Quilter (QLT) H2 2025 earnings summary

Executive summary

• Delivered strong FY 2025 profit growth, with record core net inflows of GBP 9.1 billion, up 75% year-over-year, and adjusted profit before tax of GBP 207 million, up 6% year-over-year.

• Operating margin improved to 30%, up 1 percentage point, and adjusted diluted EPS rose 4% to GBP 0.11.

• Dividend per share increased 7% to GBP 0.063 (6.3p), with a payout ratio of approximately 60%.

• Outperformed net inflow targets and peers in both Platform and High Net Worth segments, with record market share gains.

• Strategic progress in distribution, advisor productivity, and proposition innovation, including AI tool rollout and new product launches.

Financial highlights

• Revenue grew 5% year-over-year to GBP 701 million, with costs up 4% to GBP 494 million and a revenue margin of 42bps.

• Core net flows reached a record GBP 9.1 billion, up 75% year-over-year.

• Adjusted profit rose 6% to GBP 207 million; EPS increased 4% to GBP 0.11.

• Operating margin improved to 30%, up 1 percentage point.

• Dividend for the year increased 7% to GBP 0.063 (6.3p) per share; share buyback announced.

Outlook and guidance

• Expecting continued constructive operating environment and unchanged margin guidance, with net flows guidance maintained at 4-5% of opening AuMA through the cycle.

• Cost base for 2026 projected at GBP 530–540 million, reflecting inflation and growth investments.

• Distribution policy revised: 70% of adjusted post-tax, post-interest earnings to shareholders from FY 2026, with progressive dividend per share growth anticipated.

• Revenue margin expected to decline by ~1bp per annum in High Net Worth and Affluent administered assets.

• Ongoing investment in technology, AI, and brand to support future growth.