Wrap Text
Quilter plc preliminary results for the year ended 31 December 2025 and final dividend
QUILTER PLC
Incorporated under the Companies Act 1985 (UK) with registered number 06404270 and
re-registered as a public limited company under the Companies Act 2006 (UK)
ISIN CODE: GB00BNHSJN34
JSE SHARE CODE: QLT
4 March 2026
Quilter plc preliminary results for the year ended 31 December 2025 and final dividend
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.
• Headline basic earnings per share of 8.9p (2024: (2.5)p).
• Headline diluted earnings per share of 8.7p (2024: (2.5)p).
• 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%).
Financial review
Review of financial performance
Overview
The Group delivered an adjusted profit before tax of £207 million for the year, representing an increase of 6% compared to the prior year (2024: £196
million). This was primarily driven by higher net management fees, supported by an increase in reported average AuMA to £128.6 billion (2024: £113.2
billion) and strong core net inflows of £9.1 billion. The positive momentum was partially offset by expected margin attrition and ongoing investment in
the business, partly mitigated by cost efficiencies delivered through the Simplification programme.
The Group's IFRS profit after tax was £120 million, compared to a loss of £34 million in the prior year. In 2024 the Group recognised a provision for
customer remediation of £76 million with a subsequent reduction in 2025 to reflect updated experience to date resulting in a £20 million credit. The
2024 loss also included timing differences in policyholder tax expenses.
Following a capital review undertaken by the Board, the Group is returning up to £100 million to shareholders by way of a Share Buyback Programme
(the "Programme"). This Programme is anticipated to be completed by the end of 2026. As a result, the Group's pro forma solvency ratio decreased
19 percentage points to 200% (2024: 219%).
The Group's IFRS net assets increased to £1.5 billion (2024: £1.4 billion) largely reflecting the IFRS profit in the year, partially offset by the dividends
paid during 2025. Total IFRS assets for the Group, which includes the policyholder assets of the Group's life company, increased by 23% during the
year due to favourable market movements and net inflows. Due to the unit-linked nature of the Group's business there is a corresponding increase in
the Group's IFRS total liabilities which also increased by 23% in the year.
Key financial highlights
Quilter highlights 2025 2024
Assets and flows – core business
AuMA* (£bn) 138.3 116.3
Gross flows* (£bn) 20.0 16.0
Net inflows* (£bn) 9.1 5.2
Net inflows/opening AuMA* 8% 5%
Productivity: Quilter channel gross sales per Quilter Adviser* (£m)1 3.4 3.2
Asset retention* 91% 90%
Assets and flows – reported
AuMA* (£bn) 141.2 119.4
Gross flows* (£bn) 20.1 16.0
Net inflows* (£bn) 8.7 4.8
Net inflows/opening AuMA* 7% 4%
Profit and loss
IFRS profit/(loss) before tax attributable to shareholder returns (£m) 163 (60)
IFRS profit/(loss) after tax (£m) 120 (34)
Adjusted profit before tax* (£m) 207 196
Operating margin* 30% 29%
Revenue margin* (bps) 42 44
Return on equity* 10.8% 10.0%
Adjusted diluted earnings per share* (pence) 11.0 10.6
Recommended total dividend per share (pence) 6.3 5.9
Basic earnings per share (pence) 8.9 (2.5)
Non-financial
Total Restricted Financial Planners ("RFPs") in both segments2 1,453 1,440
Discretionary Investment Managers in High Net Worth segment2 182 176
1
Quilter channel gross sales per Quilter Adviser is a measure of the value created by our Quilter distribution channel.
2
Closing headcount as at 31 December.
Flow performance
In the core business, gross flows increased 25% to £20.0 billion (2024: £16.0 billion), primarily due to higher IFA channel activity on the Platform. This
growth was driven by both an expanding advised platform market and increased market share among IFA firms. Net inflows in the core business
increased 75% to £9.1 billion (2024: £5.2 billion), reflecting improved macro conditions and investor confidence, coupled with the positive impact of our
distribution strategies which led to growth in market share. Productivity, representing Quilter channel gross sales per Quilter Adviser, increased by 6%
to £3.4 million (2024: £3.2 million).
Within the Affluent segment:
• Quilter channel: Gross flows of £4.4 billion increased by 8% (2024: £4.1 billion), with net inflows increasing 22% to £2.8 billion (2024: £2.3 billion).
This growth underscores the ongoing strength of our distribution capabilities within our Advice business, highlighting our ability to attract and
retain customer assets. Net inflows as a percentage of opening AuMA for the Quilter channel of 15% increased 2 percentage points (2024: 13%).
• IFA channel: Gross flows of £12.3 billion onto the Quilter Platform increased by 40% (2024: £8.8 billion). Net inflows of £5.8 billion were significantly
higher than the prior year (2024: £3.0 billion) reflecting both the breadth and strength of our proposition and distribution, which led to an increased
market share of new business as we continued to win assets from competitor platforms. Based on the latest Fundscape data (Q3 2025), the
Platform continues to maintain the leading share of gross and net inflows against our retail advised platform peers. Net inflows as a percentage
of opening AuMA for the IFA channel onto the Platform were 9% (2024: 5%).
