Schroders Plc · LSE:SDR
Schroders — FY2025 Earnings Presentation
32 slides from Schroders's earnings presentation, Feb 12, 2026
Slide 1: Annual Results 2025 and Recommended Offer from Nuveen
Annual Results 2025 and Recommended Offer from Nuveen Richard Oldfield and Meagen Burnett February 2026
Slide 2: Attractive and certain value for shareholders
Attractive and certain value for shareholders 34% premium to Cash offer from Nuveen latest share price¹ 47% premium to The Schroders 3-month VWAP¹ Total value of up to 612p Board unanimously per share 61% premium to recommends the 12-month VWAP¹ offer to shareholders Comprising 590p in cash and up t
Slide 3: Recommended cash offer from Nuveen
Recommended cash offer from Nuveen AUM, £bn 1,843 Terms represent attractive and certain value for shareholders Complementary businesses with aligned culture and values 1,019 824 Committed to the UK and the heritages of Nuveen and Schroders Combination has a compelling strategic rationale for client
Slide 4: Scaled public to private platform with global distribution
Scaled public to private platform with global distribution Scaled public -private markets platform AUM reflects global capital sources Diversified distribution Combined AUM split by asset class Combined AUM split by client geography Combined AUM split by distribution channel 5% 5% 6% 12% 7% 30% 10%
Slide 5: A strategic combination grounded in shared values
A strategic combination grounded in shared values A natural fit: shared beliefs and ambitions Shared values 330 years of Investment performance Shared commitment to delivering long-term results Client service excellence combined heritage¹ Putting clients at the centre of every decision Leadership in
Slide 6: Committed to the UK and both firms' heritages
Committed to the UK and both firms’ heritages Maximise and preserve heritage Schroders brand Deep history and strong brand of Schroders brand Enhanced role in UK financial services Commitment to the UK Non-US HQ in London and long-term capital for UK economy Maintain our investment Opportunities for
Slide 7: Combination has compelling strategic rationale
Combination has compelling strategic rationale Scale to invest Global reach £1.8tn 40+ markets AUM – scale to invest for growth Distribution capability Complementary capabilities and channels Permanent capital Combining £1.3tn £847bn strengths to better in Public Markets in Institutional serve clien
Slide 8: Offer supported by the Principal Shareholder Group
O ffer supported by the Principal Shareholder Group Transaction expected to close in Q 4 2026 Feb 2026 Combination between Schroders and Nuveen announced Irrevocable undertaking to support the transaction Schroders Scheme Document published obtained from PSG trustees representing 41% Shareholder Mee
Slide 9: Annual Results 2025
Schroders Annual Results 2025
Slide 10: Adjusted operating profit up 25%
Adjusted operating profit up 25% Driving operating leverage FY 2024 FY 2025 Change Net operating revenue (£m) 2,370.0 2,504.3 6% Net operating Adjusted net operating income (£m) 2,437.1 2,589.8 6% revenue grew 6% Adjusted operating expenses (£m) (1,834.0) (1,833.2) – Adjusted operating profit (£m) 6
Slide 11: Good momentum and progress against strategy
Good momentum and progress against strategy Driving profitable earnings growth Asset Active Operating growth is back leverage Strongest investment Record Group AUM of £823.7bn £75m net cost savings delivered performance in four years At least 70% of AUM Gross inflows1 up 9% to £142.0bn Adjusted oper
Slide 12: Client outcomes are central to our success
Client outcomes are central to our success Strongest combined performance in four years Investment performance 80% 75% 73% Over 5 years 70% 65% 70% Over 3 years 60% 55% 71% Over 1 year 50% HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 FY 2025 Over 1 year Over 3 years Over 5 years See page 9 of the press r
Slide 13: Highest net new business since 2021
Highest net new business since 2021 Organic growth rate of 1% NNB by business £bn 11.2 Client engagement up 30% 6.0 3.7 4.1 3.4 1 up 9% Gross inflows to £142.0bn (5.2) Return to organic growth in Public Markets Public Schroders Wealth Total ex JVs and JVs and Group total Markets Capital Management a
Slide 14: Favourable NNB mix across channels and regions
Favourable NNB mix across channels and regions Client engagement converting into commercial momentum Intermediary NNB 1 1 Institutional NNB £bn £bn 4.5 FY 2025 total 3.5 FY 2025 total Significant improvement 5.7 £4.5bn £3.3bn in demand across UK, 0.1 0.4 4.0 EMEA, and Asia Pacific (1.1) 1.6 0.9 (5.1
Slide 15: Progress to date
