Slide 1: Interim Results 2026 Presentation
Interim Results 2026 Presentation 17 November 2025
Slide 2: H1 2026 results
H1 2026 results H1 2026 H1 2025 Change % FY 2025 Assets under management (AUM) £152.1bn £127.4bn 19% £130.8bn Net flows £4.3bn (£5.3bn) (£4.9bn) Basic earnings per share (EPS) 8.9p 7.8p 14% 17.2p Adjusted EPS 8.4p 7.3p 15% 15.5p Dividend per share 6.0p 5.4p 11% 12.2p Adjusted operating profit margin
Slide 3: Business Review
Interim Results 2026 Business Review
Slide 4: H1 2026 key messages
H1 2026 key messages — Ninety One is growing again: Adjusted EPS up 15%; AUM up 16% (since March) — Turnaround in net flows with solid pipeline — Investing in existing business and new growth opportunities — Competitive investment performance — Sanlam relationship delivering Poised for a new phase o
Slide 5: Long-term track record
Long-term track record Domestic growth Internationalisation Scaling post crisis Seeking growth in a world of change 1992-1998 1998-2009 2009-2020 2020-H1 2026 AUM CAGR +93% +19% +12% +7% 160bn 140bn £220,000 120bn £165,000 100bn 80bn £110,000 60bn 40bn £55,000 20bn 0bn £0 1992 1994 1996 1998 2000 20
Slide 6: Market and business conditions
Market and business conditions — Positive equity markets, with high geopolitical risks — Early evidence of demand recovery for emerging markets — Active is back — Intense competition – price pressure — We are entering the AI era Better conditions in competitive environment Confidential | Ninety One
Slide 7: Index performance (last 6 months) – equities
Index performance (last 6 months) – equities 32% 31% 24% 23% 20% 20% 16% S&P 500 NASDAQ FTSE 100 MSCI ACWI FTSE/JSE All MSCI EM MSCI China All Composite Share Shares 3 years 92% 118% 83% 87% 97% 65% 51% Source: Bloomberg, figures in USD. Notes: Periods covered 6 months (31 March 2025 – 30 September
Slide 8: Index performance (last 6 months) – fixed income
Index performance (last 6 months) – fixed income 11% 5% 5% 4% 2% 3% Citi US GBI FTSE WGBI BofA Global JPM GBI-EM Global JPM CEMBI Broad Bloomberg Global Investment Grade Diversified TR Diversified Agg China Hedged Unhedged 3 years 11% 13% 24% 38% 32% 13% Source: Bloomberg, figures in USD. Notes: Per
Slide 9: Net flows into EM
Net flows into EM Since 2002 50 40 30 20 10 (£ billion) 0 (10) (20) (30) (40) (50) H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Active Bonds EM Active Equities EM Passive Bonds EM Passive Equities EM Source: Broad
Slide 10: AUM development (£bn)
AUM development (£bn) 17.0 152 2.8 1.1 144 (8.4) 5.2 (3.2) 140 3.9 1.9 2.4 11.8 3.0 132 4.4 131 6.7 0.4 131 129 8.0 127 (7.4) (4.3) 126 15.9 0.1 (1.9) 123 (5.3) 119 (5.1) 103 (0.3) H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 AUM Organic net flows S
Slide 11: Organic net flows by asset class: H1 2026 (£m)
Organic net flows by asset class: H1 2026 (£m) H1 2025 H2 2025 H1 2026 £(5.3) bn £0.4 bn £2.4 bn(1) 475 313 237 276 2,085 260 488 208 74 295 (701) (702) (1,886) (2,799) (1,078) Multi-Asset Equities Fixed Income Alternatives SA Fund Platform Notes: (1) H1 2026 net flows of £2.4 billion excludes £1.9
Slide 12: Organic net flows by client group: H1 2026 (£m)
Organic net flows by client group: H1 2026 (£m) H1 2025 H2 2025 H1 2026 £(5.3) bn £0.4 bn £2.4 bn(1) 3,394 2,114 244 305 531 542 (1,376) (1,225) (2,079) (608) (959) (379) (820) (1,818) (322) Americas United Kingdom Africa Europe Asia Pacific(2) Notes: (1) H1 2026 net flows of £2.4 billion excludes £
Slide 13: Firm-wide investment performance
Firm-wide investment performance 31 March 2025 30 September 2025 1 year 68% 32% 1 year 74% 26% 3 year 59% 41% 3 year 70% 30% 5 year 72% 28% 5 year 73% 27% 10 year 81% 19% 10 year 78% 22% Since Since 76% 24% 78% 22% inception inception Outperformance Underperformance Confidential | Ninety One 13
Slide 14: Financial Review
Interim Results 2026 Financial Review
Slide 15: Financial results
Financial results £ million H1 2026 H1 2025 Change % Management fees 290.7 282.4 3 Adjusted operating expenses (208.7) (201.9) 3 Management fees net of adj. op. expenses 82.0 80.5 2 Performance fees 14.0 7.9 77 Other income 2.8 0.2 n.m. Adjusted operating profit 98.8 88.6 12 Average AUM Average mana
Slide 16: Average management fee rates
Average management fee rates – Recent decline has accelerated 45.0bps 44.9bps 44.5bps 43.3bps 41.5bps H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 – H1 2026 fee rate 0.8bps lower due to averaging impact, i.e. 42.3bps daily average rate – Fee rate decline amplified by specific events Confidential | Ninety
Slide 17: Financial results (cont.)
