** **[0001274173_2215308:4]**

Janus Henderson Group Announces Strong Q3 2025 Financial Results

- Janus Henderson Group plc reported **Q3 2025 diluted EPS of US$0.92** and **adjusted diluted EPS of US$1.09**.  **[1274173_0001437749-25-032285_ex_846417.htm:0]** **[1274173_0001437749-25-032285_ex_846417.htm:1]** 
- Assets under management (AUM) reached **US$484 billion** as of September 30, 2025, marking a **27% increase year-over-year** and **6% quarter-over-quarter**.  **[1274173_0001437749-25-032285_ex_846417.htm:0]** 
- The company achieved its **sixth consecutive quarter of positive net inflows**, totaling **US$7.8 billion** in Q3 2025.  **[1274173_0001437749-25-032285_ex_846417.htm:0]** **[1274173_0001437749-25-032285_ex_846417.htm:1]** 
- **US$129 million** was returned to shareholders in Q3 2025 through dividends and share buybacks, and the Board declared a quarterly dividend of **US$0.40 per share**.  **[1274173_0001437749-25-032285_ex_846417.htm:0]** **[1274173_0001437749-25-032285_ex_846417.htm:1]** 
- Janus Henderson has received a **non-binding acquisition proposal** from Trian and General Catalyst, which is currently under evaluation by a special committee.  **[1274173_0001437749-25-032285_ex_846417.htm:0]**

Janus Henderson Group plc Reports Strong Q3 2025 Results and Acknowledges Acquisition Proposal

- **Janus Henderson Group plc (JHG)** confirmed on **October 27, 2025**, the receipt of a **non-binding acquisition proposal**.  **[1274173_0001104659-25-102585_tm2529521d1_8k.htm:1]** **[1274173_0001104659-25-102585_tm2529521d1_ex99-1.htm:1]** 
- The proposal, submitted jointly by **Trian Fund Management, L.P.** and **General Catalyst Group Management, LLC**, is to acquire all outstanding ordinary shares not already owned or controlled by Trian for **$46.00 per share in cash**.  **[1274173_0001104659-25-102585_tm2529521d1_ex99-1.htm:1]** 
- The company's board of directors intends to appoint a **special committee** to consider the proposal.  **[1274173_0001104659-25-102585_tm2529521d1_ex99-1.htm:1]** 
- There is **no assurance** that any definitive agreement will result or that any transaction will be consummated.  **[1274173_0001104659-25-102585_tm2529521d1_ex99-1.htm:1]**

Janus Henderson Confirms Receipt of Acquisition Proposal

- **Janus Henderson Group plc (JHG)** has received a **non-binding acquisition proposal** from Trian Fund Management and General Catalyst Group Management to acquire all outstanding shares not already owned by Trian for **$46 per share** in cash.  **[1274173_ea560442052f485b9c9e407bb3d86069]** 
- The **$46 per share** offer represents a significant premium, including over a **56% premium** compared to the share price in April 2025.  **[1274173_ea560442052f485b9c9e407bb3d86069]** 
- Trian Fund Management, which currently owns **20.4%** of Janus Henderson and holds two board seats, first invested in the company in 2020.  **[1274173_ea560442052f485b9c9e407bb3d86069]** 
- The proposed price implies a **9.5x trailing 12-month EBITDA multiple**, which is notably higher than the company's three-year average multiple of **7.7x**.  **[1274173_ea560442052f485b9c9e407bb3d86069]** 
- Janus Henderson's board plans to form a special committee to review the proposal, but there is no assurance that a definitive agreement or transaction will occur.  **[1274173_ea560442052f485b9c9e407bb3d86069]**

Janus Henderson Receives Takeover Bid

- **Janus Henderson Group plc** (JHG) has confirmed receiving a non-binding acquisition proposal from Trian Fund Management, L.P. and General Catalyst Group Management, LLC.  **[1274173_090ab895f2d94b0f9daedf418ac5ecfb_0]** 
- The proposal contemplates the acquisition of all outstanding ordinary shares of Janus Henderson not already owned or controlled by Trian for **$46.00 per share in cash**.  **[1274173_090ab895f2d94b0f9daedf418ac5ecfb_0]** 
- The company's board of directors intends to appoint a special committee to consider the proposal, which was received on **October 26**.  **[1274173_090ab895f2d94b0f9daedf418ac5ecfb_0]** 
- Trian, which first disclosed its investment in Janus Henderson in October 2020, currently has two representatives on the Janus Henderson Board.  **[1274173_090ab895f2d94b0f9daedf418ac5ecfb_0]**

Janus Henderson Group Confirms Acquisition Proposal

- The Henderson Smaller Companies Investment Trust experienced a challenging financial year ending **May 31, 2025**, with its net asset value declining by **5.1%** and share price falling by **2.3%** on a total return basis, underperforming its benchmark by **10.1%**.  **[1274173_2146096_0]** **[1274173_2146096_1]** 
- Despite performance challenges, the company declared a full-year dividend of **£0.28**, representing **3.7%** year-on-year growth and marking the **22nd consecutive year of dividend growth**.  **[1274173_2146096_0]** **[1274173_2146096_1]** 
- **Neil Hermon** retired as Portfolio Manager after 22 years of service, with **Indriyati Van Heen** taking over as sole Fund Manager, and a new team member is expected to join in November.  **[1274173_2146096_0]** **[1274173_2146096_1]** **[1274173_2146096_2]** 
- The Trust has been actively buying back shares, repurchasing almost **11 million shares** (just under **15%** of total share capital) since October 2024, and its discount was **9%** yesterday (September 16, 2025), which is tighter than the peer group average of over **10%**.  **[1274173_2146096_10]** 
- Management is implementing refinements to the investment process, including cutting the tail of the portfolio, increasing earnings momentum, diversifying sector exposure, and reducing exposure to highly leveraged companies, while maintaining an optimistic outlook for the undervalued UK small-cap market.  **[1274173_2146096_4]** **[1274173_2146096_7]** **[1274173_2146096_8]** **[1274173_2146096_11]**

JANUS HENDERSON GROUP (JHG)