Ninety One Group (N91) H1 2026 earnings summary

Executive summary

• Assets under management (AUM) rose 19% year-over-year to £152.1 billion, surpassing GBP 150 billion and $200 billion thresholds, driven by strong net inflows and market performance.

• Net inflows for the half year were £4.3 billion, including £2.4 billion organic inflows and £1.9 billion from the Sanlam UK transaction.

• Adjusted earnings per share increased 15% year-over-year to 8.4p, and the dividend per share rose 11% to 6.0p.

• Operating margin expanded to 32.1%, and staff shareholding increased to 32.7%, reflecting strong alignment with shareholders.

• The business is experiencing renewed growth in revenues, earnings, and AUM, supported by competitive investment performance and a turnaround in net inflows.

Financial highlights

• Management fees increased 3% to £290.7 million, with average AUM rising from £126.7 billion to £139.7 billion.

• Adjusted operating profit grew 12% to £98.8 million, driven by higher performance fees.

• Profit before tax rose 10% to £102.2 million, and profit after tax increased 11% to £76.7 million.

• Average management fee rate declined to 41.5bps, reflecting competitive pressures and the impact of the Sanlam transaction.

• Adjusted operating expenses increased by 3% to £208.7 million, with employee remuneration representing 64% of the expense base.

Outlook and guidance

• Management expects continued fee pressure, with a typical 1 basis point annual decline in fee margin, especially as the business becomes more institutional.

• The Sanlam SA transaction is expected to close by year-end, onboarding circa £17 billion in AUM.

• Pipeline visibility is better than in recent periods, with strong opportunities in Asia and the Middle East, and a potential return to positive net flows in South Africa.

• Tax rate guidance is around 25%, with a slight uptick expected due to non-deductibility of amortization in South Africa.

• No significant headcount growth is expected going forward, with efficiency gains anticipated from technology investments.