Slide 1: Full-year 2025 Results Presentation
Full-year 2025 Results Presentation 4 June 2025
Slide 2: FY 2025 key messages
FY 2025 key messages — Tough year, better second half — Positive net flows — Improved investment performance — Extremely competitive market for new business — Sharpened focus and strategic clarity starting to deliver — Sanlam transaction well received and on track — Committed and motivated staff, wi
Slide 3: FY 2025 results
FY 2025 results FY 2025 FY 2024 Change % Assets under management (AUM) £130.8bn £126.0bn 4 Net flows (£4.9bn) (£9.4bn) Basic earnings per share (EPS) 17.2p 18.4p (7) Adjusted EPS 15.5p 15.9p (3) Full-year dividend per share 12.2p 12.3p (1) Adjusted operating profit margin 31.2% 32.0% 3
Slide 4: Business Review
Full-year 2025 Results Business Review
Slide 5: Significant developments in FY2025
Significant developments in FY2025 – Sanlam transaction – Firmwide AI roll-out in process – Two offices in the Middle East – Traction in focus strategies – Leadership revitalisation across the firm – Continued investment in talent Building through the cycle 5
Slide 6: Sanlam transaction – recap
Sanlam transaction – recap — Strategic partnership with Africa’s leading non-bank financial services group — Long-term relationship, starting with a 15-year contract — Ninety One will manage an additional AUM of c.R400bn (c.£17bn) — Ninety One gains preferred access to Sanlam’s distribution network
Slide 7: Long-term track record
Long-term track record Domestic growth Internationalisation Scaling post crisis Seeking growth in a world of change 1992-1998 1998-2009 2009-2020 2020-2025 AUM CAGR +93% +19% +12% +5% 140bn £220,000 120bn £131 bn 100bn £165,000 80bn £110,000 60bn 40bn £55,000 20bn 0bn £0 1992 1995 1998 2001 2004 200
Slide 8: Building the active investment manager of the future
Building the active investment manager of the future Business model Client focused Capital light People centric Technology- and AI-enabled Differentiated global specialist Best-in-class active investing and client engagement 8
Slide 9: Market and business conditions
Market and business conditions — Disruptive geopolitics — Changing regional performance profiles — Broader markets — Intense competition with price pressure Growth opportunity for active management 9
Slide 10: AUM development (£bn)
AUM development (£bn) 2.9 0.4 6.7 131 126 127 (5.3) FY 2024 H1 2025 FY 2025 AUM Net flows Portfolio growth 10
Slide 11: Net flows by asset class: FY2025 (£m)
Net flows by asset class: FY2025 (£m) H1 2025 H2 2025 276 488 83 74 150 295 (701) (1,828) (2,685) (1,015) Fixed income Equities Multi-asset Alternatives SA Fund Platform Note: Net flow numbers may not add to reported totals due to rounding. 11
Slide 12: Net flows by client group: FY2025 (£m)
Net flows by client group: FY2025 (£m) H1 2025 H2 2025 531 244 2,114 (820) (2,079) (959) (1,376) (379) (1,817) (322) Africa Europe Asia Pacific United Kingdom Americas Notes: Asia Pacific includes Middle East. Net flow numbers may not add to reported totals due to rounding. 12
Slide 13: Firm-wide investment performance
Firm-wide investment performance 31 March 2024 31 March 2025 1 year 46% 54% 1 year 68% 32% 3 year 43% 57% 3 year 59% 41% 5 year 64% 36% 5 year 72% 28% 10 year 76% 24% 10 year 81% 19% Since Since 73% 27% 76% 24% inception inception Outperformance Underperformance 13
Slide 14: People and culture
People and culture – Building an intergenerational business – leadership revitalisation – Active talent management – Compensation aligned with outcomes – Growing staff ownership (c.32.6%) – Resilience supported by a healthy culture People centric, talent friendly, owner culture 14
Slide 15: Financial Review
Full-year 2025 Results Financial Review
Slide 16: Financial results
Financial results £ million FY 2025 FY 2024 Change % Management fees 567.1 557.9 2 Adjusted operating expenses (414.7) (405.3) 2 Management fees net of adj. op. expenses 152.4 152.6 - Performance fees 27.5 30.6 (10) Other income 8.0 7.3 10 Adjusted operating profit 187.9 190.5 (1) Average AUM Averag
Slide 17: Financial results (cont.)
