Quilter Plc · LSE:QLT
Quilter — Investor Presentation (November 2025)
16 slides from Quilter's investor presentation, November 2025
Slide 1: Observations on flows
Quilter Basic rBand Guidelines Our brand a ssets 1 Investor Relations Observations on flows
Slide 2: 2025 Outlook: Reiterating guidance
2025 Outlook: Reiterating guidance Non-regretted withdrawals from CRA accounts 2024/25* ➢ Flows: new business flows consistent with Q1 to Q3’25 ➢ Currently seeing elevated non-regretted outflows as a result of 2025 Budget pre-budget tax free withdrawals 2024 ➢ HNW also seeing outflows ahead of the B
Slide 3: Stock and Flow: Market
Stock and Flow: Market Industry AuM and flows¹ Observations ➢ After an exceptional 2021 (post-Covid), market new business flows remained depressed in 2022 and 2023 ➢ (Ukraine war impact on energy costs, cost of living and higher interest rates) ➢ 2024 and 2025 have seen much higher, more normal, rat
Slide 4: What drives changes in net flows?
What drives changes in net flows? Inflows less outflows, which have different inputs Net inflows (£m) 5,000 Observations 4,000 ➢ Quilter has delivered the highest level of net inflows over the last 18 months and is well positioned relative to peers on the drivers behind this outcome, 3,000 inflows a
Slide 5: What drives gross inflows? IFA Channel
What drives gross inflows? IFA Channel IFA flows Independent adviser flows Size of market (£bn) x Market share (%) Gross flows from IFAs onto Quilter Platform (£m) 100,500 14% 12,000 90,500 12% 10,000 80,500 70,500 10% 8,000 60,500 8% 50,500 6,000 6% 40,500 4,000 30,500 4% 20,500 2% 2,000 10,500 500
Slide 6: What drives gross inflows? Restricted adviser channel
What drives gross inflows? Restricted adviser channel Restricted adviser flows Restricted adviser flows Number of RFPs x RFP productivity (£m) Gross flows from Quilter Advisers onto Quilter Platform (£m) 1,700 3.5 4,500 4,000 3.0 1,500 3,500 2.5 1,300 3,000 2.0 2,500 1,100 1.5 2,000 900 1,500 1.0 1,
Slide 7: Peer Comps: Gross inflow rate
Peer Comps: Gross inflow rate Gross inflows Gross inflows as a percentage of book (£m) (%) 6,000 25% 5,000 20% 4,000 15% 3,000 10% 2,000 1,000 5% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 8: What drives outflows?
What drives outflows? Natural drawdown (age of book)... Percentage of book written in last 3 years: 2021 vs 2025¹ (%) Observations 40% ➢ Strong share of new business flows over the last three years is contributing to 35% a lengthening of the duration of the Quilter book relative to peers 30% 25% 20%
Slide 9: What drives outflows?
What drives outflows? ...and market churn (for open market) Quilter Platform outflows: regretted vs non-regretted dynamics Quilter Platform outflows: H1 2025 Other Platforms outflows vs inflows: H1 2025 (%) = 92.4% 8.1 retention rate 3.5x 7.6 2.5 2.2 5.5 0.8 5.6 5.4 4.6 IFA channel Quilter channel T
Slide 10: Peer Comps: Gross outflow rate
Peer Comps: Gross outflow rate Gross outflows Gross outflows as a percentage of book (£m) (%) 4,500 16% 4,000 14% 3,500 12% 3,000 10% 2,500 8% 2,000 6% 1,500 4% 1,000 500 2% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 11: Change in outflow dynamics
Change in outflow dynamics 2019 outflows vs last four quarters’ outflows Percentage change in 2019 vs last four quarters’ outflows (£m) (%) 16,000 250% 14,000 200% 12,000 10,000 150% 8,000 100% 6,000 4,000 50% 2,000 0 0% Quilter Aberdeen SJP Transact AJ Bell Quilter Aberdeen SJP Transact AJ Bell 201
Slide 12: Net inflow rate
Net inflow rate Net inflows Net inflows as a percentage of book (£m) (%) 3,500 15% 3,000 2,500 10% 2,000 1,500 5% 1,000 500 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020
Slide 13: Conclusions: Market vs Quilter
Conclusions: Market vs Quilter Industry¹ Quilter 100,000 4,000 90,000 3,500 80,000 3,000 70,000 2,500 60,000 50,000 2,000 40,000 1,500 30,000 1,000 20,000 500 10,000 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 AuA Gross Redemptions Net ➢ Quilter has de
Slide 14: Market share
Market share Gross flows Redemptions 18% 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 AJB Transact QLT ABDN AJB Transac
Slide 15: Q3'25 market positioning: Quilter remains leader in gross and net inflows
Q3’25 market positioning: Quilter remains leader in gross and net inflows Top gross flows, Q3’25 (£bn) Top net inflows, Q3’25 (£bn) 4.5 2.5 4.0 4.0 2.1 3.4 2.0 3.5 3.0 2.6 2.5 1.5 2.5 1.3 2.0 1.8 1.0 1.0 1.5 0.5 0.5 1.0 0.5 0.5 0.0 0.0 AJ Bell Transact Aviva Nucleus Quilter Hubwise 7IM Transact Aviv
Slide 16: Quilter Basic r B and Guidelines Our brand a ssets
Quilter Basic rBand Guidelines Our brand a ssets 1