Quilter plc preliminary results for the year ended 31 December 2025

4 March 2026

Quilter reports record flows, adjusted profit of £207 million (+6%),
an improvement in operating margin to 30%, a Share Buyback of £100 million and a new Distribution Policy

Steven Levin, Chief Executive Officer, said:

“I’m very pleased with our performance in 2025. We delivered record flows, with our Affluent and High Net Worth segments both outperforming their market peers for level of inflows and growth as a percentage of opening assets. This clearly demonstrates the powerful nature of our dual-distribution model. Our business has strong momentum and is in great shape, with excellent growth opportunities ahead.”

Highlights:

• Total Assets under Management and Administration (“AuMA”) increased by 18% over the year to £141.2 billion reflecting net inflows of £8.7 billion coupled with a positive contribution from markets. Core net inflows of £9.1 billion represented 8% (2024: 5%) of opening AuMA (7% reported after non-core net outflows).
• Platform Assets under Administration (“AuA”) increased by 22% to £104.6 billion over the year. Platform net inflows of £8.7 billion (2024: £5.6 billion) were up 56% on 2024 and represented 10% of opening AuA. Total assets under management by WealthSelect, the UK’s largest Managed Portfolio Service (“MPS”), reached £25.4 billion, an increase of 38% from December 2024.
• Revenues grew by 5% to £701 million (2024: £670 million) reflecting higher management fee revenue partially offset by lower investment revenue generated on shareholder funds. Cost control limited cost growth to 4%, taking the expense base to £494 million (2024: £474 million).
• Adjusted profit before tax increased by 6% to £207 million (2024: £196 million) with an improvement in the operating margin to 30% (2024: 29%).
• Our Simplification programme has now achieved its target of £50 million of savings on a run-rate basis.
• Adjusted diluted earnings per share of 11.0p increased by 4% (2024: 10.6p), a slightly lower rate than the increase in adjusted profit due to a marginally higher tax rate.
• Net increase of 13 Quilter Restricted Financial Planners (“RFPs”) to 1,453 and six Investment Managers to 182 since December 2024.
• Ongoing Advice Review: now focused on remediation programme implementation. This work has led to a release of £20 million in the previously recognised provision, with the year-end provision reducing to £42 million after utilisation during the year.
• IFRS profit after tax of £120 million (2024: loss of £34 million).
• Proposed Final Dividend of 4.3 pence per share taking the total dividend for the year to 6.3 pence per share (2024: 5.9 pence per share), representing an increase of 7% and a payout ratio of 60%.
• Following a capital review, the Company announces a Share Buyback Programme of up to £100 million with this to be completed over the remainder of 2026. From the 2026 financial year, Quilter will move to a shareholder distribution policy of 70% of post-tax, post-interest earnings through a combination of ordinary dividends and regular ongoing share buybacks.
• Solvency II ratio of 200% (pro forma) post Final Dividend and deduction for the Share Buyback Programme (31 December 2024: 219%).

Key financial highlights

We assess our financial performance using a variety of measures including alternative performance measures (“APMs”), as explained further on pages 17 to 19. In the headings and tables presented, these measures are indicated with an asterisk:*.

Chief Executive Officer’s statement

Business performance

2025 was a year of strong business momentum, record net inflows and good market performance. AuMA increased by £21.8 billion, to £141.2 billion, or 18%. More broadly, we have delivered:

1. full year adjusted profit before tax of £207 million (2024: £196 million), an increase of 6%, despite lower interest rates reducing investment income by £8 million;
2. an operating margin of 30% (2024: 29%); and
3. strong flow momentum across the business with core net inflows up 75% to £9.1 billion, representing 8% of opening assets (2024: £5.2 billion, 5% of opening assets).

Our Affluent segment delivered excellent net inflows of £8.5 billion (core) representing 10% of opening assets (2024: £4.9 billion and 6%). Our Platform delivered consistent strong gross and net flows over the course of the year, running at net c.£2 billion per quarter and continued to gain recognition from external market observers. This was demonstrated by improved net promoter scores and awards for service. Quilter’s adviser offering combines the UK’s largest and fastest-growing advised platform of scale with our market-leading WealthSelect managed portfolio proposition, which now has over £25 billion of Assets under Management. Our dual-distribution strategy ensures Quilter is well-placed to deliver wealth solutions to UK households at an industrial scale, with this built on the personal nature of individual adviser-client relationships that are core to our industry’s success.