Financial results (cont.) £ million FY 2025 FY 2024 Change % Adjusted operating profit 187.9 190.5 (1) Adjusted net interest income 19.3 17.7 9 Share scheme net credit 0.8 8.6 n.m. Corporate related professional fees (3.7) - n.m. Profit before tax 204.3 216.8 (6) Tax (54.2) (52.9) 2 Profit after tax
Slide 18: Adjusted operating expenses
Adjusted operating expenses 3.5 414.7 2.3 2.2 0.2 1.2 405.3 £ million FY 2024 Inflation-linked FX-linked Technology Other FY 2025 Employee impact impact remuneration Business expenses Note: Impacts are estimated based on prevailing inflation and exchange rates. 18
Slide 19: Business and total expenses
Business and total expenses 32.3% 34.2% 34.7% 32.7% 32.0% 31.2% 33.7 33.1 32.7 32.1 31.3 31.6 139 135 129 120 124 118 11.8 11.2 11.7 11.9 10.5 10.0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Average AUM (£bn) Business expenses in bps of average AUM Total expenses in bps of average AUM % Adjuste
Slide 20: Adjusted operating profit analysis
Adjusted operating profit analysis 220 210 200 9.2 0.7 (3.1) (1.2) 190.5 190 187.9 (8.2) £ million 180 170 160 150 FY 2024 Management Performance Other Employee Business FY 2025 fees fees income remuneration expenses 20
Slide 21: Capital and dividend
Capital and dividend £ million 31 March 2025 31 March 2024 Equity 373.6 367.6 Non-qualifying assets (46.3) (43.9) Qualifying capital 327.3 323.7 Dividend proposed (60.9) (58.2) Estimated regulatory requirement (105.5) (112.2) Estimated capital surplus 160.9 153.3 Full-year dividend Capital coverage1
Slide 22: Sanlam transaction
Sanlam transaction — Progress since November 2024 announcement: — 6 March 2025 – operative agreements signed — 9 April 2025 – shareholder approval obtained — Timing: — 16 June 2025 – closing date of UK transaction — Awaiting regulatory approvals to complete SA transaction — Preparation for implement
Slide 23: Conclusions and Outlook
Full-year 2025 Results Conclusions and Outlook
Slide 24: Conclusion
Conclusion — Flow turnaround in second half — Sanlam transaction will strengthen and support growth — Doubling down on our focus areas — Intense competition, price pressure — Relentless drive to improve, modernise and innovate Resilient business with a clear strategy 24
Slide 25: Outlook
Outlook — Continued macro uncertainty — Demand is shifting towards our offering – growing opportunity set — Our focus is on clients and investment performance — Technology and AI will facilitate efficiency and effectiveness — Continue to invest for growth We see opportunity for active management
Slide 26: Investing for a better tomorrow
Investing for a better tomorrow 26
Slide 27: Glossary and definitions
Glossary and definitions Adjusted EPS is adjusted earnings attributable to shareholders divided by the number of ordinary shares in issue at the end of the period. Adjusted net interest income is calculated as net interest income or expense adjusted to exclude interest expense on lease liabilities f
Slide 28: Appendix
Full-year 2025 Results Appendix
Slide 29: AUM split
AUM split By asset class By client group By client type 10% 11% 4% 12% 35% 16% 43% 46% 16% 65% 24% 18% Equities Africa Institutional 1 Fixed income Asia Pacific Advisor Multi-asset United Kingdom Alternatives Americas SA fund platform Europe Notes: Breakdown of AUM as at 31 March 2025. 1. Asia Pacif
Slide 30: Recap of our focus areas
Recap of our focus areas — Global and international equity — EM equity — EM fixed income (including specialist credit) — Sustainability and impact 30
Slide 31: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Ninety One plc and Ninety One Limited (together, “Ninety One” and, together with their subsidiaries from time to time, the “Group”). This Presentation is provided on a strictly private and confidential basis for information purpo