Man Regulatory News (EMG)

Press Release

29 February 2024

Results for the year ended 31 December 2023

Continued net inflows reflecting demand for our range of investment strategies

o  Record assets under management (AUM) of $167.5 billion (31 December 2022: $143.3 billion)

o  Net inflows of $3.0 billion for the year ended 31 December 2023, 4.9% ahead of the industry[KPI]

o  Asset weighted relative investment outperformance versus peers across our strategies of 1.6%[KPI]

Resilient core management fee EPS of 18.4¢ highlighting the merits of our diversified business model

o  Run rate net management fees of $1,087 million (31 December 2022: $917 million)

o  $180 million of core performance fees, from across our investment divisions (2022: $779 million)

o  Statutory EPS (diluted) of 19.4¢ (2022: 45.8¢) and core EPS (diluted) of 22.4¢[KPI] (2022: 48.7¢)

Unchanged capital policy balancing growth in the business alongside consistent shareholder returns

o  4% increase in the total dividend per share to 16.3¢, in line with our progressive dividend policy

o  Intention to repurchase up to $50 million of shares

o  Net financial assets of $555 million (31 December 2022: $983 million)

Robyn Grew, Chief Executive Officer of Man Group, said:

"2023 was a year that defied market expectations as the world grappled with macroeconomic uncertainty and unforeseen geopolitical events. Against that backdrop, I'm pleased to report a solid set of results for Man Group. Our strategies delivered positive relative investment performance of 1.6% and we recorded a net inflow of client capital of $3.0 billion, 4.9% ahead of the industry. Our assets under management ended the year at $167.5 billion, a 17% increase compared with the beginning of the year. These results reflect the quality of the business we have built, including the breadth and depth of our client relationships, and the merits of our diversified product offering.

"We have built trusted partnerships with sophisticated allocators globally, enabling us to gain a deep understanding of their needs and challenges. This contributed to the considerable progress we made during the year, and informed our strategy going forward. Beyond driving investment performance, our priorities are to continue expanding our investment capabilities, to extend our reach with clients across new and existing geographies and market segments, and to leverage our strengths and scale to deliver more customised solutions.

"Man Group has existed for well over 200 years and has done so by continuously innovating and responding to the needs of our clients. Our ambition is to be an indispensable partner to sophisticated investors globally, delivering the investment performance and solutions they need. I have great confidence that our world class talent and technology will allow us to achieve this, to the benefit of our clients and our shareholders."

'Core' measures are alternative performance measures. For a detailed description of our alternative performance measures, including non-core items, please refer to pages 58 to 63. For details of key performance indicators ([KPI]), refer to page 11.

Dividend and share buyback

Man Group's ordinary dividend policy is progressive, taking into account the growth in the firm's overall earnings. The firm first takes into account required capital and potential strategic opportunities and maintains a prudent balance sheet. Our policy is to then distribute available capital to shareholders over time by way of higher dividend payments and/or share repurchases. While the Board considers dividends as the primary method of returning capital to shareholders, it will continue to execute share buybacks when advantageous.

In line with this policy, the Board confirms it will recommend a final dividend of 10.7¢ per share for the financial year ended 31 December 2023, resulting in a total dividend of 16.3¢ per share for the year. This is in addition to the $125 million share buyback programme announced in 2023, and the intention to repurchase a further $50 million of shares. We will fix and announce the US dollar to sterling dividend currency conversion rate on 09 May 2024, in advance of payment.

Dates for the 2023 final dividend

Conference call and presentation

There will be a presentation by the management team at 10.00am (UK time) on 29 February 2024 atRiverbank House, 2 Swan Lane, London, EC4R 3AD, along with a live webcast, which will also be available on demand later in the day. A copy of the presentation will be available on the investor relations section of www.man.com from 09.55am.

The conference call can be accessed at:

https://mangroup.webex.com/mangroup/j.php?MTID=m4ceb1120f99b6c5b86545a6d7297b138

Webinar number: 2377 406 7735

Webinar password: RmQB4PmT9m4 (76724768 from phones and video systems)

Join by phone:

+44 20 3478 5289 United Kingdom toll

+1 631 267 4890 USA/Canada toll

Access code: 237 740 67735

Enquiries

Karan Shirgaokar

Head of Investor Relations

+44 20 7144 1000

investor.relations@man.com

Georgiana Brunner

Head of Communications

+44 20 7144 1000

media@man.com

Neil Doyle

FTI Consulting

+44 77 7197 8220

man@fticonsulting.com

1. A DRIP is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares. More information can be found at www.shareview.co.uk/info/drip.

About Man Group

Man Group is a global, technology-empowered active investment management firm focused on delivering alpha and portfolio solutions for clients. Headquartered in London, we manage $167.5 billion1 and operate across multiple offices globally.

We invest across a diverse range of strategies and asset classes, with a mix of long-only and alternative strategies run on a discretionary and quantitative basis, across liquid and private markets. Our investment teams work within Man Group's single operating platform, enabling them to invest with a high degree of empowerment while benefiting from the collaboration, strength and resources of the entire firm. Our platform is underpinned by advanced technology, supporting our investment teams at every stage of their process, including alpha generation, portfolio management, trade execution and risk management.

Our clients and the millions of retirees and savers they represent are at the heart of everything we do. We form deep and long-lasting relationships and create tailored solutions to help meet their unique needs. We recognise that responsible investing is intrinsically linked to our fiduciary duty to our clients, and we integrate this approach broadly across the firm.

We are committed to creating a diverse and inclusive workplace where difference is celebrated and everyone has an equal opportunity to thrive, as well as giving back and contributing positively to our communities. For more information about Man Group's global charitable efforts, and our diversity and inclusion initiatives, please visit: https://www.man.com/corporate-responsibility

Man Group plc is listed on the London Stock Exchange under the ticker EMG and is a constituent of the FTSE 250 Index. Further information can be found at www.man.com

Forward-looking statements and other important information

This document contains forward-looking statements with respect to the financial condition, results, and business of Man Group plc. By their nature, forward-looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Man Group plc's actual future results may differ materially from the results expressed or implied in these forward-looking statements.

The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement. Nothing in this announcement should be construed as or is intended to be a solicitation for or an offer to provide investment advisory services or to invest in any investment products mentioned herein.

