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Rathbones Group (RAT) investor relations material
Rathbones Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a five-year high in market capitalization, exceeding GBP 2.4 billion.
Completed integration of IW&I ahead of schedule, creating a unified and scalable organization and launching the first share buyback.
Announced a total dividend of GBP 0.99 per share, up 6.5% year-over-year, continuing a 20-year tradition of progressive dividend growth.
Strengthened executive team, managed CEO transition, and set a clear strategy for 2026 and beyond.
Launched and extended a share buyback program, reflecting disciplined capital allocation.
Financial highlights
Funds under management and administration (FUMA) rose 5.9% to GBP 115.6 billion by year-end, recovering from Q1 lows.
Operating income increased 3.1% year-over-year to GBP 923.3 million, with all principal income streams growing.
Underlying profit before tax grew 4.6% to GBP 238.1 million.
Statutory profit before tax surged 53.5% to GBP 152.9 million, aided by reduced integration costs.
Underlying basic EPS rose 5.5% to 161.6p per share.
Final dividend proposed at GBP 0.68 per share, total dividend GBP 0.99.
Outlook and guidance
Targeting a 30% underlying operating margin by Q4 2026, with a 28% margin expected in Q4 2025.
Margin in H1 2026 will be lower due to one-off investments in client lifecycle management systems.
Expecting FUMA growth of 3% in 2026, with stable inflation and interest rates in line with market expectations.
Commission income projected to decline 5% in 2026 as volumes normalize; net interest income expected to be flat.
Integration costs to fall significantly in 2026, with further cost efficiencies and in-year synergy benefits to rise by £16m.
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