Brooks Macdonald Group Plc · LSE:BRK
Brooks Macdonald — H1 2026 Earnings Presentation
41 slides from Brooks Macdonald's earnings presentation, Feb 24, 2026
Slide 1: 2026 Half-year results
2026 Half-year results 24 February 2026
Slide 2: Highlights
Highlights Significant improvement in net flows FUMA and revenue growth “ Strong investment performance Established Brooks Financial and completed integration We have momentum Deliberate investments in the business for growth and are well positioned for growt 2
Slide 3: Financial Review
Financial Review Katherine Jones, Chief Financial Officer
Slide 4: 2026 half-year financial results
2026 half-year financial results Positive net flows, Brooks Financial performing well and continued cost discipline Funds under management and advice Revenue Underlying costs1 £20.1bn H1 25: £17.3bn £58.2m H1 25: £51.9m £45.4m H1 25: £37.8m Underlying profit Underlying profit margin Dividends per Sh
Slide 5: FUMA overview
FUMA overview Strong market and investment performance drives FUMA to more than £20bn FUMA (£bn) FUM product mix (£bn) +5% Total FUMA up 5% to over £20bn +8% 20.1 £1.3 billion of market and 19.1 2.3 17.8 investment performance, 2.6 16.5 5.3 5.3 equivalent to 8% of opening FUM 6.9 6.0 0.9 BPS F
Slide 6: Net flows performance
Net flows performance Positive net flows in H1 26, first positive half since H2 23 £m Total net (262) (134) 2 Consistent improvement in flows flows First positive half since H2 23 362 288 313 £2 million of net inflows in H1 26 (211) PMPS annualised net flow growth (315) (408) rate of 12% (73
Slide 7: Revenue performance
Revenue performance Higher FUM supports fee income, Brooks Financial performing well H1 26 H1 25 £ millions Fee income growth primarily driven by increased FUM Fee income 37.8 37.1 Financial planning income 13.6 5.1 Revenue from Financial Planning increased through acquisitions Transactional and
Slide 8: Bespoke Portfolio Service
Bespoke Portfolio Service BPS FUM +4%, supporting BPS fee income, offset by lower transactional income FUM (£m) Yield (bps) Revenue (£m) +4% 75.4 69.5 (1.4) (0.3) (0.6) (4.5) (2.0) (211) 572 13.6 0.4 9.1 8,889 32.5 8,528 30.0 61.8 60.4 FY25 Net Market and H1 26 H1 25 Product Transactional H1 26 H1 2
Slide 9: Managed Portfolio Service
ManagedPortfolio Service Strong PMPS inflows and market & investment performance drive +13% FUM and +22% revenue growth FUM (£m) Yield (bps) Revenue (£m) +13% +22% 7,813 (2.3) 635 905 0.2 (0.2) 0.4 6,889 289 1.0 906 24.4 8.2 22.1 6,908 6.8 5,983 FY25 Net Market and H1 26 H1 25 Acquisitions Net Yield
Slide 10: Financial Planning
Financial Planning Brooks Financial performing well, revenue growth supported by acquisitions Advised assets (£m) AUA yield (bps) Revenue (£m) 5,311 5,314 50.0 13.6 11.6 2,320 40.0 2,577 8.1 30.0 50.8 20.0 5.1 39.2 0.4 2,734 2,994 10.0 - FY25 H1 26 H1 25 H1 26 H1 25 Legacy Acquisitions H1 26 Advised
Slide 11: Underlying cost analysis
Underlying cost analysis Cost discipline and investment to drive growth £m +3% +5% +1% -3% 0.5 (1.3) 2.0 6.4 ✓ Synergies £0.6m ➢ Front office / senior 37.8 hires £1.2m 0.5 ✓ Restructuring £0.5m ➢ Client engagement, ✓ Non-staff cost brand and savings £0.2m marketing £0.8m 45.4 44.2 37.3 1 1 H1 25 Acq
Slide 12: Cash position
Cash position Transforming the business to deliver growth and efficiency £m (7.9) 13.3 (3.0) (5.2) (9.3) ➢ Organisational restructuring ➢ Products and ➢ System (6.5) proposition upgrades / tech strategy enhancement ➢ Deferred (8.2) 53.8 ➢ AI and digital consideration ➢ Office fit-out ➢ Integration ➢
Slide 13: Regulatory capital position
Regulatory capital position Balance sheet remains robust £m 10.4 (7.9) 45.2 (3.0) 39.6 (9.5) 15.6 5.3 (0.9) 12.0 29.6 27.6 FY25 Underlying Dividends Share Strategic M&A Other 1 H1 26 profit paid buyback transformation / restructuring / capex Regulatory requirement and internal buffer Excess capital
Slide 14: Summary and outlook
Summary and outlook Positive net flows, Brooks Financial performing well and continued cost discipline Positive net flows driven by continued strong PMPS inflows Confident in delivery Strong market and investment performance drives FUM and fee income of medium -term targets Pleased with perfor
Slide 15: Our Strategy
Our Strategy Andrea Montague, Chief Executive Officer
