Ninety One Group (N91) H2 2026 earnings summary

Executive summary

• Assets under management (AUM) grew by 31% to GBP 171.8 billion, driven by portfolio growth, Sanlam asset take-on, and GBP 2.8 billion net inflows for the year ended 31 March 2026.

• Adjusted earnings per share increased by 12% to 17.4p, and the full-year dividend rose by 10% to 13.4p year-over-year.

• The Sanlam partnership was completed, adding significant scale and distribution reach, with integration now business as usual.

• The business is investing in AI, technology, and talent to drive future growth and efficiency, with new initiatives in digital finance and AI acceleration.

• Resilient business momentum, improved demand fundamentals, and disciplined cost management underpin future growth opportunities.

Financial highlights

• Management fees increased by 9% to GBP 617.3 million, with average AUM rising from GBP 129 billion to GBP 151.8 billion.

• Adjusted operating profit rose 12% to GBP 211.3 million; profit after tax increased 2% to GBP 153.5 million.

• Adjusted operating profit margin expanded from 31.2% to 32%.

• Performance fees increased 20% to GBP 32.9 million.

• Effective tax rate slightly decreased to 26.0%.

Outlook and guidance

• Management anticipates average fee rates between 38-40 basis points, reflecting ongoing fee pressure and the impact of Sanlam assets.

• Positive pipeline for net inflows in the U.K. and South Africa, with expectations for improved flows in the coming year.

• Continued investment in technology and AI expected to drive future efficiency gains.

• Focus remains on cost and operating discipline, and leveraging AI and digital finance for client outcomes.