This announcement contains inside information.

The person responsible at the Company for the release of this announcement for the purposes of UK MAR is Antoine Forterre, Chief Financial Officer.

1. As at 31 December 2023. All investment management and advisory services are offered through the investment engines of Man AHL, Man Numeric, Man GLG, Man Solutions, Man Global Private Markets and Man Varagon.

Assets under management

AUM movements for the year ended 31 December 2023

AUM movements for the three months ended 31 December 2023

1. Other movements relate to fee-paying assets under management added following the acquisition of Varagon Capital Partners, maturities and leverage movements.

AUM by product category

1. Includes AHL Institutional Solutions, which invests into a range of AHL strategies including AHL Alpha, AHL Dimension and AHL Evolution, as well as other absolute return strategies.

2. Includes AHL other, Numeric absolute return and Discretionary credit absolute return strategies.

3. Includes equity and multi-asset strategies.

Investment performance by strategy

Past or projected performance is no indication of future results. Financial indices are used for illustrative purposes only and are provided for the purpose of making a comparison to general market data as a point of reference and should not be construed as a true comparison to the strategy.

The information herein is being provided solely in connection with this press release and is not intended to be, nor should it be construed or used as, investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment or strategy, or an offer to sell, or a solicitation of an offer to buy, an interest in any security, including an interest in any fund or pool described herein.

1. Represented by AHL Alpha plc from 17 October 1995 to 30 September 2012, and by AHL Strategies PCC Limited: Class Y AHL Alpha USD Shares from 1 October 2012 to 30 September 2013. The representative product was changed at the end of September 2012 due to the provisioning of fund liquidation costs in October 2012 for AHL Alpha plc, which resulted in tracking error compared with other Alpha Programme funds. Both funds are valued weekly; however, for comparative purposes, statistics have been calculated using the best quality price that is available at each calendar month end, using estimates where a final price is unavailable. Where a price, either estimate or final is unavailable on a calendar month end, the price on the closest date prior to the calendar month end has been used. Both of the track records have been adjusted to reflect the fee structure of AHL Alpha (Cayman) Limited - USD Shares. From 30 September 2013, the actual performance of AHL Alpha (Cayman) Limited - USD Shares is displayed.

2. Represented by AHL Strategies PCC Limited: Class B AHL Dimension USD Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension (Cayman) Ltd - F USD Shares Class from 1 June 2014 until 28 February 2015 when AHL Dimension (Cayman) Ltd - A USD Shares Class is used. Representative fees of 1.5% Management Fee and 20% Performance Fee have been applied.

3. Represented by AHL Evolution Limited adjusted for the fee structure (2% p.a. management fee and 20% performance fee) from September 2005 to 31 October 2006; and by AHL Strategies PCC: Class G AHL Evolution USD from 1 November 2006 to 30 November 2011; and by the performance track record of AHL Investment Strategies SPC: Class E AHL Evolution USD Notes from 1 December 2011 to 30 November 2012. From 1 December 2012, the track record of AHL (Cayman) SPC: Class A1 Evolution USD Shares has been shown. All returns shown are net of fees.

4. Represented by Man AHL Diversified plc from 26 March 1996 to 29 October 2012, and by Man AHL Diversified (Guernsey) USD Shares - Class A from 30 October 2012 to date. The representative product was changed at the end of October 2012 due to legal and/or regulatory restrictions on Man AHL Diversified plc preventing the product from accessing the Programme's revised target allocations. Both funds are valued weekly; however, for comparative purposes, statistics have been calculated using the best quality price that is available at each calendar month end, using estimates where a final price is unavailable. Where a price, either estimate or final is unavailable on a calendar month end, the price on the closest date prior to the calendar month end has been used.

5. Represented by Man GLG Alpha Select Alternative IL GBP; AUM included within GLG equity under the absolute return product category.

6. Represented by Man GLG Event Driven Alternative IN USD; AUM included within GLG equity under the absolute return product category.

7. Represented by GLG Market Neutral Fund - Class Z Restricted - USD until 31 August 2007. From 1 September 2007, Man GLG Global Credit Multi Strategy CL IL XX USD unrestricted; AUM included within Other under the absolute return product category.

8. Represented by Man Strategies 1783 Class F1 USD until 31st December 2021. From the 1st January 2022 Man Strategies 1783 Class A USD. AUM included within the corresponding product category.

9. Represented by Man AHL TargetRisk class I USD.

10. Represented by Man Alternative Risk Premia Class A USD.

11. Represented by Man GLG Global Emerging Markets Debt Total Return Class I USD; AUM included within Emerging markets fixed income under the total return product category.

12. Represented by FRM Diversified II Fund SPC - Class A USD ('the fund') until April 2018 then Class A JPY hedged to USD thereafter. However, prior to Jan 2004, FRM has created the FRM Diversified II pro forma using the following methodology: i) for the period Jan 1998 to Dec 2003, by using the returns of Absolute Alpha Fund PCC Limited - Diversified Series Share Cell ('AA Diversified - USD') adjusted for fees and/or currency, where applicable. For the period Jan 2004 to Feb 2004, the returns of the fund's master portfolio have been used, adjusted for fees and/or currency, where applicable. Post Feb 2004, the fund's actual performance has been used, which may differ from the calculated performance of the track record. There have been occasions where the 12-months' performance to date of FRM Diversified II has differed materially from that of AA Diversified. Strategy and holdings data relates to the composition of the master portfolio; AUM included within Diversified and thematic FoHF under the multi-manager product category.

13. Performance relative to the MSCI World. This reference index is intended to best represent the strategy's universe. Investors may choose to compare returns for their accounts to different reference indices, resulting in differences in relative return information. Comparison to an index is for informational purposes only, as the holdings of an account managed by Numeric will differ from the securities which comprise the index and may have greater volatility than the holdings of an index.

14. Performance relative to the MSCI Europe (EUR). This reference index is intended to best represent the strategy's universe. Investors may choose to compare returns for their accounts to different reference indices, resulting in differences in relative return information. Comparison to an index is for informational purposes only, as the holdings of an account managed by Numeric will differ from the securities which comprise the index and may have greater volatility than the holdings of an index; AUM included within International equity under the systematic long-only product category.

