Slide 1: Rathbones Group Plc
1 RATHBONES GROUP PLC September 2025 Rathbones Group Plc
Slide 2: What We Do
Rathbones Group Plc | Investor presentation September 2025 2 WHAT WE DO WEALTH MANAGEMENT FINANCIAL PLANNING AND ADVICE We offer financial planning through Rathbones INVESTMENT MANAGEMENT Financial Planning and Vision Independent, and UK Clients receive a personalised investment strategy trust, tax,
Slide 3: Tapping into the UK Wealth Management Opportunity
Rathbones Group Plc | Investor presentation September 2025 3 TAPPING INTO THE UK WEALTH MANAGEMENT OPPORTUNITY A favourable landscape aligned with long-term structural growth Improving Market Backdrop A Business Ready to Deliver £2.9tn[1] Estimated UK household Volatility has highlighted the value o
Slide 4: A Service-Led Approach That Builds High Quality Revenues
Rathbones Group Plc | Investor presentation September 2025 4 A SERVICE-LED APPROACH THAT BUILDS HIGH QUALITY REVENUES MEANINGFUL ADVANTAGES SERVICE-LED APPROACH — A well-respected franchise in a growing industry — Strong belief in relationship-led services to drive resilient revenues and secure new
Slide 5: Why Rathbones Is Positioned to Succeed
Rathbones Group Plc | Investor presentation September 2025 5 WHY RATHBONES IS POSITIONED TO SUCCEED 1 2 3 4 5 6 7 8 Relationship-led Trusted brand Leveraging an Investing in Operating Accelerating Robust Banking business model operating at in-house asset marketing and responsibly growth with financi
Slide 6: Strategic Update
Rathbones Group Plc | Investor presentation September 2025 6 STRATEGIC UPDATE RATHBONES GROUP PLC
Slide 7: In the First Six Months of 2025 We Have…
Rathbones Group Plc | Investor presentation September 2025 7 IN THE FIRST SIX MONTHS OF 2025 WE HAVE… Completed planned IW&I client and asset migration Appointed new Group CEO and Wealth CEO Refined our capital allocation framework Announced new propositions launching this year
Slide 8: In the Next Year We Will…
IN THE NEXT YEAR WE WILL… Progress towards our 30% margin target Strengthen marketing and distribution capability Deliver more advice-led conversations Selected launch of new propositions Grow Rathbones Asset Management Selectively deploy AI and robotic processing tools
Slide 9: IW&I Client Migration
Rathbones Group Plc | Investor presentation September 2025 9 IW&I CLIENT MIGRATION IW&I clients have been successfully migrated NEXT… Streamline processes Harness client feedback Improve efficiency to further Use insights gathered from enable client-facing teams to IW&I clients during the deliver hi
Slide 10: Driving Future Growth - From Integration to Acceleration
Rathbones Group Plc | Investor presentation September 2025 10 DRIVING FUTURE GROWTH - FROM INTEGRATION TO ACCELERATION Direct Private Clients IFAs Charities Focusing on the life moments Maximising our discretionary and Delivering scalable, cost-effective and stages that truly matter to RAM capabilit
Slide 11: H1 Integration to H2 Optimisation
Rathbones Group Plc | Investor presentation September 2025 11 H1 INTEGRATION TO H2 OPTIMISATION ‒ Enabling client facing teams ‒ Technology deployment ‒ Synergy delivery ‒ Cost discipline ‒ Welcoming new skills and expertise
Slide 12: Financial Update
Rathbones Group Plc | Investor presentation September 2025 12 FINANCIAL UPDATE
Slide 13: Key Metrics Impacted by Q1 Market Volatility with Recovery in Q2
Rathbones Group Plc | Investor presentation September 2025 13 KEY METRICS IMPACTED BY Q1 MARKET VOLATILITY WITH RECOVERY IN Q2 FUMA (£bn) Operating income (£m) Underlying PBT (£m) and margin (%) 21.3% 25.1% 24.0% 108.9 109.0 447.4 449.1 112.1 107.7 60.5 238.0 50.7 HY23 HY24 HY25 HY23 HY24 HY25 HY23
Slide 14: Interim Dividend Maintains Our Progressive Policy
Rathbones Group Plc | Investor presentation September 2025 14 INTERIM DIVIDEND MAINTAINS OUR PROGRESSIVE POLICY Statutory PBT (£m) Underlying basic EPS (p) Dividend per share (p) 65.3 62.3 80.4 31.0 75.6 30.0 29.0 66.4 26.0 HY23 HY24 HY25 HY23 HY24 HY25 HY23 HY24 HY25 Statutory PBT impacted by under
Slide 15: Underlying PBT and Margin Impacted by Cost Headwinds
Rathbones Group Plc | Investor presentation September 2025 15 UNDERLYING PBT AND MARGIN IMPACTED BY COST HEADWINDS — The benefit of synergies to HY2025 is £12.0m higher than HY2024 as a result of continuing synergy delivery. Underlying PBT and margin — The higher synergy benefit and lower variable s
Slide 16: Net Flows Improve in Q2 as Wealth Management Gross Outflows Reduce
Rathbones Group Plc | Investor presentation September 2025 16 NET FLOWS IMPROVE IN Q2 AS WEALTH MANAGEMENT GROSS OUTFLOWS REDUCE FUMA flows by segment – six months ended 30 June 2025 — Net flows improved markedly in Q2, with net outflows reducing to £0.2bn in Q2 from £0.8bn in Q1. Wealth Asset Group
Slide 17: Income Remains Resilient Despite Market Volatility
