Earnings release
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21 January 2026 Aberdeen Group plc Q4 2025: AUMA and flows trading update Key highlights: - AUMA of £556.0bn up 9% year-on-year (31 December 2024: £511.4bn), benefiting from positive markets. - Strong performance in interactive investor, with total customers up 14% year-on-year to 500k, higher daily trading volumes inQ4 of 29.2k (Q4 2024: 20.8k), and Q4 net flows of £1.4bn. - Adviser net outflows in Q4 of £(0.8)bn impacted by higher redemptions ahead of the UK Budget, with improved full year outflows of £(2.2)bn reflecting focus on service and repricing. - Investments AUM of £390.4bn up 6% year-on-year, driven by positive markets. Q4 net outflows of £(3.0)bn include the previouslyannounced £4.5bn low margin quants withdrawal, partly offset by the inflow from the Stagecoach Group Pension Scheme andcontinued momentum in commodities and fixed income. - FY 2025 Group adjusted operating profit expected to be in line with current market expectations. AUMA and flows (unaudited) AUMA Net flows 31 Dec 25£bn 30 Sep 25£bn 31 Dec 24£bn FY 2025£bn FY 2024£bn Q4 2025£bn Q4 2024£bn Wealth interactive investor 97.5 93.0 77.5 7.3 5.7 1.4 1.4 Adviser 80.4 79.0 75.2 (2.2) (3.9) (0.8) (0.9) Investments Institutional & Retail Wealth 222.7 218.0 210.5 (2.1) 0.3 (1.8) 2.3 Insurance Partners 167.7 164.3 159.2 (6.8) (4.3) (1.2) (1.8) Investments total 390.4 382.3 369.7 (8.9) (4.0) (3.0) 0.5 Eliminations (12.3) (11.9) (11.0) (0.1) (1.1) (0.1) 0.2 Total 556.0 542.4 511.4 (3.9) (1.1) (2.5) 1.2 Jason Windsor, Chief Executive Officer, said:"As today's update underlines, Aberdeen is in much better shape than it was a year ago with each of our three businessesmaking progress as we deliver on our strategy to become the UK's leading Wealth & Investments group. "interactive investor performed very strongly in 2025, growing 14% to half a million customers. This growth, along withfurther enhancements to our customer proposition, mean that the business is well set up to sustain its impressiveperformance. "Adviser saw flows improve by more than 40% over the 12 months. Service levels have got better, and in December welaunched our Aberdeen SIPP, as we seek to return to growth in 2026. However, as previously flagged, flows in Q4 wereimpacted by the uncertainty leading up to the UK Budget - which led to an increase in customer withdrawals. "In Investments, AUM continued to benefit from positive markets, and aside from the previously disclosed single largeredemption, the Institutional & Retail Wealth segment improved its flows performance year-on-year. We ended 2025 with theUS Closed End Fund and innovative Stagecoach transactions adding to our growth prospects. "I am optimistic about the outlook for 2026 and we start the year with positive momentum." All figures to 31 December 2025, unless otherwise stated. All figures in this announcement are unaudited and subject torevision. interactive investor (ii): Strong momentum in key metrics - Continued growth in customers, with total customers of 500k up 14% year-on-year (9% excluding Jarvis acquisition) and105k SIPP customers at period end, up 30% year-on-year.