15. Performance relative to MSCI Emerging Markets. This reference index is intended to best represent the strategy's universe. Investors may choose to compare returns for their accounts to different reference indices, resulting in differences in relative return information. Comparison to an index is for informational purposes only, as the holdings of an account managed by Numeric will differ from the securities which comprise the index and may have greater volatility than the holdings of an index.

16. Represented by Man GLG Continental European Growth Fund Class C Accumulation Shares. Relative return shown vs FTSE World Europe Ex UK (GBP, GDTR); AUM included within Europe ex-UK equity under the discretionary long-only product category.

17. Represented by Man GLG Japan CoreAlpha Fund - Class C converted to JPY until 28 January 2010. From 1 February 2010 Man GLG Japan CoreAlpha Equity Fund - Class I JPY is displayed. Relative return shown vs TOPIX (JPY, GDTR); AUM included within Japan equity under the discretionary long-only product category.

18. Represented by Man GLG Undervalued Assets Fund - C Accumulation Shares. Relative return shown vs FTSE All Share (GBP, NDTR); AUM included within UK equity under the discretionary long-only product category.

19. Represented by Man GLG High Yield Opportunities I EUR. Relative return is shown vs ICE BofA Global High Yield Index (EUR, TR) Hedged benchmark; AUM included within Credit and convertibles under the discretionary long-only product category.

20. Represented by Man GLG Sterling Corporate Bond Fund Class C Accumulation Shares. Relative return is shown vs ICE BofA Sterling Corporate & Collateralized Index (GBR, TR); AUM included within Credit and convertibles under the discretionary long-only product category.

21. HFRI and HFRX index performance over the past 4 months is subject to change.

22. The historical Barclay BTOP 50 Index data is subject to change.

Chief Executive Officer's review

Overview of the year

2023 was quite a year; one that I will remember for many reasons. Not only did I have the honour of taking over from Luke Ellis as CEO of Man Group in September, but the year defied expectations on multiple occasions as the world grappled with several macroeconomic and geopolitical pressures. Measures of inflation may have retreated in the year, but the level and future path of interest rates were firmly on investors' minds. A shockwave rippled through financial markets in March with the collapse of Silicon Valley Bank (SVB), triggered by the sudden rate rises from central banks to combat inflation. This effect was short-lived, however, and despite tensions in the Middle East, concerns over China's economic recovery, a US credit downgrade and debt-ceiling debate, risk assets powered ahead with growing confidence that US policymakers would achieve an economic soft landing in 2024; this was evidenced by the S&P 500 index gaining 24% during the year, with the 'Magnificent Seven' technology darlings leading the charge.

Against that backdrop, and in my first financial update as CEO after taking over from Luke, I am pleased to be able to report a solid set of results for 2023. They highlight the continued demand for our strategies and solutions, the breadth and depth of our client relationships, the benefits of a diversified product offering, and the scale and quality of the business we have built.

As a diversified, active investor we ended the year with positive investment performance of $9.7 billion. Overall investment performance for our absolute return strategies was 0.9%, with particularly strong returns from our discretionary strategy GLG Alpha Select (+10.2%). Our total return and long-only strategies performed well over the period, helped by positive momentum in equity markets, delivering overall investment performance of 7.6% and 16.8%, respectively. AHL TargetRisk gained 14.1%, once again proving its ability to navigate hard-to-forecast macro changes and adapt quickly to evolving market conditions.

There were nevertheless some strategies that were less suited to generating returns in this environment. Notably, 2023 proved to be a testing year for trend-following absolute return strategies and this was for two reasons. First, March's SVB crisis was an idiosyncratic event that reversed prevailing trends. Second, the market narrative centred around when central banks would end their hiking cycle and whether cuts would be imminent, which changed abruptly in November. In that context, performance in our flagship trend-following strategies has been reasonable, with AHL Alpha (+1.0%) and AHL Evolution (+3.7%), ending the period in positive territory.

On an asset-weighted basis, relative investment performance across the firm was positive during the year. Our sophisticated approach to risk management and technology-empowered platform meant we were able to navigate periods of market volatility effectively, driving outperformance of 0.8% from our alternative strategies. Our long-only strategies also outperformed by 2.8%, which is a real testament to the skill of our investment teams.

I am delighted that we continued to attract capital and grow our market share during the year. In what was a difficult period for most of the sector, the client-led growth in our business remained strong. We recorded $3.0 billion of net inflows, across both alternative and long-only strategies, which highlights the continuing broad-based demand for the range of differentiated investment strategies and solutions that we offer at Man Group. On a relative basis, total net inflows were 4.9% ahead of the industry, reflecting the merits of our client-centric distribution model and the quality of our longstanding relationships with allocators around the world.

Strong investment performance, net inflows and positive impacts from foreign exchange (FX) and other movements, resulted in our AUM increasing to $167.5 billion as of 31 December 2023. This marks a new high for Man Group and a 17% increase compared with 31 December 2022.

Despite these many positive elements, core profit before tax decreased by 56% compared with 2022 to $340 million, largely driven by a decline from the exceptionally strong performance fee outcome recorded in the previous year. Statutory profit before tax was $279 million, compared with $745 million in 2022.

Strategy update

Following my appointment, I have spent a significant amount of time with the Board and my new Executive Committee, who are all highly talented experts in their fields and represent core functions from across the firm. We have worked together to define our strategy and outline areas of focus to deliver the next chapter of growth for Man Group. In doing so, I have been conscious not to overlook our strengths today. We have built a high-quality, resilient business that has delivered exceptional growth. Our investment capabilities, powered by our advanced technology platform, are already helping to solve our clients' most complex problems; continuing to invest in these strengths will remain a key priority in the future.

I am proud of the progress we have made diversifying our business, however, we cannot rest on our laurels. To maintain our relevance with clients, and to continue to deliver for our shareholders, there are several areas that we will be focusing on.

One of these is adding to our investment capabilities, which is critical to our success. We see the largest opportunities in quantitative equities, across mid-frequency and long-only, and in credit, across liquid and private markets. We are also prioritising building out our solutions offering, acknowledging that customisation and transparency are of ever-increasing importance to sophisticated allocators across the globe.