Slide 16: Investment case
Investment case Products Investment Management Investment and Distribution Performance Financial Advis >5% Annualised net flows t e en rs nd Indepe Investment <5% Cost discipline proposition rs ne l an Brooks Financial P Financial Successful integration UK focused wealth manager with an effective in
Slide 17: Better flows, better revenues
Better flows, better revenues Flows Revenue and efficiency outcomes outcomes Increase in In 6 gross BPS inflows: +50% Increased months, increase in revenue: +12% Increased Improvement in net BPS outflows: +48% Improvement In 6 months, increase in BPS FUM: +4% Increased Increase in Increase in # net
Slide 18: Brooks Financial integration
Brooks Financial integration Annualised cost synergies Average portfolio size We are a good home for IFA acquisitions Longstanding, successful investment proposition >£1m £600k Clear focus on meeting client needs Independent and whole-of-market Adviser-led distribution with a deep understand
Slide 19: We continue to deliver our strategy to Reignite Growth
We continue to deliver our strategy to Reignite Growth Delivering excellent Broadening and Driving scale client service deepening client reach and efficiencies Flows and revenues Efficiency Supplemented by targeted M&A against strict criteria 19
Slide 20: Good progress in H1 2026 and continuing momentum
Good progress in H1 2026 and continuing momentum Delivering excellent Broadening and Driving scale client service deepening client reach and efficiencies H2 2026 priorities Launched new mobile app Adviser roadshows >£1m savings delivered Product innovation Group-wide AI strategy Group-wide AI stra
Slide 21: Our Distribution team broadening and deepening client reach
Our Distribution team broadening and deepening client reach £1.1tn IFA AUA market opportunity* Nationals Relaunched BMIS1 and Networks proposition Integrated Investment Management and Distribution Team Continued New model product innovation adviser firms Note: 1. Brooks Macdonald Investment Solution
Slide 22: BPS growth reflecting increased client engagement
BPS growth reflecting increased client engagement Growth in the >£1m segment of our BPS book Advisers increasingly using >1 BPS service1 42% 38% 46% 49% 50% 52% 55% 57% 60% 32% 28% 26% 54% 51% 50% 24% 48% 45% 43% 40% 23% FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 26 FY20 FY21 FY22 FY23 FY24 FY25 H1 26 S
Slide 23: MPS delivering consistent double-digit growth
MPS delivering consistent double -digit growth Consistent MPS performance above benchmark over multiple time horizons Platform MPS FUM has increased 4x since FY21 Confidence in future success: 6th fastest growing Continued strong 6.9 MPS provider in the UK1 investment 6.0 performance; Outperfo
Slide 24: Retirement Strategies – Clarity, Choice and Confidence
Retirement Strategies – Clarity, Choice and Confidence Drawdown expected to increase by 20% over the next 5 years1; 24% of the UK population will be >65 in the next 15 years2 Our suite of Retirement Strategies has three distinct Key progress to date: solutions : Bespoke Strategy – maximum flexibilit
Slide 25: Our strategy to 'Reignite Growth' is delivering
Our strategy to ‘Reignite Growth’ is delivering Significant improvement in net flows “ FUMA and revenue growth Strong investment performance We have momentum Established Brooks Financial and completed integration and are well Deliberate investments in the business for growth positioned for
Slide 26: Q&A
Q&A
Slide 27: Appendices
Appendices Business profile 28 - 30 Investment performance and CIP 31- 33 Brand awareness and Defaqto ratings 34 - 35 FUMA, flows and revenue 36 - 38 Statutory results reconciliation 39 Capital allocation framework 40 Disclaimer 41
Slide 28: We serve clients across their entire financial lifecycle
We serve clients across Accumulators Inter-generational their entire Preparers Retirees wealth transfer financial lifecycle… Financial Advis t e en rs nd Investment Management: Financial planning: Indepe …through our diversified and Bespoke Portfolio Service Mortgages Managed Portfolio Service
Slide 29: Driving efficiencies and capturing the opportunity within
