Schroders Plc · LSE:SDR
Schroders — Investor Day (December 2025)
55 slides from Schroders's investor day presentation, December 2025
Slide 1: Scaling Schroders Capital
December 2025 SCALING SCHRODERS CAPITAL Marketing material for professional investors or advisors only. Not for redistribution under any circumstances.
Slide 2: Welcome
December 2025 WELCOME Richard Oldfield Group Chief Executive Marketing material for professional investors or advisors only. Not for redistribution under any circumstances.
Slide 3: Agenda
Agenda Welcome Richard Oldfield | Group Chief Executive Scaling Schroders Capital Georg Wunderlin | Schroders Capital CEO Our capabilities: – Private Equity Rainer Ender | Global Head of Private Equity – Infrastructure Minal Patel | Global Head of Infrastructure – Real Estate Nick Montgomery | Globa
Slide 4: Our Group strategy
Our Group strategy Actions we are taking – focused growth and cost efficiencies Public Markets Schroders Capital Wealth Management 1. Focus on leading capabilities 1. Scale differentiated propositions 1. Grow senior client team Simplify, 2. Increase client access 2. Establish specialist sales team 2
Slide 5: Schroders Capital: a growth engine for the Group
Schroders Capital: a growth engine for the Group Management-fee centric revenue model with upside from carry1 £m 16% CAGR 500 423 427 400 370 55 35 19 295 300 236 43 9 200 392 351 368 227 252 100 0 2020 2021 2022 2023 2024 Net operating revenue Performance fees and net carried interest bps Net opera
Slide 6: Strong longevity characteristics with stable margins
Strong longevity characteristics with stable margins Long-dated commitments sustain profitability and support predictable cash flow generation Longevity¹ Margin2 Years bps 14 90 11.9 80 12 76 10.4 10.2 70 10 9.5 65 60 56 8 50 50 44 6 40 30 4 20 2 10 0 0 2022 2023 2024 Oct-25 2022 2023 2024 H1 2025 S
Slide 7: Scaling Schroders Capital
SCALING SCHRODERS CAPITAL Georg Wunderlin Schroders Capital CEO
Slide 8: Scaling Schroders Capital
Scaling Schroders Capital FY27 What makes us different £100bn AUM1 – Mid-market specialist in high growth 2025-2027 thematics – Solutions DNA Today £20bn NNB – Innovator in Wealth and DC £73bn AUM Capitalising on Activating our new Group strengths Leveraging our size -crossed fundraising engine crit
Slide 9: Schroders Capital has been on a remarkable growth journey
Schroders Capital has been on a remarkable growth journey AUM1 £bn 13% CAGR 80 73 70 70 66 64 >6.5x 60 47 50 39 37 40 30 30 26 18 20 11 10 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Oct-25 Develop Build Scale Scale Real Estate Private Equity Private Debt and Credit Alternatives Infrastructu
Slide 10: Schroders Capital: one of Europe's leading private markets players
Schroders Capital: one of Europe’s leading private markets players Top 10 listed European alternative managers by AUM1 EQT AUM plus dry powder2 AUM3 CVC £83.4bn £72.8bn Partners Group FTEs/Investment FTEs FY24 Revenue/bps4 ICG Bridgepoint 800+/400+ £427m/62bps Schroders Capital Countries Longevity P
Slide 11: One of the leading players and best-known brands in Wealth
One of the leading players and best-known brands in Wealth Europe Top 10 largest evergreen fund managers1 Top 15 private markets managers brand perception1 HQ Rank Manager BlackRock Morgan Stanley 1 Apollo GSAM Partners Group Schroders Capital 61% 28% 8% 3% 2 Invesco 3 KKR Blackstone Amundi 4 Hamilt
Slide 12: A mid-market specialist in high growth thematics
A mid-market specialist in high growth thematics Private Equity AUM: £15.6bn Infrastructure AUM: £10.1bn – Western Buyout 14% – Operational Renewables 21% – Global Venture – Core+/Value-Add Energy Transition – Asia – Bespoke Managed Solutions – Direct/Co-investments & Secondaries – China Corporate –
Slide 13: An industry-leading toolkit to create bespoke portfolios
An industry-leading toolkit to create bespoke portfolios Delivering core and tailored solutions to serve the full breadth of client needs Selected funds only Private Equity 3 Infrastructure 3 PDCA 2 Real Estate 2 2 Returns spectrum1 Depicts multiple funds with # 5% 10% 15% 20% similar target return
Slide 14: Serving clients in formats most suitable to them
Serving clients in formats most suitable to them Example vehicles Dedicated wealth products Wealth building blocks Private Equity Infrastructure PDCA Real Estate SC PE Global Direct IV Schroders Greencoat Europe SCSp SC Senior Infrastructure Debt Europe VI Real Estate Gateway Fund N.V. Closed Ended
Slide 15: Private markets: thematic & solutions leaders rise
Private markets: thematic & solutions leaders rise Global alternative market is poised for rapid growth AUM, Market-wide dynamics 2023 CAGR 2029 $ trillion Maturing institutional markets New demand is solutions Private 7.7 13% 15.6 equity¹ Relationship consolidation Wealth growth frontier Private 1.
