Premier Miton Group Plc · LSE:PMI
Premier Miton — FY2025 Earnings Presentation
33 slides from Premier Miton's earnings presentation, Dec 4, 2025
Slide 1: Results Presentation
Results Presentation 4 December 2025 Mike O’Shea | Chief Executive Officer For the year ended 30 September 2025 Piers Harrison | Chief Financial Officer
Slide 2: Highlights: Progressing with our strategic priorities
Highlights: Progressing with our strategic priorities £10.3 billion closing Assets under Management (‘AuM’) at year end £10.2 billion closing AuM at 31 October 2025* £9.7 billion closing AuM at 30 November 2025* Adjusted profit before tax of £11.5 million Strong inflows on Fixed Income and Absolute
Slide 3: Results: A resilient business
Results: A resilient business Assets under Management ‘AuM’ (£bn) Net flows AuM (cl.) Equity, UK Multi-Asset, Direct & Diversified AuM (av.) Equity, ex-UK Multi-Asset, Multi-Manager 400 Fixed Income Absolute Return 200 0 10.7 10.3 -200 -400 -600 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 2023 202
Slide 4: Our AuM diversification continues to support the dividend
Our AuM diversification continues to support the dividend: the power of quality earnings Dividends since 2017 (pence per share) Interim Final 10.3 10.5 10.0 10.0 8.0 5.3 5.4 7.0 6.3 6.3 6.0 6.0 6.0 4.3 4.5 3.0 3.0 3.0 proposed 5.0 5.1 3.8 3.7 3.7 3.0 3.0 3.0 2.5 2017 2018 2019 2020 2021 2022 2023 20
Slide 5: Inflows offset by recent challenges: Markets are yet to broaden out
Inflows offset by recent challenges: Markets are yet to broaden out US equity market concentration now at elevated levels Strong progress on Fixed Income and Absolute return funds has been negated by outflows from US and European strategies • Contrarian portfolio positioning that has driven long ter
Slide 6: Opportunities: Grounds for confidence
Opportunities: Grounds for confidence Leadership changes across UK and Global investment teams sharpens focus on performance outcomes • Short term evidence of relative improvement in US performance (see slide 11) • Is market rotation starting? Interest rate environment likely more favourable over th
Slide 7: A diversified product mix
A diversified product mix: Enhancing the stability of our platform Absolute return team has grown assets to £1bn + Absolute Return Equity UK following the successful 10% 17% acquisition of Tellworth Well respected Fixed Income team now has significant Fixed Income Equity momentum £10.3bn 24% Interna
Slide 8: We run high active share portfolios
We run high active share portfolios Active share* (Open ended equity funds) Tracking error^ European Opportunities 99 10.7 US Opportunities 97 10.3 US Smaller Companies 95 6.0 UK Focus 95 8.2 UK Value Opportunities 95 7.7 UK Smaller Companies 92 7.8 UK Multi Cap Income 91 7.5 Global Sustainable Opti
Slide 9: Fixed income: Good long term growth opportunities and less volatile revenues
Fixed income: Good long term growth opportunities and less volatile revenues Premier Miton Strategic Monthly Income Bond Fund Fixed income franchise Fund launched 14 September 2020 has five actively managed funds Cumulative returns (%) to 30 Sep 2025 1 year 3 years 5 years Since launch Fund 9.1 25.4
Slide 10: Absolute return: Gaining momentum past £1bn
Absolute return: Gaining momentum past £1bn Premier Miton Tellworth UK Select Fund A market neutral, long/short Tenure: 12 December 2019 equity fund Cumulative returns (%) to 30 Sep 2025 1 year 3 years 5 years Tenure Fund has demonstrated Fund 6.0 22.4 47.7 64.0 sustainable performance SONIA (Sterli
Slide 11: US Opportunities Fund: A differentiated, high conviction approach
US Opportunities Fund: A differentiated, high conviction approach Fund overview Fund composition An actively managed, multi-cap Fund Top 10 (% AuM) S&P Top 10 (% value) Fund weightings (%) S&P weightings (%) 1 Rollins 3.9% 1 Nvidia 7.8% Industrials 25.5% Information Technology 34.7% fund invested in
Slide 12: Inorganic growth: Delivering synergies and diversification
Inorganic growth: Delivering synergies and diversification What we look for in M&A Why we will succeed Scale: Platform: Opportunities that will bring AuM An efficient platform ready to equip to existing capabilities. successful teams. Team:: Product: An experienced management team New manufacturing
Slide 13: Successful M&A: Tellworth acquisition
Successful M&A: Tellworth acquisition Long/short capabilities Tellworth AuM (£m) are attractive in current environment 1,200 Fully Completion integrated Fully integrated in five months 1,100 1,000 High-quality team with strong investment performance 900 five months 800 Near term pipeline is signific
Slide 14: Financials
PREMIER M:TON INVEST@RS miatclareitcles Piers Harrison
Slide 15: Results
Results Assets under Management ‘AuM’ (£bn, closing) Net management fee margin (bps) 10.7 10.2 10.7 10.3 58.9 56.7 2024 2025 2024 2025 Adjusted profit before tax1 (£m) Adjusted operating margin (%) 12.2 11.5 19.7 18.6 2024 2025 2024 2025 Source: Premier Miton 1: Adjusted profit before tax is after a
