St. James's Place Plc · LSE:STJ
St. James's Place — H1 2025 Earnings Presentation
32 slides from St. James's Place's earnings presentation, Jul 31, 2025
Slide 1: Half Year Results 2025
S! James's Place Half Year Results 2025
Slide 2: Coming up... Business update
Coming up... 1 2 3 Business Financial Our update results priorities
Slide 3: Coming up... Business update
Coming up... 1 2 3 Business Financial Our update results priorities
Slide 4: Market backdrop
Market backdrop A complex and evolving environment for UK consumers: + Mortgage rates coming down + Interest rates trending lower - Sluggish economic growth - Market volatility - Fragile consumer confidence - Geopolitical instability 4
Slide 5: New business highlights
New business highlights Gross inflows of £10.5bn, up 23% vs H1 2024 £bn Gross inflows Net inflows Q1 2024 ◆ Strong new business Q2 2024 performance reflecting high +23% +101% client-adviser engagement 12 Q1 2025 10.5 3.8 Q2 2025 ◆ Inflows higher across all wrappers 10 8.5 Outflows stable despite 8 5
Slide 6: Strong FUM performance
Strong FUM performance £198.5bn £bn Record funds under management at 30 June 2025 210 205 Diversified investment 200 portfolios served clients well 195 4.5 and delivered returns that 3.8 compare favourably 190 against peers 185 180 198.5 Strong new business 175 190.2 outturn mirrored in strong 170 f
Slide 7: Key programmes of work
Key programmes of work Simple and Historic ongoing Cost and comparable service evidence efficiency charging review programme ◆ Will make the value of our ◆ Revised our redress methodology ◆ Good progress achieved and on proposition clearer to better align with new industry track with guidance guidan
Slide 8: H1 2025 summary
H1 2025 summary £10.5bn Gross inflows H1 2024: £8.5bn £3.8bn Net inflows 95.3% FUM retention rate H1 2024: £1.9bn H1 2024: 94.6% £198.5bn Funds under management (FUM) £240.4m Underlying post-tax cash result 31 December 2024: £190.2bn H1 2024: £205.2m 8
Slide 9: Coming up... Financial results
Coming up... 1 2 3 Business Financial Our update results priorities
Slide 10: H1 2025 financial results summary
Summary £240.4m (up 17%) H1 2025 Underlying post-tax cash result financial results Shareholder returns 6.00 pence per share interim dividend £95.5m share buy-back* £279.5m IFRS profit after tax (up 69%) £17.43 EEV NAV per share (up 7%) *Includes £32.1m interim buy-back and £63.4m attributable to Ong
Slide 11: Underlying post-tax cash result
Underlying post-tax cash result Underlying post-tax cash result of £240.4m, up 17% on H1 2024 £’m 500 450 Net income from FUM up 13%, 400 75.4 Up 17% driven by increase in average 350 155.0 mature FUM 300 38.1 8.0 250 Margin arising from new 200 366.1 business up, driven by strong 150 gross inflows
Slide 12: Powerful picture of future income growth
Powerful picture of future income growth £51.1bn of gestation FUM at 30 June 2025 ◆ Will mature over the next 6 years Gestation New charging FUM at point of structure where we ◆ Once all mature, could generate charging structure benefit from all transition charges applying around £300m additional fr
Slide 13: Underlying post-tax cash result
Underlying post-tax cash result Underlying post-tax cash result of £240.4m, up 17% on H1 2024 £’m 500 450 Net income from FUM up 13%, 400 75.4 Up 17% driven by increase in average 350 155.0 mature FUM 300 38.1 8.0 250 Margin arising from new 200 366.1 business up, driven by strong 150 gross inflows
Slide 14: H1 2025 Underlying Post-tax cash result
Post-tax cash result Cash result of £299.2m, up 48% on H1 2024 350 4.6 £63.4m release of Ongoing 300 Service Evidence provision 63.4 250 contributing to H1 2025 Cash result 200 150 299.2 Ongoing Service Evidence provision now stands at £320m 240.4 100 202.2 50 Release of provision to be returned to
Slide 15: Balance sheet strength
Balance sheet strength Managing our Credit rating Solvency balance sheet Maintained investment grade Retain a MSB to manage credit rating operational risks We take a prudent approach Fitch credit rating: Shareholder net assets We have a resilient A ◆ capital position £’m 1,542.2 1,440.6 ◆ We choose
Slide 16: Key programmes of work
Key programmes of work Simple and Historic ongoing Cost and comparable service evidence efficiency charging review programme ◆ H1 2025 implementation costs ◆ New methodology has led to a ◆ No material net impact in H1, £38.1m (post-tax) £63.4m (post-tax) release as guided ◆ Total spend across the pr
Slide 17: Shareholder returns
