Rathbones Group Plc · LSE:RAT
Rathbones — Investor Presentation (September 2026)
43 slides from Rathbones's investor presentation, September 2026
Slide 1: Investor Presentation
Rathbones Group Plc Invest well. Live well. Investor Presentation September 2026
Slide 2: Introduction
Introduction RATHBONES
Slide 3: Where we have come from and where we are now
Rathbones Group Plc Introduction Where we have come from and where we are now 3 Building the UK’s leading 120.7 discretionary wealth manager 115.6 Leadership in Wealth £120.7bn FUMA for our clients 109.2 10x growth in FUMA over 20 years 105.3 10+ acquisitions culminating in the IW&I combination IW&I
Slide 4: An industry offering attractive secular growth
Rathbones Group Plc Introduction An industry offering attractive secular growth 4 Our target market offers structured growth and is under-served £3.5tn Demographic Regulatory shifts Our clients are UK household trends are driving are unlocking aligned to the wealth 2029 (1) sustained demand movement
Slide 5: A targeted and segmented approach to growth
Rathbones Group Plc Introduction A targeted and segmented approach to growth 5 We understand where the market and the key opportunity segments are Nearly 3m individuals in our target market (1) Target market is split into 6 segments by age (2) 25 30 35 40 45 50 55 60 65 70 75 80 85 Young Highflyers
Slide 6: Our right to win a client
Rathbones Group Plc Introduction Our right to win a client 6 A compelling offering built to attract and retain clients Comprehensive Superior service Targeted segments proposition standards Intermediated offering Investment management and Highly personal, relationship-led Private Office for VHNW (£5
Slide 7: How we think about our business
Our business How we think about our business
Slide 8: How we think about our business
Rathbones Group Plc Our business How we think about our business 8 Wealth Management and Asset Management Rathbones Group £120.7bn £7.7bn Wealth Management Asset Management Wealth FUMA £112.1bn invested in Asset £8.6bn Management Investment Management Financial Planning and Advice Single Strategy Mu
Slide 9: Wealth Management
Rathbones Group Plc Our business Wealth Management 9 A range of wealth management services tailored to client needs Financial Planning Bespoke Managed Select MPS AUM The business 14% of FUM £104.6bn £3.2bn £3.3bn £0.9bn Our core business with £112.1bn 1 in FUM A personalised Overview Flagship servic
Slide 10: Asset Management
Rathbones Group Plc Our business Asset Management 10 Broad investment capabilities and flagship strategies Equities Fixed Income Multi-asset Sustainable Range AUM The business £4.2bn £2.2bn £9.9bn 16% of AUM Established in 1989. £16.3bn in AUM Group centre of A focus on long term active management R
Slide 11: How Asset Management enhances the Wealth proposition
Rathbones Group Plc Our business How Asset Management enhances the Wealth proposition 11 The strategic advantage of an asset manager within the Group How RAM’s investment platform enhances Wealth propositions Value for stakeholders RAM solutions used only where they provide performance and cost bene
Slide 12: AI-powered tools and processes to make doing business easy
Rathbones Group Plc Our business 12 AI-powered tools and processes to make doing business easy Systematically embedding AI into the fabric of how we work Where we are today What we are doing Where we aim to be Pragmatic, governed, value-led Extending AI into core workflows Reinvent processes and ser
Slide 13: Wealth management client base
Rathbones Group Plc Our business Wealth management client base 13 Analysis of FUMA1 FUMA by service FUMA by fund type 1% Private clients 10% Discretionary & Managed 13% ISAs 8% 32% MPS & Select Services Charities Pensions Execution Only 16% Trusts 89% Other 9% 22% Size of client relationship by FUMA
Slide 14: Where our clients' assets are invested
Rathbones Group Plc Our business Where our clients’ assets are invested1 14 5.2% 3.7% 3.2% 3.0% 2.9% 7.9% 7.3% 6.5% 9.5% 11.9% 48.8% 52.2% 54.8% 43.4% 41.5% 24.9% 28.6% 21.0% 18.1% 16.8% 18.5% 19.1% 19.4% 19.0% 12.8% FY22 FY23 FY24 FY25 HY26 Fixed income UK equities Overseas equities Alternatives² C
Slide 15: To be the best wealth manager in the UK, by far.
Our vision To be the best wealth manager in the UK, by far.
