Rathbones Group (RAT) Investor presentation summary

Strategic progress and leadership

• Completed integration of IW & I, renewed executive team, and launched first share buyback.

• Defined a new strategy for 2026 and beyond, aiming to be the UK's leading wealth manager.

• Executive team energized by mission, with key appointments across technology, risk, finance, and client services.

Financial performance and growth

• FUMA grew 5.9% to £115.6bn in 2025, with operating income up 3.1% to £923.3m.

• Underlying PBT rose 4.6% to £238.1m, with operating margin reaching 25.8% for the year and 27.5% in H2.

• Dividend per share increased 6.5%, fully covered by profit growth.

• Synergy delivery exceeded targets, contributing £31.1m to profit growth in 2025.

Business flows and income streams

• Wealth Management gross inflows remained resilient, with net flows improving in H2.

• Asset Management outflows mainly from single strategy funds amid tough market conditions.

• Operating income growth across all principal streams, with notable increases in advice and net interest income.

• Wealth Management fee and commission margins increased, while Asset Management margins declined due to fund mix.