Driving efficiencies and capturing the opportunity within Significant opportunity to broaden existing client relationships and add new clients H1 2026 FUMA of £20.1bn (FUM of £17.8bn) Further opportunities exist to broaden relationships with existing clients and add new Direct wealth clients throu
Slide 30: Client segmentation
Client segmentation Clearly defined client product and service propositions allows for more strategic allocation of investment capital £1.1tn £206bn £480bn Wealth MPS on platforms market1 Bespoke discretionary service1 management market Model Portfolio Services are the dominant and fastest-growing (
Slide 31: BPS investment performance
BPS investment performance Strong long-term performance 3 years 5 years 40 36.4 40 34.7 Cumulative Return (%) Cumulative Return (%) 29.5 30.3 30.3 29.6 29.7 29.3 29.7 30 27.0 30 26.7 25.7 23.9 22.9 18.3 19.7 20.2 20 15.8 20 12.1 11.5 10 10 0 0 Low risk Low to medium risk Medium risk Medium to high r
Slide 32: MPS investment performance
MPS investment performance Strong long-term performance BM MPS Medium risk BM MPS Medium-to-high risk 100 98.6 140 88.0 123.5 120 Cumulative Return (%) 80 Cumulative Return (%) 100 94.7 60 80 40 32.5 60 31.0 31.4 31.2 37.3 36.9 32.9 40 31.3 20 11.8 11.6 20 13.0 12.1 0 0 1 year 3 years 5 years 10 yea
Slide 33: Investment Management: our Central Investment Proposition
Investment Management: our Central Investment Proposition (“CIP”) Our CIP has a long and credible reputation. It provides market leading consistency and performance, with the average Medium Risk portfolio having outperformed ARC over 1, 3, 5 and 10 years, and client centric outcomes. 2016 average re
Slide 34: Building brand awareness
Building brand awareness Paid and earned Digital and Partnerships Events media coverage social media Podcasts, Digital advertising, solus emails with exceptional number of views, listens and CTR1 on retirement strategies Wealth Management Partner of BAFTA with In-person IFA Upgraded website to gener
Slide 35: 2026 Defaqto ratings
2026 Defaqtoratings 5 Diamond Rating for 4 Diamond Rating for 4 Diamond 5 Diamond Rating for DFM MPS Risk Targeted Fund DFM MPS (Direct) Portfolio Family Risk Focused Fund Family (Platform) Portfolio Family Family Managed Portfolio Service (Direct) SVS Blueprint Brooks Macdonald Defensive Income Fun
Slide 36: FUMA and net flow performance
FUMA and net flow performance Opening Organic net flows Market and Closing assets assets Net flow investment FUM growth 2 growth 1 1 Jul 2025 Q1 26 Q2 26 Total performance 31 Dec 2025 BPS 8,528 (157) (54) (211) 572 8,889 (4.9)% 4.2% MPS Custody 906 (35) (38) (73) 72 905 (16.1)% (0.1)% MPS Platform 3
Slide 37: Quarterly net flows
Quarterly net flows Continuing operations £m 1,000 960 800 771 600 711 693 551 585 578 400 526 489 529 200 50 0 (18) (43) (5) (49) -200 (98) (111) (129) (151) (208) -400 (544) (594) (640) -600 (697) (683) (729) (742) (776) (840) -800 (910) -1,000 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Slide 38: Analysis of revenue and yield
Analysis of revenue and yield Revenue (£m) Average FUM (£m) Yield (bps) Change Change Change H1 26 H1 25 H1 26 H1 25 H1 26 H1 25 % % bps BPS fees 26.1 26.6 (2.1) 8,559 8,546 (0.2) 60.4 61.8 (1.4) BPS non-fees (transactional) 3.9 5.9 (33.4) 9.1 13.6 (4.5) Total BPS 30.0 32.5 (7.7) 8,559 8,546 (0.2) 6
Slide 39: Statutory results reconciliation
Statutory results reconciliation Group financial results summary (£m) H1 26 H1 25 Summary of underlying adjustments Underlying profit before tax 13.6 15.5 Acquisition and integration related costs (£1.2 million charge) Costs incurred in relation to the Group’s recent acquisitions, Acquisition and
Slide 40: Capital allocation framework aligned to strategic priorities
Capital allocation framework aligned to strategic priorities Robust capital position Capital Dividends resilience Committed to including a 25% internal progressive buffer in excess of dividend policy regulatory requirements Excess capital Aligned to strategic pillars Growth acceleration or and prior
Slide 41: Disclaimer
Disclaimer • This presentation (the “Presentation”) has been prepared by Brooks Macdonald Group plc (the “Group”) and is provided on a strictly private and confidential basis for information purposes only and must not be relied upon for any purpose. • The information in the Presentation is given in
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