Aberdeen Group (ABDN) Q3 2025 TU earnings summary

Executive summary

• Group AUMA reached £542.4 billion, up 6% year-to-date, driven by positive markets, strong net inflows, and improved net flows in Adviser and Investments.

• Interactive Investor (II) saw customer growth of 14% year-on-year to 492,000, with daily trading volumes up 43%, robust asset growth, and a strong pipeline of new propositions.

• Adviser segment improved customer service and net flows, with net outflows 50% better than Q3 last year, reflecting better service and repricing.

• Investments segment AUM rose 3% to £382.3 billion, with market gains offsetting net outflows, and improvements in fixed income, alternatives, and equities.

• Equity outflows persist, but fixed income and commodities saw net inflows.

Financial highlights

• Group AUMA increased from £511.4bn at 31 Dec 2024 to £542.4bn at 30 Sep 2025.

• II total customers reached 492,000, including 20,000 from the Jarvis acquisition; organic growth was 10%, ahead of the 8% target.

• II net inflows were £1.9 billion, up 58% year-on-year; AUMA increased to £93 billion.

• Adviser assets rose to £79 billion; net outflows improved to £0.5 billion, 50% better than Q3 last year.

• Investments net outflows were £1.8 billion, nearly half the level of Q3 last year; insurance partner outflows were £1.1 billion.

Outlook and guidance

• Transformation programme is on track, targeting at least £150 million annualised savings by year-end.

• FY2026 targets include adjusted operating profit above £300 million and net capital generation of c.£300 million.

• Focus remains on returning to growth and achieving the 2026 net flows target of £1 billion.

• Expecting a £4.5 billion redemption from a quants mandate in Q4, with minimal revenue impact due to low margins.

• Management confident in growth prospects across all business segments.