Schroders (SDR) H1 2026 earnings summary

Executive summary

• Adjusted net operating income rose 17% year-over-year to £1,419.2m, driven by record AUM and strong sales momentum.

• Adjusted operating profit increased 46% to £459.8m, reflecting improved operating leverage and cost discipline.

• Statutory profit before tax doubled to £396.8m, aided by lower transformation costs and strong underlying performance.

• Interim dividend increased to 7.0p per share (up 8%).

• Shareholders approved the proposed combination with Nuveen, expected to complete in Q4 2026.

Financial highlights

• AUM including JVs and associates reached a record £867.8bn, up 12% from H1 2025.

• Statutory net operating income grew 20% to £1,455.2m; adjusted net operating income up 17%.

• Adjusted operating expenses rose 7% to £959.4m, mainly due to higher variable compensation.

• Adjusted cost to income ratio improved to 68% from 74% in H1 2025.

• Basic EPS more than doubled to 19.1p; adjusted basic operating EPS up 51% to 22.3p.

Outlook and guidance

• Management expects normalization of institutional fundraising post-Nuveen combination.

• Focus remains on executing strategic priorities and delivering sustainable growth despite market unpredictability.