Tatton Asset Management Plc · LSE:TAM
Tatton Asset Management — Q2 2026 Earnings Presentation
47 slides from Tatton Asset Management's earnings presentation, Nov 24, 2025
Slide 1: Investor and Analyst Presentation
INVESTOR AND ANALYST PRESENTATION For the six months ended 30 September 2025
Slide 2: Disclaimer
Disclaimer The information contained in this document (“Presentation”) has been prepared by Tatton Asset Management plc (the “Company”). The content of this Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. The Slides are be
Slide 3: Agenda
AGENDA Our Team 04 Key Highlights 07 Financial Performance 12 Strategic Update 20 Investment Management Update 28
Slide 4: Introduction to the Team
INTRODUCTION TO THE TEAM aed Ue
Slide 5: Introduction to the Team
INTRODUCTION TO THE TEAM Paul Hogarth Paul Edwards Lothar Mentel CEO CFO CIO Over 40 years’ experience at Joined Tatton Asset Co-founder of Tatton Capital Board level in the financial Management plc as Group Limited in 2012 services sector CFO in May 2018 Has held senior investment Founder of Tatton
Slide 6: Divisional Structure
DIVISIONAL STRUCTURE Tatton Asset Management plc (“TAM” or “Group”) Investment Management Division IFA Support Services Division (“Tatton”) (“Paradigm”) • Tatton Investment Management offers on- platform model DFM MPS, the fastest-growing segment of the wealth management market Paradigm Consulting P
Slide 7: Key Highlights
KEY HIGHLIGHTS
Slide 8: Group Financial & Operational Highlights
GROUP FINANCIAL & OPERATIONAL HIGHLIGHTS Operational Highlights AUM/I3 Tatton IFA Firms Tatton Client Organic Net Inflows November 2025 (YTD) Accounts £25.8bn 1,170 167,150 £1.7bn AUM/I3: £27.1bn Net inflows: £2.1bn up 29.6% up 12.7% up 20.0% 16.1% of opening AUM4 Financial Highlights Revenue Adjust
Slide 9: Assets Under Management / Influence
ASSETS UNDER MANAGEMENT / INFLUENCE 1 AUM/AUI 27.5 25.0 US Tariffs 22.5 20.0 £ billion Fight on 17.5 inflation 15.0 Russia invades Ukraine 12.5 Global Pandemic 10.0 Mar-2020 Market Crash 7.5 5.0 2013 Tatton 2.5 Incorporated 0.0 9 1. “AUM/I” is Assets under management and influence including 100% of
Slide 10: TAM plc Investment Performance Comparison
TAM plc investment performance comparison Total Shareholder Return 10 Source: Morningstar 11th November 2025
Slide 11: Maximising Shareholder Value
MAXIMISING SHAREHOLDER VALUE Market Cap (£m) £115m £129m £106m £196m £265m £270m £344m £371m £424m 1 725p Adj Dil EPS (interim) 696p 17/11/25 30.0p 1 700p Adj Dil EPS 612p Share price 568p 600p 25.0p 450p 450p 500p 20.0p 350p 400p 15.0p 300p 206p 231p 28.7p 22.9p 156p 20.6p 200p 10.0p 190p 18.6p 14.
Slide 12: Financial Performance
FINANCIAL PERFORMANCE aed oe
Slide 13: Group Profit & Loss
GROUP PROFIT & LOSS Growth Sep-25 Sep-24 % £’000 £’000 • Group revenue increased 18.6% to £25.7m Revenue 18.6% 25,691 21,660 • Group adj operating profit1 increased 20.4% to £13.1m Adjusted operating profit1 20.4% 13,111 10,894 Margin1 % 51.0% 50.3% • Adj operating profit margin1 increase of 0.7% to
Slide 14: Divisional Financial Performance
DIVISIONAL FINANCIAL PERFORMANCE Performance Commentary Sep Sep Change • Tatton revenue increased 20.7% to £22.3m and adjusted operating profit1 increased Tatton 22.0% to £14.3m, with an adjusted operating profit margin1 of 64.0% (2024: 63.3%) 2025 2024 % • AUM/I2 of £25.8bn increased £4.0bn in the
Slide 15: Evolution
EVOLUTION Group Revenue Split Group Adjusted Operating Profit1 Split Mar-18 31.6% Sep-25 76% 93% 68.1% 13.0% Paradigm Tatton Paradigm Margin 24% Paradigm 31.4% 7% Margin 29.0% 87.0% Mar-18 Sep-25 Paradigm Paradigm Tatton 15 1. Adjusted for share-based payment costs, amortisation and operating loss r
Slide 16: Overhead Analysis & Direction
OVERHEAD ANALYSIS & DIRECTION Growth One off / Stepped 1 Sep25 Increase Inflationary Investment costs (Annualised) 1 £ £ £ £ Employee costs (Incl bonuses) (£15.5m) (£1.8m) (£0.7m) (£0.5m) (£0.6m) Marketing & Distribution (£5.4m) (£0.5m) - (£0.5m) - Legal & Professional (£2.3m) (£0.3m) (£0.1m) - (£0.