Slide 16: Three catalysts to drive growth
Three catalysts to drive growth 1 2 3 Crossed critical size Built the specialist Capitalising on our thresholds fundraising engine strengths as a Group 16
Slide 17: Catalyst 1: We have crossed critical size thresholds
Catalyst 1: We have crossed critical size thresholds Funds over £2bn AUM1 Recent public mandate wins Fund Asset Class £bn Schroder ISF Securitised Credit PDCA 3.3 Schroder GAIA Cat Bond PDCA 3.0 Greencoat UK Wind Plc Infrastructure 2.4 BlueOrchard Microfinance Fund PDCA 2.3 Schroder ImmoPlus Real Es
Slide 18: Catalyst 2: We have built the specialist fundraising engine
Catalyst 2: We have built the specialist fundraising engine 2025-2027 Target vs. 2022-2024 target prior period Specialist fundraisers (FTEs) 20 40 2.0x Fundraising (£bn) 35 40-45 1.3x Net new business (£bn) 16 20 1.3x 18
Slide 19: Catalyst 3: Capitalising on our strengths as a Group
Catalyst 3: Capitalising on our strengths as a Group 1 2 3 4 5 Capitalising on Delivering the Offering FM/ Strengthening Leveraging our world class public and OCIO solutions to ties with £500m of our wealth client private insurance and Cazenove Capital balance sheet footprint continuum pensions for
Slide 20: Outperforming the market in a challenging fundraising cycle
Outperforming the market in a challenging fundraising cycle Global private markets fundraising by asset class 1 Schroders Capital fundraising $tn £bn 1.6 14.0 1.4 1.4 12.0 12.0 10.8 1.2 1.1 10.0 9.3 1.0 1.0 8.0 0.8 6.0 0.6 4.0 0.4 0.2 2.0 0.0 0.0 2023 2024 H1 2025 ann. 2023 2024 H1 2025 ann. 15% 16%
Slide 21: Growing AUM to £100bn by delivering £20bn of NNB
Growing AUM to £100bn by delivering £20bn of NNB Accelerating fundraising to £40–45bn Fundraising to NNB bridge 2025–2027 Indicative AUM movements FY24–27¹ FY21–24 35 (2) (18) 16 FY21–242 55 16 (1) 70 £bn £bn 45 40–45 120 42bn 40 10 100 100 (4bn) (2–6) 20 35 30 80 70 25 20 60 20bn 20 (18bn) (16–21)
Slide 22: Scaling Schroders Capital
Scaling Schroders Capital FY27 What makes us different £100bn AUM1 – Mid-market specialist in high growth 2025-2027 thematics – Solutions DNA Today £20bn NNB – Innovator in Wealth and DC £73bn AUM Capitalising on Activating our new Group strengths Leveraging our size -crossed fundraising engine crit
Slide 23: Private Equity
PRIVATE EQUITY Rainer Ender Global Head of Private Equity
Slide 24: A global private equity platform with very strong momentum
A global private equity platform with very strong momentum Consistent fundraising KPIs Deep heritage in from loyal and growing the middle market client base £15.6bn £7.2bn AUM 3-year fundraising2 Trusted investment Tailored 94bps £119m partner to leading GPs client solutions Margin1 Revenue1 (FY24)
Slide 25: We are the 'go to' partner for the mid-market
We are the ‘go to’ partner for the mid-market Active investor across co-investments and GP-led secondaries fuelled by primary capacity US Europe Asia ~$3bn ~100 x Significant dry powder overhang Large cap buyout x Limited number of companies x Higher leverage/higher prices Annual # of investment vol
Slide 26: We are well positioned to benefit from current market trends
We are well positioned to benefit from current market trends Small and Mid-buyouts outperforming as fundraising normalises post-peak cycle Private Equity fundraising 2000 – 2024 Preqin quarterly private equity indices and public benchmark $bn 900 500 800 450 700 400 350 600 300 500 250 400 200 300 1
Slide 27: Strong, consistent performance
Strong, consistent performance Direct/Co-investments and GP-led secondaries generating 23–24% realised IRRs IRR of all investments across strategies by vintage year and investment activity by type 25.1% 35.3% 25% 45% Direct/Co-Investments – Co-underwriting approach and active 20.2% 20.5% direct due
Slide 28: Leader in private equity wealth solutions
Leader in private equity wealth solutions Schroders Capital Semi-Liquid Global Private Equity: $2.7bn NAV Cumulative net flows in $ since inception1 Strong performance since inception2 2,250 240 230 223.4 2,000 220 Positive NNB every 1,750 quarter since 210 14.3% p.a. inception 200 Net performance 1
