Slide 1: Schroders: The Active Edge, July 2025
‘~ Schroders THE ACTIVE EDGE July 2025
Slide 2: H1 2025 key financial results
H1 2024 H1 2025 Change AUM including JVs and associates (£bn) 773.7 776.6 – NNB excluding JVs and associates (£bn) (3.9) 4.5 – Net operating revenue (£m) 1,143.0 1,170.3 2% Adjusted net operating income (£m) 1,179.8 1,213.9 3% Adjusted operating expenses (£m) (885.7) (897.9) 1% Adjusted operating pr
Slide 3: Revenues, costs and earnings targets
Revenues Generate £20bn Achieve NNB rate of Stabilise revenues1 cumulative NNB 5–7% per annum2 Achieve £150m of annualised cost efficiencies by FY27, Costs reducing the adjusted cost:income ratio to <70% by FY271 Earnings Return to earnings growth 1Subject to normal market conditions. 2Of opening AU
Slide 4: Operating model efficiencies
Operating model Real estate Dedicated teams Currently 14.5% of 34 people now in WFOE in China efficiencies Munich for sales activation fund range identified Schroders Capital and delivery for closure or merger specialist sales team Operating Private credit South Korea partnerships Australia Strength
Slide 5: NNB by business
NNB by business £bn 8.0 6.4 6.0 4.0 2.7 3.0 2.3 2.0 1.0 1.5 0.8 1.1 1.6 0.0 (0.5) (2.0) (1.5) (1.0) (4.0) (6.0) (5.5) (8.0) (8.5) (7.4) (10.0) Public markets Schroders Capital Wealth JVs and associates Total Management Q1 2025 Q2 2025 H1 2025
Slide 6: Update strategy for Wealth Management
– Update strategy for Wealth Management – Re-platforming and scaling of Wealth Management – £50m net cost savings by the end of the year – Moving to core platforms, creating centres of – Continue product range simplification in Public Markets excellence in Public Markets – Further restructuring our
Slide 7: Investment performance
Investment performance 90% 80% Over 5 years 70% 60% Over 3 years 50% 40% Over 1 year 30% FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 Over 1 year Over 3 years Over 5 years See page 8 of the press release for more information on our client investment performance.
Slide 8: Half Results
Half Resu 025 enB
Slide 9: H1 2025 average AUM excluding JVs and associates
H1 2025 average AUM excluding JVs and associates 700 680 676.5 (14.3) 660 H1 2025 662.2 640 H1 2024 642.2 620 600 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 2025 Actual AUM Average AUM Average AUM excluding FX
Slide 10: Adjusted net operating income bridge
Adjusted net operating income bridge £m 1,250 42 5 3 1,214 6 1,200 1,180 (17) (5) 1,150 1,100 1,050 1,000 H1 2024 Markets, FX NNB Performance JVs and Other H1 2025 mix and impact fees and associates investment carried performance interest
Slide 11: Net operating revenue by asset class
Net operating revenue by asset class1 £m H1 2024 447.8 120.4 108.4 30.0 3.0 709.6 H1 2025 430.6 134.2 100.5 31.6 0.2 697.1 Equities Fixed income Multi-asset Core solutions Performance fees NNB by asset class AUM and net operating revenue margin2 £bn 3.5 2024 H1 2025 Exit rate3 1.6 1.6 exit rate3 Mar
Slide 12: Net operating revenue: Schroders Capital
Net operating revenue £m H1 2024 182.5 11.7 3.3 197.5 H1 2025 187.5 20.5 6.9 214.9 Management fees Performance fees and net carried interest Other fees Gross fundraising and NNB by pillar AUM and net operating revenue margin1 £bn H1 2024 H1 2025 H1 2024 H1 2025 Gross Gross fundraising NNB fundraisin
Slide 13: Net operating revenue: Wealth Management
Net operating revenue £m H1 2024 179.9 24.8 31.2 235.9 H1 2025 204.4 24.2 29.7 258.3 Management fees Transaction, performance and other fees Net banking interest income NNB by business AUM and net operating revenue margin1 £bn 2.6 Cazenove Capital Benchmark and other Wealth 1.8 H1 2024 H1 2025 H1 20
Slide 14: Adjusted operating expenses
Adjusted operating expenses £m 885.7 948.3 897.9 1,000 323.5 355.6 325.0 500 562.2 592.7 572.9 0 H1 2024 H2 2024 H1 2025 Operating compensation costs Operating non-compensation costs Adjusted operating expenses bridge 900 30 898 886 8 5 4 850 (29) (6) 800 Net transformation savings of £21m 750 700 H
Slide 15: Operating model efficiencies: transformation delivery
Transformation delivery: Operating model efficiencies H1 2025 Operating expenses reduced by £21m Operating partnerships FY 2025 Upgrading our expectation to a reduction in operating Portfolio restructuring expenses of c.£50m
Slide 16: Capital base
Capital base £m FY 2024 H1 2025 Equity 4,495 4,376 Regulatory deductions1 (2,116) (2,158) Dividend2 (233) (102) Regulatory capital requirement (1,477) (1,393) Equity capital surplus 669 723 Tier 2 bond 250 250 Board approved early warning allowance (81) (77) Capital surplus 838 896 1Regulatory deduc
Slide 17: Adjusted operating profit to profit before tax
£m H1 2024 H1 2025 Adjusted operating profit 294.1 316.0 Acquisition costs and related items (31.0) (32.3) Net interest income 13.1 12.4 Transformation costs – (44.9) Portfolio restructuring1 – (56.0) Other net gains on financial instruments 0.1 1.7 Profit before tax 276.3 196.9 Adjusted basic opera
Slide 18: Key takeaways from H1 2025
Key takeaways from H1 2025 while reinvesting for growth Progressing well against targets vi Addressing portfolio restructuring [=|=| } fa i i th Strong gross inflow picture gS SX 72)
Slide 19: Outlook for H2 2025
Outlook for H2 2025: Navigating uncertainty, focusing on execution Uncertainty remains, but active management is our strength Committed to leading as an international active manager Maintaining our top UK HNW ©) wealth franchise Relentless focus _ on execution and Well positioned client outcomes for
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Slide 22: Forward-looking statements
These presentation slides may contain forward-looking statements with respect to the financial condition, performance and position, strategy, results of operations and businesses of the Schroders Group. Such statements and forecasts involve risk and uncertainty because they are based on current expe