Liontrust (LIO) investor relations material

Executive summary

• Assets under Management and Advice (AuMA) stood at £21.4bn as of 31 March 2026, with net outflows of £276m for the latest quarter, reflecting improved flow trends despite industry challenges.

• Strategic focus on diversification and expansion of distribution channels, including new offices in Switzerland and Abu Dhabi, targets institutional demand from Europe, the Middle East, Japan, and Asia.

• Integration of River Global acquisition broadens investment styles, adding value and global income propositions, and is expected to be earnings accretive from FY 2027.

• Brand resilience maintained with strong client engagement and recognition in the U.K. retail market.

• Strong capital position maintained, with net cash of £50.6m and surplus capital after foreseeable dividends of £29.0m.

Financial highlights

• Revenue for the year was £123m, down 22% year-over-year and slightly below market expectations.

• Adjusted profit before tax was £30.5m, down 37% year-over-year, with adjusted diluted EPS at 36.7p, down 35%.

• Adjusted operating margin stood at 24%, reflecting effective cost management.

• Dividend declared at 19.0p per share, representing 52% of adjusted diluted earnings, with a second interim dividend of 12.0p payable in August 2026.

• Share buyback program repurchased up to £10m of shares, with 5.8% of the company repurchased.

Outlook and guidance

• Pipeline of institutional and international opportunities continues to expand, with improving flow profile and broader client engagement.

• Focus on broadening investment talent and differentiated capabilities to exploit active opportunities.

• No immediate inflection point for positive net inflows, but underlying business drivers and product mix are improving.

• Industry remains challenging, but diversification and expanded capabilities position the business for future growth.

• Taking advantage of industry consolidation and identifying attractive acquisition opportunities.