41 slides from St. James's Place's earnings presentation, Jul 29, 2026
Slide 1: Half Year Results
St Half Year Jamess | Results Place
Slide 2: Coming up…
Coming up… 1 2 3 New business Financial Strategy update results & outlook
Slide 3: New business highlights
H1 Gross inflows of New business highlights £10.5 billion ◆ High client-adviser engagement; Gross inflows Net inflows £bn record tax year-end activity 12 4 3.8 10.5 10.5 10 Improvement in 8 5.3 3 2.7 FUM retention 5.4 2.1 ◆ FUM retention at 95.4%; reflects 1.2 the quality and longevity of 6 2 client
Slide 4: Strong FUM performance £240.8bn
Strong FUM performance £240.8bn £bn Record funds under management 250 at 30 June 2026 240 230 18.1 Annualised investment returns represented 16.4% of opening FUM, 2.7 220 reflecting the value delivered to clients through our distinct 210 investment management approach 200 240.9 190 220.0 Strong FUM
Slide 5: H1 2026 summary
£10.5bn 1,064,000 H1 2026 Gross inflows H1 2025: £10.5bn SJP clients 31 December 2025: 1,037,000 summary £2.7bn 4,951 Net inflows SJP advisers H1 2025: £3.8bn 31 December 2025: 4,934 £240.8bn £278.4m Funds under management (FUM) Adjusted IFRS profit before tax 31 December 2025: £220.0bn H1 2025: £30
Slide 6: Coming up…
Coming up… 1 2 3 New business Financial Strategy update results & outlook
Slide 7: Summary H1 2026 financial results
Summary H1 2026 financial results £278.4m £159.1m Adjusted IFRS profit Total interim before tax shareholder returns *Includes £45.3m interim ordinary buy-back and £82.8m attributable to Ongoing Service Evidence provision release £224.4m £128.1m Adjusted IFRS profit Share buy-back* after tax £310.8m
Slide 8: Adjusted IFRS profit £278.4m
Adjusted IFRS profit £278.4m £’m Adjusted IFRS profit before tax 1800 1600 1400 £224.4m Adjusted IFRS profit after tax 1200 1000 1,502.6 Good outcome for H1, compared to post- 800 1,710.3 tax consensus expectations of £194m 600 As guided, adjusted IFRS profit after tax 400 for H1 2026 is lower than
Slide 9: Analysis by business driver: 2026 highlights
£’million H1 2026 H1 2025 Analysis 2026 highlights by Considers associated income and expenses Income from FUM 1,426.3 990.0 business together to show an Expenses related driver analysis of profitability (898.5) (480.7) to FUM by business driver Profit from FUM 527.8 509.3 Income from inflows 284.0
Slide 10: Analysis by business driver: 2026 highlights
£’million H1 2026 H1 2025 Analysis 2026 highlights by Profitability is driven by Income from FUM 1,426.3 990.0 business profit from FUM – margin within 2026 guidance Expenses related driver (898.5) (480.7) range of 47bps to 49bps to FUM Profit from FUM 527.8 509.3 Income from inflows 284.0 451.2 Exp
Slide 11: Analysis by business driver: 2026 highlights
£’million H1 2026 H1 2025 Analysis 2026 highlights by Profit from inflows Income from FUM 1,426.3 990.0 business not a key driver of profitability, expect Expenses related driver (898.5) (480.7) it to remain small to FUM Profit from FUM 527.8 509.3 Income from inflows 284.0 451.2 Expenses related (2
Slide 12: Analysis by business driver: 2026 highlights
£’million H1 2026 H1 2025 Analysis 2026 highlights by People, Property and Technology (PPT) costs Income from FUM 1,426.3 990.0 business are the most significant cost in expenses Expenses related driver (898.5) (480.7) unrelated to FUM or to FUM inflows Profit from FUM 527.8 509.3 Income from inflow
Slide 13: Expenses unrelated to FUM or inflows
