Aberdeen Group (ABDN) Q4 2025 TU earnings summary

Executive summary

• Group AUMA reached GBP 556 billion, up 9% year-on-year, the highest since COVID, driven by positive markets and strong flows across all business lines.

• Interactive Investor achieved 14% customer growth to 500,000, with record daily trading volumes and net flows of GBP 1.4 billion in Q4.

• Adviser segment improved full-year net outflows by 44% to GBP (2.2) billion, despite Q4 outflows due to UK Budget uncertainty.

• Investments AUM rose 6% year-on-year to GBP 390.4 billion, with Q4 net outflows of GBP 3 billion, mainly from a GBP 4.5 billion quant withdrawal.

• Group adjusted operating profit for FY 2025 expected to meet market expectations, with optimism for 2026.

Financial highlights

• Interactive Investor AUMA up 26% year-on-year to GBP 97.5 billion, with FY 2025 net flows of GBP 7.3 billion, up 28%.

• Adviser AUMA increased to over GBP 80 billion, with improved net outflows and enhanced client proposition.

• Institutional and retail wealth gross inflows in Q4 increased by 26% year-on-year.

• Alternatives Q4 net inflows of GBP 1.3 billion, up 85%, driven by commodity ETFs.

• Market share in UK cash market trades at 29% for Q4 2025.

Outlook and guidance

• Full year 2025 adjusted operating profit expected to be in line with market expectations.

• 2026 targets include at least GBP 300 million of adjusted operating profit and circa GBP 300 million of net capital generation.

• Investment revenue margin for 2025 guided at 19.2 basis points, with expectations of around 19 basis points for 2026.

• Adviser segment still guiding for GBP 1 billion of inflows in 2026.

• Capital requirement to be based on internal assessment from year-end 2025, expected to be lower.