Our High Net Worth segment outperformed its listed external peers and delivered net inflows of £686 million, representing 2% of opening assets (2024: £599 million and 2%). New gross flows were broadly stable at £3.0 billion with an easing of outflows leading to an improved net inflow performance. In the final quarter, we experienced a heightened level of outflows as customers positioned themselves for potential tax changes in the UK budget, with the segment returning to net inflow in December.

Adjusted profit before tax of £207 million (2024: £196 million) represents the Group’s IFRS profit, adjusted for items that management consider to be outside of normal operations or one-off in nature. The Group’s IFRS profit after tax was £120 million compared to a loss of £34 million in 2024. Principal differences between adjusted profit and IFRS profit are due to non-cash amortisation of intangible assets, business transformation expenses, interest expense and remediation provisions.

In our Full Year results announcement on 5 March 2025, we recognised a provision of £76 million to cover potential remediation outcomes associated with the Skilled Person Review of ongoing advice by Appointed Representative firms in the Quilter Financial Planning network. In the latter part of 2025, we initiated our remediation programme. Based on our current expectations of remediation costs and administration expenses relating to the programme, we anticipate that this will cost us some £20 million less to complete than originally anticipated. We have therefore reduced the provision by this amount. Together with the utilisation (£14 million) of the provision during the year, the balance on the provision at the end of 2025 was £42 million.

Group adjusted diluted earnings per share of 11.0 pence represents an increase of 4% (2024: 10.6 pence). On an IFRS basis, we delivered basic earnings per share of 8.9 pence per share versus a loss of 2.5 pence per share for 2024.

The Board proposed a Final Dividend of 4.3 pence per share, taking the total Dividend payable in respect of 2025 to 6.3 pence per share, with this equivalent to a pay-out ratio of 60%.

The capital review undertaken by the Board concluded that the Group has c.£100 million of capital in excess of what is likely to be required to fund bolt-on acquisitions and meet foreseeable future investment plans. As a result, the Board concluded that this sum will be returned to shareholders through a Share Buyback Programme which is expected to commence as soon as practicable and complete prior to the end of 2026.

The Board also adopted a new Distribution Policy. From 2026 onwards, the Board intends to distribute approximately 70% of post-tax, post interest adjusted profit to shareholders. Within this, the Board expects modest annual growth in the amount of the ordinary dividend payable in cash, with the remainder of the distribution implemented through annual share buyback programmes to be announced each year alongside the Full Year Results. This is expected to lead to progressive growth in the dividend per share, supported by a lower number of shares in issue as a consequence of the share buyback programmes. The Interim Dividend in each year will, in normal circumstances, be set at one third of the previous year’s total dividend.

Strategic positioning

I am pleased with Quilter’s performance, and the business is well placed to be a winner from the changes reshaping our industry:

• First, the complexity of UK personal tax legislation, including both the thresholds that apply for higher earners on pension contributions and the introduction of inheritance tax on pensions from April 2027, has increased the need for personalised financial advice. This has led to increased adviser engagement as customers’ existing financial plans needed to be revised to accommodate these changes. Over the next few decades, there is also expected to be a significant increase in intergenerational wealth transfer which again needs to be managed in a tax efficient manner, creating additional demand for financial advice. This is our core market, and it has considerable scope for growth.
• Second, as a country, we need to move from being a nation of savers to a nation of investors. With considerable excess deposit savings in the banking system, effectively devaluing in real terms, UK households need to invest more to secure desired living standards in retirement. We believe that appropriately structured, globally diversified investment portfolios are the most appropriate pathway to long-term wealth accumulation. Quilter is well-positioned to meet this need and provide solutions, at scale.
• Third, the Advice Guidance Boundary Review (“AGBR”) introduced the concept of “Targeted Support” which will go-live from April 2026 and represents the most significant change to UK retail financial services regulation since the Retail Distribution Review over ten years ago. We are in the process of obtaining permissions from the FCA. Over time, we expect that Targeted Support will allow a range of options to be made available to a broader spectrum of UK households that need help with financial planning and will allow this to be provided in a manner that best suits their requirements.

