Rathbones Group PLC · LSE:RAT
Rathbones — Investor Presentation (November 2026)
45 slides from Rathbones's investor presentation, November 2026
Slide 1: Investor Presentation
Rathbones Group Plc Invest well. Live well. Investor Presentation November 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 121.1 discretionary wealth manager 115.6 Leadership in Wealth £121.1bn 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 £121.1bn £7.6bn Wealth Management Asset Management Wealth FUMA £112.9bn invested in Asset £8.2bn Management Investment Management Financial Planning and Advice Single Strategy Mu
Slide 9: How Asset Management enhances the Wealth proposition
Rathbones Group Plc Our business How Asset Management enhances the Wealth proposition 9 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 benef
Slide 10: AI-powered tools and processes to make doing business easy
Rathbones Group Plc Our business 10 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 11: 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 12: What this means
Rathbones Group Plc Our vision What this means 12 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 13: Executing our strategy
Strategy update Executing our strategy
Slide 14: Regulatory update
Regulatory update 14 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 and is progressing on schedule No material
Slide 15: Progress update: The first choice for clients
Rathbones Group Plc Strategy update Progress update: The first choice for clients 15 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 16: Progress update: The first choice for clients
Rathbones Group Plc Strategy update Progress update: The first choice for clients 16 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 17: Progress update: The first choice for talent
Rathbones Group Plc Strategy update Progress update: 2 The first choice for talent 17 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 18: Progress update: The first choice for talent
Rathbones Group Plc Strategy update Progress update: 2 The first choice for talent 18 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 19: Progress update: The most effective operator
Rathbones Group Plc Strategy update Progress update: 3 The most effective operator 19 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 20: Progress update: The most effective operator
Rathbones Group Plc Strategy update Progress update: 3 The most effective operator 20 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 21: Progress update: The most reputable brand
Rathbones Group Plc Strategy update Progress update: 4 The most reputable brand 21 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 22: Progress update: The most reputable brand
Rathbones Group Plc Strategy update Progress update: 4 The most reputable brand 22 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 23: Financial update Q3 2026
Financial update Q3 2026 RATHBONES
Slide 24: Q3 2026 update
Rathbones Group Plc Financial update Q3 2026 update 24 • £121.1bn managed by us for our clients FUMA • +7.2% year on year • £112.9bn managed by the Wealth Management business • Wealth Management second consecutive quarter of positive flows o £24m net inflows (Q3 2025: net outflows of £297m) o Achiev
Slide 25: Financial update HY 2026
Financial update HY 2026 RATHBONES
Slide 26: Growth in income and profit accelerates
Rathbones Group Plc Financial update Growth in income and profit accelerates 26 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 27: Improved performance underpins dividend progression
Rathbones Group Plc Financial update Improved performance underpins dividend progression 27 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 28: 2026 performance reflects full benefit of synergy delivery
Rathbones Group Plc Financial update 2026 performance reflects full benefit of synergy delivery 28 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 29: Wealth Management net flows improve in Q2
Rathbones Group Plc Financial update Wealth Management net flows improve in Q2 29 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 30: Underlying net inflows for Wealth Management
Rathbones Group Plc Financial update Underlying net inflows for Wealth Management 30 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 31: Growth across principal income streams
Rathbones Group Plc Financial update Growth across principal income streams 31 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 32: Income margins reflect market conditions
Rathbones Group Plc Financial update Income margins reflect market conditions 32 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 33: Non-underlying costs
Rathbones Group Plc Financial update Non-underlying costs 33 £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 34: Profit headroom continues to grow
Rathbones Group Plc Financial update Profit headroom continues to grow 34 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 35: Our disciplined approach to capital allocation continues
Rathbones Group Plc Financial update 35 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 36: Guidance
Looking ahead Guidance RATHBONES
Slide 37: H2 2026 Guidance
Rathbones Group Plc Financial update H2 2026 Guidance 37 • WM fee income £9m lower in H2 due to cessation of fees charged on cash – no remuneration offset Income o Impact on WM fee revenue margin expected to be 1.3 ppts per annum • Net inflows from clients requiring enhanced due diligence affected b
Slide 38: Progress on execution and improving momentum
Rathbones Group Plc Investor presentation Progress on execution and improving momentum 38 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 39: Appendix
Appendix RATHBONES
Slide 40: Wealth Management Overview
Rathbones Group Plc Our business Wealth Management 40 A range of wealth management services tailored to client needs Financial Planning Bespoke Managed Select MPS AUM The business 14% of FUM £105.4bn £3.2bn £3.3bn £0.9bn Our core business with £112.9bn 1 in FUM A personalised Overview Flagship servi
Slide 41: Asset Management Flagship
Rathbones Group Plc Our business Asset Management 41 Broad investment capabilities and flagship strategies Equities Fixed Income Multi-asset Sustainable Range AUM The business £3.9bn £2.1bn £9.8bn 16% of AUM Established in 1989. £15.8bn in AUM Group centre of A focus on long term active management R
Slide 42: Wealth management client base
Rathbones Group Plc Our business Wealth management client base 42 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 43: Where our clients' assets are invested
Rathbones Group Plc Our business Where our clients’ assets are invested1 43 5.2% 3.7% 3.2% 3.0% 2.7% 7.9% 7.3% 6.6% 9.5% 11.9% 48.8% 52.2% 55.2% 43.4% 41.5% 24.9% 28.6% 21.0% 18.1% 16.6% 18.5% 19.1% 19.4% 18.9% 12.8% FY22 FY23 FY24 FY25 9M26 Fixed income UK equities Overseas equities Alternatives² C
Slide 44: Analysing the balance sheet
Rathbones Group Plc Financial update Analysing the balance sheet 44 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 45: 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
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