St. James's Place Plc · LSE:STJ
St. James's Place — FY2025 Earnings Presentation
38 slides from St. James's Place's earnings presentation, Feb 25, 2026
Slide 1: Full Year Results 2025
St Full Year Jamess | Results Place | 2025
Slide 2: 2025 highlights
2025 highlights £21.9bn (up 19%) 94.9% Implemented our simple, comparable charging structure Gross inflows FUM retention rate with advisers and clients 2024: £18.4bn 2024: 94.5% successfully adapting to it £6.2bn (up 42%) 12.4% Good progress made with our review of historic ongoing Net inflows Net i
Slide 3: Coming up...
Coming up... 1 Business 2 Financial 3 Our update results priorities
Slide 4: Coming up...
Coming up... 1 Business 2 Financial 3 Our update results priorities
Slide 5: Market backdrop
Market backdrop 2025 presented a more stable backdrop for UK consumers: + Mortgage rates reduced + Equity market reached all-time highs However, challenges persisted: - Household budgets under pressure - Anaemic economic growth - Protracted Autumn Budget speculation - More complicated retirement sav
Slide 6: New business highlights
New business highlights Gross inflows of £21.9bn, up 19% vs 2024 Gross inflows Net inflows ◆ Strong new business £bn +19% £bn +42% performance reflecting 25 7 high client-adviser engagement 6 ◆ Inflows higher across 20 all products 5 15 4 Improvement in FY retention rate to 94.9% 21.9 3 6.2 10 18.4
Slide 7: Strong FUM performance £220.0bn
Strong FUM performance £220.0bn £bn Funds under management (FUM) at 31 December 2025 250 FUM increased by £30bn, 200 or 16%, during 2025 150 Net investment returns equivalent to 12.4% of opening FUM 100 Strong FUM growth drove 50 improvement in the Underlying cash result 0 2010 2011 2012 2013 2014 2
Slide 8: Shareholder returns for 2026 onwards
Shareholder returns for 2026 onwards ◆ Board has updated shareholder returns guidance a year earlier than originally planned ◆ This is due to the improvement in financial performance in 2025 and strategic and operational progress made ◆ For financial year 2026 and beyond, the Board intends to return
Slide 9: Key programmes of work
Key programmes of work Simple, Historic Cost and comparable ongoing service efficiency charging evidence programme review ◆ Successfully implemented our simple, ◆ Programme now deep into the ◆ Good progress achieved inc. comparable charging structure operational delivery phase completing transition
Slide 10: Launch of Polaris Multi-Index
Launch of Polaris Multi-Index ◆ Lower cost multi-asset funds of funds implement our active asset allocation £1bn+ expertise through index-tracking funds FUM in Polaris Multi-Index at 31 Dec ‘25 - 2 months post launch ◆ Complements our existing range of 4 funds solutions, enhancing choice for clients
Slide 11: 2025 highlights
2025 highlights £21.9bn (up 19%) 94.9% Implemented our simple, comparable charging structure Gross inflows FUM retention rate with advisers and clients 2024: £18.4bn 2024: 94.5% successfully adapting to it £6.2bn (up 42%) 12.4% Good progress made with our review of historic ongoing Net inflows Net i
Slide 12: Coming up...
Coming up... 1 Business 2 Financial 3 Our update results priorities
Slide 13: Summary 2025 financial results
Summary £462.3m (up 3%) Underlying post-tax cash result 2025 financial results Final shareholder returns for 2025 *Includes £103.9m final buy-back and £18.7m 12.00 pence attributable to Ongoing Service per share dividend Evidence provision release £122.6m £313.3m Share buy-back* Total shareholder re
Slide 14: Underlying post-tax cash result
Underlying post-tax cash result Underlying post-tax cash result of £462.3m, up 3% £’m Net income from FUM up 6%, 900 driven by increase in average 800 99.5 mature FUM partially offset by Up 3% 700 impact of moving to our new 305.8 600 charging structure 500 52.7 3.9 Margin arising from new 400 725.2
Slide 15: Powerful picture of future income growth
Powerful picture of future income growth £52.9bn of gestation FUM at 31 December 2025 ◆ Will mature over the next 6 years Gestation New charging structure where FUM at point of ◆ Once all mature, could generate charging structure we benefit from all charges applying around £300m additional income tr
Slide 16: Underlying post-tax cash result
Underlying post-tax cash result Underlying post-tax cash result of £462.3m, up 3% £’m Net income from FUM up 6%, 900 driven by increase in average 800 99.5 mature FUM partially offset by Up 3% 700 impact of moving to our new 305.8 600 charging structure 500 52.7 3.9 Margin arising from new 400 725.2
Slide 17: 2025 Underlying post-tax cash result
Post-tax cash result Cash result of £544.4m, up 22% on 2024 £’m 600 £82.1m release of Ongoing 500 82.1 Service Evidence provision contributing to 2025 400 Cash result ◆ £63.4m release at H1 300 544.4 ◆ £18.7m release at H2 462.3 447.2 200 100 0 Evidence provision release 2024 Cash result cash result
Slide 18: Free liquidity at Group centre
Free liquidity at Group centre Of the £2.7bn of shareholder liquid assets, most need to £’m be held to run our business 3000 2500 After deducting these 734.2 amounts, free liquidity at 2000 Group centre is £271.4m 692.1 1500 2,743.6 1000 587.7 Comfortable with this level of free liquidity at Group 2
Slide 19: Investment in business
£’m 100 300 200 0 700 600 800 400 500 2024 free liquidity held at Group centre 148.1 Net cash remittances from subsidiaries 548.5 Investment in business 16.5 loans to Partners Net financing activities 98.0 Dividends for the 95.2 financial year Share buy-backs for the financial year 218.1 Free liquid
Slide 20: Shareholder returns for 2025
Shareholder returns for 2025 Total ordinary shareholder returns for 2025 of £231.2m, equal to 50% of the Underlying cash result £’million 2025 Ordinary shareholder returns Interim dividend 31.9 Interim buy-back 32.1 Final dividend 1 63.3 Final buy-back 103.9 Total ordinary shareholder returns (50% U
Slide 21: Shareholder returns for 2026 onwards
Shareholder returns for 2026 onwards ◆ Board has updated shareholder returns guidance a year earlier than originally planned ◆ This is due to the improvement in financial performance in 2025 and strategic and operational progress achieved ◆ For financial year 2026 and beyond, the Board intends to re
Slide 22: Shareholder returns for 2026 onwards
Shareholder returns for 2026 onwards ◆ We expect the 70% return of the Underlying cash result to comprise: ◆ an ordinary dividend, making up at least 40% of total returns (equivalent to at least 28% of the Underlying cash result) ◆ a share buy-back for the balance ◆ Board intends to make interim dis
Slide 23: Summary 2025 financial results
Summary £462.3m (up 3%) Underlying post-tax cash result 2025 financial results Final shareholder returns for 2025 *Includes £103.9m final buy-back and £18.7m 12.00 pence attributable to Ongoing Service per share dividend Evidence provision release £122.6m £313.3m Share buy-back* Total shareholder re
Slide 24: Coming up...
