Slide 1: Full-year 2026 Results
Full-year 2026 Results Presentation 3 June 2026
Slide 2: FY 2026 results
FY 2026 results FY 2026 FY 2025 Change % Assets under management (AUM) £171.8bn £130.8bn 31 Sanlam take-on £18.3bn - Net flows £2.8bn (£4.9bn) Basic earnings per share (EPS) 17.5p 17.2p 2 Adjusted EPS 17.4p 15.5p 12 Full-year dividend per share 13.4p 12.2p 10 Adjusted operating profit margin 32.0% 3
Slide 3: Long-term track record
Long-term track record Seeking growth in Domestic growth phase Internationalisation phase Scaling post crisis phase a world of change +93% AUM CAGR 1992-1998 +19% AUM CAGR 1998-2009 +12% AUM CAGR 2009-2020 +9% AUM CAGR 2020-2026 180bn £275,000 £171.8bn 160bn 140bn £220,000 120bn £165,000 100bn 80bn
Slide 4: FY 2026 key messages
FY 2026 key messages Return to revenue and earnings growth Emerging markets are back Intense competition Sanlam partnership established and delivering Moving beyond AI experimentation Confidential | Ninety One 4
Slide 5: Market and business conditions
Market and business conditions AI is changing everything Improving conditions interrupted by outbreak of war in the Middle East Emerging markets back on the agenda Fee pressure persists and competition intensifies Markets narrowed again, active not yet out of the woods Operating in a world of change
Slide 6: Organisational evolution
Organisational evolution Organised to pursue core opportunities: International Public Southern Private Markets Africa Markets New initiatives in the Ninety One Foundry: In-region presence Digital AI in EMs finance acceleration Building the active investment manager of the future Confidential | Ninet
Slide 7: Organisational evolution
Organisational evolution Organised to pursue core opportunities: International Public Southern Private Markets Africa Markets Net inflows Active ETF partnership Sanlam UK absorbed into the business Confidential | Ninety One 7
Slide 8: Organisational evolution
Organisational evolution Organised to pursue core opportunities: International Public Southern Private Markets Africa Markets Net outflows Funds platform delivered growth Sanlam relationship developed well Confidential | Ninety One 8
Slide 9: Organisational evolution
Organisational evolution Organised to pursue core opportunities: International Public Southern Private Markets Africa Markets Strengthened EM private credit platform Exited developed market private credit New funds, seed capital secured Confidential | Ninety One 9
Slide 10: Organisational evolution
Organisational evolution Organised to pursue core opportunities: International Public Southern Private Markets Africa Markets New initiatives in the Ninety One Foundry: In-region presence Digital AI in EMs finance acceleration Confidential | Ninety One 10
Slide 11: AI is key to the future
AI is key to the future Advocate Equip Use 9/10 7/10 4/10 3/10 Adoption Experimentation Data Transformation Better client outcomes and productivity Confidential | Ninety One 11
Slide 12: Building the active investment manager of the future
Building the active investment manager of the future Business model Client focused Capital light People centric Technology- and AI-enabled Differentiated global specialist Best-in-class active investing and client engagement Confidential | Ninety One 12
Slide 13: Index performance (11 months vs last month) – equities
Index performance (11 months vs last month) – equities First 11 months of FY 2026 72.3 Last 1 month of FY 2026 FY 2026 49.0 36.3 31.5 29.3 23.6 19.4 (5.0) (4.7) (7.2) (7.5) (7.9) (13.1) (16.3) S&P 500 NASDAQ FTSE 100 MSCI ACWI FTSE/JSE All MSCI EM MSCI China All Composite Share Shares Source: Bloomb
Slide 14: Index performance (11 months vs last month) – equities
Index performance (11 months vs last month) – equities First 11 months of FY 2026 72.3 Last 1 month of FY 2026 FY 2026 49.0 36.3 44.3 31.5 29.3 23.6 29.6 25.4 25.6 19.4 17.4 20.0 10.4 (5.0) (4.7) (7.2) (7.5) (7.9) (13.1) (16.3) S&P 500 NASDAQ FTSE 100 MSCI ACWI FTSE/JSE All MSCI EM MSCI China All Co
Slide 15: Index performance (11 months vs last month) – fixed income
Index performance (11 months vs last month) – fixed income First 11 months of FY 2026 Last 1 month of FY 2026 47.8 FY 2026 18.3 14.1 7.2 6.8 7.9 5.1 (1.7) (3.2) (3.3) (2.0) (1.8) (5.5) (12.9) Citi US GBI FTSE WGBI JPM EMBI JPM GBI-EM FTSE/JSE ALBI BofA Global JPM CEMBI Global Global Investment Grade
Slide 16: Index performance (11 months vs last month) – fixed income
Index performance (11 months vs last month) – fixed income First 11 months of FY 2026 Last 1 month of FY 2026 47.8 FY 2026 28.8 18.3 14.1 11.8 7.9 5.1 7.2 10.4 6.8 3.3 3.7 4.6 5.9 (1.7) (3.2) (3.3) (2.0) (1.8) (5.5) (12.9) Citi US GBI FTSE WGBI JPM EMBI JPM GBI-EM FTSE/JSE ALBI BofA Global JPM CEMBI
Slide 17: S&P 500 – market concentration
S&P 500 – market concentration Top 10 weights as a proportion of the S&P 500 40% 30% 20% 10% 0% 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021 2025 Source: S&P Dow Jones Indices LLC, 30 June 2025. Quarterly data from June 1965 to June 2025, shows the weight of the then-cu
Slide 18: 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 H1 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Active EM Bonds Active EM Equities Passive EM Bonds Passive EM Equities Sourc