Slide 17: Group Financial Strength
GROUP FINANCIAL STRENGTH Sep-25 Mar-25 Sep-25 £’000 £’000 Goodwill & intangible assets 18,369 18,545 Regulatory capital requirement £5.455m Total Shareholder funds £55.916m Tangible fixed assets 923 932 Less: Foreseeable dividend (£7.300m) Trade & other receivables 9,402 7,671 Less: Non-Qualifying a
Slide 18: Group Cash Flow Bridge
GROUP CASH FLOW BRIDGE Interest received on TAM plc own Cash from balance sheet cash operations £0.8m £0.6m £10.3m H1 FY26 Corporation tax Proceeds from the exercise of options (£5.7m) £34.1m £32.1m (£3.5m) (£0.5m) Dividends paid relates to FY25 final dividend of Capex & lease 9.5p liabilities Mar S
Slide 19: FY26 Financial Outlook H2
FY26 FINANCIAL OUTLOOK On track to Net inflows have continued strong AUM/I¹ to grow in line with deliver full year net inflows, with neutral results in line with momentum in H1, anticipated to normalise to markets assumed the Board (including Perspective expectations £200m - £250m per month in H2 im
Slide 20: Strategic Update
STRATEGIC UPDATE aed oe
Slide 21: Our Market
LARGEST PARTICIPANT IN THE FASTEST GROWING SEGMENT OF THE MARKET MARKET GROWTH Sep 2025 ON-PLATFORM FUNDS UNDER £25.8bn MANAGEMENT 14% 2025 £21.8bn 2024 12% 2023 £17.6bn 2022 £13.9bn 13% 2021 £11.3bn 13% 20259 Tatton AUM/I 2020 2019 £9.0bn 14% 20248 Size: % of on-platform 2018 £6.7bn DFM FUM £6.1bn
Slide 22: Roadmap for Growth – Year Plan
ROADMAP FOR GROWTH – 5 YEAR PLAN Assets under management / influence 5 Year Target - £12.4bn of AUM/I1 between FY24 - FY29 to reach £30bn • Year 1 = £4.2bn of AUM/I growth • Year 2 H1 we have delivered a further £4.0bn increase in assets £25.8bn • Net flows accounting for +£1.7bn of the growth, repr
Slide 23: Evolved MPS Offering
EVOLVED MPS OFFERING CO-BRANDED WHITE LABELLED APPOINTED INVESTMENT TATTON MPS TATTON MPS ADVISER (AIA) MPS 38 arrangements 19 arrangements 4 arrangements £2,152m AUM (Sep-25) £2,080m AUM (Sep-25) £782m AUM (Sep-25) • Offering jointly branded client • Offering IFA firm branded • Offering a joint inv
Slide 24: Defaqto: Top Recommended MPS Investments
DEFAQTO: TOP 10 RECOMMENDED MPS INVESTMENTS Defaqto's Top 10 recommended MPS investments from whole of market data which includes more than 18,000 funds, 3,000 discretionary fund manager MPS portfolios, platforms and products. Position Tatton has 6 propositions in the top 10, % Share Position Tatton
Slide 25: Tatton's Long-Term Consistency of Performance
TATTON’S LONG-TERM CONSISTENCY OF PERFORMANCE Average performance of peers across MPS offering 1 Year 3 Years Tatton 1.9 Tatton 4.6 Timeline 0.5 Quilter 4.0 Quilter 0.5 Timeline 2.0 Schroders 0.3 W1M 1.3 W1M 0.0 Schroders 1.2 RBC Brewin Dophin -0.1 RBC Brewin Dophin 0.5 Omnis -0.3 LGT Wealth Managem
Slide 26: Tatton Classic Core Benchmarking
TATTON CLASSIC CORE BENCHMARKING 26 Source: Citywire, Morningstar. Net returns to 31 August 2025
Slide 27: Paradigm
PARADIGM Membership growth 2017 - 2025 • The UK Government is prioritising housebuilding and creating a more supportive regulatory environment, particularly for affordable mortgages. 2000 1250 • Despite at times witnessing fragile consumer confidence, resulting from poor economic Mortgage performanc