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- Engagement remains robust with daily average retail trades (DARTs) in Q4 of 29.2k, at a record level and up 40% versus Q42024. - Net inflows of £1.4bn in Q4 (Q4 2024: £1.4bn), with FY 2025 flows of £7.3bn, up 28% year-on-year and representing9% of opening AUMA. - AUMA 26% higher at £97.5bn (31 December 2024: £77.5bn), benefiting from positive markets and significantly increased flows. - Ongoing improvements to customer proposition with managed SIPP now launched, iiAdvice (a digital advice service) available toselect customers ahead of wider launch, and ii360 (an advanced trading platform) in advanced testing. - Announced changes to simplify pricing and further improve our competitive positioning to take effect in February 2026. Adviser: Continued improvement to proposition, Q4 flows affected by UK Budget - Net outflows in Q4 of £(0.8)bn (Q4 2024: £(0.9)bn), impacted by higher redemptions ahead of the UK Budget. - Full year net outflows of £(2.2)bn, 44% better year-on-year reflecting continued focus on service, the previously announced repricingand ongoing improvements to the client proposition. - Client proposition significantly enhanced through launch of the Aberdeen SIPP in December. - AUMA of £80.4bn (31 December 2024: £75.2bn), driven by positive market movements. - Ongoing focus on delivering market-leading service levels has led to a further improvement in net promoter score to +45 for FY2025 (FY2024: +34). Investments: Improved net flows in fixed income, multi-asset and equities - AUM of £390.4bn (31 December 2024: £369.7bn) with movement in Q4 reflecting positive markets, partly offset by net outflows of£(3.0)bn (Q4 2024: £0.5bn inflow). - Net outflows in Q4 include the previously announced £4.5bn low margin quants withdrawal and Insurance Partners outflows of £(1.2)bn (Q4 2024: £(1.8)bn), principally reflecting Phoenix's heritage business in run-off. - Institutional & Retail Wealth net outflows of £(1.9)bn excluding liquidity (Q4 2024: £2.3bn inflow), included higher gross inflows inequities, multi-asset, alternatives and fixed income. - Net outflows in equities in Q4 of £(0.9)bn improved by 40% year-on-year and included wins in global equities. Equityredemptions also improved significantly but remain elevated. - Multi-asset net inflows in Q4 include £1.2bn of assets relating to the Stagecoach Group Pension Scheme agreement, whichleverages our pension solutions expertise. - Q4 net inflows of £1.3bn in alternatives were up c.85%. This largely reflects the continued attraction of our commodity ETFs,with AUM increasing 35% in the quarter to £15.8bn. - Given changes in asset mix, FY 2025 revenue margin in Investments now expected to be around 19.2bps. - In December, we announced that we had reached agreement with MFS to acquire the management of closed-end fund assetstotalling £1.5bn. This deal, which is subject to approval, will further cement Aberdeen's position as the fifth largest asset managerof closed-end funds globally. Outlook: - FY2025 Group adjusted operating profit expected to be in line with current market expectations. - We are confident in the outlook for the business, as reflected in the FY 2026 Group targets of adjusted operating profit at least £300m,and net capital generation of c.