St. James's Place (STJ) H2 2025 earnings summary

Executive summary

• Achieved significant progress with growth in new business, funds under management (FUM), and underlying cash result, while delivering strong client returns.

• Gross inflows reached £21.9bn, up 19% year-over-year, with net inflows of £6.2bn, up 42% from 2024.

• Funds under management (FUM) rose 16% to £220.0bn as of 31 December 2025.

• Implemented a new, simple, and comparable charging structure, positioning the business for future growth and launching the Polaris Multi-Index fund range.

• Completed major transformation programs, including cost and efficiency initiatives and a new investment product launch.

Financial highlights

• Net inflows reached GBP 6.2 billion, up 42% year-over-year.

• Funds under management rose to GBP 220 billion, an increase of GBP 30 billion year-on-year.

• Underlying post-tax cash result was GBP 462 million, up 3% from 2024.

• Net investment return was 12.4% of opening FUM, up from 10.5% in 2024.

• Total shareholder returns for 2025 were £313.3m, with a 12.00 pence per share dividend and £122.6m in share buy-backs.

Outlook and guidance

• Net income from FUM expected within 43-45 basis points range, at the lower end in 2026, increasing over time.

• Margin from new business expected to be approximately zero from 2026 onward due to the new charging structure.

• Anticipates a dip in profitability in 2026, with cash result acceleration from 2027, aiming to double underlying cash result from 2023 to 2030.

• Shareholder return payout ratio to increase to 70% of underlying cash result from 2026, up from 50% in 2025.

• Ordinary dividend to comprise at least 40% of total shareholder returns from 2026, with the remainder via share buy-backs.