St. James's Place (STJ) H1 2026 (Q&A) earnings summary

Executive summary

• Achieved strong operating and financial performance in H1 2026, with continued growth in client and adviser base, strategic progress, and modernization of the business.

• Record funds under management (FUM) reached £240.8bn at 30 June 2026, driven by strong net inflows and robust investment returns.

• Positive net inflows of £2.7bn and gross inflows of £10.5bn, reflecting high client-adviser engagement and improved FUM retention at 95.4%.

• Ongoing Service Evidence review enabled a provision release, returned to shareholders via buyback.

• Significant investment in technology, adviser support, and productivity tools, reinforcing market leadership.

Financial highlights

• FUM increased 9.4% to £240.8bn (30 June 2025: £198.5bn; 31 Dec 2025: £220.0bn).

• Net inflows totaled £2.7bn in H1 2026; gross inflows were £10.5bn, matching H1 2025 levels.

• Adjusted IFRS profit before tax was £278.4m (H1 2025: £307.0m), and after tax £224.4m (H1 2025: £235.8m).

• IFRS profit after tax rose to £310.8m (H1 2025: £279.5m), reflecting one-off items including provision release.

• Interim shareholder returns amounted to £159.1m, including a 6.00p per share dividend and £128.1m in share buy-backs.

Outlook and guidance

• Confident in long-term growth prospects, targeting to double adjusted IFRS profits from 2023 to 2030.

• Expect sharply accelerating earnings growth from 2027 as all new business contributes to profitability from day one under the new charging structure.

• Net flows expected to push above 3% of opening FUM in the medium term, contingent on economic conditions.

• Cost and efficiency programme on track to deliver £100m annual savings by 2027, with significant reinvestment planned.

• Margin guidance remains unchanged despite recent changes in adviser remuneration.