Slide 19: AUM development (£bn)
AUM development (£bn) 19.9 171.8 18.3 143.9 2.8 9.7 (10.6) (4.0) 6.1 130.8 129.3 126.0 (9.4) (4.9) FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 AUM Net flows Sanlam take-on Portfolio growth Confidential | Ninety One 19
Slide 20: Net flows by asset class (£m)
Net flows by asset class (£m) FY 2024 FY 2025 FY 2026 £(9.4) bn £(4.9) bn £2.8 bn 440 1,108 1,110 295 637 1,244 304 359 (1,079) (2,390) (6,861) (1,754) (1,716) (1,923) (1,231) Multi-asset Equities Fixed income Alternatives South African fund platform Confidential | Ninety One 20
Slide 21: Net flows by client group (£m)
Net flows by client group (£m) FY 2024 FY 2025 FY 2026 £(9.4) bn £(4.9) bn £2.8 bn 3,644 775 10 738 966 (1,470) (2,832) (3,896) (1,092) (1,740) (289) (716) (701) (2,810) (2,044) Americas United Kingdom Africa Europe Asia Pacific(1) Notes: Net flow numbers may not add to reported totals due to roundi
Slide 22: Firm-wide investment performance
Firm-wide investment performance 30 September 2025 31 March 2026 1 year 74% 26% 1 year 56% 44% 3 year 70% 30% 3 year 69% 31% 5 year 73% 27% 5 year 63% 37% 10 year 78% 22% 10 year 75% 25% Since Since 78% 22% 76% 24% inception inception Outperformance Underperformance Confidential | Ninety One 22
Slide 23: People and culture
People and culture Building an intergenerational business Active talent management Compensation aligned with outcomes Significant staff ownership (c.29.4%) Talent friendly, people centric, owner culture Confidential | Ninety One 23
Slide 24: Financial results
Financial results £ million FY 2026 FY 2025 Change % Management fees 617.3 567.1 9 Adjusted operating expenses (448.0) (414.7) 8 Management fees net of adj. op. expenses 169.3 152.4 11 Performance fees 32.9 27.5 20 Other income 9.1 8.0 14 Adjusted operating profit 211.3 187.9 12 Average AUM Average
Slide 25: Financial results (cont.)
Financial results (cont.) £ million FY 2026 FY 2025 Change % Adjusted operating profit 211.3 187.9 12 Adjusted net interest income 15.4 19.3 (20) Share scheme net (expense)/credit (7.6) 0.8 Corporate related (7.4) (3.7) Amortisation of intangible assets (4.2) - Profit before tax 207.5 204.3 2 Tax (5
Slide 26: Adjusted operating profit analysis
300.0 Adjusted operating profit analysis 280.0 260.0 5.4 1.1 240.0 50.2 220.0 (28.6) 211.3 (4.7) 200.0 £ million 187.9 180.0 160.0 140.0 120.0 FY 2025 Management Performance Other Employee Business FY 2026 fees fees income remuneration expenses Confidential | Ninety One 26
Slide 27: Adjusted operating expenses
Adjusted operating expenses 5.6 448.0 2.8 (2.0) 28.6 (1.7) £ million 414.7 FY 2025 Inflation-linked FX-linked Technology Other FY 2026 Employee impact impact remuneration Business expenses Note: Impacts are estimated based on prevailing inflation and exchange rates. Confidential | Ninety One 27
Slide 28: Business and total expenses
Business and total expenses 34.2% 34.7% 32.7% 32.0% 31.2% 32.0% 33.1 32.7 31.6 32.1 31.3 29.5 139 152 135 129 124 120 11 12 12 11 10 10 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Average AUM (£bn) Business expenses in bps of average AUM Total expenses in bps of average AUM % Adjusted operating
Slide 29: Capital and dividend
Capital and dividend £ million 31 March 2026 31 March 2025 Equity 702.6 373.6 Non-qualifying assets (78.1) (46.3) Other deductions (Sanlam SA transaction) (271.1) - Qualifying capital 353.4 327.3 Final dividend proposed (74.4) (60.9) Estimated regulatory requirement (115.6) (105.5) Estimated capital
Slide 30: Sanlam transaction financial impact
Sanlam transaction financial impact SA transaction completed beginning February 2026: £16.5bn of AUM onboarded Limited earnings impact in FY 2026 Weighted shares used for adjusted EPS calculation at 31 March 2026: Share count Shares in issue 1,005.1m Shares issued for Sanlam (125.7m) Shares in issue
Slide 31: Concluding comments
Concluding comments Resilient business with positive momentum Improving demand fundamentals Investing through the cycle to be future fit Established new partnerships for growth Cost and operating discipline We see opportunity for growth Confidential | Ninety One 31
Slide 32: Investing for a better tomorrow
Investing for a better tomorrow
Slide 33: Full-year Results 2026 Appendix
Full-year Results 2026 Appendix
Slide 34: AUM split
AUM split By asset class By client group 4% 10% 10% 10% 16% 45% 47% 14% 25% 19% Equities Africa Fixed income Asia Pacific 1 Multi-asset United Kingdom South African fund platform Americas Alternatives Europe Notes: Breakdown of AUM as at 31 March 2026. 1. Asia Pacific includes Middle East. Confident
Slide 35: AUM split
AUM split By client location By investment strategy 39% 36% 61% 64% Developed markets Emerging markets Note: AUM as at 31 March 2026 Confidential | Ninety One 35
Slide 36: Glossary and definitions
Glossary and definitions Adjusted earnings per share (EPS) is calculated adjusted earnings attributable to shareholders divided by the number of ordinary shares in issue at the end of the period. For FY26, the shares were weighted for the shares issued in relation to the Sanlam transaction. Adjusted
Slide 37: 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