Convenience of use and easy access to flexible, transparent solutions makes the platform industry the natural custodian of UK households’ financial wealth. Moreover, platforms help advisers meet the Consumer Duty requirements by allowing them to focus on the advice relationship, while outsourcing investment management to managed portfolio solutions. Over the last few years, we have increased our market share of advised industry platform flows demonstrating that the Quilter Platform and Solutions meet the needs of both the IFA community and our own restricted advisers and their clients. In their base case, Fundscape, an independent platform analysis company, expects UK advised platform assets to increase from around £800 billion at end-2025 to nearly £1.5 trillion by end 2030. Even without further market share gains, this would imply Quilter Platform assets of c.£190 billion by the end of the decade, a compound growth rate of around 13% from current levels of £105 billion.

My priorities

Quilter’s leading market position is built on strong relationships with advisers and their clients, the quality of our propositions and the scale and breadth of our businesses. As we move into a world of increasing digital delivery, with Artificial Intelligence (“AI”) transforming both the way we work and customer interaction with our services, it is important that we use technology and AI tools to augment our existing strengths. This will result in better customer experiences, greater adviser productivity and enhanced organisational efficiency, which we will deliver through our focus on the following initiatives:

1. Building the advice business of tomorrow

We have around 1,450 Quilter RFP’s across our network who generated just over £5 billion of new business in 2025, with this increasing by around 6% over the year. Good organic growth in adviser additions from both our Adviser Academy and firm recruitment was partially offset by the departure of a large firm from the network late in the year. Our Adviser Academy continues to deliver increasing numbers of advisers, with around 100 graduating in 2025. Our medium-term goal remains for academy graduates to broadly offset natural adviser attrition from retirements, with growth coming from new advisers and firms joining the network. Our Quilter Partners proposition is also expected to be a source of adviser growth and now covers ten hub firms which combine investment and Platform alignment with the entrepreneurial drive and focus of owner-operated businesses.

The investment we are making in our Advice Transformation Programme (“ATP”) aims to materially improve productivity through enhanced Client Relationship Management systems with integrated support tools, including AI tools. ATP will allow advisers to service a larger number of clients and is being rolled out on a phased basis over the next 18 months. As part of this process, we have rolled out an AI solution for advisers that allows them to record, transcribe, and summarise meetings and actions, significantly reducing the time it takes to complete certain administrative tasks and the next iteration of the model adds capacity to make recommendations, saving advisers even more time.

There is a significant potential opportunity from integrating AI tools into the advice process including making advice businesses more scalable. There is also significant benefit from integrating AI tools into our business infrastructure to enhance risk management by allowing faster and more effective compliance file checking. This will make managing an advice network more efficient and cost effective. We will ensure Quilter is at the forefront of AI change, while recognising that the pace of adoption is subject to both regulatory oversight and end-client needs.

2. Broadening distribution channels

The introduction of Targeted Support from April 2026 means that up to 12 million additional individuals will now potentially have access to a level of financial guidance that has not been the case hitherto. We expect a number of different models will be adopted to meet customer needs. Where individual needs are less complex, guidance and Targeted Support can provide prompts and nudges to ensure customers make better decisions with their money and are guided into appropriate investments. Quilter Invest will be our branded vehicle for this segment of the market. Moving up the complexity spectrum, we believe it is likely that regulators will, in time, allow simplified, more basic, forms of advice which will cover a broader range of clients than we currently serve. And at the far end of the spectrum, those customers with the most complex needs will continue to expect holistic personalised advice, as they do today. We will operate at this end of the market under both the Quilter and Quilter Cheviot brands.

3. High Net Worth evolution

This is a business where we know we can improve performance. It has strong foundations and is well positioned to deliver on its growth potential. To be future fit, we need to attract a broader customer base, and effective and high performing distribution is the key to that. My ambition is for the business to be delivering a mid-single digit rate of net flows as a percentage of assets and an operating margin in the mid-20’s.

In terms of proposition, advice and investment management permissions in a single entity allows more efficient customer servicing. We digitised a number of processes and launched a mobile app to provide a significantly enhanced customer experience. We are also broadening the investment solutions we can offer our clients beyond traditional DFM offerings by including things like private markets investment solutions and decumulation options. In addition, our investment performance remains strong.

As an initial step towards achieving our goals, we are repositioning the advice business within our High Net Worth segment to focus on the often more complex needs of higher net worth individuals. This will allow us to create a clearer distinction between clients who benefit from ongoing, proactive financial planning and those whose needs are better served through a flexible, event driven advice model - enabling them to access advice on demand and pay only for the services they use. As a result, we expect to see a decrease in our adviser headcount in the short-term while we continue to proactively recruit individuals more closely aligned to our positioning of our High Net Worth segment for future growth.