Progress to date Driving sustainable, profitable growth Generate £20bn Achieve NNB rate of Stabilise revenues cumulative NNB 5–7% per annum Revenues Net operating revenue1 2.7% £4.6bn NNB2 up 5% > 5% in UK private clients Cost savings: £75m in-year, c. £100m annualised Costs Reduced adjusted cost to
Slide 16: Simplify, scale and deliver
Simplify, scale and deliver Key achievements in 2025 £75m of cost Exited sub -scale Business Reorganised Reshaping Investing reduction capabilities restructures Client Group product range in talent Operating model Dedicated teams Rationalising fund RE Munich WFOE in China Strengthened efficiencies f
Slide 17: Financial Results 2025
Schroders Financial Results 2025
Slide 18: Adjusted net operating income up 6%
Adjusted net operating income up 6% Adjusted net operating income bridge £m 145.8 14.4 3.6 2,589.8 Market and performance 16.0 1.6 uplift partly offset by (27.8) (0.9) FX impact NNB impact reflects flow timing. 2,437.1 FY25 ANNR was positive and Q4-weighted, supporting a FY26 tailwind Performance fe
Slide 19: Asset Management segment
Asset Management segment Increase in net operating revenue reflects AUM mix shift and improvement in ANNR Net operating revenue 1 £m FY 2024 1,424.7 391.4 1,816.1 1 Net operating revenues FY 2025 1,479.3 408.2 1,887.5 up 4% Public Markets Schroders Capital AUM mix shift by asset class ANNR Revenue t
Slide 20: Asset Management – Public Markets
Asset Management – Public Markets Margins resilient, amid shifts in demand Net operating revenue by asset class £m FY 2024 892.7 256.0 214.6 61.4 27.6 1,452.3 Net operating revenue FY 2025 915.0 282.1 215.4 66.8 48.6 1,527.9 up 5% 3 Equities Fixed income Multi-asset Core solutions Performance fees N
Slide 21: Asset Management – Schroders Capital
Asset Management – Schroders Capital Net operating revenue up 3% with rising carry potential Net operating revenue £m FY 2024 378.0 35.3 13.4 426.7 Stable revenue margins FY 2025 395.9 30.5 12.3 438.7 at 57bps Management fees Performance fees and net carried interest Other fees Gross fundraising and
Slide 22: Wealth Management segment
Wealth Management segment Adjusted operating profit has grown at 15% CAGR since FY23 Net operating revenue £m 1 FY 2024 377.1 51.6 62.3 491.0 Strong profitability with FY 2025 424.6 53.9 59.2 537.7 improving margins Management fees Transaction, performance and other fees Net banking interest income
Slide 23: Adjusted operating expenses
Adjusted operating expenses Transformation savings underpin improved cost efficiency Net transformation savings of £75m 1,834 20 1,833 £75m net transformation 54 savings delivered Selective reinvestment of 19 £19m to support growth (94) Operating expenses held flat despite £54m inflation/AUM - linke
Slide 24: Adjusted cost to income ratio
Adjusted cost to income ratio Operating leverage and cost measures drive improved profitability C ost to income ratio improvement of 4% pts Improvement due to 75% management actions Investment performance and favourable markets Majority of benefit from 1.0% higher revenue drops to 1.4% 0.4% 71% 1.4%
Slide 25: Capital composition
Capital composition Maintain a strong capital base and continued cash generation to support dividend Capital base £m FY 2024 FY 2025 Downward pressure on Equity and Tier 2 bond 4,745 4,706 surplus of £250m from Basel 3.1 Regulatory deductions and dividend1 (2,349) (2,137) Regulatory capital requirem
Slide 26: Transformation progress in 2025
Transformation progress in 2025 Executing with focus and discipline What we said we’d do What we delivered in 2025 Simplify the operating model Cultural shift: cost discipline and accountability £75m net reduction – Simplified operating model and earlier identification in operating expenses Reduce o
Slide 27: Transformation: sustaining momentum
Transformation: sustaining momentum Executing the next phase of delivery Focus on disciplined execution to support growth Complete operations outsourcing programme Platform simplification with data and AI investment FY 2026 target: £25m net OpEx Wealth Management transformation reduction 29
Slide 28: Outlook
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Slide 29: Outlook: embedding year-one change and driving growth
Outlook: embedding year - one change and driving growth Delivering progress Driving scale in Schroders Capital Creating Continuing to innovate prosperity together Extending active ETFs range in Europe Delivering active advantage for our clients Selectively reinvesting Future -proofing Wealth platfor
Slide 30: Schroders
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Slide 31: Thank you
Thank you
Slide 32: Forward looking statement
Forward looking statement 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