Slide 29: Key takeaways
Key takeaways What makes us different How we are driving growth Deep heritage in the middle market Expanding our wealth solutions Consistent fundraising from growing client Growing our mandate platform base Further scaling direct, co-investment High carry generation line-up & GP-led activity 29
Slide 30: Infrastructure
INFRASTRUCTURE Minal Patel Global Head of Infrastructure
Slide 31: Specialist Infrastructure manager with deep technical capability
Specialist Infrastructure manager with deep technical capability Delivering stable, long-term value through energy transition infrastructure KPIs Scaled energy Pan-European focus with transition specialist international reach £10.1bn £2.8bn AUM 3-year fundraising2 Broad range of Vertically integrate
Slide 32: Shaping the business for the next stage of growth
Shaping the business for the next stage of growth Delivering resilient income and capital growth from clean energy assets Forecast cumulative investment in Renewable Power in Europe1 Renewables cumulative capacity, Net Zero Scenario2 $bn GW 5,000 40,000 35,200 4,500 4,300 35,000 4,000 30,000 3,500 3
Slide 33: Driving expansion across infrastructure markets
Driving expansion across infrastructure markets Positioning for growth in a transforming economic landscape Schroders Capital Infrastructure AUM1 Forecast Schroders Capital Infrastructure AUM split by strategy2 £bn 100% 14 90% 12 80% 10 70% 60% 8 50% 6 40% 30% 4 20% 2 10% 0 0% 2021 2025 YTD 2029F Se
Slide 34: Organised across a Core/Core+ platform in the UK and Europe
Organised across a Core/Core+ platform in the UK and Europe With recently developed dedicated strategies in Core-Plus and Value Add Focus Super-Core / Core Core Core Plus / Value Add Vintage 2013 2016+ 2017 2017 2019 2024 2020+ 2023/2024 2024 2019 2025 European China Fund UK Listed SMAs UK Solar SG
Slide 35: Scaling through long-term institutional relationships
Scaling through long-term institutional relationships WTW relationship now exceeds £2bn across SMAs, pooled funds, and LTAF solutions £m £2,500 £2,000 WTW consulted First Private Markets Vehicle WTW investment in First Pooled Funds WTW consulted over £550m in SMAs, Direct assets and Funds WTW Lifesi
Slide 36: Key takeaways
Key takeaways What makes us different How we are driving growth 2nd largest Global energy transition specialist Seizing the substantial market opportunity Proprietary sourcing capabilities Scaling higher returning strategies Deep technical asset management expertise Expanding into the wealth segment
Slide 37: Real Estate
REAL ESTATE Nick Montgomery Global Head of Real Estate
Slide 38: Schroders Capital's active edge in real estate
Schroders Capital’s active edge in real estate Fifty-year heritage delivering outperformance through cycles with proven operational excellence Large, long- KPIs established platform Vertically integrated with in mature markets deep operational expertise £21.0bn £9.1bn AUM 3-year fundraising2 Partner
Slide 39: £21bn diverse platform of real estate specialisms
£21bn diverse platform of real estate specialisms Strategies capturing structural tailwinds Investment Capabilities Fee paying AUM split by capability <3% European Platform Diversified 25% Core + 21% UK Platform Hospitality & Living St. Regis European Venice, Italy £21.0bn Industrial & Warehousing 1
Slide 40: Real estate is at a cyclical turning point
Real estate is at a cyclical turning point Stabilizing prices following significant correction European real estate transaction pricing by sector Positive investor sentiment has returned (Index, Q4’21=100) and property rents INREV Investor Consensus indicator – by real estate market driver2 Commerc
Slide 41: Core+ platform in the UK and Europe, with specialisms in higher growth thematics