4. Building brand recognition

Our goal is for the Quilter brand to be recognised across UK retail financial services as a customer champion and a trusted destination for pensions, investment services and advice. Our Autumn 2025 brand campaign under the “Money needs a plan” strapline, and sponsorship of the Autumn rugby called the Quilter Nations Series, was a first step in establishing that positioning, which we will build upon in the years ahead.

Our team

I announced some changes and additions to our Executive Committee over 2025 to support the delivery of our strategy:

• John Goddard was appointed Chief Executive Officer of our High Net Worth business in September and has extensive experience of running wealth management businesses .
• Jo Harris joined us in early 2026, taking up a new Executive Committee role as Chief Customer Officer. Jo brings extensive experience from senior roles across wealth management, retail and private banking. The creation of this role on the Executive Committee demonstrates our commitment to growing our propositional capabilities and ensuring our mantra of being a customer champion is at the heart of everything we do.
• Finally, Margaret Ammon joined Quilter at the beginning of March as our Chief Risk Officer. She brings over 25 years’ experience in risk management across financial services companies.

I would like to thank Andy McGlone, our former CEO of the High Net Worth segment, for many years of service, and Nick Sacre-Hardy, who has led the Risk function on an interim basis. We wish them both all the very best for the future.

Outlook

Increased demand for financial advice and support will be driven by the structural factors I outlined above. This provides a significant opportunity, which we will meet through:

• supporting advisers with improved technology, including AI tools, across our business to enhance their productivity;
• building new advice and guidance propositions for clients who are receptive to Targeted Support; and
• refocusing our adviser force and improving processes to free up additional capacity in our High Net Worth segment

The fundamental industry characteristic that supports our business – the need to invest for retirement – has never been more important to both individuals and society than it is today. The breadth of our distribution, coupled with the operating leverage in our Platform and solutions business allows us to provide personal wealth management services at scale. Our investment solutions and open, unbundled operating model support the delivery of good customer outcomes through long-term wealth accumulation.

Our 2025 results built upon the strong, consistent strategic progress of the last few years and business momentum remains strong. We have achieved our Simplification cost targets. While we will maintain tight control on business as usual costs, given the growth opportunities in our existing market and from Targeted Support/AGBR, we expect higher levels of cost growth in 2026 to ensure we are well-positioned to take advantage of these opportunities. We believe that the annualised second half of 2025 cost base, adjusted for inflation, provides a good basis for the 2026 cost outlook. As a consequence, we currently expect a high single digit to double digit growth in adjusted profit this year.

We look forward to the future with confidence and remain focused on supporting advisers and our customers in the years ahead.

Steven Levin

Chief Executive Officer

Please follow this link for the full announcement.

Quilter plc results for the year end 31 December 2025

Steven Levin, CEO, and Mark Satchel, CFO, will give a presentation via webcast at 08:30am (GMT) today, 4 March 2026. The presentation will be followed by a Q&A session.

The presentation will be available to view live via the webcast or can be listened to via a conference call facility. Details on how to join online or via conference call can be found on our website: 2026 results and presentations | Quilter plc

Note: Neither the content of the Company's website nor the content of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.

Disclaimer

This announcement may contain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations relating to its future financial condition, performance and results.

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc’s control, including, amongst other things, international and global economic and business conditions; the implications and economic impact of global conflicts, economic and political uncertainty, market related risks such as fluctuations in interest rates, inflation, deflation, equity markets, credit markets, and exchange rates, the policies, actions and timing of decisions by regulatory authorities, changes in laws, tax policy or regulations in the jurisdictions in which Quilter plc and its affiliates operate; and impact of competition within the financial services industry.

Forward looking statements are also subject to risks relating to operational and technological resilience, including cybersecurity threats, data breaches, system failures, IT infrastructure changes, and dependence on third party suppliers and outsourcing partners. Additional uncertainties may arise from evolving consumer behaviours, demographic trends, and the broader macroeconomic environment, as well as the timing, completion and integration of any future acquisitions, divestments or business combinations.

These and other factors could cause Quilter plc’s actual future financial condition, performance and results to differ materially from the plans, goals and expectations expressed or implied by forward looking statements. Quilter plc therefore cautions readers not to place undue reliance on such statements, which speak only as of the date made, and undertakes no obligation to update publicly or revise this announcement or any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.