Rathbones Group (RAT) Q1 2026 TU earnings summary

Executive summary

• Operating income increased 9.4% year-over-year to £240.7 million in Q1 2026, driven by improved market levels and stable underlying wealth flows despite market volatility.

• Net outflows totaled £0.8 billion, reflecting tax-driven withdrawals post-October 2024 Budget and continued outflows from low-margin execution-only services.

Financial highlights

• Total operating income for Q1 2026 was £240.7 million, up from £220.1 million in Q1 2025.

• Funds under management and administration (FUMA) ended at £113.6 billion, down from £115.6 billion at the end of 2025.

• Wealth Management segment FUMA was £105.2 billion; Asset Management segment gross FUMA was £15.7 billion.

• Wealth Management net outflows were £0.4 billion, with £0.2 billion from execution-only services; Asset Management net outflows were £0.4 billion.

• Discretionary & Managed FUMA saw a net outflow of £229 million, while Execution Only saw a net outflow of £222 million.

Outlook and guidance

• Interim results for the six months to 30 June 2026 will be announced on 29 July 2026.

• Continued focus on disciplined execution of strategy and ambition to be the leading UK wealth manager.