Slide 16: Summary income statement
Summary income statement Closing AuM £10.3bn, a decrease of 3% on the opening position. £m 2025 2024 Net outflows for the year were £618m. Average AuM 10,448 10,336 (2024: £318m outflows, this included net inflows from acquisitions Closing AuM 10,326 10,683 and disposals of £440m) Net management fee
Slide 17: Cost base
Cost base Fixed staff costs Overheads & other costs Administration expenses (£m) remained flat on the prior rose by 4% due to year. increased marketing 51.2 52.7 activities and the launch of Depreciation 0.5 1.9 Non-recurring items See next The increase in the average the Group’s new visual slide fo
Slide 18: Cost base: Overheads & other costs
Cost base: Overheads & other costs Key points: 2025 analysis: IT costs The majority of these 3% Other costs are fixed. 14% £4m of sales and marketing includes spends on advertising, Compliance, Administration costs events and PR which are 51% legal, insurances, occupancy £20.2m discretionary in natu
Slide 19: Operational efficiencies
Operational efficiencies 10% cost base reduction, no impact to normal business activities or growth pipeline Annualised savings (£m) £3m + £2m Announced April 2025 Announced October 2025 • Fund rationalisation / restructure • Further review of suppliers of investment teams. Two fund closures and one
Slide 20: Dividend
Dividend Final FY25 dividend proposed of 3.0p Dividends paid/proposed to shareholders for 2025 per share bringing total paid/proposed for the year to 6.0p per share. (2024: 6.0p) £9.5m Interim Payout ratio of approximately 110% of the 2025 final adjusted profit after tax. The dividend is (proposed)
Slide 21: Capital
Capital £m 30 Sep 2025 Equity 112.5 Closing cash position of £31.3m. (2024 £35.9m) Non-qualifying assets 1 (82.6) Regulatory capital surplus of £11.4m after proposed final dividend. Qualifying capital 29.9 (2024: £12.8m) Foreseeable dividends 2 (4.7) The Group continues to maintain a strong capital
Slide 22: The opportunity for Premier Miton: Positioned for future growth
The opportunity for Premier Miton: Positioned for future growth, both organic and inorganic Positioned for Ample capacity Momentum in Culture growth and return to across a diversified key strategies of thinking positive flows fund range differently Attractive platform Robust Proven Experienced team
Slide 23: Appendices
PREMIER M:TON INVEST@RS Appendices
Slide 24: A volatile twelve months
A volatile twelve months 1 2 3 Weakness in Delayed rate cuts, UK labour markets inflation hangover budget 6 5 4 The end of US Tariffs, More exceptionalism liberation day M&A Results Presentation 2025 24
Slide 25: Strong investment performance
Strong investment performance Proportion of funds at 31 October 2025 Outperformance Underperformance Since launch / tenure 64% 36% 64% Outperforming 5 years 66% 34% 66% Outperforming 3 years 40% 60% 40% Outperforming 1 year 53% 47% 53% Outperforming Source: Premier Miton performance data at 31 Octob
Slide 26: A diversified, active asset manager
A diversified, active asset manager AuM at 30 September 2025 Equity (ex UK) Equity (UK) Multi-Asset Fixed Income Absolute Return £2.4bn £1.7bn £2.7bn £2.5bn £1.1bn US Equity Small Cap Directly Invested Fixed income funds Defensive Growth European Equity Income2 Multi-Manager (including segregated Lo
Slide 27: Valuation summary
Valuation summary at 1 December 2025 Market Cap vs Cash EV / EBITDA, 2026e EV / Net Revenue, 2026e Source: Bloomberg, 1 Dec 2025 Source: Investec, FactSet Source: Bloomberg, Investec £94m 7.9x 7.5x 6.6x 5.2x 0.9x Cash Premier UK European US Premier £31.3m Miton Average Average Average Miton Price /
Slide 28: Profit bridge
Profit bridge £m 0.7 1.3 (1.4) (1.9) (0.4) 1.2 (0.4) 3.2 2.4 FY24 Increase in net Changes to Reduction in Increase in Increase in Reduction in Increase in FY25 revenue from product mix interest performance administrative share-based non-recurring PBT average AuM impacting income & fee revenue costs
Slide 29: Balance sheet
Balance sheet £m 30 Sep 2025 30 Sep 2024 Non-current assets Goodwill 75.1 74.1 Goodwill of £55.4m arising on merger in 2020. Intangible assets 9.9 15.1 Other investments 0.1 0.1 Property and equipment 0.4 0.6 £1.0m recognised in the year for the Tellworth Right-of-use assets 1.6 2.1 acquisition. Def
Slide 30: Product range
Product range As at 30 September 2025 Source: Premier Miton at 30 September 2025 Results Presentation 2025 30
Slide 31: Product range (cont.)
Product range (cont.) As at 30 September 2025 Source: Premier Miton at 30 September 2025 Results Presentation 2025 31
Slide 32: Product range (cont.)
Product range (cont.) As at 30 September 2025 Source: Premier Miton at 30 September 2025 Results Presentation 2025 32
Slide 33: Disclaimer
Disclaimer This Presentation is strictly private and confidential, may not be distributed to any person other than the direct recipient and may not be copied, re-produced, discussed, published, quoted or referenced, in any form, in whole or in part, for any purpose whatsoever, without the prior writ