Slide 16: What this means
Rathbones Group Plc Our vision What this means 16 Turning our vision into action requires Rathbones to be... World class investment capability 1 The first choice for clients Advice and solutions honed for the entire client lifecycle Proactive, personalised and effortless service experience A great c
Slide 17: Executing our strategy
Strategy update Executing our strategy
Slide 18: Regulatory update
Regulatory update 18 A programme of work to improve the implementation and embedding of Consumer Duty, as well as certain aspects of its compliance, oversight and assurance arrangements in the UK Wealth Management business. The programme is fully mobilised with no near-term impact on flows No materi
Slide 19: Progress update: The first choice for clients
Rathbones Group Plc Strategy update Progress update: The first choice for clients 19 1 H1 DELIVERED WHAT’S NEXT Appointed Robert Sears as CIO Investment grade credit fund World class Reviewed investment proposition and operating model Private markets strategic partnership investment Strong Q2 return
Slide 20: Progress update: The first choice for clients
Rathbones Group Plc Strategy update Progress update: The first choice for clients 20 1 MEASURED BY WHERE WE WERE WHERE WE ARE NOW Wealth Management: 3 years: +0.1% 3 years: +0.3% Weighted annualised investment performance vs reference ARC benchmark over 3 and 5 years 5 years: +0.3% 5 years: +0.2% Wo
Slide 21: Progress update: The first choice for talent
Rathbones Group Plc Strategy update Progress update: 2 The first choice for talent 21 H1 DELIVERED WHAT’S NEXT Leverage forums for employee insights and 75 leaders completed Hult Ashridge leadership programme career development A great culture Three new forums — Advisory, Experience, Next Gen Build
Slide 22: Progress update: The first choice for talent
Rathbones Group Plc Strategy update Progress update: 2 The first choice for talent 22 MEASURED BY WHERE WE WERE WHERE WE ARE NOW Improved employee engagement score based on the question: A great culture 6.8 / 10 7.0 / 10 ‘How likely is it you would recommend Rathbones as a place to work?’ Maintained
Slide 23: Progress update: The most effective operator
Rathbones Group Plc Strategy update Progress update: 3 The most effective operator 23 H1 DELIVERED WHAT’S NEXT Single Wealth pipeline established (including assets at risk), Embed “Cubs” practices more systematically improving visibility and forecasting Pilot a targeted client referral programme Dat
Slide 24: Progress update: The most effective operator
Rathbones Group Plc Strategy update Progress update: 3 The most effective operator 24 MEASURED BY WHERE WE WERE WHERE WE ARE NOW HY26: Neutral Data-led commercial Return to consistent net inflows in Net outflows of flows of £0.0bn excellence Wealth £0.8bn (FY25) (HY25: net outflows of £0.5bn) Averag
Slide 25: Progress update: The most reputable brand
Rathbones Group Plc Strategy update Progress update: 4 The most reputable brand 25 H1 DELIVERED WHAT’S NEXT Client advocacy tracking extended to legacy IW&I clients Expand client advocacy tracking to more Refreshed Rathbones branding extended across more Relevant and touchpoints client segments dist
Slide 26: Progress update: The most reputable brand
Rathbones Group Plc Strategy update Progress update: 4 The most reputable brand 26 MEASURED BY WHERE WE WERE WHERE WE ARE NOW Relevant and Client advocacy: 56 1 Net Promoter Score gains and top 3 63 1 distinctive identity top 2 in peer group of 9 (client NPS score ranking in peer group 1 YTD 2026) D
Slide 27: 2026 Interim Results
Financial update 2026 Interim Results
Slide 28: Growth in income and profit accelerates
Rathbones Group Plc Financial update Growth in income and profit accelerates 28 FUMA (£bn) Operating income (£m) Underlying PBT (£m) and margin (%) +10.7% +8.6% +1.3pts 25.1% 24.0% 25.3% +14.4% 120.7 487.5 108.9 109.0 447.4 449.1 123.2 112.1 107.7 HY24 HY25 HY26 HY24 HY25 HY26 HY24 HY25 HY26 FUMA re
Slide 29: Improved performance underpins dividend progression
Rathbones Group Plc Financial update Improved performance underpins dividend progression 29 Statutory PBT (£m) Underlying basic EPS (pence) Dividend per share (pence) +15.7% +17.1% +3.2% 72.1 88.5 32.0 31.0 80.4 30.0 65.3 75.6 62.3 HY24 HY25 HY26 HY24 HY25 HY26 HY24 HY25 HY26 Growth in HY26 underlyi