Financial results (cont.) £ million H1 2026 H1 2025 Change % Adjusted operating profit 98.8 88.6 12 Adjusted net interest income 7.6 9.6 (21) Share scheme net expense (2.8) (4.9) (43) Corporate related professional fees (0.9) - n.m. Amortisation of intangible asset (0.5) - n.m. Profit before tax 102
Slide 18: Adjusted operating profit analysis
Adjusted operating profit analysis 110.0 2.6 105.0 6.1 100.0 2.7 98.8 8.3 95.0 (9.5) 90.0 88.6 £ million 85.0 80.0 75.0 70.0 65.0 60.0 H1 2025 Management Performance Other Employee Business H1 2026 fees fees income remuneration expenses Confidential | Ninety One 18
Slide 19: Adjusted operating expenses
Adjusted operating expenses 1.4 1.7 9.5 (2.0) 208.7 (3.8) £ million 201.9 H1 2025 Inflation-linked FX-linked Technology Other H1 2026 Employee impact impact remuneration Business expenses Note: Impacts are estimated based on prevailing inflation and exchange rates. Confidential | Ninety One 19
Slide 20: Business and total expenses
Business and total expenses 34.2% 34.7% 32.7% 32.0% 31.2% 32.1% 33.1 32.7 31.6 32.1 31.3 29.9 139 140 135 129 124 120 11.2 11.7 11.9 10.5 10.0 10.7 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 Average AUM (£bn) Business expenses in bps of average AUM Total expenses in bps of average AUM % Adjuste
Slide 21: Capital and dividend
Capital and dividend £ million 30 September 2025 31 March 2025 Equity 391.0 373.6 Non-qualifying assets (74.7) (46.3) Qualifying capital 316.3 327.3 Dividend proposed (53.8) (60.9) Estimated regulatory requirement (107.2) (105.5) Estimated capital surplus 155.3 160.9 Interim dividend Capital coverag
Slide 22: Sanlam transaction progress
Sanlam transaction progress – All regulatory approvals secured – UK transaction completed 16th June 2025 – £1.9bn of AUM onboarded – SA transaction to complete by end of financial year – Expected total onboarded AUM remains c.£17bn Confidential | Ninety One 22
Slide 23: Sanlam transaction financial impact
Sanlam transaction financial impact – Impact on H1 2026: – Adjusted EPS and operating margin accretive – Slight dilution in average management fee rate – Weighted shares used for adjusted EPS calculation at 30 September 2025: – Shares in issue excluding Sanlam UK: 882.7m – Weighting of shares issued
Slide 24: Recent developments and closing remarks
Interim Results 2026 Recent developments and closing remarks
Slide 25: Recent developments
Recent developments Organised to pursue core opportunities: International Public Southern Private Markets Africa Markets New initiatives in the Ninety One Foundry: In-region presence Digital AI-related in EMs finance innovation Building the active investment manager of the future Confidential | Nine
Slide 26: AI is key to the future
AI is key to the future Advocate Equip Use 8/10 6/10 3/10 2/10 Adoption Experimentation Data Transformation Better client outcomes and productivity Confidential | Ninety One 26
Slide 27: Concluding comments
Concluding comments — Stronger business, supported by better business conditions — Improve, modernise and invest for growth — Emerging markets and international diversification are back on the agenda — Active has a role to play — Strategic clarity and simplicity of model We see opportunity for growt
Slide 28: Investing for a better tomorrow
Investing for a better tomorrow
Slide 29: Appendix
Interim Results 2026 Appendix
Slide 30: AUM split
AUM split By asset class By client group By client type 10% 11% 4% 11% 34% 15% 41% 49% 16% 66% 22% 21% Equities Africa Institutional 1 Fixed income Asia Pacific Advisor Multi-asset United Kingdom Alternatives Americas SA fund platform Europe Notes: Breakdown of AUM as at 30 September 2025. 1. Asia P
Slide 31: Glossary and definitions
Glossary and definitions Adjusted EPS is adjusted earnings attributable to shareholders divided by the number of ordinary shares in issue at the end of the period, weighted only for the issuance associated with the Sanlam UK transaction in June 2025. Adjusted net interest income is calculated as net
Slide 32: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Ninety One plc and Ninety One Limited (together, “Ninety One” and, together with their subsidiaries from time to time, the “Group”). This Presentation is provided on a strictly private and confidential basis for information purpo