Premier Miton Group Plc · LSE:PMI
Premier Miton — H1 FY2026 Earnings Presentation
27 slides from Premier Miton's earnings presentation, Jun 4, 2026
Slide 1: Interim Results
Interim Results 4 June 2026 Mike O’Shea | Chief Executive Officer For the half year ended 31 March 2026 Piers Harrison | Chief Financial Officer
Slide 2: Responding to performance-driven outflows with disciplined action
Responding to performance- driven outflows Highlights: with disciplined • £9.0 billion closing Assets under Management (‘AuM’) at 31 March 2026 action • £9.0 billion closing AuM at 29 May 2026* • Continued inflows into fixed Income and retirement income franchises • Continued net outflows driven by
Slide 3: Addressing the key priorities
Addressing the key priorities Challenge Actions Early signs of progress US equity underperformance Appointment of new Head of Improvement in short-term driving outflows Global Equities performance across key funds Pressure on AuM and Circa 15% cost base Strong relative performance profitability redu
Slide 4: Our platform
PREMIER M:TON INVESTORS Our platform
Slide 5: We have a diversified set of products
We have a diversified set of products Diversification helps mitigate the impact of weaker international equity performance • Coverage of key demand pools Absolute return Equity UK • AuM broadly stable in UK equity and 10% 16% Multi-asset, growing in Fixed Income • Highly scalable strategies Fixed in
Slide 6: An established distribution platform
An established distribution platform Capable of delivering sustained growth • UK market is large and growing; we have consistent, Gross flows since 2021 (£bn) meaningful participation • c. £3bn annual gross inflows generated across cycles £5.0bn • c. 1% market share on a gross flow basis – indicatin
Slide 7: Strength of distribution platform
Strength of distribution platform Strong long-term growth of fixed income franchise Fixed income funds Fixed income franchise AuM since launch (£bn) has five actively 3 managed funds AuM Product range aligned to structural UK income need 2 Active pipeline supported by established client 1 engagement
Slide 8: Evidence of distribution power
Evidence of distribution power European Opportunities fund – performance has improved in the near term Relative performance, since launch Relative performance versus IA Europe 160 ex UK 140 120 Relative return % 100 80 60 40 20 0 2015 2020 2025 AuM, since launch (£bn) AuM 4 3 2 1 0 2015 2020 2025 So
Slide 9: Evidence of distribution power
Evidence of distribution power Underperformance in US equities has been the primary driver of outflows Leadership changes and investment actions in place to improve performance Investment performance, since launch Relative performance versus IA North 100 America sector 50 Total return % 0 -50 -100 2
Slide 10: A differentiated, scalable solution
A differentiated, scalable solution Multi-asset thematic funds have significant growth potential • Ageing demographics and the shift from accumulation to decumulation are Helping clients driving long-term demand for retirement income solutions. navigate retirement • Premier Miton’s existing multi-as
Slide 11: Strengthening investment performance
Strengthening investment performance Improving results across the product set Performance improvement Percentage of AuM outperforming median across key strategies, 22 May 2026 including Europe, is an important step towards 6M 73% stabilising AuM Multi-asset thematic 1Y 38% strategies are top decile
Slide 12: A clear path to recovery
A clear path to recovery Stabilising performance • improvement in short-term performance across key funds Maintaining distribution strength • an established platform delivering consistent gross flows Delivering cost discipline • ongoing efficiency actions protecting profitability Approaching an infl
Slide 13: Financials
PREMIER M:TON INVEST@RS miatclareitcles Piers Harrison
Slide 14: Half year results
Half year results Financial performance reflects lower AuM driven by outflows, partly offset by decisive cost action Assets under Management ‘AuM’ (£bn, closing) • The fall in AuM across the period reflects a heightened level of redemptions primarily concentrated within the equity strategies. 10.3 9
Slide 15: Summary income statement
Summary income statement Half year Half year £m 31 Mar 2026 31 Mar 2025 Closing AuM of £9.0bn reflects a heightened level of redemptions Average AuM 9,720 10,601 concentrated within the equity strategies. Closing AuM 8,992 10,201 Net outflows for the period were £1,313m. (2025 HY: £254 million outfl
Slide 16: Cost base
Cost base The overall cost base is beginning to benefit from the implemented cost efficiencies Fixed staff costs Overheads & other costs reduced compared to the decreased by £0.5 million Administration expenses (£m) prior period reflecting reflecting some of the cost 27.7 headcount reductions contro
Slide 17: Cost base: Overheads & other costs
Cost base: Overheads & other costs Key points: HY analysis: IT costs Overheads remain 3% Other 16% predominantly fixed reinforcing the importance of efficiency actions. Compliance, Administration costs £1.7m of sales and marketing 49% legal, insurances, occupancy £10.0m includes spends on advertisin
Slide 18: Streamlining operations
Streamlining operations c.15% overall cost base reduction without impacting normal business activities or growth pipeline Previously announced savings (£m) Further savings (£m) £3m £2m £2.5m Announced April 2025 Announced October 2025 Announced April 2026 • Fund rationalisation / restructure • Furth
Slide 19: Dividend
Dividend Ensuring a sustainable and disciplined framework for shareholder returns FY26 • Interim 2026 HY dividend of 1.5p per share (2025 HY: 3.0p). • Final 2026 FY dividend currently expected of 1.5p per share as the Group transitions to a new policy for future years, subject to trading conditions
Slide 20: Capital
Capital £m 31 March 2026 Equity 107.8 Closing cash position of £24.6m supports ongoing investment and dividend capacity. (2025 HY: £31.2m) Non-qualifying assets 1 (80.6) Regulatory capital surplus of £11.4m after interim dividend. Qualifying capital 27.2 (2025 HY: £12.8m) Foreseeable dividends 2 (2.
Slide 21: A clear path to recovery
A clear path to recovery Stabilising performance • improvement in short-term performance across key funds Maintaining distribution strength • an established platform delivering consistent gross flows Delivering cost discipline • ongoing efficiency actions protecting profitability Approaching an infl
Slide 22: Appendices
PREMIER M:TON INVEST@RS Appendices
Slide 23: Highly active portfolios
Highly active portfolios Active share* (Open ended equity funds) Tracking error^ European Opportunities 99 11.1 UK Focus 97 11.2 UK Value Opportunities 97 5.8 US Opportunities 96 8.4 US Smaller Companies 95 8.0 UK Smaller Companies 89 8.0 UK Multi Cap Income 88 8.5 Global Sustainable Growth 86 5.3 G
Slide 24: Product range – Equity
Product range – Equity At 31 March 2026 Interim Results 2026 24
Slide 25: Product range – Equity, Multi-asset
Product range – Equity, Multi-asset At 31 March 2026 Interim Results 2026 25
Slide 26: Product range – Multi-asset, Fixed income, Absolute return
Product range – Multi-asset, Fixed income, Absolute return At 31 March 2026 Interim Results 2026 26
Slide 27: Disclaimer
Disclaimer This Presentation is strictly private and confidential, may not be distributed to any person other than the direct recipient and may not be copied, re-produced, discussed, published, quoted or referenced, in any form, in whole or in part, for any purpose whatsoever, without the prior writ
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