Rathbones Group (RAT) Q3 2026 TU earnings summary

Executive summary

• Strategic progress continued, with Wealth Management generating net inflows for a second consecutive quarter and client portfolios outperforming ARC benchmarks over Q3, YTD, one-year and three-year periods.

• Growth initiatives included on-demand Financial Planning and regulatory authorisation to serve clients in Ireland and the EU.

Financial highlights

• Operating income was £243.6m in Q3, up 3.0% YoY; 9M income was £731.1m, up 6.7% YoY.

• FUMA rose 7.2% YoY to £121.1bn at 30 September 2026, supported by positive market and investment performance; Wealth Management held £112.9bn.

Outlook and guidance

• Q4 underlying operating margin is expected to meet the 28.7% target, subject to previously stated conditions on FUMA growth, inflation and interest rates.

• Restrictions on existing EDD clients are expected to begin lifting progressively in Q4; reviews covering ~two thirds of affected FUMA are expected by year-end, with the remainder by early Q2 2027.

• Salesforce implementation is planned for Q4 2026; a Q4 trading update is scheduled for 14 January 2027.