Core+ platform in the UK and Europe, with specialisms in higher growth thematics and global solutions Diversified Core+ Platform High Growth Thematics Global Solutions Strategies UK: £3.9bn Europe: £5.3bn Hospitality & Living 2: £3.9bn Logistics & Industrial: £2.8bn £4.4bn Direct (investment Style D
Slide 42: Recent wins
Recent wins Delivery of tailored solutions and higher growth specialist strategies Strategic Advisor & Mandate Implementation Client UK Local Government Pension Scheme Wales Local SMA Bespoke multi-strategy mandate, designed in partnership with the client UK Social Impact Diversified UK Real Estate
Slide 43: Key takeaways
Key takeaways What makes us different How we are driving growth 70-100% outperformance in Core+ Expanding higher-margin thematics Expertise in high-growth thematics Launching private wealth vehicles Sustainability leadership Winning and growing institutional partnerships 43
Slide 44: Private Debt and Credit Alternatives (PDCA)
PRIVATE DEBT AND CREDIT ALTERNATIVES (PDCA) Michelle Russell-Dowe Co-Head of Private Debt and Credit Alternatives
Slide 45: A global credit alternatives platform focussed on areas of growth
A global credit alternatives platform focussed on areas of growth KPIs Experienced Solutions oriented team of pioneers building blocks £26.1bn £16.0bn AUM 3-year fundraising2 Top quartile performance, Unique approach with the longest track serving clients across 53bps £123m Margins Revenues records
Slide 46: Scalable growth built on a pioneering, proven platform
Scalable growth built on a pioneering, proven platform Diverse opportunities means AUM growth in all environments AUM £bn 30 13% CAGR 26 25 24 22 20 20 19 14 15 15 10 9 7 7 5 1 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Oct-25 Securitized Product & Asset-based Finance Infrastructure Debt Bl
Slide 47: £26bn platform, specialist and multi-sector toolkit
£26bn platform, specialist and multi-sector toolkit Diversified credit and private market strategies delivering resilient income and growth Fee paying AUM split by capability Structured Credit Liquid alt/opportunistic Liquid credit alternatives 9% 4% Cat Bond Fund Uncorrelated 35% Liability ILS matc
Slide 48: The continuum of current yields
The continuum of current yields Debt ILS Asset-backed Commercial RE Infrastructure Asset-based Specialty finance Secondary spectrum Senior or 10%-12% 5%–6% 6%–7% EU 4%–5% 6.5%–7.5% 6%–7% 5%–9% public Mezz or 13%–16% 6%–12% 8%–15% EU 7%–12% 11%–16% 15%–18% 10%–18% private Diversifier, Structural supp
Slide 49: PDCA – private debt & credit alternatives – the name says it all
PDCA – private debt & credit alternatives – the name says it all Moving to the faster growing opportunities adjacent to the well trodden path $31.2tn market $10tn market $350bn market Asset-based finance Secured direct lending Alternatives (Infrastructure & RE) offer access to other inefficiency bey
Slide 50: Continuum of income and liquidity facilitates partnerships
Continuum of income and liquidity facilitates partnerships Solutions oriented approach results in long term partnerships and multiple sales Examples of client partnerships EU Pension US pension Insurance Global consultant Consultant APG US & UK and EU $500m £700m cashflow driven Capital efficient Se
Slide 51: Key takeaways
Key takeaways What makes us different How we are driving growth Expertise in fast-growing, inefficient markets Scaling fastest growing segments Flexible solutions across public and Cross-selling into ‘Total Income’ mandates private markets Targeting fast-growing insurance Attractive yields to meet c
Slide 52: Conclusion
CONCLUSION Georg Wunderlin Schroders Capital CEO
Slide 53: Scaling Schroders Capital
Scaling Schroders Capital FY27 What makes us different £100bn AUM1 – Mid-market specialist in high growth 2025-2027 thematics – Solutions DNA Today £20bn NNB – Innovator in Wealth and DC £73bn AUM Capitalising on Activating our new Group strengths Leveraging our size -crossed fundraising engine crit
Slide 54: Thank you
THANK YOU BUILDING CHANGE Schroders capital
Slide 55: Disclaimer
Disclaimer 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 c