Rathbones Group (RAT) Trading Update summary

Financial performance

• Funds under management and administration (FUMA) rose 3.7% in Q3 2025 to £113.0 billion, with Wealth Management at £103.2 billion and Asset Management at £16.3 billion.

• Total operating income for Q3 2025 was £236.4 million, a 7.2% increase from Q3 2024.

• Net outflows for the quarter were £0.6 billion, with Wealth Management outflows of £297 million and Asset Management outflows of £229 million.

• Achieved annualised synergy target of £60 million during Q3.

Segment and service level trends

• Wealth Management segment saw a 3.8% increase in FUMA over the quarter, while Asset Management grew by 3.2%.

• Net interest income in Wealth Management rose 53.5% year-on-year for Q3, reaching £23.8 million.

• Multi-asset funds and managed in-house funds showed positive net flows, while bespoke portfolios and single-strategy funds experienced net outflows.

Strategic and operational updates

• Integration efforts over the past two years have strengthened the business foundation.

• Focus remains on returning to positive net flows and capturing future growth opportunities despite UK economic uncertainty.

• Q4 trading update scheduled for 15 January 2026.