Aberdeen Group Plc · LSE:ABDN
Aberdeen — FY2025 Earnings Presentation
33 slides from Aberdeen's earnings presentation, Mar 3, 2026
Slide 1: Full year results 2025
Full year results 2025 3 March 2026
Slide 2: Agenda
Agenda Highlights & overview Jason Windsor Financial performance & outlook Siobhan Boylan Delivering against our strategy Jason Windsor Q&A 2|
Slide 3: Highlights & overview
Highlights & overview Jason Windsor
Slide 4: A leading Wealth & Investments group with positive momentum
A leading Wealth & Investments group with positive momentum • Growing in Wealth, and continuing to reposition in Investments • Delivering against our strategy through a relentless focus on execution • 2025 was a year of transition; starting 2026 with momentum • Committed to delivery of Group targets
Slide 5: Progress in 2025 - delivering a simpler, more efficient business
Progress in 2025 - delivering a simpler, more efficient business • £180m of annualised cost savings, ahead of >£150m target 2025 highlights Group • Multiple actions to reallocate capital to strategic areas • Group set up for sustainable NCG growth of 5-10% p.a. on average beyond 2026 £264m +4% Adjus
Slide 6: Financial performance & outlook
Financial performance & outlook Siobhan Boylan
Slide 7: Delivering an improved performance in 2025
Delivering an improved performance in 2025 Sustained and efficient growth in interactive investor, significant improvement in flows in Growing our business Adviser, encouraging gross flows and stronger investment performance in Investments Embedding an efficiency Transformation targets exceeded, cre
Slide 8: interactive investor: Very strong performance and continued momentum
interactive investor Very strong performance and continued momentum Customers1 Net flows +14% +28% • 14% total customer growth, with 30% increase in 500k £7.3bn customers with a SIPP 439k £5.7bn • Net inflows 28% higher at £7.3bn, with AUMA up 26% to £97.5bn +30% 81k 105k FY 24 FY 25 FY 24 FY 25 • R
Slide 9: Adviser: Improving flows, lower profit reflects repricing actions
Adviser Improving flows, lower profit reflects repricing actions Net flows AUMA (£bn) +7% +£1.7bn 80 6.9 • 44% (£1.7bn) improvement in net outflows reflecting: 75 (9.1) 7.4 Restored service levels, £(2.2)bn Enhanced platform functionality, and; £(3.9)bn FY 24 FY 25 FY 24 Inflows Outflows Markets
Slide 10: Investments: Improved efficiency and encouraging flow momentum
Investments Improved efficiency and encouraging flow momentum I&RW net flows ex-liquidity Investments AUM (£bn) +£4.8bn +6% • Gross inflows in I&RW (ex-liquidity) up 55% to £39.6bn, (0.2) (2.1) 390 with growth in quants, fixed income and commodity £0.1bn (6.8) 29.8 ETFs 370 • Net flows in I&RW (ex-l
Slide 11: Transformation target of >£150m exceeded, delivering £180m
Transformation target of >£150m exceeded, delivering £180m Progression of run rate savings delivered £180m £137m • Adjusted operating expenses reduced by 5% to £106m £1,012m (FY 24: £1,066m) £50m • Transformation programme delivering £180m of run rate savings, well above >£150m target H1 24 FY 24 H1
Slide 12: Growth in ACG and on-track to achieve c.£300m NCG target in 2026
Growth in ACG and on-track to achieve c.£300m NCG target in 2026 Capital generation • Adjusted capital generation up 5% at £323m FY 25 FY 24 (FY 24: £307m) £m £m Adjusted operating profit 264 255 Adjusted net financing benefiting from gains on seed capital and co-investments Adjusted net financing
Slide 13: Innovative Stagecoach agreement and its financial implications
Innovative Stagecoach agreement and its financial implications Benefits for Aberdeen Annual investment Source of seed £1.2bn of AUM into Minority share of future management fees and co-invest capital Solutions surplus as it emerges c.£3-4m per annum into private markets Accounting and capital treatm
Slide 14: Strengthened capital position provides flexibility
Strengthened capital position provides flexibility Strengthened position reflecting lower capital requirement Sources and uses of capital Capital Base FY 25 FY 24 Change • CET1 capital coverage improved to 163% (FY 24: 139%) reflecting CET1 own funds £1,433m £1,465m (2)% reduction in capital require
Slide 15: Our approach to capital and debt
Our approach to capital and debt Debt Principles for capital allocation Alignment of ACG and NCG as • Our sub debt of c.£0.8bn is higher than required and will restructuring costs reduce Sustainably grow reduce over time profit and NCG Deliver c.£300m of NCG in 2026 • Contribution to own funds is li
Slide 16: 2026 financial guidance and outlook
2026 financial guidance and outlook • Growth in subscriptions and treasury income expected to be partly offset by lower FX/trading fees interactive • Cash margin expected to be 210-220bps investor • Cost/AUMA ratio expected to be <18bps • 2026 will continue to reflect strategic repricing and end of
Slide 17: Delivering against our strategy
Delivering against our strategy Jason Windsor
Slide 18: Our ambition is to be the UK's leading Wealth & Investments group
