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Ninety One Group (N91) investor relations material
Ninety One Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary17 Nov, 2025
Executive summary
Assets under management (AUM) rose 19% year-over-year to £152.1 billion, surpassing GBP 150 billion and $200 billion thresholds, driven by strong net inflows and market performance.
Net inflows for the half year were £4.3 billion, including £2.4 billion organic inflows and £1.9 billion from the Sanlam UK transaction.
Adjusted earnings per share increased 15% year-over-year to 8.4p, and the dividend per share rose 11% to 6.0p.
Operating margin expanded to 32.1%, and staff shareholding increased to 32.7%, reflecting strong alignment with shareholders.
The business is experiencing renewed growth in revenues, earnings, and AUM, supported by competitive investment performance and a turnaround in net inflows.
Financial highlights
Management fees increased 3% to £290.7 million, with average AUM rising from £126.7 billion to £139.7 billion.
Adjusted operating profit grew 12% to £98.8 million, driven by higher performance fees.
Profit before tax rose 10% to £102.2 million, and profit after tax increased 11% to £76.7 million.
Average management fee rate declined to 41.5bps, reflecting competitive pressures and the impact of the Sanlam transaction.
Adjusted operating expenses increased by 3% to £208.7 million, with employee remuneration representing 64% of the expense base.
Outlook and guidance
Management expects continued fee pressure, with a typical 1 basis point annual decline in fee margin, especially as the business becomes more institutional.
The Sanlam SA transaction is expected to close by year-end, onboarding circa £17 billion in AUM.
Pipeline visibility is better than in recent periods, with strong opportunities in Asia and the Middle East, and a potential return to positive net flows in South Africa.
Tax rate guidance is around 25%, with a slight uptick expected due to non-deductibility of amortization in South Africa.
No significant headcount growth is expected going forward, with efficiency gains anticipated from technology investments.
Outlook for average management fee rate
Impact of new growth initiatives on profitability
SA Sanlam transaction impact on capital surplus
Management fee rate outlook, incl. Sanlam impact
AI strategy and future cost base implications
Private markets strategy and growth acceleration
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Next Ninety One Group earnings date
H2 20263 Jun, 2026
Next Ninety One Group earnings date
H2 20263 Jun, 2026
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Frequently asked questions
Ninety One Group, known as Ninety One Limited, is an independent global asset manager that operates worldwide. The company was initially founded as Investec Asset Management in 1991 and rebranded to Ninety One in spring 2020. Ninety One serves a diverse clientele that includes private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations, and central banks. It also caters to large retail financial groups, wealth managers, public and private equity as well as debt markets, private banks, and intermediaries. The company has dual headquarters in Johannesburg, South Africa, and London, England, and its shares are listed on the JSE, as well as the LSE.
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