Aj Bell Plc · LSE:AJB
Aj Bell — FY2025 Earnings Presentation
38 slides from Aj Bell's earnings presentation, Dec 4, 2025
Slide 1: Annual results
Annual results For the year ended 30 September 2025 Issued on 4 December 2025
Slide 2: Contents
Contents Key messages 3 Outlook 26 Driving growth 4 Appendices 30 Business update 10 Glossary 36 Financial update 19 2 AJ Bell plc FY25 annual results
Slide 3: FY25 key messages
FY25 key messages Our continued Our dual-channel Revenue increased by Over £100 million of investment in brand platform added over 18% to £317.8 million capital returned since and propositions 100,000 new and PBT increased by the beginning of FY25 helped to drive a customers, up by 22% to £137.8 mil
Slide 4: Driving growth
Driving growth 4 AJ Bell plc FY25 annual results
Slide 5: Driving long-term growth
Driving long-term growth We have doubled the size of the business in five years. Our business investments mean we are well-positioned to continue this growth trajectory Our ambition is to be the UK’s first choice platform for investors and advisers Well-set to sustain growth 1. Significant growth Pl
Slide 6: Significant growth opportunity from existing customers and off-platform assets
1. Significant growth opportunity from existing customers and off-platform assets High-quality customer base Robust structural drivers of market growth Ageing UK population £3.7 trillion TAM (1) Strong customer loyalty Increased need to take responsibility for their long-term savings Loyal customers
Slide 7: AJ Bell is achieving market share gains in a fast-growing market
2. AJ Bell is achieving market share gains in a fast-growing market The UK platform market has grown at a 10% CAGR Dual-channel model maximises the growth opportunity Leading UK platform with top 5 Advised and D2C propositions 6.1% AJ Bell has increased its market share 8.2% UK #3 platform by AUA wi
Slide 8: A highly scalable business model
3. A highly scalable business model Scale is key to our success - enabling us to invest and deliver strong financial returns Our scale drivers The benefits of our scale Dual-channel, single operating model Low cost to serve customers Low-cost platform charges Serving both our advised and D2C platfor
Slide 9: Delivering excellent results against our key strategic priorities
4. Delivering excellent results against our key strategic priorities We are continuing to prioritise deliberate and impactful business investment, aligned to our capital allocation framework Easy-to-use platform Low-cost propositions x4.5 We are driving continuous improvements to enhance user experi
Slide 10: Business update
Business update 10 AJ Bell plc FY25 annual results
Slide 11: Our propositions: a year of record growth
Our propositions A year of record growth A fast-growing platform business Boosted by AJ Bell Investments • We delivered record platform gross inflows, net inflows and new customers in FY25 • £1.3 billion of net inflows in FY25, driving • Driven by our high-quality propositions and excellent service
Slide 12: Our propositions: market-leading service
Our propositions Market-leading service Delivering excellent customer service at scale Trustpilot reviews • Our scalable platform has the capacity to manage growing They answer the telephone demand. In the year we processed… promptly and explain things in a way that is easily understood. Their ~12 m
Slide 13: Our propositions: a highly-trusted brand
Our propositions A highly-trusted brand Accelerating new customer growth Investing in our brand • Improved brand awareness(1) and enhanced marketing capabilities Investment in our multi-channel advertising campaign has led to have helped to deliver record D2C customer growth, without increasing prom
Slide 14: Developing our easy-to-use propositions
Our propositions Developing our easy-to-use propositions to meet evolving customer and adviser needs Adviser efficiency Estate planning Adviser consolidation Additional regulation has raised the cost of Unused pensions will be brought into Continued consolidation of independent providing financial a
Slide 15: Developing our easy-to-use propositions
Our propositions Developing our easy-to-use propositions to meet evolving customer and adviser needs Optimising UX Advice gap Simplified investment solutions Leading consumer brands have raised the Many people who would benefit from financial Advisers are increasingly turning to Model bar for UX, cr
Slide 16: Our customers: advised customer insights
Our customers Advised customer insights Customer profile Market trends Average age Average portfolio Retention rate Pensions still dominate market inflows despite IHT changes 56 £343k 93.2% • We have a strong pensions reputation, with 77% of Advised platform AUA in SIPPs Advised platform market gros
Slide 17: Our customers: D2C customer insights
Our customers D2C customer insights Customer profile Attracting new customers across all age profiles Average age Average portfolio Retention rate FY25 D2C new customers by age segment 44 £88k 94.6% (FY24: 44) (FY24: £82k) (FY24: 95.0%) 26% 28% 25% 12% 9% Gross inflows from new and existing customer
Slide 18: We are a leading voice for retail investors
Our customers We are a leading voice for retail investors ISA reform Pension tax lock • The Stocks & Shares ISA annual limit remains unchanged at £20,000 • Speculation in the lead up to the UK Budget about – ensuring this remains an attractive product for our customers changes to the tax treatment o