• Funds via third-party platforms reported net outflows of £132 million, compared to £400 million of net outflows in the previous year.
• Asset retention of 90% for the Affluent segment improved by a percentage point from the prior year (2024: 89%).
High Net Worth segment gross flows of £3.0 billion were marginally below the prior year (2024: £3.1 billion). Net inflows increased by 15% to £0.7
billion (2024: £0.6 billion), primarily as a result of strong net inflows in the IFA and direct channel, and the loss of a large value low margin account in
the prior year. Asset retention of 92% for the High Net Worth segment was 1 percentage point ahead of the prior year (2024: 91%).
AuMA*
The Group's core business closing AuMA of £138.3 billion was 19% ahead of the opening position (2024: £116.3 billion), reflecting positive market
movements of £12.9 billion and net inflows of £9.1 billion. The Affluent core segment AuMA increased by 22% to £107.6 billion (2024: £88.5 billion), of
which £36.9 billion is managed by Quilter, versus the opening position of £29.5 billion. The High Net Worth segment AuM of £32.5 billion increased by
10% from the opening position of £29.5 billion, with all assets managed by Quilter.
In total, £69.0 billion, representing 50% of core business AuMA, is managed by Quilter across the Group (2024: £58.5 billion, 50%).
Total net revenue, revenue margin and average AuMA*
2025 2024
Total net revenue (£m), revenue margin (bps) Net Revenue Average Net Revenue Average
and average AuMA (£bn) revenue* margin* AuMA*2 revenue* margin* AuMA*2
Affluent Administered 216 23 93.8 196 25 79.8
Affluent Managed 119 35 34.4 108 36 29.6
Quilter Cheviot 203 67 30.5 198 70 28.3
Net management fees*1 538 42 128.6 2
502 44 113.22
Other revenue* 100 97
Investment revenue* 63 71
Total net revenue* 701 670
1
Net management fee includes the interest earned on customer holdings in Quilter Cheviot and Quilter Investment Platform.
2
Average AuMA for the Group includes the elimination of the intra-group assets. This is excluded from the total average AuMA to ensure no double count takes place.
Net management fee and revenue margin:
• Quilter plc total net management fees increased by 7% to £538 million (2024: £502 million) as a consequence of higher average AuMA of £128.6
billion, up £15.4 billion against the prior year (2024: £113.2 billion). Interest margin included within net management fees, earned on customer
cash balances, was £30 million (2024: £31 million). The Group's revenue margin of 42 bps was 2 bps lower than the prior year (2024: 44 bps).
• Affluent Administered net management fees increased by 10% to £216 million (2024: £196 million). This primarily reflects higher average AuMA
of 18%, partially offset by lower revenue margin of 23 bps (2024: 25 bps) due to the impact from our tiered pricing structure, consistent with our
expectations. Net management fees include interest margin earned on customer cash balances of £18 million (2024: £19 million).
• Affluent Managed net management fees increased by 10% to £119?million (2024: £108?million), driven mainly by higher average AuMA. This was
partially offset by a 1?bp reduction in the revenue margin to 35?bps (2024: 36?bps), attributable to the continued net outflows from the Cirilium
Active range, our highest revenue?margin proposition, as advisers increasingly continue to favour Managed Portfolio Services ("MPS") for their
customers. Based on the latest NextWealth December 2025 report, WealthSelect remains the largest MPS offering in the industry as at Q3 2025,
and continues to demonstrate strong growth, with AuMA of £25.4?billion as at 31?December?2025 (2024: £18.4?billion).
• High Net Worth net management fees increased by 3% to £203 million (2024: £198 million), due to higher average AuM, partially offset by changes
to some of our fee structures and the mix of assets, with the revenue margin of 67 bps reducing by 3 bps (2024: 70 bps). Net management fees
include interest margin earned on customer cash balances of £12 million (2024: £12 million).
Other revenue:
• Other revenue of £100 million, which mainly comprises of our share of income from providing advice within Quilter Financial Planning and Quilter
Cheviot Financial Planning, was 3% higher than the prior year (2024: £97 million).
Investment revenue:
• Investment revenue, predominantly interest income generated on shareholder cash and capital resources of £63 million (2024: £71 million) reflects
the reduction in interest rates experienced during 2025.
Quilter plc Preliminary Results 2025
Operating expenses*
Operating expenses increased by 4% to £494 million (2024: £474 million). This increase largely reflects the combination of planned business
investment, inflationary impacts including higher National Insurance costs and higher FSCS levies, partially offset by continued sustainable cost savings
delivered through the Simplification programme.