Our global distribution network is one of our key differentiators and we will continue to prioritise investment in this area. Extendingour presence in markets where we are underweight relative to the size of the opportunity will be an important driver of future growth. We have identified the North American region, the intermediated wealth channel and the insurance client base as key priorities.

2023 brought a great deal of enthusiasm about the potential for technology, and in particular AI via the arrival of ChatGPT, to catalyse productivity in each and every sector. We have been using AI for many years already and believe this new technology has huge potential for use across our business to help our people perform their roles even more effectively (more on this below). Our early and significant investment in technology has given us a lasting competitive advantage that is not easy to replicate. We will focus on maintaining this lead and continue to invest in the development of our platform, leveraging the benefits of our scale to drive nimble and efficient execution of our strategic objectives. We will also ensure that we align our resources with our strategic goals and the new structure of our discretionary offering reflects a first step towards that commitment.

It is vital that we continue to evolve to meet the needs of investors around the world and the millions of pensioners and savers they represent. I have every confidence in the talent of the people here at Man Group and our ability to build a business that is run for long-term success and a market leader in active management.

Progress against strategic priorities

Strong client relationships

I have spent a great deal of time with clients in recent months and it is evident that their challenges are becoming more complex, requiring specific customisation and partnership. Our breadth of investment strategies, quality of institutional resources and commitment to partnering with clients to build solutions at scale are key differentiators and have helped us to add a significant number of new relationships with strategically important allocators during the year. As at 31 December 2023, over 65% of our AUM is from mandates that are customised to some degree.

As previously mentioned, we saw strong engagement with existing and new clients across the globe in 2023, reflected by net inflows for the year of 2.1%; this is notably strong relative to the industry, which saw average outflows of roughly 3% across comparable strategies in the year and is one of the best signs of the strength of our business today. Our clients have confidence in our ability to manage and grow their assets, and to help them to navigate a range of market conditions.

The trend of clients investing across the firm continues, with a number of existing clients investing in new products in 2023. At the end of December, 73% of our AUM is from clients investing in two products or more and 46% from clients investing in four products or more. Our 50 largest clients are invested in an average of four of our strategies. This illustrates the strength of our offering and the value we bring in deeply understanding the evolving needs of our clients.

Earlier this year, we also announced a strategic partnership with Fideuram - Intesa Sanpaolo Private Banking (F-ISPB), one of our key clients in Italy. The new venture is focused on building a diverse range of alternative and long-only investment strategies and solutions, combining our own capabilities with F-ISPB's private banking expertise, financial adviser network and client base in Europe. We have grown successfully in the intermediated retail channel through partnerships in the US and Japan, and we hope this venture will likewise help to grow our presence in the Italian market.

Innovative investment strategies

We consider innovation as key to generating alpha, cementing our competitive advantage and creating multiple dimensions for future growth. It strengthens our business by further diversifying our revenue streams, providing development opportunities for our people and, most importantly, maintaining our relevance with clients. We invest a huge amount of time and energy in research and delivery, recognising that we need to keep innovating to meet their unique and evolving requirements.

M&A has been a core part of our strategy for several years and we have adopted a consciously disciplined approach to evaluating acquisition opportunities. We seek to assess the repeatability and track record of the investment process, the saleability and scalability of the product offering, the cultural fit and ethos of the team, and the value creation opportunity a transaction could represent for our shareholders. Varagon was the first opportunity we have reviewed in a long time that met our criteria, and we were delighted to announce that acquisition in 2023. As the private credit market continues to grow in relevance for the world's largest institutions, this transaction adds a US-focused direct lending strategy designed to provide consistent risk-adjusted outperformance at scale, in a highly customisable format, to our growing credit offering. The M&A environment around us is changing and we will continue to maintain the same level of rigour and discipline when it comes to assessing opportunities, as we have done in the past.

Our seed capital programme continues to play a key role in supporting product launches, and our pipeline of new ideas remains very strong. During the year we seeded 14 new strategies across our business, leaving our seeding book at $595 million as at 31 December 2023, following investments into new products developed across the business. Over the last few years, we have committed resources to mid-frequency equities, a large segment of the quant hedge fund market with significant alpha and diversification potential. I am excited to see that our investments in data, execution and infrastructure, together with 35+ years of expertise and credibility in the quant space, are continuing to bear fruit. We intend to accelerate investments in that space going forward.

Our quantitative heritage and data-driven culture continues to be core to everything we do and last year we were pleased to announce a partnership with the Columbia Center on Sustainable Investment (CCSI) to conduct research addressing how climate impact is defined and measured in fixed income and equity portfolios. Our joint research with the academic experts at CCSI will aim to produce a more refined decarbonisation framework, which will bring greater standardisation when calculating the climate impact of public market securities.

This is a great example of the academic rigour we apply at Man Group, and how we work collaboratively to understand complex topics in order to add value for our clients.

Efficient and effective operations

We are a global leader in quantitative investing, and yet the use of technology in our business goes well beyond that. Technologists and quants make up nearly half of our workforce - from data science and trading to risk management and operations. It really is core to how we run our firm and enables us to respond quickly as financial markets and our clients' needs do. Our single operating platform means we can generate alpha at scale and deliver portfolio solutions efficiently to the world's largest institutional investors. It affords us the ability to execute larger volumes, trade a huge number of markets and trade at all times of the day, and it also offers the ability to onboard new teams and businesses efficiently. We believe our technology is a commercial differentiator and in 2023, we invested roughly $120 million into our investment and core technology to maintain our lead.

As I mentioned earlier, advances in AI seized the spotlight in 2023. AI enables us not only to automate, but also to innovate, and gives us the power to grow revenue more productively. We first used machine learning techniques roughly ten years ago and today we employ AI as part of our investment process in data, research, portfolio construction, and trading. During the year, our dedicated AI team, engineers and domain experts launched an in-house GenAI portal, ManGPT, which has led to significant usage of GenAI as a productivity aid across the firm in a safe and scalable manner. We see technology more broadly, and AI specifically, as a core competence with major potential to increase productivity and deliver significant operating leverage for our shareholders.

