Polar Capital Holdings Plc · LSE:POLR
Polar Capital — Q2 2026 Earnings Presentation
37 slides from Polar Capital's earnings presentation, Nov 18, 2025
Slide 1: Polar Capital: Interim Results
Polar Capital: Interim Results September 2025 Iain Evans, Chief Executive Officer Samir Ayub, Chief Financial Officer polarcapital.co.uk This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation.
Slide 2: Interim Results: Highlights
Interim Results: Highlights AuM up 25% Interim dividend maintained at 14.0p Adjusted diluted Smooth £28.4bn AuM total EPS of leadership to 7 Nov 21.9p transition Net outflows of £690m*, Improving fund concentrated performance in Q1 Past performance is not indicative or a guarantee of future results.
Slide 3: CEO Update And Strategic Priorities
CEO Update And Strategic Priorities This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation. 3
Slide 4: Continuity, Clarity And Growth
Continuity, Clarity And Growth Leadership transition complete. Clear vision for future growth Seamless Leadership Transition • Smooth handover completed • 21 years at Polar Capital – deep understanding of our people, clients and culture (an execution advantage) Focused Leadership Structure • Faster
Slide 5: Delivering Growth
Delivering Growth Scale through differentiation and focus Foundational Strengths Priorities • Brand and reputation • Amplify core strengths: • Talent and culture – Product: Scale our specialist, high-conviction • Deep investment expertise with specialist products strategies where we have meaningful
Slide 6: Winning Conditions For Polar Capital
Winning Conditions For Polar Capital Allocator demand, boutique advantage, balance-sheet optionality Differentiated, specialist strategies: Allocators refocusing on alpha; Resurgent performance across key strategies driving renewed interest Boutique advantage: Specialist, entrepreneurial model; fast
Slide 7: Performance
Performance This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation. 7
Slide 8: Investment Performance
Investment Performance Percentage of UCITS AuM by quartile ranking 100 UCITS fund performance against Lipper 90 peer groups 80 % of UCITS AuM in the top two quartiles: 70 60 30 September 2025 68% 50 40 Over one year 30 20 67% Over three years 10 0 1 Year 3 Years 5 Years Since inception 85% 1st quart
Slide 9: Investment Performance
Investment Performance Percentage of UCITS AuM and funds that have outperformed benchmark to September 2025 • Strong rebound in performance over the six months to end-September YTD • Three-year outperformance also much improved • Technology strategies strongly outperformed 1Y • Healthcare and Biotec
Slide 10: AuM And Fund Flows
AuM And Fund Flows This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation. 10
Slide 11: A Tough Landscape For Active Managers
A Tough Landscape For Active Managers *Active Equity Funds Global Net Flows ($bn) 100 • Active equity funds have seen persistent net outflows 0 since 2017 (2021 the exception) -100 • Polar Capital more resilient on a relative basis; run-rate -200 improving since 2023 -300 • 2025 characterised by mac
Slide 12: AuM November 2025
AuM 7 November 2025 30.0 28.4 Average AuM CAGR 9.56%1 26.7 25.0 23.4 22.7 22.1 20.8 21.9 21.4 19.1 20.0 18.8 19.2 16.4 £bn 15.0 10.0 5.0 0.0 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Nov-25* AuM Average AuM (trailing 12 months) Past performance is not indicative or
Slide 13: Improving Monthly Net Flows
Improving Monthly Net Flows Six months to 30 September 2025 50 • Net outflows of £690m, in addition to a one-off £280m return of capital following an investment trust corporate action* 0 • Outflows concentrated in: -50 – Emerging Markets £213m -100 – Healthcare1 £273m -150 – European equity2 £154m £
Slide 14: Gross And Net Flows Per Strategy
