Slide 1: 2025 Preliminary Results
Rathbones Group Plc Invest well. Live well. 2025 Preliminary Results February 2026
Slide 2: In the last year we have…
Rathbones Group Plc 2025 Preliminary Results In the last year we have… 2 Strengthened the business for the next phase of growth Completed Managed Renewed Launched Defined a the client the CEO the first ever new integration transition Executive share strategy of IW&I team buyback for 2026 and beyond
Slide 3: Renewed executive team
Rathbones Group Plc 2025 Preliminary Results Renewed executive team 3 Energised by our mission to be the best wealth manager in the UK, by far Brad Novak Camilla Stowell Cassandra Gillian van Iain Hooley Chief Technology Wealth CEO Williams Maaren Chief Financial Officer Chief Risk Officer Chief Peo
Slide 4: Financial update
2025 Preliminary Results Financial update
Slide 5: Growth in earnings as synergy delivery exceeds target
Rathbones Group Plc 2025 Preliminary Results Growth in earnings as synergy delivery exceeds target 5 FUMA (£bn) Operating income (£m) Underlying PBT (£m) and margin (%) +5.9% +3.1% +0.4pts 22.3% 25.4% 25.8% +4.6% 115.6 895.9 923.3 109.2 105.3 227.6 238.1 571.1 127.1 FY23 FY24 FY25 FY23 FY24 FY25 FY2
Slide 6: Dividend progression underpinned by profit growth
Rathbones Group Plc 2025 Preliminary Results Dividend progression underpinned by profit growth 6 Statutory PBT (£m) Underlying basic EPS (pence) Dividend per share (pence) +5.5% +53.5% +6.5% 152.9 161.6 170.5 99.0 135.8 93.0 87.0 99.6 57.6 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Statutory PBT b
Slide 7: 2025 profit growth driven by synergy delivery
Rathbones Group Plc 2025 Preliminary Results 2025 profit growth driven by synergy delivery 7 Underlying PBT and margin 1.4% (1.7%) 3.1% £13.4m (1.2%) (£15.0m) (£9.7m) (1.0%) (0.2%) 25.8% 25.4% £31.1m (£8.7m) — Synergies are biggest contributor to 2025 profit growth - (£0.6m) in-year benefit £31.1 mi
Slide 8: Gross inflows remained resilient through integration
Rathbones Group Plc 2025 Preliminary Results Gross inflows remained resilient through integration 8 FUMA flows by segment – year ended 31 December 2025 Transfers and Market and Annual Growth £bn Opening FUMA Inflows Outflows Net Flows migrated Closing FUMA performance Rate (%) assets Discretionary &
Slide 9: Income growth across principal income streams
Rathbones Group Plc 2025 Preliminary Results Income growth across principal income streams 9 Operating income – year ended 31 December 2025 — Fees affected by Q1 market volatility but higher average FUMA for year overall £m FY25 FY24 Change Change % — Investment Management fees billed based on quart
Slide 10: Income margins remain resilient
Rathbones Group Plc 2025 Preliminary Results Income margins remain resilient 10 Income margins - year ended 31 December 2025 Fee & Commission Income Margin1 Treasury Income Margin (% of FUMA) (% of Liquidity) 58.6bps (58.5bps) — FUMA-driven margins calculated on the gross FUMA of segment (pre intrag
Slide 11: Synergy delivery exceeds target at £76 million
Rathbones Group Plc 2025 Preliminary Results Synergy delivery exceeds target at £76 million 11 Actual synergy realisation – run rate at 31 December 2025 Synergies Synergy £m Over Delivery Delivered Target Technology and operations 23.1 18.0 5.1 — Total synergy delivery £76.0 million (annualised run
Slide 12: Non-underlying costs - year ended 31 December 2025
Rathbones Group Plc 2025 Preliminary Results Non-underlying costs - year ended 31 December 2025 12 £m FY25 FY24 Change Underlying operating profit 238.1 227.6 10.5 Amortisation of intangible assets (45.3) (44.6) (0.7) — Intangibles amortisation represents ongoing run rate IW&I integration costs (39.
Slide 13: Our disciplined approach to capital allocation
Rathbones Group Plc 2025 Preliminary Results 13 Our disciplined approach to capital allocation Balancing growth and returns Capital allocation framework Invest for organic growth Invest for growth inorganically Targeted investments to drive long-term Currently a high bar for further inorganic busine
Slide 14: Guidance
Looking ahead Guidance RATHBONES
Slide 15: 2026 Guidance – Underlying Operating Margin
Rathbones Group Plc 2025 Preliminary Results 2026 Guidance – Underlying Operating Margin 15 — Path from 2024 margin of 25.4% to 30% Q4 2026 target predicated on: — Synergy delivery — Organic growth in FUMA — Impact of inflation offset by market growth — 2025 developments have influenced the path: 30
Slide 16: 2026 Guidance – Income
Rathbones Group Plc 2025 Preliminary Results 2026 Guidance – Income 16 Fees — 2026 opening FUMA £115.6 billion - 4.7% higher than 2025 average quarterly billing points for IM fees Commission — Normalisation of volumes expected to lead to 5% reduction in income relative to 2025 — Expected to be broad
Slide 17: 2026 Guidance – Costs
Rathbones Group Plc 2025 Preliminary Results 2026 Guidance – Costs 17 Synergies — In-year synergy benefits £16 million higher in 2026 due to full year of the final run rate — Specific spend will be incurred in pursuit of strategic objectives of c£11 million: Strategic Investment — Includes £7 millio
Slide 18: Appendix
Appendix RATHBONES
Slide 19: FUMA and Flows by Service level
Rathbones Group Plc 2025 Preliminary Results FUMA and Flows by Service level 19 FUMA flows by service level – year ended 31 December 2025 Transfers and Market and Annual Growth £bn Opening FUMA Inflows Outflows Net Flows migrated Closing FUMA performance Rate (%) assets Bespoke Portfolios 47.8 6.7 (
Slide 20: Wealth management client base
Rathbones Group Plc 2025 Preliminary Results Wealth management client base 20 Analysis of FUMA1 FUMA by service FUMA by fund type 4% Private clients 7% Discretionary & Managed 14% ISAs 32% MPS & Select Services 8% Charities Pensions Execution Only 16% Trusts 89% Other 9% 21% Size of client relations
Slide 21: Where our clients’ assets are invested
Rathbones Group Plc 2025 Preliminary Results Where our clients’ assets are invested1 21 4.4% 5.2% 3.7% 3.2% 3.0% 9.5% 7.9% 7.3% 10.5% 11.9% 48.8% 52.2% 44.6% 43.4% 41.5% 24.9% 29.4% 28.6% 21.0% 18.1% 18.5% 19.1% 19.4% 11.1% 12.8% FY21 FY22 FY23 FY24 FY25 Fixed income UK equities Overseas equities Al
Slide 22: Analysing the balance sheet
Rathbones Group Plc 2025 Preliminary Results Analysing the balance sheet 22 31 December 31 December 31 December 31 December Assets 2025 2024 Liabilities 2025 2024 £m £m £m £m Cash and balances with central banks 1,504.0 1,166.0 Deposits by banks 8.4 3.8 Loans and advances to banks 264.7 293.2 Due to
Slide 23: Additional information
Additional information Rathbones Group Plc is independently owned, is the sole Rathbones Investment Management International Limited is shareholder in each of its subsidiary businesses and is listed on regulated by the Jersey Financial Services Commission and the London Stock Exchange. licensed by t