Expenses 2026 highlights Expect full year 2026 £’million H1 2026 H1 2025 unrelated to PPT costs will increase People, property and by 5% year on year, with 261.1 256.4 technology costs FUM or cost growth weighted towards H2 Performance-related 24.0 26.4 inflows costs FSCS and regulatory 22.4 26.6 fe
Slide 14: Analysis by business driver: 2026 highlights
Increased period-on- £’million H1 2026 H1 2025 Analysis 2026 highlights by period, driven by both shareholder investments Income from FUM 1,426.3 990.0 business in money market funds Expenses related driver and business loans to (898.5) (480.7) to FUM Partners being higher on average Profit from FUM
Slide 15: Analysis by business driver: 2026 highlights
£’million H1 2026 H1 2025 Analysis 2026 highlights by We anticipate sharply Income from FUM 1,426.3 990.0 business accelerating earnings growth from 2027 Expenses related driver (898.5) (480.7) onwards to FUM Profit from FUM 527.8 509.3 Income from inflows 284.0 451.2 Expenses related 19% effective
Slide 16: Key programmes of work
Key Historic ongoing service programmes evidence review of work In the final stages of this work Experience gathered in H1 2026 has led to a £110.4 million release from the provision Remaining provision stands at £110.0 million £82.8 million post tax release will be returned to shareholders through
Slide 17: Free liquidity at Group centre
Free liquidity at Group centre Majority of the £2.7bn total shareholder liquid assets need to be held for day-to-day £’m operations 3000 2500 Free liquidity at Group centre is 784.2 £276.0m at 30 June 2026 2000 Comfortable holding this level 1500 740.1 of free liquidity - it provides a 2,701.1 layer
Slide 18: Development of free liquidity at Group centre
Development of free liquidity at Group centre £’m 600 500 43.1 67.7 31.0 Our business is highly cash generative 400 181.0 128.1 300 7.3 200 271.4 276.0 100 0 31 December Net cash Investment Net Dividends Share Other 30 June 2025 free remittances in business financing for the buy-backs 2026 free liqu
Slide 19: Interim shareholder returns
Shareholder returns comprise: Interim 6.00 pence shareholder per share interim ordinary dividend – equating to £31.0m returns £128.1m share buy-back, comprising: ◆ £45.3m interim ordinary share buy-back ◆ £82.8m additional buy-back attributable to Ongoing Service Evidence provision release 19
Slide 20: Summary H1 2026 financial results
Summary H1 2026 financial results £278.4m £159.1m Adjusted IFRS profit Total interim before tax shareholder returns *Includes £45.3m interim ordinary buy-back and £82.8m attributable to Ongoing Service Evidence provision release £224.4m £128.1m Adjusted IFRS profit Share buy-back* after tax £310.8m
Slide 21: Coming up…
Coming up… 1 2 3 New business Financial Strategy update results & outlook
Slide 22: Our strategy
Our strategy OUR PURPOSE To empower clients with invaluable advice to realise bolder ambitions OUR STRATEGIC FOCUS AREAS Differentiated Leading Performance Brilliant Client Adviser Focused Basics Proposition Offering Organisation Simplify and standardise Enhance our client proposition, Continue to b
Slide 23: Progress made to strengthen
Progress made to strengthen HOW WE WILL DELIVER ‘Strengthen’ 2024 - 2026 ‘Amplify’ 2027+ Enhance fundamentals for the future Elevate and expand our leading offering Implementation of Ongoing Service Cost and efficiency simple, comparable Evidence Review programme charging ◆ Improved transparency for
Slide 24: Simple, comparable charging; How do our charges compare?