Gross And Net Flows Per Strategy Six months to 30 September 2025 1000 • Broad gross demand across most strategies; redemptions 800 mask progress 600 • Technology, Healthcare, Insurance, and EM Stars: Strong 400 gross interest; net muted by outflows 200 • International Small Company: Net inflow on re
Slide 15: Financial Review
Financial Review This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation. 15
Slide 16: Financial Highlights
Financial Highlights H1 2026: Changes in profit before tax vs £m comparable period (£m) 6 months to 6 months to Change 30 Sep-25 30 Sep-24 31 AuM and Revenue 29 Average AUM (£bn) £23.2bn £22.4bn 4% 23.0 -3.6 Net management fees (£m) £86.8m £87.6m -1% 27 Net management fee yield 75 bp 78 bp -3 bp 25
Slide 17: Operating Costs
Operating Costs Managing cost base sensibly over the long term H1 2026: Changes in total operating and finance cost vs comparable period (£m) 6 months to 6 months to £m 30 Sep-25 30 Sep-24 £m £m 72 Salaries, bonuses and other 20.2 19.7 staff costs1 70 Core distributions1 24.2 24.4 1.0 Share-based pa
Slide 18: Other Operating Costs
Other Operating Costs 6 months to 6 months to Sep-25 Sep-24 Other operating costs £m £m IT 3.9 3.8 • Increase in professional fees relates to outsourced internal Rent and rates audit service moving to EY 2.6 2.5 Professional fees 1.4 1.1 • Other key increase relates to continued investment in digita
Slide 19: Cash And Seed Investments
Cash And Seed Investments Strong balance sheet 30 Sep 2025 30 Sep 2024 Total cash and seed investments of £121.0m Total cash and seed investments of £115.5m £m £m Cash and deposits 82.5 Cash 71.6 Seed investments 38.5 Seed investments 43.9 EM Stars US Mutual 6.1 EM Stars US Mutual 6.8 China Stars 9.
Slide 20: Group Capital
Group Capital Strong balance sheet Capital allocation (£m) 30 Sep 2025 31 Mar 2025 Regulatory Capital £m £m 160 Shareholders funds 126.2 134.4 140 134.4 Less: Regulatory deductions1 -12.3 -12.3 126.2 12.3 120 12.3 Capital after regulatory deductions 113.9 122.1 13.6 31.0 100 Less: dividend provision
Slide 21: Dividend Policy
Dividend Policy Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 £175.7m £169.4m £151.0m £141.4m £159.1m Total cash and investments • First interim dividend maintained at 14p 70 50 • Payout ratio of 77% of adjusted core earnings per share recognising the 60 strength of the balance sheet and 40 56.0p confidence in
Slide 22: Outlook And Summary
Outlook And Summary This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation. 22
Slide 23: Global Technology: Strong AI Tailwind
Global Technology: Strong AI Tailwind Market broadening has driven significant YTD outperformance Performance: Fund vs benchmark (YTD) Highlights and ratings 50% Fund AuM: £7.1bn 40% 42.2% 18% Team AuM: £13.6bn Outperformance 30% YTD Remaining capacity: £14.1bn Total returns (US$ %) 24.0% 20% 10% El
Slide 24: Healthcare: Investor Sentiment Improving
Healthcare: Investor Sentiment Improving Experience and selectivity key given macro landscape Highlights 5th significant relative drawdown in 36 years coming to an end? S&P 500 Healthcare Index vs S&P 500 Index1 Tariffs + 0.45 Obamacare IRA MFN Tech bubble Team AuM: £3.8bn 0.4 Clinton fears 0.35 0.3
Slide 25: Smart Energy: Investor Interest Returning
Smart Energy: Investor Interest Returning AI energy demand has driven a resurgence for Smart Energy Performance: Fund vs benchmark (YTD) Highlights and ratings 45% 34.1% 16% Total Returns (US$ %) Outperformance 30% YTD Experienced, highly 18.4% 15% specialised team led by 0% Thiemo Lang -15% -30% Gl
Slide 26: Key Messages
Key Messages Seamless leadership transition £26.7bn closing AuM – higher than average AuM over the reporting period and an all-time high Adjusted diluted core EPS of 21.9p Interim dividend maintained at 14.0p Outlook for active managers is improving Strengthening pipeline for potential inflows with
Slide 27: Questions?