In 2023, we were proud to sign a multi-year open-source technology development and product integration agreement for our database product, ArcticDB. This was a strong external endorsement of the quality of our technology and we are excited to leverage our technology expertise to help advance the asset management industry's operational architecture.

People and culture

Talent is, and will always be, key to the ongoing success of our business. To best serve our clients and shareholders, one of our top priorities is to attract and retain the best people, creating an environment in which they can achieve their full potential. Man Group is a collegiate and collaborative firm with a real sense of community, and I am proud of the culture that we have built, particularly over the last decade. We place great importance on being an employer of choice, and we are pleased to report that our 2023 staff survey recorded a strong engagement score of 81% when it was conducted in the autumn.

I believe diversity is a commercial differentiator in that diversity of thought makes us better. We encourage, embrace, and seek out difference in all areas. There is no particular 'type' of person that joins Man Group, and we put real effort behind attracting diverse candidates and creating an inclusive culture to deliver the best possible outcomes for our clients. Our people foster and uphold that standard and it is part of the DNA of our organisation. We continue to work hard to expand what we do to improve diversity, equity and inclusion, both at Man Group and across the industry. During 2023, we have made a concerted effort to take our programmes into new avenues and introduce tangible initiatives across more fronts.

To be at the forefront of the industry for years to come, we - and our peers - need to reconfigure the pieces that make up our teams, not just add individuals who fit an existing mould. Fostering a working environment and culture where all our employees feel that they belong takes time and effort every single day. While there is a huge amount of work still to be done to make our firm truly representative of the populations we serve, we stand for an absolute and unequivocal commitment to inclusiveness.

Conclusion and outlook

It would be remiss of me not to mention Luke's significant contribution to the results that we have recorded for 2023. He has handed over a business that is in great shape and which will allow us to continue on our exciting growth trajectory.

Man Group has existed for well over 200 years and has achieved this by innovating and evolving to best serve the needs of its clients. Today, we are a diversified, active asset manager with significant skill in liquid alternatives, systematic and long-only investing, and private credit, all underpinned by our technology.

Economic trends, geopolitical dynamics, inflation and their interplay on the global stage persist in their unpredictability, continuing to create challenges in both public and private markets. In this environment it is crucial for managers to be forward thinking and adaptable. Investors have never needed diversifying sources of risk-adjusted returns and long-term strategic partners as much as they do now. The ability to build such partnerships and deliver scalable alpha through customised solutions is one of the most exciting challenges ahead for our industry. That's where we see the opportunity for Man Group over the next five years.

We intend to support our clients for many generations to come as we have one single role, which is to help our clients provide greater financial security to millions of people around the world. My vision is for Man Group to be indispensable in our clients' quest to achieve this. This means that we are always striving to be the best we can be, and I have great confidence in our ability to deliver on this to the benefit of both our clients and our shareholders.

Robyn Grew

Chief Executive Officer

Key performance indicators

Financial KPIs

Our financial KPIs illustrate and measure the relationship between the investment experience of our clients, our financial performance and the creation of shareholder value over time.

Relative investment performance

Why it matters

The asset-weighted performance of Man Group's strategies in comparison with peers gives an indication of the competitiveness of our investment performance compared with similar strategies offered by other investment managers.

How we performed

Asset-weighted relative investment outperformance of 1.6% in 2023 was driven by our long-only strategies. For further information on investment performance, see page 8.

Relative net flows

Why it matters

Relative net flows are a measure of our ability to attract and retain investor capital in comparison with our industry peers. Growth in the assets we manage for clients drives our financial performance via our ability to earn management and performance fees.

How we performed

Relative net flows in 2023 were 4.9%, reflecting the quality of our longstanding relationships with allocators around the world and the relevance of our investment strategies and solutions.

Core management fee EPS (diluted) growth1

Why it matters

Core management fee EPS (diluted) growth in the year measures the overall effectiveness of our business model and reflects the value generation for shareholders from our earnings, excluding performance fees.

How we performed

Core management fee EPS (diluted) of 18.4¢ was in line with 2022, as higher core net management fee revenue was offset by an increase in fixed cash costs to support future growth.

Core EPS (diluted)1

Why it matters

Core EPS (diluted) is a measure of the earnings that drive our cash flows. This metric includes core performance fee profits, which are generated through outperformance for our clients and a significant component of value creation for shareholders over time.

How we performed

Core EPS (diluted) has decreased by 54% to 22.4¢, reflecting a reduction in performance fee profits following the exceptionally strong outcome in 2022.

1. Details of the calculation of our alternative performance measures are provided on pages 58 to 63.

Non-financial KPIs

Our non-financial KPIs reflect our core values and demonstrate our commitment to our people, our communities and the environment.

Carbon footprint (tCO2e)

Why it matters

In order to monitor our carbon footprint, we measure total market-based greenhouse gas emissions (tCO2e) using the GHG Protocol guidance for the Scope 1, Scope 2, Scope 3 travel and Scope 3 upstream leased asset categories.

How we performed

Total carbon emissions increased by 51% in 2023, owing to an increase in business travel (including more long-haul travel) which reflected our acquisitions and growth and indicated a partial return to pre-COVID travel levels. We are focused on reducing emissions and continue to source offsets so we retain our carbon neutral stance.

Employee engagement

Why it matters

Each year, we conduct a staff survey to help us monitor and understand employee engagement and identify any areas for action. Alongside our engagement survey, we continue to provide various mechanisms for staff to provide feedback.

How we performed

Our 2023 staff survey recorded an engagement score of 81%, with a response rate of 85% (a 9% increase compared with 2022).

Women in senior management roles

Why it matters

As part of our efforts to encourage greater diversity across the investment management industry, we measure the number of women in senior management positions at the firm. This is defined as those who are, or report directly to, members of our Executive Committee.

How we performed

In 2023, the number of women in senior management roles increased to 31%, exceeding our 2024 target of 30%.

ESG-integrated AUM ($bn)

Why it matters

Our goal is to meet the responsible investment needs of our clients and this can be measured by the amount of our AUM that is invested sustainably. We calculate ESG-integrated AUM in line with the Global Sustainable Investment Alliance definition, which has emerged as the global standard of classification.

How we performed

ESG-integrated AUM has increased to $59.3 billion in 2023, as we have continued to respond to client demand and expand our range of ESG-oriented strategies. Market beta and currency moves have also contributed positively to the increase.