Slide 28: Investment Management Update
INVESTMENT MANAGEMENT UPDATE
Slide 29: Drivers for Portfolio Returns 2025
DRIVERS FOR PORTFOLIO RETURNS 2025 MARKET DYNAMICS TATTON MPS POSITIONING • Q2 – Post ‘Liberation Day’ market crash. As Trump retreats • Reversed equity underweight from the from his maximalist tariff positions the ‘TACO’ trade has start of Q2 back to neutral position soon after markets recover. USD
Slide 30: Volatile Year Returns Picture (Tatton Core MPS)
VOLATILE 1 YEAR RETURNS PICTURE (TATTON CORE MPS) 12 month returns before platform and adviser charges; Money Market MPS in solid dark blue, Source: TattonIM and Morningstar, 31/10/2025 30
Slide 31: ARC Peer Group Comparison to End of October 2025
ARC PEER GROUP COMPARISON TO END OF OCTOBER 2025 3 Year 5 Year 10 Year 1 month 3 month 6 month 1 Year (Annualised) (Annualised) (Annualised) Core Global Equity 4.7 8.2 22.6 18.6 15.4 13.3 12.0 ARC Equity Risk PCI 3.2 5.5 15.1 12.3 10.0 7.7 6.8 Relative 1.5 2.7 7.5 6.3 5.4 5.6 5.2 Core Aggressive 3.9
Slide 32: MPS Investment Portfolio Returns
MPS INVESTMENT PORTFOLIO RETURNS 1 year to 31st October 2025 Portfolio Performance % - core product set annualised, after DFM charge and fund Risk and return - 1 year to 31 October 2025 costs 20.0 18.0 1 Active Tracker Hybrid Ethical ARC Peers 16.0 Annualised Return (%) 14.0 Defensive 9.0 9.0 9.0 10
Slide 33: MPS Investment Portfolio Returns
MPS INVESTMENT PORTFOLIO RETURNS 3 years to 31st October 2025 Portfolio Performance % - core product set annualised, after DFM charge and fund Risk and return - 3 years to 31 October 2025 costs 20.0 18.0 1 Active Tracker Hybrid Ethical ARC Peers 16.0 Annualised Return (%) 14.0 Defensive 6.7 7.5 7.1
Slide 34: MPS Investment Portfolio Returns
MPS INVESTMENT PORTFOLIO RETURNS 5 years to 31st October 2025 Portfolio Performance % - core product set annualised, after DFM charge and fund Risk and return - 5 years to 31 October 2025 costs 20.0 18.0 Active Tracker Hybrid Ethical ARC Peers1 16.0 Annualised Return (%) 14.0 Defensive 3.2 3.5 3.4 4
Slide 35: MPS Investment Portfolio Returns
MPS INVESTMENT PORTFOLIO RETURNS 10 years to 31st October 2025 Portfolio Performance % - core product set annualised, after DFM charge and Risk and return - 10 years to 31 October 2025 fund costs 12.0 10.0 Active Tracker Hybrid ARC Peers1 Annualised Return (%) 8.0 Defensive 3.6 3.9 3.8 2.9 6.0 Cauti
Slide 36: Ethical MPS Investment Portfolio Returns
ETHICAL MPS INVESTMENT PORTFOLIO RETURNS 5 years to 31st October 2025 Tatton Fund Performance (per cent.) - ethical product set, Risk and return - 5 years to 31 October 2025 annualised, after DFM charge and fund costs 12.0 Ethical ARC Peers1 10.0 Annualised Return (%) 8.0 Defensive 4.1 3.0 6.0 Cauti
Slide 37: Quartile Rankings vs Peers
QUARTILE RANKINGS VS PEERS SEPTEMBER 2025: 1, 3, 5 and 10 years Defaqto Rating Tatton Model 1 Year 3 Years 5 Years 10 Years Defaqto Rating Tatton Model 1 Year 3 Years 5 Years 10 Years Tatton Core Global Equity 1 1 1 1 Tatton Core Balanced 1 1 1 1 Tatton Ethical Global Equity 3 2 3 Tatton Ethical Bal