£300m. - With effect from year end 2025 our capital requirement will be based on the Group's internal capital assessment, which will be lower.We will provide an update with our full year results. Management will be hosting a call for analysts at 8:30am (GMT) today. To access a webcast of the conference call, pleaseuse the following link: https://brrmedia.news/ABDN_Q425 Enquiries: Institutional equity investors and analysts Duncan Heath 0207 1562 495 Corbin Chaplin 0131 3729 133 0788 4109 285 0777 4332 428 MediaDuncan Young 0792 0868 865 Iain Dey (Teneo) 0797 6295 906 Appendix interactive investor Quarterly net flows and additional data Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Total customers at period end1,2 (k) 500 492 461 450 439 430 422
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Customers holding a SIPP account1,2 (k) 105 98 92 88 81 76 73 Net flows (£bn) 1.4 1.9 2.4 1.6 1.4 1.2 1.9 Customer cash balances1 (£bn) 8.0 7.3 7.0 6.8 6.2 6.1 5.9 Daily average retail trading volumes1 (k) 29.2 26.6 26.4 24.0 20.8 18.6 21.0 Market Share: Trades UK Cash Market1,3 - 29% 27% 26% 26% 26% 25% Market Share: Trades non-UK1,3 - 34% 31% 31% 32% 32% 30% Market Share: SIPP AUA1,3 - 19% 18% 18% 18% 17% 17% Market Share: Total AUA1,3 - 21% 21% 20% 20% 20% 20% 1. Excludes our financial planning business.2. Q4 2025 total customers includes c.21k expected customers following the acquisition of the direct-to-consumer retail book fromJarvis Investment Management Limited. The c.21k expected figure is net of c.5k Jarvis customers who are expected to close theiraccounts by mid-2026 - based on trends seen from previous M&A activity.3. Source: BWC Benchmarking, data for Q4 2025 not yet available. Analysis of AUMA 3 months ended 31December 2025 Opening AUMA at1 Oct 2025£bn Gross inflows £bn Redemptions £bn Net flows £bn Market andother movements £bn Corporate actions3 £bn Closing AUMA at31 Dec 25 £bnWealth interactive investor1 93.0 4.1 (2.7) 1.4 3.1 - 97.5 Adviser2 79.0 1.9 (2.7) (0.8) 2.2 - 80.4 Investments Institutional &Retail Wealth 218.0 12.0 (13.8) (1.8) 5.5 1.0 222.7 Insurance Partners 164.3 5.8 (7.0) (1.2) 4.6 - 167.7 Investments total 382.3 17.8 (20.8) (3.0) 10.1 1.0 390.4 Eliminations (11.9) (1.1) 1.0 (0.1) (0.3) - (12.3) Total AUMA 542.4 22.7 (25.2) (2.5) 15.1 1.0 556.0 12 months ended 31December 2025 Opening AUMAat 1 Jan 2025 £bn Gross inflows £bn Redemptions £bn Net flows £bn Market andother movements £bn Corporate actions4 £bn Closing AUMA at31 Dec 25 £bnWealth interactive investor1 77.5 16.2 (8.9) 7.3 11.6 1.1 97.5 Adviser2 75.2 6.9 (9.1) (2.2) 7.4 - 80.4 Investments Institutional &Retail Wealth 210.5 45.0 (47.1) (2.1) 14.5 (0.2) 222.7 Insurance Partners 159.2 18.3 (25.1) (6.8) 15.3 - 167.7 Investments total 369.7 63.3 (72.2) (8.9) 29.8 (0.2) 390.4 Eliminations (11.0) (3.9) 3.8 (0.1) (1.2) - (12.3) Total AUMA 511.4 82.5 (86.4) (3.9) 47.6 0.9 556.0 1. Includes financial planning business AUA at 31 December 2025 of £3.6bn (30 September 2025: £3.6bn, 31 December 2024: £3.7bn) and FY2025 net outflows of £(0.3)bn (FY 2024: £(0.3)bn). Sale of the financial planning business is expected to complete in Q1 2026. 2. Includes Platform AUA at 31 December 2025 of £77.0bn (30 September 2025: £75.8bn, 31 December 2024: £72.4bn). 3. Corporate actions in Q4 2025 relate to the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn). 4. Corporate actions in 2025 relate to the takeover of Tritax Eurobox (£(1.2)bn), the acquisition of the direct-to-consumer retail book fromJarvis Investment Management Limited (£1.1bn) and the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets(£1.0bn). Quarterly AUMA 12 months ended 31 December 2025 31 Dec 25£bn 30 Sep 25£bn 30 Jun 25£bn 31Mar 25£bn 31 Dec 24£bn Wealth interactive investor 97.5 93.0 84.7 77.7 77.5 Adviser 80.4 79.0 75.7 73.7 75.2 Investments Institutional & Retail Wealth 222.7 218.0 209.8 204.8 210.5 Insurance Partners 167.7 164.3 158.1 154.8 159.2 Investments total 390.4 382.3 367.9 359.6 369.7 Eliminations (12.3) (11.9) (10.7) (10.9) (11.0) Total AUMA 556.0 542.4 517.6 500.1 511.4 Quarterly net flows 3 months to 31Dec 25 3 months to 30Sep 25 3 months to 30Jun 25 3 months to 31Mar 25 3 months to 31Dec 24
