Quilter (QLT) Investor presentation summary

2025 outlook and financial guidance

• New business flows are expected to remain consistent with Q1 to Q3 2025, with elevated non-regretted outflows due to pre-budget tax-free withdrawals and high net worth client repositioning.

• Revenue margin guidance remains unchanged, with supportive market conditions in H2 and higher costs anticipated, aligning with previous guidance.

• Brand investment is ongoing, including the "Money needs a plan" campaign and rugby sponsorship.

• Adjusted profit for H2 2025 is anticipated to be broadly equivalent to H1, with full-year costs likely at the upper end of £500m guidance.

Market trends and competitive positioning

• After a strong 2021, industry new business flows were subdued in 2022–2023 but have normalized in 2024–2025, though redemptions remain elevated.

• Quilter has delivered the highest net inflows among peers over the last 18 months, driven by both inflows and controlled outflows.

• Market share gains and increased adviser productivity have led to marked growth in gross flows since mid-2023, making Quilter the fastest-growing as a percentage of book.

Inflows and adviser channels

• Market share in the IFA channel has increased, resulting in significant growth in gross new business flows from independent advisers.

• The restricted adviser network is more aligned and productive, delivering higher flows to the platform than five years ago.