Chief Financial Officer's review

Overview

Man Group ended the year with record AUM of $167.5 billion, driven by continuing positive net flows, strong investment performance in our long-only strategies and the acquisition of Varagon. Statutory profit decreased to $234 million from $608 million in 2022, primarily due to a decrease in performance fees following exceptional performance fee generation in 2022. The heightened volatility following the US bank turmoil in March and continued political, economic and monetary uncertainty led to muted performance for our systematic macro strategies, the key drivers of our performance fees. We continued to grow our core net management fee revenue, largely through the Varagon acquisition, standing at $963 million for the year compared with $927 million in 2022. Core diluted management fee EPS of 18.4¢ was in line with 2022 due to an increase in fixed compensation and core other costs offsetting the increase in core net management fee revenue. The decrease in profit in the year led to statutory EPS on a diluted basis decreasing to 19.4¢ from 45.8¢ in 2022, with core diluted EPS decreasing from 48.7¢ to 22.4¢.

Closing AUM of $167.5 billion at 31 December 2023, up from $143.3 billion at the end of 2022, was driven by net inflows of $3.0 billion in the year, positive absolute investment performance of $9.7 billion and FX and other movements of $11.5 billion, including $10.8 billion contributed by Varagon. Performance was positive across all categories, and we saw net inflows of $4.9 billion across absolute return, total return and discretionary long-only, partially offset by net outflows of $1.0 billion and $0.9 billion in multi-manager solutions and systematic long-only respectively.

We completed the acquisition of controlling interests in Varagon and Asteria in the second half of the year. Varagon's private credit capabilities diversify our offering to investors, representing the potential for significant value creation. The growth in our strategic partnership with Fideuram through the acquisition of Asteria enables us to increase our offering across Europe in the intermediated wealth channel. Additionally, we have continued to grow our CLO business and securitised new vehicles in Europe and the US in the year.

Management and other fees on a statutory basis increased by 4% to $990 million for the year as a result of higher average AUM, with Varagon contributing $29 million post-acquisition. The average net management fee margin of 63 basis points for the year was 2 basis points lower than in 2022 due to AUM mix shift towards long-only lower margin strategies, partially offset by the acquisition of Varagon.

The run rate net management fee margin at 31 December 2023 stood at 65 basis points compared with 64 basis points at the end of 2022, with inflows into higher margin strategies weighted towards the end of the year. Run rate core net management fee revenue was $1,087 million at the end of the year, up from $917 million at the end of 2022, largely as a result of the revenue earned on Varagon AUM.

Performance fee generation was lower, with $178 million earned in the year on a statutory basis following the record $778 million earned in 2022. Our asset-weighted relative investment outperformance was 1.6% across all categories compared with 1.4% in 2022. All our investment engines generated performance fees in the year. Core gains on investments of $48 million, compared with losses of $15 million in 2022, were generated by mark-to-market gains across our seed book. Core costs were $834 million, down from $906 million in 2022, driven by lower performance fee-related variable compensation partially offset by higher fixed compensation costs due to increased headcount following the acquisition of Varagon and continued investment in the business. The impact of the strengthening of sterling against the US dollar in the year also contributed to an increase in other costs.

Our core rental income in 2023 was in line with 2022. In 2023, we signed sub-leases with two new tenants for a substantial portion of the vacant space in Riverbank House and our existing sub-tenant signed agreements to extend their current leases until the end of the head lease. In early 2024, we also signed Heads of Terms with one of our sub-tenants for additional space in the building.

Non-core items (excluding tax) increased from a net expense of $34 million in 2022 to $61 million in 2023, primarily due to FX losses of $11 million compared with gains of $22 million in 2022. Gains on disposal of right-of-use lease assets and a decrease in the amortisation of our acquired intangible assets, due to some becoming fully amortised in 2022, were partially offset by costs relating to the acquisitions of Varagon and Asteria. Non-core items also include adjustments to the statutory income statement charge relating to amounts payable to the Varagon sellers who remain members of senior management post-acquisition in order to adjust the expense recognised in the year to reflect the corresponding profits generated. Together with acquisition-related costs, these items added $30 million to our non-core expense.

'Core' measures are alternative performance measures. For a detailed description of our alternative performance measures, including non-core items, please refer to pages 58 to 63. For details of key performance indicators ([KPI]), refer to page 11.

We continue to deliver strong cash conversion of our profits and continued our returns to shareholders in 2023 through completion of the two share repurchases, each of $125 million, announced in December 2022 and March 2023 respectively. Our total proposed dividend for the year of 16.3¢ per share represents an increase of 4% from 15.7¢ in 2022, in line with our progressive dividend policy. The total announced returns to shareholders for 2023 is over $0.3 billion, and $1.8 billion over the last five years.

Our balance sheet remains strong and liquid and allows us to navigate periods of stress while continuing to invest in the business to support our long-term growth prospects. Alongside the deployment of our capital to fund acquisitions and strategic partnerships, we continue to return excess capital to shareholders, allocate capital to seed investments and heavily invest in technology to ensure we remain leaders in active investment management. We had net tangible assets of $782 million at 31 December 2023 and net financial assets of $555 million, including $180 million of cash (excluding amounts held by consolidated fund entities) and net of $35 million of acquisition-related liabilities which begin to crystallise in 2028. We continue to be strongly cash-generative, with core cash flows from operations excluding working capital movements of $362 million in the year.

Impact of foreign exchange rates

The portion of our AUM which is denominated in currencies other than the US dollar was positively impacted by the weakening of the US dollar against most currencies over the course of the year. This increased our reported AUM by $1.4 billion and had a positive impact on our core net management fee revenue. However, the strengthening of sterling against the US dollar also contributed to a partially offsetting increase in core costs of around $2 million compared with 2022.

Assets under management

Absolute return

The increase in absolute return AUM was driven by net inflows of $2.3 billion, primarily into Man Institutional Solutions and AHL Alpha, partially offset by outflows from GLG Event Driven. Positive absolute performance of $0.2 billion was driven by a number of strategies in the product category, in particular AHL Evolution and GLG UK Select, partially offset by negative performance in American Beacon AHL Managed Futures.