Rathbones Group Plc | Investor presentation September 2025 17 INCOME REMAINS RESILIENT DESPITE MARKET VOLATILITY Operating Income – six months ended 30 June 2025 — Wealth Management fee income was impacted by Q1 market £m HY25 HY24 Change Change % volatility. Wealth Mgt 285.0 285.5 — Asset Managemen
Slide 18: Income Margins Remain Resilient
Rathbones Group Plc | Investor presentation September 2025 18 INCOME MARGINS REMAIN RESILIENT Income Margins[1] Fee & Commission Income Margin Treasury Income (% of FUMA) Margin — FUMA-driven income margins are calculated on the gross 59.0bps (% of Liquidity) value of average FUMA of the relevant se
Slide 19: Synergy Delivery on Track to Be c.£60m by Calendar Year End
Rathbones Group Plc | Investor presentation September 2025 19 SYNERGY DELIVERY ON TRACK TO BE C.£60M BY CALENDAR YEAR END Actual synergy realisation – run rate at 30 June 2025 Synergies Synergy Remaining £m Delivered Target synergies — Synergy delivery of £47.2million is reported on an annualised ru
Slide 20: Non-Underlying Costs
Rathbones Group Plc | Investor presentation September 2025 20 NON-UNDERLYING COSTS Non-underlying Costs – six months ended 30 June 2025 £m HY25 HY24 Change Underlying operating profit 107.7 112.1 (4.4) — Amortisation of intangible assets reflect the ongoing run rate following the IW&I combination. A
Slide 21: Share Buyback of £50m Announced
Rathbones Group Plc | Investor presentation September 2025 21 SHARE BUYBACK OF £50M ANNOUNCED On-market ordinary share buyback programme of £50m. Investec will not participate in the share buyback, but Rathbones will ensure that Investec’s voting and economic interests remain at or below the levels
Slide 22: A Disciplined and Holistic Approach to Capital Allocation
Rathbones Group Plc | Investor presentation September 2025 22 A DISCIPLINED AND HOLISTIC APPROACH TO CAPITAL ALLOCATION CAPITAL ALLOCATION FRAMEWORK Organic growth Inorganic growth and strategic initiatives opportunities Targeted investments to drive long- term business growth with cost Strong Conti
Slide 23: Guidance
Rathbones Group Plc | Investor presentation September 2025 23 GUIDANCE
Slide 24: H2 2025 Guidance
Rathbones Group Plc | Investor presentation September 2025 24 H2 2025 GUIDANCE — The outlook for net flows continues to improve as the factors that have elevated gross outflows recede — We continue to expect income to see some benefit from greater provision of advice in 2025 INCOME — Commission inco
Slide 25: Appendix
Rathbones Group Plc | Investor presentation September 2025 25 APPENDIX
Slide 26: Investment Management Client Base
Rathbones Group Plc | Investor presentation September 2025 26 INVESTMENT MANAGEMENT CLIENT BASE Analysis of funds under management and administration (FUMA)[1] Service level by FUMA Fund type by FUMA 2% Discretionary Private clients 10% 13% Advisory ISAs 8% 32% Charities Execution-only Pensions 16%
Slide 27: Where Our Clients' Assets Are Invested
Rathbones Group Plc | Investor presentation September 2025 27 WHERE OUR CLIENTS’ ASSETS ARE INVESTED[1] 4.4% 5.2% 3.7% 3.2% 3.3% 9.5% 7.9% 7.4% 10.5% 11.9% 48.8% 50.1% 44.6% 43.4% 41.5% 24.9% 29.4% 28.6% 21.0% 19.8% 18.5% 19.1% 19.4% 11.1% 12.8% FY21 FY22 FY23 FY24 HY25 Fixed income UK equities Over
Slide 28: Integration Costs Running in Line with Expectations
Rathbones Group Plc | Investor presentation September 2025 28 INTEGRATION COSTS RUNNING IN LINE WITH EXPECTATIONS IW&I integration costs – actual costs incurred relative to guidance Original Total to — Total integration costs incurred during the half-year £m guidance FY23 FY24 H125 date of £23.4 mil
Slide 29: Analysing the Balance Sheet
Rathbones Group Plc | Investor presentation September 2025 29 ANALYSING THE BALANCE SHEET Unaudited 30 Audited 31 Unaudited 30 Audited 31 June 2025 December June 2025 December Assets Liabilities £m 2024 £m 2024 £m £m Cash and balances with central banks 1,811.0 1,166.0 Deposits by banks 17.5 3.8 Set
Slide 30: Rathbones Asset Management Funds
Rathbones Group Plc | Investor presentation September 2025 30 RATHBONES ASSET MANAGEMENT FUNDS Funds FY24 (£bn) HY25 (£bn) Rathbone Multi-Asset Portfolios 6.9 7.1 Rathbone Global Opportunities Fund 4.1 4.0 Rathbone Ethical Bond Fund 2.0 1.9 Offshore Funds 0.7 0.6 Rathbone Income Fund 0.6 0.6 Greenba
Slide 31: Shareholder Split as at 30 June 2025
Rathbones Group Plc | Investor presentation September 2025 31 SHAREHOLDER SPLIT AS AT 30 JUNE 2025 Investec Fidelity Investments Current Rathbones staff 29% 32% Lindsell Train Blackrock Vanguard Group Heronbridge 2% Marathon Asset Management 9% 2% Aberforth Partners 2% 3% Janus Henderson 3% 8% 4% 4%
Slide 32: Important Information
Rathbones Group Plc | Investor presentation September 2025 32 IMPORTANT INFORMATION The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance should not be seen as an indication of future performance. Changes in ra