Slide 30: 2026 performance reflects full benefit of synergy delivery
Rathbones Group Plc Financial update 2026 performance reflects full benefit of synergy delivery 30 Underlying PBT and margin — H1 2026 is first period to see full benefit of £76 million of 0.3% synergy delivery (0.4%) 0.7% £2.1m (1.4%) 2.4% (2.4%) — Fees benefitted from higher FUMA £4.5m (£2.6m) (£5
Slide 31: Wealth Management net flows improve in Q2
Rathbones Group Plc Financial update Wealth Management net flows improve in Q2 31 FUMA flows by quarter (£m) £m Q1 net flows Q2 net flows H1 net flows Discretionary & Managed (229) 479 250 — Wealth Management segment returned to net inflows in Q2 MPS & Select Services 24 20 44 — Driven by improving
Slide 32: Underlying net inflows for Wealth Management
Rathbones Group Plc Financial update Underlying net inflows for Wealth Management 32 FUMA flows by segment – six months ended 30 June 2026 Market and Annual Growth £bn Opening FUMA Inflows Outflows Net Flows Closing FUMA performance Rate (%) Discretionary & Managed 94.7 5.0 (4.8) 0.2 5.3 100.2 0.5%
Slide 33: Growth across principal income streams
Rathbones Group Plc Financial update Growth across principal income streams 33 Operating income – six months ended 30 June 2026 — Wealth Management fees reflect market decline at end of Q1 and £m HY26 HY25 Change Change % recovery in Q2, with higher average FUMA overall vs H1 2025 Wealth Mgt Fees 31
Slide 34: Income margins reflect market conditions
Rathbones Group Plc Financial update Income margins reflect market conditions 34 Wealth Management Fees basis point return 1 Wealth Management Commission basis point return 1 9.7 10.1 58.8 59.0 57.3 9.4 HY24 HY25 HY26 HY24 HY25 HY26 Reduction in fee margin mostly reflects effect of tiered charging C
Slide 35: Non-underlying costs
Rathbones Group Plc Financial update Non-underlying costs 35 £m HY26 HY25 Change Underlying operating profit 123.2 107.7 15.5 — Intangibles amortisation represents continuing run rate — IW&I integration costs largely relate to share awards – Amortisation of intangible assets (22.6) (22.2) (0.4) spre
Slide 36: Our disciplined approach to capital allocation continues
Rathbones Group Plc Financial update 36 Our disciplined approach to capital allocation continues Balancing growth and returns Capital allocation framework Invest for organic growth Invest for growth inorganically Targeted investments to drive long-term Currently a high bar for inorganic activity bus
Slide 37: Profit headroom continues to grow
Rathbones Group Plc Financial update Profit headroom continues to grow 37 Underlying Profit Before Tax and Non-Underlying Costs (£m) 300.0 238.1 250.3 - Costs of Skilled Person Review will be 250.0 227.6 absorbed by growth in underlying PBT as integration costs reduce 200.0 99.6 - Statutory PBT grow
Slide 38: Guidance
Looking ahead Guidance RATHBONES
Slide 39: H2 2026 Guidance
Rathbones Group Plc Financial update H2 2026 Guidance 39 - WM fee income £9m lower in H2 due to cessation of fees charged on cash – no remuneration offset Income - WM fee income margin expected to remain consistent with H1 2026 at current market level - Net inflows from clients requiring enhanced du
Slide 40: Progress on execution and improving momentum
Rathbones Group Plc Investor presentation Progress on execution and improving momentum 40 Uniquely positioned to be the best wealth manager in the UK, by far A leading An attractive A right A clear A new player market to win strategy executive team A trusted wealth A £2.8tn+ and Breadth, service Fou
Slide 41: Appendix
Appendix RATHBONES
Slide 42: Analysing the balance sheet
Rathbones Group Plc Financial update Analysing the balance sheet 42 30 June 30 June 30 June 30 June Assets 2026 2025 Liabilities 2026 2025 £m £m £m £m Cash and balances with central banks 1,483.0 1,811.0 Deposits by banks 16.3 17.5 Loans and advances to banks 329.9 277.0 Due to customers 3,310.1 3,6
Slide 43: Additional information
Additional information Rathbones Group Plc is independently owned, is the sole Rathbones Investment Management International Limited is shareholder in each of its subsidiary businesses and is listed on regulated by the Jersey Financial Services Commission and the London Stock Exchange. licensed by t
Rathbones Group — Investor Presentation (September 2026) on 6ix