Record (REC) H1 2026 earnings summary

Executive summary

• Achieved record AUM of $110.3bn, up 9% from $100.9bn at FY25, driven by asset growth, positive net flows, and strong institutional demand, especially in Switzerland and the US.

• Transitioning to a higher-margin, recurring revenue model with a focus on Private Markets, infrastructure, and Solutions for Asset Managers.

• Management fees fell 8% year-over-year, and total revenue declined 9%, mainly due to mandate losses and lower performance fees.

• Recent leadership hires, including Dr. Othman Boukrami and Group CIO Andreas Daenzer, strengthen expertise in emerging and frontier market currencies.

• Interim dividend maintained at 2.15p per share, reflecting confidence in long-term growth and a strong, cash-generative balance sheet.

Financial highlights

• Total revenue decreased 9% year-over-year to £19.2m, with management fees down 8% and performance fees halved; operating profit declined 20% to £4.5m.

• Profit after tax attributable to shareholders was £3.7m, down 25%; basic EPS fell to 1.93p from 2.58p.

• Operating costs reduced by 4% to £14.8m, aided by disciplined cost management.

• Net assets stood at £27.8m, with cash and equivalents at £11.4m and no external debt.

• Interim dividend maintained at 2.15p per share, despite being uncovered by current EPS.

Outlook and guidance

• Medium-term growth expected from new Private Markets fund deployments and higher margin products, driving recurring revenue and EPS.

• Short-term results depend on timing and completion of new project deliveries, especially in Private Markets.

• Infrastructure Fund commitments (EUR 1.1bn) expected to be deployed over three years, generating recurring management fees for at least 15 years.