AJ Bell (AJB) Q2 2025 TU earnings summary

Executive summary

• Customer numbers rose by 32,000 in Q2, reaching 593,000, an 18% increase year-over-year and 6% sequentially.

• Record assets under administration (AUA) of £90.4 billion, up 13% year-over-year and 1% in the quarter.

• Gross inflows on the platform were £4.0 billion, up 18% from the prior year; net inflows reached £1.9 billion, up 19%.

• AJ Bell Investments AUM grew to £7.5 billion, up 29% year-over-year and 4% in the quarter, with net inflows of £0.4 billion.

• D2C platform achieved its strongest quarter ever, with record customer growth and net inflows.

Outlook and guidance

• Entered the second half of the financial year in a strong position, despite recent market volatility.

• Increased D2C trading activity observed due to global trade tariffs and macroeconomic uncertainty.

• Long-term growth opportunity remains significant in the UK platform market, supported by a diversified revenue model.

• Interim results for the six months ending 31 March 2025 will be announced on 23 May 2025.

Segment performance

• Advised customers grew to 177,000, up 7% year-over-year and 2% in the quarter; D2C customers reached 416,000, up 23% year-over-year and 7% in the quarter.

• Advised platform AUA closed at £57.1 billion; D2C platform AUA at £33.3 billion.

• Net inflows for advised platform were £0.5 billion; D2C net inflows were £1.4 billion.

• Non-platform AUA remained stable at £5.8 billion.