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15 months ended 31December 2025 £bn £bn £bn £bn £bn Wealth interactive investor 1.4 1.9 2.4 1.6 1.4 Adviser (0.8) (0.5) (0.3) (0.6) (0.9) Investments Institutional & Retail Wealth (1.8) (0.7) 4.5 (4.1) 2.3 Insurance Partners (1.2) (1.1) (2.2) (2.3) (1.8) Investments total (3.0) (1.8) 2.3 (6.4) 0.5 Eliminations (0.1) (0.1) (0.1) 0.2 0.2 Total net flows (2.5) (0.5) 4.3 (5.2) 1.2 Institutional & Retail Wealth AUM Detailed asset class split 3 months ended 31December 2025 Opening AUM at1 Oct 2025 £bn Gross inflows £bn Redemptions £bn Net flows £bn Market and other movements £bn Corporate actions £bn Closing AUM at31 Dec 25 £bn Developedmarkets equities 10.0 0.1 (0.5) (0.4) 0.2 - 9.8 Emergingmarkets equities 8.6 0.6 (0.6) - 0.4 - 9.0 Asia Pacific equities 12.8 0.2 (0.8) (0.6) 0.6 - 12.8 Global equities 8.3 0.6 (0.5) 0.1 0.2 - 8.6 Total equities 39.7 1.5 (2.4) (0.9) 1.4 - 40.2 Developed markets credit 26.1 1.1 (1.1) - 0.4 - 26.5 Developed markets rates 2.3 0.2 (0.2) - 0.1 - 2.4 Emerging marketsfixed income 10.2 0.9 (0.3) 0.6 0.2 - 11.0 Total fixed income 38.6 2.2 (1.6) 0.6 0.7 - 39.9 Diversified growth/income 0.8 0.2 (0.2) - - - 0.8 MyFolio 16.5 0.4 (0.7) (0.3) (0.5) - 15.7 Other multi-asset 6.9 1.6 (0.3) 1.3 (0.6) - 7.6 Total multi-asset 24.2 2.2 (1.2) 1.0 (1.1) - 24.1 UK real estate 14.9 0.2 (0.3) (0.1) 0.4 1.0 16.2 European real estate 11.5 - (0.3) (0.3) (0.2) - 11.0 Global real estate 1.5 0.1 0.1 0.2 - - 1.7 Real estate multi-manager 1.4 - - - (0.1) - 1.3 Infrastructure equity 6.7 0.1 (0.1) - 0.1 - 6.8 Total real assets 36.0 0.4 (0.6) (0.2) 0.2 1.0 37.0 Alternatives and privatemarket solutions 18.1 0.3 (0.1) 0.2 - - 18.3 Commodities 11.7 1.5 (0.3) 1.2 2.9 - 15.8 Private credit 1.7 - (0.1) (0.1) 0.2 - 1.8 Total alternativeinvestment solutions 31.5 1.8 (0.5) 1.3 3.1 - 35.9 Total quantitative 28.2 2.0 (5.7) (3.7) 0.7 - 25.2 Total excluding liquidity 198.2 10.1 (12.0) (1.9) 5.0 1.0 202.3 Total liquidity 19.8 1.9 (1.8) 0.1 0.5 - 20.4 Total 218.0 12.0 (13.8) (1.8) 5.5 1.0 222.7 1. Corporate actions in Q4 2025 relate to the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn). 12 months ended 31December 2025 Opening AUM at 1Jan 2025 £bn Gross inflows £bn Redemptions £bn Net flows £bn Market and other movements £bn Corporate actions £bn Closing AUM at31 Dec 25 £bn Developedmarkets equities 10.6 0.8 (2.1) (1.3) 0.5 - 9.8 Emergingmarkets equities 8.9 1.2 (2.6) (1.4) 1.5 - 9.0 Asia Pacific equities 15.0 1.0 (4.3) (3.3) 1.1 - 12.8 Global equities 8.5 1.5 (1.9) (0.4) 0.5 - 8.6 Total equities 43.0 4.5 (10.9) (6.4) 3.6 - 40.2 Developed markets credit 22.1 6.8 (4.7) 2.1 2.3 - 26.5 Developed markets rates 2.7 1.0 (1.2) (0.2) (0.1) - 2.4 1 1