At the 2023 half-year results, we set a target to deliver £50?million of annualised run-rate savings from Phase II of the Simplification programme by the
end of 2025. At 31?December?2025, the programme achieved this target, delivering a total run-rate saving of £52?million, with £17?million realised during
2025. The savings were primarily achieved through the continued rationalisation of the Group's technology and property estate, operational and IT
efficiencies arising from investment in Advice technology, and lower functional support costs as we continued to simplify our governance and internal
administration processes. As a result, base costs reduced both in absolute terms and as a proportion of revenues, representing 31% of revenue in
2025 (2024: 33%).
Revenue-generating staff base costs increased by 9% to £110 million (2024: £101 million) and remains at a comparable proportion of revenues as we
continue to invest in our customer-facing people and proposition across our business segments to drive growth.
Variable staff compensation of £88 million (2024: £82 million) increased by 7% due to National Insurance changes and improved business performance.
Other variable costs of £55 million (2024: £51 million) includes our brand investment in the second half of the year and an increase in Platform costs
owing to the significant growth in Platform average AuMA.
Regulatory and insurance costs increased by 17% to £21 million (2024: £18 million) largely reflecting increases to the FSCS levy during the first half
of the year.
Adjusted profit before tax*
Adjusted profit before tax increased by 6% to £207?million (2024: £196?million), reflecting the combined impacts of the revenue and expense items
outlined above. The Group's operating margin improved to 30%, representing a 1 percentage point increase compared to the prior year (2024: 29%).
Adjusted diluted earnings per share increased 4% to 11.0 pence (2024: 10.6 pence).
Capital Return
Following a capital review undertaken by the Board, the Group is returning up to £100 million to shareholders by way of a Share Buyback Programme
(the "Programme"). This Programme is expected to commence as soon as practicable and is expected to complete by the end of 2026. The surplus
capital identified for the Programme is considered by the Board to exceed that required to manage the business once regulatory capital requirements,
liquidity risk management requirements, and future investment in the business for the foreseeable future (including modest inorganic acquisitions) is
taken into consideration. Ongoing consideration of the capital position of the Group, including the speed and quantum of acquisition activity and further
capital support, will continue to be assessed.
Summary
Quilter has benefitted from another year of consistent financial performance. The Group has continued to grow market share, and net inflows reached
record levels during the year. Revenues have increased and disciplined cost management has delivered a 30% operating margin. The balance sheet
strength has allowed the announcement of up to £100 million being returned to shareholders by way of a Share Buyback Programme. We have
enhanced anticipated regular returns to shareholders through implementing a new Distribution Policy of 70% of post-tax, post interest adjusted profit
through a combination of ordinary dividends and regular ongoing share buybacks.
Quilter plc Preliminary Results 2025 4
Shareholder information – Final Dividend
The Quilter Board has agreed to recommend to shareholders the payment of a Final Dividend of 4.3 pence per share. The Final Dividend will be
considered by shareholders at the Annual General Meeting which will be held on Thursday 14 May 2026. Subject to shareholder approval, the Final
Dividend will be paid on Monday 18 May 2026 to shareholders on the UK and South African share registers on Friday 17 April 2026 (the "Record
Date").
Dividend Timetable
Dividend announcement in pounds sterling with South Africa ZAR Wednesday 4 March 2026
equivalent
Last day to trade cum dividend in South Africa Tuesday 14 April 2026
Shares trade ex-dividend in South Africa Wednesday 15 April 2026
Shares trade ex-dividend in the UK Thursday 16 April 2026
Record Date in the UK and South Africa Friday 17 April 2026
Final Dividend Payment Date Monday 18 May 2026
From the opening of trading on Wednesday 4 March 2026 until the close of business on Friday 17 April 2026, no transfers between the London and
Johannesburg registers will be permitted. Share certificates for shareholders on the South African register may not be dematerialised or rematerialised
between Wednesday 15 April 2026 and Friday 17 April 2026, both dates inclusive.
Additional information
For shareholders on our South African share register a Final Dividend of 94.67035 South African cents per share, being a foreign dividend for South
African income tax purposes and the funds sourced from the United Kingdom, will be paid on Monday 18 May 2026, based on an exchange rate of
22.01636. Dividend Tax will be withheld at the rate of 20% from the amount of the gross dividend of 94.67035 South African cents per share paid to
South African shareholders unless a shareholder qualifies for exemption. After the Dividend Tax has been withheld, the net Final Dividend will be
75.73628 South African cents per share. The Company had a total of 1,404,105,498 shares in issue at today's date.
If you are uncertain as to the tax treatment of any dividends, you should consult your own tax adviser.
Short-form statement
This short-form announcement is the responsibility of the directors and is only a summary of the information in the full results announcement for the
year ended 31 December 2025 ("results announcement"). Any investment decisions by investors and/or shareholders should be based on consideration
of the full announcement as a whole.
The results announcement can be found on the company's website at [link] and on the JSE cloudlink:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/QLTE/FY25Result.pdf
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Quilter plc Preliminary Results 2025
Date: 04-03-2026 09:00:00
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