Record (REC) Q3 2025 TU earnings summary

Executive summary

• Successfully launched a new Infrastructure Equity Fund during the quarter.

• Generated £1.3m in performance fees in Q3-2025, totaling £2.9m for the nine months ended 31 December 2024.

• Net flows were neutral overall, but strong inflows were seen in the Hedging for Asset Managers segment.

Financial highlights

• Performance fees for Q3-2025 reached £1.3m, with year-to-date performance fees at £2.9m.

• Average fee rates remained broadly unchanged from the previous quarter.

• Revenue is now expected to be slightly ahead of previous expectations.

Outlook and guidance

• Management fee expectations for the full year remain unchanged.

• Revenue for the full year is anticipated to be slightly ahead of prior guidance.

• Results for the 12 months ending March 31st will be announced on 20 June 2025.