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Emerging marketsfixed income 10.3 3.0 (2.8) 0.2 0.5 - 11.0 Total fixed income 35.1 10.8 (8.7) 2.1 2.7 - 39.9 Diversified growth/income 0.9 0.3 (0.4) (0.1) - - 0.8 MyFolio 16.2 1.4 (2.8) (1.4) 0.9 - 15.7 Other multi-asset 7.6 2.1 (1.7) 0.4 (0.4) - 7.6 Total multi-asset 24.7 3.8 (4.9) (1.1) 0.5 - 24.1 UK real estate 14.8 0.9 (0.8) 0.1 0.3 1.0 16.2 European real estate 12.7 0.2 (0.6) (0.4) (0.1) (1.2) 11.0 Global real estate 1.7 0.3 (0.3) - - - 1.7 Real estate multi-manager 1.4 - - - (0.1) - 1.3 Infrastructure equity 6.6 0.2 (0.2) - 0.2 - 6.8 Total real assets 37.2 1.6 (1.9) (0.3) 0.3 (0.2) 37.0 Alternatives and privatemarket solutions 18.8 0.6 (0.3) 0.3 (0.8) - 18.3 Commodities 7.3 4.0 (1.2) 2.8 5.7 - 15.8 Private credit 1.5 0.3 (0.3) - 0.3 - 1.8 Total alternativeinvestment solutions 27.6 4.9 (1.8) 3.1 5.2 - 35.9 Total quantitative 20.3 14.0 (11.3) 2.7 2.2 - 25.2 Total excluding liquidity 187.9 39.6 (39.5) 0.1 14.5 (0.2) 202.3 Total liquidity 22.6 5.4 (7.6) (2.2) - - 20.4 Total 210.5 45.0 (47.1) (2.1) 14.5 (0.2) 222.7 1. Corporate actions in 2025 relate to the takeover of Tritax Eurobox (£(1.2)bn), the acquisition of the direct-to-consumer retail book from JarvisInvestment Management Limited (£1.1bn) and the acquisition by Tritax Big Box REIT plc of certain real estate logistics assets (£1.0bn). Forward-looking statementsThis announcement contains statements that are or may be "forward-looking statements". All statements other thanstatements of historical facts included in this announcement may be forward-looking statements, including statements thatrelate to the Aberdeen Group plc's future prospects, developments and strategies. Often, but not always, forward-lookingstatements can be identified by the use of forward-looking words such as "plans", "expects", 'expectations',"is expected","believes", "targets", "aims", "anticipates", "projects", "would", "could", "should", "may", "might", "envisages","estimates", "intends", "underway", "outlook", or the negative of those, or by the use of references to assumptions,budgets, strategies, prospects and schedules. Although the Aberdeen Group believes that the expectations reflected in such forward-looking statements are reasonable asat the date of this announcement, it can give no assurance that such expectations will prove to be correct. By their nature, forward-looking statements involve risk and uncertainty because they are based on informationavailable at the time they are made, including current expectations and assumptions, and relate to future events and/ordepend on circumstances which may be or are beyond the Aberdeen Group's control. Neither Aberdeen Group plc, its affiliates nor any of its associates or directors, officers or advisers, provides anyrepresentation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-lookingstatements in this announcement will actually occur. Recipients of this announcement should not place any reliance onthese forward-looking statements and all forward-looking statements contained in this announcement are expresslyqualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law orregulation, neither Aberdeen Group plc nor its affiliates assume any obligation to update or revise these forward-lookingstatements, whether as a result of new information, future events or otherwise. Past performance is not an indicator offuture results and the results of Aberdeen Group plc and its affiliates in this document may not be indicative of, and arenot an estimate, forecast or projection of, Aberdeen Group plc's or its affiliates' future results. Please see Aberdeen Group plc's most recent Annual Report and Accounts for further detail of the risks, uncertainties andother factors relevant to its business and securities. LEI: 0TMBS544NMO7GLCE7H90