Slide 38: 10-Year MPS Returns vs Key Competitors
10-YEAR MPS RETURNS VS KEY COMPETITORS against peer platform portfolio services in same risk profile 10 Year Annualised Returns - Risk Profile 5/Balanced 8 7.34 7.31 7.15 7 6.5 6.47 6.64 5.87 5.81 6 5 4 3 2 1 0 Tatton Core Sarasin Balanced Quilter RBC Brewin Schroder Active Parmenion Active LGT WM B
Slide 39: Distribution of AUM Across Proposition Matrix
DISTRIBUTION OF AUM ACROSS PROPOSITION MATRIX 45 multi-asset portfolio choices that satisfy multi-manager, index tracker, income drawdown and ethical investment choices across 6 standard UK risk profiles (3-8 out of 1-10). Two set of portfolios, one with a home weighting (Classic) and one Global Def
Slide 40: MPS Consumer Duty Review
MPS CONSUMER DUTY REVIEW Scope of FCA multi-firm MPS review: “to provide confidence that investors are receiving good outcomes from MPS and share good practice on how firms are doing this”. • We welcome the FCA’s review and as the market leading MPS investment manager we believe that we will be incl
Slide 41: Investment Case
Leading market position – the market leader in the UK DFM MPS market with £25.8bn1 of AUM/I2, operating in the fastest growing segment of the UK wealth market INVESTMENT CASE High barriers to entry – breadth of investment and service offering with over 10 years of investment track record, and a
Slide 42: Appendices
APPENDICES
Slide 43: Strong Financial Performance Since IPO
STRONG FINANCIAL PERFORMANCE SINCE IPO Group Revenue (£m) 18% Adjusted Operating Profit1 (£m) 22% CAGR CAGR £52.0m £26.3m £45.3m £22.9m £36.8m £18.5m £32.3m £16.4m £29.4m £14.5m £23.4m £11.4m £21.4m £17.5m £9.1m £15.5m £7.3m £11.9m £6.2m £4.5m Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Slide 44: Tatton AUM Growth by Firm Cohort
TATTON AUM GROWTH BY FIRM COHORT AUM growth, showing assets generated from each year’s new firms (“cohorts”) Cohorts by financial year 44
Slide 45: Opportunity for Further Growth
OPPORTUNITY FOR FURTHER GROWTH AUM analysis excludes Perspective Financial Group assets Non-Paradigm firms now represents 78% of AUM • Successfully increased AUM penetration of non-Paradigm firms from £7.0m to £16.3m per firm AUM (£bn) # of firms • The average AUM of Paradigm firms continues to grow
Slide 46: Asset Retention – September 2025
ASSET RETENTION – SEPTEMBER 2025 (6-month period) Consolidation Superbia Tatton AUM True Potential £24.614bn 1.5% Attrition1 c.£186m Retention 98.5% IWP Other Consolidators 46 1. Annualised attrition of assets under management from consolidators
Slide 47: MPS on Platform as of December 2024
MPS ON PLATFORM as of December 2024 (Platforum) YoY Position Wealth Manager Dec-24 Top 10 MPS Providers1 Growth (%) £20.0bn 1 Tatton Investment Management £18.8bn 34% £17.5bn 2 Quilter WealthSelect £18.4bn 34% £15.0bn 3 Parmenion IM £9.6bn 10% £12.5bn 4 LGT Wealth Management £9.0bn 3% £10.0bn 5 Time
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