Total return

Total return AUM increased by $13.7 billion, driven by the Varagon acquisition which added $10.8 billion to the category. Net inflows of $1.1 billion were primarily into Alternative Risk Premia and the launch of new CLOs. Positive absolute performance of $1.1 billion was primarily due to gains in AHL TargetRisk, reflecting its long-only exposure to fixed income and equity markets.

Multi-manager solutions

The decrease in multi-manager solutions AUM was primarily driven by net outflows of $1.0 billion, partially offset by positive absolute performance of $0.5 billion, largely from infrastructure mandates.

Systematic long-only

Systematic long-only AUM increased by $4.9 billion, driven by positive absolute performance of $5.4 billion across all strategies in the product category.

Discretionary long-only

Discretionary long-only AUM increased by $4.7 billion. Net inflows of $1.5 billion were primarily into our credit strategies GLG Sterling Corporate Bond, GLG High Yield and GLG Global Investment Grade Opportunities. Positive performance of $2.5 billion was driven by a number of strategies, reflecting exposure to a broad range of markets.

Revenue

Growth in management fee revenue was offset by lower performance fee generation, leading to a decrease in statutory net revenue from $1,727 million in 2022 to $1,194 million in 2023. Core net revenue similarly decreased from $1,696 million to $1,196 million.

1 Other service income included in core net management fees is earned on an absolute basis rather than as a margin on AUM.

Management fees

Core net management fee revenue increased by 4% to $963 million in 2023 (2022: $927 million), driven by higher average AUM and the acquisition of Varagon. Net management fee margin decreased from 65 basis points in 2022 to 63 basis points in 2023, driven by higher average AUM in low margin multi-manager solutions and systematic long-only strategies following strong net inflows in the second half of 2022. This was partially offset by the addition of Varagon, which attracts a higher margin, and an increase in average AUM from positive investment performance in absolute return strategies.

The absolute return net management fee margin remained at 112 basis points, as the mix shift towards higher margin Man Institutional Solutions mandates was offset by a decrease in average AUM in higher margin AHL Diversified. The total return net management fee margin increased by 1 basis point to 64 basis points, as the addition of higher margin Varagon AUM was partially offset by higher average AUM in lower margin AHL TargetRisk. The multi-manager solutions net management fee margin decreased to 17 basis points in 2023 from 20 basis points in 2022 as a result of the ongoing shift towards infrastructure solutions from traditional fund of funds. The net management fee margin of systematic long-only strategies decreased from 25 basis points to 24 basis points due to margin pressure and mix effects at the product level in recent years. Discretionary long-only margins increased from 57 basis points in 2022 to 59 basis points in 2023 due to strong performance in higher margin GLG Japan CoreAlpha.

Run rate core net management fee revenue was $1,087 million at 31 December 2023 (2022: $917 million). The increase in the year was largely as a result of the acquisition of Varagon and the increase in AUM in absolute return, total return and long-only strategies.

The run rate net management fee margin at 31 December 2023 was 65 basis points compared with 64 basis points at 31 December 2022, largely as a result of the acquisition of Varagon in the second half of the year positively contributing to the run rate margin at 31 December 2023 when compared with the margin in the year. Other movements in the run rate margin for individual strategies were broadly driven by the same factors as those impacting actual margins in the year.

Performance fees and investment gains and losses

Core performance fees for the year were $180 million (2022: $779 million), including $163 million from alternative strategies (2022: $761 million) and $17 million from long-only strategies (2022: $18 million). We have strong performance fee optionality and diversity, with a broad range of strategies having contributed to our performance fee earnings in recent years. More than 50 of our strategies are performance fee-eligible.

Core gains on investments of $48 million (2022: losses of $15 million) were generated by mark-to-market gains across our seed book, including $17 million from our CLO holdings.

Rental income

Core rental income was broadly flat year-on-year. The sub-leases we signed in 2023 for a substantial portion of the vacant space in our London office and the extension of leases with one of our existing sub-tenants reduce future rental income, depreciation and occupancy costs. Following the derecognition of the associated portion of our right-of-use lease assets we recognised a gain on disposal of $12 million, classified as a non-core item.

Costs

Asset servicing

Asset servicing costs vary, predominantly depending on transaction volumes, the number and mix of funds, and fund NAVs. Asset servicing costs were $58 million (2022: $58 million), which equated to around 5 (2022: 5) basis points of average AUM1.

Compensation costs

Core compensation costs were $595 million for the year, down by 12% from $678 million in 2022 due to lower performance fees decreasing the associated variable compensation. Our compensation ratio is between 40% and 50% of core net revenue, depending on the mix and level of revenue. We expect to be at the higher end of the range in years when performance fees are low or driven predominantly by discretionary strategies. Conversely, we expect to be at the lower end of the range when performance fees are high or driven by systematic strategies. The overall compensation ratio increased to 50% in 2023 from 40% in 2022, reflecting the decrease in performance fee revenue generated in the year.

Other costs

Core other costs, which exclude acquisition-related costs and amounts incurred by consolidated fund entities, increased to $179 million in 2023 from $170 million in 2022, primarily as a result of an increase in staff benefit costs. The strengthening of sterling against the US dollar also contributed to the increase as the majority of our cost base is denominated in sterling.

Tax

The majority of our profits are earned in the UK, with significant profits also arising in the US, where our cash tax rate is effectively nil as a result of available deferred tax assets, and in Switzerland, which currently has a lower rate than the UK. Tax on statutory profit for the year was $45 million (2022: $137 million). The recognition of a significant portion of our accumulated US losses as deferred tax assets as a result of the Varagon acquisition drove a decrease in the statutory effective tax rate from 18% in 2022 to 16% in 2023. This was partially offset by the increase in the UK statutory tax rate from 19% to 25% on 1 April 2023. This increase in the UK tax rate led to an increase in the core tax rate from 17% in 2022 to 20% in 2023.

In the US, we have accumulated tax losses and tax-deductible goodwill and intangibles of $89 million (2022: $82 million) which can be offset against future US profits, thereby reducing taxable profits. We have recognised $86 million of the available $89 million US deferred tax assets at 31 December 2023 (2022: $64 million and $82 million respectively) as the portion of state and city tax losses expected to expire before utilisation has reduced following the Varagon acquisition. The US core tax rate will remain at nil until cash taxes are payable in the US, with movements in the deferred tax asset classified as a non-core item. We do not currently expect to pay federal tax on any profits we may earn in the US until 2026.