Slide 19: Financial update
Financial update 19 AJ Bell plc FY25 annual results
Slide 20: FY25 Financial highlights
FY25 Financial highlights FY25 FY24 +/- • Revenue up 18% to £317.8 million, primarily due to: o Increased custody fees driven by higher average Revenue £317.8m £269.4m 18% platform AUA o Higher levels of D2C customer dealing activity, as Revenue margin 32.3bps 31.6bps 0.7bps customers responded to c
Slide 21: Revenue analysis
Revenue analysis Revenue by proposition, nature of revenue streams and revenue margins FY24 FY25 (£m) (£m) A well-diversified revenue model 137.7 126.0 +9% 6.2 • Mix of fixed, ad valorem and transactional revenues enables us 5.3 to deliver sustainable profits across different market conditions Advis
Slide 22: Cost analysis
Cost analysis Administrative expenses increased by 18% (excluding exceptionals) Distribution as we delivered our planned investments in our people, brand and +23% 6.2 0.1 technology 0.5 • Staff costs were up 20% to £96.2 million due to enhancements to the overall pay and benefits package, 6% headcou
Slide 23: Cost analysis continued
Cost analysis continued Operational and support – underlying (average FTE +2% to 947) Operational and support • Underlying growth of 10% primarily driven by higher staff costs, reflecting increases to our pay and benefits package. This was also Underlying impacted by external cost pressures, with hi
Slide 24: Capital position and shareholder returns
Capital position and shareholder returns Our highly cash generative and capital light model supports progressive shareholder returns Regulatory capital position Shareholder returns • Returned a total of £104.5 million to shareholders since FY24 year £ million FY25 FY24 end (1) Total shareholder fund
Slide 25: Capital allocation
Capital allocation A holistic approach that strikes a balance between capital returns and long-term value creation AJ Bell capital allocation framework FY25 outcomes Financial strength Significant capital surplus and cash balances Maintain an appropriate level of regulatory capital and liquidity of
Slide 26: Outlook
Outlook 26 AJ Bell plc FY25 annual results
Slide 27: Financial outlook – guidance
Financial outlook – guidance FY26 guidance Outlook beyond FY26 Advised Platform D2C Platform Non-platform Revenue margins – slight compression over time: Revenue margin Revenue margin Revenue expected to be ~£5m reflecting the Revenue expected to be ~22.5bps wind down of the non-platform business •
Slide 28: Financial outlook – guidance: impact of interest rate cuts
Financial outlook – guidance Impact of interest rate cuts Commentary Estimated revenue margin impact Impact of any future rate cuts will be gradual Base rate of: FY26 FY27 • Treasury management capability gives us No material No material time to react to interest rate changes and 3.0% or above adver
Slide 29: Outlook
Outlook Significant long-term growth opportunity in the UK platform market • Structural growth drivers of the platform market remain strong • £3.7 trillion addressable market, with over two-thirds currently held off-platform • Government continue to support pensions and ISAs, but risk of additional
Slide 30: Appendices
Appendices 30 AJ Bell plc FY25 annual results
Slide 31: The seven pillars of AJ Bell's investment case
Appendix I The seven pillars of AJ Bell’s investment case Key investment highlight Description FY25 update • The long-term growth drivers remain strong, with an increasing need for individuals to take greater responsibility for Our market A growing market within the UK retail their retirement saving
Slide 32: Our platform propositions
Appendix II Our platform propositions A highly scalable platform business Advised D2C Full-service Established propositions offering a wide range of investment choice and functionality Simplified Digital-only propositions with a streamlined investment service Investments Low-cost funds and MPS which
Slide 33: Wind down of non-platform business
Appendix III Wind down of non-platform business Cessation of non-platform business Wind down of non-platform AUA in progress, simplifying our business model and enabling management to focus on the core platform business. The wind-down results in ~£12.7 million of FY25 revenue not recurring in FY26 P
Slide 34: Platform Customers, AUA and AUM
Appendix IV Platform Customers, AUA and AUM FY25 FY24 Advised D2C Total Advised D2C Total Customers platform Platform Platform platform Platform Platform Opening customers 171,000 371,000 542,000 159,000 317,000 476,000 Net new customers 11,000 91,000 102,000 12,000 54,000 66,000 Closing customers 1
Slide 35: Reconciliation of cost reclassification
Appendix V Reconciliation of cost reclassification FY24 Ops & Support Ops & Support Distribution Technology (underlying) (exceptional) Total Previously reported 29,592 49,873 76,453 6,239 162,157 Reclassification 209 (2,766) 2,558 - - Reclassified FY24 costs 29,801 47,107 79,011 6,239 162,157 Varian
Slide 36: Glossary
Glossary 36 AJ Bell plc FY25 annual results
Slide 37: Glossary
Glossary AI Artificial Intelligence IHT Inheritance Tax Key investment AUA highlight Assets Under Administration ISA Individual Savings Account AUM Assets Under Management LTM Last Twelve Months BPS Basis Points MPS Managed Portfolio Service DC Defined Contribution NI National Insurance D2C Direct t
Slide 38: Disclaimer
Disclaimer The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in it.