Shareholder returns Shareholder returns comprise: ◆ 6.00 pence per share interim dividend ◆ £95.5m share buy-back • £32.1m interim share buy-back • £63.4m additional buy-back attributable to Ongoing Service Evidence provision release 17
Slide 18: H1 2025 financial results summary
Summary £240.4m (up 17%) H1 2025 Underlying post-tax cash result financial results Shareholder returns 6.00 pence per share interim dividend £95.5m share buy-back* £279.5m IFRS profit after tax (up 69%) £17.43 EEV NAV per share (up 7%) *Includes £32.1m interim buy-back and £63.4m attributable to Ong
Slide 19: Coming up... Our priorities
Coming up... 1 2 3 Business Financial Our update results priorities
Slide 20: The market opportunity
The market opportunity… 7 million people holding more than £10,000 in cash 1 UK wealth market: by AUM segment 38% 2018-2030 £’tn 6 Forecast of people are at risk of retirement living standards below the minimum level 2 5 1 in 5 4 3 Nearly 2 People expect to rely solely on the state 1 pension 3 0 49%
Slide 21: H2 2025 priorities
H2 2025 priorities Strengthen Amplify Enhance fundamentals for the future Elevate and expand our leading offering ◆ Continue making progress on our key programmes of work ◆ Launch Polaris Multi-Index in late 2025, ◆ Simplification and standardisation subject to regulatory approval ◆ Improving admini
Slide 22: SJP – positioning for further success
SJP – positioning for further success Established Positioned to Sustainable Well-placed for Highly cash market leader benefit from and effective earnings growth generative, operating with structural market asset gathering as we deliver supporting growth scale advantage growth model scale operating a
Slide 23: Appendices
Half Year Results Appendices S! Jamess Place
Slide 24: 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 Drive empowerment, Simplify and standardise Enhance our client proposi
Slide 25: IFRS and EEV
IFRS and EEV IFRS profit after tax up, reflecting similar EEV NAV per share up 7%, reflecting: dynamics to Cash result ◆ EEV operating profit in the period ◆ Includes the release from the Ongoing ◆ Includes the release from the Ongoing Service Evidence provision Service Evidence provision ◆ Distorte
Slide 26: 2025 guidance summary
2025 Net income from FUM Growth in controllable expenses guidance margin range: ◆ 54 to 56 bps on mature FUM, budgeted at 5% with no material net impact from the summary excluding DFM and Asia prior to implementation of our cost and efficiency programme for the year new charging structure ◆ 43 to 45
Slide 27: Modelling guidance for cost and efficiency and investment programmes
Modelling guidance for cost and efficiency and investment programmes £’m 2024 2025 2026 2027 2028 2029 2030 Total Cost savings net of 01 30 55 95 100 100 100 480 costs to achieve Investment for growth Nil (30) (55) (65) (50) (30) (30) (260) Net impact on cost 0 0 0 30 50 70 70 220 base (before tax)
Slide 28: Cash result: other lines
Cash result: other lines Continued investment to develop our presence in AME £’m H1 2025 H1 2024 Increased investment in DFM driven by organisational design costs Net investment in AME (4.7) (4.5) Net investment in DFM (3.1) (2.3) Industry-wide FSCS levy increased in H1 2025 vs H1 2024, hence our co
Slide 29: Capital allocation framework
Capital How we will prioritise our resources allocation 1 Maintain We will ensure the safety of our client investments by: framework a strong balance w Meeting all regulatory solvency, working capital and liquidity requirements as the business grows sheet w Maintaining an investment grade credit rat
Slide 30: Our simple, comparable charging structure
Our simple, comparable charging structure Initial advice charges Ongoing charges Ongoing charges The same across all products ISAs and unit trusts Investment bonds and pensions 1 – 3% 1.59% 1.67% 0.80% 0.80% Tiered based on investment size and with flexibility in certain circumstances (see next slid
Slide 31: Our simple, comparable charging structure
Our simple, comparable charging structure Initial advice charge tiering: Ongoing product charge tiering: Initial advice Investment bonds and Ongoing product Consolidated case size pensions charge charge First £250k 3% First £500k 0.35% Next £250k 2% Next £500k 0.32% Amount over £500k 1% Next £1m 0.2
Slide 32: Polaris - Cumulative Performance
Polaris 1 - Cumulative Performance Polaris 2 - Cumulative Performance Polaris: the UK’s (Unit Trust/ISA) (Unit Trust/ISA) 20% 30% fastest growing 25% 15% 20% 10% 15% multi-asset 5% 10% 5% fund range 0% 0% -5% -5% 05/2024 08/2024 05/2025 05/2024 08/2024 05/2025 05/2023 08/2023 05/2023 08/2023 11/2022