Coming up... 1 Business 2 Financial 3 Our update results priorities
Slide 25: Today's market opportunity…
Today’s market opportunity… £3.5tn £2.1tn £5.6tn 1. Barclays, ‘UK Investment gap swells to over £610bn’, + = 15 September 2025 2. FCA, PS25/22 in invested in cash total, expected to grow assets savings c.6% annually to 2030 3. Scottish Widows’ Retirement Report, July 2025 £614bn 40% Of excess cash O
Slide 26: Great financial advice
Great financial advice of those receiving ongoing of those taking advice say advice say they still want the human element is 92% human involvement in financial decisions 1 93% extremely important 2 1. SJP ‘Real Life Advice’ research, 2025 2. Vanguard Client Connect survey, 2025 ◆ Great financial adv
Slide 27: 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 28: 2026 Priorities
2026 Priorities ‘Strengthen’ 2024 - 2026 ‘Amplify’ 2027+ Enhance fundamentals for the future Elevate and expand our leading offering ◆ Completing major transformation programmes ◆ Embedding a more performance-focused culture across SJP ◆ Simplification and standardisation ◆ Evolving range of support
Slide 29: 2026 Priorities
2026 Priorities ‘Strengthen’ 2024 - 2026 ‘Amplify’ 2027+ Enhance fundamentals for the future Elevate and expand our leading offering Scale and capability to Practical, end-user insight work alongside leading from working with almost global technology vendors 5,000 advisers across UK Privileged posit
Slide 30: 2026 Priorities
2026 Priorities ‘Strengthen’ 2024 - 2026 ‘Amplify’ 2027+ Enhance fundamentals for the future Elevate and expand our leading offering ◆ ‘Amplify’ formally begins from 2027 ◆ Selectively accelerating elements of this work in 2026, where we have capacity: ◆ Refreshing our cash proposition ◆ Developing
Slide 31: SJP – positioning for further success
SJP – positioning for further success Established market leader operating in a Underpinned by the largest professional Benefitting from scale advantage and structurally growing advice network in the unparalleled insights market UK – the Partnership into client needs Capital-light asset Highly cash g
Slide 32: Appendices
Full Year Results Appendices S! James's Place
Slide 33: IFRS and EEV
IFRS and EEV IFRS profit after tax up, reflecting similar EEV NAV per share up 22%, reflecting: dynamics to Cash result ◆ Strong business performance ◆ Includes the release from the Ongoing ◆ Releases from the Ongoing Service Service Evidence provision Evidence provision ◆ Distorted by policyholder
Slide 34: 2026 guidance summary
Net income from FUM Growth in controllable 2026 margin range: expenses budgeted at 5% guidance ◆ 43 to 45 bps on mature summary FUM, excluding DFM and AME ◆ Expect to be at the lower end of the range in 2026 Margin arising No material net impact from new business from the cost and approximately zero
Slide 35: Cash result: other lines
Cash result: other lines Continued investment to develop our presence in AME £’m 2025 2024 Increased investment in DFM driven by Net investment in AME (7.6) (10.2) organisational design costs Net investment in DFM (4.1) (2.4) Industry-wide FSCS levy increased in 2025 vs FSCS levy and regulatory fees
Slide 36: Capital allocation framework
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 37: Shareholder returns guidance from FY26 onwards
Shareholder returns guidance from FY26 onwards Guidance Worked example For FY26 and beyond, the Board intends to return 70% of the £ Underlying cash result to shareholders. This will comprise: Underlying cash result 100 ◆ an ordinary dividend, which we expect will make up at least 40% of total share
Slide 38: Polaris - Cumulative Performance
Polaris 1 - Cumulative Performance Polaris 2 - Cumulative Performance Polaris: (Unit Trust/ISA) (Unit Trust/ISA) 35% 40% our flagship 30% 30% 25% 20% 20% funds of funds 15% 10% 10% 5% 0% 0% £94.1bn -5% -10% 05/2024 08/2024 05/2025 08/2025 05/2024 08/2024 05/2025 08/2025 05/2023 08/2023 05/2023 08/20