GQG Partners (ASX:GQG) Reports 11% Revenue Growth in 1HFY25, FUM Climbs to USD 167Bn in September

Highlights

• GQG’s net revenue increased 11% YoY to USD 403 million in 1HFY25.
• Net operating income of GQG reached USD 306.8 million in 1HFY25, up 12.3% YoY.
• The company’s average funds under management rose 16.8% YoY, closing FUM grew 10.8% YoY during 1HFY25.

GQG Partners Inc. (ASX:GQG) is a global investment firm headquartered in the U.S., focusing on actively managed equity portfolios. It works with a wide range of clients, including major institutions and wholesale investment platforms across the globe.

Financial update

For the first half of financial year 2025 (1HFY25), net revenue was USD 403.0 million, up 11.0% from USD 363.1 million in the 1HFY24. The increase was primarily driven by a 16.8% rise in average funds under management (FUM) and a 10.8% increase in closing FUM (as of 30 June 2025), partially offset by a lower average fee rate due to the strategy mix. During the same period, net operating income rose 12.3% YoY to USD 306.8 million, and operating cash flow increased 11.1% to USD 233.0 million from USD 209.8 million (1HFY24). Performance fees decreased on weaker relative returns, while non-operating income saw a slight increase from foreign exchange gains, resulting in overall improvement in core fee income.

Business Update

On 10 October 2025, GQG Partners reported that as of 30 September 2025, funds under management stood at USD 167.2 billion, a decrease of USD 0.4 billion from August. The firm recorded net outflows of USD 1.7 billion in September and USD 4.8 billion for the quarter, while year-to-date net inflows amounted to USD 3.2 billion.

Key Positives and Negatives

In 1HFY25, distributable earnings rose by 12.7% compared to the same period in FY24. Gross margin declined to 95.7% in 1HFY25 from 96.4% in 1HFY24. The cash cycle extended to 56.4 days in 1HFY25, up from 52.0 days in 1HFY24.

Company outlook

GQG anticipates steady inflows through continuous client demand and investment performance, further supporting expansion across global, U.S., and emerging market strategies. Operating margins are expected to remain stable due to expense management and increased operating leverage. The firm plans to expand client relationships and product offerings, including ETFs and UCITS, while managing capital.

Share Performance of GQG

GQG shares traded at AUD 1.555 per share on 13 October 2025, down 2.51% intraday. The stock has declined 28.01% over the past three months, 23.40% over six months, and 42.41% over the past year. Its 52-week high is AUD 2.85, recorded on 11 November 2024, while the 52-week low is AUD 1.58, recorded on 10 October 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 13 October 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Disclaimer

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