Our ambition is to be the UK’s leading Wealth & Investments group Self-directed investing & Advised investing Our Purpose trading platform platform Enabling our clients to be better investors £98bn AUMA £80bn AUMA #1 by net flows in the UK1 #3 by AUA in the UK2 Our Ambition To be the UK’s leading We
Slide 19: Well-positioned to capture significant market growth
Well-positioned to capture significant market growth Growth in UK savings 12.5% p.a. growth in Investment Platform assets over the next 5 years1 and investments Drivers & opportunities Market growth metrics Examples of delivery in 2025 • Confidence in investing has grown 25% Increasing personal y-o-
Slide 20: interactive investor: A winning business delivering sustainable growth
interactive investor A winning business delivering sustainable growth 2025 highlights Record flows Award-winning Highly engaged Enhanced brand recognition and trading customer service customers #1 25% 37% D2C platform net flows2 500k1 Customer service a key • ii customers voted on 439k1 2024 2025 di
Slide 21: interactive investor: Differentiating through customer experience, proposition and price
interactive investor Differentiating through customer experience, proposition and price Sustain efficient growth by building on our FY 2026 8% <18bps Customer Cost/ differentiated proposition and investing in the ii brand targets growth p.a. AUMA1 2026 priorities Continue upgrading service and impro
Slide 22: Adviser: Progress on proposition and competitiveness, with more to do
Adviser Progress on proposition and competitiveness, with more to do 2025 highlights Building the foundations for renewed growth Improved service levels, but more to do #3 95% (FY 24: 91%) Average NPS1 Enhancing proposition, e.g. delivery of +45 (FY 24: +34) CSAT2 UK Adviser platform by AUA3 Aberdee
Slide 23: Adviser: Taking necessary actions to improve service and enhance proposition
Adviser Taking necessary actions to improve service and enhance proposition Return to net inflows by enhancing our proposition FY 2026 Positive net FY 2027 >£1bn net > +40 NPS1 inflow inflow and delivering market-leading client service targets target 2026 priorities Single platform – preparation Tec
Slide 24: Investments: Improving business performance with positive momentum
Investments Improving business performance with positive momentum 2025 highlights Improving flows across I&RW ex-liquidity Accelerating growth strategy (£bn) £64m Adjusted operating profit Wholesale1: £1.3bn net flows, £17bn gross (FY 24: £61m) Private Markets & Alternatives: 39.6 19.5 25.5 • Commod
Slide 25: Investments: Repositioning for profitable long-term growth
Investments Repositioning for profitable long-term growth Step change in profitability by repositioning to areas of strength and FY 2026 >70% c.£100m Investment opportunity, and driving improved efficiency targets performance AOP 2026 priorities Grow in Private Markets with new Grow Wholesale buildi
Slide 26: Strengthening our talent and culture
Strengthening our talent and culture A year of meaningful progress, with a positive shift in culture and engagement across the business 2025 highlights 2026 priorities Unlocking Leadership +10ppts +13ppts Colleague engagement Career & development Equip leaders with additional skills Roll-out tailore
Slide 27: Focused on delivering 2026 Group targets and sustainable growth
Focused on delivering 2026 Group targets and sustainable growth Committed to 2026 Group targets Focused on growth and returns beyond 2026 Growth in NCG Ongoing focus on 5-10% p.a.1 capital generation on average Adjusted operating >£300m profit Delivering sustainable Supporting profitability sustaina
Slide 28: interactive investor
e. : 1 interactive 10 investor Claberdeen
Slide 29: Forward-looking statements
Forward-looking statements This document may contain certain ‘forward-looking statements’ with respect to the financial of artificial intelligence (AI)); natural or man-made catastrophic events; the impact of pandemics; condition, performance, results, strategies, targets (including sustainability t
Slide 30: Aberdeen Group plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh, EH2
Aberdeen Group plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh, EH2 2LL www.aberdeenplc.com © 2026 Aberdeen Group plc. All rights reserved. 30 |
Slide 31: Appendices
Appendices
Slide 32: Analysis of profit and earnings per share
Analysis of profit and earnings per share £m FY 25 FY 24 Change Adjusted net operating revenue 1,276 1,321 (3)% Adjusted operating expenses (1,012) (1,066) 5% Adjusted operating profit 264 255 4% Adjusted net financing costs and investment return 119 99 20% Adjusted profit before tax 383 354 8% Rest
Slide 33: Accounting for the Stagecoach agreement
Accounting for the Stagecoach agreement Income statement 1. Asset management revenue of c.£3-4m per annum on c.£1.2bn (£m all figures approximate) FY 26 Ref AUM recognised as earned in Investments Revenue from contracts with customers 3-4 1 2. Entitlement to minority share of surplus / role of spons