Quilter (QLT) investor relations material

Executive summary

• Profits and net flows surged in H1 2025, with operating margin improving to 30% and strong market leadership in both affluent and high net worth segments.

• Strategic focus on distribution, proposition enhancement, and operational efficiency, with continued investment in brand, technology, and simplification programs.

• Maintained strong momentum in core and platform flows, outperforming peers in High Net Worth and Platform channels.

• Total AuMA increased 6% since year-end to £126.3bn, driven by net inflows and positive market movements.

• Interim dividend increased 18% to 2.0p per share, with a Solvency II ratio of 214% post-dividend.

Financial highlights

• Core net inflows surged 160% year-over-year to £4.5bn, nearly matching the full year 2024 total in six months.

• Adjusted profit before tax rose 3% to £100m; adjusted diluted EPS up 4% to 5.4p.

• Revenue grew 2% to £337m, with net management fees up 5%; costs rose 2% to £237m due to investment and regulatory levies.

• IFRS profit after tax was £46m, up from £13m in H1 2024.

• Interim dividend set at 2p, up 18% year-over-year, with a payout ratio of 59%.

Outlook and guidance

• Second half adjusted profit anticipated to be broadly equivalent to first half, as higher costs offset revenue momentum.

• Net flows expected at 4-5% of opening AuMA through the cycle; operating margin targeted around 30% with gradual improvement.

• Revenue margin guidance unchanged; cost ceiling for FY 2025 at £500m; dividend payout ratio maintained at 50-70%.

• Medium-term guidance targets 5% asset growth, 5% net client flows, 8% revenue growth, and 3–4% profit growth.

• Longer-term growth expected from intergenerational wealth transfer, increased demand for advice, and regulatory changes.