Quilter (QLT) H1 2026 earnings summary

Executive summary

• Achieved record core net inflows of £6.0bn, up 32% year-over-year, representing 9% of opening assets and peer-leading performance.

• Adjusted profit before tax rose 12% to £112m, with a stable 30% operating margin and adjusted diluted EPS up 13% to 6.1p.

• Interim dividend of 2.1p per share declared, up 5% year-over-year, a third of last year's total, in line with revised policy.

• Share buyback programme nearly 70% complete, with £68.4m of £100m returned by July 2026 and completion expected by year-end.

• Total AuMA increased 11% to £157.4bn since December 2025, driven by strong net inflows and positive markets.

Financial highlights

• Revenue grew 12% to £379m, driven by 16% growth in net management fees and a 40bps revenue margin.

• Costs increased 13% to £267m due to inflation and business investment.

• Adjusted diluted EPS increased 13% to 6.1p.

• Solvency II ratio at 202% post-dividend, up from 200% at year-end.

• Return on equity (annualised) improved to 11.8% from 10.5%.

Outlook and guidance

• Second half adjusted profit anticipated to be mid-single digit percentage above first half, assuming steady markets.

• Full-year costs guided at ~£540m, with H2 costs expected broadly in line with H1.

• Operating margin target remains mid-30s over time, supported by technology and AI investments.

• Net flows expected at 4-5% of opening AuMA on average through the cycle.

• Strategy focuses on broadening distribution and driving operating leverage.