Questions? This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation. 27
Slide 28: Appendices
Appendices This presentation is for use with non-US professional investors only. Please refer to the Important Information at the end of this presentation. 28
Slide 29: Current Investment Strategies
Current Investment Strategies Global Technology AuM: £13.6bn Global Healthcare AuM: £3.8bn Global Healthcare Trust Established: 2001 Technology Trust Established: 2007 Healthcare Opportunities (UCITS) Typical number of positions: 50-110 Global Technology (UCITS) Typical number of positions: 25-80 Bi
Slide 30: Current Investment Strategies
Current Investment Strategies Emerging Market & Asia AuM: £3.6bn UK Value AuM: £928m Emerging Market Stars (UCITS) China Stars (UCITS) Established: 2017 UK Value Opportunities Established: 2018 Asian Stars (UCITS) (UCITS) Typical number of positions: 30-100 Typical number of positions: 40-70 Emergin
Slide 31: Lipper Figures For Long And Alternative UCITS As At 30 September 2025
Lipper Figures For Long And Alternative UCITS As At 30 September 2025 AuM 1 Year 3 Years 5 Years Since £m Percentile Percentile Percentile Inception 9* Japan Value (S JPY) 259 7 10 11 29/07/20161 4** Healthcare Opportunities (I USD) 1314 20 12 2 3/12/2007 18 Healthcare Blue Chip (I USD) 140 50 24 4
Slide 32: Capacity
Capacity Capacity as at 30 September 2025 Global Technology* • Total capacity across all strategies is £75bn Global Healthcare • Total remaining capacity is £49bn Sustainable Thematic Equity • Remaining capacity in Funds that received net inflows in Emerging Markets & Asia the six months to 30 Septe
Slide 33: AUM Analysis
AUM Analysis AuM split by strategy Investor mix split by geography Long only 98.0% UK 61.2% Alternative 1.4% Europe 26.3% Asia 6.2% Open Ended funds 74.6% Nordics 4.1% Investment Trusts 23.6% North America 1.8% Segregated Mandates 1.9% Other 0.5% AuM split by investment team Investor mix split by ho
Slide 34: Reconciliation Of APMs To Reported Results
Reconciliation Of APMs To Reported Results 2026 Interim Reclassification on 2026 Interim 2025 Interim reported consolidation of Reclassification Non-GAAP Non-GAAP results seed investments of costs results results (£m) (£m) (£m) (£m) (£m) APMs Investment management and research fees 101.4 - - 101.4 1
Slide 35: Discrete Annual Performance (%)
Discrete Annual Performance (%) Polar Capital Global Technology Fund1 12 months to 30.09.25 30.09.24 29.09.23 30.09.22 30.09.21 USD Class I Dist 51.81 44.46 28.69 -34.88 19.79 Index2 30.00 47.83 40.01 -30.23 29.88 Polar Capital Smart Energy Fund1 12 months to 30.09.25 30.09.24 29.09.23 30.09.22 30.0
Slide 36: Discrete Annual Performance (%)
Discrete Annual Performance (%) Polar Capital Biotechnology Fund1 12 months to 30.09.25 30.09.24 29.09.23 30.09.22 30.09.21 USD Class I Dist 20.07 30.66 4.20 -16.91 21.29 Index2 2.94 21.29 5.53 -25.46 19.98 Polar Capital Healthcare Discovery Fund1 12 months to 30.09.25 30.09.24 29.09.23 30.09.22 30.
Slide 37: Important Information
Important Information Polar Capital, 16 Palace Street, London SW1E 5JD House View This document has been produced based on Polar Capital research and analysis and represents our house view. All sources are Polar Capital unless otherwise stated. Important Information The information provided in this
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