Simple, comparable charging; How do our charges compare? Charges comparison for a client investing £100,000 into a pension* Our total charges sit at the lower end of investing through a UK adviser 2.0% Average charge = 2.2% 1.8% Based on investing £100k in a pension for 10 years, we charge less than
Slide 25: Progress made to strengthen
Progress made to strengthen HOW WE WILL DELIVER ‘Strengthen’ 2024 - 2026 ‘Amplify’ 2027+ Enhance fundamentals for the future Elevate and expand our leading offering Implementation of Ongoing Service Cost and efficiency simple, comparable Evidence Review programme charging ◆ Improved transparency for
Slide 26: Developing our proposition
Developing our proposition Launched Polaris Multi-Index and Strengthened our brand evolved cash proposition and reputation ◆ Polaris Multi-Index launched 2 months post ◆ 14 percentage point increase in Net Promoter Score implementation of new charging structure and brand awareness since 2023 ◆ Evolv
Slide 27: Technology as an enabler
Technology as an enabler Key elements to our technology strategy 1 2 3 Completed review of our technology strategy Making SJP easier Building a more Strengthening our through to 2030 to do business with efficient and scalable data foundations business Leveraging our data Simplifying and Simplifying
Slide 28: Our approach to AI
Great client Our outcomes approach to AI Trust Long term Judgement relationships Enhanced by AI 1. 2. 3. Human-centric AI Ecosystem-led Data as a strategic Reduce administrative innovation asset effort, enabling advisers Working with leading Reliable data is to focus more time on technology partners
Slide 29: AI tools
AI tools Advice Generates advice suitability letters based on information 2,270 Assistant Regular users inputted into Salesforce +20 AI tools in place across SJP today, Adviser productivity Improves the quality and accuracy of advice sets 90 minutes & advice generation submitted Saved per case impro
Slide 30: Strategic next steps
Strategic next steps HOW WE WILL DELIVER ’Strengthen’ 2024 - 2026 ‘Amplify’ 2027+ Enhance fundamentals for the future Elevate and expand our leading offering Our focus: Enhanced Partner payments and benefits Simplifies Partner pay 1. How we use the stronger business we've built to better support cli
Slide 31: The market opportunity…
The market Only 9% opportunity… of UK adults receive regulated financial advice1 compared to 31% 27% of people are at risk of retirement living of US adults receiving standards below regulated financial advice2 the minimum level 3 UK wealth market: by AUM segment 2018-2030 5 £’tn Forecast 95% 6 4 of
Slide 32: SJP: The best place to be a financial adviser
SJP: The best place to be a financial adviser £121bn c.200 FUM in Polaris and BSP transactions PMI fund ranges completed in H1 2026 Trust and Market-leading Technology and Differentiated Build, grow and visibility of a support, training, operational investment realise value in national brand profess
Slide 33: SJP – The best of both worlds
SJP – The best of both worlds Our Partnership approach gives clients the best of both worlds: SJP Partner Practice St. James’s Place Personal, collaborative advice Backed by the scale, expertise and through a trusted relationship security of a UK FTSE 100 company with with an SJP adviser Clients ove
Slide 34: Summary
Summary Our strategy is We have We are We are well We have clear, consistent strengthened the operating placed to confidence in and delivering business. We enter in a structurally leverage our direction results Amplify with: growing market technology of travel and opportunities in our ability ◆ A co
Slide 35: Appendices
5 Half Year Appendices Results
Slide 36: SJP: positioning for further success
Established market leader operating SJP: positioning for in a structurally growing market further success Underpinned by the largest professional advice network in the UK – the Partnership Benefitting from scale advantage and unparalleled insights into client needs Capital-light asset gathering mode
Slide 37: Guidance
Guidance Profit from FUM ◆ Expected to represent 47 – 49 bps of average People, property and total FUM for 2026 technology costs ◆ Will provide one-year ◆ Expected to contain forward guidance on profit growth to 5% in 2026 from FUM range ◆ No net impact from our ◆ However, for modelling cost and eff
Slide 38: Guidance (continued)
Guidance (continued) Charge structure implementation costs ◆ Nil for 2026 and beyond Other expenses ◆ There will be some year-on-year variation Tax rate ◆ Suggest applying the standard rate of 25% corporation tax in all years to get you from adjusted IFRS profit before tax to adjusted IFRS profit af
Slide 39: Reconciliation from adjusted IFRS profit after tax to IFRS profit after tax
Reconciliation from £’million H1 2026 H1 2025 adjusted IFRS profit after Adjusted IFRS profit after tax 224.4 235.8 tax to IFRS profit after tax Tax attributable to the Adjusted IFRS result 54.0 71.2 Adjusted IFRS profit before tax 278.4 307.0 Adjusted for: Policyholder tax asymmetry (38.8) (10.8) M
Slide 40: How we will prioritise our resources
How we will prioritise our resources Capital allocation Maintain We will ensure the safety of our client framework 1 investments by: a strong w Meeting all regulatory solvency, working capital and liquidity balance requirements as the business grows sheet w Maintaining an investment grade credit rat
Slide 41: Polaris - Cumulative Performance
Polaris 1 - Cumulative Performance Polaris 2 - Cumulative Performance (Unit Trust/ISA) (Unit Trust/ISA) 40% 50% Polaris: SJP’s 35% 30% 40% Flagship Fund 25% 20% 30% 20% of Funds range 15% 10% 10% 5% 0% 0% -5% -10% 09/2023 09/2023 06/2026 06/2026 06/2024 09/2024 06/2025 09/2025 06/2024 09/2024 06/202