The principal factors influencing our future underlying tax rate are the mix of profits by tax jurisdiction, the rate of consumption of US deferred tax assets and changes to applicable statutory tax rates. The global minimum tax rate due to come into effect in 2024 is not expected to result in significant top-up taxes becoming due.

Profit

Statutory profit decreased from $608 million in 2022 to $234 million in 2023, with core profit decreasing from $647 million to $271 million over the same period. The decrease in profitability led to a decrease in statutory EPS (diluted) from 45.8¢ in 2022 to 19.4¢ in 2023 (48.7¢ and 22.4¢ respectively on a core basis), with the reduction partially offset by a decrease in share count as a result of the $223 million of shares repurchased during the year.

Cash earnings

Due to our strong conversion of profits into cash, we believe that core profit is a good measure of our cash flow generation, although the timing of cash conversion is impacted by the cyclical movements in our working capital position and the size of our seed book. Core cash flows from operations excluding working capital movements were $362 million for the year.

As at 31 December 2023, our cash balance, excluding amounts held by consolidated fund entities, was $180 million.

1. Excludes systematic long-only and private markets strategies.

Balance sheet

We have a strong and liquid balance sheet. The acquisitions of Varagon and Asteria in the year, together with the decrease in performance fee revenues net of variable compensation costs, resulted in a decrease in available cash and cash equivalents net of borrowings.

Seed investments

We use our balance sheet to invest in new products, aiming to redeem as client AUM in the funds grows. At 31 December 2023, our seed investments were $595 million, a decrease from $688 million at 31 December 2022. $45 million were financed via repos (2022: $54 million). In addition, we held $230 million of total return swap exposure at 31 December 2023 (2022: $138 million), allowing us to maintain our seed portfolio exposure without tying up large portions of our cash balances.

The statutory consolidation of a number of our CLOs results in a significant gross-up of assets and liabilities in the Group balance sheet. Our maximum exposure to loss associated with interests in our CLOs is limited to the investment in these CLOs, as reflected in the seeding investments portfolio balance, which excludes the impact of this gross-up.

Capital management and shareholder returns

Our balance sheet and liquidity position remains robust, allowing us to invest in the business, support our long-term growth prospects and maximise shareholder value. It also enables us to withstand periods of stress. We actively manage our capital to maximise value to shareholders by either investing that capital to improve shareholder returns in the future or by returning it through higher dividends or share repurchases. In 2023, we completed the two $125 million share repurchases announced in December 2022 and March 2023.

The Board is proposing a final dividend for 2023 of 10.7¢ per share, which together with the interim dividend of 5.6¢ per share equates to a total dividend for the year of 16.3¢ per share, representing an increase of 4% on 2022. The proposed final dividend of around $125 million is adequately covered by our available liquidity and capital resources. Key dates relating to the proposed final dividend are provided on page 2.

Our business is highly cash-generative, and these cash flows support our progressive dividend policy, under which dividends are expected to grow over time. We ensure we maintain a prudent balance sheet at all times by taking into account liquidity requirements before investing capital, considering potential strategic opportunities or returning it to shareholders. Over the past five years, we have returned $0.9 billion to shareholders through dividends and announced $0.9 billion of share buybacks. As a result, our weighted average share count has decreased by 22% to 1,178 million over that same period.

Our revolving credit facility was renewed in December 2023 and extended to $800 million. It matures in 2028, providing additional liquidity. We have maintained prudent capital and available liquidity throughout the year, deploying our capital to acquire a controlling interest in Varagon and Asteria and to support investment management operations and new investment products, utilising the revolving credit facility when appropriate. We monitor our capital requirements through continuous review of our regulatory and economic capital, including regular reporting to the Risk and Finance Committee and the Board.

Planning for the impacts of climate change

Whilst climate change has not significantly impacted our financial performance and position to date, consideration of the potential future impacts of climate change on our business is embedded in our financial planning and reporting processes. As part of our ongoing commitment to reduce our carbon footprint and to reach net zero by 2030, we seek to minimise the carbon emissions of our office premises, be thoughtful around inter-office travel or use lower-carbon modes of transport where possible, and proactively plan for our ambitions in the future. Under our strategy, we continue to embed targets to reduce our Scope 3 carbon emissions from business travel into our annual budgeting process.

The directors do not expect potential climate-related impacts to be material on the Group financial statements in the short to medium term. In particular, in performing their assessment the directors have considered the impact of climate change on our going concern and viability, the cash flow forecasts used in the impairment assessments of our non-current assets, and the assumptions relating to future life expectancies used in the valuation of the net pension asset. We continue to monitor the potential longer-term impacts of climate change risks on the judgements and estimates used in the preparation of the Group financial statements.

Antoine Forterre

Chief Financial Officer

Risk management - principal and emerging risks

Directors' responsibility statement

The directors are responsible for preparing the Annual Report and the Group financial statements in accordance with applicable law and regulations. The Annual Report will be published on the Company's website in mid-March and an announcement will be released to the market confirming when it is available.

The Companies (Jersey) Law 1991 requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing the Group financial statements, International Accounting Standard 1 requires that directors:

· properly select and apply accounting policies;

· present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

· provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

· make an assessment of the Company's ability to continue as a going concern.

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in Jersey, Channel Islands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each of the directors as at 31 December 2023, confirm that, to the best of each person's knowledge and belief:

· the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;

· the Strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face;

· the Annual Report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's and Group's position, performance, business model and strategy; and

· there is no relevant audit information of which the Group's auditor is unaware, and that they have taken all steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that Man Group's auditor is aware of that information.

Group income statement

For the year to 31 December

Group statement of comprehensive income

For the year to 31 December

Group balance sheet

At 31 December

The financial statements were approved by the Board of Directors on 28 February 2024 and signed on its behalf by:

Robyn Grew Antoine Forterre

Chief Executive Officer Chief Financial Officer

Group cash flow statement

For the year to 31 December

Group statement of changes in equity