Ninety One Group (N91) H2 2025 earnings summary

Executive summary

• Delivered results in line with expectations, with improved performance and positive net flows in the second half after a challenging first half for active asset managers, especially in emerging markets and international strategies.

• Assets under management (AUM) increased by 4% to GBP 130.8 billion, driven by investment returns and a turnaround in net flows in the second half.

• The Sanlam transaction, announced in November, is progressing well, expected to add scale, strengthen the South African market position, and provide access to new distribution channels.

• Focus remains on global, international, and emerging market equities, fixed income, and sustainability strategies, with ongoing investment in talent, technology, and leadership revitalisation, particularly AI.

• Strategic clarity and sharpened focus are beginning to deliver results.

Financial highlights

• Net outflows for the year were GBP 4.9 billion, a significant improvement from GBP 9.4 billion the prior year, with positive net inflows in the second half.

• Basic EPS declined by 7% to GBP 0.172; adjusted EPS (preferred metric) declined by 3% to GBP 0.155.

• Full-year dividend down 1% to GBP 0.122 per share.

• Adjusted operating profit margin at 31.2%, down from 32% last year but improved from the interim margin of 30.5%.

• Adjusted operating profit of GBP 187.9 million, down 1% year-over-year, with profit after tax at GBP 150.1 million, down 8%.

Outlook and guidance

• Anticipates further macroeconomic uncertainty and rapid technological change, but sees expanding business opportunities and a shift in demand toward active management.

• Expects the Sanlam transaction to enhance operating profit margin and provide long-term growth benefits, with completion in two tranches during 2025.

• Plans to continue investing in technology and AI to drive efficiency and effectiveness.

• Buybacks and capital returns to continue, aiming to maintain capital coverage around 200%.

• Focus remains on clients, investment performance, and leveraging technology and AI for efficiency.